Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'HomeStreet, Inc. | ' |
Entity Central Index Key | '0001518715 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 14,852,971 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents (including interest-bearing instruments of $57,392 and $9,436) | $74,991 | $33,908 |
Investment securities (includes $436,971 and $481,683 carried at fair value) | 454,966 | 498,816 |
Loans held for sale (includes $536,658 and $279,385 carried at fair value) | 549,440 | 279,941 |
Loans held for investment (net of allowance for loan losses of $21,926 and $23,908) | 1,812,895 | 1,871,813 |
Mortgage servicing rights (includes $108,869 and $153,128 carried at fair value) | 117,991 | 162,463 |
Other real estate owned | 11,083 | 12,911 |
Federal Home Loan Bank stock, at cost | 34,618 | 35,288 |
Premises and equipment, net | 43,896 | 36,612 |
Goodwill | 11,945 | 12,063 |
Other assets | 123,851 | 122,239 |
Total assets | 3,235,676 | 3,066,054 |
Liabilities: | ' | ' |
Deposits | 2,417,712 | 2,210,821 |
Federal Home Loan Bank advances | 384,090 | 446,590 |
Securities Sold under Agreements to Repurchase | 14,681 | 0 |
Accounts payable and other liabilities | 69,087 | 77,906 |
Long-term debt | 61,857 | 64,811 |
Total liabilities | 2,947,427 | 2,800,128 |
Shareholders' equity: | ' | ' |
Preferred stock, no par value, authorized 10,000 shares, issued and outstanding, 0 shares and 0 shares | 0 | 0 |
Common stock, no par value, authorized 160,000,000, issued and outstanding, 14,849,692 shares and 14,799,991 shares | 511 | 511 |
Additional paid-in capital | 95,923 | 94,474 |
Retained earnings | 192,972 | 182,935 |
Accumulated other comprehensive income | -1,157 | -11,994 |
Total shareholders' equity | 288,249 | 265,926 |
Total liabilities and shareholders' equity | $3,235,676 | $3,066,054 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Interest-bearing instruments | $57,392 | $9,436 |
Investments, Fair Value Disclosure | 436,971 | 481,683 |
Fair value of loans held for sale | 536,658 | 279,385 |
Allowance for losses on loans held for investment | -21,926 | -23,908 |
Single family mortgage servicing rights | $10,886 | $153,128 |
Preferred stock, par value | $0 | $0 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0 | $0 |
Common stock, shares authorized | 160,000,000 | 160,000,000 |
Common stock, shares issued | 14,849,692 | 14,799,991 |
Common stock, shares outstanding | 14,849,692 | 14,799,991 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest income: | ' | ' | ' | ' |
Loans | $23,419 | $17,446 | $46,102 | $35,495 |
Investment securities | 2,664 | 2,998 | 5,634 | 5,657 |
Other | 142 | 24 | 299 | 54 |
Total interest income | 26,225 | 20,468 | 52,035 | 41,206 |
Interest expense: | ' | ' | ' | ' |
Deposits | 2,356 | 2,367 | 4,716 | 5,856 |
Federal Home Loan Bank advances | 444 | 387 | 857 | 680 |
Securities sold under agreements to repurchase | 1 | 11 | 1 | 11 |
Long-term debt | 265 | 283 | 580 | 1,999 |
Other | 12 | 5 | 22 | 10 |
Total interest expense | 3,078 | 3,053 | 6,176 | 8,556 |
Net interest income | 23,147 | 17,415 | 45,859 | 32,650 |
Provision (reversal of provision) for credit losses | 0 | 400 | -1,500 | 2,400 |
Net interest income after provision for credit losses | 23,147 | 17,015 | 47,359 | 30,250 |
Noninterest income: | ' | ' | ' | ' |
Net gain on mortgage loan origination and sale activities | 41,794 | 52,424 | 67,304 | 106,379 |
Mortgage servicing income | 10,184 | 2,183 | 18,129 | 5,255 |
Income from WMS Series LLC | 246 | 993 | 53 | 1,613 |
Gain (loss) on debt extinguishment | 11 | 0 | -575 | 0 |
Depositor and other retail banking fees | 917 | 761 | 1,732 | 1,482 |
Insurance agency commissions | 232 | 190 | 636 | 370 |
(Loss) gain on sale of investment securities available for sale (includes unrealized gain (loss) reclassified from accumulated other comprehensive income of $(20) and $238 for the three months ended June 30, 2014 and 2013, and $693 and $190 for the six months ended June 30, 2014 and 2013, respectively) | -20 | 238 | 693 | 190 |
Other | 286 | 767 | 385 | 1,210 |
Total noninterest income | 53,650 | 57,556 | 88,357 | 116,499 |
Noninterest expense: | ' | ' | ' | ' |
Salaries and related costs | 40,606 | 38,579 | 76,077 | 73,641 |
General and administrative | 11,145 | 10,270 | 21,267 | 21,200 |
Legal | 542 | 599 | 941 | 1,210 |
Consulting | 603 | 763 | 1,554 | 1,459 |
Federal Deposit Insurance Corporation assessments | 572 | 143 | 1,192 | 710 |
Occupancy | 4,675 | 3,381 | 9,107 | 6,183 |
Information services | 4,862 | 3,574 | 9,377 | 6,570 |
Net cost of operation and sale of other real estate owned | -34 | -597 | -453 | 1,538 |
Total noninterest expense | 62,971 | 56,712 | 119,062 | 112,511 |
Income before income taxes | 13,826 | 17,859 | 16,654 | 34,238 |
Income tax expense (includes reclassification adjustments of $(7) and $83 for the three months ended June 30, 2014 and 2013, and $243 and $66 for the six months ended June 30, 2014 and 2013, respectively) | 4,464 | 5,791 | 4,991 | 11,230 |
NET INCOME | $9,362 | $12,068 | $11,663 | $23,008 |
Basic income per share | $0.63 | $0.84 | $0.79 | $1.60 |
Diluted income per share | $0.63 | $0.82 | $0.78 | $1.56 |
Basic weighted average number of shares outstanding | 14,800,853 | 14,376,580 | 14,792,638 | 14,368,135 |
Diluted weighted average number of shares outstanding | 14,954,998 | 14,785,481 | 14,956,079 | 14,794,805 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations Consolidated Statements of Operations (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Before Tax | ($20) | $238 | $693 | $190 |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | ($7) | $83 | $243 | $66 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income | $9,362 | $12,068 | $11,663 | $23,008 |
Unrealized loss on securities: | ' | ' | ' | ' |
Unrealized holding gain (loss) arising during the period, net of tax expense (benefit) of $2,537 and $(7,737) for the three months ended June 30, 2014 and 2013, and $6,078 and $(9,483) for the six months ended June 30, 2014 and 2013, respectively | 4,713 | -14,367 | 11,288 | -17,610 |
Reclassification adjustment for net gains included in net income, net of tax expense (benefit) of $(7) and $83 for the three months ended June 30, 2014 and 2013, and $243 and $66 for the six months ended June 30, 2014 and 2013, respectively | 12 | -155 | -451 | -124 |
Other comprehensive income (loss) | 4,725 | -14,522 | 10,837 | -17,734 |
Comprehensive income (loss) | $14,087 | ($2,454) | $22,500 | $5,274 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Tax expense on unrealized holding gain on securities | $2,537 | ($7,737) | $6,078 | ($9,483) |
Tax expense on reclassification adjustment for net gain on securities included in net income | $7 | ($83) | ($243) | ($66) |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (Unaudited) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data, unless otherwise specified | |||||
Beginning balance at Dec. 31, 2012 | $263,762 | $511 | $90,189 | $163,872 | $9,190 |
Common Stock, Dividends, Per Share, Cash Paid | $0.11 | ' | ' | ' | ' |
Common stock, shares outstanding | ' | 14,406,676 | ' | ' | ' |
Stockholders' Equity Attributable to Parent [Abstract] | ' | ' | ' | ' | ' |
Net income | 23,008 | 0 | 0 | 23,008 | 0 |
Dividends declared ($0.11 per share) | -1,580 | 0 | 0 | -1,580 | 0 |
Share-based compensation expense | 783 | 0 | 783 | 0 | 0 |
Common stock issued | 82 | 0 | 82 | 0 | 0 |
Other comprehensive income | -17,734 | 0 | 0 | 0 | -17,734 |
Number of Shares [Abstract] | ' | ' | ' | ' | ' |
Common stock issued, shares | ' | 24,038 | ' | ' | ' |
Ending balance at Jun. 30, 2013 | 268,321 | 511 | 91,054 | 185,300 | -8,544 |
Beginning balance at Mar. 31, 2013 | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Parent [Abstract] | ' | ' | ' | ' | ' |
Net income | 12,068 | ' | ' | 12,068 | ' |
Other comprehensive income | -14,522 | ' | ' | ' | ' |
Ending balance at Jun. 30, 2013 | 268,321 | ' | ' | 185,300 | ' |
Beginning balance at Dec. 31, 2013 | 265,926 | 511 | 94,474 | 182,935 | -11,994 |
Common Stock, Dividends, Per Share, Cash Paid | $0.11 | ' | ' | ' | ' |
Common stock, shares outstanding | 14,849,692 | 14,849,692 | ' | ' | ' |
Stockholders' Equity Attributable to Parent [Abstract] | ' | ' | ' | ' | ' |
Net income | 11,663 | 0 | 0 | 11,663 | 0 |
Dividends declared ($0.11 per share) | -1,626 | 0 | 0 | -1,626 | 0 |
Share-based compensation expense | 1,199 | 0 | 1,199 | 0 | 0 |
Common stock issued | 250 | 0 | 250 | 0 | 0 |
Other comprehensive income | 10,837 | 0 | 0 | 0 | 10,837 |
Number of Shares [Abstract] | ' | ' | ' | ' | ' |
Common stock issued, shares | ' | 49,701 | ' | ' | ' |
Ending balance at Jun. 30, 2014 | $288,249 | $511 | $95,923 | $192,972 | ($1,157) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $11,663 | $23,008 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ' | ' |
Depreciation, amortization and accretion | 7,152 | 6,645 |
(Reversal of) provision for credit losses | -1,500 | 2,400 |
(Reversal of) provision for losses on other real estate owned | -19 | 339 |
Fair value adjustment of loans held for sale | -12,660 | 32,661 |
Origination of mortgage servicing rights | 20,365 | 36,168 |
Change in fair value of mortgage servicing rights | 20,736 | -6,628 |
Net gain on sale of investment securities | -693 | -190 |
Net fair value adjustment and gain on sale of other real estate owned | -712 | -618 |
Loss on early retirement of long-term debt | 575 | 0 |
Net deferred income tax (benefit) expense | -15,623 | 10,883 |
Share-based compensation expense | 683 | 624 |
Origination of loans held for sale | -1,512,392 | -2,899,308 |
Proceeds from sale of loans originated as held for sale | 1,282,100 | 3,016,255 |
Cash used by changes in operating assets and liabilities: | ' | ' |
Increase in other assets | 3,267 | -33,328 |
Increase (decrease) in accounts payable and other liabilities | 1,546 | -1,457 |
Net cash (used in) provided by operating activities | -236,242 | 115,118 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of investment securities | -30,780 | -221,106 |
Proceeds from sale of investment securities | 65,846 | 50,594 |
Principal repayments and maturities of investment securities | 24,455 | 18,079 |
Proceeds from sale of other real estate owned | 4,832 | 14,697 |
Proceeds from sale of loans originated as held for investment | 266,823 | 0 |
Proceeds from sale of mortgage servicing rights | 39,004 | 0 |
Mortgage servicing rights purchased from others | -5 | -10 |
Capital expenditures related to other real estate owned | 0 | -22 |
Origination of loans held for investment and principal repayments, net | -236,854 | -113,428 |
Purchase of property and equipment | -11,348 | -5,151 |
Net cash provided by (used in) investing activities | 121,973 | -256,347 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Increase (decrease) in deposits, net | 206,891 | -13,711 |
Proceeds from Federal Home Loan Bank advances | 2,492,300 | 3,264,946 |
Repayment of Federal Home Loan Bank advances | -2,554,800 | -3,114,546 |
Proceeds from securities sold under agreements to repurchase | 14,681 | 159,790 |
Repayment of securities sold under agreements to repurchase | 0 | 159,790 |
Proceeds from Federal Home Loan Bank stock repurchase | 670 | 659 |
Repayment of long-term debt | -3,530 | 0 |
Dividends paid | -1,626 | 0 |
Proceeds from stock issuance, net | 250 | 82 |
Excess tax benefits related to the exercise of stock options | 516 | 159 |
Net cash provided by financing activities | 155,352 | 137,589 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 41,083 | -3,640 |
CASH AND CASH EQUIVALENTS: | ' | ' |
Beginning of year | 33,908 | 25,285 |
End of period | 74,991 | 21,645 |
Cash paid during the period for - | ' | ' |
Interest | 7,159 | 21,524 |
Federal and state income taxes, net of refunds | 7,610 | 6,714 |
Noncash investing activities - | ' | ' |
Loans held for investment foreclosed and transferred to other real estate owned | 2,922 | 6,225 |
Loans transferred from held for investment to held for sale | 310,455 | 0 |
Transfer of Loans Held-for-sale to Portfolio Loans | 17,095 | 0 |
Ginnie Mae loans recognized with the right to repurchase, net | $833 | $2,127 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
NOTE 1–SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: | |
HomeStreet, Inc. and its wholly owned subsidiaries (the “Company”) is a diversified financial services company serving customers primarily in the Pacific Northwest, California and Hawaii. The Company is principally engaged in real estate lending, including mortgage banking activities, and commercial and consumer banking. The consolidated financial statements include the accounts of HomeStreet, Inc. and its wholly owned subsidiaries, HomeStreet Capital Corporation and HomeStreet Bank (the “Bank”), and the Bank’s subsidiaries, HomeStreet/WMS, Inc., HomeStreet Reinsurance, Ltd., Continental Escrow Company, Union Street Holdings LLC and Lacey Gateway LLC. HomeStreet Bank was formed in 1986 and is a state-chartered savings bank. | |
The Company’s accounting and financial reporting policies conform to accounting principles generally accepted in the United States of America (U.S. GAAP). Inter-company balances and transactions have been eliminated in consolidation. In preparing the consolidated financial statements, the Company is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and revenues and expenses during the reporting periods and related disclosures. Although these estimates contemplate current conditions and how they are expected to change in the future, it is reasonably possible that actual conditions could be worse than anticipated in those estimates, which could materially affect the Company’s results of operations and financial condition. Management has made significant estimates in several areas, and actual results could differ materially from those estimates. Certain amounts in the financial statements from prior periods have been reclassified to conform to the current financial statement presentation. | |
The information furnished in these unaudited interim financial statements reflects all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the periods presented. These adjustments are of a normal recurring nature, unless otherwise disclosed in this Form 10-Q. The results of operations in the interim financial statements do not necessarily indicate the results that may be expected for the full year. The interim financial information should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2013, filed with the Securities and Exchange Commission (“2013 Annual Report on Form 10-K”). | |
Purchase Accounting Adjustments | |
On December 6, 2013, the Company acquired two retail deposit branches and some related assets from AmericanWest Bank, a Washington state-chartered bank. On November 1, 2013, the Company completed its acquisition of Fortune Bank and YNB Financial Services Corp. ("YNB"), the parent of Yakima National Bank. The assets acquired and liabilities assumed in the acquisitions were accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the acquisition date. During the second quarter of 2014, the Company completed a more detailed fair value analysis of premises and equipment assumed in the acquisition of YNB and has determined that adjustments to the acquisition-date fair value are required. The Company also determined that adjustments were required to the provisional estimates for core deposit intangibles that were assumed in all three acquisitions. As a result of these adjustments, core deposit intangibles increased by $1.1 million, premises and equipment decreased by $740 thousand, and deferred tax liabilities increased by $280 thousand, resulting in a net decrease to goodwill of $118 thousand. These immaterial measurement period adjustments and corrections of accounting errors were made in the current period as they were not material to the current or prior periods. | |
Recent Accounting Developments | |
In January 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-01, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects. The ASU applies to all reporting entities that invest in qualified affordable housing projects through limited liability entities that are flow through entities for tax purposes. The amendments in this ASU eliminate the effective yield election and permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). Those not electing the proportional amortization method would account for the investment using the equity method or cost method. The amendments in this ASU should be applied retrospectively to all periods presented and are effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014, although early adoption is permitted. The Company elected to adopt this new accounting guidance as of January 1, 2014. It is being adopted prospectively, as the retrospective adjustments were not material. The Company's income tax expense for the six months ended June 30, 2014 includes discrete tax benefit items of $406 thousand related to the recognition of the cumulative effect for prior years of adoption of this new accounting guidance. | |
In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon foreclosure. The 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. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2014 and can be applied with a modified retrospective transition method or prospectively. The adoption of ASU No. 2014-04 is not expected to have a material impact on the Company's consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU clarifies the principles for recognizing revenue from contracts with customers. The new accounting guidance, which does not apply to financial instruments, is effective on a retrospective basis beginning on January 1, 2017. The Company does not expect the new guidance to have a material impact on its consolidated statements of financial condition or results of operation. | |
In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase-to Maturity Transactions, Repurchase Financings, and Disclosures. The ASU applies to all entities that enter into repurchase-to-maturity transactions or repurchase financings. The amendments in this ASU 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 amendments in this ASU are effective for public business entities for the first interim or annual period beginning after December 15, 2014. Early adoption is not permitted. The application of this guidance may require enhanced disclosures of the Company's repurchase agreements, but will have no impact on the Company's consolidated statements of financial condition or results of operations. |
Investment_Securities_Availabl
Investment Securities Available for Sale | 6 Months Ended | ||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||||
INVESTMENT SECURITIES AVAILABLE FOR SALE | ' | ||||||||||||||||||||||||||||||||||
NOTE 2–INVESTMENT SECURITIES: | |||||||||||||||||||||||||||||||||||
The following table sets forth certain information regarding the amortized cost and fair values of our investment securities available for sale. | |||||||||||||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
cost | unrealized | unrealized | value | ||||||||||||||||||||||||||||||||
gains | losses | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | 111,460 | $ | 365 | $ | (1,559 | ) | $ | 110,266 | ||||||||||||||||||||||||||
Commercial | 13,209 | 465 | — | 13,674 | |||||||||||||||||||||||||||||||
Municipal bonds | 124,772 | 2,085 | (1,044 | ) | 125,813 | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | 57,614 | 210 | (1,057 | ) | 56,767 | ||||||||||||||||||||||||||||||
Commercial | 16,325 | — | (304 | ) | 16,021 | ||||||||||||||||||||||||||||||
Corporate debt securities | 74,987 | 55 | (2,622 | ) | 72,420 | ||||||||||||||||||||||||||||||
U.S. Treasury securities | 41,966 | 44 | — | 42,010 | |||||||||||||||||||||||||||||||
$ | 440,333 | $ | 3,224 | $ | (6,586 | ) | $ | 436,971 | |||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
cost | unrealized | unrealized | value | ||||||||||||||||||||||||||||||||
gains | losses | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | 137,602 | $ | 187 | $ | (3,879 | ) | $ | 133,910 | ||||||||||||||||||||||||||
Commercial | 13,391 | 45 | (3 | ) | 13,433 | ||||||||||||||||||||||||||||||
Municipal bonds | 136,937 | 185 | (6,272 | ) | 130,850 | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | 93,112 | 85 | (2,870 | ) | 90,327 | ||||||||||||||||||||||||||||||
Commercial | 17,333 | — | (488 | ) | 16,845 | ||||||||||||||||||||||||||||||
Corporate debt securities | 75,542 | — | (6,676 | ) | 68,866 | ||||||||||||||||||||||||||||||
U.S. Treasury securities | 27,478 | 1 | (27 | ) | 27,452 | ||||||||||||||||||||||||||||||
$ | 501,395 | $ | 503 | $ | (20,215 | ) | $ | 481,683 | |||||||||||||||||||||||||||
Mortgage-backed securities ("MBS") and collateralized mortgage obligations ("CMO") represent securities issued by government sponsored entities ("GSEs"). Each of the MBS and CMO securities in our investment portfolio are guaranteed by Fannie Mae, Ginnie Mae or Freddie Mac. Municipal bonds are comprised of general obligation bonds (i.e., backed by the general credit of the issuer) and revenue bonds (i.e., backed by revenues from the specific project being financed) issued by various municipal corporations. As of June 30, 2014 and December 31, 2013, all securities held, including municipal bonds and corporate debt securities, were rated investment grade based upon external ratings where available and, where not available, based upon internal ratings which correspond to ratings as defined by Standard and Poor’s Rating Services (“S&P”) or Moody’s Investors Services (“Moody’s”). As of June 30, 2014 and December 31, 2013, substantially all securities held had ratings available by external ratings agencies. | |||||||||||||||||||||||||||||||||||
Investment securities available for sale that were in an unrealized loss position are presented in the following tables based on the length of time the individual securities have been in an unrealized loss position. | |||||||||||||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
(in thousands) | Gross | Fair | Gross | Fair | Gross | Fair | |||||||||||||||||||||||||||||
unrealized | value | unrealized | value | unrealized | value | ||||||||||||||||||||||||||||||
losses | losses | losses | |||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | (19 | ) | $ | 3,679 | $ | (1,540 | ) | $ | 79,229 | $ | (1,559 | ) | $ | 82,908 | ||||||||||||||||||||
Municipal bonds | (48 | ) | 14,541 | (996 | ) | 44,986 | (1,044 | ) | 59,527 | ||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | (108 | ) | 9,354 | (949 | ) | 32,299 | (1,057 | ) | 41,653 | ||||||||||||||||||||||||||
Commercial | — | — | (304 | ) | 16,021 | (304 | ) | 16,021 | |||||||||||||||||||||||||||
Corporate debt securities | (285 | ) | 4,770 | (2,337 | ) | 59,547 | (2,622 | ) | 64,317 | ||||||||||||||||||||||||||
$ | (460 | ) | $ | 32,344 | $ | (6,126 | ) | $ | 232,082 | $ | (6,586 | ) | $ | 264,426 | |||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
(in thousands) | Gross | Fair | Gross | Fair | Gross | Fair | |||||||||||||||||||||||||||||
unrealized | value | unrealized | value | unrealized | value | ||||||||||||||||||||||||||||||
losses | losses | losses | |||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | (3,767 | ) | $ | 98,717 | $ | (112 | ) | $ | 6,728 | $ | (3,879 | ) | $ | 105,445 | ||||||||||||||||||||
Commercial | (3 | ) | 7,661 | — | — | (3 | ) | 7,661 | |||||||||||||||||||||||||||
Municipal bonds | (5,991 | ) | 106,985 | (281 | ) | 3,490 | (6,272 | ) | 110,475 | ||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | (2,120 | ) | 63,738 | (750 | ) | 15,081 | (2,870 | ) | 78,819 | ||||||||||||||||||||||||||
Commercial | (488 | ) | 16,845 | — | — | (488 | ) | 16,845 | |||||||||||||||||||||||||||
Corporate debt securities | (6,676 | ) | 68,844 | — | — | (6,676 | ) | 68,844 | |||||||||||||||||||||||||||
U.S. Treasury securities | (27 | ) | 25,452 | — | — | (27 | ) | 25,452 | |||||||||||||||||||||||||||
$ | (19,072 | ) | $ | 388,242 | $ | (1,143 | ) | $ | 25,299 | $ | (20,215 | ) | $ | 413,541 | |||||||||||||||||||||
The Company has evaluated securities available for sale that are in an unrealized loss position and has determined that the decline in value is temporary and is related to the change in market interest rates since purchase. The decline in value is not related to any issuer- or industry-specific credit event. As of June 30, 2014 and December 31, 2013, the Company does not expect any credit losses on its debt securities. In addition, as of June 30, 2014 and December 31, 2013, the Company had not made a decision to sell any of its debt securities held, nor did the Company consider it more likely than not that it would be required to sell such securities before recovery of their amortized cost basis. The Company did not hold any marketable equity securities as of June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||||||||||||
The following tables present the fair value of investment securities available for sale by contractual maturity along with the associated contractual yield for the periods indicated below. Contractual maturities for mortgage-backed securities and collateralized mortgage obligations as presented exclude the effect of expected prepayments. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature. The weighted-average yield is computed using the contractual coupon of each security weighted based on the fair value of each security and does not include adjustments to a tax equivalent basis. | |||||||||||||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||||||||||||
Within one year | After one year | After five years | After | Total | |||||||||||||||||||||||||||||||
through five years | through ten years | ten years | |||||||||||||||||||||||||||||||||
(in thousands) | Fair | Weighted | Fair | Weighted | Fair | Weighted | Fair | Weighted | Fair | Weighted | |||||||||||||||||||||||||
Value | Average | Value | Average | Value | Average | Value | Average | Value | Average | ||||||||||||||||||||||||||
Yield | Yield | Yield | Yield | Yield | |||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 110,266 | 1.8 | % | $ | 110,266 | 1.8 | % | |||||||||||||||
Commercial | — | — | — | — | — | — | 13,674 | 4.43 | 13,674 | 4.43 | |||||||||||||||||||||||||
Municipal bonds | — | — | 45 | 3.26 | 21,451 | 3.41 | 104,316 | 4.21 | 125,812 | 4.07 | |||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | — | — | — | — | — | — | 56,767 | 2.09 | 56,767 | 2.09 | |||||||||||||||||||||||||
Commercial | — | — | — | — | 9,823 | 1.98 | 6,198 | 1.41 | 16,021 | 1.76 | |||||||||||||||||||||||||
Corporate debt securities | — | — | — | — | 41,206 | 3.35 | 31,214 | 3.77 | 72,420 | 3.53 | |||||||||||||||||||||||||
U.S. Treasury securities | 1,001 | 0.18 | 41,009 | 0.35 | — | — | — | — | 42,010 | 0.34 | |||||||||||||||||||||||||
Total available for sale | $ | 1,001 | 0.18 | % | $ | 41,054 | 0.35 | % | $ | 72,480 | 3.18 | % | $ | 322,435 | 2.92 | % | $ | 436,970 | 2.72 | % | |||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||
Within one year | After one year | After five years | After | Total | |||||||||||||||||||||||||||||||
through five years | through ten years | ten years | |||||||||||||||||||||||||||||||||
(in thousands) | Fair | Weighted | Fair | Weighted | Fair | Weighted | Fair | Weighted | Fair | Weighted | |||||||||||||||||||||||||
Value | Average | Value | Average | Value | Average | Value | Average | Value | Average | ||||||||||||||||||||||||||
Yield | Yield | Yield | Yield | Yield | |||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | — | — | % | $ | — | — | % | $ | 10,581 | 1.63 | % | $ | 123,329 | 1.82 | % | $ | 133,910 | 1.81 | % | |||||||||||||||
Commercial | — | — | — | — | — | — | 13,433 | 4.51 | 13,433 | 4.51 | |||||||||||||||||||||||||
Municipal bonds | — | — | — | — | 19,598 | 3.51 | 111,252 | 4.29 | 130,850 | 4.17 | |||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | — | — | — | — | 19,987 | 2.31 | 70,340 | 2.17 | 90,327 | 2.2 | |||||||||||||||||||||||||
Commercial | — | — | — | — | 5,270 | 1.9 | 11,575 | 1.42 | 16,845 | 1.57 | |||||||||||||||||||||||||
Corporate debt securities | — | — | — | — | 32,848 | 3.31 | 36,018 | 3.75 | 68,866 | 3.54 | |||||||||||||||||||||||||
U.S. Treasury securities | 1,001 | 0.18 | 26,451 | 0.3 | — | — | — | — | 27,452 | 0.29 | |||||||||||||||||||||||||
Total available for sale | $ | 1,001 | 0.18 | % | $ | 26,451 | 0.3 | % | $ | 88,284 | 2.84 | % | $ | 365,947 | 2.92 | % | $ | 481,683 | 2.75 | % | |||||||||||||||
Sales of investment securities available for sale were as follows. | |||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Proceeds | $ | 11,541 | $ | 34,840 | $ | 65,846 | $ | 50,594 | |||||||||||||||||||||||||||
Gross gains | 118 | 318 | 895 | 322 | |||||||||||||||||||||||||||||||
Gross losses | (137 | ) | (80 | ) | (201 | ) | (132 | ) | |||||||||||||||||||||||||||
There were $49.4 million and $47.3 million in investment securities pledged to secure advances from the Federal Home Loan Bank of Seattle ("FHLB") at June 30, 2014 and December 31, 2013, respectively. At June 30, 2014 and December 31, 2013, there were $33.8 million and $37.7 million, respectively, of securities pledged to secure derivatives in a liability position. At June 30, 2014, there were $15.0 million of securities pledged under repurchase agreements and none at December 31, 2013. | |||||||||||||||||||||||||||||||||||
Tax-exempt interest income on securities available for sale totaling $863 thousand and $1.4 million for the three months ended June 30, 2014 and 2013, respectively, and $1.8 million and $2.7 million for the six months ended June 30, 2014 and 2013, respectively, was recorded in the Company's consolidated statements of operations. |
Loans_and_Credit_Quality
Loans and Credit Quality | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||
LOANS AND CREDIT QUALITY | ' | |||||||||||||||||||||||||||
NOTE 3–LOANS AND CREDIT QUALITY: | ||||||||||||||||||||||||||||
For a detailed discussion of loans and credit quality, including accounting policies and the methodology used to estimate the allowance for credit losses, see Note 1, Summary of Significant Accounting Policies and Note 6, Loans and Credit Quality within our 2013 Annual Report on Form 10-K. | ||||||||||||||||||||||||||||
The Company's portfolio of loans held for investment is divided into two portfolio segments, consumer loans and commercial loans, which are the same segments used to determine the allowance for loan losses. Within each portfolio segment, the Company monitors and assesses credit risk based on the risk characteristics of each of the following loan classes: single family and home equity loans within the consumer loan portfolio segment and commercial real estate, multifamily, construction/land development and commercial business loans within the commercial loan portfolio segment. | ||||||||||||||||||||||||||||
Loans held for investment consist of the following: | ||||||||||||||||||||||||||||
(in thousands) | At June 30, | At December 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 749,204 | $ | 904,913 | ||||||||||||||||||||||||
Home equity | 136,181 | 135,650 | ||||||||||||||||||||||||||
885,385 | 1,040,563 | |||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 476,411 | 477,642 | ||||||||||||||||||||||||||
Multifamily | 72,327 | 79,216 | ||||||||||||||||||||||||||
Construction/land development | 219,282 | 130,465 | ||||||||||||||||||||||||||
Commercial business | 185,177 | 171,054 | ||||||||||||||||||||||||||
953,197 | 858,377 | |||||||||||||||||||||||||||
1,838,582 | 1,898,940 | |||||||||||||||||||||||||||
Net deferred loan fees and discounts | (3,761 | ) | (3,219 | ) | ||||||||||||||||||||||||
1,834,821 | 1,895,721 | |||||||||||||||||||||||||||
Allowance for loan losses | (21,926 | ) | (23,908 | ) | ||||||||||||||||||||||||
$ | 1,812,895 | $ | 1,871,813 | |||||||||||||||||||||||||
Loans in the amount of $634.4 million and $800.5 million at June 30, 2014 and December 31, 2013, respectively, were pledged to secure borrowings from the FHLB as part of our liquidity management strategy. The FHLB does not have the right to sell or re-pledge these loans. | ||||||||||||||||||||||||||||
Concentrations of credit risk arise when a number of customers are engaged in similar business activities or activities in the same geographic region, or when they have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic conditions. | ||||||||||||||||||||||||||||
Loans held for investment are primarily secured by real estate located in the states of Washington, Oregon, California, Idaho and Hawaii. At June 30, 2014, we had concentrations representing 10% or more of the total portfolio by state and property type for the loan classes of single family, commercial real estate and construction/land development within the state of Washington, which represented 27.5%, 21.8% and 10.1% of the total portfolio, respectively. At December 31, 2013 we had concentrations representing 10% or more of the total portfolio by state and property type for the loan classes of single family and commercial real estate within the state of Washington, which represented 37.3% and 21.2% of the total portfolio, respectively. These loans were mostly located within the metropolitan area of Puget Sound, particularly within King County. | ||||||||||||||||||||||||||||
Credit Quality | ||||||||||||||||||||||||||||
Management considers the level of allowance for loan losses to be appropriate to cover credit losses inherent within the loans held for investment portfolio as of June 30, 2014. In addition to the allowance for loan losses, the Company maintains a separate allowance for losses related to unfunded loan commitments, and this amount is included in accounts payable and other liabilities on the consolidated statements of financial condition. Collectively, these allowances are referred to as the allowance for credit losses. | ||||||||||||||||||||||||||||
For further information on the policies that govern the determination of the allowance for loan losses levels, see Note 1, Summary of Significant Accounting Policies within our 2013 Annual Report on Form 10-K. | ||||||||||||||||||||||||||||
Activity in the allowance for credit losses was as follows. | ||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Allowance for credit losses (roll-forward): | ||||||||||||||||||||||||||||
Beginning balance | $ | 22,317 | $ | 28,594 | $ | 24,089 | $ | 27,751 | ||||||||||||||||||||
Provision (reversal of provision) for credit losses | — | 400 | (1,500 | ) | 2,400 | |||||||||||||||||||||||
(Charge-offs), net of recoveries | (149 | ) | (1,136 | ) | (421 | ) | (2,293 | ) | ||||||||||||||||||||
Ending balance | $ | 22,168 | $ | 27,858 | $ | 22,168 | $ | 27,858 | ||||||||||||||||||||
Components: | ||||||||||||||||||||||||||||
Allowance for loan losses | $ | 21,926 | $ | 27,655 | $ | 21,926 | $ | 27,655 | ||||||||||||||||||||
Allowance for unfunded commitments | 242 | 203 | 242 | 203 | ||||||||||||||||||||||||
Allowance for credit losses | $ | 22,168 | $ | 27,858 | $ | 22,168 | $ | 27,858 | ||||||||||||||||||||
Activity in the allowance for credit losses by loan portfolio and loan class was as follows. | ||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Beginning | Charge-offs | Recoveries | (Reversal of) Provision | Ending | |||||||||||||||||||||||
balance | balance | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 9,406 | $ | (172 | ) | $ | 25 | $ | (148 | ) | $ | 9,111 | ||||||||||||||||
Home equity | 3,882 | (136 | ) | 236 | (465 | ) | 3,517 | |||||||||||||||||||||
13,288 | (308 | ) | 261 | (613 | ) | 12,628 | ||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 4,309 | (23 | ) | 100 | (323 | ) | 4,063 | |||||||||||||||||||||
Multifamily | 965 | — | — | (78 | ) | 887 | ||||||||||||||||||||||
Construction/land development | 2,003 | — | 46 | 369 | 2,418 | |||||||||||||||||||||||
Commercial business | 1,752 | (288 | ) | 63 | 645 | 2,172 | ||||||||||||||||||||||
9,029 | (311 | ) | 209 | 613 | 9,540 | |||||||||||||||||||||||
Total allowance for credit losses | $ | 22,317 | $ | (619 | ) | $ | 470 | $ | — | $ | 22,168 | |||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Beginning | Charge-offs | Recoveries | (Reversal of) Provision | Ending | |||||||||||||||||||||||
balance | balance | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 14,478 | $ | (1,141 | ) | $ | 171 | $ | 302 | $ | 13,810 | |||||||||||||||||
Home equity | 4,708 | (299 | ) | 156 | 314 | 4,879 | ||||||||||||||||||||||
19,186 | (1,440 | ) | 327 | 616 | 18,689 | |||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 5,958 | (340 | ) | — | 105 | 5,723 | ||||||||||||||||||||||
Multifamily | 635 | — | — | 55 | 690 | |||||||||||||||||||||||
Construction/land development | 894 | — | 281 | 10 | 1,185 | |||||||||||||||||||||||
Commercial business | 1,921 | — | 36 | (386 | ) | 1,571 | ||||||||||||||||||||||
9,408 | (340 | ) | 317 | (216 | ) | 9,169 | ||||||||||||||||||||||
Total allowance for credit losses | $ | 28,594 | $ | (1,780 | ) | $ | 644 | $ | 400 | $ | 27,858 | |||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Beginning | Charge-offs | Recoveries | (Reversal of) Provision | Ending | |||||||||||||||||||||||
balance | balance | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 11,990 | $ | (283 | ) | $ | 41 | $ | (2,637 | ) | $ | 9,111 | ||||||||||||||||
Home equity | 3,987 | (559 | ) | 326 | (237 | ) | 3,517 | |||||||||||||||||||||
15,977 | (842 | ) | 367 | (2,874 | ) | 12,628 | ||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 4,012 | (23 | ) | 156 | (82 | ) | 4,063 | |||||||||||||||||||||
Multifamily | 942 | — | — | (55 | ) | 887 | ||||||||||||||||||||||
Construction/land development | 1,414 | — | 62 | 942 | 2,418 | |||||||||||||||||||||||
Commercial business | 1,744 | (288 | ) | 147 | 569 | 2,172 | ||||||||||||||||||||||
8,112 | (311 | ) | 365 | 1,374 | 9,540 | |||||||||||||||||||||||
Total allowance for credit losses | $ | 24,089 | $ | (1,153 | ) | $ | 732 | $ | (1,500 | ) | $ | 22,168 | ||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Beginning | Charge-offs | Recoveries | (Reversal of) Provision | Ending | |||||||||||||||||||||||
balance | balance | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 13,388 | $ | (1,862 | ) | $ | 246 | $ | 2,038 | $ | 13,810 | |||||||||||||||||
Home equity | 4,648 | (1,138 | ) | 253 | 1,116 | 4,879 | ||||||||||||||||||||||
18,036 | (3,000 | ) | 499 | 3,154 | 18,689 | |||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 5,312 | (143 | ) | — | 554 | 5,723 | ||||||||||||||||||||||
Multifamily | 622 | — | — | 68 | 690 | |||||||||||||||||||||||
Construction/land development | 1,580 | (148 | ) | 351 | (598 | ) | 1,185 | |||||||||||||||||||||
Commercial business | 2,201 | — | 148 | (778 | ) | 1,571 | ||||||||||||||||||||||
9,715 | (291 | ) | 499 | (754 | ) | 9,169 | ||||||||||||||||||||||
Total allowance for credit losses | $ | 27,751 | $ | (3,291 | ) | $ | 998 | $ | 2,400 | $ | 27,858 | |||||||||||||||||
The following table disaggregates our allowance for credit losses and recorded investment in loans by impairment methodology. | ||||||||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Allowance: | Allowance: | Total | Loans: | Loans: | Total | ||||||||||||||||||||||
collectively | individually | collectively | individually | |||||||||||||||||||||||||
evaluated for | evaluated for | evaluated for | evaluated for | |||||||||||||||||||||||||
impairment | impairment | impairment | impairment | |||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 8,235 | $ | 876 | $ | 9,111 | $ | 678,418 | $ | 70,786 | $ | 749,204 | ||||||||||||||||
Home equity | 3,439 | 78 | 3,517 | 133,787 | 2,394 | 136,181 | ||||||||||||||||||||||
11,674 | 954 | 12,628 | 812,205 | 73,180 | 885,385 | |||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 3,851 | 212 | 4,063 | 445,130 | 31,281 | 476,411 | ||||||||||||||||||||||
Multifamily | 485 | 402 | 887 | 69,202 | 3,125 | 72,327 | ||||||||||||||||||||||
Construction/land development | 2,418 | — | 2,418 | 213,439 | 5,843 | 219,282 | ||||||||||||||||||||||
Commercial business | 1,212 | 960 | 2,172 | 181,594 | 3,583 | 185,177 | ||||||||||||||||||||||
7,966 | 1,574 | 9,540 | 909,365 | 43,832 | 953,197 | |||||||||||||||||||||||
Total | $ | 19,640 | $ | 2,528 | $ | 22,168 | $ | 1,721,570 | $ | 117,012 | $ | 1,838,582 | ||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Allowance: | Allowance: | Total | Loans: | Loans: | Total | ||||||||||||||||||||||
collectively | individually | collectively | individually | |||||||||||||||||||||||||
evaluated for | evaluated for | evaluated for | evaluated for | |||||||||||||||||||||||||
impairment | impairment | impairment | impairment | |||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 10,632 | $ | 1,358 | $ | 11,990 | $ | 831,730 | $ | 73,183 | $ | 904,913 | ||||||||||||||||
Home equity | 3,903 | 84 | 3,987 | 133,006 | 2,644 | 135,650 | ||||||||||||||||||||||
14,535 | 1,442 | 15,977 | 964,736 | 75,827 | 1,040,563 | |||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 4,012 | — | 4,012 | 445,766 | 31,876 | 477,642 | ||||||||||||||||||||||
Multifamily | 515 | 427 | 942 | 76,053 | 3,163 | 79,216 | ||||||||||||||||||||||
Construction/land development | 1,414 | — | 1,414 | 124,317 | 6,148 | 130,465 | ||||||||||||||||||||||
Commercial business | 1,042 | 702 | 1,744 | 168,199 | 2,855 | 171,054 | ||||||||||||||||||||||
6,983 | 1,129 | 8,112 | 814,335 | 44,042 | 858,377 | |||||||||||||||||||||||
Total | $ | 21,518 | $ | 2,571 | $ | 24,089 | $ | 1,779,071 | $ | 119,869 | $ | 1,898,940 | ||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||
The following tables present impaired loans by loan portfolio segment and loan class. | ||||||||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Recorded | Unpaid | Related | |||||||||||||||||||||||||
investment (1) | principal | allowance | ||||||||||||||||||||||||||
balance (2) | ||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 38,056 | $ | 40,366 | $ | — | ||||||||||||||||||||||
Home equity | 1,991 | 2,068 | — | |||||||||||||||||||||||||
40,047 | 42,434 | — | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 26,185 | 29,383 | — | |||||||||||||||||||||||||
Multifamily | 508 | 508 | — | |||||||||||||||||||||||||
Construction/land development | 5,843 | 14,974 | — | |||||||||||||||||||||||||
Commercial business | 1,033 | 1,911 | — | |||||||||||||||||||||||||
33,569 | 46,776 | — | ||||||||||||||||||||||||||
$ | 73,616 | $ | 89,210 | $ | — | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 32,730 | $ | 32,826 | $ | 876 | ||||||||||||||||||||||
Home equity | 403 | 402 | 78 | |||||||||||||||||||||||||
33,133 | 33,228 | 954 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 5,096 | 5,325 | 212 | |||||||||||||||||||||||||
Multifamily | 2,617 | 2,795 | 402 | |||||||||||||||||||||||||
Construction/land development | — | — | — | |||||||||||||||||||||||||
Commercial business | 2,550 | 2,824 | 960 | |||||||||||||||||||||||||
10,263 | 10,944 | 1,574 | ||||||||||||||||||||||||||
$ | 43,396 | $ | 44,172 | $ | 2,528 | |||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family(3) | $ | 70,786 | $ | 73,192 | $ | 876 | ||||||||||||||||||||||
Home equity | 2,394 | 2,470 | 78 | |||||||||||||||||||||||||
73,180 | 75,662 | 954 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 31,281 | 34,708 | 212 | |||||||||||||||||||||||||
Multifamily | 3,125 | 3,303 | 402 | |||||||||||||||||||||||||
Construction/land development | 5,843 | 14,974 | — | |||||||||||||||||||||||||
Commercial business | 3,583 | 4,735 | 960 | |||||||||||||||||||||||||
43,832 | 57,720 | 1,574 | ||||||||||||||||||||||||||
Total impaired loans | $ | 117,012 | $ | 133,382 | $ | 2,528 | ||||||||||||||||||||||
-1 | Includes partial charge-offs and nonaccrual interest paid. | |||||||||||||||||||||||||||
-2 | Unpaid principal balance does not include partial charge-offs or nonaccrual interest paid. Related allowance is calculated on net book balances not unpaid principal balances. | |||||||||||||||||||||||||||
-3 | Includes $67.8 million in performing troubled debt restructurings ("TDRs"). | |||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Recorded | Unpaid | Related | |||||||||||||||||||||||||
investment (1) | principal | allowance | ||||||||||||||||||||||||||
balance (2) | ||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 39,341 | $ | 41,935 | $ | — | ||||||||||||||||||||||
Home equity | 1,895 | 1,968 | — | |||||||||||||||||||||||||
41,236 | 43,903 | — | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 31,876 | 45,921 | — | |||||||||||||||||||||||||
Multifamily | 508 | 508 | — | |||||||||||||||||||||||||
Construction/land development | 6,148 | 15,299 | — | |||||||||||||||||||||||||
Commercial business | 1,533 | 7,164 | — | |||||||||||||||||||||||||
40,065 | 68,892 | — | ||||||||||||||||||||||||||
$ | 81,301 | $ | 112,795 | $ | — | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 33,842 | $ | 33,900 | $ | 1,358 | ||||||||||||||||||||||
Home equity | 749 | 749 | 84 | |||||||||||||||||||||||||
34,591 | 34,649 | 1,442 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Multifamily | 2,655 | 2,832 | 427 | |||||||||||||||||||||||||
Commercial business | 1,322 | 1,478 | 702 | |||||||||||||||||||||||||
3,977 | 4,310 | 1,129 | ||||||||||||||||||||||||||
$ | 38,568 | $ | 38,959 | $ | 2,571 | |||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family(3) | $ | 73,183 | $ | 75,835 | $ | 1,358 | ||||||||||||||||||||||
Home equity | 2,644 | 2,717 | 84 | |||||||||||||||||||||||||
75,827 | 78,552 | 1,442 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 31,876 | 45,921 | — | |||||||||||||||||||||||||
Multifamily | 3,163 | 3,340 | 427 | |||||||||||||||||||||||||
Construction/land development | 6,148 | 15,299 | — | |||||||||||||||||||||||||
Commercial business | 2,855 | 8,642 | 702 | |||||||||||||||||||||||||
44,042 | 73,202 | 1,129 | ||||||||||||||||||||||||||
Total impaired loans | $ | 119,869 | $ | 151,754 | $ | 2,571 | ||||||||||||||||||||||
-1 | Includes partial charge-offs and nonaccrual interest paid. | |||||||||||||||||||||||||||
-2 | Unpaid principal balance does not include partial charge-offs or nonaccrual interest paid. Related allowance is calculated on net book balances not unpaid principal balances. | |||||||||||||||||||||||||||
-3 | Includes $70.3 million in performing TDRs. | |||||||||||||||||||||||||||
The following table provides the average recorded investment in impaired loans by portfolio segment and class. | ||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 70,977 | $ | 81,628 | $ | 71,713 | $ | 79,194 | ||||||||||||||||||||
Home equity | 2,466 | 3,550 | 2,525 | 3,607 | ||||||||||||||||||||||||
73,443 | 85,178 | 74,238 | 82,801 | |||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 31,771 | 28,191 | 31,806 | 27,952 | ||||||||||||||||||||||||
Multifamily | 3,135 | 3,204 | 3,144 | 3,210 | ||||||||||||||||||||||||
Construction/land development | 5,875 | 9,115 | 5,966 | 10,378 | ||||||||||||||||||||||||
Commercial business | 3,200 | 1,921 | 3,085 | 2,054 | ||||||||||||||||||||||||
43,981 | 42,431 | 44,001 | 43,594 | |||||||||||||||||||||||||
$ | 117,424 | $ | 127,609 | $ | 118,239 | $ | 126,395 | |||||||||||||||||||||
Credit Quality Indicators | ||||||||||||||||||||||||||||
Management regularly reviews loans in the portfolio to assess credit quality indicators and to determine appropriate loan classification and grading in accordance with applicable bank regulations. The following tables present designated loan grades by loan portfolio segment and loan class. | ||||||||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Pass | Watch | Special mention | Substandard | Total | |||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 719,493 | $ | 230 | $ | 15,346 | $ | 14,135 | $ | 749,204 | ||||||||||||||||||
Home equity | 134,225 | 368 | 422 | 1,166 | 136,181 | |||||||||||||||||||||||
853,718 | 598 | 15,768 | 15,301 | 885,385 | ||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 380,101 | 71,009 | 18,403 | 6,898 | 476,411 | |||||||||||||||||||||||
Multifamily | 67,671 | 1,531 | 3,125 | — | 72,327 | |||||||||||||||||||||||
Construction/land development | 209,293 | 6,923 | 92 | 2,974 | 219,282 | |||||||||||||||||||||||
Commercial business | 161,215 | 19,482 | 558 | 3,922 | 185,177 | |||||||||||||||||||||||
818,280 | 98,945 | 22,178 | 13,794 | 953,197 | ||||||||||||||||||||||||
$ | 1,671,998 | $ | 99,543 | $ | 37,946 | $ | 29,095 | $ | 1,838,582 | |||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Pass | Watch | Special mention | Substandard | Total | |||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 817,877 | $ | 53,711 | $ | 12,746 | $ | 20,579 | $ | 904,913 | ||||||||||||||||||
Home equity | 132,086 | 1,442 | 276 | 1,846 | 135,650 | |||||||||||||||||||||||
949,963 | 55,153 | 13,022 | 22,425 | 1,040,563 | ||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 368,817 | 63,579 | 37,758 | 7,488 | 477,642 | |||||||||||||||||||||||
Multifamily | 74,509 | 1,544 | 3,163 | — | 79,216 | |||||||||||||||||||||||
Construction/land development | 121,026 | 3,414 | 2,895 | 3,130 | 130,465 | |||||||||||||||||||||||
Commercial business | 145,760 | 20,062 | 586 | 4,646 | 171,054 | |||||||||||||||||||||||
710,112 | 88,599 | 44,402 | 15,264 | 858,377 | ||||||||||||||||||||||||
$ | 1,660,075 | $ | 143,752 | $ | 57,424 | $ | 37,689 | $ | 1,898,940 | |||||||||||||||||||
The Company considers ‘adversely classified assets’ to include loans graded as Substandard, Doubtful, and Loss as well as other real estate owned ("OREO"). As of June 30, 2014 and December 31, 2013, none of the Company's loans were rated Doubtful or Loss. The total amount of adversely classified assets was $40.2 million and $50.6 million as of June 30, 2014 and December 31, 2013, respectively. For a detailed discussion on credit quality indicators used by management, see Note 6, Loans and Credit Quality within our 2013 Annual Report on Form 10-K. | ||||||||||||||||||||||||||||
Nonaccrual and Past Due Loans | ||||||||||||||||||||||||||||
Loans are placed on nonaccrual status when the full and timely collection of principal and interest is doubtful, generally when the loan becomes 90 days or more past due for principal or interest payment or if part of the principal balance has been charged off. Loans whose repayments are insured by the Federal Housing Authority ("FHA") or guaranteed by the Department of Veterans' Affairs ("VA") are generally maintained on accrual status even if 90 days or more past due. | ||||||||||||||||||||||||||||
The following table presents an aging analysis of past due loans by loan portfolio segment and loan class. | ||||||||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||
(in thousands) | 30-59 days | 60-89 days | 90 days or | Total past | Current | Total | 90 days or | |||||||||||||||||||||
past due | past due | more | due | loans | more past | |||||||||||||||||||||||
past due | due and | |||||||||||||||||||||||||||
accruing(1) | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 10,967 | $ | 3,943 | $ | 39,020 | $ | 53,930 | $ | 695,274 | $ | 749,204 | $ | 32,032 | ||||||||||||||
Home equity | 209 | 368 | 1,166 | 1,743 | 134,438 | 136,181 | — | |||||||||||||||||||||
11,176 | 4,311 | 40,186 | 55,673 | 829,712 | 885,385 | 32,032 | ||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | — | — | 9,871 | 9,871 | 466,540 | 476,411 | — | |||||||||||||||||||||
Multifamily | — | — | — | — | 72,327 | 72,327 | — | |||||||||||||||||||||
Construction/land development | — | 72 | — | 72 | 219,210 | 219,282 | — | |||||||||||||||||||||
Commercial business | 759 | 837 | 3,172 | 4,768 | 180,409 | 185,177 | — | |||||||||||||||||||||
759 | 909 | 13,043 | 14,711 | 938,486 | 953,197 | — | ||||||||||||||||||||||
$ | 11,935 | $ | 5,220 | $ | 53,229 | $ | 70,384 | $ | 1,768,198 | $ | 1,838,582 | $ | 32,032 | |||||||||||||||
-1 | FHA-insured and VA-guaranteed single family loans that are 90 days or more past due are maintained on accrual status if they are determined to have little to no risk of loss. | |||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | 30-59 days | 60-89 days | 90 days or | Total past | Current | Total | 90 days or | |||||||||||||||||||||
past due | past due | more | due | loans | more past | |||||||||||||||||||||||
past due | due and | |||||||||||||||||||||||||||
accruing(1) | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 6,466 | $ | 4,901 | $ | 55,672 | $ | 67,039 | $ | 837,874 | $ | 904,913 | $ | 46,811 | ||||||||||||||
Home equity | 375 | 75 | 1,846 | 2,296 | 133,354 | 135,650 | — | |||||||||||||||||||||
6,841 | 4,976 | 57,518 | 69,335 | 971,228 | 1,040,563 | 46,811 | ||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | — | — | 12,257 | 12,257 | 465,385 | 477,642 | — | |||||||||||||||||||||
Multifamily | — | — | — | — | 79,216 | 79,216 | — | |||||||||||||||||||||
Construction/land development | — | — | — | — | 130,465 | 130,465 | — | |||||||||||||||||||||
Commercial business | — | — | 2,743 | 2,743 | 168,311 | 171,054 | — | |||||||||||||||||||||
— | — | 15,000 | 15,000 | 843,377 | 858,377 | — | ||||||||||||||||||||||
$ | 6,841 | $ | 4,976 | $ | 72,518 | $ | 84,335 | $ | 1,814,605 | $ | 1,898,940 | $ | 46,811 | |||||||||||||||
-1 | FHA-insured and VA-guaranteed single family loans that are 90 days or more past due are maintained on accrual status if they are determined to have little to no risk of loss. | |||||||||||||||||||||||||||
The following tables present performing and nonperforming loan balances by loan portfolio segment and loan class. | ||||||||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Accrual | Nonaccrual | Total | |||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 742,216 | $ | 6,988 | $ | 749,204 | ||||||||||||||||||||||
Home equity | 135,015 | 1,166 | 136,181 | |||||||||||||||||||||||||
877,231 | 8,154 | 885,385 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 466,540 | 9,871 | 476,411 | |||||||||||||||||||||||||
Multifamily | 72,327 | — | 72,327 | |||||||||||||||||||||||||
Construction/land development | 219,282 | — | 219,282 | |||||||||||||||||||||||||
Commercial business | 182,005 | 3,172 | 185,177 | |||||||||||||||||||||||||
940,154 | 13,043 | (1) | 953,197 | |||||||||||||||||||||||||
$ | 1,817,385 | $ | 21,197 | $ | 1,838,582 | |||||||||||||||||||||||
-1 | Includes $6.5 million of nonperforming loans at June 30, 2014 that are guaranteed by the Small Business Association ("SBA"). | |||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Accrual | Nonaccrual | Total | |||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 896,052 | $ | 8,861 | $ | 904,913 | ||||||||||||||||||||||
Home equity | 133,804 | 1,846 | 135,650 | |||||||||||||||||||||||||
1,029,856 | 10,707 | 1,040,563 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 465,385 | 12,257 | 477,642 | |||||||||||||||||||||||||
Multifamily | 79,216 | — | 79,216 | |||||||||||||||||||||||||
Construction/land development | 130,465 | — | 130,465 | |||||||||||||||||||||||||
Commercial business | 168,311 | 2,743 | 171,054 | |||||||||||||||||||||||||
843,377 | 15,000 | (1) | 858,377 | |||||||||||||||||||||||||
$ | 1,873,233 | $ | 25,707 | $ | 1,898,940 | |||||||||||||||||||||||
-1 | Includes $6.5 million of nonperforming loans at December 31, 2013 that are guaranteed by the SBA. | |||||||||||||||||||||||||||
The following tables present information about troubled debt restructurings ("TDRs") activity during the periods presented. | ||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||||||||||
(dollars in thousands) | Concession type | Number of loan | Recorded | Related charge- | ||||||||||||||||||||||||
modifications | investment | offs | ||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | ||||||||||||||||||||||||||||
Interest rate reduction | 15 | $ | 2,430 | $ | — | |||||||||||||||||||||||
Payment restructure | — | — | — | |||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||
Interest rate reduction | — | — | — | |||||||||||||||||||||||||
Total consumer | ||||||||||||||||||||||||||||
Interest rate reduction | 15 | 2,430 | — | |||||||||||||||||||||||||
Payment restructure | — | — | — | |||||||||||||||||||||||||
15 | 2,430 | — | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Payment restructure | 2 | 2,092 | — | |||||||||||||||||||||||||
Commercial business | ||||||||||||||||||||||||||||
Forgiveness of principal | 1 | 208 | 288 | |||||||||||||||||||||||||
Total commercial | ||||||||||||||||||||||||||||
Payment restructure | 2 | 2,092 | — | |||||||||||||||||||||||||
Forgiveness of principal | 1 | 208 | 288 | |||||||||||||||||||||||||
3 | 2,300 | 288 | ||||||||||||||||||||||||||
Total loans | ||||||||||||||||||||||||||||
Interest rate reduction | 15 | 2,430 | — | |||||||||||||||||||||||||
Payment restructure | 2 | 2,092 | — | |||||||||||||||||||||||||
Forgiveness of principal | 1 | $ | 208 | $ | 288 | |||||||||||||||||||||||
18 | $ | 4,730 | $ | 288 | ||||||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||
(dollars in thousands) | Concession type | Number of loan | Recorded | Related charge- | ||||||||||||||||||||||||
modifications | investment | offs | ||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | ||||||||||||||||||||||||||||
Interest rate reduction | 36 | $ | 8,007 | $ | — | |||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||
Interest rate reduction | 3 | 77 | — | |||||||||||||||||||||||||
Total consumer | ||||||||||||||||||||||||||||
Interest rate reduction | 39 | 8,084 | — | |||||||||||||||||||||||||
Total loans | ||||||||||||||||||||||||||||
Interest rate reduction | 39 | $ | 8,084 | $ | — | |||||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||||
(dollars in thousands) | Concession type | Number of loan | Recorded | Related charge- | ||||||||||||||||||||||||
modifications | investment | offs | ||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | ||||||||||||||||||||||||||||
Interest rate reduction | 24 | $ | 4,187 | $ | — | |||||||||||||||||||||||
Payment restructure | 2 | 365 | — | |||||||||||||||||||||||||
Total consumer | ||||||||||||||||||||||||||||
Interest rate reduction | 24 | 4,187 | — | |||||||||||||||||||||||||
Payment restructure | 2 | 365 | — | |||||||||||||||||||||||||
26 | 4,552 | — | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Payment restructure | 3 | 4,248 | — | |||||||||||||||||||||||||
Commercial business | ||||||||||||||||||||||||||||
Interest rate reduction | 2 | 117 | — | |||||||||||||||||||||||||
Forgiveness of principal | 1 | 208 | 288 | |||||||||||||||||||||||||
Total commercial | ||||||||||||||||||||||||||||
Interest rate reduction | 2 | 117 | — | |||||||||||||||||||||||||
Payment restructure | 3 | 4,248 | — | |||||||||||||||||||||||||
Forgiveness of principal | 1 | 208 | 288 | |||||||||||||||||||||||||
6 | 4,573 | 288 | ||||||||||||||||||||||||||
Total loans | ||||||||||||||||||||||||||||
Interest rate reduction | 26 | 4,304 | — | |||||||||||||||||||||||||
Payment restructure | 5 | 4,613 | — | |||||||||||||||||||||||||
Forgiveness of principal | 1 | $ | 208 | $ | 288 | |||||||||||||||||||||||
32 | $ | 9,125 | $ | 288 | ||||||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||
(dollars in thousands) | Concession type | Number of loan | Recorded | Related charge- | ||||||||||||||||||||||||
modifications | investment | offs | ||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | ||||||||||||||||||||||||||||
Interest rate reduction | 63 | $ | 13,848 | $ | — | |||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||
Interest rate reduction | 6 | 248 | — | |||||||||||||||||||||||||
Total consumer | ||||||||||||||||||||||||||||
Interest rate reduction | 69 | 14,096 | — | |||||||||||||||||||||||||
69 | 14,096 | — | ||||||||||||||||||||||||||
Total loans | ||||||||||||||||||||||||||||
Interest rate reduction | 69 | $ | 14,096 | $ | — | |||||||||||||||||||||||
The following tables present loans that were modified as TDRs within the previous 12 months and subsequently re-defaulted during the three and six months ended June 30, 2014 and 2013, respectively. A TDR loan is considered re-defaulted when it becomes doubtful that the objectives of the modifications will be met, generally when a consumer loan TDR becomes 60 days or more past due on principal or interest payments or when a commercial loan TDR becomes 90 days or more past due on principal or interest payments. | ||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(dollars in thousands) | Number of loan relationships that re-defaulted | Recorded | Number of loan relationships that re-defaulted | Recorded | ||||||||||||||||||||||||
investment | investment | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | 2 | $ | 425 | 1 | $ | 133 | ||||||||||||||||||||||
Home equity | — | — | — | — | ||||||||||||||||||||||||
2 | 425 | 1 | 133 | |||||||||||||||||||||||||
2 | $ | 425 | 1 | $ | 133 | |||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(dollars in thousands) | Number of loan relationships that re-defaulted | Recorded | Number of loan relationships that re-defaulted | Recorded | ||||||||||||||||||||||||
investment | investment | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | 4 | $ | 728 | 7 | $ | 1,556 | ||||||||||||||||||||||
Home equity | 1 | 190 | 1 | 22 | ||||||||||||||||||||||||
5 | 918 | 8 | 1,578 | |||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | — | — | 1 | 770 | ||||||||||||||||||||||||
— | — | 1 | 770 | |||||||||||||||||||||||||
5 | $ | 918 | 9 | $ | 2,348 | |||||||||||||||||||||||
Deposits
Deposits | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||||||
DEPOSITS | ' | |||||||||||||||
NOTE 4–DEPOSITS: | ||||||||||||||||
Deposit balances, including stated rates, were as follows. | ||||||||||||||||
(in thousands) | At June 30, | At December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Noninterest-bearing accounts | $ | 472,255 | $ | 322,952 | ||||||||||||
NOW accounts, 0.00% to 1.00% at June 30, 2014 and 0.00% to 0.75% at December 31, 2013 | 324,604 | 297,966 | ||||||||||||||
Statement savings accounts, due on demand, 0.10% to 2.00% at June 30, 2014 and 0.20% to 2.00% at December 31, 2013 | 166,851 | 156,181 | ||||||||||||||
Money market accounts, due on demand, 0.00% to 1.45% at June 30, 2014 and 0.00% to 1.50% at December 31, 2013 | 996,473 | 919,322 | ||||||||||||||
Certificates of deposit, 0.10% to 3.80% at June 30, 2014 and 0.10% to 3.80% at December 31, 2013 | 457,529 | 514,400 | ||||||||||||||
$ | 2,417,712 | $ | 2,210,821 | |||||||||||||
There were $1.9 million in public funds included in deposits as of June 30, 2014 and none at December 31, 2013. | ||||||||||||||||
Interest expense on deposits was as follows. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
NOW accounts | $ | 286 | $ | 233 | $ | 546 | $ | 391 | ||||||||
Statement savings accounts | 211 | 114 | 411 | 218 | ||||||||||||
Money market accounts | 1,080 | 973 | 2,101 | 1,830 | ||||||||||||
Certificates of deposit | 779 | 1,047 | 1,658 | 3,417 | ||||||||||||
$ | 2,356 | $ | 2,367 | $ | 4,716 | $ | 5,856 | |||||||||
The weighted-average interest rates on certificates of deposit June 30, 2014 and December 31, 2013 were 0.67% and 0.71%, respectively. | ||||||||||||||||
Certificates of deposit outstanding mature as follows. | ||||||||||||||||
(in thousands) | At June 30, 2014 | |||||||||||||||
Within one year | $ | 321,986 | ||||||||||||||
One to two years | 78,911 | |||||||||||||||
Two to three years | 43,864 | |||||||||||||||
Three to four years | 9,948 | |||||||||||||||
Four to five years | 2,820 | |||||||||||||||
$ | 457,529 | |||||||||||||||
The aggregate amount of time deposits in denominations of $100 thousand or more at June 30, 2014 and December 31, 2013 was $208.0 million and $216.5 million, respectively. The aggregate amount of time deposits in denominations of more than $250 thousand at June 30, 2014 and December 31, 2013 was $20.9 million and $26.3 million, respectively. There were $119.9 million and $144.3 million of brokered deposits at June 30, 2014 and December 31, 2013, respectively. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
DERIVATIVES AND HEDGING ACTIVITIES | ' | |||||||||||||||||||||||
NOTE 5–DERIVATIVES AND HEDGING ACTIVITIES: | ||||||||||||||||||||||||
To reduce the risk of significant interest rate fluctuations on the value of certain assets and liabilities, such as certain mortgage loans held for sale or mortgage servicing rights ("MSRs"), the Company utilizes derivatives, such as forward sale commitments, futures, option contracts, interest rate swaps and swaptions as risk management instruments in its hedging strategy. Derivative transactions are measured in terms of notional amount, which is not recorded in the consolidated statements of financial condition. The notional amount is generally not exchanged and is used as the basis for interest and other contractual payments. We held no derivatives designated as cash flow or foreign currency hedge instruments at June 30, 2014 or December 31, 2013. Derivatives are reported at their respective fair values in the other assets or the accounts payable and other liabilities line items on the consolidated statements of financial condition, with changes in fair value reflected in current period earnings. | ||||||||||||||||||||||||
As permitted under U.S. GAAP, the Company nets derivative assets and liabilities when a legally enforceable master netting agreement exists between the Company and the derivative counterparty, which are documented under industry standard master agreements and credit support annexes. The Company's master netting agreements provide that following an uncured payment default or other event of default the non-defaulting party may promptly terminate all transactions between the parties and determine a net amount due to be paid to, or by, the defaulting party. An event of default may also occur under a credit support annex if a party fails to make a collateral delivery (which remains uncured following applicable notice and grace periods). The Company's right of offset requires that master netting agreements are legally enforceable and that the exercise of rights by the non-defaulting party under these agreements will not be stayed, or avoided under applicable law upon an event of default including bankruptcy, insolvency or similar proceeding. | ||||||||||||||||||||||||
The collateral used under the Company's master netting agreements is typically cash, but securities may be used under agreements with certain counterparties. Receivables related to cash collateral that has been paid to counterparties is included in other assets on the Company's consolidated statements of financial condition. Any securities pledged to counterparties as collateral remain on the consolidated statement of financial condition. Refer to Note 2, Investment Securities of this Form 10-Q for further information on securities collateral pledged. At June 30, 2014 and December 31, 2013, the Company did not hold any collateral received from counterparties under derivative transactions. | ||||||||||||||||||||||||
For further information on the policies that govern derivative and hedging activities, see Note 1, Summary of Significant Accounting Policies and Note 12, Derivatives and Hedging Activities within our 2013 Annual Report on Form 10-K. | ||||||||||||||||||||||||
The notional amounts and fair values for derivatives consist of the following. | ||||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||
Notional amount | Fair value derivatives | |||||||||||||||||||||||
(in thousands) | Asset | Liability | ||||||||||||||||||||||
Forward sale commitments | $ | 1,122,581 | $ | 1,473 | $ | (8,210 | ) | |||||||||||||||||
Interest rate swaptions | 25,000 | 29 | — | |||||||||||||||||||||
Interest rate lock commitments | 594,953 | 17,441 | (35 | ) | ||||||||||||||||||||
Interest rate swaps | 479,111 | 5,908 | (5,137 | ) | ||||||||||||||||||||
Total derivatives before netting | $ | 2,221,645 | 24,851 | (13,382 | ) | |||||||||||||||||||
Netting adjustments | (737 | ) | 737 | |||||||||||||||||||||
Carrying value on consolidated statements of financial condition | $ | 24,114 | $ | (12,645 | ) | |||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||
Notional amount | Fair value derivatives | |||||||||||||||||||||||
(in thousands) | Asset | Liability | ||||||||||||||||||||||
Forward sale commitments | $ | 526,382 | $ | 3,630 | $ | (578 | ) | |||||||||||||||||
Interest rate swaptions | 110,000 | 858 | (199 | ) | ||||||||||||||||||||
Interest rate lock commitments | 261,070 | 6,012 | (40 | ) | ||||||||||||||||||||
Interest rate swaps | 508,004 | 1,088 | (9,548 | ) | ||||||||||||||||||||
Total derivatives before netting | $ | 1,405,456 | 11,588 | (10,365 | ) | |||||||||||||||||||
Netting adjustments | (1,363 | ) | 1,363 | |||||||||||||||||||||
Carrying value on consolidated statements of financial condition | $ | 10,225 | $ | (9,002 | ) | |||||||||||||||||||
The following tables present gross and net information about derivative instruments. | ||||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||
(in thousands) | Gross fair value | Netting adjustments | Carrying value | Cash collateral paid (1) | Securities pledged | Net amount | ||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||
Forward sale commitments | $ | 1,473 | $ | (799 | ) | $ | 674 | $ | — | $ | — | $ | 674 | |||||||||||
Interest rate swaps / swaptions | 5,937 | 62 | 5,999 | — | — | 5,999 | ||||||||||||||||||
Total derivatives subject to legally enforceable master netting agreements | 7,410 | (737 | ) | 6,673 | — | — | 6,673 | |||||||||||||||||
Interest rate lock commitments | 17,441 | — | 17,441 | — | — | 17,441 | ||||||||||||||||||
Total derivative assets | $ | 24,851 | $ | (737 | ) | $ | 24,114 | $ | — | $ | — | $ | 24,114 | |||||||||||
Derivative liabilities: | ||||||||||||||||||||||||
Forward sale commitments | $ | (8,210 | ) | $ | 799 | $ | (7,411 | ) | $ | 6,433 | $ | 820 | $ | (158 | ) | |||||||||
Interest rate swaps | (5,137 | ) | (62 | ) | (5,199 | ) | 5,063 | 135 | (1 | ) | ||||||||||||||
Total derivatives subject to legally enforceable master netting agreements | (13,347 | ) | 737 | (12,610 | ) | 11,496 | 955 | (159 | ) | |||||||||||||||
Interest rate lock commitments | (35 | ) | — | (35 | ) | — | — | (35 | ) | |||||||||||||||
Total derivative liabilities | $ | (13,382 | ) | $ | 737 | $ | (12,645 | ) | $ | 11,496 | $ | 955 | $ | (194 | ) | |||||||||
At December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | Gross fair value | Netting adjustments | Carrying value | Cash collateral paid (1) | Securities pledged | Net amount | ||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||
Forward sale commitments | $ | 3,630 | $ | (33 | ) | $ | 3,597 | $ | — | $ | — | $ | 3,597 | |||||||||||
Interest rate swaps | 1,946 | (1,330 | ) | 616 | — | — | 616 | |||||||||||||||||
Total derivatives subject to legally enforceable master netting agreements | 5,576 | (1,363 | ) | 4,213 | — | — | 4,213 | |||||||||||||||||
Interest rate lock commitments | 6,012 | — | 6,012 | — | — | 6,012 | ||||||||||||||||||
Total derivative assets | $ | 11,588 | $ | (1,363 | ) | $ | 10,225 | $ | — | $ | — | $ | 10,225 | |||||||||||
Derivative liabilities: | ||||||||||||||||||||||||
Forward sale commitments | $ | (578 | ) | $ | 33 | $ | (545 | ) | $ | 115 | $ | 410 | $ | (20 | ) | |||||||||
Interest rate swaps | (9,747 | ) | 1,330 | (8,417 | ) | 8,376 | 41 | — | ||||||||||||||||
Total derivatives subject to legally enforceable master netting agreements | (10,325 | ) | 1,363 | (8,962 | ) | 8,491 | 451 | (20 | ) | |||||||||||||||
Interest rate lock commitments | (40 | ) | — | (40 | ) | — | — | (40 | ) | |||||||||||||||
Total derivative liabilities | $ | (10,365 | ) | $ | 1,363 | $ | (9,002 | ) | $ | 8,491 | $ | 451 | $ | (60 | ) | |||||||||
-1 | Excludes cash collateral of $20.6 million and $18.5 million at June 30, 2014 and December 31, 2013, which predominantly consists of collateral transferred by the Company at the initiation of derivative transactions and held by the counterparty as security. These amounts were not netted against the derivative receivables and payables, because, at an individual counterparty level, the collateral exceeded the fair value exposure at both June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||
The ineffective portion of net gain (loss) on derivatives in fair value hedging relationships, recognized in other noninterest income on the consolidated statements of operations, for loans held for investment were $(19) thousand and $75 thousand for the three months ended June 30, 2014 and 2013, respectively, and $12 thousand and $106 thousand for the six months ended June 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||
The following table presents the net gain (loss) recognized on derivatives, including economic hedge derivatives, within the respective line items in the statement of operations for the periods indicated. | ||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Recognized in noninterest income: | ||||||||||||||||||||||||
Net gain on mortgage loan origination and sale activities (1) | $ | (4,580 | ) | $ | 21,014 | $ | (6,014 | ) | $ | 19,649 | ||||||||||||||
Mortgage servicing income (loss) (2) | 10,941 | (13,505 | ) | 20,838 | (16,023 | ) | ||||||||||||||||||
$ | 6,361 | $ | 7,509 | $ | 14,824 | $ | 3,626 | |||||||||||||||||
-1 | Comprised of interest rate lock commitments ("IRLCs") and forward contracts used as an economic hedge of IRLCs and single family mortgage loans held for sale. | |||||||||||||||||||||||
-2 | Comprised of interest rate swaps, interest rate swaptions and forward contracts used as an economic hedge of single family MSRs. |
Mortgage_Banking_Operations
Mortgage Banking Operations | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Mortgage Banking [Abstract] | ' | |||||||||||||||
MORTGAGE BANKING OPERATIONS | ' | |||||||||||||||
NOTE 6–MORTGAGE BANKING OPERATIONS: | ||||||||||||||||
Loans held for sale consisted of the following. | ||||||||||||||||
(in thousands) | At June 30, | At December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Single family | $ | 536,657 | (1) | $ | 279,385 | |||||||||||
Multifamily | 12,783 | 556 | ||||||||||||||
$ | 549,440 | $ | 279,941 | |||||||||||||
-1 | The Company transferred $310.5 million of loans from the held for investment portfolio into loans held for sale in March of this year and subsequently sold $266.8 million of these loans. At June 30, 2014, the Company had transferred $17.1 million of these loans back to the held for investment portfolio. | |||||||||||||||
Loans sold consisted of the following. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Single family | $ | 906,342 | $ | 1,229,686 | $ | 1,526,255 | $ | 2,590,030 | ||||||||
Multifamily | 15,902 | 15,386 | 22,165 | 65,973 | ||||||||||||
$ | 922,244 | $ | 1,245,072 | $ | 1,548,420 | $ | 2,656,003 | |||||||||
Net gain on mortgage loan origination and sale activities, including the effects of derivative risk management instruments, consisted of the following. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Single family: | ||||||||||||||||
Servicing value and secondary market gains(1) | $ | 30,233 | $ | 43,448 | $ | 49,792 | $ | 87,683 | ||||||||
Loan origination and funding fees | 6,781 | 8,267 | 11,542 | 16,062 | ||||||||||||
Total single family | 37,014 | 51,715 | 61,334 | 103,745 | ||||||||||||
Multifamily | 693 | 709 | 1,089 | 2,634 | ||||||||||||
Other | 4,087 | — | 4,881 | — | ||||||||||||
Total net gain on mortgage loan origination and sale activities | $ | 41,794 | $ | 52,424 | $ | 67,304 | $ | 106,379 | ||||||||
-1 | Comprised of gains and losses on interest rate lock commitments (which considers the value of servicing), single family loans held for sale, forward sale commitments used to economically hedge secondary market activities, and changes in the Company's repurchase liability for loans that have been sold. | |||||||||||||||
The Company’s portfolio of loans serviced for others is primarily comprised of loans held in U.S. government and agency MBS issued by Fannie Mae, Freddie Mac and Ginnie Mae. Loans serviced for others are not included in the consolidated statements of financial condition as they are not assets of the Company. The composition of loans serviced for others is presented below at the unpaid principal balance. | ||||||||||||||||
(in thousands) | At June 30, | At December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Single family | ||||||||||||||||
U.S. government and agency | $ | 9,308,096 | $ | 11,467,853 | ||||||||||||
Other | 586,978 | 327,768 | ||||||||||||||
9,895,074 | 11,795,621 | |||||||||||||||
Commercial | ||||||||||||||||
Multifamily | 704,997 | 720,429 | ||||||||||||||
Other | 97,996 | 95,673 | ||||||||||||||
802,993 | 816,102 | |||||||||||||||
Total loans serviced for others | $ | 10,698,067 | $ | 12,611,723 | ||||||||||||
The Company has made representations and warranties that the loans sold meet certain requirements. The Company may be required to repurchase mortgage loans or indemnify loan purchasers due to defects in the origination process of the loan, such as documentation errors, underwriting errors and judgments, appraisal errors, early payment defaults and fraud. For further information on the Company's mortgage repurchase liability, see Note 7, Commitments, Guarantees and Contingencies of this Form 10-Q. The following is a summary of changes in the Company's liability for estimated mortgage repurchase losses. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Balance, beginning of period | $ | 1,142 | $ | 1,975 | $ | 1,260 | $ | 1,955 | ||||||||
Additions (1) | 313 | 472 | 552 | 1,008 | ||||||||||||
Realized losses (2) | (220 | ) | (637 | ) | (577 | ) | (1,153 | ) | ||||||||
Balance, end of period | $ | 1,235 | $ | 1,810 | $ | 1,235 | $ | 1,810 | ||||||||
-1 | Includes additions for new loan sales and changes in estimated probable future repurchase losses on previously sold loans. | |||||||||||||||
-2 | Includes principal losses and accrued interest on repurchased loans, “make-whole” settlements, settlements with claimants and certain related expense. | |||||||||||||||
Advances are made to Ginnie Mae mortgage pools for delinquent loan payments. We also fund foreclosure costs and we repurchase loans from Ginnie Mae mortgage pools prior to recovery of guaranteed amounts. Ginnie Mae advances of $8.7 million and $7.1 million were recorded in other assets as of June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||
When the Company has the unilateral right to repurchase Ginnie Mae pool loans it has previously sold (generally loans that are more than 90 days past due), the Company then records the loan on its consolidated statement of financial condition. At June 30, 2014 and December 31, 2013, delinquent or defaulted mortgage loans currently in Ginnie Mae pools that the Company has recognized on its consolidated statements of financial condition totaled $13.5 million and $14.3 million, respectively, with a corresponding amount recorded within accounts payable and other liabilities on the consolidated statements of financial condition. The recognition of previously sold loans does not impact the accounting for the previously recognized MSRs. | ||||||||||||||||
Revenue from mortgage servicing, including the effects of derivative risk management instruments, consisted of the following. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Servicing income, net: | ||||||||||||||||
Servicing fees and other | $ | 10,112 | $ | 7,955 | $ | 19,961 | $ | 15,562 | ||||||||
Changes in fair value of single family MSRs due to modeled amortization (1) | (7,109 | ) | (6,964 | ) | (13,077 | ) | (12,639 | ) | ||||||||
Amortization of multifamily MSRs | (434 | ) | (423 | ) | (858 | ) | (913 | ) | ||||||||
2,569 | 568 | 6,026 | 2,010 | |||||||||||||
Risk management, single family MSRs: | ||||||||||||||||
Changes in fair value due to changes in model inputs and/or assumptions (2) | (3,326 | ) | (3) | 15,120 | (8,735 | ) | (3) | 19,268 | ||||||||
Net gain (loss) from derivatives economically hedging MSR | 10,941 | (13,505 | ) | 20,838 | (16,023 | ) | ||||||||||
7,615 | 1,615 | 12,103 | 3,245 | |||||||||||||
Mortgage servicing income | $ | 10,184 | $ | 2,183 | $ | 18,129 | $ | 5,255 | ||||||||
-1 | Represents changes due to collection/realization of expected cash flows and curtailments. | |||||||||||||||
-2 | Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates. | |||||||||||||||
-3 | Includes pre-tax income of $4.7 million, net of brokerage fees and prepayment reserves, resulting from the sale of single family MSRs during the three months ended June 30, 2014. | |||||||||||||||
All MSRs are initially measured and recorded at fair value at the time loans are sold. Single family MSRs are subsequently carried at fair value with changes in fair value reflected in earnings in the periods in which the changes occur, while multifamily MSRs are subsequently carried at the lower of amortized cost or fair value. | ||||||||||||||||
The fair value of MSRs is determined based on the price that would be received to sell the MSRs in an orderly transaction between market participants at the measurement date. The Company determines fair value using a valuation model that calculates the net present value of estimated future cash flows. Estimates of future cash flows include contractual servicing fees, ancillary income and costs of servicing, the timing of which are impacted by assumptions, primarily expected prepayment speeds and discount rates, which relate to the underlying performance of the loans. | ||||||||||||||||
The initial fair value measurement of MSRs is adjusted up or down depending on whether the underlying loan pool interest rate is at a premium, discount or par. Key economic assumptions used in measuring the initial fair value of capitalized single family MSRs were as follows. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(rates per annum) (1) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Constant prepayment rate ("CPR") (2) | 13.71 | % | 8.77 | % | 12.79 | % | 9.12 | % | ||||||||
Discount rate | 11.06 | % | 10.28 | % | 10.8 | % | 10.27 | % | ||||||||
-1 | Weighted average rates for sales during the period for sales of loans with similar characteristics. | |||||||||||||||
-2 | Represents the expected lifetime average. | |||||||||||||||
Key economic assumptions and the sensitivity of the current fair value for single family MSRs to immediate adverse changes in those assumptions were as follows. | ||||||||||||||||
(dollars in thousands) | At June 30, 2014 | |||||||||||||||
Fair value of single family MSR | $ | 108,869 | ||||||||||||||
Expected weighted-average life (in years) | 5.42 | |||||||||||||||
Constant prepayment rate (1) | 14.97 | % | ||||||||||||||
Impact on 25 basis points adverse change | $ | (5,798 | ) | |||||||||||||
Impact on 50 basis points adverse change | $ | (12,097 | ) | |||||||||||||
Discount rate | 10.7 | % | ||||||||||||||
Impact on fair value of 100 basis points increase | $ | (3,488 | ) | |||||||||||||
Impact on fair value of 200 basis points increase | $ | (6,761 | ) | |||||||||||||
-1 | Represents the expected lifetime average. | |||||||||||||||
These sensitivities are hypothetical and should be used with caution. As the table above demonstrates, the Company’s methodology for estimating the fair value of MSRs is highly sensitive to changes in key assumptions. For example, actual prepayment experience may differ and any difference may have a material effect on MSR fair value. Changes in fair value resulting from changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of a variation in a particular assumption on the fair value of the MSRs is calculated without changing any other assumption; in reality, changes in one factor may be associated with changes in another (for example, decreases in market interest rates may provide an incentive to refinance; however, this may also indicate a slowing economy and an increase in the unemployment rate, which reduces the number of borrowers who qualify for refinancing), which may magnify or counteract the sensitivities. Thus, any measurement of MSR fair value is limited by the conditions existing and assumptions made as of a particular point in time. Those assumptions may not be appropriate if they are applied to a different point in time. | ||||||||||||||||
On June 30, 2014, the Company successfully closed the sale of the rights to service $2.96 billion in total unpaid principal balance of single family mortgage loans serviced for Fannie Mae, representing 24.3% of HomeStreet’s total single family mortgage loans serviced for others portfolio as of March 31, 2014. The sale resulted in a $4.7 million pre-tax increase in mortgage servicing income during the quarter. The Company expects to finalize the servicing transfer for these loans by October 1, 2014, and is subservicing these loans until the transfer date. These loans are excluded from the Company's MSR portfolio at June 30, 2014. | ||||||||||||||||
The changes in single family MSRs measured at fair value are as follows. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Beginning balance | $ | 149,646 | $ | 102,678 | $ | 153,128 | $ | 87,396 | ||||||||
Originations | 11,827 | 17,306 | 19,720 | 34,112 | ||||||||||||
Purchases | 3 | 6 | 5 | 9 | ||||||||||||
Sale of single family MSRs | (43,248 | ) | — | (43,248 | ) | — | ||||||||||
Changes due to modeled amortization(1) | (7,109 | ) | (6,964 | ) | (13,077 | ) | (12,639 | ) | ||||||||
Net additions and amortization | (38,527 | ) | 10,348 | (36,600 | ) | 21,482 | ||||||||||
Changes in fair value due to changes in model inputs and/or assumptions (2) | (2,250 | ) | 15,120 | (7,659 | ) | 19,268 | ||||||||||
Ending balance | $ | 108,869 | $ | 128,146 | $ | 108,869 | $ | 128,146 | ||||||||
-1 | Represents changes due to collection/realization of expected cash flows and curtailments. | |||||||||||||||
-2 | Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates. Includes pre-tax income of $5.7 million, excluding transaction costs, resulting from the sale of single family MSRs during the three months ended June 30, 2014. | |||||||||||||||
MSRs resulting from the sale of multifamily loans are subsequently carried at the lower of amortized cost or fair value. Multifamily MSRs are recorded at fair value and are amortized in proportion to, and over, the estimated period the net servicing income will be collected. | ||||||||||||||||
The changes in multifamily MSRs measured at the lower of amortized cost or fair value were as follows. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Beginning balance | $ | 9,095 | $ | 9,150 | $ | 9,335 | $ | 8,097 | ||||||||
Origination | 461 | 512 | 644 | 2,055 | ||||||||||||
Amortization | (434 | ) | (423 | ) | (857 | ) | (913 | ) | ||||||||
Ending balance | $ | 9,122 | $ | 9,239 | $ | 9,122 | $ | 9,239 | ||||||||
At June 30, 2014, the expected weighted-average life of the Company’s multifamily MSRs was 9.21 years. Projected amortization expense for the gross carrying value of multifamily MSRs is estimated as follows. | ||||||||||||||||
(in thousands) | At June 30, 2014 | |||||||||||||||
Remainder of 2014 | $ | 802 | ||||||||||||||
2015 | 1,510 | |||||||||||||||
2016 | 1,400 | |||||||||||||||
2017 | 1,278 | |||||||||||||||
2018 | 1,120 | |||||||||||||||
2019 and thereafter | 3,012 | |||||||||||||||
Carrying value of multifamily MSR | $ | 9,122 | ||||||||||||||
Commitments_Guarantees_and_Con
Commitments, Guarantees, and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS, GUARANTEES, AND CONTINGENCIES | ' |
NOTE 7–COMMITMENTS, GUARANTEES AND CONTINGENCIES: | |
Commitments | |
Commitments to extend credit are agreements to lend to customers in accordance with predetermined contractual provisions. These commitments may be for specific periods or contain termination clauses and may require the payment of a fee by the borrower. The total amounts of unused commitments do not necessarily represent future credit exposure or cash requirements in that commitments may expire without being drawn upon. | |
The Company makes certain unfunded loan commitments as part of its lending activities that have not been recognized in the Company’s financial statements. These include commitments to extend credit made as part of the Company's mortgage lending activities and interest rate lock commitments on loans the Company intends to hold in its loans held for investment portfolio. The aggregate amount of these unrecognized unfunded loan commitments existing at June 30, 2014 and December 31, 2013 was $38.0 million and $18.4 million, respectively. | |
In the ordinary course of business, the Company extends secured and unsecured open-end loans to meet the financing needs of its customers. These commitments, which primarily related to unused home equity and business banking funding lines totaled $146.7 million and $154.0 million at June 30, 2014 and December 31, 2013, respectively. Undistributed construction loan commitments, where the Company has an obligation to advance funds for construction progress payments, were $292.8 million and $168.5 million at June 30, 2014 and December 31, 2013, respectively. The Company has recorded an allowance for credit losses on loan commitments, included in accounts payable and other liabilities on the consolidated statements of financial condition, of $242 thousand and $181 thousand at June 30, 2014 and December 31, 2013, respectively. | |
Guarantees | |
In the ordinary course of business, the Company sells loans through the Fannie Mae Multifamily Delegated Underwriting and Servicing Program (“DUS"®)1 that are subject to a credit loss sharing arrangement. The Company services the loans for Fannie Mae and shares in the risk of loss with Fannie Mae under the terms of the DUS contracts. Under the program, the DUS lender is contractually responsible for the first 5% of losses and then shares equally in the remainder of losses with Fannie Mae with a maximum lender loss of 20% of the original principal balance of each DUS loan. For loans that have been sold through this program, a liability is recorded for this loss sharing arrangement under the accounting guidance for guarantees. As of June 30, 2014 and December 31, 2013, the total unpaid principal balance of loans sold under this program was $705.0 million and $720.4 million, respectively. The Company’s reserve liability related to this arrangement totaled $2.0 million at both June 30, 2014 and December 31, 2013. There were no actual losses incurred under this arrangement during the three and six months ended June 30, 2014 and 2013. | |
Mortgage repurchase liability | |
In the ordinary course of business, the Company sells residential mortgage loans to GSEs that include the mortgage loans in GSE-guaranteed mortgage securitizations. In addition, the Company sells FHA-insured and VA-guaranteed mortgage loans that are sold to Ginnie Mae and are used to back Ginnie Mae-guaranteed securities. The Company has made representations and warranties that the loans sold meet certain requirements. The Company may be required to repurchase mortgage loans or indemnify loan purchasers due to defects in the origination process of the loan, such as documentation errors, underwriting errors and judgments, early payment defaults and fraud. | |
These obligations expose the Company to any credit loss on the repurchased mortgage loans after accounting for any mortgage insurance that it may receive. Generally, the maximum amount of future payments the Company would be required to make for breaches of these representations and warranties would be equal to the unpaid principal balance of such loans that are deemed to have defects that were sold to purchasers plus, in certain circumstances, accrued and unpaid interest on such loans and certain expenses. | |
The Company does not typically receive repurchase requests from Ginnie Mae, FHA or VA. As an originator of FHA-insured or VA-guaranteed loans, the Company is responsible for obtaining the insurance with FHA or the guarantee with the VA. If loans are later found not to meet the requirements of FHA or VA, through required internal quality control reviews or through agency audits, the Company may be required to indemnify FHA or VA against losses. The loans remain in Ginnie Mae pools unless and until they are repurchased by the Company. In general, once a FHA or VA loan becomes 90 days past due, the Company repurchases the FHA or VA residential mortgage loan to minimize the cost of interest advances on the loan. If the loan is cured through borrower efforts or through loss mitigation activities, the loan may be resold into a Ginnie Mae pool. The Company's liability for mortgage loan repurchase losses incorporates probable losses associated with such indemnification. | |
The total unpaid principal balance of loans sold on a servicing-retained basis that were subject to the terms and conditions of these representations and warranties totaled $9.99 billion and $11.89 billion as of June 30, 2014 and December 31, 2013, respectively. At June 30, 2014 and December 31, 2013, the Company had recorded a mortgage repurchase liability for loans sold on a servicing-retained and servicing-released basis, included in accounts payable and other liabilities on the consolidated statements of financial condition, of $1.2 million and $1.3 million, respectively. | |
Contingencies | |
In the normal course of business, the Company may have various legal claims and other similar contingent matters outstanding for which a loss may be realized. For these claims, the Company establishes a liability for contingent losses when it is probable that a loss has been incurred and the amount of loss can be reasonably estimated. For claims determined to be reasonably possible but not probable of resulting in a loss, there may be a range of possible losses in excess of the established liability. At June 30, 2014, we reviewed our legal claims and determined that there were no claims that are considered to be probable or reasonably possible of resulting in a loss. As a result, the Company did not have any amounts reserved for legal claims as of June 30, 2014. |
Fair_Value_Measurement
Fair Value Measurement | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
FAIR VALUE MEASUREMENT | ' | |||||||||||||||||||
NOTE 8–FAIR VALUE MEASUREMENT: | ||||||||||||||||||||
For a further discussion of fair value measurements, including information regarding the Company’s valuation methodologies and the fair value hierarchy, see Note 18, Fair Value Measurement within our 2013 Annual Report on Form 10-K. | ||||||||||||||||||||
Valuation Processes | ||||||||||||||||||||
The Company has various processes and controls in place to ensure that fair value measurements are reasonably estimated. The Finance Committee provides oversight and approves the Company’s Asset/Liability Management Policy ("ALMP"). The Company's ALMP governs, among other things, the application and control of the valuation models used to measure fair value. On a quarterly basis, the Company’s Asset/Liability Management Committee ("ALCO") and the Finance Committee of the Board review significant modeling variables used to measure the fair value of the Company’s financial instruments, including the significant inputs used in the valuation of single family MSRs. Additionally, at least annually ALCO obtains an independent review of the MSR valuation process and procedures, including a review of the model architecture and the valuation assumptions. The Company obtains an MSR valuation from an independent valuation firm monthly to assist with the validation of the fair value estimate and the reasonableness of the assumptions used in measuring fair value. | ||||||||||||||||||||
The Company’s real estate valuations are overseen by the Company’s appraisal department, which is independent of the Company’s lending and credit administration functions. The appraisal department maintains the Company’s appraisal policy and recommends changes to the policy subject to approval by the Company’s Loan Committee and the Credit Committee of the Board. The Company’s appraisals are prepared by independent third-party appraisers and the Company’s internal appraisers. Single family appraisals are generally reviewed by the Company’s single family loan underwriters. Single family appraisals with unusual, higher risk or complex characteristics, as well as commercial real estate appraisals, are reviewed by the Company’s appraisal department. | ||||||||||||||||||||
We obtain pricing from third party service providers for determining the fair value of a substantial portion of our investment securities available for sale. We have processes in place to evaluate such third party pricing services to ensure information obtained and valuation techniques used are appropriate. For fair value measurements obtained from third party services, we monitor and review the results to ensure the values are reasonable and in line with market experience for similar classes of securities. While the inputs used by the pricing vendor in determining fair value are not provided, and therefore unavailable for our review, we do perform certain procedures to validate the values received, including comparisons to other sources of valuation (if available), comparisons to other independent market data and a variance analysis of prices by Company personnel that are not responsible for the performance of the investment securities. | ||||||||||||||||||||
Estimation of Fair Value | ||||||||||||||||||||
Fair value is based on quoted market prices, when available. In cases where a quoted price for an asset or liability is not available, the Company uses valuation models to estimate fair value. These models incorporate inputs such as forward yield curves, loan prepayment assumptions, expected loss assumptions, market volatilities, and pricing spreads utilizing market-based inputs where readily available. The Company believes its valuation methods are appropriate and consistent with those that would be used by other market participants. However, imprecision in estimating unobservable inputs and other factors may result in these fair value measurements not reflecting the amount realized in an actual sale or transfer of the asset or liability in a current market exchange. | ||||||||||||||||||||
The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions, and classification of the Company’s assets and liabilities. | ||||||||||||||||||||
Asset/Liability class | Valuation methodology, inputs and assumptions | Classification | ||||||||||||||||||
Cash and cash equivalents | Carrying value is a reasonable estimate of fair value based on the short-term nature of the instruments. | Estimated fair value classified as Level 1. | ||||||||||||||||||
Investment securities | ||||||||||||||||||||
Investment securities available for sale | Observable market prices of identical or similar securities are used where available. | Level 2 recurring fair value measurement | ||||||||||||||||||
If market prices are not readily available, value is based on discounted cash flows using the following significant inputs: | ||||||||||||||||||||
• Expected prepayment speeds | ||||||||||||||||||||
• Estimated credit losses | ||||||||||||||||||||
• Market liquidity adjustments | ||||||||||||||||||||
Investment securities held to maturity | Observable market prices of identical or similar securities are used where available. | Carried at amortized cost. | ||||||||||||||||||
If market prices are not readily available, value is based on discounted cash flows using the following significant inputs: | Estimated fair value classified as Level 2. | |||||||||||||||||||
• Expected prepayment speeds | ||||||||||||||||||||
• Estimated credit losses | ||||||||||||||||||||
• Market liquidity adjustments | ||||||||||||||||||||
Loans held for sale | ||||||||||||||||||||
Single-family loans, including loans transferred from held for investment | Fair value is based on observable market data, including: | Level 2 recurring fair value measurement | ||||||||||||||||||
• Quoted market prices, where available | ||||||||||||||||||||
• Dealer quotes for similar loans | ||||||||||||||||||||
• Forward sale commitments | ||||||||||||||||||||
Multifamily loans | The sale price is set at the time the loan commitment is made, and as such subsequent changes in market conditions have a very limited effect, if any, on the value of these loans carried on the consolidated statements of financial condition, which are typically sold within 30 days of origination. | Carried at lower of amortized cost or fair value. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
Loans held for investment | ||||||||||||||||||||
Loans held for investment, excluding collateral dependent loans | Fair value is based on discounted cash flows, which considers the following inputs: | For the carrying value of loans see Note 1–Summary of Significant Accounting Policies of this Form 10-Q. | ||||||||||||||||||
• Current lending rates for new loans | ||||||||||||||||||||
• Expected prepayment speeds | Estimated fair value classified as Level 3. | |||||||||||||||||||
• Estimated credit losses | ||||||||||||||||||||
• Market liquidity adjustments | ||||||||||||||||||||
Loans held for investment, collateral dependent | Fair value is based on appraised value of collateral, which considers sales comparison and income approach methodologies. Adjustments are made for various factors, which may include: | Carried at lower of amortized cost or fair value of collateral, less the estimated cost to sell. | ||||||||||||||||||
• Adjustments for variations in specific property qualities such as location, physical dissimilarities, market conditions at the time of sale, income producing characteristics and other factors | ||||||||||||||||||||
• Adjustments to obtain “upon completion” and “upon stabilization” values (e.g., property hold discounts where the highest and best use would require development of a property over time) | Classified as a Level 3 nonrecurring fair value measurement in periods where carrying value is adjusted to reflect the fair value of collateral. | |||||||||||||||||||
• Bulk discounts applied for sales costs, holding costs and profit for tract development and certain other properties | ||||||||||||||||||||
Asset/Liability class | Valuation methodology, inputs and assumptions | Classification | ||||||||||||||||||
Mortgage servicing rights | ||||||||||||||||||||
Single family MSRs | For information on how the Company measures the fair value of its single family MSRs, including key economic assumptions and the sensitivity of fair value to changes in those assumptions, see Note 6, Mortgage Banking Operations of this Form 10-Q. | Level 3 recurring fair value measurement | ||||||||||||||||||
Multifamily MSRs | Fair value is based on discounted estimated future servicing fees and other revenue, less estimated costs to service the loans. | Carried at lower of amortized cost or fair value | ||||||||||||||||||
Estimated fair value classified as Level 3. | ||||||||||||||||||||
Derivatives | ||||||||||||||||||||
Interest rate swaps | Fair value is based on quoted prices for identical or similar instruments, when available. | Level 2 recurring fair value measurement | ||||||||||||||||||
Interest rate swaptions | ||||||||||||||||||||
Forward sale commitments | When quoted prices are not available, fair value is based on internally developed modeling techniques, which require the use of multiple observable market inputs including: | |||||||||||||||||||
• Forward interest rates | ||||||||||||||||||||
• Interest rate volatilities | ||||||||||||||||||||
Interest rate lock commitments | The fair value considers several factors including: | Level 3 recurring fair value measurement | ||||||||||||||||||
• Fair value of the underlying loan based on quoted prices in the secondary market, when available. | ||||||||||||||||||||
• Value of servicing | ||||||||||||||||||||
• Fall-out factor | ||||||||||||||||||||
Other real estate owned (“OREO”) | Fair value is based on appraised value of collateral, less the estimated cost to sell. See discussion of "loans held for investment, collateral dependent" above for further information on appraisals. | Carried at lower of amortized cost or fair value of collateral (Level 3), less the estimated cost to sell. | ||||||||||||||||||
Federal Home Loan Bank stock | Carrying value approximates fair value as FHLB stock can only be purchased or redeemed at par value. | Carried at par value. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
Deposits | ||||||||||||||||||||
Demand deposits | Fair value is estimated using discounted cash flows based on market rates and expected life. | Carried at historical cost. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
Fixed-maturity certificates of deposit | Fair value is estimated using discounted cash flows based on market rates currently offered for deposits of similar remaining time to maturity. | Carried at historical cost. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
Federal Home Loan Bank advances | Fair value is estimated using discounted cash flows based on rates currently available for advances with similar terms and remaining time to maturity. | Carried at historical cost. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
Long-term debt | Fair value is estimated using discounted cash flows based on current lending rates for similar long-term debt instruments with similar terms and remaining time to maturity. | Carried at historical cost. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
The following table presents the levels of the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis. | ||||||||||||||||||||
(in thousands) | Fair Value at June 30, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities available for sale | ||||||||||||||||||||
Mortgage backed securities: | ||||||||||||||||||||
Residential | $ | 110,266 | $ | — | $ | 110,266 | $ | — | ||||||||||||
Commercial | 13,674 | — | 13,674 | — | ||||||||||||||||
Municipal bonds | 125,813 | — | 125,813 | — | ||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||
Residential | 56,767 | — | 56,767 | — | ||||||||||||||||
Commercial | 16,021 | — | 16,021 | — | ||||||||||||||||
Corporate debt securities | 72,420 | — | 72,420 | — | ||||||||||||||||
U.S. Treasury securities | 42,010 | — | 42,010 | — | ||||||||||||||||
Single family mortgage servicing rights | 108,869 | — | — | 108,869 | ||||||||||||||||
Single family loans held for sale | 536,658 | — | 536,658 | — | ||||||||||||||||
Derivatives | ||||||||||||||||||||
Forward sale commitments | 1,473 | — | 1,473 | — | ||||||||||||||||
Interest rate swaptions | 29 | — | 29 | — | ||||||||||||||||
Interest rate lock commitments | 17,441 | — | — | 17,441 | ||||||||||||||||
Interest rate swaps | 5,908 | — | 5,908 | — | ||||||||||||||||
Total assets | $ | 1,107,349 | $ | — | $ | 981,039 | $ | 126,310 | ||||||||||||
Liabilities: | ||||||||||||||||||||
Derivatives | ||||||||||||||||||||
Forward sale commitments | $ | 8,210 | $ | — | $ | 8,210 | $ | — | ||||||||||||
Interest rate lock commitments | 35 | — | — | 35 | ||||||||||||||||
Interest rate swaps | 5,137 | — | 5,137 | — | ||||||||||||||||
Total liabilities | $ | 13,382 | $ | — | $ | 13,347 | $ | 35 | ||||||||||||
(in thousands) | Fair Value at December 31, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities available for sale | ||||||||||||||||||||
Mortgage backed securities: | ||||||||||||||||||||
Residential | $ | 133,910 | $ | — | $ | 133,910 | $ | — | ||||||||||||
Commercial | 13,433 | — | 13,433 | — | ||||||||||||||||
Municipal bonds | 130,850 | — | 130,850 | — | ||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||
Residential | 90,327 | — | 90,327 | — | ||||||||||||||||
Commercial | 16,845 | — | 16,845 | — | ||||||||||||||||
Corporate debt securities | 68,866 | — | 68,866 | — | ||||||||||||||||
U.S. Treasury securities | 27,452 | — | 27,452 | — | ||||||||||||||||
Single family mortgage servicing rights | 153,128 | — | — | 153,128 | ||||||||||||||||
Single family loans held for sale | 279,385 | — | 279,385 | — | ||||||||||||||||
Derivatives | ||||||||||||||||||||
Forward sale commitments | 3,630 | — | 3,630 | — | ||||||||||||||||
Interest rate swaptions | 858 | — | 858 | — | ||||||||||||||||
Interest rate lock commitments | 6,012 | — | — | 6,012 | ||||||||||||||||
Interest rate swaps | 1,088 | — | 1,088 | — | ||||||||||||||||
Total assets | $ | 925,784 | $ | — | $ | 766,644 | $ | 159,140 | ||||||||||||
Liabilities: | ||||||||||||||||||||
Derivatives | ||||||||||||||||||||
Forward sale commitments | $ | 578 | $ | — | $ | 578 | $ | — | ||||||||||||
Interest rate swaptions | 199 | — | 199 | — | ||||||||||||||||
Interest rate lock commitments | 40 | — | — | 40 | ||||||||||||||||
Interest rate swaps | 9,548 | — | 9,548 | — | ||||||||||||||||
Total liabilities | $ | 10,365 | $ | — | $ | 10,325 | $ | 40 | ||||||||||||
There were no transfers between levels of the fair value hierarchy during the three and six months ended June 30, 2014 and 2013. | ||||||||||||||||||||
Level 3 Recurring Fair Value Measurements | ||||||||||||||||||||
The Company's level 3 recurring fair value measurements consist of single family mortgage servicing rights and interest rate lock commitments, which are accounted for as derivatives. For information regarding fair value changes and activity for single family MSRs during the three and six months ended June 30, 2014 and 2013, see Note 6, Mortgage Banking Operations of this Form 10-Q. | ||||||||||||||||||||
The following table presents fair value changes and activity for level 3 interest rate lock commitments. | ||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Beginning balance, net | $ | 10,094 | $ | 20,842 | $ | 5,972 | $ | 22,528 | ||||||||||||
Total realized/unrealized gains(1) | 34,495 | 28,151 | 54,662 | 73,693 | ||||||||||||||||
Settlements | (27,183 | ) | (48,587 | ) | (43,228 | ) | (95,815 | ) | ||||||||||||
Ending balance, net | $ | 17,406 | $ | 406 | $ | 17,406 | $ | 406 | ||||||||||||
-1 | All realized and unrealized gains and losses are recognized in earnings as net gain from mortgage loan origination and sale activities on the consolidated statements of operations. There were net unrealized (losses) gains of $17.1 million and $(550) thousand for the three months ended June 30, 2014 and 2013, respectively, and $26.9 million and $325 thousand of net unrealized gains (losses) for the six months ended June 30, 2014 and 2013, respectively, recognized on interest rate lock commitments outstanding at the beginning of the period and still outstanding at June 30, 2014 and 2013, respectively. | |||||||||||||||||||
In the first quarter of 2013, the Company refined the valuation methodology used for interest rate lock commitments to reflect assumptions that the Company believes a market participant would consider under current market conditions. This change in accounting estimate resulted in an increase in fair value of $4.3 million to the Company's interest rate lock commitments outstanding at March 31, 2013. | ||||||||||||||||||||
The following information presents significant Level 3 unobservable inputs used to measure fair value of interest rate lock commitments. | ||||||||||||||||||||
(dollars in thousands) | At June 30, 2014 | |||||||||||||||||||
Fair Value | Valuation | Significant Unobservable | Low | High | Weighted Average | |||||||||||||||
Technique | Input | |||||||||||||||||||
Interest rate lock commitments, net | $ | 17,406 | Income approach | Fall out factor | 0.70% | 82.80% | 18.20% | |||||||||||||
Value of servicing | 0.59% | 2.59% | 1.39% | |||||||||||||||||
(dollars in thousands) | At December 31, 2013 | |||||||||||||||||||
Fair Value | Valuation | Significant Unobservable | Low | High | Weighted Average | |||||||||||||||
Technique | Input | |||||||||||||||||||
Interest rate lock commitments, net | $ | 5,972 | Income approach | Fall out factor | 0.50% | 97.00% | 17.80% | |||||||||||||
Value of servicing | 0.62% | 2.65% | 1.22% | |||||||||||||||||
Nonrecurring Fair Value Measurements | ||||||||||||||||||||
Certain assets held by the Company are not included in the tables above, but are measured at fair value on a nonrecurring basis. These assets include certain loans held for investment and other real estate owned that are carried at the lower of cost or fair value of the underlying collateral, less the estimated cost to sell. The estimated fair values of real estate collateral are generally based on internal evaluations and appraisals of such collateral, which use the market approach and income approach methodologies. All impaired loans are subject to an internal evaluation completed quarterly by management as part of the allowance process. | ||||||||||||||||||||
Commercial properties are generally based on third-party appraisals that consider recent sales of comparable properties, including their income generating characteristics, adjusted (generally based on unobservable inputs) to reflect the general assumptions that a market participant would make when analyzing the property for purchase. Under certain circumstances, management discounts are applied based on specific characteristics of an individual property and the Company's experience with actual liquidation values. During the three months ended June 30, 2014, the Company used a fair value of collateral technique to apply an adjustment to the appraisal value of certain commercial loans held for investment using a range of discount rates of 6.3% to 68.1%, with a weighted average rate of 35.2%. During the six months ended June 30, 2014, the Company used a range of discounts of 6.3% to 68.1%, with a weighted average rate of 24.4%. During the three and six months ended June 30, 2013, the Company did not apply any adjustments to the appraisal value of loans held for investment or OREO. | ||||||||||||||||||||
Residential properties are generally based on unadjusted third-party appraisals. Factors considered in determining the fair value include geographic sales trends, the value of comparable surrounding properties as well as the condition of the property. | ||||||||||||||||||||
These adjustments may increase or decrease an appraised value and can vary significantly depending on the location, physical characteristics and income producing potential of each individual property. The quality and volume of market information available at the time of the appraisal can vary from period-to-period and cause significant changes to the nature and magnitude of the unobservable inputs used. Given these variations, changes in these unobservable inputs are generally not a reliable indicator for how fair value will increase or decrease from period to period. | ||||||||||||||||||||
The following tables present assets that were recorded at fair value during the three and six months ended June 30, 2014 and 2013 and still held at the end of the respective reporting period. | ||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
(in thousands) | Fair Value of Assets Held at June 30, 2014 | Level 1 | Level 2 | Level 3 | Total Gains (Losses) | |||||||||||||||
Loans held for investment(1) | $ | 21,890 | $ | — | $ | — | $ | 21,890 | $ | (899 | ) | |||||||||
Other real estate owned(2) | 6,772 | — | — | 6,772 | 24 | |||||||||||||||
Total | $ | 28,662 | $ | — | $ | — | $ | 28,662 | $ | (875 | ) | |||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
(in thousands) | Fair Value of Assets Held at June 30, 2013 | Level 1 | Level 2 | Level 3 | Total Gains (Losses) | |||||||||||||||
Loans held for investment(1) | $ | 50,362 | $ | — | $ | — | $ | 50,362 | $ | 422 | ||||||||||
Other real estate owned(2) | 7,600 | — | — | 7,600 | (339 | ) | ||||||||||||||
Total | $ | 57,962 | $ | — | $ | — | $ | 57,962 | $ | 83 | ||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||
(in thousands) | Fair Value of Assets Held at June 30, 2014 | Level 1 | Level 2 | Level 3 | Total Gains (Losses) | |||||||||||||||
Loans held for investment(1) | $ | 21,890 | $ | — | $ | — | $ | 21,890 | $ | (410 | ) | |||||||||
Other real estate owned(2) | 6,772 | — | — | 6,772 | 24 | |||||||||||||||
Total | $ | 28,662 | $ | — | $ | — | $ | 28,662 | $ | (386 | ) | |||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||
(in thousands) | Fair Value of Assets Held at June 30, 2013 | Level 1 | Level 2 | Level 3 | Total Gains (Losses) | |||||||||||||||
Loans held for investment(1) | $ | 50,362 | $ | — | $ | — | $ | 50,362 | $ | 592 | ||||||||||
Other real estate owned(2) | 7,600 | — | — | 7,600 | (739 | ) | ||||||||||||||
Total | $ | 57,962 | $ | — | $ | — | $ | 57,962 | $ | (147 | ) | |||||||||
-1 | Represents the carrying value of loans for which adjustments are based on the fair value of the collateral. | |||||||||||||||||||
-2 | Represents other real estate owned where an updated fair value of collateral is used to adjust the carrying amount subsequent to the initial classification as other real estate owned. | |||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||
The following presents the carrying value, estimated fair value and the levels of the fair value hierarchy for the Company’s financial instruments other than assets and liabilities measured at fair value on a recurring basis. | ||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||
(in thousands) | Carrying | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||
Value | Value | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 74,991 | $ | 74,991 | $ | 74,991 | $ | — | $ | — | ||||||||||
Investment securities held to maturity | 17,995 | 18,277 | — | 18,277 | — | |||||||||||||||
Loans held for investment | 1,812,895 | 1,878,817 | — | — | 1,878,817 | |||||||||||||||
Loans held for sale - transferred from held for investment | 27,500 | 28,443 | — | 28,443 | — | |||||||||||||||
Loans held for sale – multifamily | 12,783 | 12,783 | — | 12,783 | — | |||||||||||||||
Mortgage servicing rights – multifamily | 9,122 | 10,799 | — | — | 10,799 | |||||||||||||||
Federal Home Loan Bank stock | 34,618 | 34,618 | — | 34,618 | — | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 2,417,712 | $ | 2,300,855 | $ | — | $ | 2,300,855 | $ | — | ||||||||||
Federal Home Loan Bank advances | 384,090 | 386,995 | — | 386,995 | — | |||||||||||||||
Securities sold under agreements to repurchase | 14,681 | 14,681 | — | 14,681 | — | |||||||||||||||
Long-term debt | 61,857 | 60,242 | — | 60,242 | — | |||||||||||||||
At December 31, 2013 | ||||||||||||||||||||
(in thousands) | Carrying | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||
Value | Value | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 33,908 | $ | 33,908 | $ | 33,908 | $ | — | $ | — | ||||||||||
Investment securities held to maturity | 17,133 | 16,887 | — | 16,887 | — | |||||||||||||||
Loans held for investment | 1,871,813 | 1,900,349 | — | — | 1,900,349 | |||||||||||||||
Loans held for sale – multifamily | 556 | 556 | — | 556 | — | |||||||||||||||
Mortgage servicing rights – multifamily | 9,335 | 10,839 | — | — | 10,839 | |||||||||||||||
Federal Home Loan Bank stock | 35,288 | 35,288 | — | 35,288 | — | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 2,210,821 | $ | 2,058,533 | $ | — | $ | 2,058,533 | $ | — | ||||||||||
Federal Home Loan Bank advances | 446,590 | 449,109 | — | 449,109 | — | |||||||||||||||
Long-term debt | 64,811 | 63,849 | — | 63,849 | — | |||||||||||||||
Excluded from the fair value tables above are certain off-balance sheet loan commitments such as unused home equity lines of credit, business banking line funds and undisbursed construction funds. A reasonable estimate of the fair value of these instruments is the carrying value of deferred fees plus the related allowance for credit losses, which amounted to $2.3 million and $977 thousand at June 30, 2014 and December 31, 2013, respectively. |
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
EARNINGS PER SHARE | ' | |||||||||||||||
NOTE 9–EARNINGS PER SHARE: | ||||||||||||||||
The following table summarizes the calculation of earnings per share. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands, except share and per share data) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income | $ | 9,362 | $ | 12,068 | $ | 11,663 | $ | 23,008 | ||||||||
Weighted average shares: | ||||||||||||||||
Basic weighted-average number of common shares outstanding | 14,800,853 | 14,376,580 | 14,792,638 | 14,368,135 | ||||||||||||
Dilutive effect of outstanding common stock equivalents (1) | 154,145 | 408,901 | 163,441 | 426,670 | ||||||||||||
Diluted weighted-average number of common stock outstanding | 14,954,998 | 14,785,481 | 14,956,079 | 14,794,805 | ||||||||||||
Earnings per share: | ||||||||||||||||
Basic earnings per share | $ | 0.63 | $ | 0.84 | $ | 0.79 | $ | 1.6 | ||||||||
Diluted earnings per share | $ | 0.63 | $ | 0.82 | $ | 0.78 | $ | 1.56 | ||||||||
-1 | Excluded from the computation of diluted earnings per share (due to their antidilutive effect) for the three and six months ended June 30, 2014 and 2013 were certain stock options and unvested restricted stock issued to key senior management personnel and directors of the Company. The aggregate number of common stock equivalents related to such options and unvested restricted shares, which could potentially be dilutive in future periods, was 106,266 and 109,336 at June 30, 2014 and 2013, respectively. |
Share_Based_Compensation_Plans
Share Based Compensation Plans Share Based Compensation Plans | 6 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||
NOTE 10–SHARE-BASED COMPENSATION PLANS: | |||||||||||||
For the three months ended June 30, 2014 and 2013, $337 thousand and $255 thousand of compensation costs, respectively, were recognized for share-based compensation awards. For the six months ended June 30, 2014 and 2013, $683 thousand and $535 thousand of compensation costs, respectively, was recognized for share-based compensation awards. | |||||||||||||
2014 Equity Incentive Plan | |||||||||||||
In May 2014, the shareholders approved the Company's 2014 Equity Incentive Plan (the “2014 EIP”). Under the 2014 EIP, all of the Company’s officers, employees, directors and/or consultants are eligible to receive awards. Awards which may be granted under the 2014 EIP include incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, unrestricted stock, performance share awards and performance compensation awards. The maximum amount of HomeStreet, Inc. common stock available for grant under the 2014 EIP is 900,000, which includes shares of common stock that were still available for issuance under the 2010 Plan and the 2011 Plan. | |||||||||||||
Nonqualified Stock Options | |||||||||||||
The Company grants nonqualified options to key senior management personnel. A summary of changes in nonqualified stock options granted for the six months ended June 30, 2014, is as follows. | |||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic Value (2) | |||||||||||
Exercise Price | Remaining | (in thousands) | |||||||||||
Contractual | |||||||||||||
Term (in yrs.) | |||||||||||||
Options outstanding at December 31, 2013 | 654,216 | $ | 11.54 | 8.1 | $ | 5,559 | |||||||
Cancelled or forfeited | (9,688 | ) | 11 | 7.6 | 71 | ||||||||
Exercised | (43,504 | ) | 2.98 | 6.6 | 734 | ||||||||
Options outstanding at June 30, 2014 | 601,024 | 12.16 | 7.7 | 3,837 | |||||||||
Options that are exercisable and expected to be exercisable (1) | 597,647 | 12.17 | 7.7 | 3,813 | |||||||||
Options exercisable | 365,171 | 11.34 | 7.6 | 2,599 | |||||||||
-1 | Adjusted for estimated forfeitures. | ||||||||||||
-2 | Intrinsic value is the amount by which fair value of the underlying stock exceeds the exercise price. | ||||||||||||
Under this plan, 43,504 options have been exercised during the six months ended June 30, 2014, resulting in cash received and related income tax benefits totaling $130 thousand. At June 30, 2014, there was $700 thousand of total unrecognized compensation costs related to stock options. Compensation costs are recognized over the requisite service period, which typically is the vesting period. Unrecognized compensation costs are expected to be recognized over the remaining weighted-average requisite service period of 0.8 years. | |||||||||||||
Restricted Shares | |||||||||||||
The Company grants restricted shares to key senior management personnel and directors. A summary of the status of restricted shares follows. | |||||||||||||
Number | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date Fair Value | |||||||||||||
Restricted shares outstanding at December 31, 2013 | 53,951 | $ | 18.18 | ||||||||||
Granted | 74,645 | 17.99 | |||||||||||
Vested | (5,394 | ) | 11 | ||||||||||
Restricted shares outstanding at June 30, 2014 | 123,202 | 18.38 | |||||||||||
Nonvested at June 30, 2014 | 123,202 | 18.38 | |||||||||||
At June 30, 2014, there was $1.9 million of total unrecognized compensation costs related to nonvested restricted shares. Unrecognized compensation costs are generally expected to be recognized over a weighted average period of 2.5 years. Restricted shares granted to non-employee directors vest one-third at each one year anniversary from the grant date. | |||||||||||||
Certain restricted stock awards granted to senior management during the second quarter of 2014 contain both service conditions and performance conditions. Performance share units ("PSUs") are stock awards where the number of shares ultimately received by the employee depends on the company’s performance against specified targets and vest over a three-year period. The fair value of each PSU is determined on the grant date, based on the company’s stock price, and assumes that performance targets will be achieved. Over the performance period, the number of shares of stock that will be issued is adjusted upward or downward based upon the probability of achievement of performance targets. The ultimate number of shares issued and the related compensation cost recognized as expense will be based on a comparison of the final performance metrics to the specified targets. Compensation cost will be recognized over the requisite three-year service period on a straight-line basis and adjusted for changes in the probability that the performance targets will be achieved. |
Business_Segments
Business Segments | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
OPERATING SEGMENTS | ' | |||||||||||
NOTE 11–BUSINESS SEGMENTS: | ||||||||||||
The Company's business segments are determined based on the products and services provided, as well as the nature of the related business activities, and they reflect the manner in which financial information is currently evaluated by management. | ||||||||||||
As a result of a change in the manner in which management evaluates strategic decisions, commencing with the second quarter of 2013, the Company realigned its business segments and organized them into two lines of business: Commercial and Consumer Banking segment and Mortgage Banking segment. In conjunction with this realignment, the Company modified its internal reporting to provide discrete financial information to management for these two business segments. The information that follows has been revised to reflect the current business segments. | ||||||||||||
A description of the Company's business segments and the products and services that they provide is as follows. | ||||||||||||
Commercial and Consumer Banking provides diversified financial products and services to our commercial and consumer customers through bank branches and through ATMs, online, mobile and telephone banking. These products and services include deposit products; residential, consumer and business portfolio loans; non-deposit investment products; insurance products and cash management services. We originate construction loans, bridge loans and permanent loans for our portfolio primarily on single family residences, and on office, retail, industrial and multifamily property types. We originate multifamily real estate loans through our Fannie Mae DUS business, whereby loans are sold to or securitized by Fannie Mae, while the Company generally retains the servicing rights. This segment is also responsible for the management of the Company's portfolio of investment securities. | ||||||||||||
Mortgage Banking originates single family residential mortgage loans for sale in the secondary markets. We have become a rated originator and servicer of non-conforming jumbo loans, allowing us to sell these loans to other securitizers. We also purchase loans from WMS Series LLC through a correspondent arrangement with that company. The majority of our mortgage loans are sold to or securitized by Fannie Mae, Freddie Mac or Ginnie Mae, while we retain the right to service these loans. On occasion, we may sell a portion of our MSR portfolio. A small percentage of our loans are brokered to other lenders or sold on a servicing-released basis to correspondent lenders. We manage the loan funding and the interest rate risk associated with the secondary market loan sales and the retained single family mortgage servicing rights within this business segment. | ||||||||||||
Financial highlights by operating segment were as follows. | ||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||
(in thousands) | Mortgage | Commercial and | Total | |||||||||
Banking | Consumer Banking | |||||||||||
Condensed income statement: | ||||||||||||
Net interest income (1) | $ | 3,744 | $ | 19,403 | $ | 23,147 | ||||||
Provision for credit losses | — | — | — | |||||||||
Noninterest income | 47,036 | 6,614 | 53,650 | |||||||||
Noninterest expense | 42,537 | 20,434 | 62,971 | |||||||||
Income before income taxes | 8,243 | 5,583 | 13,826 | |||||||||
Income tax expense | 2,634 | 1,830 | 4,464 | |||||||||
Net income | $ | 5,609 | $ | 3,753 | $ | 9,362 | ||||||
Average assets | $ | 584,256 | $ | 2,478,073 | $ | 3,062,329 | ||||||
Three Months Ended June 30, 2013 | ||||||||||||
(in thousands) | Mortgage | Commercial and | Total | |||||||||
Banking | Consumer Banking | |||||||||||
Condensed income statement: | ||||||||||||
Net interest income (1) | $ | 3,625 | $ | 13,790 | $ | 17,415 | ||||||
Provision for credit losses | — | 400 | 400 | |||||||||
Noninterest income | 54,780 | 2,776 | 57,556 | |||||||||
Noninterest expense | 42,807 | 13,905 | 56,712 | |||||||||
Income before income taxes | 15,598 | 2,261 | 17,859 | |||||||||
Income tax expense | 5,510 | 281 | 5,791 | |||||||||
Net income | $ | 10,088 | $ | 1,980 | $ | 12,068 | ||||||
Average assets | $ | 581,361 | $ | 2,018,573 | $ | 2,599,934 | ||||||
Six Months Ended June 30, 2014 | ||||||||||||
(in thousands) | Mortgage | Commercial and | Total | |||||||||
Banking | Consumer Banking | |||||||||||
Condensed income statement: | ||||||||||||
Net interest income (1) | $ | 6,223 | $ | 39,636 | $ | 45,859 | ||||||
(Reversal of) provision for credit losses | — | (1,500 | ) | (1,500 | ) | |||||||
Noninterest income | 78,785 | 9,572 | 88,357 | |||||||||
Noninterest expense | 79,335 | 39,727 | 119,062 | |||||||||
Income before income taxes | 5,673 | 10,981 | 16,654 | |||||||||
Income tax expense | 1,879 | 3,112 | 4,991 | |||||||||
Net income | $ | 3,794 | $ | 7,869 | $ | 11,663 | ||||||
Average assets | $ | 508,109 | $ | 2,534,399 | $ | 3,042,508 | ||||||
Six Months Ended June 30, 2013 | ||||||||||||
(in thousands) | Mortgage | Commercial and | Total | |||||||||
Banking | Consumer Banking | |||||||||||
Condensed income statement: | ||||||||||||
Net interest income (1) | $ | 7,733 | $ | 24,917 | $ | 32,650 | ||||||
Provision for credit losses | — | 2,400 | 2,400 | |||||||||
Noninterest income | 110,387 | 6,112 | 116,499 | |||||||||
Noninterest expense | 82,747 | 29,764 | 112,511 | |||||||||
Income (loss) before income taxes | 35,373 | (1,135 | ) | 34,238 | ||||||||
Income tax expense (benefit) | 12,046 | (816 | ) | 11,230 | ||||||||
Net income (loss) | $ | 23,327 | $ | (319 | ) | $ | 23,008 | |||||
Average assets | $ | 593,817 | $ | 1,954,068 | $ | 2,547,885 | ||||||
-1 | Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to the other segment. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of excess liabilities from another segment. |
Subsequent_Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
NOTE 12–SUBSEQUENT EVENTS: | |
The Company has evaluated subsequent events through the time of filing this Quarterly Report on Form 10-Q and has concluded that there are no significant events that occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on the consolidated financial statements. |
Investment_Securities_Availabl1
Investment Securities Available for Sale (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||||
Amortized cost and fair value of investment securities available for sale | ' | ||||||||||||||||||||||||||||||||||
The following table sets forth certain information regarding the amortized cost and fair values of our investment securities available for sale. | |||||||||||||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
cost | unrealized | unrealized | value | ||||||||||||||||||||||||||||||||
gains | losses | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | 111,460 | $ | 365 | $ | (1,559 | ) | $ | 110,266 | ||||||||||||||||||||||||||
Commercial | 13,209 | 465 | — | 13,674 | |||||||||||||||||||||||||||||||
Municipal bonds | 124,772 | 2,085 | (1,044 | ) | 125,813 | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | 57,614 | 210 | (1,057 | ) | 56,767 | ||||||||||||||||||||||||||||||
Commercial | 16,325 | — | (304 | ) | 16,021 | ||||||||||||||||||||||||||||||
Corporate debt securities | 74,987 | 55 | (2,622 | ) | 72,420 | ||||||||||||||||||||||||||||||
U.S. Treasury securities | 41,966 | 44 | — | 42,010 | |||||||||||||||||||||||||||||||
$ | 440,333 | $ | 3,224 | $ | (6,586 | ) | $ | 436,971 | |||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
cost | unrealized | unrealized | value | ||||||||||||||||||||||||||||||||
gains | losses | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | 137,602 | $ | 187 | $ | (3,879 | ) | $ | 133,910 | ||||||||||||||||||||||||||
Commercial | 13,391 | 45 | (3 | ) | 13,433 | ||||||||||||||||||||||||||||||
Municipal bonds | 136,937 | 185 | (6,272 | ) | 130,850 | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | 93,112 | 85 | (2,870 | ) | 90,327 | ||||||||||||||||||||||||||||||
Commercial | 17,333 | — | (488 | ) | 16,845 | ||||||||||||||||||||||||||||||
Corporate debt securities | 75,542 | — | (6,676 | ) | 68,866 | ||||||||||||||||||||||||||||||
U.S. Treasury securities | 27,478 | 1 | (27 | ) | 27,452 | ||||||||||||||||||||||||||||||
$ | 501,395 | $ | 503 | $ | (20,215 | ) | $ | 481,683 | |||||||||||||||||||||||||||
Investment securities in an unrealized loss position | ' | ||||||||||||||||||||||||||||||||||
Investment securities available for sale that were in an unrealized loss position are presented in the following tables based on the length of time the individual securities have been in an unrealized loss position. | |||||||||||||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
(in thousands) | Gross | Fair | Gross | Fair | Gross | Fair | |||||||||||||||||||||||||||||
unrealized | value | unrealized | value | unrealized | value | ||||||||||||||||||||||||||||||
losses | losses | losses | |||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | (19 | ) | $ | 3,679 | $ | (1,540 | ) | $ | 79,229 | $ | (1,559 | ) | $ | 82,908 | ||||||||||||||||||||
Municipal bonds | (48 | ) | 14,541 | (996 | ) | 44,986 | (1,044 | ) | 59,527 | ||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | (108 | ) | 9,354 | (949 | ) | 32,299 | (1,057 | ) | 41,653 | ||||||||||||||||||||||||||
Commercial | — | — | (304 | ) | 16,021 | (304 | ) | 16,021 | |||||||||||||||||||||||||||
Corporate debt securities | (285 | ) | 4,770 | (2,337 | ) | 59,547 | (2,622 | ) | 64,317 | ||||||||||||||||||||||||||
$ | (460 | ) | $ | 32,344 | $ | (6,126 | ) | $ | 232,082 | $ | (6,586 | ) | $ | 264,426 | |||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
(in thousands) | Gross | Fair | Gross | Fair | Gross | Fair | |||||||||||||||||||||||||||||
unrealized | value | unrealized | value | unrealized | value | ||||||||||||||||||||||||||||||
losses | losses | losses | |||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | (3,767 | ) | $ | 98,717 | $ | (112 | ) | $ | 6,728 | $ | (3,879 | ) | $ | 105,445 | ||||||||||||||||||||
Commercial | (3 | ) | 7,661 | — | — | (3 | ) | 7,661 | |||||||||||||||||||||||||||
Municipal bonds | (5,991 | ) | 106,985 | (281 | ) | 3,490 | (6,272 | ) | 110,475 | ||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | (2,120 | ) | 63,738 | (750 | ) | 15,081 | (2,870 | ) | 78,819 | ||||||||||||||||||||||||||
Commercial | (488 | ) | 16,845 | — | — | (488 | ) | 16,845 | |||||||||||||||||||||||||||
Corporate debt securities | (6,676 | ) | 68,844 | — | — | (6,676 | ) | 68,844 | |||||||||||||||||||||||||||
U.S. Treasury securities | (27 | ) | 25,452 | — | — | (27 | ) | 25,452 | |||||||||||||||||||||||||||
$ | (19,072 | ) | $ | 388,242 | $ | (1,143 | ) | $ | 25,299 | $ | (20,215 | ) | $ | 413,541 | |||||||||||||||||||||
Computation of weighted average yield using coupon on the fair value | ' | ||||||||||||||||||||||||||||||||||
The following tables present the fair value of investment securities available for sale by contractual maturity along with the associated contractual yield for the periods indicated below. Contractual maturities for mortgage-backed securities and collateralized mortgage obligations as presented exclude the effect of expected prepayments. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature. The weighted-average yield is computed using the contractual coupon of each security weighted based on the fair value of each security and does not include adjustments to a tax equivalent basis. | |||||||||||||||||||||||||||||||||||
At June 30, 2014 | |||||||||||||||||||||||||||||||||||
Within one year | After one year | After five years | After | Total | |||||||||||||||||||||||||||||||
through five years | through ten years | ten years | |||||||||||||||||||||||||||||||||
(in thousands) | Fair | Weighted | Fair | Weighted | Fair | Weighted | Fair | Weighted | Fair | Weighted | |||||||||||||||||||||||||
Value | Average | Value | Average | Value | Average | Value | Average | Value | Average | ||||||||||||||||||||||||||
Yield | Yield | Yield | Yield | Yield | |||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 110,266 | 1.8 | % | $ | 110,266 | 1.8 | % | |||||||||||||||
Commercial | — | — | — | — | — | — | 13,674 | 4.43 | 13,674 | 4.43 | |||||||||||||||||||||||||
Municipal bonds | — | — | 45 | 3.26 | 21,451 | 3.41 | 104,316 | 4.21 | 125,812 | 4.07 | |||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | — | — | — | — | — | — | 56,767 | 2.09 | 56,767 | 2.09 | |||||||||||||||||||||||||
Commercial | — | — | — | — | 9,823 | 1.98 | 6,198 | 1.41 | 16,021 | 1.76 | |||||||||||||||||||||||||
Corporate debt securities | — | — | — | — | 41,206 | 3.35 | 31,214 | 3.77 | 72,420 | 3.53 | |||||||||||||||||||||||||
U.S. Treasury securities | 1,001 | 0.18 | 41,009 | 0.35 | — | — | — | — | 42,010 | 0.34 | |||||||||||||||||||||||||
Total available for sale | $ | 1,001 | 0.18 | % | $ | 41,054 | 0.35 | % | $ | 72,480 | 3.18 | % | $ | 322,435 | 2.92 | % | $ | 436,970 | 2.72 | % | |||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||
Within one year | After one year | After five years | After | Total | |||||||||||||||||||||||||||||||
through five years | through ten years | ten years | |||||||||||||||||||||||||||||||||
(in thousands) | Fair | Weighted | Fair | Weighted | Fair | Weighted | Fair | Weighted | Fair | Weighted | |||||||||||||||||||||||||
Value | Average | Value | Average | Value | Average | Value | Average | Value | Average | ||||||||||||||||||||||||||
Yield | Yield | Yield | Yield | Yield | |||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | — | — | % | $ | — | — | % | $ | 10,581 | 1.63 | % | $ | 123,329 | 1.82 | % | $ | 133,910 | 1.81 | % | |||||||||||||||
Commercial | — | — | — | — | — | — | 13,433 | 4.51 | 13,433 | 4.51 | |||||||||||||||||||||||||
Municipal bonds | — | — | — | — | 19,598 | 3.51 | 111,252 | 4.29 | 130,850 | 4.17 | |||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | — | — | — | — | 19,987 | 2.31 | 70,340 | 2.17 | 90,327 | 2.2 | |||||||||||||||||||||||||
Commercial | — | — | — | — | 5,270 | 1.9 | 11,575 | 1.42 | 16,845 | 1.57 | |||||||||||||||||||||||||
Corporate debt securities | — | — | — | — | 32,848 | 3.31 | 36,018 | 3.75 | 68,866 | 3.54 | |||||||||||||||||||||||||
U.S. Treasury securities | 1,001 | 0.18 | 26,451 | 0.3 | — | — | — | — | 27,452 | 0.29 | |||||||||||||||||||||||||
Total available for sale | $ | 1,001 | 0.18 | % | $ | 26,451 | 0.3 | % | $ | 88,284 | 2.84 | % | $ | 365,947 | 2.92 | % | $ | 481,683 | 2.75 | % | |||||||||||||||
Sales of investment securities available for sale | ' | ||||||||||||||||||||||||||||||||||
Sales of investment securities available for sale were as follows. | |||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
Proceeds | $ | 11,541 | $ | 34,840 | $ | 65,846 | $ | 50,594 | |||||||||||||||||||||||||||
Gross gains | 118 | 318 | 895 | 322 | |||||||||||||||||||||||||||||||
Gross losses | (137 | ) | (80 | ) | (201 | ) | (132 | ) |
Loans_and_Credit_Quality_Table
Loans and Credit Quality (Tables) | 6 Months Ended | |||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||
Loans held for investment | ' | |||||||||||||||||||||||||||
Loans held for investment consist of the following: | ||||||||||||||||||||||||||||
(in thousands) | At June 30, | At December 31, | ||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 749,204 | $ | 904,913 | ||||||||||||||||||||||||
Home equity | 136,181 | 135,650 | ||||||||||||||||||||||||||
885,385 | 1,040,563 | |||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 476,411 | 477,642 | ||||||||||||||||||||||||||
Multifamily | 72,327 | 79,216 | ||||||||||||||||||||||||||
Construction/land development | 219,282 | 130,465 | ||||||||||||||||||||||||||
Commercial business | 185,177 | 171,054 | ||||||||||||||||||||||||||
953,197 | 858,377 | |||||||||||||||||||||||||||
1,838,582 | 1,898,940 | |||||||||||||||||||||||||||
Net deferred loan fees and discounts | (3,761 | ) | (3,219 | ) | ||||||||||||||||||||||||
1,834,821 | 1,895,721 | |||||||||||||||||||||||||||
Allowance for loan losses | (21,926 | ) | (23,908 | ) | ||||||||||||||||||||||||
$ | 1,812,895 | $ | 1,871,813 | |||||||||||||||||||||||||
Allowance for credit losses and recorded investment in loans by impairment methodology | ' | |||||||||||||||||||||||||||
Activity in the allowance for credit losses was as follows. | ||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Allowance for credit losses (roll-forward): | ||||||||||||||||||||||||||||
Beginning balance | $ | 22,317 | $ | 28,594 | $ | 24,089 | $ | 27,751 | ||||||||||||||||||||
Provision (reversal of provision) for credit losses | — | 400 | (1,500 | ) | 2,400 | |||||||||||||||||||||||
(Charge-offs), net of recoveries | (149 | ) | (1,136 | ) | (421 | ) | (2,293 | ) | ||||||||||||||||||||
Ending balance | $ | 22,168 | $ | 27,858 | $ | 22,168 | $ | 27,858 | ||||||||||||||||||||
Components: | ||||||||||||||||||||||||||||
Allowance for loan losses | $ | 21,926 | $ | 27,655 | $ | 21,926 | $ | 27,655 | ||||||||||||||||||||
Allowance for unfunded commitments | 242 | 203 | 242 | 203 | ||||||||||||||||||||||||
Allowance for credit losses | $ | 22,168 | $ | 27,858 | $ | 22,168 | $ | 27,858 | ||||||||||||||||||||
Allowance for credit losses by loan portfolio segment and loan class | ' | |||||||||||||||||||||||||||
Activity in the allowance for credit losses by loan portfolio and loan class was as follows. | ||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Beginning | Charge-offs | Recoveries | (Reversal of) Provision | Ending | |||||||||||||||||||||||
balance | balance | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 9,406 | $ | (172 | ) | $ | 25 | $ | (148 | ) | $ | 9,111 | ||||||||||||||||
Home equity | 3,882 | (136 | ) | 236 | (465 | ) | 3,517 | |||||||||||||||||||||
13,288 | (308 | ) | 261 | (613 | ) | 12,628 | ||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 4,309 | (23 | ) | 100 | (323 | ) | 4,063 | |||||||||||||||||||||
Multifamily | 965 | — | — | (78 | ) | 887 | ||||||||||||||||||||||
Construction/land development | 2,003 | — | 46 | 369 | 2,418 | |||||||||||||||||||||||
Commercial business | 1,752 | (288 | ) | 63 | 645 | 2,172 | ||||||||||||||||||||||
9,029 | (311 | ) | 209 | 613 | 9,540 | |||||||||||||||||||||||
Total allowance for credit losses | $ | 22,317 | $ | (619 | ) | $ | 470 | $ | — | $ | 22,168 | |||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Beginning | Charge-offs | Recoveries | (Reversal of) Provision | Ending | |||||||||||||||||||||||
balance | balance | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 14,478 | $ | (1,141 | ) | $ | 171 | $ | 302 | $ | 13,810 | |||||||||||||||||
Home equity | 4,708 | (299 | ) | 156 | 314 | 4,879 | ||||||||||||||||||||||
19,186 | (1,440 | ) | 327 | 616 | 18,689 | |||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 5,958 | (340 | ) | — | 105 | 5,723 | ||||||||||||||||||||||
Multifamily | 635 | — | — | 55 | 690 | |||||||||||||||||||||||
Construction/land development | 894 | — | 281 | 10 | 1,185 | |||||||||||||||||||||||
Commercial business | 1,921 | — | 36 | (386 | ) | 1,571 | ||||||||||||||||||||||
9,408 | (340 | ) | 317 | (216 | ) | 9,169 | ||||||||||||||||||||||
Total allowance for credit losses | $ | 28,594 | $ | (1,780 | ) | $ | 644 | $ | 400 | $ | 27,858 | |||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Beginning | Charge-offs | Recoveries | (Reversal of) Provision | Ending | |||||||||||||||||||||||
balance | balance | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 11,990 | $ | (283 | ) | $ | 41 | $ | (2,637 | ) | $ | 9,111 | ||||||||||||||||
Home equity | 3,987 | (559 | ) | 326 | (237 | ) | 3,517 | |||||||||||||||||||||
15,977 | (842 | ) | 367 | (2,874 | ) | 12,628 | ||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 4,012 | (23 | ) | 156 | (82 | ) | 4,063 | |||||||||||||||||||||
Multifamily | 942 | — | — | (55 | ) | 887 | ||||||||||||||||||||||
Construction/land development | 1,414 | — | 62 | 942 | 2,418 | |||||||||||||||||||||||
Commercial business | 1,744 | (288 | ) | 147 | 569 | 2,172 | ||||||||||||||||||||||
8,112 | (311 | ) | 365 | 1,374 | 9,540 | |||||||||||||||||||||||
Total allowance for credit losses | $ | 24,089 | $ | (1,153 | ) | $ | 732 | $ | (1,500 | ) | $ | 22,168 | ||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Beginning | Charge-offs | Recoveries | (Reversal of) Provision | Ending | |||||||||||||||||||||||
balance | balance | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 13,388 | $ | (1,862 | ) | $ | 246 | $ | 2,038 | $ | 13,810 | |||||||||||||||||
Home equity | 4,648 | (1,138 | ) | 253 | 1,116 | 4,879 | ||||||||||||||||||||||
18,036 | (3,000 | ) | 499 | 3,154 | 18,689 | |||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 5,312 | (143 | ) | — | 554 | 5,723 | ||||||||||||||||||||||
Multifamily | 622 | — | — | 68 | 690 | |||||||||||||||||||||||
Construction/land development | 1,580 | (148 | ) | 351 | (598 | ) | 1,185 | |||||||||||||||||||||
Commercial business | 2,201 | — | 148 | (778 | ) | 1,571 | ||||||||||||||||||||||
9,715 | (291 | ) | 499 | (754 | ) | 9,169 | ||||||||||||||||||||||
Total allowance for credit losses | $ | 27,751 | $ | (3,291 | ) | $ | 998 | $ | 2,400 | $ | 27,858 | |||||||||||||||||
Loans by Impairment Methodology [Table Text Block] | ' | |||||||||||||||||||||||||||
The following table disaggregates our allowance for credit losses and recorded investment in loans by impairment methodology. | ||||||||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Allowance: | Allowance: | Total | Loans: | Loans: | Total | ||||||||||||||||||||||
collectively | individually | collectively | individually | |||||||||||||||||||||||||
evaluated for | evaluated for | evaluated for | evaluated for | |||||||||||||||||||||||||
impairment | impairment | impairment | impairment | |||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 8,235 | $ | 876 | $ | 9,111 | $ | 678,418 | $ | 70,786 | $ | 749,204 | ||||||||||||||||
Home equity | 3,439 | 78 | 3,517 | 133,787 | 2,394 | 136,181 | ||||||||||||||||||||||
11,674 | 954 | 12,628 | 812,205 | 73,180 | 885,385 | |||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 3,851 | 212 | 4,063 | 445,130 | 31,281 | 476,411 | ||||||||||||||||||||||
Multifamily | 485 | 402 | 887 | 69,202 | 3,125 | 72,327 | ||||||||||||||||||||||
Construction/land development | 2,418 | — | 2,418 | 213,439 | 5,843 | 219,282 | ||||||||||||||||||||||
Commercial business | 1,212 | 960 | 2,172 | 181,594 | 3,583 | 185,177 | ||||||||||||||||||||||
7,966 | 1,574 | 9,540 | 909,365 | 43,832 | 953,197 | |||||||||||||||||||||||
Total | $ | 19,640 | $ | 2,528 | $ | 22,168 | $ | 1,721,570 | $ | 117,012 | $ | 1,838,582 | ||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Allowance: | Allowance: | Total | Loans: | Loans: | Total | ||||||||||||||||||||||
collectively | individually | collectively | individually | |||||||||||||||||||||||||
evaluated for | evaluated for | evaluated for | evaluated for | |||||||||||||||||||||||||
impairment | impairment | impairment | impairment | |||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 10,632 | $ | 1,358 | $ | 11,990 | $ | 831,730 | $ | 73,183 | $ | 904,913 | ||||||||||||||||
Home equity | 3,903 | 84 | 3,987 | 133,006 | 2,644 | 135,650 | ||||||||||||||||||||||
14,535 | 1,442 | 15,977 | 964,736 | 75,827 | 1,040,563 | |||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 4,012 | — | 4,012 | 445,766 | 31,876 | 477,642 | ||||||||||||||||||||||
Multifamily | 515 | 427 | 942 | 76,053 | 3,163 | 79,216 | ||||||||||||||||||||||
Construction/land development | 1,414 | — | 1,414 | 124,317 | 6,148 | 130,465 | ||||||||||||||||||||||
Commercial business | 1,042 | 702 | 1,744 | 168,199 | 2,855 | 171,054 | ||||||||||||||||||||||
6,983 | 1,129 | 8,112 | 814,335 | 44,042 | 858,377 | |||||||||||||||||||||||
Total | $ | 21,518 | $ | 2,571 | $ | 24,089 | $ | 1,779,071 | $ | 119,869 | $ | 1,898,940 | ||||||||||||||||
Impaired loans by loan portfolio segment and loan class | ' | |||||||||||||||||||||||||||
The following tables present impaired loans by loan portfolio segment and loan class. | ||||||||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Recorded | Unpaid | Related | |||||||||||||||||||||||||
investment (1) | principal | allowance | ||||||||||||||||||||||||||
balance (2) | ||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 38,056 | $ | 40,366 | $ | — | ||||||||||||||||||||||
Home equity | 1,991 | 2,068 | — | |||||||||||||||||||||||||
40,047 | 42,434 | — | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 26,185 | 29,383 | — | |||||||||||||||||||||||||
Multifamily | 508 | 508 | — | |||||||||||||||||||||||||
Construction/land development | 5,843 | 14,974 | — | |||||||||||||||||||||||||
Commercial business | 1,033 | 1,911 | — | |||||||||||||||||||||||||
33,569 | 46,776 | — | ||||||||||||||||||||||||||
$ | 73,616 | $ | 89,210 | $ | — | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 32,730 | $ | 32,826 | $ | 876 | ||||||||||||||||||||||
Home equity | 403 | 402 | 78 | |||||||||||||||||||||||||
33,133 | 33,228 | 954 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 5,096 | 5,325 | 212 | |||||||||||||||||||||||||
Multifamily | 2,617 | 2,795 | 402 | |||||||||||||||||||||||||
Construction/land development | — | — | — | |||||||||||||||||||||||||
Commercial business | 2,550 | 2,824 | 960 | |||||||||||||||||||||||||
10,263 | 10,944 | 1,574 | ||||||||||||||||||||||||||
$ | 43,396 | $ | 44,172 | $ | 2,528 | |||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family(3) | $ | 70,786 | $ | 73,192 | $ | 876 | ||||||||||||||||||||||
Home equity | 2,394 | 2,470 | 78 | |||||||||||||||||||||||||
73,180 | 75,662 | 954 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 31,281 | 34,708 | 212 | |||||||||||||||||||||||||
Multifamily | 3,125 | 3,303 | 402 | |||||||||||||||||||||||||
Construction/land development | 5,843 | 14,974 | — | |||||||||||||||||||||||||
Commercial business | 3,583 | 4,735 | 960 | |||||||||||||||||||||||||
43,832 | 57,720 | 1,574 | ||||||||||||||||||||||||||
Total impaired loans | $ | 117,012 | $ | 133,382 | $ | 2,528 | ||||||||||||||||||||||
-1 | Includes partial charge-offs and nonaccrual interest paid. | |||||||||||||||||||||||||||
-2 | Unpaid principal balance does not include partial charge-offs or nonaccrual interest paid. Related allowance is calculated on net book balances not unpaid principal balances. | |||||||||||||||||||||||||||
-3 | Includes $67.8 million in performing troubled debt restructurings ("TDRs"). | |||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Recorded | Unpaid | Related | |||||||||||||||||||||||||
investment (1) | principal | allowance | ||||||||||||||||||||||||||
balance (2) | ||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 39,341 | $ | 41,935 | $ | — | ||||||||||||||||||||||
Home equity | 1,895 | 1,968 | — | |||||||||||||||||||||||||
41,236 | 43,903 | — | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 31,876 | 45,921 | — | |||||||||||||||||||||||||
Multifamily | 508 | 508 | — | |||||||||||||||||||||||||
Construction/land development | 6,148 | 15,299 | — | |||||||||||||||||||||||||
Commercial business | 1,533 | 7,164 | — | |||||||||||||||||||||||||
40,065 | 68,892 | — | ||||||||||||||||||||||||||
$ | 81,301 | $ | 112,795 | $ | — | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 33,842 | $ | 33,900 | $ | 1,358 | ||||||||||||||||||||||
Home equity | 749 | 749 | 84 | |||||||||||||||||||||||||
34,591 | 34,649 | 1,442 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Multifamily | 2,655 | 2,832 | 427 | |||||||||||||||||||||||||
Commercial business | 1,322 | 1,478 | 702 | |||||||||||||||||||||||||
3,977 | 4,310 | 1,129 | ||||||||||||||||||||||||||
$ | 38,568 | $ | 38,959 | $ | 2,571 | |||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family(3) | $ | 73,183 | $ | 75,835 | $ | 1,358 | ||||||||||||||||||||||
Home equity | 2,644 | 2,717 | 84 | |||||||||||||||||||||||||
75,827 | 78,552 | 1,442 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 31,876 | 45,921 | — | |||||||||||||||||||||||||
Multifamily | 3,163 | 3,340 | 427 | |||||||||||||||||||||||||
Construction/land development | 6,148 | 15,299 | — | |||||||||||||||||||||||||
Commercial business | 2,855 | 8,642 | 702 | |||||||||||||||||||||||||
44,042 | 73,202 | 1,129 | ||||||||||||||||||||||||||
Total impaired loans | $ | 119,869 | $ | 151,754 | $ | 2,571 | ||||||||||||||||||||||
-1 | Includes partial charge-offs and nonaccrual interest paid. | |||||||||||||||||||||||||||
-2 | Unpaid principal balance does not include partial charge-offs or nonaccrual interest paid. Related allowance is calculated on net book balances not unpaid principal balances. | |||||||||||||||||||||||||||
-3 | Includes $70.3 million in performing TDRs. | |||||||||||||||||||||||||||
Average Recorded Investment of Impaired Loans [Table Text Block] | ' | |||||||||||||||||||||||||||
The following table provides the average recorded investment in impaired loans by portfolio segment and class. | ||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 70,977 | $ | 81,628 | $ | 71,713 | $ | 79,194 | ||||||||||||||||||||
Home equity | 2,466 | 3,550 | 2,525 | 3,607 | ||||||||||||||||||||||||
73,443 | 85,178 | 74,238 | 82,801 | |||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 31,771 | 28,191 | 31,806 | 27,952 | ||||||||||||||||||||||||
Multifamily | 3,135 | 3,204 | 3,144 | 3,210 | ||||||||||||||||||||||||
Construction/land development | 5,875 | 9,115 | 5,966 | 10,378 | ||||||||||||||||||||||||
Commercial business | 3,200 | 1,921 | 3,085 | 2,054 | ||||||||||||||||||||||||
43,981 | 42,431 | 44,001 | 43,594 | |||||||||||||||||||||||||
$ | 117,424 | $ | 127,609 | $ | 118,239 | $ | 126,395 | |||||||||||||||||||||
Designated loan grades by loan portfolio segment and loan class | ' | |||||||||||||||||||||||||||
The following tables present designated loan grades by loan portfolio segment and loan class. | ||||||||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Pass | Watch | Special mention | Substandard | Total | |||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 719,493 | $ | 230 | $ | 15,346 | $ | 14,135 | $ | 749,204 | ||||||||||||||||||
Home equity | 134,225 | 368 | 422 | 1,166 | 136,181 | |||||||||||||||||||||||
853,718 | 598 | 15,768 | 15,301 | 885,385 | ||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 380,101 | 71,009 | 18,403 | 6,898 | 476,411 | |||||||||||||||||||||||
Multifamily | 67,671 | 1,531 | 3,125 | — | 72,327 | |||||||||||||||||||||||
Construction/land development | 209,293 | 6,923 | 92 | 2,974 | 219,282 | |||||||||||||||||||||||
Commercial business | 161,215 | 19,482 | 558 | 3,922 | 185,177 | |||||||||||||||||||||||
818,280 | 98,945 | 22,178 | 13,794 | 953,197 | ||||||||||||||||||||||||
$ | 1,671,998 | $ | 99,543 | $ | 37,946 | $ | 29,095 | $ | 1,838,582 | |||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Pass | Watch | Special mention | Substandard | Total | |||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 817,877 | $ | 53,711 | $ | 12,746 | $ | 20,579 | $ | 904,913 | ||||||||||||||||||
Home equity | 132,086 | 1,442 | 276 | 1,846 | 135,650 | |||||||||||||||||||||||
949,963 | 55,153 | 13,022 | 22,425 | 1,040,563 | ||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 368,817 | 63,579 | 37,758 | 7,488 | 477,642 | |||||||||||||||||||||||
Multifamily | 74,509 | 1,544 | 3,163 | — | 79,216 | |||||||||||||||||||||||
Construction/land development | 121,026 | 3,414 | 2,895 | 3,130 | 130,465 | |||||||||||||||||||||||
Commercial business | 145,760 | 20,062 | 586 | 4,646 | 171,054 | |||||||||||||||||||||||
710,112 | 88,599 | 44,402 | 15,264 | 858,377 | ||||||||||||||||||||||||
$ | 1,660,075 | $ | 143,752 | $ | 57,424 | $ | 37,689 | $ | 1,898,940 | |||||||||||||||||||
Analysis of past due loans by loan portfolio segment and loan class | ' | |||||||||||||||||||||||||||
The following table presents an aging analysis of past due loans by loan portfolio segment and loan class. | ||||||||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||
(in thousands) | 30-59 days | 60-89 days | 90 days or | Total past | Current | Total | 90 days or | |||||||||||||||||||||
past due | past due | more | due | loans | more past | |||||||||||||||||||||||
past due | due and | |||||||||||||||||||||||||||
accruing(1) | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 10,967 | $ | 3,943 | $ | 39,020 | $ | 53,930 | $ | 695,274 | $ | 749,204 | $ | 32,032 | ||||||||||||||
Home equity | 209 | 368 | 1,166 | 1,743 | 134,438 | 136,181 | — | |||||||||||||||||||||
11,176 | 4,311 | 40,186 | 55,673 | 829,712 | 885,385 | 32,032 | ||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | — | — | 9,871 | 9,871 | 466,540 | 476,411 | — | |||||||||||||||||||||
Multifamily | — | — | — | — | 72,327 | 72,327 | — | |||||||||||||||||||||
Construction/land development | — | 72 | — | 72 | 219,210 | 219,282 | — | |||||||||||||||||||||
Commercial business | 759 | 837 | 3,172 | 4,768 | 180,409 | 185,177 | — | |||||||||||||||||||||
759 | 909 | 13,043 | 14,711 | 938,486 | 953,197 | — | ||||||||||||||||||||||
$ | 11,935 | $ | 5,220 | $ | 53,229 | $ | 70,384 | $ | 1,768,198 | $ | 1,838,582 | $ | 32,032 | |||||||||||||||
-1 | FHA-insured and VA-guaranteed single family loans that are 90 days or more past due are maintained on accrual status if they are determined to have little to no risk of loss. | |||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | 30-59 days | 60-89 days | 90 days or | Total past | Current | Total | 90 days or | |||||||||||||||||||||
past due | past due | more | due | loans | more past | |||||||||||||||||||||||
past due | due and | |||||||||||||||||||||||||||
accruing(1) | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 6,466 | $ | 4,901 | $ | 55,672 | $ | 67,039 | $ | 837,874 | $ | 904,913 | $ | 46,811 | ||||||||||||||
Home equity | 375 | 75 | 1,846 | 2,296 | 133,354 | 135,650 | — | |||||||||||||||||||||
6,841 | 4,976 | 57,518 | 69,335 | 971,228 | 1,040,563 | 46,811 | ||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | — | — | 12,257 | 12,257 | 465,385 | 477,642 | — | |||||||||||||||||||||
Multifamily | — | — | — | — | 79,216 | 79,216 | — | |||||||||||||||||||||
Construction/land development | — | — | — | — | 130,465 | 130,465 | — | |||||||||||||||||||||
Commercial business | — | — | 2,743 | 2,743 | 168,311 | 171,054 | — | |||||||||||||||||||||
— | — | 15,000 | 15,000 | 843,377 | 858,377 | — | ||||||||||||||||||||||
$ | 6,841 | $ | 4,976 | $ | 72,518 | $ | 84,335 | $ | 1,814,605 | $ | 1,898,940 | $ | 46,811 | |||||||||||||||
-1 | FHA-insured and VA-guaranteed single family loans that are 90 days or more past due are maintained on accrual status if they are determined to have little to no risk of loss. | |||||||||||||||||||||||||||
Performing and nonaccrual loan balances by loan portfolio segment and loan class | ' | |||||||||||||||||||||||||||
The following tables present performing and nonperforming loan balances by loan portfolio segment and loan class. | ||||||||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Accrual | Nonaccrual | Total | |||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 742,216 | $ | 6,988 | $ | 749,204 | ||||||||||||||||||||||
Home equity | 135,015 | 1,166 | 136,181 | |||||||||||||||||||||||||
877,231 | 8,154 | 885,385 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 466,540 | 9,871 | 476,411 | |||||||||||||||||||||||||
Multifamily | 72,327 | — | 72,327 | |||||||||||||||||||||||||
Construction/land development | 219,282 | — | 219,282 | |||||||||||||||||||||||||
Commercial business | 182,005 | 3,172 | 185,177 | |||||||||||||||||||||||||
940,154 | 13,043 | (1) | 953,197 | |||||||||||||||||||||||||
$ | 1,817,385 | $ | 21,197 | $ | 1,838,582 | |||||||||||||||||||||||
-1 | Includes $6.5 million of nonperforming loans at June 30, 2014 that are guaranteed by the Small Business Association ("SBA"). | |||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Accrual | Nonaccrual | Total | |||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 896,052 | $ | 8,861 | $ | 904,913 | ||||||||||||||||||||||
Home equity | 133,804 | 1,846 | 135,650 | |||||||||||||||||||||||||
1,029,856 | 10,707 | 1,040,563 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 465,385 | 12,257 | 477,642 | |||||||||||||||||||||||||
Multifamily | 79,216 | — | 79,216 | |||||||||||||||||||||||||
Construction/land development | 130,465 | — | 130,465 | |||||||||||||||||||||||||
Commercial business | 168,311 | 2,743 | 171,054 | |||||||||||||||||||||||||
843,377 | 15,000 | (1) | 858,377 | |||||||||||||||||||||||||
$ | 1,873,233 | $ | 25,707 | $ | 1,898,940 | |||||||||||||||||||||||
-1 | Includes $6.5 million of nonperforming loans at December 31, 2013 that are guaranteed by the SBA. | |||||||||||||||||||||||||||
TDR balances by loan portfolio segment and loan class | ' | |||||||||||||||||||||||||||
The following tables present information about troubled debt restructurings ("TDRs") activity during the periods presented. | ||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||||||||||
(dollars in thousands) | Concession type | Number of loan | Recorded | Related charge- | ||||||||||||||||||||||||
modifications | investment | offs | ||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | ||||||||||||||||||||||||||||
Interest rate reduction | 15 | $ | 2,430 | $ | — | |||||||||||||||||||||||
Payment restructure | — | — | — | |||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||
Interest rate reduction | — | — | — | |||||||||||||||||||||||||
Total consumer | ||||||||||||||||||||||||||||
Interest rate reduction | 15 | 2,430 | — | |||||||||||||||||||||||||
Payment restructure | — | — | — | |||||||||||||||||||||||||
15 | 2,430 | — | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Payment restructure | 2 | 2,092 | — | |||||||||||||||||||||||||
Commercial business | ||||||||||||||||||||||||||||
Forgiveness of principal | 1 | 208 | 288 | |||||||||||||||||||||||||
Total commercial | ||||||||||||||||||||||||||||
Payment restructure | 2 | 2,092 | — | |||||||||||||||||||||||||
Forgiveness of principal | 1 | 208 | 288 | |||||||||||||||||||||||||
3 | 2,300 | 288 | ||||||||||||||||||||||||||
Total loans | ||||||||||||||||||||||||||||
Interest rate reduction | 15 | 2,430 | — | |||||||||||||||||||||||||
Payment restructure | 2 | 2,092 | — | |||||||||||||||||||||||||
Forgiveness of principal | 1 | $ | 208 | $ | 288 | |||||||||||||||||||||||
18 | $ | 4,730 | $ | 288 | ||||||||||||||||||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||
(dollars in thousands) | Concession type | Number of loan | Recorded | Related charge- | ||||||||||||||||||||||||
modifications | investment | offs | ||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | ||||||||||||||||||||||||||||
Interest rate reduction | 36 | $ | 8,007 | $ | — | |||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||
Interest rate reduction | 3 | 77 | — | |||||||||||||||||||||||||
Total consumer | ||||||||||||||||||||||||||||
Interest rate reduction | 39 | 8,084 | — | |||||||||||||||||||||||||
Total loans | ||||||||||||||||||||||||||||
Interest rate reduction | 39 | $ | 8,084 | $ | — | |||||||||||||||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||||
(dollars in thousands) | Concession type | Number of loan | Recorded | Related charge- | ||||||||||||||||||||||||
modifications | investment | offs | ||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | ||||||||||||||||||||||||||||
Interest rate reduction | 24 | $ | 4,187 | $ | — | |||||||||||||||||||||||
Payment restructure | 2 | 365 | — | |||||||||||||||||||||||||
Total consumer | ||||||||||||||||||||||||||||
Interest rate reduction | 24 | 4,187 | — | |||||||||||||||||||||||||
Payment restructure | 2 | 365 | — | |||||||||||||||||||||||||
26 | 4,552 | — | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Payment restructure | 3 | 4,248 | — | |||||||||||||||||||||||||
Commercial business | ||||||||||||||||||||||||||||
Interest rate reduction | 2 | 117 | — | |||||||||||||||||||||||||
Forgiveness of principal | 1 | 208 | 288 | |||||||||||||||||||||||||
Total commercial | ||||||||||||||||||||||||||||
Interest rate reduction | 2 | 117 | — | |||||||||||||||||||||||||
Payment restructure | 3 | 4,248 | — | |||||||||||||||||||||||||
Forgiveness of principal | 1 | 208 | 288 | |||||||||||||||||||||||||
6 | 4,573 | 288 | ||||||||||||||||||||||||||
Total loans | ||||||||||||||||||||||||||||
Interest rate reduction | 26 | 4,304 | — | |||||||||||||||||||||||||
Payment restructure | 5 | 4,613 | — | |||||||||||||||||||||||||
Forgiveness of principal | 1 | $ | 208 | $ | 288 | |||||||||||||||||||||||
32 | $ | 9,125 | $ | 288 | ||||||||||||||||||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||
(dollars in thousands) | Concession type | Number of loan | Recorded | Related charge- | ||||||||||||||||||||||||
modifications | investment | offs | ||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | ||||||||||||||||||||||||||||
Interest rate reduction | 63 | $ | 13,848 | $ | — | |||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||
Interest rate reduction | 6 | 248 | — | |||||||||||||||||||||||||
Total consumer | ||||||||||||||||||||||||||||
Interest rate reduction | 69 | 14,096 | — | |||||||||||||||||||||||||
69 | 14,096 | — | ||||||||||||||||||||||||||
Total loans | ||||||||||||||||||||||||||||
Interest rate reduction | 69 | $ | 14,096 | $ | — | |||||||||||||||||||||||
TDR balances which have subsequently re-defaulted | ' | |||||||||||||||||||||||||||
The following tables present loans that were modified as TDRs within the previous 12 months and subsequently re-defaulted during the three and six months ended June 30, 2014 and 2013, respectively. A TDR loan is considered re-defaulted when it becomes doubtful that the objectives of the modifications will be met, generally when a consumer loan TDR becomes 60 days or more past due on principal or interest payments or when a commercial loan TDR becomes 90 days or more past due on principal or interest payments. | ||||||||||||||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(dollars in thousands) | Number of loan relationships that re-defaulted | Recorded | Number of loan relationships that re-defaulted | Recorded | ||||||||||||||||||||||||
investment | investment | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | 2 | $ | 425 | 1 | $ | 133 | ||||||||||||||||||||||
Home equity | — | — | — | — | ||||||||||||||||||||||||
2 | 425 | 1 | 133 | |||||||||||||||||||||||||
2 | $ | 425 | 1 | $ | 133 | |||||||||||||||||||||||
Six Months Ended June 30, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(dollars in thousands) | Number of loan relationships that re-defaulted | Recorded | Number of loan relationships that re-defaulted | Recorded | ||||||||||||||||||||||||
investment | investment | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | 4 | $ | 728 | 7 | $ | 1,556 | ||||||||||||||||||||||
Home equity | 1 | 190 | 1 | 22 | ||||||||||||||||||||||||
5 | 918 | 8 | 1,578 | |||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | — | — | 1 | 770 | ||||||||||||||||||||||||
— | — | 1 | 770 | |||||||||||||||||||||||||
5 | $ | 918 | 9 | $ | 2,348 | |||||||||||||||||||||||
Deposits_Tables
Deposits (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||||||
Deposit balances, including stated rates | ' | |||||||||||||||
Deposit balances, including stated rates, were as follows. | ||||||||||||||||
(in thousands) | At June 30, | At December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Noninterest-bearing accounts | $ | 472,255 | $ | 322,952 | ||||||||||||
NOW accounts, 0.00% to 1.00% at June 30, 2014 and 0.00% to 0.75% at December 31, 2013 | 324,604 | 297,966 | ||||||||||||||
Statement savings accounts, due on demand, 0.10% to 2.00% at June 30, 2014 and 0.20% to 2.00% at December 31, 2013 | 166,851 | 156,181 | ||||||||||||||
Money market accounts, due on demand, 0.00% to 1.45% at June 30, 2014 and 0.00% to 1.50% at December 31, 2013 | 996,473 | 919,322 | ||||||||||||||
Certificates of deposit, 0.10% to 3.80% at June 30, 2014 and 0.10% to 3.80% at December 31, 2013 | 457,529 | 514,400 | ||||||||||||||
$ | 2,417,712 | $ | 2,210,821 | |||||||||||||
Interest expense on deposits | ' | |||||||||||||||
Interest expense on deposits was as follows. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
NOW accounts | $ | 286 | $ | 233 | $ | 546 | $ | 391 | ||||||||
Statement savings accounts | 211 | 114 | 411 | 218 | ||||||||||||
Money market accounts | 1,080 | 973 | 2,101 | 1,830 | ||||||||||||
Certificates of deposit | 779 | 1,047 | 1,658 | 3,417 | ||||||||||||
$ | 2,356 | $ | 2,367 | $ | 4,716 | $ | 5,856 | |||||||||
Certificates of deposit outstanding | ' | |||||||||||||||
Certificates of deposit outstanding mature as follows. | ||||||||||||||||
(in thousands) | At June 30, 2014 | |||||||||||||||
Within one year | $ | 321,986 | ||||||||||||||
One to two years | 78,911 | |||||||||||||||
Two to three years | 43,864 | |||||||||||||||
Three to four years | 9,948 | |||||||||||||||
Four to five years | 2,820 | |||||||||||||||
$ | 457,529 | |||||||||||||||
Recovered_Sheet1
Derivatives And Hedging Activities (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||
Notional amounts and fair values for derivatives | ' | |||||||||||||||||||||||
The notional amounts and fair values for derivatives consist of the following. | ||||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||
Notional amount | Fair value derivatives | |||||||||||||||||||||||
(in thousands) | Asset | Liability | ||||||||||||||||||||||
Forward sale commitments | $ | 1,122,581 | $ | 1,473 | $ | (8,210 | ) | |||||||||||||||||
Interest rate swaptions | 25,000 | 29 | — | |||||||||||||||||||||
Interest rate lock commitments | 594,953 | 17,441 | (35 | ) | ||||||||||||||||||||
Interest rate swaps | 479,111 | 5,908 | (5,137 | ) | ||||||||||||||||||||
Total derivatives before netting | $ | 2,221,645 | 24,851 | (13,382 | ) | |||||||||||||||||||
Netting adjustments | (737 | ) | 737 | |||||||||||||||||||||
Carrying value on consolidated statements of financial condition | $ | 24,114 | $ | (12,645 | ) | |||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||
Notional amount | Fair value derivatives | |||||||||||||||||||||||
(in thousands) | Asset | Liability | ||||||||||||||||||||||
Forward sale commitments | $ | 526,382 | $ | 3,630 | $ | (578 | ) | |||||||||||||||||
Interest rate swaptions | 110,000 | 858 | (199 | ) | ||||||||||||||||||||
Interest rate lock commitments | 261,070 | 6,012 | (40 | ) | ||||||||||||||||||||
Interest rate swaps | 508,004 | 1,088 | (9,548 | ) | ||||||||||||||||||||
Total derivatives before netting | $ | 1,405,456 | 11,588 | (10,365 | ) | |||||||||||||||||||
Netting adjustments | (1,363 | ) | 1,363 | |||||||||||||||||||||
Carrying value on consolidated statements of financial condition | $ | 10,225 | $ | (9,002 | ) | |||||||||||||||||||
Fair Value, Concentration of Risk [Table Text Block] | ' | |||||||||||||||||||||||
The following tables present gross and net information about derivative instruments. | ||||||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||
(in thousands) | Gross fair value | Netting adjustments | Carrying value | Cash collateral paid (1) | Securities pledged | Net amount | ||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||
Forward sale commitments | $ | 1,473 | $ | (799 | ) | $ | 674 | $ | — | $ | — | $ | 674 | |||||||||||
Interest rate swaps / swaptions | 5,937 | 62 | 5,999 | — | — | 5,999 | ||||||||||||||||||
Total derivatives subject to legally enforceable master netting agreements | 7,410 | (737 | ) | 6,673 | — | — | 6,673 | |||||||||||||||||
Interest rate lock commitments | 17,441 | — | 17,441 | — | — | 17,441 | ||||||||||||||||||
Total derivative assets | $ | 24,851 | $ | (737 | ) | $ | 24,114 | $ | — | $ | — | $ | 24,114 | |||||||||||
Derivative liabilities: | ||||||||||||||||||||||||
Forward sale commitments | $ | (8,210 | ) | $ | 799 | $ | (7,411 | ) | $ | 6,433 | $ | 820 | $ | (158 | ) | |||||||||
Interest rate swaps | (5,137 | ) | (62 | ) | (5,199 | ) | 5,063 | 135 | (1 | ) | ||||||||||||||
Total derivatives subject to legally enforceable master netting agreements | (13,347 | ) | 737 | (12,610 | ) | 11,496 | 955 | (159 | ) | |||||||||||||||
Interest rate lock commitments | (35 | ) | — | (35 | ) | — | — | (35 | ) | |||||||||||||||
Total derivative liabilities | $ | (13,382 | ) | $ | 737 | $ | (12,645 | ) | $ | 11,496 | $ | 955 | $ | (194 | ) | |||||||||
At December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | Gross fair value | Netting adjustments | Carrying value | Cash collateral paid (1) | Securities pledged | Net amount | ||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||
Forward sale commitments | $ | 3,630 | $ | (33 | ) | $ | 3,597 | $ | — | $ | — | $ | 3,597 | |||||||||||
Interest rate swaps | 1,946 | (1,330 | ) | 616 | — | — | 616 | |||||||||||||||||
Total derivatives subject to legally enforceable master netting agreements | 5,576 | (1,363 | ) | 4,213 | — | — | 4,213 | |||||||||||||||||
Interest rate lock commitments | 6,012 | — | 6,012 | — | — | 6,012 | ||||||||||||||||||
Total derivative assets | $ | 11,588 | $ | (1,363 | ) | $ | 10,225 | $ | — | $ | — | $ | 10,225 | |||||||||||
Derivative liabilities: | ||||||||||||||||||||||||
Forward sale commitments | $ | (578 | ) | $ | 33 | $ | (545 | ) | $ | 115 | $ | 410 | $ | (20 | ) | |||||||||
Interest rate swaps | (9,747 | ) | 1,330 | (8,417 | ) | 8,376 | 41 | — | ||||||||||||||||
Total derivatives subject to legally enforceable master netting agreements | (10,325 | ) | 1,363 | (8,962 | ) | 8,491 | 451 | (20 | ) | |||||||||||||||
Interest rate lock commitments | (40 | ) | — | (40 | ) | — | — | (40 | ) | |||||||||||||||
Total derivative liabilities | $ | (10,365 | ) | $ | 1,363 | $ | (9,002 | ) | $ | 8,491 | $ | 451 | $ | (60 | ) | |||||||||
-1 | Excludes cash collateral of $20.6 million and $18.5 million at June 30, 2014 and December 31, 2013, which predominantly consists of collateral transferred by the Company at the initiation of derivative transactions and held by the counterparty as security. These amounts were not netted against the derivative receivables and payables, because, at an individual counterparty level, the collateral exceeded the fair value exposure at both June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||
Net gains (losses) recognized on economic hedge derivatives | ' | |||||||||||||||||||||||
The following table presents the net gain (loss) recognized on derivatives, including economic hedge derivatives, within the respective line items in the statement of operations for the periods indicated. | ||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Recognized in noninterest income: | ||||||||||||||||||||||||
Net gain on mortgage loan origination and sale activities (1) | $ | (4,580 | ) | $ | 21,014 | $ | (6,014 | ) | $ | 19,649 | ||||||||||||||
Mortgage servicing income (loss) (2) | 10,941 | (13,505 | ) | 20,838 | (16,023 | ) | ||||||||||||||||||
$ | 6,361 | $ | 7,509 | $ | 14,824 | $ | 3,626 | |||||||||||||||||
-1 | Comprised of interest rate lock commitments ("IRLCs") and forward contracts used as an economic hedge of IRLCs and single family mortgage loans held for sale. | |||||||||||||||||||||||
-2 | Comprised of interest rate swaps, interest rate swaptions and forward contracts used as an economic hedge of single family MSRs. |
Mortgage_Banking_Operations_Ta
Mortgage Banking Operations (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Mortgage Banking [Abstract] | ' | |||||||||||||||
Loans held for sale and sold | ' | |||||||||||||||
Loans held for sale consisted of the following. | ||||||||||||||||
(in thousands) | At June 30, | At December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Single family | $ | 536,657 | (1) | $ | 279,385 | |||||||||||
Multifamily | 12,783 | 556 | ||||||||||||||
$ | 549,440 | $ | 279,941 | |||||||||||||
-1 | The Company transferred $310.5 million of loans from the held for investment portfolio into loans held for sale in March of this year and subsequently sold $266.8 million of these loans. At June 30, 2014, the Company had transferred $17.1 million of these loans back to the held for investment portfolio. | |||||||||||||||
Loans sold consisted of the following. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Single family | $ | 906,342 | $ | 1,229,686 | $ | 1,526,255 | $ | 2,590,030 | ||||||||
Multifamily | 15,902 | 15,386 | 22,165 | 65,973 | ||||||||||||
$ | 922,244 | $ | 1,245,072 | $ | 1,548,420 | $ | 2,656,003 | |||||||||
Net gain on mortgage loan origination and sale activity | ' | |||||||||||||||
Net gain on mortgage loan origination and sale activities, including the effects of derivative risk management instruments, consisted of the following. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Single family: | ||||||||||||||||
Servicing value and secondary market gains(1) | $ | 30,233 | $ | 43,448 | $ | 49,792 | $ | 87,683 | ||||||||
Loan origination and funding fees | 6,781 | 8,267 | 11,542 | 16,062 | ||||||||||||
Total single family | 37,014 | 51,715 | 61,334 | 103,745 | ||||||||||||
Multifamily | 693 | 709 | 1,089 | 2,634 | ||||||||||||
Other | 4,087 | — | 4,881 | — | ||||||||||||
Total net gain on mortgage loan origination and sale activities | $ | 41,794 | $ | 52,424 | $ | 67,304 | $ | 106,379 | ||||||||
-1 | Comprised of gains and losses on interest rate lock commitments (which considers the value of servicing), single family loans held for sale, forward sale commitments used to economically hedge secondary market activities, and changes in the Company's repurchase liability for loans that have been sold. | |||||||||||||||
Company's portfolio of loans serviced for others | ' | |||||||||||||||
The composition of loans serviced for others is presented below at the unpaid principal balance. | ||||||||||||||||
(in thousands) | At June 30, | At December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||||
Single family | ||||||||||||||||
U.S. government and agency | $ | 9,308,096 | $ | 11,467,853 | ||||||||||||
Other | 586,978 | 327,768 | ||||||||||||||
9,895,074 | 11,795,621 | |||||||||||||||
Commercial | ||||||||||||||||
Multifamily | 704,997 | 720,429 | ||||||||||||||
Other | 97,996 | 95,673 | ||||||||||||||
802,993 | 816,102 | |||||||||||||||
Total loans serviced for others | $ | 10,698,067 | $ | 12,611,723 | ||||||||||||
Mortgage Repurchase Losses [Table Text Block] | ' | |||||||||||||||
The following is a summary of changes in the Company's liability for estimated mortgage repurchase losses. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Balance, beginning of period | $ | 1,142 | $ | 1,975 | $ | 1,260 | $ | 1,955 | ||||||||
Additions (1) | 313 | 472 | 552 | 1,008 | ||||||||||||
Realized losses (2) | (220 | ) | (637 | ) | (577 | ) | (1,153 | ) | ||||||||
Balance, end of period | $ | 1,235 | $ | 1,810 | $ | 1,235 | $ | 1,810 | ||||||||
-1 | Includes additions for new loan sales and changes in estimated probable future repurchase losses on previously sold loans. | |||||||||||||||
-2 | Includes principal losses and accrued interest on repurchased loans, “make-whole” settlements, settlements with claimants and certain related expense. | |||||||||||||||
Revenue from mortgage servicing, including the effects of derivative risk management instruments | ' | |||||||||||||||
Revenue from mortgage servicing, including the effects of derivative risk management instruments, consisted of the following. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Servicing income, net: | ||||||||||||||||
Servicing fees and other | $ | 10,112 | $ | 7,955 | $ | 19,961 | $ | 15,562 | ||||||||
Changes in fair value of single family MSRs due to modeled amortization (1) | (7,109 | ) | (6,964 | ) | (13,077 | ) | (12,639 | ) | ||||||||
Amortization of multifamily MSRs | (434 | ) | (423 | ) | (858 | ) | (913 | ) | ||||||||
2,569 | 568 | 6,026 | 2,010 | |||||||||||||
Risk management, single family MSRs: | ||||||||||||||||
Changes in fair value due to changes in model inputs and/or assumptions (2) | (3,326 | ) | (3) | 15,120 | (8,735 | ) | (3) | 19,268 | ||||||||
Net gain (loss) from derivatives economically hedging MSR | 10,941 | (13,505 | ) | 20,838 | (16,023 | ) | ||||||||||
7,615 | 1,615 | 12,103 | 3,245 | |||||||||||||
Mortgage servicing income | $ | 10,184 | $ | 2,183 | $ | 18,129 | $ | 5,255 | ||||||||
-1 | Represents changes due to collection/realization of expected cash flows and curtailments. | |||||||||||||||
-2 | Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates. | |||||||||||||||
-3 | Includes pre-tax income of $4.7 million, net of brokerage fees and prepayment reserves, resulting from the sale of single family MSRs during the three months ended June 30, 2014. | |||||||||||||||
Key economic assumptions used in measuring the initial value of capitalized single family MSRs created from loan sales with retained servicing Key economic assumptions used in measuring the initial value of capitalized single family MSRs created from loan sales with retained servicing. | ' | |||||||||||||||
Key economic assumptions used in measuring the initial fair value of capitalized single family MSRs were as follows. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(rates per annum) (1) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Constant prepayment rate ("CPR") (2) | 13.71 | % | 8.77 | % | 12.79 | % | 9.12 | % | ||||||||
Discount rate | 11.06 | % | 10.28 | % | 10.8 | % | 10.27 | % | ||||||||
-1 | Weighted average rates for sales during the period for sales of loans with similar characteristics. | |||||||||||||||
-2 | Represents the expected lifetime average. | |||||||||||||||
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets [Table Text Block] | ' | |||||||||||||||
Key economic assumptions and the sensitivity of the current fair value for single family MSRs to immediate adverse changes in those assumptions were as follows. | ||||||||||||||||
(dollars in thousands) | At June 30, 2014 | |||||||||||||||
Fair value of single family MSR | $ | 108,869 | ||||||||||||||
Expected weighted-average life (in years) | 5.42 | |||||||||||||||
Constant prepayment rate (1) | 14.97 | % | ||||||||||||||
Impact on 25 basis points adverse change | $ | (5,798 | ) | |||||||||||||
Impact on 50 basis points adverse change | $ | (12,097 | ) | |||||||||||||
Discount rate | 10.7 | % | ||||||||||||||
Impact on fair value of 100 basis points increase | $ | (3,488 | ) | |||||||||||||
Impact on fair value of 200 basis points increase | $ | (6,761 | ) | |||||||||||||
-1 | Represents the expected lifetime average. | |||||||||||||||
Changes in single family MSRs measured at fair value | ' | |||||||||||||||
The changes in single family MSRs measured at fair value are as follows. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Beginning balance | $ | 149,646 | $ | 102,678 | $ | 153,128 | $ | 87,396 | ||||||||
Originations | 11,827 | 17,306 | 19,720 | 34,112 | ||||||||||||
Purchases | 3 | 6 | 5 | 9 | ||||||||||||
Sale of single family MSRs | (43,248 | ) | — | (43,248 | ) | — | ||||||||||
Changes due to modeled amortization(1) | (7,109 | ) | (6,964 | ) | (13,077 | ) | (12,639 | ) | ||||||||
Net additions and amortization | (38,527 | ) | 10,348 | (36,600 | ) | 21,482 | ||||||||||
Changes in fair value due to changes in model inputs and/or assumptions (2) | (2,250 | ) | 15,120 | (7,659 | ) | 19,268 | ||||||||||
Ending balance | $ | 108,869 | $ | 128,146 | $ | 108,869 | $ | 128,146 | ||||||||
-1 | Represents changes due to collection/realization of expected cash flows and curtailments. | |||||||||||||||
-2 | Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates. Includes pre-tax income of $5.7 million, excluding transaction costs, resulting from the sale of single family MSRs during the three months ended June 30, 2014. | |||||||||||||||
Changes in multifamily MSRs measured at the lower of amortized cost or fair value | ' | |||||||||||||||
The changes in multifamily MSRs measured at the lower of amortized cost or fair value were as follows. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Beginning balance | $ | 9,095 | $ | 9,150 | $ | 9,335 | $ | 8,097 | ||||||||
Origination | 461 | 512 | 644 | 2,055 | ||||||||||||
Amortization | (434 | ) | (423 | ) | (857 | ) | (913 | ) | ||||||||
Ending balance | $ | 9,122 | $ | 9,239 | $ | 9,122 | $ | 9,239 | ||||||||
Projected amortization expense for the gross carrying value of multifamily MSRs | ' | |||||||||||||||
Projected amortization expense for the gross carrying value of multifamily MSRs is estimated as follows. | ||||||||||||||||
(in thousands) | At June 30, 2014 | |||||||||||||||
Remainder of 2014 | $ | 802 | ||||||||||||||
2015 | 1,510 | |||||||||||||||
2016 | 1,400 | |||||||||||||||
2017 | 1,278 | |||||||||||||||
2018 | 1,120 | |||||||||||||||
2019 and thereafter | 3,012 | |||||||||||||||
Carrying value of multifamily MSR | $ | 9,122 | ||||||||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |||||||||||||||||||
Fair value measurement methodologies, including significant inputs and assumptions, and classification of the Company's assets and liabilities | ' | |||||||||||||||||||
The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions, and classification of the Company’s assets and liabilities. | ||||||||||||||||||||
Asset/Liability class | Valuation methodology, inputs and assumptions | Classification | ||||||||||||||||||
Cash and cash equivalents | Carrying value is a reasonable estimate of fair value based on the short-term nature of the instruments. | Estimated fair value classified as Level 1. | ||||||||||||||||||
Investment securities | ||||||||||||||||||||
Investment securities available for sale | Observable market prices of identical or similar securities are used where available. | Level 2 recurring fair value measurement | ||||||||||||||||||
If market prices are not readily available, value is based on discounted cash flows using the following significant inputs: | ||||||||||||||||||||
• Expected prepayment speeds | ||||||||||||||||||||
• Estimated credit losses | ||||||||||||||||||||
• Market liquidity adjustments | ||||||||||||||||||||
Investment securities held to maturity | Observable market prices of identical or similar securities are used where available. | Carried at amortized cost. | ||||||||||||||||||
If market prices are not readily available, value is based on discounted cash flows using the following significant inputs: | Estimated fair value classified as Level 2. | |||||||||||||||||||
• Expected prepayment speeds | ||||||||||||||||||||
• Estimated credit losses | ||||||||||||||||||||
• Market liquidity adjustments | ||||||||||||||||||||
Loans held for sale | ||||||||||||||||||||
Single-family loans, including loans transferred from held for investment | Fair value is based on observable market data, including: | Level 2 recurring fair value measurement | ||||||||||||||||||
• Quoted market prices, where available | ||||||||||||||||||||
• Dealer quotes for similar loans | ||||||||||||||||||||
• Forward sale commitments | ||||||||||||||||||||
Multifamily loans | The sale price is set at the time the loan commitment is made, and as such subsequent changes in market conditions have a very limited effect, if any, on the value of these loans carried on the consolidated statements of financial condition, which are typically sold within 30 days of origination. | Carried at lower of amortized cost or fair value. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
Loans held for investment | ||||||||||||||||||||
Loans held for investment, excluding collateral dependent loans | Fair value is based on discounted cash flows, which considers the following inputs: | For the carrying value of loans see Note 1–Summary of Significant Accounting Policies of this Form 10-Q. | ||||||||||||||||||
• Current lending rates for new loans | ||||||||||||||||||||
• Expected prepayment speeds | Estimated fair value classified as Level 3. | |||||||||||||||||||
• Estimated credit losses | ||||||||||||||||||||
• Market liquidity adjustments | ||||||||||||||||||||
Loans held for investment, collateral dependent | Fair value is based on appraised value of collateral, which considers sales comparison and income approach methodologies. Adjustments are made for various factors, which may include: | Carried at lower of amortized cost or fair value of collateral, less the estimated cost to sell. | ||||||||||||||||||
• Adjustments for variations in specific property qualities such as location, physical dissimilarities, market conditions at the time of sale, income producing characteristics and other factors | ||||||||||||||||||||
• Adjustments to obtain “upon completion” and “upon stabilization” values (e.g., property hold discounts where the highest and best use would require development of a property over time) | Classified as a Level 3 nonrecurring fair value measurement in periods where carrying value is adjusted to reflect the fair value of collateral. | |||||||||||||||||||
• Bulk discounts applied for sales costs, holding costs and profit for tract development and certain other properties | ||||||||||||||||||||
Asset/Liability class | Valuation methodology, inputs and assumptions | Classification | ||||||||||||||||||
Mortgage servicing rights | ||||||||||||||||||||
Single family MSRs | For information on how the Company measures the fair value of its single family MSRs, including key economic assumptions and the sensitivity of fair value to changes in those assumptions, see Note 6, Mortgage Banking Operations of this Form 10-Q. | Level 3 recurring fair value measurement | ||||||||||||||||||
Multifamily MSRs | Fair value is based on discounted estimated future servicing fees and other revenue, less estimated costs to service the loans. | Carried at lower of amortized cost or fair value | ||||||||||||||||||
Estimated fair value classified as Level 3. | ||||||||||||||||||||
Derivatives | ||||||||||||||||||||
Interest rate swaps | Fair value is based on quoted prices for identical or similar instruments, when available. | Level 2 recurring fair value measurement | ||||||||||||||||||
Interest rate swaptions | ||||||||||||||||||||
Forward sale commitments | When quoted prices are not available, fair value is based on internally developed modeling techniques, which require the use of multiple observable market inputs including: | |||||||||||||||||||
• Forward interest rates | ||||||||||||||||||||
• Interest rate volatilities | ||||||||||||||||||||
Interest rate lock commitments | The fair value considers several factors including: | Level 3 recurring fair value measurement | ||||||||||||||||||
• Fair value of the underlying loan based on quoted prices in the secondary market, when available. | ||||||||||||||||||||
• Value of servicing | ||||||||||||||||||||
• Fall-out factor | ||||||||||||||||||||
Other real estate owned (“OREO”) | Fair value is based on appraised value of collateral, less the estimated cost to sell. See discussion of "loans held for investment, collateral dependent" above for further information on appraisals. | Carried at lower of amortized cost or fair value of collateral (Level 3), less the estimated cost to sell. | ||||||||||||||||||
Federal Home Loan Bank stock | Carrying value approximates fair value as FHLB stock can only be purchased or redeemed at par value. | Carried at par value. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
Deposits | ||||||||||||||||||||
Demand deposits | Fair value is estimated using discounted cash flows based on market rates and expected life. | Carried at historical cost. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
Fixed-maturity certificates of deposit | Fair value is estimated using discounted cash flows based on market rates currently offered for deposits of similar remaining time to maturity. | Carried at historical cost. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
Federal Home Loan Bank advances | Fair value is estimated using discounted cash flows based on rates currently available for advances with similar terms and remaining time to maturity. | Carried at historical cost. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
Long-term debt | Fair value is estimated using discounted cash flows based on current lending rates for similar long-term debt instruments with similar terms and remaining time to maturity. | Carried at historical cost. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis. | ' | |||||||||||||||||||
The following table presents the levels of the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis. | ||||||||||||||||||||
(in thousands) | Fair Value at June 30, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities available for sale | ||||||||||||||||||||
Mortgage backed securities: | ||||||||||||||||||||
Residential | $ | 110,266 | $ | — | $ | 110,266 | $ | — | ||||||||||||
Commercial | 13,674 | — | 13,674 | — | ||||||||||||||||
Municipal bonds | 125,813 | — | 125,813 | — | ||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||
Residential | 56,767 | — | 56,767 | — | ||||||||||||||||
Commercial | 16,021 | — | 16,021 | — | ||||||||||||||||
Corporate debt securities | 72,420 | — | 72,420 | — | ||||||||||||||||
U.S. Treasury securities | 42,010 | — | 42,010 | — | ||||||||||||||||
Single family mortgage servicing rights | 108,869 | — | — | 108,869 | ||||||||||||||||
Single family loans held for sale | 536,658 | — | 536,658 | — | ||||||||||||||||
Derivatives | ||||||||||||||||||||
Forward sale commitments | 1,473 | — | 1,473 | — | ||||||||||||||||
Interest rate swaptions | 29 | — | 29 | — | ||||||||||||||||
Interest rate lock commitments | 17,441 | — | — | 17,441 | ||||||||||||||||
Interest rate swaps | 5,908 | — | 5,908 | — | ||||||||||||||||
Total assets | $ | 1,107,349 | $ | — | $ | 981,039 | $ | 126,310 | ||||||||||||
Liabilities: | ||||||||||||||||||||
Derivatives | ||||||||||||||||||||
Forward sale commitments | $ | 8,210 | $ | — | $ | 8,210 | $ | — | ||||||||||||
Interest rate lock commitments | 35 | — | — | 35 | ||||||||||||||||
Interest rate swaps | 5,137 | — | 5,137 | — | ||||||||||||||||
Total liabilities | $ | 13,382 | $ | — | $ | 13,347 | $ | 35 | ||||||||||||
(in thousands) | Fair Value at December 31, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities available for sale | ||||||||||||||||||||
Mortgage backed securities: | ||||||||||||||||||||
Residential | $ | 133,910 | $ | — | $ | 133,910 | $ | — | ||||||||||||
Commercial | 13,433 | — | 13,433 | — | ||||||||||||||||
Municipal bonds | 130,850 | — | 130,850 | — | ||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||
Residential | 90,327 | — | 90,327 | — | ||||||||||||||||
Commercial | 16,845 | — | 16,845 | — | ||||||||||||||||
Corporate debt securities | 68,866 | — | 68,866 | — | ||||||||||||||||
U.S. Treasury securities | 27,452 | — | 27,452 | — | ||||||||||||||||
Single family mortgage servicing rights | 153,128 | — | — | 153,128 | ||||||||||||||||
Single family loans held for sale | 279,385 | — | 279,385 | — | ||||||||||||||||
Derivatives | ||||||||||||||||||||
Forward sale commitments | 3,630 | — | 3,630 | — | ||||||||||||||||
Interest rate swaptions | 858 | — | 858 | — | ||||||||||||||||
Interest rate lock commitments | 6,012 | — | — | 6,012 | ||||||||||||||||
Interest rate swaps | 1,088 | — | 1,088 | — | ||||||||||||||||
Total assets | $ | 925,784 | $ | — | $ | 766,644 | $ | 159,140 | ||||||||||||
Liabilities: | ||||||||||||||||||||
Derivatives | ||||||||||||||||||||
Forward sale commitments | $ | 578 | $ | — | $ | 578 | $ | — | ||||||||||||
Interest rate swaptions | 199 | — | 199 | — | ||||||||||||||||
Interest rate lock commitments | 40 | — | — | 40 | ||||||||||||||||
Interest rate swaps | 9,548 | — | 9,548 | — | ||||||||||||||||
Total liabilities | $ | 10,365 | $ | — | $ | 10,325 | $ | 40 | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | |||||||||||||||||||
The following table presents fair value changes and activity for level 3 interest rate lock commitments. | ||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||
Beginning balance, net | $ | 10,094 | $ | 20,842 | $ | 5,972 | $ | 22,528 | ||||||||||||
Total realized/unrealized gains(1) | 34,495 | 28,151 | 54,662 | 73,693 | ||||||||||||||||
Settlements | (27,183 | ) | (48,587 | ) | (43,228 | ) | (95,815 | ) | ||||||||||||
Ending balance, net | $ | 17,406 | $ | 406 | $ | 17,406 | $ | 406 | ||||||||||||
-1 | All realized and unrealized gains and losses are recognized in earnings as net gain from mortgage loan origination and sale activities on the consolidated statements of operations. There were net unrealized (losses) gains of $17.1 million and $(550) thousand for the three months ended June 30, 2014 and 2013, respectively, and $26.9 million and $325 thousand of net unrealized gains (losses) for the six months ended June 30, 2014 and 2013, respectively, recognized on interest rate lock commitments outstanding at the beginning of the period and still outstanding at June 30, 2014 and 2013, respectively. | |||||||||||||||||||
Assets and liabilities measured fair value on a nonrecurring basis | ' | |||||||||||||||||||
The following tables present assets that were recorded at fair value during the three and six months ended June 30, 2014 and 2013 and still held at the end of the respective reporting period. | ||||||||||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||||||||||
(in thousands) | Fair Value of Assets Held at June 30, 2014 | Level 1 | Level 2 | Level 3 | Total Gains (Losses) | |||||||||||||||
Loans held for investment(1) | $ | 21,890 | $ | — | $ | — | $ | 21,890 | $ | (899 | ) | |||||||||
Other real estate owned(2) | 6,772 | — | — | 6,772 | 24 | |||||||||||||||
Total | $ | 28,662 | $ | — | $ | — | $ | 28,662 | $ | (875 | ) | |||||||||
Three Months Ended June 30, 2013 | ||||||||||||||||||||
(in thousands) | Fair Value of Assets Held at June 30, 2013 | Level 1 | Level 2 | Level 3 | Total Gains (Losses) | |||||||||||||||
Loans held for investment(1) | $ | 50,362 | $ | — | $ | — | $ | 50,362 | $ | 422 | ||||||||||
Other real estate owned(2) | 7,600 | — | — | 7,600 | (339 | ) | ||||||||||||||
Total | $ | 57,962 | $ | — | $ | — | $ | 57,962 | $ | 83 | ||||||||||
Six Months Ended June 30, 2014 | ||||||||||||||||||||
(in thousands) | Fair Value of Assets Held at June 30, 2014 | Level 1 | Level 2 | Level 3 | Total Gains (Losses) | |||||||||||||||
Loans held for investment(1) | $ | 21,890 | $ | — | $ | — | $ | 21,890 | $ | (410 | ) | |||||||||
Other real estate owned(2) | 6,772 | — | — | 6,772 | 24 | |||||||||||||||
Total | $ | 28,662 | $ | — | $ | — | $ | 28,662 | $ | (386 | ) | |||||||||
Six Months Ended June 30, 2013 | ||||||||||||||||||||
(in thousands) | Fair Value of Assets Held at June 30, 2013 | Level 1 | Level 2 | Level 3 | Total Gains (Losses) | |||||||||||||||
Loans held for investment(1) | $ | 50,362 | $ | — | $ | — | $ | 50,362 | $ | 592 | ||||||||||
Other real estate owned(2) | 7,600 | — | — | 7,600 | (739 | ) | ||||||||||||||
Total | $ | 57,962 | $ | — | $ | — | $ | 57,962 | $ | (147 | ) | |||||||||
-1 | Represents the carrying value of loans for which adjustments are based on the fair value of the collateral. | |||||||||||||||||||
-2 | Represents other real estate owned where an updated fair value of collateral is used to adjust the carrying amount subsequent to the initial classification as other real estate owned. | |||||||||||||||||||
Carrying values and the hierarchy of the fair values | ' | |||||||||||||||||||
The following presents the carrying value, estimated fair value and the levels of the fair value hierarchy for the Company’s financial instruments other than assets and liabilities measured at fair value on a recurring basis. | ||||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||
(in thousands) | Carrying | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||
Value | Value | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 74,991 | $ | 74,991 | $ | 74,991 | $ | — | $ | — | ||||||||||
Investment securities held to maturity | 17,995 | 18,277 | — | 18,277 | — | |||||||||||||||
Loans held for investment | 1,812,895 | 1,878,817 | — | — | 1,878,817 | |||||||||||||||
Loans held for sale - transferred from held for investment | 27,500 | 28,443 | — | 28,443 | — | |||||||||||||||
Loans held for sale – multifamily | 12,783 | 12,783 | — | 12,783 | — | |||||||||||||||
Mortgage servicing rights – multifamily | 9,122 | 10,799 | — | — | 10,799 | |||||||||||||||
Federal Home Loan Bank stock | 34,618 | 34,618 | — | 34,618 | — | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 2,417,712 | $ | 2,300,855 | $ | — | $ | 2,300,855 | $ | — | ||||||||||
Federal Home Loan Bank advances | 384,090 | 386,995 | — | 386,995 | — | |||||||||||||||
Securities sold under agreements to repurchase | 14,681 | 14,681 | — | 14,681 | — | |||||||||||||||
Long-term debt | 61,857 | 60,242 | — | 60,242 | — | |||||||||||||||
At December 31, 2013 | ||||||||||||||||||||
(in thousands) | Carrying | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||
Value | Value | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 33,908 | $ | 33,908 | $ | 33,908 | $ | — | $ | — | ||||||||||
Investment securities held to maturity | 17,133 | 16,887 | — | 16,887 | — | |||||||||||||||
Loans held for investment | 1,871,813 | 1,900,349 | — | — | 1,900,349 | |||||||||||||||
Loans held for sale – multifamily | 556 | 556 | — | 556 | — | |||||||||||||||
Mortgage servicing rights – multifamily | 9,335 | 10,839 | — | — | 10,839 | |||||||||||||||
Federal Home Loan Bank stock | 35,288 | 35,288 | — | 35,288 | — | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 2,210,821 | $ | 2,058,533 | $ | — | $ | 2,058,533 | $ | — | ||||||||||
Federal Home Loan Bank advances | 446,590 | 449,109 | — | 449,109 | — | |||||||||||||||
Long-term debt | 64,811 | 63,849 | — | 63,849 | — | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | ' | |||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | |||||||||||||||||||
Significant Level 3 unobservable inputs used to measure fair value on a nonrecurring basis | ' | |||||||||||||||||||
The following information presents significant Level 3 unobservable inputs used to measure fair value of interest rate lock commitments. | ||||||||||||||||||||
(dollars in thousands) | At June 30, 2014 | |||||||||||||||||||
Fair Value | Valuation | Significant Unobservable | Low | High | Weighted Average | |||||||||||||||
Technique | Input | |||||||||||||||||||
Interest rate lock commitments, net | $ | 17,406 | Income approach | Fall out factor | 0.70% | 82.80% | 18.20% | |||||||||||||
Value of servicing | 0.59% | 2.59% | 1.39% | |||||||||||||||||
(dollars in thousands) | At December 31, 2013 | |||||||||||||||||||
Fair Value | Valuation | Significant Unobservable | Low | High | Weighted Average | |||||||||||||||
Technique | Input | |||||||||||||||||||
Interest rate lock commitments, net | $ | 5,972 | Income approach | Fall out factor | 0.50% | 97.00% | 17.80% | |||||||||||||
Value of servicing | 0.62% | 2.65% | 1.22% |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Calculation of earnings per share | ' | |||||||||||||||
The following table summarizes the calculation of earnings per share. | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
(in thousands, except share and per share data) | 2014 | 2013 | 2014 | 2013 | ||||||||||||
Net income | $ | 9,362 | $ | 12,068 | $ | 11,663 | $ | 23,008 | ||||||||
Weighted average shares: | ||||||||||||||||
Basic weighted-average number of common shares outstanding | 14,800,853 | 14,376,580 | 14,792,638 | 14,368,135 | ||||||||||||
Dilutive effect of outstanding common stock equivalents (1) | 154,145 | 408,901 | 163,441 | 426,670 | ||||||||||||
Diluted weighted-average number of common stock outstanding | 14,954,998 | 14,785,481 | 14,956,079 | 14,794,805 | ||||||||||||
Earnings per share: | ||||||||||||||||
Basic earnings per share | $ | 0.63 | $ | 0.84 | $ | 0.79 | $ | 1.6 | ||||||||
Diluted earnings per share | $ | 0.63 | $ | 0.82 | $ | 0.78 | $ | 1.56 | ||||||||
-1 | Excluded from the computation of diluted earnings per share (due to their antidilutive effect) for the three and six months ended June 30, 2014 and 2013 were certain stock options and unvested restricted stock issued to key senior management personnel and directors of the Company. The aggregate number of common stock equivalents related to such options and unvested restricted shares, which could potentially be dilutive in future periods, was 106,266 and 109,336 at June 30, 2014 and 2013, respectively. |
Share_Based_Compensation_Plans1
Share Based Compensation Plans (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||
A summary of changes in nonqualified stock options granted for the six months ended June 30, 2014, is as follows. | |||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic Value (2) | |||||||||||
Exercise Price | Remaining | (in thousands) | |||||||||||
Contractual | |||||||||||||
Term (in yrs.) | |||||||||||||
Options outstanding at December 31, 2013 | 654,216 | $ | 11.54 | 8.1 | $ | 5,559 | |||||||
Cancelled or forfeited | (9,688 | ) | 11 | 7.6 | 71 | ||||||||
Exercised | (43,504 | ) | 2.98 | 6.6 | 734 | ||||||||
Options outstanding at June 30, 2014 | 601,024 | 12.16 | 7.7 | 3,837 | |||||||||
Options that are exercisable and expected to be exercisable (1) | 597,647 | 12.17 | 7.7 | 3,813 | |||||||||
Options exercisable | 365,171 | 11.34 | 7.6 | 2,599 | |||||||||
-1 | Adjusted for estimated forfeitures. | ||||||||||||
-2 | Intrinsic value is the amount by which fair value of the underlying stock exceeds the exercise price. | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||||||
A summary of the status of restricted shares follows. | |||||||||||||
Number | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date Fair Value | |||||||||||||
Restricted shares outstanding at December 31, 2013 | 53,951 | $ | 18.18 | ||||||||||
Granted | 74,645 | 17.99 | |||||||||||
Vested | (5,394 | ) | 11 | ||||||||||
Restricted shares outstanding at June 30, 2014 | 123,202 | 18.38 | |||||||||||
Nonvested at June 30, 2014 | 123,202 | 18.38 | |||||||||||
Business_Segments_Tables
Business Segments (Tables) | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||
Condensed income statement | ' | |||||||||||
Financial highlights by operating segment were as follows. | ||||||||||||
Three Months Ended June 30, 2014 | ||||||||||||
(in thousands) | Mortgage | Commercial and | Total | |||||||||
Banking | Consumer Banking | |||||||||||
Condensed income statement: | ||||||||||||
Net interest income (1) | $ | 3,744 | $ | 19,403 | $ | 23,147 | ||||||
Provision for credit losses | — | — | — | |||||||||
Noninterest income | 47,036 | 6,614 | 53,650 | |||||||||
Noninterest expense | 42,537 | 20,434 | 62,971 | |||||||||
Income before income taxes | 8,243 | 5,583 | 13,826 | |||||||||
Income tax expense | 2,634 | 1,830 | 4,464 | |||||||||
Net income | $ | 5,609 | $ | 3,753 | $ | 9,362 | ||||||
Average assets | $ | 584,256 | $ | 2,478,073 | $ | 3,062,329 | ||||||
Three Months Ended June 30, 2013 | ||||||||||||
(in thousands) | Mortgage | Commercial and | Total | |||||||||
Banking | Consumer Banking | |||||||||||
Condensed income statement: | ||||||||||||
Net interest income (1) | $ | 3,625 | $ | 13,790 | $ | 17,415 | ||||||
Provision for credit losses | — | 400 | 400 | |||||||||
Noninterest income | 54,780 | 2,776 | 57,556 | |||||||||
Noninterest expense | 42,807 | 13,905 | 56,712 | |||||||||
Income before income taxes | 15,598 | 2,261 | 17,859 | |||||||||
Income tax expense | 5,510 | 281 | 5,791 | |||||||||
Net income | $ | 10,088 | $ | 1,980 | $ | 12,068 | ||||||
Average assets | $ | 581,361 | $ | 2,018,573 | $ | 2,599,934 | ||||||
Six Months Ended June 30, 2014 | ||||||||||||
(in thousands) | Mortgage | Commercial and | Total | |||||||||
Banking | Consumer Banking | |||||||||||
Condensed income statement: | ||||||||||||
Net interest income (1) | $ | 6,223 | $ | 39,636 | $ | 45,859 | ||||||
(Reversal of) provision for credit losses | — | (1,500 | ) | (1,500 | ) | |||||||
Noninterest income | 78,785 | 9,572 | 88,357 | |||||||||
Noninterest expense | 79,335 | 39,727 | 119,062 | |||||||||
Income before income taxes | 5,673 | 10,981 | 16,654 | |||||||||
Income tax expense | 1,879 | 3,112 | 4,991 | |||||||||
Net income | $ | 3,794 | $ | 7,869 | $ | 11,663 | ||||||
Average assets | $ | 508,109 | $ | 2,534,399 | $ | 3,042,508 | ||||||
Six Months Ended June 30, 2013 | ||||||||||||
(in thousands) | Mortgage | Commercial and | Total | |||||||||
Banking | Consumer Banking | |||||||||||
Condensed income statement: | ||||||||||||
Net interest income (1) | $ | 7,733 | $ | 24,917 | $ | 32,650 | ||||||
Provision for credit losses | — | 2,400 | 2,400 | |||||||||
Noninterest income | 110,387 | 6,112 | 116,499 | |||||||||
Noninterest expense | 82,747 | 29,764 | 112,511 | |||||||||
Income (loss) before income taxes | 35,373 | (1,135 | ) | 34,238 | ||||||||
Income tax expense (benefit) | 12,046 | (816 | ) | 11,230 | ||||||||
Net income (loss) | $ | 23,327 | $ | (319 | ) | $ | 23,008 | |||||
Average assets | $ | 593,817 | $ | 1,954,068 | $ | 2,547,885 | ||||||
-1 | Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to the other segment. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of excess liabilities from another segment. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies Recent Accounting Developments (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Tax benefit from cumulative effect of adoption of ASU 2014-01 [Table Text Block] | '406 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Purchase Accounting Adjustments (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Purchase Accounting Adjustments - Business Combinations [Abstract] | ' |
Finite-Lived Intangible Assets, Purchase Accounting Adjustments | ($1,100,000) |
Premises and Equipment, Purchase Accounting Adjustments | 740,000 |
Deferred Tax Liability, Purchase Accounting Adjustment | 280,000 |
Goodwill, Purchase Accounting Adjustments | ($118,000) |
Investment_Securities_Availabl2
Investment Securities Available for Sale (Unrealized Gain/Loss on Investment)(Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Debt Securities, Amortized Cost Basis | $440,333 | $501,395 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 3,224 | 503 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | -6,586 | -20,215 |
Available-for-sale Securities, Debt Securities | 436,970 | 481,683 |
Available-for-sale Securities | 436,971 | 481,683 |
Residential Mortgage Backed Securities [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Debt Securities, Amortized Cost Basis | 111,460 | 137,602 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 365 | 187 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | -1,559 | -3,879 |
Available-for-sale Securities, Debt Securities | 110,266 | 133,910 |
Commercial Mortgage Backed Securities [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Debt Securities, Amortized Cost Basis | 13,209 | 13,391 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 465 | 45 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | 0 | -3 |
Available-for-sale Securities, Debt Securities | 13,674 | 13,433 |
Municipal Bonds [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Debt Securities, Amortized Cost Basis | 124,772 | 136,937 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 2,085 | 185 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | -1,044 | -6,272 |
Available-for-sale Securities, Debt Securities | 125,812 | 130,850 |
Residential [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Debt Securities, Amortized Cost Basis | 57,614 | 93,112 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 210 | 85 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | -1,057 | -2,870 |
Available-for-sale Securities, Debt Securities | 56,767 | 90,327 |
Commercial [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Debt Securities, Amortized Cost Basis | 16,325 | 17,333 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | -304 | -488 |
Available-for-sale Securities, Debt Securities | 16,021 | 16,845 |
Corporate Debt Securities [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Debt Securities, Amortized Cost Basis | 74,987 | 75,542 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 55 | 0 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | -2,622 | -6,676 |
Available-for-sale Securities, Debt Securities | 72,420 | 68,866 |
US Treasury Securities [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Debt Securities, Amortized Cost Basis | 41,966 | 27,478 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 44 | 1 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | 0 | -27 |
Available-for-sale Securities, Debt Securities | 42,010 | 27,452 |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage Backed Securities [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Securities | 110,266 | 133,910 |
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Securities | 13,674 | 13,433 |
Fair Value, Measurements, Recurring [Member] | Municipal Bonds [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Securities | 125,813 | 130,850 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations Residential [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Securities | 56,767 | 90,327 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations Commercial [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Securities | 16,021 | 16,845 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Securities | 72,420 | 68,866 |
Fair Value, Measurements, Recurring [Member] | Us Treasury Collateralized Mortgage Obligations [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Securities | 42,010 | 27,452 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Residential Mortgage Backed Securities [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Securities | 110,266 | 133,910 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Securities | 13,674 | 13,433 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Municipal Bonds [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Securities | 125,813 | 130,850 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations Residential [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Securities | 56,767 | 90,327 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations Commercial [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Securities | 16,021 | 16,845 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Securities | 72,420 | 68,866 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Us Treasury Collateralized Mortgage Obligations [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Securities | $42,010 | $27,452 |
Investment_Securities_Availabl3
Investment Securities Available for Sale (Continuous Unrealized Loss on Investment)(Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | ($460) | ($19,072) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 32,344 | 388,242 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -6,126 | -1,143 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 232,082 | 25,299 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | -6,586 | -20,215 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 264,426 | 413,541 |
Residential Mortgage [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | -19 | -3,767 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 3,679 | 98,717 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -1,540 | -112 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 79,229 | 6,728 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | -1,559 | -3,879 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 82,908 | 105,445 |
Commercial Mortgage Backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | ' | -3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | ' | 7,661 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | ' | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ' | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | ' | -3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ' | 7,661 |
Municipal Bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | -48 | -5,991 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 14,541 | 106,985 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -996 | -281 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 44,986 | 3,490 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | -1,044 | -6,272 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 59,527 | 110,475 |
Residential [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | -108 | -2,120 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 9,354 | 63,738 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -949 | -750 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 32,299 | 15,081 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | -1,057 | -2,870 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 41,653 | 78,819 |
Commercial [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | 0 | -488 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 16,845 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -304 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 16,021 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | -304 | -488 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 16,021 | 16,845 |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | -285 | -6,676 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 4,770 | 68,844 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | -2,337 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 59,547 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | -2,622 | -6,676 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 64,317 | 68,844 |
US Treasury Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | ' | -27 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | ' | 25,452 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | ' | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | ' | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | ' | -27 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | ' | $25,452 |
Investment_Securities_Availabl4
Investment Securities Available for Sale (Weighted Average Yield)(Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | $1,001 | $1,001 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 41,054 | 26,451 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 72,480 | 88,284 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 322,435 | 365,947 |
Available-for-sale Securities, Debt Securities | 436,970 | 481,683 |
Available for Sale Securities Debt Maturities with in One Year Weighted Average Yield | 0.18% | 0.18% |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Weighted Average Yield | 0.35% | 0.30% |
Available for Sale Securities Debt Maturities After Five Through Ten Years Weighted Average Yield | 3.18% | 2.84% |
Available for Sale Securities Debt Maturities After Ten Years Weighted Average Yield | 2.92% | 2.92% |
Available for Sale Securities Debt Maturities Without Single Maturity Date Weighted Average Yield | 2.72% | 2.75% |
Residential Mortgage Backed Securities [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 0 | 10,581 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 110,266 | 123,329 |
Available-for-sale Securities, Debt Securities | 110,266 | 133,910 |
Available for Sale Securities Debt Maturities with in One Year Weighted Average Yield | 0.00% | 0.00% |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Weighted Average Yield | 0.00% | 0.00% |
Available for Sale Securities Debt Maturities After Five Through Ten Years Weighted Average Yield | 0.00% | 1.63% |
Available for Sale Securities Debt Maturities After Ten Years Weighted Average Yield | 1.80% | 1.82% |
Available for Sale Securities Debt Maturities Without Single Maturity Date Weighted Average Yield | 1.80% | 1.81% |
Commercial Mortgage Backed Securities [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 13,674 | 13,433 |
Available-for-sale Securities, Debt Securities | 13,674 | 13,433 |
Available for Sale Securities Debt Maturities with in One Year Weighted Average Yield | 0.00% | 0.00% |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Weighted Average Yield | 0.00% | 0.00% |
Available for Sale Securities Debt Maturities After Five Through Ten Years Weighted Average Yield | 0.00% | 0.00% |
Available for Sale Securities Debt Maturities After Ten Years Weighted Average Yield | 4.43% | 4.51% |
Available for Sale Securities Debt Maturities Without Single Maturity Date Weighted Average Yield | 4.43% | 4.51% |
Municipal Bonds [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 45 | 0 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 21,451 | 19,598 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 104,316 | 111,252 |
Available-for-sale Securities, Debt Securities | 125,812 | 130,850 |
Available for Sale Securities Debt Maturities with in One Year Weighted Average Yield | 0.00% | 0.00% |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Weighted Average Yield | 3.26% | 0.00% |
Available for Sale Securities Debt Maturities After Five Through Ten Years Weighted Average Yield | 3.41% | 3.51% |
Available for Sale Securities Debt Maturities After Ten Years Weighted Average Yield | 4.21% | 4.29% |
Available for Sale Securities Debt Maturities Without Single Maturity Date Weighted Average Yield | 4.07% | 4.17% |
Residential [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 0 | 19,987 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 56,767 | 70,340 |
Available-for-sale Securities, Debt Securities | 56,767 | 90,327 |
Available for Sale Securities Debt Maturities with in One Year Weighted Average Yield | 0.00% | 0.00% |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Weighted Average Yield | 0.00% | 0.00% |
Available for Sale Securities Debt Maturities After Five Through Ten Years Weighted Average Yield | 0.00% | 2.31% |
Available for Sale Securities Debt Maturities After Ten Years Weighted Average Yield | 2.09% | 2.17% |
Available for Sale Securities Debt Maturities Without Single Maturity Date Weighted Average Yield | 2.09% | 2.20% |
Commercial [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 9,823 | 5,270 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 6,198 | 11,575 |
Available-for-sale Securities, Debt Securities | 16,021 | 16,845 |
Available for Sale Securities Debt Maturities with in One Year Weighted Average Yield | 0.00% | 0.00% |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Weighted Average Yield | 0.00% | 0.00% |
Available for Sale Securities Debt Maturities After Five Through Ten Years Weighted Average Yield | 1.98% | 1.90% |
Available for Sale Securities Debt Maturities After Ten Years Weighted Average Yield | 1.41% | 1.42% |
Available for Sale Securities Debt Maturities Without Single Maturity Date Weighted Average Yield | 1.76% | 1.57% |
Corporate Debt Securities [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 41,206 | 32,848 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 31,214 | 36,018 |
Available-for-sale Securities, Debt Securities | 72,420 | 68,866 |
Available for Sale Securities Debt Maturities with in One Year Weighted Average Yield | 0.00% | 0.00% |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Weighted Average Yield | 0.00% | 0.00% |
Available for Sale Securities Debt Maturities After Five Through Ten Years Weighted Average Yield | 3.35% | 3.31% |
Available for Sale Securities Debt Maturities After Ten Years Weighted Average Yield | 3.77% | 3.75% |
Available for Sale Securities Debt Maturities Without Single Maturity Date Weighted Average Yield | 3.53% | 3.54% |
US Treasury Securities [Member] | ' | ' |
Mortgage Backed and Collateral Mortgage Obligation | ' | ' |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 1,001 | 1,001 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 41,009 | 26,451 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Securities | $42,010 | $27,452 |
Available for Sale Securities Debt Maturities with in One Year Weighted Average Yield | 0.18% | 0.18% |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Weighted Average Yield | 0.35% | 0.30% |
Available for Sale Securities Debt Maturities After Five Through Ten Years Weighted Average Yield | 0.00% | 0.00% |
Available for Sale Securities Debt Maturities After Ten Years Weighted Average Yield | 0.00% | 0.00% |
Available for Sale Securities Debt Maturities Without Single Maturity Date Weighted Average Yield | 0.34% | 0.29% |
Investment_Securities_Availabl5
Investment Securities Available for Sale (Realized Gain/Loss on Investment)(Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Available-for-sale Securities, Gross Realized Gain (Loss), Disclosures [Abstract] | ' | ' | ' | ' |
Interest Income, Securities, Tax Exempt | $863 | $1,400 | $1,800 | $2,700 |
Gain (Loss) on Investments [Line Items] | ' | ' | ' | ' |
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 11,541 | 34,840 | 65,846 | 50,594 |
Available-for-sale Securities, Gross Realized Gains | 118 | 318 | 895 | 322 |
Available-for-sale Securities, Gross Realized Losses | ($137) | ($80) | ($201) | ($132) |
Investment_Securities_Availabl6
Investment Securities Available for Sale (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |
Federal Home Loan Bank Advances [Member] | Federal Home Loan Bank Advances [Member] | Derivative Financial Instruments, Liabilities [Member] | Derivative Financial Instruments, Liabilities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Securities pledged to secure derivatives in a liability position | ' | ' | ' | ' | $49,400,000 | $47,300,000 | $33,800,000 | $37,700,000 |
Interest Income, Securities, Tax Exempt | 863,000 | 1,400,000 | 1,800,000 | 2,700,000 | ' | ' | ' | ' |
Fair Value Measurement Transfers Between With Levels of Hierarchy for Assets and Liabilities Held | ' | $0 | $0 | $0 | ' | ' | ' | ' |
Loans_and_Credit_Quality_LHFI_
Loans and Credit Quality (LHFI table)(Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Loans held for investment | ' | ' | ' |
Loans and Leases Receivable, Gross | $1,838,582 | $1,898,940 | ' |
Net deferred loan fees and discounts | 3,761 | 3,219 | ' |
Loans held for investment, net of deferred fees and discounts | 1,834,821 | 1,895,721 | ' |
Allowance for losses on loans held for investment | -21,926 | -23,908 | -27,655 |
Loans held for investment (net of allowance for loan losses of $21,926 and $23,908) | 1,812,895 | 1,871,813 | ' |
Residential Mortgage [Member] | ' | ' | ' |
Loans held for investment | ' | ' | ' |
Loans and Leases Receivable, Gross | 749,204 | 904,913 | ' |
Consumer Portfolio Segment [Member] | ' | ' | ' |
Loans held for investment | ' | ' | ' |
Loans and Leases Receivable, Gross | 885,385 | 1,040,563 | ' |
Commercial Portfolio Segment [Member] | ' | ' | ' |
Loans held for investment | ' | ' | ' |
Loans and Leases Receivable, Gross | $953,197 | $858,377 | ' |
Loans_and_Credit_Quality_Allow
Loans and Credit Quality (Allowance Activity)(Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Loans and Leases Receivable, Allowance | $21,926 | $27,655 | $21,926 | $27,655 | $23,908 |
Qualitative and Quantitative Information, Transferor's Continuing Involvement, Principal Amount Outstanding | 10,698,067 | ' | 10,698,067 | ' | 12,611,723 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' | ' | ' |
Beginning Balance | 22,317 | 28,594 | 24,089 | 27,751 | ' |
Charge-offs | -619 | -1,780 | -1,153 | -3,291 | ' |
Recoveries | 470 | 644 | 732 | 998 | ' |
Provision (reversal of provision) for credit losses | 0 | 400 | -1,500 | 2,400 | ' |
Ending Balance | 22,168 | 27,858 | 22,168 | 27,858 | ' |
Allowance for Loan and Lease Losses, Provision for Loss, Net | -149 | -1,136 | -421 | -2,293 | ' |
Residential Mortgage [Member] | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' | ' | ' |
Beginning Balance | 9,406 | 14,478 | 11,990 | 13,388 | ' |
Charge-offs | -172 | -1,141 | -283 | -1,862 | ' |
Recoveries | 25 | 171 | 41 | 246 | ' |
Provision (reversal of provision) for credit losses | -148 | 302 | -2,637 | 2,038 | ' |
Ending Balance | 9,111 | 13,810 | 9,111 | 13,810 | ' |
Home Equity Line of Credit [Member] | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' | ' | ' |
Beginning Balance | 3,882 | 4,708 | 3,987 | 4,648 | ' |
Charge-offs | -136 | -299 | -559 | -1,138 | ' |
Recoveries | 236 | 156 | 326 | 253 | ' |
Provision (reversal of provision) for credit losses | -465 | 314 | -237 | 1,116 | ' |
Ending Balance | 3,517 | 4,879 | 3,517 | 4,879 | ' |
Consumer Portfolio Segment [Member] | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' | ' | ' |
Beginning Balance | 13,288 | 19,186 | 15,977 | 18,036 | ' |
Charge-offs | -308 | -1,440 | -842 | -3,000 | ' |
Recoveries | 261 | 327 | 367 | 499 | ' |
Provision (reversal of provision) for credit losses | -613 | 616 | -2,874 | 3,154 | ' |
Ending Balance | 12,628 | 18,689 | 12,628 | 18,689 | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' | ' | ' |
Beginning Balance | 4,309 | 5,958 | 4,012 | 5,312 | ' |
Charge-offs | -23 | -340 | -23 | -143 | ' |
Recoveries | 100 | 0 | 156 | 0 | ' |
Provision (reversal of provision) for credit losses | -323 | 105 | -82 | 554 | ' |
Ending Balance | 4,063 | 5,723 | 4,063 | 5,723 | ' |
Multifamily Residential [Member] | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' | ' | ' |
Beginning Balance | 965 | 635 | 942 | 622 | ' |
Charge-offs | 0 | 0 | 0 | 0 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Provision (reversal of provision) for credit losses | -78 | 55 | -55 | 68 | ' |
Ending Balance | 887 | 690 | 887 | 690 | ' |
Commercial Real Estate Construction Financing Receivable [Member] | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' | ' | ' |
Beginning Balance | 2,003 | 894 | 1,414 | 1,580 | ' |
Charge-offs | 0 | 0 | 0 | 148 | ' |
Recoveries | 46 | 281 | 62 | 351 | ' |
Provision (reversal of provision) for credit losses | 369 | 10 | 942 | -598 | ' |
Ending Balance | 2,418 | 1,185 | 2,418 | 1,185 | ' |
Commercial Business [Member] | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' | ' | ' |
Beginning Balance | 1,752 | 1,921 | 1,744 | 2,201 | ' |
Charge-offs | 288 | 0 | 288 | 0 | ' |
Recoveries | 63 | 36 | 147 | 148 | ' |
Provision (reversal of provision) for credit losses | 645 | -386 | 569 | -778 | ' |
Ending Balance | 2,172 | 1,571 | 2,172 | 1,571 | ' |
Commercial Portfolio Segment [Member] | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' |
Qualitative and Quantitative Information, Transferor's Continuing Involvement, Principal Amount Outstanding | 802,993 | ' | 802,993 | ' | 816,102 |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' | ' | ' |
Beginning Balance | 9,029 | 9,408 | 8,112 | 9,715 | ' |
Charge-offs | -311 | -340 | -311 | -291 | ' |
Recoveries | 209 | 317 | 365 | 499 | ' |
Provision (reversal of provision) for credit losses | 613 | -216 | 1,374 | -754 | ' |
Ending Balance | 9,540 | 9,169 | 9,540 | 9,169 | ' |
Credit Risk [Member] | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ' | ' | ' | ' | ' |
Loss Contingency Accrual, at Carrying Value | $242 | $203 | $242 | $203 | $181 |
Loans_and_Credit_Quality_Loans
Loans and Credit Quality (Loans by impairment methodology)(Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Allowance for credit losses and recorded investment in loans by impairment methodology | ' | ' | ' | ' | ' | ' |
Allowance: collectively evaluated for impairment | $19,640 | ' | $21,518 | ' | ' | ' |
Allowance: individually evaluated for impairment | 2,528 | ' | 2,571 | ' | ' | ' |
Total Allowance | 22,168 | 22,317 | 24,089 | 27,858 | 28,594 | 27,751 |
Loans: collectively evaluated for impairment | 1,721,570 | ' | 1,779,071 | ' | ' | ' |
Loans: individually evaluated for impairment | 117,012 | ' | 119,869 | ' | ' | ' |
Total loans | 1,838,582 | ' | 1,898,940 | ' | ' | ' |
Consumer Portfolio Segment [Member] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses and recorded investment in loans by impairment methodology | ' | ' | ' | ' | ' | ' |
Allowance: collectively evaluated for impairment | 11,674 | ' | 14,535 | ' | ' | ' |
Allowance: individually evaluated for impairment | 954 | ' | 1,442 | ' | ' | ' |
Total Allowance | 12,628 | 13,288 | 15,977 | 18,689 | 19,186 | 18,036 |
Loans: collectively evaluated for impairment | 812,205 | ' | 964,736 | ' | ' | ' |
Loans: individually evaluated for impairment | 73,180 | ' | 75,827 | ' | ' | ' |
Total loans | 885,385 | ' | 1,040,563 | ' | ' | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses and recorded investment in loans by impairment methodology | ' | ' | ' | ' | ' | ' |
Allowance: collectively evaluated for impairment | 3,851 | ' | 4,012 | ' | ' | ' |
Allowance: individually evaluated for impairment | 212 | ' | 0 | ' | ' | ' |
Total Allowance | 4,063 | 4,309 | 4,012 | 5,723 | 5,958 | 5,312 |
Loans: collectively evaluated for impairment | 445,130 | ' | 445,766 | ' | ' | ' |
Loans: individually evaluated for impairment | 31,281 | ' | 31,876 | ' | ' | ' |
Total loans | 476,411 | ' | 477,642 | ' | ' | ' |
Home Equity Line of Credit [Member] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses and recorded investment in loans by impairment methodology | ' | ' | ' | ' | ' | ' |
Allowance: collectively evaluated for impairment | 3,439 | ' | 3,903 | ' | ' | ' |
Allowance: individually evaluated for impairment | 78 | ' | 84 | ' | ' | ' |
Total Allowance | 3,517 | 3,882 | 3,987 | 4,879 | 4,708 | 4,648 |
Loans: collectively evaluated for impairment | 133,787 | ' | 133,006 | ' | ' | ' |
Loans: individually evaluated for impairment | 2,394 | ' | 2,644 | ' | ' | ' |
Total loans | 136,181 | ' | 135,650 | ' | ' | ' |
Commercial Portfolio Segment [Member] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses and recorded investment in loans by impairment methodology | ' | ' | ' | ' | ' | ' |
Allowance: collectively evaluated for impairment | 7,966 | ' | 6,983 | ' | ' | ' |
Allowance: individually evaluated for impairment | 1,574 | ' | 1,129 | ' | ' | ' |
Total Allowance | 9,540 | 9,029 | 8,112 | 9,169 | 9,408 | 9,715 |
Loans: collectively evaluated for impairment | 909,365 | ' | 814,335 | ' | ' | ' |
Loans: individually evaluated for impairment | 43,832 | ' | 44,042 | ' | ' | ' |
Total loans | 953,197 | ' | 858,377 | ' | ' | ' |
Multifamily Residential [Member] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses and recorded investment in loans by impairment methodology | ' | ' | ' | ' | ' | ' |
Allowance: collectively evaluated for impairment | 485 | ' | 515 | ' | ' | ' |
Allowance: individually evaluated for impairment | 402 | ' | 427 | ' | ' | ' |
Total Allowance | 887 | 965 | 942 | 690 | 635 | 622 |
Loans: collectively evaluated for impairment | 69,202 | ' | 76,053 | ' | ' | ' |
Loans: individually evaluated for impairment | 3,125 | ' | 3,163 | ' | ' | ' |
Total loans | 72,327 | ' | 79,216 | ' | ' | ' |
Residential Mortgage [Member] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses and recorded investment in loans by impairment methodology | ' | ' | ' | ' | ' | ' |
Allowance: collectively evaluated for impairment | 8,235 | ' | 10,632 | ' | ' | ' |
Allowance: individually evaluated for impairment | 876 | ' | 1,358 | ' | ' | ' |
Total Allowance | 9,111 | 9,406 | 11,990 | 13,810 | 14,478 | 13,388 |
Loans: collectively evaluated for impairment | 678,418 | ' | 831,730 | ' | ' | ' |
Loans: individually evaluated for impairment | 70,786 | ' | 73,183 | ' | ' | ' |
Total loans | 749,204 | ' | 904,913 | ' | ' | ' |
Commercial Real Estate Construction Financing Receivable [Member] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses and recorded investment in loans by impairment methodology | ' | ' | ' | ' | ' | ' |
Allowance: collectively evaluated for impairment | 2,418 | ' | 1,414 | ' | ' | ' |
Allowance: individually evaluated for impairment | 0 | ' | 0 | ' | ' | ' |
Total Allowance | 2,418 | 2,003 | 1,414 | 1,185 | 894 | 1,580 |
Loans: collectively evaluated for impairment | 213,439 | ' | 124,317 | ' | ' | ' |
Loans: individually evaluated for impairment | 5,843 | ' | 6,148 | ' | ' | ' |
Total loans | 219,282 | ' | 130,465 | ' | ' | ' |
Commercial Business [Member] | ' | ' | ' | ' | ' | ' |
Allowance for credit losses and recorded investment in loans by impairment methodology | ' | ' | ' | ' | ' | ' |
Allowance: collectively evaluated for impairment | 1,212 | ' | 1,042 | ' | ' | ' |
Allowance: individually evaluated for impairment | 960 | ' | 702 | ' | ' | ' |
Total Allowance | 2,172 | 1,752 | 1,744 | 1,571 | 1,921 | 2,201 |
Loans: collectively evaluated for impairment | 181,594 | ' | 168,199 | ' | ' | ' |
Loans: individually evaluated for impairment | 3,583 | ' | 2,855 | ' | ' | ' |
Total loans | $185,177 | ' | $171,054 | ' | ' | ' |
Loans_and_Credit_Quality_Impai
Loans and Credit Quality (Impaired loans by loan class)(Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | ||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | |||
Financing Receivable, Modifications, Performing, Recorded Investment | $67,800,000 | ' | $67,800,000 | ' | $70,300,000 | |||
Impaired loans by loan portfolio segment and loan class [Abstract] | ' | ' | ' | ' | ' | |||
Recorded investment With no related allowance recorded | 73,616,000 | [1] | ' | 73,616,000 | [1] | ' | 81,301,000 | [1] |
Recorded investment With related allowance recorded | 43,396,000 | [1] | ' | 43,396,000 | [1] | ' | 38,568,000 | [1] |
Total Recorded investment | 117,012,000 | [1] | ' | 117,012,000 | [1] | ' | 119,869,000 | [1] |
Unpaid principal balance With no related allowance recorded | 89,210,000 | [2] | ' | 89,210,000 | [2] | ' | 112,795,000 | [2] |
Unpaid principal balance With related allowance recorded | 44,172,000 | [2] | ' | 44,172,000 | [2] | ' | 38,959,000 | [2] |
Impaired Financing Receivable, Related Allowance | 2,528,000 | ' | 2,528,000 | ' | 2,571,000 | |||
Total Unpaid principal balance | 133,382,000 | [2] | ' | 133,382,000 | [2] | ' | 151,754,000 | [2] |
Total Average recorded investment | 117,424,000 | 127,609,000 | 118,239,000 | 126,395,000 | ' | |||
Residential Mortgage [Member] | ' | ' | ' | ' | ' | |||
Impaired loans by loan portfolio segment and loan class [Abstract] | ' | ' | ' | ' | ' | |||
Recorded investment With no related allowance recorded | 38,056,000 | [1] | ' | 38,056,000 | [1] | ' | 39,341,000 | [1] |
Recorded investment With related allowance recorded | 32,730,000 | [1] | ' | 32,730,000 | [1] | ' | 33,842,000 | [1] |
Total Recorded investment | 70,786,000 | [1],[3] | ' | 70,786,000 | [1],[3] | ' | 73,183,000 | [1],[3] |
Unpaid principal balance With no related allowance recorded | 40,366,000 | [2] | ' | 40,366,000 | [2] | ' | 41,935,000 | [2] |
Unpaid principal balance With related allowance recorded | 32,826,000 | [2] | ' | 32,826,000 | [2] | ' | 33,900,000 | [2] |
Impaired Financing Receivable, Related Allowance | 876,000 | [3] | ' | 876,000 | [3] | ' | 1,358,000 | [3] |
Total Unpaid principal balance | 73,192,000 | [2],[3] | ' | 73,192,000 | [2],[3] | ' | 75,835,000 | [2],[3] |
Total Average recorded investment | 70,977,000 | 81,628,000 | 71,713,000 | 79,194,000 | ' | |||
Home Equity Line of Credit [Member] | ' | ' | ' | ' | ' | |||
Impaired loans by loan portfolio segment and loan class [Abstract] | ' | ' | ' | ' | ' | |||
Recorded investment With no related allowance recorded | 1,991,000 | [1] | ' | 1,991,000 | [1] | ' | 1,895,000 | [1] |
Recorded investment With related allowance recorded | 403,000 | [1] | ' | 403,000 | [1] | ' | 749,000 | [1] |
Total Recorded investment | 2,394,000 | [1] | ' | 2,394,000 | [1] | ' | 2,644,000 | [1] |
Unpaid principal balance With no related allowance recorded | 2,068,000 | [2] | ' | 2,068,000 | [2] | ' | 1,968,000 | [2] |
Unpaid principal balance With related allowance recorded | 402,000 | [2] | ' | 402,000 | [2] | ' | 749,000 | [2] |
Impaired Financing Receivable, Related Allowance | 78,000 | ' | 78,000 | ' | 84,000 | |||
Total Unpaid principal balance | 2,470,000 | [2] | ' | 2,470,000 | [2] | ' | 2,717,000 | [2] |
Total Average recorded investment | 2,466,000 | 3,550,000 | 2,525,000 | 3,607,000 | ' | |||
Consumer Portfolio Segment [Member] | ' | ' | ' | ' | ' | |||
Impaired loans by loan portfolio segment and loan class [Abstract] | ' | ' | ' | ' | ' | |||
Recorded investment With no related allowance recorded | 40,047,000 | [1] | ' | 40,047,000 | [1] | ' | 41,236,000 | [1] |
Recorded investment With related allowance recorded | 33,133,000 | [1] | ' | 33,133,000 | [1] | ' | 34,591,000 | [1] |
Total Recorded investment | 73,180,000 | [1] | ' | 73,180,000 | [1] | ' | 75,827,000 | [1] |
Unpaid principal balance With no related allowance recorded | 42,434,000 | [2] | ' | 42,434,000 | [2] | ' | 43,903,000 | [2] |
Unpaid principal balance With related allowance recorded | 33,228,000 | [2] | ' | 33,228,000 | [2] | ' | 34,649,000 | [2] |
Impaired Financing Receivable, Related Allowance | 954,000 | ' | 954,000 | ' | 1,442,000 | |||
Total Unpaid principal balance | 75,662,000 | [2] | ' | 75,662,000 | [2] | ' | 78,552,000 | [2] |
Total Average recorded investment | 73,443,000 | 85,178,000 | 74,238,000 | 82,801,000 | ' | |||
Commercial Real Estate [Member] | ' | ' | ' | ' | ' | |||
Impaired loans by loan portfolio segment and loan class [Abstract] | ' | ' | ' | ' | ' | |||
Recorded investment With no related allowance recorded | 26,185,000 | [1] | ' | 26,185,000 | [1] | ' | 31,876,000 | [1] |
Recorded investment With related allowance recorded | 5,096,000 | [1] | ' | 5,096,000 | [1] | ' | ' | |
Total Recorded investment | 31,281,000 | [1] | ' | 31,281,000 | [1] | ' | 31,876,000 | [1] |
Unpaid principal balance With no related allowance recorded | 29,383,000 | [2] | ' | 29,383,000 | [2] | ' | 45,921,000 | [2] |
Unpaid principal balance With related allowance recorded | 5,325,000 | [2] | ' | 5,325,000 | [2] | ' | ' | |
Impaired Financing Receivable, Related Allowance | 212,000 | ' | 212,000 | ' | 0 | |||
Total Unpaid principal balance | 34,708,000 | [2] | ' | 34,708,000 | [2] | ' | 45,921,000 | [2] |
Total Average recorded investment | 31,771,000 | 28,191,000 | 31,806,000 | 27,952,000 | ' | |||
Multifamily Residential [Member] | ' | ' | ' | ' | ' | |||
Impaired loans by loan portfolio segment and loan class [Abstract] | ' | ' | ' | ' | ' | |||
Recorded investment With no related allowance recorded | 508,000 | [1] | ' | 508,000 | [1] | ' | 508,000 | [1] |
Recorded investment With related allowance recorded | 2,617,000 | [1] | ' | 2,617,000 | [1] | ' | 2,655,000 | [1] |
Total Recorded investment | 3,125,000 | [1] | ' | 3,125,000 | [1] | ' | 3,163,000 | [1] |
Unpaid principal balance With no related allowance recorded | 508,000 | [2] | ' | 508,000 | [2] | ' | 508,000 | [2] |
Unpaid principal balance With related allowance recorded | 2,795,000 | [2] | ' | 2,795,000 | [2] | ' | 2,832,000 | [2] |
Impaired Financing Receivable, Related Allowance | 402,000 | ' | 402,000 | ' | 427,000 | |||
Total Unpaid principal balance | 3,303,000 | [2] | ' | 3,303,000 | [2] | ' | 3,340,000 | [2] |
Total Average recorded investment | 3,135,000 | 3,204,000 | 3,144,000 | 3,210,000 | ' | |||
Commercial Real Estate Construction Financing Receivable [Member] | ' | ' | ' | ' | ' | |||
Impaired loans by loan portfolio segment and loan class [Abstract] | ' | ' | ' | ' | ' | |||
Recorded investment With no related allowance recorded | 5,843,000 | [1] | ' | 5,843,000 | [1] | ' | 6,148,000 | [1] |
Recorded investment With related allowance recorded | 0 | [1] | ' | 0 | [1] | ' | ' | |
Total Recorded investment | 5,843,000 | [1] | ' | 5,843,000 | [1] | ' | 6,148,000 | [1] |
Unpaid principal balance With no related allowance recorded | 14,974,000 | [2] | ' | 14,974,000 | [2] | ' | 15,299,000 | [2] |
Unpaid principal balance With related allowance recorded | 0 | [2] | ' | 0 | [2] | ' | ' | |
Impaired Financing Receivable, Related Allowance | 0 | ' | 0 | ' | 0 | |||
Total Unpaid principal balance | 14,974,000 | [2] | ' | 14,974,000 | [2] | ' | 15,299,000 | [2] |
Total Average recorded investment | 5,875,000 | 9,115,000 | 5,966,000 | 10,378,000 | ' | |||
Commercial Business [Member] | ' | ' | ' | ' | ' | |||
Impaired loans by loan portfolio segment and loan class [Abstract] | ' | ' | ' | ' | ' | |||
Recorded investment With no related allowance recorded | 1,033,000 | [1] | ' | 1,033,000 | [1] | ' | 1,533,000 | [1] |
Recorded investment With related allowance recorded | 2,550,000 | [1] | ' | 2,550,000 | [1] | ' | 1,322,000 | [1] |
Total Recorded investment | 3,583,000 | [1] | ' | 3,583,000 | [1] | ' | 2,855,000 | [1] |
Unpaid principal balance With no related allowance recorded | 1,911,000 | [2] | ' | 1,911,000 | [2] | ' | 7,164,000 | [2] |
Unpaid principal balance With related allowance recorded | 2,824,000 | [2] | ' | 2,824,000 | [2] | ' | 1,478,000 | [2] |
Impaired Financing Receivable, Related Allowance | 960,000 | ' | 960,000 | ' | 702,000 | |||
Total Unpaid principal balance | 4,735,000 | [2] | ' | 4,735,000 | [2] | ' | 8,642,000 | [2] |
Total Average recorded investment | 3,200,000 | 1,921,000 | 3,085,000 | 2,054,000 | ' | |||
Commercial Portfolio Segment [Member] | ' | ' | ' | ' | ' | |||
Impaired loans by loan portfolio segment and loan class [Abstract] | ' | ' | ' | ' | ' | |||
Recorded investment With no related allowance recorded | 33,569,000 | [1] | ' | 33,569,000 | [1] | ' | 40,065,000 | [1] |
Recorded investment With related allowance recorded | 10,263,000 | [1] | ' | 10,263,000 | [1] | ' | 3,977,000 | [1] |
Total Recorded investment | 43,832,000 | [1] | ' | 43,832,000 | [1] | ' | 44,042,000 | [1] |
Unpaid principal balance With no related allowance recorded | 46,776,000 | [2] | ' | 46,776,000 | [2] | ' | 68,892,000 | [2] |
Unpaid principal balance With related allowance recorded | 10,944,000 | [2] | ' | 10,944,000 | [2] | ' | 4,310,000 | [2] |
Impaired Financing Receivable, Related Allowance | 1,574,000 | ' | 1,574,000 | ' | 1,129,000 | |||
Total Unpaid principal balance | 57,720,000 | [2] | ' | 57,720,000 | [2] | ' | 73,202,000 | [2] |
Total Average recorded investment | $43,981,000 | $42,431,000 | $44,001,000 | $43,594,000 | ' | |||
[1] | Includes partial charge-offs and nonaccrual interest paid. | |||||||
[2] | Unpaid principal balance does not include partial charge-offs or nonaccrual interest paid. Related allowance is calculated on net book balances not unpaid principal balances. | |||||||
[3] | Includes $67.8 million in performing troubled debt restructurings ("TDRs"). |
Loans_and_Credit_Quality_Loans1
Loans and Credit Quality (Loans by loan grade)(Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Adversely Classified Assets | $40,200,000 | ' | $40,200,000 | ' | $50,600,000 |
Impaired Financing Receivable, Average Recorded Investment | 117,424,000 | 127,609,000 | 118,239,000 | 126,395,000 | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 1,838,582,000 | ' | 1,838,582,000 | ' | 1,898,940,000 |
Pass [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 1,671,998,000 | ' | 1,671,998,000 | ' | 1,660,075,000 |
Watch [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 99,543,000 | ' | 99,543,000 | ' | 143,752,000 |
Special Mention [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 37,946,000 | ' | 37,946,000 | ' | 57,424,000 |
Substandard [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 29,095,000 | ' | 29,095,000 | ' | 37,689,000 |
Residential Mortgage [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | 70,977,000 | 81,628,000 | 71,713,000 | 79,194,000 | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 749,204,000 | ' | 749,204,000 | ' | 904,913,000 |
Residential Mortgage [Member] | Pass [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 719,493,000 | ' | 719,493,000 | ' | 817,877,000 |
Residential Mortgage [Member] | Watch [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 230,000 | ' | 230,000 | ' | 53,711,000 |
Residential Mortgage [Member] | Special Mention [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 15,346,000 | ' | 15,346,000 | ' | 12,746,000 |
Residential Mortgage [Member] | Substandard [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 14,135,000 | ' | 14,135,000 | ' | 20,579,000 |
Home Equity Line of Credit [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | 2,466,000 | 3,550,000 | 2,525,000 | 3,607,000 | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 136,181,000 | ' | 136,181,000 | ' | 135,650,000 |
Home Equity Line of Credit [Member] | Pass [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 134,225,000 | ' | 134,225,000 | ' | 132,086,000 |
Home Equity Line of Credit [Member] | Watch [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 368,000 | ' | 368,000 | ' | 1,442,000 |
Home Equity Line of Credit [Member] | Special Mention [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 422,000 | ' | 422,000 | ' | 276,000 |
Home Equity Line of Credit [Member] | Substandard [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 1,166,000 | ' | 1,166,000 | ' | 1,846,000 |
Consumer Portfolio Segment [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | 73,443,000 | 85,178,000 | 74,238,000 | 82,801,000 | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 885,385,000 | ' | 885,385,000 | ' | 1,040,563,000 |
Consumer Portfolio Segment [Member] | Pass [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 853,718,000 | ' | 853,718,000 | ' | 949,963,000 |
Consumer Portfolio Segment [Member] | Watch [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 598,000 | ' | 598,000 | ' | 55,153,000 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 15,768,000 | ' | 15,768,000 | ' | 13,022,000 |
Consumer Portfolio Segment [Member] | Substandard [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 15,301,000 | ' | 15,301,000 | ' | 22,425,000 |
Commercial Real Estate [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | 31,771,000 | 28,191,000 | 31,806,000 | 27,952,000 | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 476,411,000 | ' | 476,411,000 | ' | 477,642,000 |
Commercial Real Estate [Member] | Pass [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 380,101,000 | ' | 380,101,000 | ' | 368,817,000 |
Commercial Real Estate [Member] | Watch [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 71,009,000 | ' | 71,009,000 | ' | 63,579,000 |
Commercial Real Estate [Member] | Special Mention [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 18,403,000 | ' | 18,403,000 | ' | 37,758,000 |
Commercial Real Estate [Member] | Substandard [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 6,898,000 | ' | 6,898,000 | ' | 7,488,000 |
Multifamily Residential [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | 3,135,000 | 3,204,000 | 3,144,000 | 3,210,000 | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 72,327,000 | ' | 72,327,000 | ' | 79,216,000 |
Multifamily Residential [Member] | Pass [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 67,671,000 | ' | 67,671,000 | ' | 74,509,000 |
Multifamily Residential [Member] | Watch [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 1,531,000 | ' | 1,531,000 | ' | 1,544,000 |
Multifamily Residential [Member] | Special Mention [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 3,125,000 | ' | 3,125,000 | ' | 3,163,000 |
Multifamily Residential [Member] | Substandard [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 0 | ' | 0 | ' | 0 |
Commercial Real Estate Construction Financing Receivable [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | 5,875,000 | 9,115,000 | 5,966,000 | 10,378,000 | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 219,282,000 | ' | 219,282,000 | ' | 130,465,000 |
Commercial Real Estate Construction Financing Receivable [Member] | Pass [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 209,293,000 | ' | 209,293,000 | ' | 121,026,000 |
Commercial Real Estate Construction Financing Receivable [Member] | Watch [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 6,923,000 | ' | 6,923,000 | ' | 3,414,000 |
Commercial Real Estate Construction Financing Receivable [Member] | Special Mention [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 92,000 | ' | 92,000 | ' | 2,895,000 |
Commercial Real Estate Construction Financing Receivable [Member] | Substandard [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 2,974,000 | ' | 2,974,000 | ' | 3,130,000 |
Commercial Business [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | 3,200,000 | 1,921,000 | 3,085,000 | 2,054,000 | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 185,177,000 | ' | 185,177,000 | ' | 171,054,000 |
Commercial Business [Member] | Pass [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 161,215,000 | ' | 161,215,000 | ' | 145,760,000 |
Commercial Business [Member] | Watch [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 19,482,000 | ' | 19,482,000 | ' | 20,062,000 |
Commercial Business [Member] | Special Mention [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 558,000 | ' | 558,000 | ' | 586,000 |
Commercial Business [Member] | Substandard [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 3,922,000 | ' | 3,922,000 | ' | 4,646,000 |
Commercial Portfolio Segment [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ' | ' |
Impaired Financing Receivable, Average Recorded Investment | 43,981,000 | 42,431,000 | 44,001,000 | 43,594,000 | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 953,197,000 | ' | 953,197,000 | ' | 858,377,000 |
Commercial Portfolio Segment [Member] | Pass [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 818,280,000 | ' | 818,280,000 | ' | 710,112,000 |
Commercial Portfolio Segment [Member] | Watch [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 98,945,000 | ' | 98,945,000 | ' | 88,599,000 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | 22,178,000 | ' | 22,178,000 | ' | 44,402,000 |
Commercial Portfolio Segment [Member] | Substandard [Member] | ' | ' | ' | ' | ' |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ' | ' | ' |
Total loans | $13,794,000 | ' | $13,794,000 | ' | $15,264,000 |
Loans_and_Credit_Quality_Aging
Loans and Credit Quality (Aging Analysis)(Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | $1,838,582 | $1,898,940 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' | ||
30-59 days past due | 11,935 | 6,841 | ||
60-89 days past due | 5,220 | 4,976 | ||
90 days or more past due | 53,229 | 72,518 | ||
Total past due | 70,384 | 84,335 | ||
Current | 1,768,198 | 1,814,605 | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | ' | 1,898,940 | ||
90-days or more past due and still accruing | 32,032 | 46,811 | ||
Residential Mortgage [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 749,204 | 904,913 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' | ||
30-59 days past due | 10,967 | 6,466 | ||
60-89 days past due | 3,943 | 4,901 | ||
90 days or more past due | 39,020 | 55,672 | ||
Total past due | 53,930 | 67,039 | ||
Current | 695,274 | 837,874 | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | ' | 904,913 | ||
90-days or more past due and still accruing | 32,032 | [1] | 46,811 | [1] |
Home Equity Line of Credit [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 136,181 | 135,650 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' | ||
30-59 days past due | 209 | 375 | ||
60-89 days past due | 368 | 75 | ||
90 days or more past due | 1,166 | 1,846 | ||
Total past due | 1,743 | 2,296 | ||
Current | 134,438 | 133,354 | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | ' | 135,650 | ||
90-days or more past due and still accruing | 0 | 0 | ||
Consumer Portfolio Segment [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 885,385 | 1,040,563 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' | ||
30-59 days past due | 11,176 | 6,841 | ||
60-89 days past due | 4,311 | 4,976 | ||
90 days or more past due | 40,186 | 57,518 | ||
Total past due | 55,673 | 69,335 | ||
Current | 829,712 | 971,228 | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | ' | 1,040,563 | ||
90-days or more past due and still accruing | 32,032 | 46,811 | ||
Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 476,411 | 477,642 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' | ||
30-59 days past due | 0 | 0 | ||
60-89 days past due | 0 | 0 | ||
90 days or more past due | 9,871 | 12,257 | ||
Total past due | 9,871 | 12,257 | ||
Current | 466,540 | 465,385 | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | ' | 477,642 | ||
90-days or more past due and still accruing | 0 | 0 | ||
Multifamily Residential [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 72,327 | 79,216 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' | ||
30-59 days past due | 0 | 0 | ||
60-89 days past due | 0 | 0 | ||
90 days or more past due | 0 | 0 | ||
Total past due | 0 | 0 | ||
Current | 72,327 | 79,216 | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | ' | 79,216 | ||
90-days or more past due and still accruing | 0 | 0 | ||
Commercial Real Estate Construction Financing Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 219,282 | 130,465 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' | ||
30-59 days past due | 0 | 0 | ||
60-89 days past due | 72 | 0 | ||
90 days or more past due | 0 | 0 | ||
Total past due | 72 | 0 | ||
Current | 219,210 | 130,465 | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | ' | 130,465 | ||
90-days or more past due and still accruing | 0 | 0 | ||
Commercial Business [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 185,177 | 171,054 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' | ||
30-59 days past due | 759 | 0 | ||
60-89 days past due | 837 | 0 | ||
90 days or more past due | 3,172 | 2,743 | ||
Total past due | 4,768 | 2,743 | ||
Current | 180,409 | 168,311 | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | ' | 171,054 | ||
90-days or more past due and still accruing | 0 | 0 | ||
Commercial Portfolio Segment [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 953,197 | 858,377 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ' | ' | ||
30-59 days past due | 759 | 0 | ||
60-89 days past due | 909 | 0 | ||
90 days or more past due | 13,043 | 15,000 | ||
Total past due | 14,711 | 15,000 | ||
Current | 938,486 | 843,377 | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | ' | 858,377 | ||
90-days or more past due and still accruing | 0 | 0 | ||
Pass [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 1,671,998 | 1,660,075 | ||
Pass [Member] | Residential Mortgage [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 719,493 | 817,877 | ||
Pass [Member] | Home Equity Line of Credit [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 134,225 | 132,086 | ||
Pass [Member] | Consumer Portfolio Segment [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 853,718 | 949,963 | ||
Pass [Member] | Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 380,101 | 368,817 | ||
Pass [Member] | Multifamily Residential [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 67,671 | 74,509 | ||
Pass [Member] | Commercial Real Estate Construction Financing Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 209,293 | 121,026 | ||
Pass [Member] | Commercial Business [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 161,215 | 145,760 | ||
Pass [Member] | Commercial Portfolio Segment [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 818,280 | 710,112 | ||
Watch [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 99,543 | 143,752 | ||
Watch [Member] | Residential Mortgage [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 230 | 53,711 | ||
Watch [Member] | Home Equity Line of Credit [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 368 | 1,442 | ||
Watch [Member] | Consumer Portfolio Segment [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 598 | 55,153 | ||
Watch [Member] | Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 71,009 | 63,579 | ||
Watch [Member] | Multifamily Residential [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 1,531 | 1,544 | ||
Watch [Member] | Commercial Real Estate Construction Financing Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 6,923 | 3,414 | ||
Watch [Member] | Commercial Business [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 19,482 | 20,062 | ||
Watch [Member] | Commercial Portfolio Segment [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 98,945 | 88,599 | ||
Special Mention [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 37,946 | 57,424 | ||
Special Mention [Member] | Residential Mortgage [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 15,346 | 12,746 | ||
Special Mention [Member] | Home Equity Line of Credit [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 422 | 276 | ||
Special Mention [Member] | Consumer Portfolio Segment [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 15,768 | 13,022 | ||
Special Mention [Member] | Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 18,403 | 37,758 | ||
Special Mention [Member] | Multifamily Residential [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 3,125 | 3,163 | ||
Special Mention [Member] | Commercial Real Estate Construction Financing Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 92 | 2,895 | ||
Special Mention [Member] | Commercial Business [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 558 | 586 | ||
Special Mention [Member] | Commercial Portfolio Segment [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 22,178 | 44,402 | ||
Substandard [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 29,095 | 37,689 | ||
Substandard [Member] | Residential Mortgage [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 14,135 | 20,579 | ||
Substandard [Member] | Home Equity Line of Credit [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 1,166 | 1,846 | ||
Substandard [Member] | Consumer Portfolio Segment [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 15,301 | 22,425 | ||
Substandard [Member] | Commercial Real Estate [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 6,898 | 7,488 | ||
Substandard [Member] | Multifamily Residential [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 0 | 0 | ||
Substandard [Member] | Commercial Real Estate Construction Financing Receivable [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 2,974 | 3,130 | ||
Substandard [Member] | Commercial Business [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | 3,922 | 4,646 | ||
Substandard [Member] | Commercial Portfolio Segment [Member] | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Loans and Leases Receivable, Gross | $13,794 | $15,264 | ||
[1] | FHA-insured and VA-guaranteed single family loans that are 90 days or more past due are maintained on accrual status if they are determined to have little to no risk of loss. |
Loans_and_Credit_Quality_Perfo
Loans and Credit Quality (Performing and nonaccrual)(Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ||
Nonaccrual loans guaranteed by the SBA | $6,478 | $6,500 | ||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ||
Performing | 1,817,385 | 1,873,233 | ||
Nonaccrual | 21,197 | 25,707 | ||
Total loans | 1,838,582 | 1,898,940 | ||
Residential Mortgage [Member] | ' | ' | ||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ||
Performing | 742,216 | 896,052 | ||
Nonaccrual | 6,988 | 8,861 | ||
Total loans | 749,204 | 904,913 | ||
Home Equity Line of Credit [Member] | ' | ' | ||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ||
Performing | 135,015 | 133,804 | ||
Nonaccrual | 1,166 | 1,846 | ||
Total loans | 136,181 | 135,650 | ||
Consumer Portfolio Segment [Member] | ' | ' | ||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ||
Performing | 877,231 | 1,029,856 | ||
Nonaccrual | 8,154 | 10,707 | ||
Total loans | 885,385 | 1,040,563 | ||
Commercial Portfolio Segment [Member] | ' | ' | ||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ||
Performing | 940,154 | 843,377 | ||
Nonaccrual | 13,043 | [1] | 15,000 | [1] |
Total loans | 953,197 | 858,377 | ||
Commercial Real Estate [Member] | ' | ' | ||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ||
Performing | 466,540 | 465,385 | ||
Nonaccrual | 9,871 | 12,257 | ||
Total loans | 476,411 | 477,642 | ||
Multifamily Residential [Member] | ' | ' | ||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ||
Performing | 72,327 | 79,216 | ||
Nonaccrual | 0 | 0 | ||
Total loans | 72,327 | 79,216 | ||
Commercial Real Estate Construction Financing Receivable [Member] | ' | ' | ||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ||
Performing | 219,282 | 130,465 | ||
Nonaccrual | 0 | 0 | ||
Total loans | 219,282 | 130,465 | ||
Commercial Business [Member] | ' | ' | ||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | ' | ' | ||
Performing | 182,005 | 168,311 | ||
Nonaccrual | 3,172 | 2,743 | ||
Total loans | $185,177 | $171,054 | ||
[1] | Includes $6.5 million of nonperforming loans at DecemberB 31, 2013 that are guaranteed by the SBA. |
Loans_and_Credit_Quality_TDRsD
Loans and Credit Quality (TDRs)(Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Interest Rate Reduction [Member] | Interest Rate Reduction [Member] | Interest Rate Reduction [Member] | Payment Restructure [Member] | Payment Restructure [Member] | Forgiveness of Principal [Member] | Forgiveness of Principal [Member] | Residential Mortgage [Member] | Residential Mortgage [Member] | Residential Mortgage [Member] | Residential Mortgage [Member] | Residential Mortgage [Member] | Residential Mortgage [Member] | Home Equity Line of Credit [Member] | Home Equity Line of Credit [Member] | Home Equity Line of Credit [Member] | Consumer loans [Member] | Consumer loans [Member] | Consumer loans [Member] | Consumer loans [Member] | Consumer loans [Member] | Consumer loans [Member] | Consumer loans [Member] | Consumer loans [Member] | Consumer loans [Member] | Commercial Real Estate [Member] | Commercial Real Estate [Member] | Commercial Portfolio Segment [Member] | Commercial Portfolio Segment [Member] | Commercial Portfolio Segment [Member] | Commercial Portfolio Segment [Member] | Commercial Portfolio Segment [Member] | Commercial Portfolio Segment [Member] | Commercial Portfolio Segment [Member] | Commercial Real Estate Construction Financing Receivable [Member] | Commercial Real Estate Construction Financing Receivable [Member] | Commercial Real Estate Construction Financing Receivable [Member] | |||||
Interest Rate Reduction [Member] | Interest Rate Reduction [Member] | Interest Rate Reduction [Member] | Interest Rate Reduction [Member] | Payment Restructure [Member] | Payment Restructure [Member] | Interest Rate Reduction [Member] | Interest Rate Reduction [Member] | Interest Rate Reduction [Member] | Interest Rate Reduction [Member] | Interest Rate Reduction [Member] | Interest Rate Reduction [Member] | Interest Rate Reduction [Member] | Payment Restructure [Member] | Payment Restructure [Member] | Payment Restructure [Member] | Payment Restructure [Member] | Interest Rate Reduction [Member] | Payment Restructure [Member] | Payment Restructure [Member] | Forgiveness of Principal [Member] | Forgiveness of Principal [Member] | Interest Rate Reduction [Member] | Forgiveness of Principal [Member] | Forgiveness of Principal [Member] | |||||||||||||||||
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonaccrual loans guaranteed by the SBA | $6,478,000 | $6,478,000 | ' | $6,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivable, Modifications, Number of Contracts at Period End | 18 | 32 | 69 | ' | 15 | 39 | 26 | 2 | 5 | 1 | 1 | 15 | 36 | 24 | 63 | 0 | 2 | 0 | 3 | 6 | 15 | 26 | 69 | 15 | 39 | 24 | 69 | 0 | 2 | 2 | 3 | 3 | 6 | 2 | 2 | 3 | 1 | 1 | 2 | 1 | 1 |
Financing Receivable, Modifications, Recorded Investment at Period End | 4,730,000 | 9,125,000 | 14,096,000 | ' | 2,430,000 | 8,084,000 | 4,304,000 | 2,092,000 | 4,613,000 | 208,000 | 208,000 | 2,430,000 | 8,007,000 | 4,187,000 | 13,848,000 | 0 | 365,000 | 0 | 77,000 | 248,000 | 2,430,000 | 4,552,000 | 14,096,000 | 2,430,000 | 8,084,000 | 4,187,000 | 14,096,000 | 0 | 365,000 | 2,092,000 | 4,248,000 | 2,300,000 | 4,573,000 | 117,000 | 2,092,000 | 4,248,000 | 208,000 | 208,000 | 117,000 | 208,000 | 208,000 |
TDR balances by loan portfolio segment and loan class | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | $288,000 | $288,000 | $0 | ' | $0 | $0 | $0 | $0 | $0 | $288,000 | $288,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $288,000 | $288,000 | $0 | $0 | $0 | $288,000 | $288,000 | $0 | $288,000 | $288,000 |
Loans_and_Credit_Quality_TDR_r
Loans and Credit Quality (TDR re-defaults)(Details) (Defaults Over The Prior Three Month Period [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
TDR balances which have subsequently re-defaulted | ' | ' | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 2 | 1 | 5 | 9 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $425 | $133 | $918 | $2,348 |
Residential Mortgage [Member] | ' | ' | ' | ' |
TDR balances which have subsequently re-defaulted | ' | ' | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 2 | 1 | 4 | 7 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 425 | 133 | 728 | 1,556 |
Home Equity Line of Credit [Member] | ' | ' | ' | ' |
TDR balances which have subsequently re-defaulted | ' | ' | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | 1 | 1 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | 0 | 190 | 22 |
Consumer loans [Member] | ' | ' | ' | ' |
TDR balances which have subsequently re-defaulted | ' | ' | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 2 | 1 | 5 | 8 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 425 | 133 | 918 | 1,578 |
Commercial Portfolio Segment [Member] | ' | ' | ' | ' |
TDR balances which have subsequently re-defaulted | ' | ' | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | ' | ' | 0 | 1 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | ' | ' | 0 | 770 |
Commercial Real Estate [Member] | ' | ' | ' | ' |
TDR balances which have subsequently re-defaulted | ' | ' | ' | ' |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | ' | ' | 0 | 1 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | ' | ' | $0 | $770 |
Loans_and_Credit_Quality_Detai
Loans and Credit Quality (Details Textual) (USD $) | 6 Months Ended | |||
Jun. 30, 2014 | Dec. 31, 2013 | |||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Adversely Classified Assets | $40,200,000 | $50,600,000 | ||
Financing Receivable, Modifications, Performing, Recorded Investment | 67,800,000 | 70,300,000 | ||
Number of Days Past Due for When a Troubled Debt Restructuring is Considered a Re-Default, Consumer | 60 | ' | ||
Loans and Credit Quality (Textual) [Abstract] | ' | ' | ||
Percentage of Portfolio by State and Property Type for the Loan Classes | ' | 10.00% | ||
Number of Days Past Due for When a Troubled Debt Restructuring is Considered a Re-Default, Commercial | 90 | ' | ||
Loans and Credit Quality (Additional Textual) [Abstract] | ' | ' | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 43,396,000 | [1] | 38,568,000 | [1] |
Impaired Financing Receivable, Recorded Investment | 117,012,000 | [1] | 119,869,000 | [1] |
Impaired Loan allowance | 2,528,000 | 2,571,000 | ||
Federal Home Loan Bank Advances [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Loans Pledged as Collateral | 634,400,000 | 800,500,000 | ||
Residential Mortgage [Member] | ' | ' | ||
Loans and Credit Quality (Textual) [Abstract] | ' | ' | ||
Percentage of Loan Portfolio | 27.50% | 37.30% | ||
Loans and Credit Quality (Additional Textual) [Abstract] | ' | ' | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 32,730,000 | [1] | 33,842,000 | [1] |
Impaired Financing Receivable, Recorded Investment | 70,786,000 | [1],[2] | 73,183,000 | [1],[2] |
Impaired Loan allowance | 876,000 | [2] | 1,358,000 | [2] |
Commercial Real Estate Construction Financing Receivable [Member] | ' | ' | ||
Loans and Credit Quality (Additional Textual) [Abstract] | ' | ' | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | [1] | ' | |
Impaired Financing Receivable, Recorded Investment | 5,843,000 | [1] | 6,148,000 | [1] |
Impaired Loan allowance | 0 | 0 | ||
Commercial Real Estate [Member] | ' | ' | ||
Loans and Credit Quality (Textual) [Abstract] | ' | ' | ||
Percentage of Loan Portfolio | 21.80% | 21.20% | ||
Loans and Credit Quality (Additional Textual) [Abstract] | ' | ' | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 5,096,000 | [1] | ' | |
Impaired Financing Receivable, Recorded Investment | 31,281,000 | [1] | 31,876,000 | [1] |
Impaired Loan allowance | $212,000 | $0 | ||
[1] | Includes partial charge-offs and nonaccrual interest paid. | |||
[2] | Includes $67.8 million in performing troubled debt restructurings ("TDRs"). |
Deposits_Details
Deposits (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposit balances, including stated rates | ' | ' |
Noninterest bearing accounts | $472,255 | $322,952 |
NOW accounts | 324,604 | 297,966 |
Statement savings accounts, due on demand | 166,851 | 156,181 |
Money market accounts, due on demand | 996,473 | 919,322 |
Certificates of deposit | 457,529 | 514,400 |
Deposits, Total | $2,417,712 | $2,210,821 |
Deposits_Interest_expenseDetai
Deposits (Interest expense)(Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest expense on deposits | ' | ' | ' | ' |
NOW accounts | $286 | $233 | $546 | $391 |
Statement savings accounts | 211 | 114 | 411 | 218 |
Money market accounts | 1,080 | 973 | 2,101 | 1,830 |
Certificates of deposit | 779 | 1,047 | 1,658 | 3,417 |
Interest expense on deposits, Total | $2,356 | $2,367 | $4,716 | $5,856 |
Deposits_Time_depositsDetails
Deposits (Time deposits)(Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Certificates of deposit outstanding | ' | ' |
Within one year | $321,986 | ' |
One to two years | 78,911 | ' |
Two to three years | 43,864 | ' |
Three to four years | 9,948 | ' |
Four to five years | 2,820 | ' |
Total | $457,529 | $514,400 |
Deposits_Details_Textual
Deposits (Details Textual) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Short-term Debt [Line Items] | ' | ' |
Public Funds Included in Deposits | $1.90 | $0 |
Deposits (Additional Textual) [Abstract] | ' | ' |
Weighted-average interest rate on certificates of deposit | 0.67% | 0.71% |
Aggregate amount of time deposits in denominations of of 100000 | 208 | 216.5 |
Aggregate amount of time deposits in denominations of 250000 | 20.9 | 26.3 |
Interest-bearing Domestic Deposit, Brokered | $119.90 | $144.30 |
Maximum [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Weighted Average Rate Domestic Deposit, Notice of Withdrawal | 1.00% | 0.75% |
Weighted Average Rate Domestic Deposit, Savings | 2.00% | 2.00% |
Weighted Average Rate Domestic Deposit, Money Market | 1.45% | 1.50% |
Weighted Average Rate Domestic Deposit, Certificates of Deposit | 3.80% | 3.80% |
Minimum [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Weighted Average Rate Domestic Deposit, Notice of Withdrawal | 0.00% | 0.00% |
Weighted Average Rate Domestic Deposit, Savings | 0.10% | 0.20% |
Weighted Average Rate Domestic Deposit, Money Market | 0.00% | 0.00% |
Weighted Average Rate Domestic Deposit, Certificates of Deposit | 0.10% | 0.10% |
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Fair Value)(Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative, Fair Value, Net [Abstract] | ' | ' |
Notional Amount | $2,221,645 | $1,405,456 |
Derivative Assets | 24,114 | 10,225 |
Derivative Asset, Fair Value, Gross Asset | 24,851 | 11,588 |
Derivative Liability, Fair Value, Gross Liability | -13,382 | -10,365 |
Derivative Liability Fair Value Amount Offset Against Other Derivatives | -737 | -1,363 |
Derivative Asset Fair Value Amount Offset Against Other Derivatives | 737 | 1,363 |
Derivative Liabilities | -12,645 | -9,002 |
Forward Contracts [Member] | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' |
Notional Amount | 1,122,581 | 526,382 |
Derivative Liability, Fair Value, Gross Liability | -8,210 | -578 |
Interest Rate Swaption [Member] | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' |
Notional Amount | 25,000 | 110,000 |
Derivative Liability, Fair Value, Gross Liability | 0 | -199 |
Interest Rate Lock Commitments [Member] | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' |
Notional Amount | 594,953 | 261,070 |
Derivative Liability, Fair Value, Gross Liability | -35 | -40 |
Interest Rate Swap [Member] | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' |
Notional Amount | 479,111 | 508,004 |
Derivative Liability, Fair Value, Gross Liability | -5,137 | -9,548 |
Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' |
Derivative Assets | 1,473 | 3,630 |
Derivative Liabilities | ' | -578 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaption [Member] | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' |
Derivative Assets | 29 | 858 |
Derivative Liabilities | ' | -199 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' |
Derivative Assets | 17,441 | 6,012 |
Derivative Liabilities | -35 | -40 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' |
Derivative Assets | 5,908 | 1,088 |
Derivative Liabilities | ' | -9,548 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Forward Contracts [Member] | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' |
Derivative Assets | ' | 3,630 |
Derivative Asset, Fair Value, Gross Asset | 1,473 | ' |
Derivative Liabilities | -8,210 | -578 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaption [Member] | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | ' | 858 |
Derivative Asset, Fair Value, Gross Asset | 29 | ' |
Derivative Liabilities | ' | -199 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Lock Commitments [Member] | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' |
Derivative Assets | 0 | ' |
Derivative Liabilities | 0 | -9,548 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 5,908 | 1,088 |
Derivative Liabilities | -5,137 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Forward Contracts [Member] | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' |
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swaption [Member] | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' |
Derivative Assets | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Lock Commitments [Member] | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' |
Derivative Asset, Fair Value, Gross Asset | 17,441 | 6,012 |
Derivative Liabilities | -35 | -40 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ' | ' |
Derivative, Fair Value, Net [Abstract] | ' | ' |
Derivative Assets | ' | 0 |
Derivative Liabilities | $0 | $0 |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Details Textual) (Loans Receivable [Member], Fair Value Hedging [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Loans Receivable [Member] | Fair Value Hedging [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | ($19) | $75 | $12 | $106 |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities Derivatives and Hedge Activities (Master Netting Agreements) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
Derivative [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | $24,851,000 | $11,588,000 | ||
Derivative Liability, Fair Value, Gross Liability | -13,382,000 | -10,365,000 | ||
Derivative Asset Fair Value Amount Offset Against Other Derivatives | -737,000 | -1,363,000 | ||
Derivative Liability Fair Value Amount Offset Against Other Derivatives | -737,000 | -1,363,000 | ||
Derivative Liabilities | -12,645,000 | -9,002,000 | ||
Derivative, Collateral, Right to Reclaim Cash | 11,496,000 | [1] | 8,491,000 | [1] |
Financial Instruments, Owned and Pledged as Collateral, at Fair Value | 955,000 | 451,000 | ||
Derivative Liabilities, Net Exposure | -194,000 | -60,000 | ||
Derivative Assets | 24,114,000 | 10,225,000 | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 24,114,000 | 10,225,000 | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | [1] | 0 | [1] |
Derivative Asset, Fair Value of Collateral | 0 | 0 | ||
Forward Contracts [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | -8,210,000 | -578,000 | ||
Interest Rate Swap [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Liability, Fair Value, Gross Liability | -5,137,000 | -9,548,000 | ||
Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Right to reclaim cash in excess of fair value of derivative liability | 20,600,000 | 18,500,000 | ||
Derivative Asset, Fair Value, Gross Asset | 7,410,000 | 5,576,000 | ||
Derivative Liability, Fair Value, Gross Liability | -13,347,000 | -10,325,000 | ||
Derivative Asset Fair Value Amount Offset Against Other Derivatives | -737,000 | -1,363,000 | ||
Derivative Liability Fair Value Amount Offset Against Other Derivatives | -737,000 | -1,363,000 | ||
Derivative Liabilities | -12,610,000 | -8,962,000 | ||
Derivative, Collateral, Right to Reclaim Cash | 11,496,000 | [1] | 8,491,000 | [1] |
Financial Instruments, Owned and Pledged as Collateral, at Fair Value | 955,000 | 451,000 | ||
Derivative Liabilities, Net Exposure | -159,000 | -20,000 | ||
Derivative Assets | 6,673,000 | 4,213,000 | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 6,673,000 | 4,213,000 | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | [1] | 0 | [1] |
Derivative Asset, Fair Value of Collateral | 0 | 0 | ||
Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | Forward Contracts [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 1,473,000 | 3,630,000 | ||
Derivative Liability, Fair Value, Gross Liability | -8,210,000 | -578,000 | ||
Derivative Asset Fair Value Amount Offset Against Other Derivatives | -799,000 | -33,000 | ||
Derivative Liability Fair Value Amount Offset Against Other Derivatives | -799,000 | -33,000 | ||
Derivative Liabilities | -7,411,000 | -545,000 | ||
Derivative, Collateral, Right to Reclaim Cash | 6,433,000 | [1] | 115,000 | [1] |
Financial Instruments, Owned and Pledged as Collateral, at Fair Value | 820,000 | 410,000 | ||
Derivative Liabilities, Net Exposure | -158,000 | -20,000 | ||
Derivative Assets | 674,000 | 3,597,000 | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 674,000 | 3,597,000 | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | [1] | 0 | [1] |
Derivative Asset, Fair Value of Collateral | 0 | 0 | ||
Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | Interest Rate Swap [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 5,937,000 | 1,946,000 | ||
Derivative Liability, Fair Value, Gross Liability | -5,137,000 | -9,747,000 | ||
Derivative Asset Fair Value Amount Offset Against Other Derivatives | 62,000 | -1,330,000 | ||
Derivative Liability Fair Value Amount Offset Against Other Derivatives | 62,000 | -1,330,000 | ||
Derivative Liabilities | -5,199,000 | -8,417,000 | ||
Derivative, Collateral, Right to Reclaim Cash | 5,063,000 | [1] | 8,376,000 | [1] |
Financial Instruments, Owned and Pledged as Collateral, at Fair Value | 135,000 | 41,000 | ||
Derivative Liabilities, Net Exposure | -1,000 | 0 | ||
Derivative Assets | 5,999,000 | 616,000 | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 5,999,000 | 616,000 | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | [1] | 0 | [1] |
Derivative Asset, Fair Value of Collateral | 0 | 0 | ||
Fair Value, Concentration of Credit Risk, Not Part of a Master Netting Arrangement [Member] | ' | ' | ||
Derivative [Line Items] | ' | ' | ||
Derivative Asset, Fair Value, Gross Asset | 17,441,000 | 6,012,000 | ||
Derivative Liability, Fair Value, Gross Liability | -35,000 | -40,000 | ||
Derivative Asset Fair Value Amount Offset Against Other Derivatives | 0 | 0 | ||
Derivative Liability Fair Value Amount Offset Against Other Derivatives | 0 | 0 | ||
Derivative Liabilities | -35,000 | -40,000 | ||
Derivative, Collateral, Right to Reclaim Cash | 0 | [1] | 0 | [1] |
Financial Instruments, Owned and Pledged as Collateral, at Fair Value | 0 | 0 | ||
Derivative Liabilities, Net Exposure | -35,000 | -40,000 | ||
Derivative Assets | 17,441,000 | 6,012,000 | ||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 17,441,000 | 6,012,000 | ||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | [1] | 0 | [1] |
Derivative Asset, Fair Value of Collateral | $0 | $0 | ||
[1] | Excludes cash collateral of $20.6 million and $18.5 million at JuneB 30, 2014 and DecemberB 31, 2013, which predominantly consists of collateral transferred by the Company at the initiation of derivative transactions and held by the counterparty as security. These amounts were not netted against the derivative receivables and payables, because, at an individual counterparty level, the collateral exceeded the fair value exposure at both JuneB 30, 2014 and DecemberB 31, 2013. |
Derivatives_and_Hedging_Activi4
Derivatives and Hedging Activities (Gain/loss recognized in income)(Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $6,361 | $7,509 | $14,824 | $3,626 | ||||
Loans [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | -4,580 | [1] | 21,014 | [1] | -6,014 | [1] | 19,649 | [1] |
Servicing Contracts [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 10,941 | -13,505 | [2] | 20,838 | [2] | -16,023 | [2] | |
Fair Value Hedging [Member] | Loans Receivable [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | ($19) | $75 | $12 | $106 | ||||
[1] | Comprised of interest rate lock commitments ("IRLCs") and forward contracts used as an economic hedge of IRLCs and single family mortgage loans held for sale. | |||||||
[2] | Comprised of interest rate swaps, interest rate swaptions and forward contracts used as an economic hedge of single family MSRs |
Mortgage_Banking_Operations_Lo
Mortgage Banking Operations (Loans held for sale and sold)(Details) (USD $) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' | ' | ||
Net Gains Losses on Mortgage Loan Origination and Sales Activities | $41,794,000 | $52,424,000 | $67,304,000 | $106,379,000 | ' | ||
Transfer of Portfolio Loans and Leases to Held-for-sale | ' | ' | 310,455,000 | 0 | ' | ||
Loan pool sale, fixed rate mortgage loans | 266,800,000 | ' | 266,800,000 | ' | ' | ||
Loans held for sale | ' | ' | ' | ' | ' | ||
Loans held for sale (includes $536,658 and $279,385 carried at fair value) | 549,440,000 | ' | 549,440,000 | ' | 279,941,000 | ||
Single family mortgage servicing rights | 10,886,000 | ' | 10,886,000 | ' | 153,128,000 | ||
Fair value of loans held for sale | 536,658,000 | ' | 536,658,000 | ' | 279,385,000 | ||
Loans sold during the periods | ' | ' | ' | ' | ' | ||
Loans sold during the periods | 922,244,000 | 1,245,072,000 | 1,548,420,000 | 2,656,003,000 | ' | ||
Transfer of Loans Held-for-sale to Portfolio Loans | ' | ' | 17,095,000 | 0 | ' | ||
Residential Mortgage [Member] | ' | ' | ' | ' | ' | ||
Loans sold during the periods | ' | ' | ' | ' | ' | ||
Loans sold during the periods | 906,342,000 | 1,229,686,000 | 1,526,255,000 | 2,590,030,000 | ' | ||
Multifamily Residential [Member] | ' | ' | ' | ' | ' | ||
Loans sold during the periods | ' | ' | ' | ' | ' | ||
Loans sold during the periods | 15,902,000 | 15,386,000 | 22,165,000 | 65,973,000 | ' | ||
Fair Value, Measurements, Recurring [Member] | ' | ' | ' | ' | ' | ||
Loans held for sale | ' | ' | ' | ' | ' | ||
Single family mortgage servicing rights | 108,869,000 | ' | 108,869,000 | ' | 153,128,000 | ||
Fair value of loans held for sale | 536,658,000 | ' | 536,658,000 | ' | 279,385,000 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' | ' | ' | ' | ||
Loans held for sale | ' | ' | ' | ' | ' | ||
Single family mortgage servicing rights | 0 | ' | 0 | ' | 0 | ||
Fair value of loans held for sale | 536,657,000 | [1] | ' | 536,657,000 | [1] | ' | 279,385,000 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Multifamily Residential [Member] | ' | ' | ' | ' | ' | ||
Loans held for sale | ' | ' | ' | ' | ' | ||
Loans held for sale (includes $536,658 and $279,385 carried at fair value) | 12,783,000 | ' | 12,783,000 | ' | 556,000 | ||
Commercial Mortgages, Excluding Multfamily [Member] | ' | ' | ' | ' | ' | ||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' | ' | ||
Net Gains Losses on Mortgage Loan Origination and Sales Activities | $4,087,000 | $0 | $4,881,000 | $0 | ' | ||
[1] | (in thousands)At JuneB 30, 2014B At DecemberB 31, 2013 Single family$536,657(1)B $279,385Multifamily12,783B 556B $549,440B $279,941 |
Mortgage_Banking_Operations_Ga
Mortgage Banking Operations (Gain on sale)(Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Gain on mortgage loan origination and sale activities [Line Items] | ' | ' | ' | ' | ||||
Net gain on mortgage loan origination and sale activities | $41,794 | $52,424 | $67,304 | $106,379 | ||||
Single family originations [Member] | ' | ' | ' | ' | ||||
Gain on mortgage loan origination and sale activities [Line Items] | ' | ' | ' | ' | ||||
Secondary marketing activities | 30,233 | [1] | 43,448 | [1] | 49,792 | [1] | 87,683 | [1] |
Loan Origination and Funding Fees | 6,781 | 8,267 | ' | ' | ||||
Provision for repurchase losses | ' | ' | -11,542 | -16,062 | ||||
Net gain on mortgage loan origination and sale activities | 37,014 | 51,715 | 61,334 | 103,745 | ||||
Multifamily originations [Member] | ' | ' | ' | ' | ||||
Gain on mortgage loan origination and sale activities [Line Items] | ' | ' | ' | ' | ||||
Net gain on mortgage loan origination and sale activities | 693 | 709 | 1,089 | 2,634 | ||||
Commercial Mortgages, Excluding Multfamily [Member] | ' | ' | ' | ' | ||||
Gain on mortgage loan origination and sale activities [Line Items] | ' | ' | ' | ' | ||||
Net gain on mortgage loan origination and sale activities | $4,087 | $0 | $4,881 | $0 | ||||
[1] | Comprised of gains and losses on interest rate lock commitments (which considers the value of servicing), single family loans held for sale, forward sale commitments used to economically hedge secondary market activities, and changes in the Company's repurchase liability for loans that have been sold. |
Mortgage_Banking_Operations_Lo1
Mortgage Banking Operations (Loans serviced for others)(Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans serviced for others | ' | ' |
Loans serviced for others | $10,698,067 | $12,611,723 |
Single Family Residential [Member] | ' | ' |
Loans serviced for others | ' | ' |
Loans serviced for others | 9,895,074 | 11,795,621 |
Commercial Portfolio Segment [Member] | ' | ' |
Loans serviced for others | ' | ' |
Loans serviced for others | 802,993 | 816,102 |
U.S. Government Agency Securities [Member] | Single Family Residential [Member] | ' | ' |
Loans serviced for others | ' | ' |
Loans serviced for others | 9,308,096 | 11,467,853 |
Single Family Residential Mortgage Loans, Excluding U.S. Government Agency Mortgage Backed Securities [Member] | Single Family Residential [Member] | ' | ' |
Loans serviced for others | ' | ' |
Loans serviced for others | 586,978 | 327,768 |
Multifamily Residential [Member] | Commercial Portfolio Segment [Member] | ' | ' |
Loans serviced for others | ' | ' |
Loans serviced for others | 704,997 | 720,429 |
Commercial Mortgages, Excluding Multfamily [Member] | Commercial Portfolio Segment [Member] | ' | ' |
Loans serviced for others | ' | ' |
Loans serviced for others | $97,996 | $95,673 |
Mortgage_Banking_Operations_Mo
Mortgage Banking Operations Mortgage Repurchase Liability (Details) (Representations and Warranties Reserve for Loan Receivables [Member], USD $) | 3 Months Ended | 6 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||||
Representations and Warranties Reserve for Loan Receivables [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Loss Contingency Accrual, at Carrying Value | $1,235 | $1,810 | $1,235 | $1,810 | $1,142 | $1,260 | $1,975 | $1,955 | ||||
Loss Contingency Accrual, Carrying Value, Provision | 313 | [1] | 472 | [1] | 552 | [1] | 1,008 | [1] | ' | ' | ' | ' |
Loss Contingency Accrual, Carrying Value, Payments | ($220) | [2] | ($637) | [2] | ($577) | [2] | ($1,153) | [2] | ' | ' | ' | ' |
[1] | Includes additions for new loan sales and changes in estimated probable future repurchase losses on previously sold loans. | |||||||||||
[2] | Includes principal losses and accrued interest on repurchased loans, bmake-wholeb settlements, settlements with claimants and certain related expense. |
Mortgage_Banking_Operations_Lo2
Mortgage Banking Operations (Loans sold with credit provision)(Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans sold with credit provisions [Abstract] | ' | ' |
Loans serviced for others | $10,698,067 | $12,611,723 |
Multifamily Residential [Member] | Loss Sharing Relationship [Member] | ' | ' |
Loans sold with credit provisions [Abstract] | ' | ' |
Loans serviced for others | $705,000 | $720,400 |
Mortgage_Banking_Operations_Se
Mortgage Banking Operations (Servicing income)(Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Servicing Fees and Other | $10,112 | $7,955 | $19,961 | $15,562 | ||||
Changes in Fair Value of Mortgage Servicing Rights Due to Modeled Amortization | -7,109 | [1] | -6,964 | [1] | -13,077 | [1] | -12,639 | [1] |
Amortization of Mortgage Servicing Rights (MSRs) | -434 | -423 | -858 | -913 | ||||
Net Servicing Income | 2,569 | 568 | 6,026 | 2,010 | ||||
Servicing Asset at Fair Value, Other Changes in Fair Value | -3,326 | [2] | 15,120 | [2] | -8,735 | [2] | 19,268 | [2] |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 6,361 | 7,509 | 14,824 | 3,626 | ||||
Mortgage servicing rights, risk management | 7,615 | 1,615 | 12,103 | 3,245 | ||||
Servicing Fees, Net | 10,184 | 2,183 | 18,129 | 5,255 | ||||
Servicing Contracts [Member] | ' | ' | ' | ' | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $10,941 | ($13,505) | [3] | $20,838 | [3] | ($16,023) | [3] | |
[1] | Represents changes due to collection/realization of expected cash flows and curtailments. | |||||||
[2] | Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates. | |||||||
[3] | Comprised of interest rate swaps, interest rate swaptions and forward contracts used as an economic hedge of single family MSRs |
Mortgage_Banking_Operations_Ke
Mortgage Banking Operations (Key economic assumptions)(Details) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||||
Rates per annum [Abstract] | ' | ' | ' | ' | ||||
Constant prepayment rate (2) | 13.71% | [1],[2] | 8.77% | [1],[2] | 12.79% | [1],[2] | 9.12% | [1],[2] |
Fair Value Inputs, Discount Rate | 11.06% | [1] | 10.28% | [1] | 10.80% | [1] | 10.27% | [1] |
[1] | Weighted average rates for sales during the period for sales of loans with similar characteristics. | |||||||
[2] | Represents the expected lifetime average. |
Mortgage_Banking_Operations_Se1
Mortgage Banking Operations (Sensitivity analysis)(Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | Single Family Residential [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | |||||||
Key economic assumptions and the sensitivity of the current fair value for single family MSRs | ' | ' | ' | ' | ' | ' | ' | |
Fair value of single family MSR | $10,886 | $153,128 | ' | $108,869 | $153,128 | $108,869 | $153,128 | |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Weighted Average Life | ' | ' | '5 years 4 months 30 days | ' | ' | ' | ' | |
Constant prepayment rate (1) | ' | ' | 14.97% | [1] | ' | ' | ' | ' |
Impact on fair value of 25 basis points decrease | ' | ' | -5,798 | ' | ' | ' | ' | |
Impact on fair value of 50 basis points decrease | ' | ' | -12,097 | ' | ' | ' | ' | |
Discount rate | ' | ' | 10.70% | ' | ' | ' | ' | |
Impact on fair value of 100 basis points increase | ' | ' | -3,488 | ' | ' | ' | ' | |
Impact on fair value of 200 basis points increase | ' | ' | ($6,761) | ' | ' | ' | ' | |
[1] | Represents the expected lifetime average. |
Mortgage_Banking_Operations_SF
Mortgage Banking Operations (SF MSR roll forward)(Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ' | ' | ' | ' | ||||
Beginning balance | ' | ' | $153,128 | ' | ||||
Additions from loan sales, single family loans | ' | ' | 20,365 | 36,168 | ||||
Proceeds from sale of mortgage servicing rights | 4,700 | ' | 39,004 | 0 | ||||
Changes in Fair Value of Mortgage Servicing Rights Due to Modeled Amortization | -7,109 | [1] | -6,964 | [1] | -13,077 | [1] | -12,639 | [1] |
Servicing Asset at Fair Value, Other Changes in Fair Value | -3,326 | [2] | 15,120 | [2] | -8,735 | [2] | 19,268 | [2] |
Ending balance | 10,886 | ' | 10,886 | ' | ||||
Single family mortgage servicing rights [Member] | ' | ' | ' | ' | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ' | ' | ' | ' | ||||
Beginning balance | 149,646 | 102,678 | 153,128 | 87,396 | ||||
Additions from loan sales, single family loans | -11,827 | -17,306 | -19,720 | -34,112 | ||||
Purchase | -3 | -6 | -5 | -9 | ||||
Proceeds from sale of mortgage servicing rights | -43,248 | 0 | -43,248 | 0 | ||||
Changes in Fair Value of Mortgage Servicing Rights Due to Modeled Amortization | -7,109 | [1] | -6,964 | [1] | -13,077 | [1] | -12,639 | [1] |
Net additions and amortization of servicing assets | -38,527 | 10,348 | -36,600 | 21,482 | ||||
Servicing Asset at Fair Value, Other Changes in Fair Value | -2,250 | [2] | 15,120 | [2] | -7,659 | [2] | 19,268 | [2] |
Ending balance | $108,869 | $128,146 | $108,869 | $128,146 | ||||
[1] | Represents changes due to collection/realization of expected cash flows and curtailments. | |||||||
[2] | Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates. |
Mortgage_Banking_Operations_MF
Mortgage Banking Operations (MF MSR roll forward)(Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Servicing Asset at Amortized Value, Balance [Roll Forward] | ' | ' | ' | ' |
Beginning balance | $9,095 | $9,150 | $9,335 | $8,097 |
Origination | 461 | 512 | 644 | 2,055 |
Amortization | -434 | -423 | -857 | -913 |
Ending balance | $9,122 | $9,239 | $9,122 | $9,239 |
Mortgage_Banking_Operations_MS
Mortgage Banking Operations (MSR projected amortization)(Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' | ' | ' | ' | ' | ' |
2012 | $802 | ' | ' | ' | ' | ' |
2013 | 1,510 | ' | ' | ' | ' | ' |
2014 | 1,400 | ' | ' | ' | ' | ' |
2015 | 1,278 | ' | ' | ' | ' | ' |
2016 | 1,120 | ' | ' | ' | ' | ' |
2017 and thereafter | 3,012 | ' | ' | ' | ' | ' |
Carrying value of multifamily MSR | $9,122 | $9,095 | $9,335 | $9,239 | $9,150 | $8,097 |
Mortgage_Banking_Operations_De
Mortgage Banking Operations (Details Textual) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 |
In Millions, unless otherwise specified | Ginnie Mae Early Buyout Loans | Ginnie Mae Early Buyout Loans | Multifamily Residential [Member] | ||
Mortgage Banking Operations (Textual) [Abstract] | ' | ' | ' | ' | ' |
Servicing Advances | $8.70 | $7.10 | ' | ' | ' |
Weighted average life of company's multifamily MSRs | ' | ' | ' | ' | '9 years 2 months 16 days |
Loans Receivable, Net | ' | ' | $13.50 | $14.30 | ' |
Mortgage_Banking_Operations_Mo1
Mortgage Banking Operations Mortgage Banking Operations (Details Textual 1) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |
Mortgage Banking [Abstract] | ' | ' | ' |
Proceeds from sale of mortgage servicing rights | $4,700,000 | $39,004,000 | $0 |
Unpaid principal balance of mortgage servicing rights sold | $2,960,000,000 | $2,960,000,000 | ' |
Percentage of servicing portfolio sold | 24.30% | 24.30% | ' |
Commitments_Guarantees_and_Con1
Commitments Guarantees and Contingencies (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | ||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Credit of Unfunded Commitments | $38,000,000 | ' | $38,000,000 | ' | ' | $18,400,000 | ' | ' | ||||
Loans serviced for others | 10,698,067,000 | ' | 10,698,067,000 | ' | ' | 12,611,723,000 | ' | ' | ||||
Representations and Warranties Reserve for Loan Receivables [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 9,990,000,000 | ' | 9,990,000,000 | ' | ' | 11,890,000,000 | ' | ' | ||||
Loss Contingency Accrual, at Carrying Value | 1,235,000 | 1,810,000 | 1,235,000 | 1,810,000 | 1,142,000 | 1,260,000 | 1,975,000 | 1,955,000 | ||||
Loss Contingency Accrual, Carrying Value, Provision | 313,000 | [1] | 472,000 | [1] | 552,000 | [1] | 1,008,000 | [1] | ' | ' | ' | ' |
Loss Contingency Accrual, Carrying Value, Payments | 220,000 | [2] | 637,000 | [2] | 577,000 | [2] | 1,153,000 | [2] | ' | ' | ' | ' |
Legal Reserve [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Loss Contingency Accrual, at Carrying Value | 0 | ' | 0 | ' | ' | ' | ' | ' | ||||
Home Equity and Business Banking Credit Lines [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 146,700,000 | ' | 146,700,000 | ' | ' | 154,000,000 | ' | ' | ||||
Undisbursed construction loan funds [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 292,800,000 | ' | 292,800,000 | ' | ' | 168,500,000 | ' | ' | ||||
Credit Risk [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Loss Contingency Accrual, at Carrying Value | 242,000 | 203,000 | 242,000 | 203,000 | ' | 181,000 | ' | ' | ||||
Multifamily Residential [Member] | Loss Sharing Relationship [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Loss Contingency Accrual, at Carrying Value | 2,000,000 | ' | 2,000,000 | ' | ' | 2,000,000 | ' | ' | ||||
Loss Contingency, Loss in Period | ' | 0 | 0 | ' | ' | ' | ' | ' | ||||
Loans serviced for others | $705,000,000 | ' | $705,000,000 | ' | ' | $720,400,000 | ' | ' | ||||
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Percentage of Loss that Lender is Responsible For on Loans Sold under Loss Sharing Agreement | ' | ' | 5.00% | ' | ' | ' | ' | ' | ||||
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Percentage of Loss that Lender is Responsible For on Loans Sold under Loss Sharing Agreement | ' | ' | 20.00% | ' | ' | ' | ' | ' | ||||
[1] | Includes additions for new loan sales and changes in estimated probable future repurchase losses on previously sold loans. | |||||||||||
[2] | Includes principal losses and accrued interest on repurchased loans, bmake-wholeb settlements, settlements with claimants and certain related expense. |
Fair_Value_Measurement_FV_hier
Fair Value Measurement (FV hierarchy - recurring and non-recurring)(Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |||||
In Thousands, unless otherwise specified | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | |||||||
Forward Contracts [Member] | Forward Contracts [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Residential Mortgage Backed Securities [Member] | Residential Mortgage Backed Securities [Member] | Commercial Mortgage Backed Securities [Member] | Commercial Mortgage Backed Securities [Member] | Municipal Bonds [Member] | Municipal Bonds [Member] | Collateralized Mortgage Obligations Residential [Member] | Collateralized Mortgage Obligations Residential [Member] | Collateralized Mortgage Obligations Commercial [Member] | Collateralized Mortgage Obligations Commercial [Member] | Us Treasury Collateralized Mortgage Obligations [Member] | Us Treasury Collateralized Mortgage Obligations [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Weighted Average [Member] | Weighted Average [Member] | ||||||||||||||
Forward Contracts [Member] | Forward Contracts [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Residential Mortgage Backed Securities [Member] | Residential Mortgage Backed Securities [Member] | Commercial Mortgage Backed Securities [Member] | Commercial Mortgage Backed Securities [Member] | Municipal Bonds [Member] | Municipal Bonds [Member] | Collateralized Mortgage Obligations Residential [Member] | Collateralized Mortgage Obligations Residential [Member] | Collateralized Mortgage Obligations Commercial [Member] | Collateralized Mortgage Obligations Commercial [Member] | Us Treasury Collateralized Mortgage Obligations [Member] | Us Treasury Collateralized Mortgage Obligations [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Residential Mortgage Backed Securities [Member] | Residential Mortgage Backed Securities [Member] | Commercial Mortgage Backed Securities [Member] | Commercial Mortgage Backed Securities [Member] | Municipal Bonds [Member] | Municipal Bonds [Member] | Collateralized Mortgage Obligations Residential [Member] | Collateralized Mortgage Obligations Residential [Member] | Collateralized Mortgage Obligations Commercial [Member] | Collateralized Mortgage Obligations Commercial [Member] | Us Treasury Collateralized Mortgage Obligations [Member] | Us Treasury Collateralized Mortgage Obligations [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | Forward Contracts [Member] | Forward Contracts [Member] | Interest Rate Swaption [Member] | Interest Rate Swaption [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | Residential Mortgage Backed Securities [Member] | Residential Mortgage Backed Securities [Member] | Commercial Mortgage Backed Securities [Member] | Commercial Mortgage Backed Securities [Member] | Municipal Bonds [Member] | Municipal Bonds [Member] | Collateralized Mortgage Obligations Residential [Member] | Collateralized Mortgage Obligations Residential [Member] | Collateralized Mortgage Obligations Commercial [Member] | Collateralized Mortgage Obligations Commercial [Member] | Us Treasury Collateralized Mortgage Obligations [Member] | Us Treasury Collateralized Mortgage Obligations [Member] | Corporate Debt Securities [Member] | Corporate Debt Securities [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Fair Value Inputs, Discount for Lack of Marketability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.30% | 0.00% | 6.30% | 68.10% | 0.00% | 68.10% | 35.20% | 24.40% | |||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | ' | ' | $17,100 | ($550) | $26,900 | $325 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | ' | ' | 34,495 | [1] | 28,151 | [1] | 54,662 | [1] | 73,693 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Investment securities available for sale | 436,971 | 481,683 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110,266 | 133,910 | 13,674 | 13,433 | 125,813 | 130,850 | 56,767 | 90,327 | 16,021 | 16,845 | 42,010 | 27,452 | 72,420 | 68,866 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 110,266 | 133,910 | 13,674 | 13,433 | 125,813 | 130,850 | 56,767 | 90,327 | 16,021 | 16,845 | 42,010 | 27,452 | 72,420 | 68,866 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Fair value of single family MSR | 10,886 | 153,128 | ' | ' | ' | ' | 108,869 | 153,128 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 108,869 | 153,128 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Loans Held-for-sale, Fair Value Disclosure | 536,658 | 279,385 | ' | ' | ' | ' | 536,658 | 279,385 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 536,657 | [2] | 279,385 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Derivatives | 24,114 | 10,225 | ' | ' | ' | ' | ' | ' | 1,473 | 3,630 | 29 | 858 | 17,441 | 6,012 | 5,908 | 1,088 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 0 | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,630 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Derivative Asset, Fair Value, Gross Asset | 24,851 | 11,588 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,473 | ' | 29 | ' | ' | ' | 5,908 | 1,088 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,441 | 6,012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 858 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Assets, Fair Value Disclosure | ' | 925,784 | ' | ' | ' | ' | 1,107,349 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 981,039 | 766,644 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 126,310 | 159,140 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Derivatives | 12,645 | 9,002 | ' | ' | ' | ' | ' | ' | ' | 578 | ' | 199 | 35 | 40 | ' | 9,548 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,210 | 578 | ' | 199 | 0 | 9,548 | 5,137 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | 35 | 40 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total Liabilities | ' | ' | ' | ' | ' | ' | $13,382 | $10,365 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $13,347 | $10,325 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $35 | $40 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
[1] | All realized and unrealized gains and losses are recognized in earnings as net gain from mortgage loan origination and sale activities on the consolidated statements of operations. There were net unrealized (losses) gains of $17.1 million and $(550) thousand for the three months ended JuneB 30, 2014 and 2013, respectively, and $26.9 million and $325 thousand of net unrealized gains (losses) for the six months ended JuneB 30, 2014 and 2013, respectively, recognized on interest rate lock commitments outstanding at the beginning of the period and still outstanding at JuneB 30, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[2] | (in thousands)At JuneB 30, 2014B At DecemberB 31, 2013 Single family$536,657(1)B $279,385Multifamily12,783B 556B $549,440B $279,941 |
Fair_Value_Measurement_FV_hier1
Fair Value Measurement (FV hierarchy - nonrecurring basis)(Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | ||||||||
In Thousands, unless otherwise specified | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Nonrecurring Fair Value Measurement Occurring in the Prior Three Months [Member] | Nonrecurring Fair Value Measurement Occurring in the Prior Three Months [Member] | Nonrecurring Fair Value Measurement Occurring in the Prior Three Months [Member] | Nonrecurring Fair Value Measurement Occurring in the Prior Three Months [Member] | Nonrecurring Fair Value Measurement Occurring in the Prior Three Months [Member] | Nonrecurring Fair Value Measurement Occurring in the Prior Three Months [Member] | Nonrecurring Fair Value Measurement Occurring in the Prior Three Months [Member] | Nonrecurring Fair Value Measurement Occurring in the Prior Three Months [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Weighted Average [Member] | Weighted Average [Member] | ||||||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | |||||||||||||||
Level 1 [Member] | Level 1 [Member] | Level 2 [Member] | Level 2 [Member] | Level 3 [Member] | Level 3 [Member] | |||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair value of loans held for sale | $536,658 | $279,385 | ' | ' | ' | ' | $21,890 | $50,362 | [1] | $0 | $0 | [1] | $0 | $0 | [1] | $21,890 | [1] | $50,362 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other real estate owned | ' | ' | ' | ' | ' | ' | 6,772 | 7,600 | [2] | 0 | 0 | [2] | 0 | 0 | [2] | 6,772 | [2] | 7,600 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Total Assets | ' | 925,784 | ' | ' | ' | ' | 28,662 | 57,962 | 0 | 0 | 0 | 0 | 28,662 | 57,962 | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Gains/losses on loans held for investment | ' | ' | -899 | 422 | [1] | -410 | [1] | 592 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Gains/losses on other real estate owned | ' | ' | 24 | -339 | [2] | 24 | [2] | -739 | [2] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Gains/losses on other real estate owned | ' | ' | ($875) | $83 | ($386) | ($147) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Fair Value Inputs, Discount for Lack of Marketability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.30% | 0.00% | 6.30% | 68.10% | 0.00% | 68.10% | 35.20% | 24.40% | ||||||||
[1] | Represents the carrying value of loans for which adjustments are based on the fair value of the collateral. | |||||||||||||||||||||||||||||
[2] | Represents other real estate owned where an updated fair value of collateral is used to adjust the carrying amount subsequent to the initial classification as other real estate owned. |
Fair_Value_Measurement_Level_3
Fair Value Measurement (Level 3 unobservable inputs)(Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |||
In Thousands, unless otherwise specified | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Nonrecurring Fair Value Measurement Occurring in the Prior Three Months [Member] | Nonrecurring Fair Value Measurement Occurring in the Prior Three Months [Member] | Nonrecurring Fair Value Measurement Occurring in the Prior Three Months [Member] | Nonrecurring Fair Value Measurement Occurring in the Prior Three Months [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | Interest Rate Lock Commitments [Member] | |||||
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Weighted Average [Member] | Weighted Average [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Weighted Average [Member] | Weighted Average [Member] | Level 3 [Member] | Level 3 [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||||||||||||
Level 3 [Member] | Level 3 [Member] | ||||||||||||||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Interest Rate Lock Commitments, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17,406 | $10,094 | $5,972 | $406 | $20,842 | $22,528 | |||
Fair Value Inputs, Fall Out Factor | ' | ' | 0.50% | 0.70% | 97.00% | 82.80% | 17.80% | 18.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Fair value of loans held for sale | 536,658 | 279,385 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 536,658 | 279,385 | 0 | 0 | 21,890 | 50,362 | [1] | 21,890 | [1] | 50,362 | [1] | ' | ' | ' | ' | ' | ' |
Significant Level 3 unobservable inputs used to measure fair value on a nonrecurring basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Other real estate owned | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6,772 | $7,600 | [2] | $6,772 | [2] | $7,600 | [2] | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Discount for Lack of Marketability | ' | ' | ' | ' | ' | ' | ' | ' | 6.30% | 0.00% | 6.30% | 68.10% | 0.00% | 68.10% | 35.20% | 24.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
Fair Value Inputs, Initial Value of Servicing | ' | ' | 0.62% | 0.59% | 2.65% | 2.59% | 1.22% | 1.39% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||
[1] | Represents the carrying value of loans for which adjustments are based on the fair value of the collateral. | ||||||||||||||||||||||||||||||||
[2] | Represents other real estate owned where an updated fair value of collateral is used to adjust the carrying amount subsequent to the initial classification as other real estate owned. |
Fair_Value_Measurement_FV_of_f
Fair Value Measurement (FV of financial instruments)(Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, at Carrying Value | $74,991 | ' | $33,908 | $21,645 | ' | $25,285 |
Assets: | ' | ' | ' | ' | ' | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 17,995 | ' | ' | ' | ' | ' |
Loans held for investment (net of allowance for loan losses of $21,926 and $23,908) | 1,812,895 | ' | 1,871,813 | ' | ' | ' |
Transfer of Portfolio Loans and Leases to Held-for-sale | 27,500 | ' | ' | ' | ' | ' |
Loans held for sale (includes $536,658 and $279,385 carried at fair value) | 549,440 | ' | 279,941 | ' | ' | ' |
Fair value of loans held for sale | 536,658 | ' | 279,385 | ' | ' | ' |
Servicing Asset at Amortized Cost | 9,122 | 9,095 | 9,335 | 9,239 | 9,150 | 8,097 |
Federal Home Loan Bank Stock | 34,618 | ' | 35,288 | ' | ' | ' |
Deposits | 2,417,712 | ' | 2,210,821 | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' |
Advances from Federal Home Loan Banks | 384,090 | ' | 446,590 | ' | ' | ' |
Securities Sold under Agreements to Repurchase | 14,681 | ' | 0 | ' | ' | ' |
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 14,681 | ' | ' | ' | ' | ' |
Long-term Debt | 61,857 | ' | 64,811 | ' | ' | ' |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Servicing Asset at Amortized Cost | 9,122 | ' | 9,335 | ' | ' | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 74,991 | ' | 33,908 | ' | ' | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 18,277 | ' | ' | ' | ' | ' |
Loans held for investment | 1,878,817 | ' | 1,900,349 | ' | ' | ' |
Transfer of Portfolio Loans and Leases to Held-for-sale | 28,443 | ' | ' | ' | ' | ' |
Fair value of loans held for sale | 12,783 | ' | 556 | ' | ' | ' |
Servicing Asset at Amortized Cost | 10,799 | ' | 10,839 | ' | ' | ' |
Federal Home Loan Bank Stock | 34,618 | ' | 35,288 | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' |
Deposits | 2,300,855 | ' | 2,058,533 | ' | ' | ' |
Federal Home Loan Bank advances | 386,995 | ' | 449,109 | ' | ' | ' |
Long-term debt | 60,242 | ' | 63,849 | ' | ' | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 74,991 | ' | 33,908 | ' | ' | ' |
Loans held for investment | ' | ' | 0 | ' | ' | ' |
Transfer of Portfolio Loans and Leases to Held-for-sale | 0 | ' | ' | ' | ' | ' |
Fair value of loans held for sale | ' | ' | 0 | ' | ' | ' |
Servicing Asset at Amortized Cost | ' | ' | 0 | ' | ' | ' |
Federal Home Loan Bank Stock | ' | ' | 0 | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' |
Deposits | ' | ' | 0 | ' | ' | ' |
Federal Home Loan Bank advances | ' | ' | 0 | ' | ' | ' |
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 0 | ' | 0 | ' | ' | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | 0 | ' | ' | ' |
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 18,277 | ' | ' | ' | ' | ' |
Loans held for investment | ' | ' | 0 | ' | ' | ' |
Transfer of Portfolio Loans and Leases to Held-for-sale | 28,443 | ' | ' | ' | ' | ' |
Fair value of loans held for sale | 12,783 | ' | 556 | ' | ' | ' |
Servicing Asset at Amortized Cost | ' | ' | 0 | ' | ' | ' |
Federal Home Loan Bank Stock | 34,618 | ' | 35,288 | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' |
Deposits | 2,300,855 | ' | 2,058,533 | ' | ' | ' |
Federal Home Loan Bank advances | 386,995 | ' | 449,109 | ' | ' | ' |
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 14,681 | ' | 63,849 | ' | ' | ' |
Long-term debt | 60,242 | ' | ' | ' | ' | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | ' | ' | 0 | ' | ' | ' |
Loans held for investment | 1,878,817 | ' | 1,900,349 | ' | ' | ' |
Transfer of Portfolio Loans and Leases to Held-for-sale | 0 | ' | ' | ' | ' | ' |
Fair value of loans held for sale | ' | ' | 0 | ' | ' | ' |
Servicing Asset at Amortized Cost | 10,799 | ' | 10,839 | ' | ' | ' |
Federal Home Loan Bank Stock | ' | ' | 0 | ' | ' | ' |
Liabilities: | ' | ' | ' | ' | ' | ' |
Deposits | ' | ' | 0 | ' | ' | ' |
Federal Home Loan Bank advances | ' | ' | 0 | ' | ' | ' |
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 0 | ' | 0 | ' | ' | ' |
Multifamily Residential [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' | ' | ' | ' | ' |
Assets: | ' | ' | ' | ' | ' | ' |
Loans held for sale (includes $536,658 and $279,385 carried at fair value) | $12,783 | ' | $556 | ' | ' | ' |
Fair_Value_Measurement_Fair_Va
Fair Value Measurement Fair Value Measurement (FV changes of Level 3 - recurring)(Details) (Interest Rate Lock Commitments [Member], USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Interest Rate Lock Commitments [Member] | ' | ' | ' | ' | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' | ' | ' | ||||
Beginning Balance, Net | $10,094 | $20,842 | $5,972 | $22,528 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 34,495 | [1] | 28,151 | [1] | 54,662 | [1] | 73,693 | [1] |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -27,183 | -48,587 | -43,228 | -95,815 | ||||
Ending Balance, Net | 17,406 | 406 | 17,406 | 406 | ||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $17,100 | ($550) | $26,900 | $325 | ||||
[1] | All realized and unrealized gains and losses are recognized in earnings as net gain from mortgage loan origination and sale activities on the consolidated statements of operations. There were net unrealized (losses) gains of $17.1 million and $(550) thousand for the three months ended JuneB 30, 2014 and 2013, respectively, and $26.9 million and $325 thousand of net unrealized gains (losses) for the six months ended JuneB 30, 2014 and 2013, respectively, recognized on interest rate lock commitments outstanding at the beginning of the period and still outstanding at JuneB 30, 2014 and 2013, respectively. |
Fair_Value_Measurement_Details
Fair Value Measurement (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Mar. 31, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | |
Credit Risk [Member] | Credit Risk [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | Real Estate [Member] | |||||
Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Weighted Average [Member] | Weighted Average [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change in Accounting Estimate, Financial Effect | $4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value, Estimate Not Practicable, Commitments | ' | ' | ' | ' | -2,300,000 | -977,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Inputs, Discount for Lack of Marketability | ' | ' | ' | ' | ' | ' | 6.30% | 0.00% | 6.30% | 68.10% | 0.00% | 68.10% | 35.20% | 24.40% |
Fair value measurement (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transfers between levels of the fair value hierarchy for assets and liabilities held | ' | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Calculation of earnings per share | ' | ' | ' | ' | ||||
Net income | $9,362 | $12,068 | $11,663 | $23,008 | ||||
Weighted average shares: | ' | ' | ' | ' | ||||
Basic weighted-average common shares outstanding | 14,800,853 | 14,376,580 | 14,792,638 | 14,368,135 | ||||
Dilutive effect of outstanding common stock equivalents | 154,145 | [1] | 408,901 | [1] | 163,441 | [1] | 426,670 | [1] |
Diluted weighted-average number of common stock outstanding | 14,954,998 | 14,785,481 | 14,956,079 | 14,794,805 | ||||
Earnings per share: | ' | ' | ' | ' | ||||
Basic earnings (loss) per share | $0.63 | $0.84 | $0.79 | $1.60 | ||||
Diluted earnings (loss) per share | $0.63 | $0.82 | $0.78 | $1.56 | ||||
[1] | Excluded from the computation of diluted earnings per share (due to their antidilutive effect) for the three and six months ended JuneB 30, 2014 and 2013 were certain stock options and unvested restricted stock issued to key senior management personnel and directors of the Company. The aggregate number of common stock equivalents related to such options and unvested restricted shares, which could potentially be dilutive in future periods, was 106,266 and 109,336 at JuneB 30, 2014 and 2013, respectively. |
Earnings_Per_Share_Details_Tex
Earnings Per Share (Details Textual) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Earnings Per Share (Textual) [Abstract] | ' | ' |
Aggregate number of common stock equivalents and unvested restricted stock | 106,266 | 109,336 |
Share_Based_Compensation_Plans2
Share Based Compensation Plans (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | |||
Allocated Share-based Compensation Expense | $337 | $255 | $683 | $535 | ' | |||
Share-based Compensation | ' | ' | 683 | 624 | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Stock Options, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | '7 years 8 months | ' | '8 years 1 month | |||
Number, Beginning Balance | ' | ' | 654,216 | ' | ' | |||
Number, Cancelled or forfeited | ' | ' | -9,688 | ' | ' | |||
Number, Exercised | ' | ' | -43,504 | ' | ' | |||
Number, Ending Balance | 601,024 | ' | 601,024 | ' | 654,216 | |||
Number, Options that are exercisable and expected to be exercisable | 597,647 | [1] | ' | 597,647 | [1] | ' | ' | |
Number, Options exercisable | 365,171 | ' | 365,171 | ' | ' | |||
Weighted Average Exercise Price, Beginning Balance | ' | ' | $11.54 | ' | ' | |||
Weighted Average Exercise Price, Cancelled or forfeited | ' | ' | $11 | ' | ' | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeited in Period, Weighted Average Remaining Contractual Term | ' | ' | '7 years 7 months | ' | ' | |||
Weighted Average Exercise Price, Exercised | ' | ' | $2.98 | ' | ' | |||
Weighted Average Exercise Price, Ending Balance | $12.16 | ' | $12.16 | ' | $11.54 | |||
Weighted Average Exercise Price, Options that are exercisable and expected to be exercisable | $12.17 | [1] | ' | $12.17 | [1] | ' | ' | |
Weighted Average Exercise Price, Options exercisable | $11.34 | ' | $11.34 | ' | ' | |||
Weighted Average Remaining Contractual Term, Options that are exercisable and expected to be exercisable | ' | ' | '7 years 8 months | ' | ' | |||
Weighted Average Remaining Contractual Term, Options exercisable | ' | ' | '7 years 7 months | ' | ' | |||
Aggregate Intrinsic Value, Beginning Balance | ' | ' | 5,559 | [2] | ' | ' | ||
Aggregate Intrinsic Value, Cancelled or forfeited | ' | ' | 71 | [2] | ' | ' | ||
Aggregate Intrinsic Value, Ending Balance | 3,837 | [2] | ' | 3,837 | [2] | ' | 5,559 | [2] |
Aggregate Intrinsic Value, Options that are exercisable and expected to be exercisable | 3,813 | [1],[2] | ' | 3,813 | [1],[2] | ' | ' | |
Aggregate Intrinsic Value, Options exercisable | 2,599 | [2] | ' | 2,599 | [2] | ' | ' | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Remaining Contractual Term | ' | ' | '6 years 7 months | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | ' | ' | $734 | [2] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 900,000 | ' | 900,000 | ' | ' | |||
[1] | (1)Adjusted for estimated forfeitures. | |||||||
[2] | (2)Intrinsic value is the amount by which fair value of the underlying stock exceeds the exercise price. |
Share_Based_Compensation_Plans3
Share Based Compensation Plans (Details 1) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 601,024 | ' | 601,024 | ' | 654,216 | |||
Allocated Share-based Compensation Expense | $337 | $255 | $683 | $535 | ' | |||
Share-based Compensation | ' | ' | 683 | 624 | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $12.16 | ' | $12.16 | ' | $11.54 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Stock Options, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | '7 years 8 months | ' | '8 years 1 month | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 3,837 | [1] | ' | 3,837 | [1] | ' | 5,559 | [1] |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | ' | ' | -9,688 | ' | ' | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | ' | ' | $11 | ' | ' | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeited in Period, Weighted Average Remaining Contractual Term | ' | ' | '7 years 7 months | ' | ' | |||
Share Based Compensation Arrangement by Share Based Payment Award Options Forfeited Intrinsic Value | ' | ' | 71 | [1] | ' | ' | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | ' | -43,504 | ' | ' | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | ' | ' | $2.98 | ' | ' | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Remaining Contractual Term | ' | ' | '6 years 7 months | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | ' | ' | 734 | [1] | ' | ' | ||
Share Based Compensation Arrangement by Share Based Payment Award Options Exercisable and Expected To Be Exercisable Number | 597,647 | [2] | ' | 597,647 | [2] | ' | ' | |
Share Based Compensation Arrangement by Share Based Payment Award Options Exercisable and Expected to be Exercisable Weighted Average Exercise Price | $12.17 | [2] | ' | $12.17 | [2] | ' | ' | |
Share Based Compensation Arrangement by Share Based Payment Award Options Exercisable and Expected to be Exercisable Weighted Average Remaining Contractual Term One | ' | ' | '7 years 8 months | ' | ' | |||
Share Based Compensation Arrangement by Share Based Payment Award Options Exercisable and Expected to be Exercisable Intrinsic Value One | 3,813 | [1],[2] | ' | 3,813 | [1],[2] | ' | ' | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 365,171 | ' | 365,171 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $11.34 | ' | $11.34 | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | ' | ' | '7 years 7 months | ' | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $2,599 | [1] | ' | $2,599 | [1] | ' | ' | |
[1] | (2)Intrinsic value is the amount by which fair value of the underlying stock exceeds the exercise price. | |||||||
[2] | (1)Adjusted for estimated forfeitures. |
Share_Based_Compensation_Plans4
Share Based Compensation Plans (Details 2) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Restricted shares granted | ' |
Restricted shares outstanding, Number of shares at December 31, 2011 | 53,951 |
Restricted shares outstanding, Weighted Average Grant Date Fair Value at December 31, 2011 | $18.18 |
Granted, Number of shares | 74,645 |
Granted , Weighted Average Grant Date Fair Value | $17.99 |
Vested, Number of shares | -5,394 |
Vested, Weighted Average Grant Date Fair Value | $11 |
Restricted shares outstanding, Number of shares at June 30, 2012 | 123,202 |
Restricted shares outstanding, Weighted Average Grant Date Fair Value at June 30, 2012 | $18.38 |
Share_Based_Compensation_Plans5
Share Based Compensation Plans (Details Textual) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $337,000 | $255,000 | $683,000 | $535,000 |
Share-based Compensation | ' | ' | 683,000 | 624,000 |
Share Based Compensation Plans (Textual) [Abstract] | ' | ' | ' | ' |
Maximum number of shares of common stock available for grant under the 2010 EIP | 900,000 | ' | 900,000 | ' |
Options have been exercised from issuance | ' | ' | 43,504 | ' |
Unrecognized compensation costs related to stock options | 700,000 | ' | 700,000 | ' |
Restricted shares vested | ' | ' | 5,394 | ' |
Share Based Compensation Plans (Additional Textual) [Abstract] | ' | ' | ' | ' |
Cash received on exercise of stock option | ' | ' | 130,000 | ' |
Nonqualified Stock Options [Member] | ' | ' | ' | ' |
Share Based Compensation Plans (Textual) [Abstract] | ' | ' | ' | ' |
Unrecognized compensation costs are expected to be recognized over the remaining weighted-average service period | ' | ' | '9 months 1 day | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Share Based Compensation Plans (Textual) [Abstract] | ' | ' | ' | ' |
Unrecognized compensation costs are expected to be recognized over the remaining weighted-average service period | ' | ' | '2 years 5 months 19 days | ' |
Unrecognized compensation cost related to nonvested restricted shares, Total | $1,900,000 | ' | $1,900,000 | ' |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ||||
Number of Operating Segments | ' | ' | 2 | ' | ||||
Condensed income statement: | ' | ' | ' | ' | ||||
Net interest income (expense) (1) | $23,147 | $17,415 | $45,859 | $32,650 | ||||
Provision for loan losses | 0 | -400 | 1,500 | -2,400 | ||||
Noninterest income | 53,650 | 57,556 | 88,357 | 116,499 | ||||
Noninterest expense | -62,971 | -56,712 | -119,062 | -112,511 | ||||
Income (loss) before income tax expense | 13,826 | 17,859 | 16,654 | 34,238 | ||||
Income tax (benefit) expense | -4,464 | -5,791 | -4,991 | -11,230 | ||||
Net income | 9,362 | 12,068 | 11,663 | 23,008 | ||||
Assets, Average Balance | 3,062,329 | 2,599,934 | 3,042,508 | 2,547,885 | ||||
Mortgage Banking [Member] | ' | ' | ' | ' | ||||
Condensed income statement: | ' | ' | ' | ' | ||||
Net interest income (expense) (1) | 3,744 | [1] | 3,625 | [1] | 6,223 | [1] | 7,733 | [1] |
Provision for loan losses | 0 | 0 | 0 | 0 | ||||
Noninterest income | 47,036 | 54,780 | 78,785 | 110,387 | ||||
Noninterest expense | -42,537 | -42,807 | -79,335 | -82,747 | ||||
Income (loss) before income tax expense | 8,243 | 15,598 | 5,673 | 35,373 | ||||
Income tax (benefit) expense | -2,634 | -5,510 | -1,879 | -12,046 | ||||
Net income | 5,609 | 10,088 | 3,794 | 23,327 | ||||
Assets, Average Balance | 584,256 | 581,361 | 508,109 | 593,817 | ||||
Consumer and Commercial Banking [Member] | ' | ' | ' | ' | ||||
Condensed income statement: | ' | ' | ' | ' | ||||
Net interest income (expense) (1) | 19,403 | [1] | 13,790 | [1] | 39,636 | [1] | 24,917 | [1] |
Provision for loan losses | 0 | -400 | 1,500 | -2,400 | ||||
Noninterest income | 6,614 | 2,776 | 9,572 | 6,112 | ||||
Noninterest expense | -20,434 | -13,905 | -39,727 | -29,764 | ||||
Income (loss) before income tax expense | 5,583 | 2,261 | 10,981 | -1,135 | ||||
Income tax (benefit) expense | -1,830 | -281 | -3,112 | 816 | ||||
Net income | 3,753 | 1,980 | 7,869 | -319 | ||||
Assets, Average Balance | $2,478,073 | $2,018,573 | $2,534,399 | $1,954,068 | ||||
[1] | Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to the other segment. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of excess liabilities from another segment. |