Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Aug. 03, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | HomeStreet, Inc. | |
Entity Central Index Key | 1,518,715 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 22,070,758.6 |
Consolidated Statements of Fina
Consolidated Statements of Financial Condition (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents (including interest-earning instruments of $33,787 and $10,271) | $ 46,197 | $ 30,502 |
Investment securities (includes $482,832 and $427,326 carried at fair value) | 509,545 | 455,332 |
Loans held for sale (includes $955,726 and $610,350 carried at fair value) | 972,183 | 621,235 |
Loans held for investment (net of allowance for loan losses of $25,777 and $22,021; includes $38,224 and $0 carried at fair value) | 2,900,675 | 2,099,129 |
Mortgage servicing rights (includes $140,588 and $112,439 carried at fair value) | 153,237 | 123,324 |
Other real estate owned | 11,428 | 9,448 |
Federal Home Loan Bank stock, at cost | 40,742 | 33,915 |
Premises and equipment, net | 58,111 | 45,251 |
Goodwill | 11,945 | 11,945 |
Other assets | 162,185 | 105,009 |
Total assets | 4,866,248 | 3,535,090 |
Liabilities: | ||
Deposits | 3,322,653 | 2,445,430 |
Federal Home Loan Bank advances | 922,832 | 597,590 |
Federal funds purchased and securities sold under agreements to repurchase | 0 | 50,000 |
Accounts payable and other liabilities | 111,180 | 77,975 |
Long-term debt | 61,857 | 61,857 |
Total liabilities | $ 4,418,522 | $ 3,232,852 |
Commitments and Contingencies | ||
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, 22,065,249 shares and 14,856,611 shares | 511 | 511 |
Additional paid-in capital | 221,551 | 96,615 |
Retained earnings | 226,246 | 203,566 |
Accumulated other comprehensive income | (582) | 1,546 |
Total shareholders' equity | 447,726 | 302,238 |
Total liabilities and shareholders' equity | $ 4,866,248 | $ 3,535,090 |
Consolidated Statements of Fin3
Consolidated Statements of Financial Condition (Unaudited) (Parenthetical) - USD ($) $ / shares in Thousands, $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Interest-bearing instruments | $ 33,787 | $ 10,271 |
Investments, Fair Value Disclosure | 482,832 | 427,326 |
Fair value of loans held for sale | 955,726 | 610,350 |
Allowance for losses on loans held for investment | (25,777) | (22,021) |
Loans Receivable, Fair Value Disclosure | 38,224 | 0 |
Single family mortgage servicing rights | $ 140,588 | $ 112,439 |
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 | 22,065,249 | 14,856,611 |
Common stock, shares outstanding | 22,065,249 | 14,856,611 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest income: | ||||
Loans | $ 38,944 | $ 23,419 | $ 70,591 | $ 46,102 |
Investment securities | 3,278 | 2,664 | 5,672 | 5,634 |
Other | 218 | 142 | 423 | 299 |
Total interest income | 42,440 | 26,225 | 76,686 | 52,035 |
Interest expense: | ||||
Deposits | 3,005 | 2,356 | 5,587 | 4,716 |
Federal Home Loan Bank advances | 906 | 444 | 1,518 | 857 |
Federal funds purchased and securities sold under agreements to repurchase | 3 | 1 | 8 | 1 |
Long-term debt | 272 | 265 | 537 | 580 |
Other | 24 | 12 | 72 | 22 |
Total interest expense | 4,210 | 3,078 | 7,722 | 6,176 |
Net interest income | 38,230 | 23,147 | 68,964 | 45,859 |
Provision (reversal of provision) for credit losses | 500 | 0 | 3,500 | (1,500) |
Net interest income after provision for credit losses | 37,730 | 23,147 | 65,464 | 47,359 |
Noninterest income: | ||||
Net gain on mortgage loan origination and sale activities | 69,974 | 41,794 | 131,861 | 67,304 |
Mortgage servicing income | 1,831 | 10,184 | 6,128 | 18,129 |
Income from WMS Series LLC | 484 | 246 | 1,048 | 53 |
Gain (loss) on debt extinguishment | 0 | 11 | 0 | (575) |
Depositor and other retail banking fees | 1,399 | 917 | 2,538 | 1,732 |
Insurance agency commissions | 291 | 232 | 706 | 636 |
Gain (loss) on sale of investment securities available for sale (includes unrealized gain (loss) reclassified from accumulated other comprehensive income of $0 and $(20) for the three months ended June 30, 2015 and 2014, and $0 and $693 for the six months ended June 30, 2015 and 2014, respectively) | 0 | (20) | 0 | 693 |
Bargain purchase gain | (79) | 0 | 6,549 | 0 |
Other | (913) | 286 | (470) | 385 |
Total noninterest income | 72,987 | 53,650 | 148,360 | 88,357 |
Noninterest expense: | ||||
Salaries and related costs | 61,654 | 40,606 | 119,247 | 76,077 |
General and administrative | 14,502 | 11,145 | 27,663 | 21,267 |
Legal | 577 | 542 | 1,044 | 941 |
Consulting | 813 | 603 | 6,378 | 1,554 |
Federal Deposit Insurance Corporation assessments | 861 | 572 | 1,386 | 1,192 |
Occupancy | 6,107 | 4,675 | 11,947 | 9,107 |
Information services | 7,714 | 4,862 | 13,834 | 9,377 |
Net cost (income) from operation and sale of other real estate owned | 107 | (34) | 318 | (453) |
Total noninterest expense | 92,335 | 62,971 | 181,817 | 119,062 |
Income before income taxes | 18,382 | 13,826 | 32,007 | 16,654 |
Income tax expense (includes reclassification adjustments of $0 and $(7) for the three months ended June 30, 2015 and 2014, and $0 and $243 for the six months ended June 30, 2015 and 2014, respectively) | 6,006 | 4,464 | 9,327 | 4,991 |
NET INCOME | $ 12,376 | $ 9,362 | $ 22,680 | $ 11,663 |
Basic income per share | $ 0.56 | $ 0.63 | $ 1.16 | $ 0.79 |
Diluted income per share | 0.56 | 0.63 | 1.14 | 0.78 |
Common Stock, Dividends, Per Share, Cash Paid | $ 0 | $ 0 | $ 0 | $ 0.11 |
Basic weighted average number of shares outstanding | 22,028,539 | 14,800,853 | 19,593,421 | 14,792,638 |
Diluted weighted average number of shares outstanding | 22,292,734 | 14,954,998 | 19,823,905 | 14,956,079 |
Consolidated Statements of Ope5
Consolidated Statements of Operations Consolidated Statements of Operations (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Before Tax | $ 0 | $ (20) | $ 0 | $ 693 |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | $ 0 | $ (7) | $ 0 | $ 243 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Net income | $ 12,376 | $ 9,362 | $ 22,680 | $ 11,663 |
Unrealized loss on securities: | ||||
Unrealized holding (loss) gain arising during the period, net of tax (benefit) expense of $(2,313) and $2,537 for the three months ended June 30, 2015 and 2014, and $(1,146) and $6,078 for the six months ended June 30, 2015 and 2014, respectively | (4,295) | 4,713 | (2,128) | 11,288 |
Reclassification adjustment for net gains included in net income, net of tax expense (benefit) of $0 and $(7) for the three months ended June 30, 2015 and 2014, and $0 and $243 for the six months ended June 30, 2015 and 2014, respectively | 0 | 12 | 0 | (451) |
Other comprehensive income | (4,295) | 4,725 | (2,128) | 10,837 |
Comprehensive income | $ 8,081 | $ 14,087 | $ 20,552 | $ 22,500 |
Consolidated Statements of Com7
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Tax (benefit) expense on unrealized holding gain on securities | $ (2,313) | $ 2,537 | $ (1,146) | $ 6,078 |
Tax (benefit) expense on reclassification adjustment for net gain on securities included in net income | $ 0 | $ (7) | $ 0 | $ 243 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.11 | ||||
Beginning balance at Dec. 31, 2013 | $ 265,926 | $ 511 | $ 94,474 | $ 182,935 | $ (11,994) |
Common Stock, Shares, Outstanding at Dec. 31, 2013 | 14,799,991 | ||||
Stockholders' Equity Attributable to Parent [Abstract] | |||||
Net income | 11,663 | $ 0 | 0 | 11,663 | 0 |
Dividends ($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 loss | 10,837 | 0 | 0 | 0 | 10,837 |
Ending balance at Jun. 30, 2014 | $ 288,249 | $ 511 | 95,923 | 192,972 | (1,157) |
Common Stock, Shares, Outstanding at Jun. 30, 2014 | 14,849,692 | ||||
Number of Shares [Abstract] | |||||
Common stock issued, shares | 49,701 | ||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0 | ||||
Beginning balance at Dec. 31, 2014 | $ 302,238 | $ 511 | 96,615 | 203,566 | 1,546 |
Common Stock, Shares, Outstanding at Dec. 31, 2014 | 14,856,611 | 14,856,611 | |||
Stockholders' Equity Attributable to Parent [Abstract] | |||||
Net income | $ 22,680 | $ 0 | 0 | 22,680 | 0 |
Share-based compensation expense | 598 | 0 | 598 | 0 | 0 |
Common stock issued | 124,338 | 0 | 124,338 | 0 | 0 |
Other comprehensive loss | (2,128) | 0 | 0 | 0 | (2,128) |
Ending balance at Jun. 30, 2015 | $ 447,726 | $ 511 | $ 221,551 | $ 226,246 | $ (582) |
Common Stock, Shares, Outstanding at Jun. 30, 2015 | 22,065,249 | 22,065,249 | |||
Number of Shares [Abstract] | |||||
Common stock issued, shares | 7,208,638 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 22,680 | $ 11,663 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||
Depreciation, amortization and accretion | 7,156 | 7,152 |
Provision (reversal of provision) for credit losses | 3,500 | (1,500) |
Fair value adjustment of loans held for sale | (2,265) | 12,660 |
Gains Losses on Loans Held for Investment | 1,679 | 0 |
Origination of mortgage servicing rights | (36,932) | (20,365) |
Change in fair value of mortgage servicing rights | 7,075 | 20,736 |
Net gain on sale of investment securities | 0 | (693) |
Net fair value adjustment, gain (loss) and provision on Other Real Estate Owned | (54) | (731) |
Loss on early retirement of long-term debt | 0 | 575 |
Loss on disposal of fixed assets | 28 | 0 |
Net deferred income tax expense (benefit) | 4,292 | (15,623) |
Share-based compensation expense | 630 | 683 |
Bargain purchase gain | (6,549) | 0 |
Origination of loans held for sale | (3,628,598) | (1,512,392) |
Proceeds from sale of loans originated as held for sale | 3,265,616 | 1,282,100 |
Cash used by changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable and other assets | (24,903) | 3,267 |
Increase in accounts payable and other liabilities | 24,706 | 1,546 |
Net cash (used in) operating activities | (357,409) | (236,242) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of investment securities | (49,972) | (30,780) |
Proceeds from sale of investment securities | 0 | 65,846 |
Principal repayments and maturities of investment securities | 16,290 | 24,455 |
Proceeds from sale of other real estate owned | 2,142 | 4,832 |
Proceeds from sale of loans originated as held for investment | 0 | 266,823 |
Proceeds from Sale of Mortgage Servicing Rights (MSR) | 3,825 | 39,004 |
Mortgage servicing rights purchased from others | (6) | (5) |
Origination of loans held for investment and principal repayments, net | (134,003) | (236,854) |
Purchase of property and equipment | (11,676) | (11,348) |
Cash Acquired in Excess of Payments to Acquire Business | 112,196 | 0 |
Net cash provided by investing activities | (61,204) | 121,973 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Increase in deposits, net | 226,021 | 206,891 |
Proceeds from Federal Home Loan Bank advances | 3,934,500 | 2,492,300 |
Repayment of Federal Home Loan Bank advances | (3,675,000) | (2,554,800) |
Proceeds from Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 73,004 | 14,681 |
Repayment of securities sold under agreements to repurchase | (123,004) | 0 |
Proceeds from Federal Home Loan Bank stock repurchase | 27,685 | 670 |
Payments to Acquire Federal Home Loan Bank Stock | (28,993) | 0 |
Repayment of long-term debt | 0 | (3,530) |
Dividends paid | 0 | (1,626) |
Proceeds from stock issuance, net | 127 | 250 |
Excess tax benefit (expense) related to the exercise of stock options | (32) | 516 |
Net cash provided by financing activities | 434,308 | 155,352 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 15,695 | 41,083 |
CASH AND CASH EQUIVALENTS: | ||
Beginning of year | 30,502 | 33,908 |
End of period | 46,197 | 74,991 |
Cash paid during the period for - | ||
Interest paid | 7,677 | 7,159 |
Federal and state income taxes (paid), net of refunds | 16,281 | 7,610 |
Noncash investing activities - | ||
Loans held for investment foreclosed and transferred to other real estate owned | 4,095 | 2,922 |
Loans transferred from held for investment to held for sale | 15,899 | 310,455 |
Loans transferred from held for sale to held for investment | 25,668 | 17,095 |
Ginnie Mae loans recognized with the right to repurchase, net | 594 | 833 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 737,483 | 0 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 718,916 | 0 |
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 124,214 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
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 and Union Street Holdings 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. These estimates that require application of management's most difficult, subjective or complex judgments often result in the need to make estimates about the effect of matters that are inherently uncertain and may change in future periods. Not all of these significant accounting policies require management to make difficult, subjective or complex judgments or estimates. Management has made significant estimates in several areas, including the fair value of assets acquired and liabilities assumed in business combinations (Note 2, Business Combinations ), allowance for credit losses (Note 4, Loans and Credit Quality ), valuation of residential mortgage servicing rights and loans held for sale (Note 7, Mortgage Banking Operations ), loans held for investment (Note 4, Loans and Credit Quality ), investment securities (Note 3, Investment Securities ) and derivatives (Note 6, Derivatives and Hedging Activities ). Certain amounts in the financial statements from prior periods have been reclassified to conform to the current financial statement presentation. These unaudited interim financial statements reflect 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, 2014 , filed with the Securities and Exchange Commission (“ 2014 Annual Report on Form 10-K”). Recent Accounting Developments On April 7, 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs . The ASU was issued to simplify the presentation of debt issuance costs. This guidance requires that debt issuance costs related to a recognized debt liability be presented on the statement of financial condition as a direct deduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts. This guidance becomes effective for the Company for the interim and annual periods beginning after December 15, 2015, and early adoption is permitted for financial statements that have not been previously issued. The guidance is required to be applied on a retrospective basis to each individual period presented on the statement of financial condition. The adoption of this guidance will result in a reclassification of debt issuance costs from other assets to consolidated obligations on the statement of financial condition. The Company is in the process of evaluating the effect of this guidance on the financial statements but the impact is not expected to be material. On April 15, 2015, the FASB issued ASU 2015-05, Customer’s Accounting for Fees Paid in Cloud Computing Arrangement . The ASU was issued to clarify a customer's accounting for fees paid in a cloud computing arrangement. The amendments provide guidance to customers in determining whether a cloud computing arrangement includes a software license that should be accounted for as internal-use software. If the arrangement does not contain a software license, it would be accounted for as a service contract. This guidance becomes effective for the Company for the interim and annual periods beginning after December 15, 2015, early adoption is permitted. The Company can elect to adopt the amendments either (1) prospectively to all arrangements entered into or materially modified after the effective date or (2) retrospectively. The Company is in the process of evaluating this guidance and its effect on the financial statements but the impact is not expected to be material. In February 2015, the FASB issued ASU 2015-02, Consolidation . The ASU provides an additional requirement for a limited partnership or similar entity to qualify as a voting interest entity, amending the criteria for consolidating such an entity and eliminating the deferral provided under previous guidance for investment companies. In addition, the new guidance amends the criteria for evaluating fees paid to a decision maker or service provider as a variable interest and amends the criteria for evaluating the effect of fee arrangements and related parties on a VIE primary beneficiary determination. This guidance is effective for interim and annual reporting periods beginning after December 15, 2015. The Company is currently evaluating this guidance to determine the impact on its consolidated financial statements. In January 2014, the FASB issued 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 prospective adoption of ASU 2014-04 did not 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 adoption of ASU 2014-09 is not expected to have a material impact on the Company's consolidated financial statements. 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. The application of this guidance required enhanced disclosures of the Company's repurchase agreements, but had no impact on the Company's consolidated financial statements. In August 2014, the FASB issued ASU 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. The ASU clarifies the classification of certain foreclosed mortgage loans held by creditors that are either fully or partially guaranteed under government programs. The ASU requires that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: (1) the loan has a government guarantee that is not separable from the loan before foreclosure; (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim; (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. The separate other receivable should be measured based on the amount of the loan balance expected to be recovered from the guarantor. 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 prospective adoption of ASU 2014-14 did not have a material impact on the Company's consolidated financial statements. |
Business Combinations (Notes)
Business Combinations (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | NOTE 2–BUSINESS COMBINATIONS: On March 1, 2015, the Company completed its acquisition of Simplicity Bancorp, Inc., a Maryland corporation (“Simplicity”) and Simplicity’s wholly owned subsidiary, Simplicity Bank. Simplicity’s principal business activities prior to the merger were attracting retail deposits from the general public, originating or purchasing loans, primarily loans secured by first mortgages on owner-occupied, one-to-four family residences and multi-family residences located in Southern California and, to a lesser extent, commercial real estate, automobile and other consumer loans; and the origination and sale of fixed-rate, conforming, one-to-four family residential real estate loans in the secondary market, usually with servicing retained. The primary objective for this acquisition is to grow our Commercial and Consumer Banking segment by expanding the business of the former Simplicity branches by offering additional banking and lending products to former Simplicity customers as well as new customers. The acquisition was accomplished by the merger of Simplicity with and into HomeStreet, Inc. with HomeStreet, Inc. as the surviving corporation, followed by the merger of Simplicity Bank with and into HomeStreet Bank with HomeStreet Bank as the surviving subsidiary. The results of operations of Simplicity will be included in the consolidated results of operations from the date of acquisition. At the closing, there were 7,180,005 shares of Simplicity common stock, par value $0.01, outstanding, all of which were cancelled and exchanged for an equal number of shares of HomeStreet common stock, no par value, issued to Simplicity’s stockholders. In connection with the merger, all outstanding options to purchase Simplicity common stock were cancelled in exchange for a cash payment equal to the difference between a calculated price of HomeStreet common stock and the exercise price of the option, provided, however, that any options that were out-of-the-money at the time of closing were cancelled for no consideration. The calculated price of $17.53 was determined by averaging the closing price of HomeStreet common stock for the 10 trading days prior to but not including the 5th business day before the closing date. The aggregate consideration paid by us in the Simplicity acquisition was approximately $471 thousand in cash and 7,180,005 of HomeStreet common stock with a fair value of approximately $124.2 million as of the acquisition date. We used current liquidity sources to fund the cash consideration. The acquisition was accounted for under the acquisition method of accounting pursuant to ASC 805, Business Combinations . The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of acquisition date. The Company made significant estimates and exercised significant judgment in estimating the fair values and accounting for such acquired assets and assumed liabilities. The valuation of acquired loans, mortgage servicing rights, premises and equipment, core deposit intangibles, deferred taxes, deposits, Federal Home Loan Bank advances and any contingent liabilities that arise as a result of the transaction are considered preliminary and such fair value estimates are subject to adjustment for up to one year after the acquisition date or when additional information relative to the closing date fair values becomes available and such information is considered final, whichever is earlier. Any changes to the preliminary estimates during the measurement period are recorded as retrospective adjustments to the consolidated financial statements. A summary of the consideration paid, the assets acquired and liabilities assumed in the merger are presented below: (in thousands) March 1, 2015 Fair value consideration paid to Simplicity shareholders: Cash paid (79,399 stock options, consideration based on intrinsic value at a calculated price of $17.53) $ 471 Fair value of common shares issued (7,180,005 shares at $17.30 per share) 124,214 Total purchase price $ 124,685 Fair value of assets acquired: Cash and cash equivalents 112,667 Investment securities 26,845 Acquired loans 664,148 Mortgage servicing rights 980 Federal Home Loan Bank stock 5,520 Premises and equipment 2,966 Bank-owned life insurance 14,501 Core deposit intangibles 7,450 Accounts receivable and other assets 15,073 Total assets acquired 850,150 Fair value of liabilities assumed: Deposits 651,202 Federal Home Loan Bank advances 65,855 Accounts payable and accrued expenses 1,859 Total liabilities assumed 718,916 Net assets acquired $ 131,234 Preliminary bargain purchase (gain) $ (6,549 ) The provisional application of the acquisition method of accounting resulted in a bargain purchase gain of $6.5 million which was reported as a component of noninterest income on our consolidated statements of operations. A substantial portion of the assets acquired from Simplicity were mortgage-related assets, which generally decrease in value as interest rates rise and increase in value as interest rates fall. The bargain purchase gain was driven largely by a substantial decline in long-term interest rates between the period shortly after our announcement of the Simplicity acquisition and its closing, which resulted in an increase in the fair value of the acquired mortgage assets and the overall net fair value of assets acquired. In addition, the Company believes it was able to acquire Simplicity for less than the fair value of its net assets due to Simplicity’s stock trading below its book value for an extended period of time prior to the announcement of the acquisition. The Company negotiated a purchase price per share for Simplicity that was above the prevailing stock price thereby representing a premium to the shareholders. The stock consideration transferred was based on a 1:1 stock conversion ratio. The price of the Company’s shares declined between the time the deal was announced and when it closed which also attributed to the bargain purchase gain. The acquisition of Simplicity by the Company was approved by Simplicity’s shareholders. For tax purposes, the bargain purchase gain is a non-taxable event. The operations of Simplicity are included in the Company's operating results as of the acquisition date of March 1, 2015 through the period ended June 30, 2015 . Acquisition-related costs were expensed as incurred in noninterest expense as merger and integration costs. The following table provides a breakout of merger-related expense for the six months ended June 30, 2015 and for the year ended December 31, 2014: Six Months Ended June 30, 2015 Year Ended December 31, 2014 (in thousands) Noninterest expense Salaries and related costs $ 7,676 $ 23 General and administrative 1,249 179 Legal 351 245 Consulting 5,751 388 Occupancy 383 4 Information services (37 ) 50 Total noninterest expense $ 15,373 $ 889 The $664.1 million estimated fair value of loans acquired from Simplicity was determined by utilizing a discounted cash flow methodology considering credit and interest rate risk. Cash flows were determined by estimating future credit losses and the rate of prepayments. Projected monthly cash flows were then discounted to present value based on the Company’s weighted average cost of capital. The discount for acquired loans from Simplicity was $16.6 million as of the acquisition date. A core deposit intangible (“CDI”) of $7.5 million was recognized related to the core deposits acquired from Simplicity. A discounted cash flow method was used to estimate the fair value of the certificates of deposit. The CDI is amortized over its estimated useful life of approximately ten years using an accelerated method and will be reviewed for impairment quarterly. The fair value of savings and transaction deposit accounts was assumed to approximate the carrying value as these accounts have no stated maturity and are payable on demand. A discounted cash flow method was used to estimate the fair value of the certificates of deposit. A premium, which will be amortized over the contractual life of the deposits, of $3.96 million was recorded for certificates of deposit. The fair value of Federal Home Loan Bank advances was estimated using a discounted cash flow method. A premium, which will be amortized over the contractual life of the advances, of $855 thousand was recorded for the Federal Home Loan Bank advances. The Company determined that the disclosure requirements related to the amounts of revenues and earnings of the acquiree included in the consolidated statements of operations since the acquisition date is impracticable. The financial activity and operating results of the acquiree were commingled with the Company’s financial activity and operating results as of the acquisition date. Unaudited Pro Forma Results of Operations The following table presents our unaudited pro forma results of operations for the periods presented as if the Simplicity acquisition had been completed on January 1, 2014. The unaudited pro forma results of operations include the historical accounts of Simplicity and pro forma adjustments as may be required, including the amortization of intangibles with definite lives and the amortization or accretion of any premiums or discounts arising from fair value adjustments for assets acquired and liabilities assumed. The unaudited pro forma information is intended for informational purposes only and is not necessarily indicative of our future operating results or operating results that would have occurred had the Simplicity acquisition been completed at the beginning of 2014. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies or asset dispositions. Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share data) 2015 2014 2015 2014 Net interest income $ 38,370 $ 31,516 $ 73,587 $ 61,958 Total noninterest income 73,070 54,994 142,563 97,699 Total noninterest expense 89,095 72,883 174,686 147,423 Net income $ 14,384 $ 9,625 $ 25,599 $ 13,163 Basic income per share $ 0.65 $ 0.44 $ 1.16 $ 0.60 Diluted income per share $ 0.65 $ 0.44 $ 1.15 $ 0.60 Basic weighted average number of shares outstanding 22,028,539 21,878,222 22,033,644 21,848,465 Diluted weighted average number of shares outstanding 22,292,734 22,058,842 22,165,741 22,033,217 |
Investment Securities Available
Investment Securities Available for Sale | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES AVAILABLE FOR SALE | NOTE 3–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, 2015 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Mortgage-backed securities: Residential $ 109,169 $ 525 $ (1,067 ) $ 108,627 Commercial 12,857 495 — 13,352 Municipal bonds 136,182 2,241 (1,174 ) 137,249 Collateralized mortgage obligations: Residential 81,857 115 (1,360 ) 80,612 Commercial 19,428 27 (184 ) 19,271 Corporate debt securities 84,920 130 (2,352 ) 82,698 U.S. Treasury securities 40,986 37 — 41,023 $ 485,399 $ 3,570 $ (6,137 ) $ 482,832 At December 31, 2014 (in thousands) Amortized Gross Gross Fair Mortgage-backed securities: Residential $ 107,624 $ 509 $ (853 ) $ 107,280 Commercial 13,030 641 — 13,671 Municipal bonds 119,744 2,847 (257 ) 122,334 Collateralized mortgage obligations: Residential 44,254 161 (1,249 ) 43,166 Commercial 20,775 — (289 ) 20,486 Corporate debt securities 80,214 296 (1,110 ) 79,400 U.S. Treasury securities 40,976 13 — 40,989 $ 426,617 $ 4,467 $ (3,758 ) $ 427,326 Mortgage-backed securities ("MBS") and collateralized mortgage obligations ("CMO") represent securities issued by government sponsored enterprises ("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, 2015 and December 31, 2014 , 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, 2015 and December 31, 2014 , 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, 2015 Less than 12 months 12 months or more Total (in thousands) Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Mortgage-backed securities: Residential $ (332 ) $ 41,498 $ (735 ) $ 22,440 $ (1,067 ) $ 63,938 Municipal bonds (943 ) 53,882 (231 ) 5,752 (1,174 ) 59,634 Collateralized mortgage obligations: Residential (471 ) 33,973 (889 ) 28,540 (1,360 ) 62,513 Commercial (89 ) 9,748 (95 ) 4,729 (184 ) 14,477 Corporate debt securities (1,191 ) 40,833 (1,161 ) 28,261 (2,352 ) 69,094 $ (3,026 ) $ 179,934 $ (3,111 ) $ 89,722 $ (6,137 ) $ 269,656 At December 31, 2014 Less than 12 months 12 months or more Total (in thousands) Gross Fair Gross Fair Gross Fair Mortgage-backed securities: Residential $ — $ — $ (853 ) $ 57,242 $ (853 ) $ 57,242 Municipal bonds (11 ) 2,339 (246 ) 17,155 (257 ) 19,494 Collateralized mortgage obligations: Residential — — (1,249 ) 31,021 (1,249 ) 31,021 Commercial (29 ) 5,037 (260 ) 15,449 (289 ) 20,486 Corporate debt securities (56 ) 13,140 (1,054 ) 40,997 (1,110 ) 54,137 $ (96 ) $ 20,516 $ (3,662 ) $ 161,864 $ (3,758 ) $ 182,380 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, 2015 and December 31, 2014 , the Company does not expect any credit losses on its debt securities. In addition, as of June 30, 2015 and December 31, 2014 , 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 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, 2015 Within one year After one year through five years After five years through ten years After ten years Total (in thousands) Fair Value Weighted Average Yield Fair Value Weighted Average Yield Fair Value Weighted Average Yield Fair Value Weighted Average Yield Fair Value Weighted Average Yield Mortgage-backed securities: Residential $ — — % $ 5 0.42 % $ 7,171 1.96 % $ 101,450 1.93 % $ 108,626 1.93 % Commercial — — — — — — 13,353 4.86 13,353 4.86 Municipal bonds — — 4,199 3.65 22,075 3.50 110,975 4.20 137,249 4.07 Collateralized mortgage obligations: Residential — — — — 173 0.90 80,439 1.70 80,612 1.70 Commercial — — — — 9,748 1.95 9,523 1.69 19,271 1.82 Corporate debt securities — — 11,050 2.45 41,325 3.22 30,323 3.64 82,698 3.28 U.S. Treasury securities 41,023 0.35 — — — — — — 41,023 0.35 Total available for sale $ 41,023 0.35 % $ 15,254 2.77 % $ 80,492 3.03 % $ 346,063 2.85 % $ 482,832 2.67 % At December 31, 2014 Within one year After one year through five years After five years through ten years After ten years Total (in thousands) Fair Value Weighted Average Yield Fair Value Weighted Average Yield Fair Value Weighted Average Yield Fair Value Weighted Average Yield Fair Value Weighted Average Yield Mortgage-backed securities: Residential $ — — % $ — — % $ 6,949 1.72 % $ 100,331 1.75 % $ 107,280 1.75 % Commercial — — — — — — 13,671 4.75 13,671 4.75 Municipal bonds — — 604 4.10 23,465 3.55 98,265 4.21 122,334 4.09 Collateralized mortgage obligations: Residential — — — — — — 43,166 1.84 43,166 1.84 Commercial — — — — 9,776 1.96 10,710 1.99 20,486 1.97 Corporate debt securities — — 9,000 2.21 38,487 3.35 31,913 3.73 79,400 3.37 U.S. Treasury securities 25,998 0.28 14,991 0.46 — — — — 40,989 0.35 Total available for sale $ 25,998 0.28 % $ 24,595 1.19 % $ 78,677 3.09 % $ 298,056 2.92 % $ 427,326 2.69 % Sales of investment securities available for sale were as follows. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Proceeds $ — $ 11,541 $ — $ 65,846 Gross gains — 118 — 895 Gross losses — (137 ) — (201 ) There were $116.6 million and $44.3 million in investment securities pledged to secure advances from the Federal Home Loan Bank of Des Moines ("FHLB") at June 30, 2015 and December 31, 2014 , respectively. At June 30, 2015 and December 31, 2014 , there were $34.1 million and $33.4 million , respectively, of securities pledged to secure derivatives in a liability position. The Company assesses the creditworthiness of the counterparties that hold the pledged collateral and has determined that these arrangements have little risk. There were no securities pledged under repurchase agreements at June 30, 2015 and December 31, 2014 . Tax-exempt interest income on securities available for sale totaling $852 thousand and $863 thousand for the three months ended June 30, 2015 and 2014 , respectively, and $1.6 million and $1.8 million for the six months ended June 30, 2015 and 2014 , respectively, was recorded in the Company's consolidated statements of operations. |
Loans and Credit Quality
Loans and Credit Quality | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
LOANS AND CREDIT QUALITY | NOTE 4–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 5, Loans and Credit Quality within our 2014 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 and other 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, Consumer loans Single family $ 1,182,542 (1) $ 896,665 Home equity and other 216,635 135,598 1,399,177 1,032,263 Commercial loans Commercial real estate 547,571 523,464 Multifamily 366,187 55,088 Construction/land development 454,817 367,934 Commercial business 166,216 147,449 1,534,791 1,093,935 2,933,968 2,126,198 Net deferred loan fees, costs and discounts (7,516 ) (5,048 ) 2,926,452 2,121,150 Allowance for loan losses (25,777 ) (22,021 ) $ 2,900,675 $ 2,099,129 (1) Includes $38.2 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated statements of operations. Loans in the amount of $1.32 billion and $1.06 billion at June 30, 2015 and December 31, 2014 , respectively, were pledged to secure borrowings from the FHLB as part of our liquidity management strategy. Additionally, loans totaling $516.2 million and $487.2 million were pledged to secure borrowings from the Federal Reserve Bank. The FHLB and Federal Reserve Bank do not have the right to sell or re-pledge these loans. Credit Risk Concentration 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 Pacific Northwest, Oregon, California and Hawaii. At June 30, 2015 , 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 20.7% , 15.0% and 11.3% of the total portfolio, respectively. Additionally, we had a concentration representing 10% or more by state and property type for the single family loan class within the state of California, which represented 13.8% of the total portfolio. At December 31, 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 28.0% and 20.7% and 13.7% of the total portfolio, respectively. 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, 2015 . 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 2014 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) 2015 2014 2015 2014 Allowance for credit losses (roll-forward): Beginning balance $ 25,628 $ 22,317 $ 22,524 $ 24,089 Provision (reversal of provision) for credit losses 500 — 3,500 (1,500 ) (Charge-offs), net of recoveries 320 (149 ) 424 (421 ) Ending balance $ 26,448 $ 22,168 $ 26,448 $ 22,168 Components: Allowance for loan losses $ 25,777 $ 21,926 $ 25,777 $ 21,926 Allowance for unfunded commitments 671 242 671 242 Allowance for credit losses $ 26,448 $ 22,168 $ 26,448 $ 22,168 Activity in the allowance for credit losses by loan portfolio and loan class was as follows. Three Months Ended June 30, 2015 (in thousands) Beginning balance Charge-offs Recoveries (Reversal of) Provision Ending balance Consumer loans Single family $ 9,959 $ — $ 181 $ (1,143 ) $ 8,997 Home equity and other 3,331 (119 ) 57 613 3,882 13,290 (119 ) 238 (530 ) 12,879 Commercial loans Commercial real estate 4,551 — 37 458 5,046 Multifamily 661 — — 119 780 Construction/land development 5,003 — 85 855 5,943 Commercial business 2,123 (9 ) 88 (402 ) 1,800 12,338 (9 ) 210 1,030 13,569 Total allowance for credit losses $ 25,628 $ (128 ) $ 448 $ 500 $ 26,448 Three Months Ended June 30, 2014 (in thousands) Beginning balance Charge-offs Recoveries (Reversal of) Provision Ending balance Consumer loans Single family $ 9,406 $ (172 ) $ 25 $ (148 ) $ 9,111 Home equity and other 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 Six Months Ended June 30, 2015 (in thousands) Beginning Charge-offs Recoveries (Reversal of) Provision Ending Consumer loans Single family $ 9,447 $ — $ 246 $ (696 ) $ 8,997 Home equity and other 3,322 (201 ) 141 620 3,882 12,769 (201 ) 387 (76 ) 12,879 Commercial loans Commercial real estate 3,846 (16 ) 37 1,179 5,046 Multifamily 673 — — 107 780 Construction/land development 3,818 — 99 2,026 5,943 Commercial business 1,418 (9 ) 127 264 1,800 9,755 (25 ) 263 3,576 13,569 Total allowance for credit losses $ 22,524 $ (226 ) $ 650 $ 3,500 $ 26,448 Six Months Ended June 30, 2014 (in thousands) Beginning Charge-offs Recoveries (Reversal of) Provision Ending Consumer loans Single family $ 11,990 $ (283 ) $ 41 $ (2,637 ) $ 9,111 Home equity and other 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 The following table disaggregates our allowance for credit losses and recorded investment in loans by impairment methodology. At June 30, 2015 (in thousands) Allowance: collectively evaluated for impairment Allowance: individually evaluated for impairment Total Loans: collectively evaluated for impairment Loans: individually evaluated for impairment Total Consumer loans Single family $ 8,738 $ 259 $ 8,997 $ 1,065,566 $ 78,752 $ 1,144,318 Home equity and other 3,719 163 3,882 214,468 2,167 216,635 12,457 422 12,879 1,280,034 80,919 1,360,953 Commercial loans Commercial real estate 4,672 374 5,046 523,570 24,001 547,571 Multifamily 581 199 780 361,475 4,712 366,187 Construction/land development 5,943 — 5,943 450,217 4,600 454,817 Commercial business 1,487 313 1,800 160,173 6,043 166,216 12,683 886 13,569 1,495,435 39,356 1,534,791 Total loans evaluated for impairment 25,140 1,308 26,448 2,775,469 120,275 2,895,744 Loans held for investment carried at fair value 38,224 (1) Total loans held for investment $ 25,140 $ 1,308 $ 26,448 $ 2,775,469 $ 120,275 $ 2,933,968 (1) Comprised of single family loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated statements of operations. At December 31, 2014 (in thousands) Allowance: collectively evaluated for impairment Allowance: individually evaluated for impairment Total Loans: collectively evaluated for impairment Loans: individually evaluated for impairment Total Consumer loans Single family $ 8,743 $ 704 $ 9,447 $ 818,783 $ 77,882 $ 896,665 Home equity and other 3,165 157 3,322 132,937 2,661 135,598 11,908 861 12,769 951,720 80,543 1,032,263 Commercial loans Commercial real estate 3,806 40 3,846 496,685 26,779 523,464 Multifamily 312 361 673 52,011 3,077 55,088 Construction/land development 3,818 — 3,818 362,487 5,447 367,934 Commercial business 974 444 1,418 144,071 3,378 147,449 8,910 845 9,755 1,055,254 38,681 1,093,935 Total $ 20,818 $ 1,706 $ 22,524 $ 2,006,974 $ 119,224 $ 2,126,198 The Company recorded $500 thousand of provision for credit losses in the second quarter of 2015 . The credit loss provision recorded in the quarter was the result of overall growth in the loans held for investment portfolio. Impaired Loans The following tables present impaired loans by loan portfolio segment and loan class. At June 30, 2015 (in thousands) Recorded investment (1) Unpaid principal balance (2) Related allowance With no related allowance recorded: Consumer loans Single family $ 76,135 $ 78,337 $ — Home equity and other 1,387 1,412 — 77,522 79,749 — Commercial loans Commercial real estate 10,429 12,179 — Multifamily 3,810 4,223 — Construction/land development 4,600 5,101 — Commercial business 5,015 5,516 — 23,854 27,019 — $ 101,376 $ 106,768 $ — With an allowance recorded: Consumer loans Single family $ 2,617 $ 2,730 $ 259 Home equity and other 780 780 163 3,397 3,510 422 Commercial loans Commercial real estate 13,572 13,585 374 Multifamily 902 850 199 Construction/land development — — — Commercial business 1,028 1,145 313 15,502 15,580 886 $ 18,899 $ 19,090 $ 1,308 Total: Consumer loans Single family (3) $ 78,752 $ 81,067 $ 259 Home equity and other 2,167 2,192 163 80,919 83,259 422 Commercial loans Commercial real estate 24,001 25,764 374 Multifamily 4,712 5,073 199 Construction/land development 4,600 5,101 — Commercial business 6,043 6,661 313 39,356 42,599 886 Total impaired loans $ 120,275 $ 125,858 $ 1,308 (1) Includes partial charge-offs and nonaccrual interest paid and purchase discounts and premiums. (2) Unpaid principal balance does not include partial charge-offs, purchase discounts and premiums or nonaccrual interest paid. Related allowance is calculated on net book balances not unpaid principal balances. (3) Includes $75.7 million in performing troubled debt restructurings ("TDRs"). At December 31, 2014 (in thousands) Recorded investment (1) Unpaid principal balance (2) Related allowance With no related allowance recorded: Consumer loans Single family $ 48,104 $ 50,787 $ — Home equity and other 1,824 1,850 — 49,928 52,637 — Commercial loans Commercial real estate 25,540 27,205 — Multifamily 508 508 — Construction/land development 5,447 14,532 — Commercial business 1,302 3,782 — 32,797 46,027 — $ 82,725 $ 98,664 $ — With an allowance recorded: Consumer loans Single family $ 29,778 $ 29,891 $ 704 Home equity and other 837 837 157 30,615 30,728 861 Commercial loans Commercial real estate 1,239 1,399 40 Multifamily 2,569 2,747 361 Commercial business 2,076 2,204 444 5,884 6,350 845 $ 36,499 $ 37,078 $ 1,706 Total: Consumer loans Single family (3) $ 77,882 $ 80,678 $ 704 Home equity and other 2,661 2,687 157 80,543 83,365 861 Commercial loans Commercial real estate 26,779 28,604 40 Multifamily 3,077 3,255 361 Construction/land development 5,447 14,532 — Commercial business 3,378 5,986 444 38,681 52,377 845 Total impaired loans $ 119,224 $ 135,742 $ 1,706 (1) Includes partial charge-offs and nonaccrual interest paid. (2) Unpaid principal balance does not include partial charge-offs, purchase discounts and premiums or nonaccrual interest paid. Related allowance is calculated on net book balances not unpaid principal balances. (3) Includes $73.6 million in single family 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) 2015 2014 2015 2014 Consumer loans Single family $ 78,720 $ 70,977 $ 78,440 $ 71,713 Home equity and other 2,250 2,466 2,387 2,525 80,970 73,443 80,827 74,238 Commercial loans Commercial real estate 23,469 31,771 24,572 31,806 Multifamily 4,270 3,135 3,873 3,144 Construction/land development 5,047 5,875 5,180 5,966 Commercial business 4,832 3,200 4,347 3,085 37,618 43,981 37,972 44,001 $ 118,588 $ 117,424 $ 118,799 $ 118,239 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 Company's risk rating methodology assigns risk ratings ranging from 1 to 10, where a higher rating represents higher risk. The Company differentiates its lending portfolios into homogeneous loans and non-homogeneous loans. The 10 risk rating categories can be generally described by the following groupings for non-homogeneous loans: Pass. We have five pass risk ratings which represent a level of credit quality that ranges from no well-defined deficiency or weakness to some noted weakness, however the risk of default on any loan classified as pass is expected to be remote. The five pass risk ratings are described below: Minimal Risk . A minimal risk loan, risk rated 1-Exceptional, is to a borrower of the highest quality. The borrower has an unquestioned ability to produce consistent profits and service all obligations and can absorb severe market disturbances with little or no difficulty. Low Risk. A low risk loan, risk rated 2-Superior, is similar in characteristics to a minimal risk loan. Balance sheet and operations are slightly more prone to fluctuations within the business cycle; however, debt capacity and debt service coverage remains strong. The borrower will have a strong demonstrated ability to produce profits and absorb market disturbances. Modest Risk. A modest risk loan, risk rated 3-Excellent, is a desirable loan with excellent sources of repayment and no currently identifiable risk associated with collection. The borrower exhibits a very strong capacity to repay the loan in accordance with the repayment agreement. The borrower may be susceptible to economic cycles, but will have cash reserves to weather these cycles. Average Risk. An average risk loan, risk rated 4-Good, is an attractive loan with sound sources of repayment and no material collection or repayment weakness evident. The borrower has an acceptable capacity to pay in accordance with the agreement. The borrower is susceptible to economic cycles and more efficient competition, but should have modest reserves sufficient to survive all but the most severe downturns or major setbacks. Acceptable Risk. An acceptable risk loan, risk rated 5-Acceptable, is a loan with lower than average, but still acceptable credit risk. These borrowers may have higher leverage, less certain but viable repayment sources, have limited financial reserves and may possess weaknesses that can be adequately mitigated through collateral, structural or credit enhancement. The borrower is susceptible to economic cycles and is less resilient to negative market forces or financial events. Reserves may be insufficient to survive a modest downturn. Watch. A watch loan, risk rated 6-Watch, is still pass-rated, but represents the lowest level of acceptable risk due to an emerging risk element or declining performance trend. Watch ratings are expected to be temporary, with issues resolved or manifested to the extent that a higher or lower rating would be appropriate. The borrower should have a plausible plan, with reasonable certainty of success, to correct the problems in a short period of time. Borrowers rated watch are characterized by elements of uncertainty, such as: • The borrower may be experiencing declining operating trends, strained cash flows or less-than anticipated performance. Cash flow should still be adequate to cover debt service, and the negative trends should be identified as being of a short-term or temporary nature. • The borrower may have experienced a minor, unexpected covenant violation. • Companies who may be experiencing tight working capital or have a cash cushion deficiency. • A loan may also be a watch if financial information is late, there is a documentation deficiency, the borrower has experienced unexpected management turnover, or if they face industry issues that, when combined with performance factors create uncertainty in their future ability to perform. • Delinquent payments, increasing and material overdraft activity, request for bulge and/or out- of-formula advances may be an indicator of inadequate working capital and may suggest a lower rating. • Failure of the intended repayment source to materialize as expected, or renewal of a loan (other than cash/marketable security secured or lines of credit) without reduction are possible indicators of a watch or worse risk rating. Special Mention. A special mention loan, risk rated 7-Special Mention, has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loans or the institutions credit position at some future date. They contain unfavorable characteristics and are generally undesirable. Loans in this category are currently protected but are potentially weak and constitute an undue and unwarranted credit risk, but not to the point of a substandard classification. A special mention loan has potential weaknesses, which if not checked or corrected, weaken the loan or inadequately protect the Company’s position at some future date. Such weaknesses include: • Performance is poor or significantly less than expected. There may be a temporary debt-servicing deficiency or inadequate working capital as evidenced by a cash cushion deficiency, but not to the extent that repayment is compromised. Material violation of financial covenants is common. • Loans with unresolved material issues that significantly cloud the debt service outlook, even though a debt servicing deficiency does not currently exist. • Modest underperformance or deviation from plan for real estate loans where absorption of rental/sales units is necessary to properly service the debt as structured. Depth of support for interest carry provided by owner/guarantors may mitigate and provide for improved rating • This rating may be assigned when a loan officer is unable to supervise the credit properly, an inadequate loan agreement, an inability to control collateral, failure to obtain proper documentation, or any other deviation from prudent lending practices. • Unlike a substandard credit, there should be a reasonable expectation that these temporary issues will be corrected within the normal course of business, rather than liquidation of assets, and in a reasonable period of time. Substandard. A substandard loan, risk rated 8-Substandard, is inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the loan. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard loans, does not have to exist in individual loans classified substandard. Loans are classified as substandard when they have unsatisfactory characteristics causing unacceptable levels of risk. A substandard loan normally has one or more well-defined weaknesses that could jeopardize repayment of the loan. The likely need to liquidate assets to correct the problem, rather than repayment from successful operations is the key distinction between special mention and substandard. The following are examples of well-defined weaknesses: • Cash flow deficiencies or trends are of a magnitude to jeopardize current and future payments with no immediate relief. A loss is not presently expected, however the outlook is sufficiently uncertain to preclude ruling out the possibility. • The borrower has been unable to adjust to prolonged and unfavorable industry or economic trends. • Material underperformance or deviation from plan for real estate loans where absorption of rental/sales units is necessary to properly service the debt and risk is not mitigated by willingness and capacity of owner/guarantor to support interest payments. • Management character or honesty has become suspect. This includes instances where the borrower has become uncooperative. • Due to unprofitable or unsuccessful business operations, some form of restructuring of the business, including liquidation of assets, has become the primary source of loan repayment. Cash flow has deteriorated, or been diverted, to the point that sale of collateral is now the Company’s primary source of repayment (unless this was the original source of repayment). If the collateral is under the Company’s control and is cash or other liquid, highly marketable securities and properly margined, then a more appropriate rating might be special mention or watch. • The borrower is involved in bankruptcy proceedings where collateral liquidation values are expected to fully protect the Company against loss. • There is material, uncorrectable faulty documentation or materially suspect financial information. Doubtful. Loans classified as doubtful, risk rated 9-Doubtful, have all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors, which may work towards strengthening of the loan, classification as a loss (and immediate charge-off) is deferred until more exact status may be determined. Pending factors include proposed merger, acquisition, liquidation procedures, capital injection, and perfection of liens on additional collateral and refinancing plans. In certain circumstances, a doubtful rating will be temporary, while the Company is awaiting an updated collateral valuation. In these cases, once the collateral is valued and appropriate margin applied, the remaining un-collateralized portion will be charged-off. The remaining balance, properly margined, may then be upgraded to substandard, however must remain on non-accrual. Loss. Loans classified as loss, risk rated 10-Loss, are considered un-collectible and of such little value that the continuance as an active Company asset is not warranted. This rating does not mean that the loan has no recovery or salvage value, but rather that the loan should be charged-off now, even though partial or full recovery may be possible in the future. Impaired. Loans are classified as impaired when, based on current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal and interest when due, in accordance with the terms of the original loan agreement, without unreasonable delay. This generally includes all loans classified as nonaccrual and troubled debt restructurings. Impaired loans are risk rated for internal and regulatory rating purposes, but presented separately for clarification. Homogeneous loans maintain their original risk rating until they are greater than 30 days past due, and risk rating reclassification is based primarily on the past due status of the loan. The risk rating categories can be generally described by the following groupings for commercial and commercial real estate homogeneous loans: Watch. A homogeneous watch loan, risk rated 6, is 30-59 days past due from the required payment date at month-end. Special Mention. A homogeneous special mention loan, risk rated 7, is 60-89 days past due from the required payment date at month-end. S ubstandard. A homogeneous substandard loan, risk rated 8, is 90-179 days past due from the required payment date at month-end. Loss. A homogeneous loss loan, risk rated 10, is 180 days and more past due from the required payment date. These loans are generally charged-off in the month in which the 180 day time period elapses. The risk rating categories can be generally described by the following groupings for residential and home equity and other homogeneous loans: Watch. A homogeneous retail watch loan, risk rated 6, is 60-89 days past due from the required payment date at month-end. Substandard. A homogeneous retail substandard loan, risk rated 8, is 90-180 days past due from the required payment date at month-end. Loss. A homogeneous retail loss loan, risk rated 10, becomes past due 180 cumulative days from the contractual due date. These loans are generally charged-off in the month in which the 180 day period elapses. Residential and home equity loans modified in a troubled debt restructure are not considered homogeneous. The risk rating classification for such loans are based on the non-homogeneous definitions noted above. The following tables summarize designated loan grades by loan portfolio segment and loan class. At June 30, 2015 (in thousands) Pass Watch Special mention Substandard Total Consumer loans Single family $ 1,149,603 (1) $ 1,498 $ 20,604 $ 10,837 $ 1,182,542 Home equity and other 214,492 61 481 1,601 216,635 1,364,095 1,559 21,085 12,438 1,399,177 Commercial loans Commercial real estate 452,364 76,226 8,285 10,696 547,571 Multifamily 339,780 18,529 4,687 3,191 366,187 Construction/land development 448,247 3,240 1,314 2,016 454,817 Commercial business 131,601 27,647 2,354 4,614 166,216 1,371,992 125,642 16,640 20,517 1,534,791 $ 2,736,087 $ 127,201 $ 37,725 $ 32,955 $ 2,933,968 (1) Includes $38.2 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated statements of operations. At December 31, 2014 (in thousands) Pass Watch Special mention Substandard Total Consumer loans Single family $ 865,641 $ 361 $ 21,714 $ 8,949 $ 896,665 Home equity and other 133,338 82 652 1,526 135,598 998,979 443 22,366 10,475 1,032,263 Commercial loans Commercial real estate 441,509 67,434 13,066 1,455 523,464 Multifamily 50,495 1,516 3,077 — 55,088 Construction/land development 361,167 2,830 1,261 2,676 367,934 Commercial business 115,665 25,724 3,690 2,370 147,449 968,836 97,504 21,094 6,501 1,093,935 $ 1,967,815 $ 97,947 $ 43,460 $ 16,976 $ 2,126,198 As of June 30, 2015 and December 31, 2014 , none of the Company's loans were rated Doubtful or Loss. For a detailed discussion on credit quality, see Note 6, Loans and Credit Quality within our 2014 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, 2015 (in thousands) 30-59 days past due 60-89 days past due 90 days or more past due Total past due Current Total loans 90 days or more past due and accruing (2) Consumer loans Single family $ 8,619 $ 3,400 $ 41,959 $ 53,978 $ 1,128,564 (1) $ 1,182,542 $ 31,700 (2) Home equity and other 658 80 1,533 2,271 214,364 216,635 — 9,277 3,480 43,492 56,249 1,342,928 1,399,177 31,700 Commercial loans Commercial real estate — — 3,850 3,850 543,721 547,571 — Multifamily — — 1,671 1,671 364,516 366,187 — Construction/land development — — — — 454,817 454,817 — Commercial business — — 3,995 3,995 162,221 166,216 — — — 9,516 9,516 1,525,275 1,534,791 — $ 9,277 $ 3,480 $ 53,008 $ 65,765 $ 2,868,203 $ 2,933,968 $ 31,700 At December 31, 2014 (in thousands) 30-59 days 60-89 days 90 days or Total past Current Total 90 days or (2) Consumer loans Single family $ 7,832 $ 2,452 $ 43,105 $ 53,389 $ 843,276 $ 896,665 $ 34,737 (2) Home equity and other 371 81 1,526 1,978 133,620 135,598 — 8,203 2,533 44,631 55,367 976,896 1,032,263 34,737 Commercial loans Commercial real estate — — 4,843 4,843 518,621 523,464 — Multifamily — — — — 55,088 55,088 — Construction/land development — 1,261 — 1,261 366,673 367,934 — Commercial business 611 3 1,527 2,141 145,308 147,449 250 611 1,264 6,370 8,245 1,085,690 1,093,935 250 $ 8,814 $ 3,797 $ 51,001 $ 63,612 $ 2,062,586 $ 2,126,198 $ 34,987 (1) Includes $38.2 million of loans at June 30, 2015 where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated statements of operations. (2) 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, 2015 (in thousands) Accrual Nonaccrual (2) Total Consumer loans Single family $ 1,172,283 (1) $ 10,259 $ 1,182,542 Home equity and other 215,102 1,533 216,635 1,387,385 11,792 1,399,177 Commercial loans Commercial real estate 543,721 3,850 547,571 Multifamily 364,516 1,671 366,187 Construction/land development 454,817 — 454,817 Commercial business 162,221 3,995 166,216 1,525,275 9,516 1,534,791 $ 2,912,660 $ 21,308 $ 2,933,968 (1) Includes $38.2 million of loans at June 30, 2015 where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated statements of operations. (2) Included in this balance are $8.5 million of acquired nonperforming loans. At December 31, 2014 (in thousands) Accrual Nonaccrual Total Consumer loans Single family $ 888,297 $ 8,368 $ 896,665 Home equity and other 134,072 1,526 135,598 1,022,369 9,894 1,032,263 Commercial loans Commercial real estate 518,621 4,843 523,464 Multifamily 55,088 — 55,088 Construction/land development 367,934 — 367,934 Commercial business 146,172 1,277 147,449 1,087,815 6,120 1,093,935 $ 2,110,184 $ 16,014 $ 2,126,198 The following tables present information about troubled debt restructurings ("TDRs") activity during the periods presented. Three Months Ended June 30, 2015 (dollars in thousands) Concession type Number of loan modifications Recorded investment Related charge- offs Consumer loans Single family Interest rate reduction 17 $ 4,402 $ — Payment restructure — — — Home equity and other Interest rate reduction — — — Total consumer Interest rate reduction 17 4,402 — Payment restructure — — — 17 4,402 — Commercial loans Commercial real estate Interest rate reduction — — — Payment restructure — — — Commercial business Interest rate reduction 2 482 — Forgiveness of principal — — — Total commercial Interest rate reduction 2 482 — Payment restructure — — — Forgiveness of principal — — — 2 482 — Total loans Interest rate reduction 19 4,884 — Payment restructure — — — Forgiveness of principal — — — 19 $ 4,884 $ — Three Months Ended June 30, 2014 (dollars in thousands) Concession type Number of loan modifications Recorded investment Related charge- offs Consumer loans Single family Interest rate reduction 15 $ 2,430 $ — Total consumer Interest rate reduction 15 2,430 — 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 redu |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2015 | |
Banking and Thrift [Abstract] | |
DEPOSITS | NOTE 5–DEPOSITS: Deposit balances, including stated rates, were as follows. (in thousands) At June 30, At December 31, Noninterest-bearing accounts $ 681,059 $ 470,663 NOW accounts, 0.00% to 1.00% at June 30, 2015 and 0.00% to 1.00% at December 31, 2014 453,366 272,390 Statement savings accounts, due on demand, 0.00% to 1.99% at June 30, 2015 and 0.00% to 1.99% at December 31, 2014 300,214 200,638 Money market accounts, due on demand, 0.00% to 1.45% at June 30, 2015 and 0.00% to 1.45% at December 31, 2014 1,134,687 1,007,214 Certificates of deposit, 0.05% to 4.54% at June 30, 2015 and 0.05% to 3.80% at December 31, 2014 753,327 494,525 $ 3,322,653 $ 2,445,430 There were $1.6 million in public funds included in deposits as of June 30, 2015 and $2.2 million at December 31, 2014 . Interest expense on deposits was as follows. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 NOW accounts $ 466 $ 286 $ 788 $ 546 Statement savings accounts 266 211 521 411 Money market accounts 1,244 1,080 2,383 2,101 Certificates of deposit 1,029 779 1,895 1,658 $ 3,005 $ 2,356 $ 5,587 $ 4,716 The weighted-average interest rates on certificates of deposit June 30, 2015 and December 31, 2014 were 0.91% and 0.60% , respectively. Certificates of deposit outstanding mature as follows. (in thousands) At June 30, 2015 Within one year $ 562,436 One to two years 114,920 Two to three years 27,761 Three to four years 26,034 Four to five years 22,176 $ 753,327 The aggregate amount of time deposits in denominations of $100 thousand or more at June 30, 2015 and December 31, 2014 was $336.7 million and $188.7 million , respectively. The aggregate amount of time deposits in denominations of more than $250 thousand at June 30, 2015 and December 31, 2014 was $69.2 million and $30.2 million , respectively. There were $176.1 million of brokered deposits at each of June 30, 2015 and December 31, 2014 . |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES AND HEDGING ACTIVITIES | NOTE 6–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 a fair value, cash flow or foreign currency hedge instrument at June 30, 2015 or December 31, 2014 . Derivatives are reported at their respective fair values in the other assets or 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 3, Investment Securities of this Form 10-Q for further information on securities collateral pledged. At June 30, 2015 and December 31, 2014 , 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 11, Derivatives and Hedging Activities within our 2014 Annual Report on Form 10-K. The notional amounts and fair values for derivatives consist of the following. At June 30, 2015 Notional amount Fair value derivatives (in thousands) Asset Liability Forward sale commitments $ 2,110,586 $ 9,785 $ (3,190 ) Interest rate swaptions 20,000 31 — Interest rate lock commitments 806,471 24,004 (517 ) Interest rate swaps 717,200 1,504 (12,877 ) Total derivatives before netting $ 3,654,257 35,324 (16,584 ) Netting adjustments (8,019 ) 8,019 Carrying value on consolidated statements of financial condition $ 27,305 $ (8,565 ) At December 31, 2014 Notional amount Fair value derivatives (in thousands) Asset Liability Forward sale commitments $ 934,986 $ 1,071 $ (5,658 ) Interest rate swaptions 15,000 — — Interest rate lock commitments 392,687 11,939 (6 ) Interest rate swaps 610,150 11,689 (972 ) Total derivatives before netting $ 1,952,823 24,699 (6,636 ) Netting adjustments (5,858 ) 5,858 Carrying value on consolidated statements of financial condition $ 18,841 $ (778 ) The following tables present gross and net information about derivative instruments. At June 30, 2015 (in thousands) Gross fair value Netting adjustments Carrying value Cash collateral paid (1) Securities pledged Net amount Derivative assets $ 35,324 $ (8,019 ) $ 27,305 $ — $ — $ 27,305 Derivative liabilities $ (16,584 ) $ 8,019 $ (8,565 ) $ 6,607 $ 1,335 $ (623 ) At December 31, 2014 (in thousands) Gross fair value Netting adjustments Carrying value Cash collateral paid (1) Securities pledged Net amount Derivative assets $ 24,699 $ (5,858 ) $ 18,841 $ — $ — $ 18,841 Derivative liabilities $ (6,636 ) $ 5,858 $ (778 ) $ — $ 762 $ (16 ) (1) Excludes cash collateral of $26.2 million and $20.4 million at June 30, 2015 and December 31, 2014 , 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, 2015 and December 31, 2014 . 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) 2015 2014 2015 2014 Recognized in noninterest income: Net gain on mortgage loan origination and sale activities (1) $ 14,248 $ (4,580 ) $ 22,251 $ (6,014 ) Mortgage servicing income (2) (17,221 ) 10,941 (4,987 ) 20,838 $ (2,973 ) $ 6,361 $ 17,264 $ 14,824 (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, 2015 | |
Mortgage Banking [Abstract] | |
MORTGAGE BANKING OPERATIONS | NOTE 7–MORTGAGE BANKING OPERATIONS: Loans held for sale consisted of the following. (in thousands) At June 30, At December 31, Single family $ 955,726 $ 610,350 Multifamily 16,457 10,885 Total loans held for sale $ 972,183 $ 621,235 Loans sold consisted of the following. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Single family $ 1,894,387 $ 906,342 $ 3,211,346 $ 1,526,255 Multifamily 72,459 15,902 98,632 22,165 Total loans sold $ 1,966,846 $ 922,244 $ 3,309,978 $ 1,548,420 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) 2015 2014 2015 2014 Single family: Servicing value and secondary market gains (1) $ 61,884 $ 30,233 $ 118,173 $ 49,792 Loan origination and funding fees 5,635 6,781 10,090 11,542 Total single family 67,519 37,014 128,263 61,334 Multifamily 2,314 693 3,253 1,089 Other 141 4,087 345 4,881 Total net gain on mortgage loan origination and sale activities $ 69,974 $ 41,794 $ 131,861 $ 67,304 (1) C omprised 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, Single family U.S. government and agency $ 12,361,841 $ 10,630,864 Other 618,204 585,344 12,980,045 11,216,208 Commercial Multifamily 840,051 752,640 Other 83,982 82,354 924,033 834,994 Total loans serviced for others $ 13,904,078 $ 12,051,202 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 8, 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) 2015 2014 2015 2014 Balance, beginning of period $ 2,111 $ 1,142 $ 1,956 $ 1,260 Additions (1) 682 313 1,169 552 Realized losses (2) (313 ) (220 ) (645 ) (577 ) Balance, end of period $ 2,480 $ 1,235 $ 2,480 $ 1,235 (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 $9.8 million and $7.8 million were recorded in other assets as of June 30, 2015 and December 31, 2014 , 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, 2015 and December 31, 2014 , delinquent or defaulted mortgage loans currently in Ginnie Mae pools that the Company has recognized on its consolidated statements of financial condition totaled $21.8 million and $21.2 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) 2015 2014 2015 2014 Servicing income, net: Servicing fees and other $ 10,057 $ 10,112 $ 19,120 $ 19,961 Changes in fair value of single family MSRs due to modeled amortization (1) (9,012 ) (7,109 ) (18,247 ) (13,077 ) Amortization of multifamily MSRs (476 ) (434 ) (930 ) (858 ) 569 2,569 (57 ) 6,026 Risk management, single family MSRs: Changes in fair value due to changes in model inputs and/or assumptions (2) 18,483 (3,326 ) (3 ) 11,172 (8,735 ) (3 ) Net gain (loss) from derivatives economically hedging MSR (17,221 ) 10,941 (4,987 ) 20,838 1,262 7,615 6,185 12,103 Mortgage servicing income $ 1,831 $ 10,184 $ 6,128 $ 18,129 (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) 2015 2014 2015 2014 Constant prepayment rate ("CPR") (2) 13.31 % 13.71 % 14.56 % 12.79 % Discount rate 10.06 % 11.06 % 10.28 % 10.80 % (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, 2015 Fair value of single family MSR $ 140,588 Expected weighted-average life (in years) 5.20 Constant prepayment rate (1) 15.35 % Impact on 25 basis points adverse change $ (9,600 ) Impact on 50 basis points adverse change $ (19,755 ) Discount rate 10.50 % Impact on fair value of 100 basis points increase $ (4,328 ) Impact on fair value of 200 basis points increase $ (8,405 ) (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. 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) 2015 2014 2015 2014 Beginning balance $ 110,709 $ 149,646 $ 112,439 $ 153,128 Additions and amortization: Originations 20,405 11,827 35,218 19,720 Purchases 3 3 6 5 Sale of single family MSRs — (43,248 ) (3 ) — (43,248 ) (3 ) Changes due to modeled amortization (1) (9,012 ) (7,109 ) (18,247 ) (13,077 ) Net additions and amortization 11,396 (38,527 ) 16,977 (36,600 ) Changes in fair value due to changes in model inputs and/or assumptions (2) 18,483 (2,250 ) (4 ) 11,172 (7,659 ) (4 ) Ending balance $ 140,588 $ 108,869 $ 140,588 $ 108,869 (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) On June 30, 2014 , the Company sold the rights to service $2.96 billion in total unpaid principal balance of single family mortgage loans serviced for Fannie Mae. (4) Includes pre-tax income of $5.7 million , excluding transaction costs, resulting from the sale of single family MSRs on 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) 2015 2014 2015 2014 Beginning balance $ 11,013 $ 9,095 $ 10,885 $ 9,335 Origination 2,112 461 2,694 644 Amortization (476 ) (434 ) (930 ) (857 ) Ending balance $ 12,649 $ 9,122 $ 12,649 $ 9,122 At June 30, 2015 , the expected weighted-average life of the Company’s multifamily MSRs was 9.71 years. Projected amortization expense for the gross carrying value of multifamily MSRs is estimated as follows. (in thousands) At June 30, 2015 Remainder of 2015 $ 996 2016 1,910 2017 1,788 2018 1,631 2019 1,521 2020 and thereafter 4,803 Carrying value of multifamily MSR $ 12,649 |
Commitments, Guarantees, and Co
Commitments, Guarantees, and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, GUARANTEES, AND CONTINGENCIES | NOTE 8–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, 2015 and December 31, 2014 was $78.0 million and $72.0 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. Undistributed construction loan commitments, where the Company has an obligation to advance funds for construction progress payments, were $401.0 million and $379.4 million at June 30, 2015 and December 31, 2014 , respectively. Unused home equity and commercial banking funding lines totaled $139.9 million and $149.4 million at June 30, 2015 and December 31, 2014 , 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 $671 thousand and $503 thousand at June 30, 2015 and December 31, 2014 , 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, 2015 and December 31, 2014 , the total unpaid principal balance of loans sold under this program was $840.1 million and $752.6 million , respectively. The Company’s reserve liability related to this arrangement totaled $2.7 million and $2.3 million at June 30, 2015 and December 31, 2014 , respectively. There were no actual losses incurred under this arrangement during the three and six months ended June 30, 2015 and 2014 . 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 $13.06 billion and $11.30 billion as of June 30, 2015 and December 31, 2014 , respectively. At June 30, 2015 and December 31, 2014 , 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 $2.5 million and $2.0 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, 2015 , 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, 2015 . |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | NOTE 9–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 2014 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. 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 Level 2 recurring fair value measurement Investment securities held to maturity Observable market prices of identical or similar securities are used where available. Carried at amortized cost. Loans held for sale Single-family loans, excluding loans transferred from held for investment Fair value is based on observable market data, including: • Quoted market prices, where available • Dealer quotes for similar loans • Forward sale commitments Level 2 recurring fair value measurement Single-family loans transferred from held for investment Fair value is based on observable market data, including: Carried at lower of amortized cost or fair value. 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 and loans transferred from held for sale Fair value is based on discounted cash flows, which considers the following inputs: • Current lending rates for new loans • Expected prepayment speeds • Estimated credit losses • Market liquidity adjustments For the carrying value of loans see Note 1– Summary of Significant Accounting Policies of the 2014 Annual Report on Form 10-K. Estimated fair value classified as Level 3. Asset/Liability class Valuation methodology, inputs and assumptions Classification 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. Loans held for investment transferred from loans held for sale Fair value is based on discounted cash flows, which considers the following inputs: • Current lending rates for new loans • Expected prepayment speeds • Estimated credit losses • Market liquidity adjustments Level 3 recurring fair value measurement 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 7 , 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 Interest rate swaptions Forward sale commitments Fair value is based on quoted prices for identical or similar instruments, when available. Level 2 recurring fair value measurement Interest rate lock commitments The fair value considers several factors including: • Fair value of the underlying loan based on quoted prices in the secondary market, when available. • Value of servicing • Fall-out factor Level 3 recurring fair value measurement Asset/Liability class Valuation methodology, inputs and assumptions Classification 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 as the amount payable on demand at the reporting date. 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, 2015 Level 1 Level 2 Level 3 Assets: Investment securities available for sale Mortgage backed securities: Residential $ 108,627 $ — $ 108,627 $ — Commercial 13,352 — 13,352 — Municipal bonds 137,249 — 137,249 — Collateralized mortgage obligations: Residential 80,612 — 80,612 — Commercial 19,271 — 19,271 — Corporate debt securities 82,698 — 82,698 — U.S. Treasury securities 41,023 — 41,023 — Single family mortgage servicing rights 140,588 — — 140,588 Single family loans held for sale 955,726 — 955,726 — Single family loans held for investment 38,224 — — 38,224 Derivatives Forward sale commitments 9,785 — 9,785 — Interest rate swaptions 31 — 31 — Interest rate lock commitments 24,004 — — 24,004 Interest rate swaps 1,504 — 1,504 — Total assets $ 1,652,694 $ — $ 1,449,878 $ 202,816 Liabilities: Derivatives Forward sale commitments $ 3,190 $ — $ 3,190 $ — Interest rate lock commitments 517 — — 517 Interest rate swaps 12,877 — 12,877 — Total liabilities $ 16,584 $ — $ 16,067 $ 517 (in thousands) Fair Value at December 31, 2014 Level 1 Level 2 Level 3 Assets: Investment securities available for sale Mortgage backed securities: Residential $ 107,280 $ — $ 107,280 $ — Commercial 13,671 — 13,671 — Municipal bonds 122,334 — 122,334 — Collateralized mortgage obligations: Residential 43,166 — 43,166 — Commercial 20,486 — 20,486 — Corporate debt securities 79,400 — 79,400 — U.S. Treasury securities 40,989 — 40,989 — Single family mortgage servicing rights 112,439 — — 112,439 Single family loans held for sale 610,350 — 610,350 — Derivatives Forward sale commitments 1,071 — 1,071 — Interest rate lock commitments 11,939 — — 11,939 Interest rate swaps 11,689 — 11,689 — Total assets $ 1,174,814 $ — $ 1,050,436 $ 124,378 Liabilities: Derivatives Forward sale commitments $ 5,658 $ — $ 5,658 $ — Interest rate lock commitments 6 — — 6 Interest rate swaps 972 — 972 — Total liabilities $ 6,636 $ — $ 6,630 $ 6 There were no transfers between levels of the fair value hierarchy during the three and six months ended June 30, 2015 and 2014 . Level 3 Recurring Fair Value Measurements The Company's level 3 recurring fair value measurements consist of single family mortgage servicing rights, single family loans held for investment where fair value option was elected 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, 2015 and 2014 , see Note 7, Mortgage Banking Operations of this Form 10-Q. During the first quarter of 2015, the Company transferred certain loans from held for sale to held for investment. These loans were originated as held for sale loans where the Company has elected fair value option. The Company determined these loans to be level 3 recurring assets as the valuation technique included a significant unobservable input. The total amount of held for investment loans where fair value option election was made was $38.2 million at June 30, 2015 . The following information presents significant Level 3 unobservable inputs used to measure fair value of single family loans held for investment where fair value option was elected. (dollars in thousands) At June 30, 2015 Fair Value Valuation Technique Significant Unobservable Input Low High Weighted Average Loans held for investment, fair value option $ 38,224 Income approach Implied spread to benchmark interest rate curve 3.98% 4.98% 4.34% 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) 2015 2014 2015 2014 Beginning balance, net $ 26,019 $ 10,094 $ 11,933 $ 5,972 Total realized/unrealized gains (1) 32,160 34,495 88,146 54,662 Settlements (34,692 ) (27,183 ) (76,592 ) (43,228 ) Ending balance, net $ 23,487 $ 17,406 $ 23,487 $ 17,406 (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 gains of $399 thousand and $17.1 million for the three months ended June 30, 2015 and 2014 , respectively, and $508 thousand and $26.9 million for the six months ended June 30, 2015 and 2014 , respectively, recognized on interest rate lock commitments outstanding at the beginning of the period and still outstanding at June 30, 2015 and 2014 , respectively. During the second quarter of 2015 , the Company recorded an out-of-period adjustment of $2.4 million , recorded as an increase to net gain on mortgage loan origination and sale activities, resulting in a $1.5 million increase to net income, or $0.07 per share, which represented a correction of an error. 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, 2015 Fair Value Valuation Technique Significant Unobservable Input Low High Weighted Average Interest rate lock commitments, net $ 23,487 Income approach Fall out factor 1.10% 57.41% 17.04% Value of servicing 0.62% 2.51% 0.99% (dollars in thousands) At December 31, 2014 Fair Value Valuation Technique Significant Unobservable Input Low High Weighted Average Interest rate lock commitments, net $ 11,933 Income approach Fall out factor 0.6% 77.9% 21.4% Value of servicing 0.56% 1.94% 0.93% 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. The fair value of 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. The Company uses a fair value of collateral technique to apply adjustments to the appraisal value of certain commercial loans held for investment that are collateralized by real estate. During the three and six months ended June 30, 2015 and June 30, 2014 , the Company recorded no adjustments to the appraisal values of certain commercial loans held for investment that are collateralized by real estate. The Company uses a fair value of collateral technique to apply adjustments to the stated value of certain commercial loans held for investment that are not collateralized by real estate. During the three months ended June 30, 2015 , the Company applied a range of stated value adjustments of 42.4% to 51.4% , with a weighted average rate of 48.2% . During the six months ended June 30, 2015 , the Company applied a range of stated value adjustments of 25.0% to 51.4% , with a weighted average of 36.8% . During the three months ended June 30, 2014 , the Company applied a range of stated value adjustments of 6.3% to 68.1% , with a weighted average of 35.2% . During the six months ended June 30, 2014 , the Company applied a range of stated value adjustments of 6.3% to 68.1% , with a weighted average of 24.4% . 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 include management assumptions that are based on the type of collateral dependent loan and may increase or decrease an appraised value. Management adjustments 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 had changes in their recorded fair value during the three and six months ended June 30, 2015 and 2014 and still held at the end of the respective reporting period. Three Months Ended June 30, 2015 (in thousands) Fair Value of Assets Held at June 30, 2015 Level 1 Level 2 Level 3 Total Gains (Losses) Loans held for investment (1) $ 8,955 $ — $ — $ 8,955 $ 170 Total $ 8,955 $ — $ — $ 8,955 $ 170 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 ) Six Months Ended June 30, 2015 (in thousands) Fair Value of Assets Held at June 30, 2015 Level 1 Level 2 Level 3 Total Gains (Losses) Loans held for investment (1) $ 8,955 $ — $ — $ 8,955 $ 184 Total $ 8,955 $ — $ — $ 8,955 $ 184 Six Months Ended June 30, 2014 (in thousands) Fair Value of Assets Held at June 30, 2015 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 ) (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, 2015 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 46,197 $ 46,197 $ 46,197 $ — $ — Investment securities held to maturity 26,713 26,713 — 26,713 — Loans held for investment 2,862,451 2,947,548 — — 2,947,548 Loans held for sale – multifamily 16,457 16,457 — 16,457 — Mortgage servicing rights – multifamily 12,649 14,311 — — 14,311 Federal Home Loan Bank stock 40,742 40,742 — 40,742 — Liabilities: Deposits $ 3,322,653 $ 3,322,316 $ — $ 3,322,316 $ — Federal Home Loan Bank advances 922,832 926,104 — 926,104 — Long-term debt 61,857 60,244 — 60,244 — At December 31, 2014 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 30,502 $ 30,502 $ 30,502 $ — $ — Investment securities held to maturity 28,006 28,537 — 28,537 — Loans held for investment 2,099,129 2,150,672 — — 2,150,672 Loans held for sale – multifamily 10,885 10,855 — 10,855 — Mortgage servicing rights – multifamily 10,885 12,540 — — 12,540 Federal Home Loan Bank stock 33,915 33,915 — 33,915 — Liabilities: Deposits $ 2,445,430 $ 2,445,635 $ — $ 2,445,635 $ — Federal Home Loan Bank advances 597,590 600,599 — 600,599 — Federal funds purchased and securities sold under agreements to repurchase 50,000 50,000 — 50,000 — Long-term debt 61,857 60,235 — 60,235 — 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 $3.6 million and $3.4 million at June 30, 2015 and December 31, 2014 , respectively. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 10–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) 2015 2014 2015 2014 Net income $ 12,376 $ 9,362 $ 22,680 $ 11,663 Weighted average shares: Basic weighted-average number of common shares outstanding 22,028,539 14,800,853 19,593,421 14,792,638 Dilutive effect of outstanding common stock equivalents (1) 264,195 154,145 230,484 163,441 Diluted weighted-average number of common stock outstanding 22,292,734 14,954,998 19,823,905 14,956,079 Earnings per share: Basic earnings per share $ 0.56 $ 0.63 $ 1.16 $ 0.79 Diluted earnings per share $ 0.56 $ 0.63 $ 1.14 $ 0.78 (1) Excluded from the computation of diluted earnings per share (due to their antidilutive effect) for the three and six months ended June 30, 2015 and 2014 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 927 and 106,266 at June 30, 2015 and 2014 , respectively. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2015 | |
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. The Company organizes the segments into two lines of business: Commercial and Consumer Banking segment and Mortgage Banking segment. 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, business and agricultural 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 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. We also sell loans on a servicing-released and servicing-retained basis to securitizers and correspondent lenders. 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, 2015 (in thousands) Mortgage Banking Commercial and Consumer Banking Total Condensed income statement: Net interest income (1) $ 7,585 $ 30,645 $ 38,230 Provision for credit losses — 500 500 Noninterest income 69,363 3,624 72,987 Noninterest expense 63,055 29,280 92,335 Income before income taxes 13,893 4,489 18,382 Income tax expense 4,371 1,635 6,006 Net income $ 9,522 $ 2,854 $ 12,376 Total assets $ 1,175,075 $ 3,691,173 $ 4,866,248 Three Months Ended June 30, 2014 (in thousands) Mortgage Banking Commercial and Consumer Banking Total Condensed income statement: Net interest income (1) $ 3,744 $ 19,403 $ 23,147 Provision (reversal of provision) for credit losses — — — Noninterest income 47,036 6,614 53,650 Noninterest expense 42,537 20,434 62,971 (Loss) income before income taxes 8,243 5,583 13,826 Income tax (benefit) expense 2,634 1,830 4,464 Net (loss) income $ 5,609 $ 3,753 $ 9,362 Total assets $ 695,237 $ 2,540,439 $ 3,235,676 Six Months Ended June 30, 2015 (in thousands) Mortgage Banking Commercial and Consumer Banking Total Condensed income statement: Net interest income (1) $ 13,212 $ 55,752 $ 68,964 Provision for credit losses — 3,500 3,500 Noninterest income 134,655 13,705 148,360 Noninterest expense 116,871 64,946 181,817 Income before income taxes 30,996 1,011 32,007 Income tax expense 11,156 (1,829 ) 9,327 Net income $ 19,840 $ 2,840 $ 22,680 Total assets $ 1,175,075 $ 3,691,173 $ 4,866,248 Six Months Ended June 30, 2014 (in thousands) Mortgage Banking Commercial and Consumer Banking Total Condensed income statement: Net interest income (1) $ 6,223 $ 39,636 $ 45,859 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 Total assets $ 695,237 $ 2,540,439 $ 3,235,676 (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, 2015 | |
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. |
Business Combinations (Tables)
Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | (in thousands) March 1, 2015 Fair value consideration paid to Simplicity shareholders: Cash paid (79,399 stock options, consideration based on intrinsic value at a calculated price of $17.53) $ 471 Fair value of common shares issued (7,180,005 shares at $17.30 per share) 124,214 Total purchase price $ 124,685 Fair value of assets acquired: Cash and cash equivalents 112,667 Investment securities 26,845 Acquired loans 664,148 Mortgage servicing rights 980 Federal Home Loan Bank stock 5,520 Premises and equipment 2,966 Bank-owned life insurance 14,501 Core deposit intangibles 7,450 Accounts receivable and other assets 15,073 Total assets acquired 850,150 Fair value of liabilities assumed: Deposits 651,202 Federal Home Loan Bank advances 65,855 Accounts payable and accrued expenses 1,859 Total liabilities assumed 718,916 Net assets acquired $ 131,234 Preliminary bargain purchase (gain) $ (6,549 ) |
Business Combination, Acquisition Related Costs [Table Text Block] | The following table provides a breakout of merger-related expense for the six months ended June 30, 2015 and for the year ended December 31, 2014: Six Months Ended June 30, 2015 Year Ended December 31, 2014 (in thousands) Noninterest expense Salaries and related costs $ 7,676 $ 23 General and administrative 1,249 179 Legal 351 245 Consulting 5,751 388 Occupancy 383 4 Information services (37 ) 50 Total noninterest expense $ 15,373 $ 889 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following table presents our unaudited pro forma results of operations for the periods presented as if the Simplicity acquisition had been completed on January 1, 2014. The unaudited pro forma results of operations include the historical accounts of Simplicity and pro forma adjustments as may be required, including the amortization of intangibles with definite lives and the amortization or accretion of any premiums or discounts arising from fair value adjustments for assets acquired and liabilities assumed. The unaudited pro forma information is intended for informational purposes only and is not necessarily indicative of our future operating results or operating results that would have occurred had the Simplicity acquisition been completed at the beginning of 2014. No assumptions have been applied to the pro forma results of operations regarding possible revenue enhancements, expense efficiencies or asset dispositions. Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share data) 2015 2014 2015 2014 Net interest income $ 38,370 $ 31,516 $ 73,587 $ 61,958 Total noninterest income 73,070 54,994 142,563 97,699 Total noninterest expense 89,095 72,883 174,686 147,423 Net income $ 14,384 $ 9,625 $ 25,599 $ 13,163 Basic income per share $ 0.65 $ 0.44 $ 1.16 $ 0.60 Diluted income per share $ 0.65 $ 0.44 $ 1.15 $ 0.60 Basic weighted average number of shares outstanding 22,028,539 21,878,222 22,033,644 21,848,465 Diluted weighted average number of shares outstanding 22,292,734 22,058,842 22,165,741 22,033,217 |
Investment Securities Availab23
Investment Securities Available for Sale (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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, 2015 (in thousands) Amortized cost Gross unrealized gains Gross unrealized losses Fair value Mortgage-backed securities: Residential $ 109,169 $ 525 $ (1,067 ) $ 108,627 Commercial 12,857 495 — 13,352 Municipal bonds 136,182 2,241 (1,174 ) 137,249 Collateralized mortgage obligations: Residential 81,857 115 (1,360 ) 80,612 Commercial 19,428 27 (184 ) 19,271 Corporate debt securities 84,920 130 (2,352 ) 82,698 U.S. Treasury securities 40,986 37 — 41,023 $ 485,399 $ 3,570 $ (6,137 ) $ 482,832 At December 31, 2014 (in thousands) Amortized Gross Gross Fair Mortgage-backed securities: Residential $ 107,624 $ 509 $ (853 ) $ 107,280 Commercial 13,030 641 — 13,671 Municipal bonds 119,744 2,847 (257 ) 122,334 Collateralized mortgage obligations: Residential 44,254 161 (1,249 ) 43,166 Commercial 20,775 — (289 ) 20,486 Corporate debt securities 80,214 296 (1,110 ) 79,400 U.S. Treasury securities 40,976 13 — 40,989 $ 426,617 $ 4,467 $ (3,758 ) $ 427,326 |
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, 2015 Less than 12 months 12 months or more Total (in thousands) Gross unrealized losses Fair value Gross unrealized losses Fair value Gross unrealized losses Fair value Mortgage-backed securities: Residential $ (332 ) $ 41,498 $ (735 ) $ 22,440 $ (1,067 ) $ 63,938 Municipal bonds (943 ) 53,882 (231 ) 5,752 (1,174 ) 59,634 Collateralized mortgage obligations: Residential (471 ) 33,973 (889 ) 28,540 (1,360 ) 62,513 Commercial (89 ) 9,748 (95 ) 4,729 (184 ) 14,477 Corporate debt securities (1,191 ) 40,833 (1,161 ) 28,261 (2,352 ) 69,094 $ (3,026 ) $ 179,934 $ (3,111 ) $ 89,722 $ (6,137 ) $ 269,656 At December 31, 2014 Less than 12 months 12 months or more Total (in thousands) Gross Fair Gross Fair Gross Fair Mortgage-backed securities: Residential $ — $ — $ (853 ) $ 57,242 $ (853 ) $ 57,242 Municipal bonds (11 ) 2,339 (246 ) 17,155 (257 ) 19,494 Collateralized mortgage obligations: Residential — — (1,249 ) 31,021 (1,249 ) 31,021 Commercial (29 ) 5,037 (260 ) 15,449 (289 ) 20,486 Corporate debt securities (56 ) 13,140 (1,054 ) 40,997 (1,110 ) 54,137 $ (96 ) $ 20,516 $ (3,662 ) $ 161,864 $ (3,758 ) $ 182,380 |
Computation of weighted average yield using coupon on the fair value | At June 30, 2015 Within one year After one year through five years After five years through ten years After ten years Total (in thousands) Fair Value Weighted Average Yield Fair Value Weighted Average Yield Fair Value Weighted Average Yield Fair Value Weighted Average Yield Fair Value Weighted Average Yield Mortgage-backed securities: Residential $ — — % $ 5 0.42 % $ 7,171 1.96 % $ 101,450 1.93 % $ 108,626 1.93 % Commercial — — — — — — 13,353 4.86 13,353 4.86 Municipal bonds — — 4,199 3.65 22,075 3.50 110,975 4.20 137,249 4.07 Collateralized mortgage obligations: Residential — — — — 173 0.90 80,439 1.70 80,612 1.70 Commercial — — — — 9,748 1.95 9,523 1.69 19,271 1.82 Corporate debt securities — — 11,050 2.45 41,325 3.22 30,323 3.64 82,698 3.28 U.S. Treasury securities 41,023 0.35 — — — — — — 41,023 0.35 Total available for sale $ 41,023 0.35 % $ 15,254 2.77 % $ 80,492 3.03 % $ 346,063 2.85 % $ 482,832 2.67 % At December 31, 2014 Within one year After one year through five years After five years through ten years After ten years Total (in thousands) Fair Value Weighted Average Yield Fair Value Weighted Average Yield Fair Value Weighted Average Yield Fair Value Weighted Average Yield Fair Value Weighted Average Yield Mortgage-backed securities: Residential $ — — % $ — — % $ 6,949 1.72 % $ 100,331 1.75 % $ 107,280 1.75 % Commercial — — — — — — 13,671 4.75 13,671 4.75 Municipal bonds — — 604 4.10 23,465 3.55 98,265 4.21 122,334 4.09 Collateralized mortgage obligations: Residential — — — — — — 43,166 1.84 43,166 1.84 Commercial — — — — 9,776 1.96 10,710 1.99 20,486 1.97 Corporate debt securities — — 9,000 2.21 38,487 3.35 31,913 3.73 79,400 3.37 U.S. Treasury securities 25,998 0.28 14,991 0.46 — — — — 40,989 0.35 Total available for sale $ 25,998 0.28 % $ 24,595 1.19 % $ 78,677 3.09 % $ 298,056 2.92 % $ 427,326 2.69 % |
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) 2015 2014 2015 2014 Proceeds $ — $ 11,541 $ — $ 65,846 Gross gains — 118 — 895 Gross losses — (137 ) — (201 ) |
Loans and Credit Quality (Table
Loans and Credit Quality (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Loans held for investment | Loans held for investment consist of the following: (in thousands) At June 30, At December 31, Consumer loans Single family $ 1,182,542 (1) $ 896,665 Home equity and other 216,635 135,598 1,399,177 1,032,263 Commercial loans Commercial real estate 547,571 523,464 Multifamily 366,187 55,088 Construction/land development 454,817 367,934 Commercial business 166,216 147,449 1,534,791 1,093,935 2,933,968 2,126,198 Net deferred loan fees, costs and discounts (7,516 ) (5,048 ) 2,926,452 2,121,150 Allowance for loan losses (25,777 ) (22,021 ) $ 2,900,675 $ 2,099,129 (1) Includes $38.2 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated statements of operations. |
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) 2015 2014 2015 2014 Allowance for credit losses (roll-forward): Beginning balance $ 25,628 $ 22,317 $ 22,524 $ 24,089 Provision (reversal of provision) for credit losses 500 — 3,500 (1,500 ) (Charge-offs), net of recoveries 320 (149 ) 424 (421 ) Ending balance $ 26,448 $ 22,168 $ 26,448 $ 22,168 Components: Allowance for loan losses $ 25,777 $ 21,926 $ 25,777 $ 21,926 Allowance for unfunded commitments 671 242 671 242 Allowance for credit losses $ 26,448 $ 22,168 $ 26,448 $ 22,168 |
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, 2015 (in thousands) Beginning balance Charge-offs Recoveries (Reversal of) Provision Ending balance Consumer loans Single family $ 9,959 $ — $ 181 $ (1,143 ) $ 8,997 Home equity and other 3,331 (119 ) 57 613 3,882 13,290 (119 ) 238 (530 ) 12,879 Commercial loans Commercial real estate 4,551 — 37 458 5,046 Multifamily 661 — — 119 780 Construction/land development 5,003 — 85 855 5,943 Commercial business 2,123 (9 ) 88 (402 ) 1,800 12,338 (9 ) 210 1,030 13,569 Total allowance for credit losses $ 25,628 $ (128 ) $ 448 $ 500 $ 26,448 Three Months Ended June 30, 2014 (in thousands) Beginning balance Charge-offs Recoveries (Reversal of) Provision Ending balance Consumer loans Single family $ 9,406 $ (172 ) $ 25 $ (148 ) $ 9,111 Home equity and other 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 Six Months Ended June 30, 2015 (in thousands) Beginning Charge-offs Recoveries (Reversal of) Provision Ending Consumer loans Single family $ 9,447 $ — $ 246 $ (696 ) $ 8,997 Home equity and other 3,322 (201 ) 141 620 3,882 12,769 (201 ) 387 (76 ) 12,879 Commercial loans Commercial real estate 3,846 (16 ) 37 1,179 5,046 Multifamily 673 — — 107 780 Construction/land development 3,818 — 99 2,026 5,943 Commercial business 1,418 (9 ) 127 264 1,800 9,755 (25 ) 263 3,576 13,569 Total allowance for credit losses $ 22,524 $ (226 ) $ 650 $ 3,500 $ 26,448 Six Months Ended June 30, 2014 (in thousands) Beginning Charge-offs Recoveries (Reversal of) Provision Ending Consumer loans Single family $ 11,990 $ (283 ) $ 41 $ (2,637 ) $ 9,111 Home equity and other 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 |
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, 2015 (in thousands) Allowance: collectively evaluated for impairment Allowance: individually evaluated for impairment Total Loans: collectively evaluated for impairment Loans: individually evaluated for impairment Total Consumer loans Single family $ 8,738 $ 259 $ 8,997 $ 1,065,566 $ 78,752 $ 1,144,318 Home equity and other 3,719 163 3,882 214,468 2,167 216,635 12,457 422 12,879 1,280,034 80,919 1,360,953 Commercial loans Commercial real estate 4,672 374 5,046 523,570 24,001 547,571 Multifamily 581 199 780 361,475 4,712 366,187 Construction/land development 5,943 — 5,943 450,217 4,600 454,817 Commercial business 1,487 313 1,800 160,173 6,043 166,216 12,683 886 13,569 1,495,435 39,356 1,534,791 Total loans evaluated for impairment 25,140 1,308 26,448 2,775,469 120,275 2,895,744 Loans held for investment carried at fair value 38,224 (1) Total loans held for investment $ 25,140 $ 1,308 $ 26,448 $ 2,775,469 $ 120,275 $ 2,933,968 (1) Comprised of single family loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated statements of operations. At December 31, 2014 (in thousands) Allowance: collectively evaluated for impairment Allowance: individually evaluated for impairment Total Loans: collectively evaluated for impairment Loans: individually evaluated for impairment Total Consumer loans Single family $ 8,743 $ 704 $ 9,447 $ 818,783 $ 77,882 $ 896,665 Home equity and other 3,165 157 3,322 132,937 2,661 135,598 11,908 861 12,769 951,720 80,543 1,032,263 Commercial loans Commercial real estate 3,806 40 3,846 496,685 26,779 523,464 Multifamily 312 361 673 52,011 3,077 55,088 Construction/land development 3,818 — 3,818 362,487 5,447 367,934 Commercial business 974 444 1,418 144,071 3,378 147,449 8,910 845 9,755 1,055,254 38,681 1,093,935 Total $ 20,818 $ 1,706 $ 22,524 $ 2,006,974 $ 119,224 $ 2,126,198 |
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, 2015 (in thousands) Recorded investment (1) Unpaid principal balance (2) Related allowance With no related allowance recorded: Consumer loans Single family $ 76,135 $ 78,337 $ — Home equity and other 1,387 1,412 — 77,522 79,749 — Commercial loans Commercial real estate 10,429 12,179 — Multifamily 3,810 4,223 — Construction/land development 4,600 5,101 — Commercial business 5,015 5,516 — 23,854 27,019 — $ 101,376 $ 106,768 $ — With an allowance recorded: Consumer loans Single family $ 2,617 $ 2,730 $ 259 Home equity and other 780 780 163 3,397 3,510 422 Commercial loans Commercial real estate 13,572 13,585 374 Multifamily 902 850 199 Construction/land development — — — Commercial business 1,028 1,145 313 15,502 15,580 886 $ 18,899 $ 19,090 $ 1,308 Total: Consumer loans Single family (3) $ 78,752 $ 81,067 $ 259 Home equity and other 2,167 2,192 163 80,919 83,259 422 Commercial loans Commercial real estate 24,001 25,764 374 Multifamily 4,712 5,073 199 Construction/land development 4,600 5,101 — Commercial business 6,043 6,661 313 39,356 42,599 886 Total impaired loans $ 120,275 $ 125,858 $ 1,308 (1) Includes partial charge-offs and nonaccrual interest paid and purchase discounts and premiums. (2) Unpaid principal balance does not include partial charge-offs, purchase discounts and premiums or nonaccrual interest paid. Related allowance is calculated on net book balances not unpaid principal balances. (3) Includes $75.7 million in performing troubled debt restructurings ("TDRs"). At December 31, 2014 (in thousands) Recorded investment (1) Unpaid principal balance (2) Related allowance With no related allowance recorded: Consumer loans Single family $ 48,104 $ 50,787 $ — Home equity and other 1,824 1,850 — 49,928 52,637 — Commercial loans Commercial real estate 25,540 27,205 — Multifamily 508 508 — Construction/land development 5,447 14,532 — Commercial business 1,302 3,782 — 32,797 46,027 — $ 82,725 $ 98,664 $ — With an allowance recorded: Consumer loans Single family $ 29,778 $ 29,891 $ 704 Home equity and other 837 837 157 30,615 30,728 861 Commercial loans Commercial real estate 1,239 1,399 40 Multifamily 2,569 2,747 361 Commercial business 2,076 2,204 444 5,884 6,350 845 $ 36,499 $ 37,078 $ 1,706 Total: Consumer loans Single family (3) $ 77,882 $ 80,678 $ 704 Home equity and other 2,661 2,687 157 80,543 83,365 861 Commercial loans Commercial real estate 26,779 28,604 40 Multifamily 3,077 3,255 361 Construction/land development 5,447 14,532 — Commercial business 3,378 5,986 444 38,681 52,377 845 Total impaired loans $ 119,224 $ 135,742 $ 1,706 (1) Includes partial charge-offs and nonaccrual interest paid. (2) Unpaid principal balance does not include partial charge-offs, purchase discounts and premiums or nonaccrual interest paid. Related allowance is calculated on net book balances not unpaid principal balances. (3) Includes $73.6 million in single family 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) 2015 2014 2015 2014 Consumer loans Single family $ 78,720 $ 70,977 $ 78,440 $ 71,713 Home equity and other 2,250 2,466 2,387 2,525 80,970 73,443 80,827 74,238 Commercial loans Commercial real estate 23,469 31,771 24,572 31,806 Multifamily 4,270 3,135 3,873 3,144 Construction/land development 5,047 5,875 5,180 5,966 Commercial business 4,832 3,200 4,347 3,085 37,618 43,981 37,972 44,001 $ 118,588 $ 117,424 $ 118,799 $ 118,239 |
Designated loan grades by loan portfolio segment and loan class | At June 30, 2015 (in thousands) Pass Watch Special mention Substandard Total Consumer loans Single family $ 1,149,603 (1) $ 1,498 $ 20,604 $ 10,837 $ 1,182,542 Home equity and other 214,492 61 481 1,601 216,635 1,364,095 1,559 21,085 12,438 1,399,177 Commercial loans Commercial real estate 452,364 76,226 8,285 10,696 547,571 Multifamily 339,780 18,529 4,687 3,191 366,187 Construction/land development 448,247 3,240 1,314 2,016 454,817 Commercial business 131,601 27,647 2,354 4,614 166,216 1,371,992 125,642 16,640 20,517 1,534,791 $ 2,736,087 $ 127,201 $ 37,725 $ 32,955 $ 2,933,968 (1) Includes $38.2 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated statements of operations. At December 31, 2014 (in thousands) Pass Watch Special mention Substandard Total Consumer loans Single family $ 865,641 $ 361 $ 21,714 $ 8,949 $ 896,665 Home equity and other 133,338 82 652 1,526 135,598 998,979 443 22,366 10,475 1,032,263 Commercial loans Commercial real estate 441,509 67,434 13,066 1,455 523,464 Multifamily 50,495 1,516 3,077 — 55,088 Construction/land development 361,167 2,830 1,261 2,676 367,934 Commercial business 115,665 25,724 3,690 2,370 147,449 968,836 97,504 21,094 6,501 1,093,935 $ 1,967,815 $ 97,947 $ 43,460 $ 16,976 $ 2,126,198 |
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, 2015 (in thousands) 30-59 days past due 60-89 days past due 90 days or more past due Total past due Current Total loans 90 days or more past due and accruing (2) Consumer loans Single family $ 8,619 $ 3,400 $ 41,959 $ 53,978 $ 1,128,564 (1) $ 1,182,542 $ 31,700 (2) Home equity and other 658 80 1,533 2,271 214,364 216,635 — 9,277 3,480 43,492 56,249 1,342,928 1,399,177 31,700 Commercial loans Commercial real estate — — 3,850 3,850 543,721 547,571 — Multifamily — — 1,671 1,671 364,516 366,187 — Construction/land development — — — — 454,817 454,817 — Commercial business — — 3,995 3,995 162,221 166,216 — — — 9,516 9,516 1,525,275 1,534,791 — $ 9,277 $ 3,480 $ 53,008 $ 65,765 $ 2,868,203 $ 2,933,968 $ 31,700 At December 31, 2014 (in thousands) 30-59 days 60-89 days 90 days or Total past Current Total 90 days or (2) Consumer loans Single family $ 7,832 $ 2,452 $ 43,105 $ 53,389 $ 843,276 $ 896,665 $ 34,737 (2) Home equity and other 371 81 1,526 1,978 133,620 135,598 — 8,203 2,533 44,631 55,367 976,896 1,032,263 34,737 Commercial loans Commercial real estate — — 4,843 4,843 518,621 523,464 — Multifamily — — — — 55,088 55,088 — Construction/land development — 1,261 — 1,261 366,673 367,934 — Commercial business 611 3 1,527 2,141 145,308 147,449 250 611 1,264 6,370 8,245 1,085,690 1,093,935 250 $ 8,814 $ 3,797 $ 51,001 $ 63,612 $ 2,062,586 $ 2,126,198 $ 34,987 (1) Includes $38.2 million of loans at June 30, 2015 where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated statements of operations. (2) 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, 2015 (in thousands) Accrual Nonaccrual (2) Total Consumer loans Single family $ 1,172,283 (1) $ 10,259 $ 1,182,542 Home equity and other 215,102 1,533 216,635 1,387,385 11,792 1,399,177 Commercial loans Commercial real estate 543,721 3,850 547,571 Multifamily 364,516 1,671 366,187 Construction/land development 454,817 — 454,817 Commercial business 162,221 3,995 166,216 1,525,275 9,516 1,534,791 $ 2,912,660 $ 21,308 $ 2,933,968 (1) Includes $38.2 million of loans at June 30, 2015 where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated statements of operations. (2) Included in this balance are $8.5 million of acquired nonperforming loans. At December 31, 2014 (in thousands) Accrual Nonaccrual Total Consumer loans Single family $ 888,297 $ 8,368 $ 896,665 Home equity and other 134,072 1,526 135,598 1,022,369 9,894 1,032,263 Commercial loans Commercial real estate 518,621 4,843 523,464 Multifamily 55,088 — 55,088 Construction/land development 367,934 — 367,934 Commercial business 146,172 1,277 147,449 1,087,815 6,120 1,093,935 $ 2,110,184 $ 16,014 $ 2,126,198 |
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, 2015 (dollars in thousands) Concession type Number of loan modifications Recorded investment Related charge- offs Consumer loans Single family Interest rate reduction 17 $ 4,402 $ — Payment restructure — — — Home equity and other Interest rate reduction — — — Total consumer Interest rate reduction 17 4,402 — Payment restructure — — — 17 4,402 — Commercial loans Commercial real estate Interest rate reduction — — — Payment restructure — — — Commercial business Interest rate reduction 2 482 — Forgiveness of principal — — — Total commercial Interest rate reduction 2 482 — Payment restructure — — — Forgiveness of principal — — — 2 482 — Total loans Interest rate reduction 19 4,884 — Payment restructure — — — Forgiveness of principal — — — 19 $ 4,884 $ — Three Months Ended June 30, 2014 (dollars in thousands) Concession type Number of loan modifications Recorded investment Related charge- offs Consumer loans Single family Interest rate reduction 15 $ 2,430 $ — Total consumer Interest rate reduction 15 2,430 — 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 Six Months Ended June 30, 2015 (dollars in thousands) Concession type Number of loan Recorded Related charge- Consumer loans Single family Interest rate reduction 28 $ 6,792 $ — Payment restructure — — — Home equity and other Interest rate reduction 1 37 — Total consumer Interest rate reduction 29 6,829 — Payment restructure — — — 29 6,829 — Commercial loans Commercial real estate Interest rate reduction — — — Payment restructure — — — Commercial business Interest rate reduction 2 482 Forgiveness of principal — — — Total commercial Interest rate reduction 2 482 — Payment restructure — — — Forgiveness of principal — — — 2 482 — Total loans Interest rate reduction 31 7,311 — Payment restructure — — — Forgiveness of principal — — — 31 $ 7,311 $ — |
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, 2015 and 2014 , 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, 2015 2014 (dollars in thousands) Number of loan relationships that re-defaulted Recorded investment Number of loan relationships that re-defaulted Recorded investment Consumer loans Single family 1 $ 220 2 $ 425 Home equity and other — — — — 1 220 2 425 1 $ 220 2 $ 425 Six Months Ended June 30, 2015 2014 (dollars in thousands) Number of loan relationships that re-defaulted Recorded Number of loan relationships that re-defaulted Recorded Consumer loans Single family 7 $ 1,718 4 $ 728 Home equity and other — — 1 190 7 1,718 5 918 7 $ 1,718 5 $ 918 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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, Noninterest-bearing accounts $ 681,059 $ 470,663 NOW accounts, 0.00% to 1.00% at June 30, 2015 and 0.00% to 1.00% at December 31, 2014 453,366 272,390 Statement savings accounts, due on demand, 0.00% to 1.99% at June 30, 2015 and 0.00% to 1.99% at December 31, 2014 300,214 200,638 Money market accounts, due on demand, 0.00% to 1.45% at June 30, 2015 and 0.00% to 1.45% at December 31, 2014 1,134,687 1,007,214 Certificates of deposit, 0.05% to 4.54% at June 30, 2015 and 0.05% to 3.80% at December 31, 2014 753,327 494,525 $ 3,322,653 $ 2,445,430 |
Interest expense on deposits | Interest expense on deposits was as follows. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 NOW accounts $ 466 $ 286 $ 788 $ 546 Statement savings accounts 266 211 521 411 Money market accounts 1,244 1,080 2,383 2,101 Certificates of deposit 1,029 779 1,895 1,658 $ 3,005 $ 2,356 $ 5,587 $ 4,716 |
Certificates of deposit outstanding | Certificates of deposit outstanding mature as follows. (in thousands) At June 30, 2015 Within one year $ 562,436 One to two years 114,920 Two to three years 27,761 Three to four years 26,034 Four to five years 22,176 $ 753,327 |
Derivatives And Hedging Activ26
Derivatives And Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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, 2015 Notional amount Fair value derivatives (in thousands) Asset Liability Forward sale commitments $ 2,110,586 $ 9,785 $ (3,190 ) Interest rate swaptions 20,000 31 — Interest rate lock commitments 806,471 24,004 (517 ) Interest rate swaps 717,200 1,504 (12,877 ) Total derivatives before netting $ 3,654,257 35,324 (16,584 ) Netting adjustments (8,019 ) 8,019 Carrying value on consolidated statements of financial condition $ 27,305 $ (8,565 ) At December 31, 2014 Notional amount Fair value derivatives (in thousands) Asset Liability Forward sale commitments $ 934,986 $ 1,071 $ (5,658 ) Interest rate swaptions 15,000 — — Interest rate lock commitments 392,687 11,939 (6 ) Interest rate swaps 610,150 11,689 (972 ) Total derivatives before netting $ 1,952,823 24,699 (6,636 ) Netting adjustments (5,858 ) 5,858 Carrying value on consolidated statements of financial condition $ 18,841 $ (778 ) |
Fair Value, Concentration of Risk [Table Text Block] | The following tables present gross and net information about derivative instruments. At June 30, 2015 (in thousands) Gross fair value Netting adjustments Carrying value Cash collateral paid (1) Securities pledged Net amount Derivative assets $ 35,324 $ (8,019 ) $ 27,305 $ — $ — $ 27,305 Derivative liabilities $ (16,584 ) $ 8,019 $ (8,565 ) $ 6,607 $ 1,335 $ (623 ) At December 31, 2014 (in thousands) Gross fair value Netting adjustments Carrying value Cash collateral paid (1) Securities pledged Net amount Derivative assets $ 24,699 $ (5,858 ) $ 18,841 $ — $ — $ 18,841 Derivative liabilities $ (6,636 ) $ 5,858 $ (778 ) $ — $ 762 $ (16 ) (1) Excludes cash collateral of $26.2 million and $20.4 million at June 30, 2015 and December 31, 2014 , 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, 2015 and December 31, 2014 . |
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) 2015 2014 2015 2014 Recognized in noninterest income: Net gain on mortgage loan origination and sale activities (1) $ 14,248 $ (4,580 ) $ 22,251 $ (6,014 ) Mortgage servicing income (2) (17,221 ) 10,941 (4,987 ) 20,838 $ (2,973 ) $ 6,361 $ 17,264 $ 14,824 (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, 2015 | |
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, Single family $ 955,726 $ 610,350 Multifamily 16,457 10,885 Total loans held for sale $ 972,183 $ 621,235 Loans sold consisted of the following. Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2015 2014 2015 2014 Single family $ 1,894,387 $ 906,342 $ 3,211,346 $ 1,526,255 Multifamily 72,459 15,902 98,632 22,165 Total loans sold $ 1,966,846 $ 922,244 $ 3,309,978 $ 1,548,420 |
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) 2015 2014 2015 2014 Single family: Servicing value and secondary market gains (1) $ 61,884 $ 30,233 $ 118,173 $ 49,792 Loan origination and funding fees 5,635 6,781 10,090 11,542 Total single family 67,519 37,014 128,263 61,334 Multifamily 2,314 693 3,253 1,089 Other 141 4,087 345 4,881 Total net gain on mortgage loan origination and sale activities $ 69,974 $ 41,794 $ 131,861 $ 67,304 (1) C omprised 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, Single family U.S. government and agency $ 12,361,841 $ 10,630,864 Other 618,204 585,344 12,980,045 11,216,208 Commercial Multifamily 840,051 752,640 Other 83,982 82,354 924,033 834,994 Total loans serviced for others $ 13,904,078 $ 12,051,202 |
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) 2015 2014 2015 2014 Balance, beginning of period $ 2,111 $ 1,142 $ 1,956 $ 1,260 Additions (1) 682 313 1,169 552 Realized losses (2) (313 ) (220 ) (645 ) (577 ) Balance, end of period $ 2,480 $ 1,235 $ 2,480 $ 1,235 (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) 2015 2014 2015 2014 Servicing income, net: Servicing fees and other $ 10,057 $ 10,112 $ 19,120 $ 19,961 Changes in fair value of single family MSRs due to modeled amortization (1) (9,012 ) (7,109 ) (18,247 ) (13,077 ) Amortization of multifamily MSRs (476 ) (434 ) (930 ) (858 ) 569 2,569 (57 ) 6,026 Risk management, single family MSRs: Changes in fair value due to changes in model inputs and/or assumptions (2) 18,483 (3,326 ) (3 ) 11,172 (8,735 ) (3 ) Net gain (loss) from derivatives economically hedging MSR (17,221 ) 10,941 (4,987 ) 20,838 1,262 7,615 6,185 12,103 Mortgage servicing income $ 1,831 $ 10,184 $ 6,128 $ 18,129 (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) 2015 2014 2015 2014 Constant prepayment rate ("CPR") (2) 13.31 % 13.71 % 14.56 % 12.79 % Discount rate 10.06 % 11.06 % 10.28 % 10.80 % (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, 2015 Fair value of single family MSR $ 140,588 Expected weighted-average life (in years) 5.20 Constant prepayment rate (1) 15.35 % Impact on 25 basis points adverse change $ (9,600 ) Impact on 50 basis points adverse change $ (19,755 ) Discount rate 10.50 % Impact on fair value of 100 basis points increase $ (4,328 ) Impact on fair value of 200 basis points increase $ (8,405 ) (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) 2015 2014 2015 2014 Beginning balance $ 110,709 $ 149,646 $ 112,439 $ 153,128 Additions and amortization: Originations 20,405 11,827 35,218 19,720 Purchases 3 3 6 5 Sale of single family MSRs — (43,248 ) (3 ) — (43,248 ) (3 ) Changes due to modeled amortization (1) (9,012 ) (7,109 ) (18,247 ) (13,077 ) Net additions and amortization 11,396 (38,527 ) 16,977 (36,600 ) Changes in fair value due to changes in model inputs and/or assumptions (2) 18,483 (2,250 ) (4 ) 11,172 (7,659 ) (4 ) Ending balance $ 140,588 $ 108,869 $ 140,588 $ 108,869 (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) On June 30, 2014 , the Company sold the rights to service $2.96 billion in total unpaid principal balance of single family mortgage loans serviced for Fannie Mae. (4) Includes pre-tax income of $5.7 million , excluding transaction costs, resulting from the sale of single family MSRs on 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) 2015 2014 2015 2014 Beginning balance $ 11,013 $ 9,095 $ 10,885 $ 9,335 Origination 2,112 461 2,694 644 Amortization (476 ) (434 ) (930 ) (857 ) Ending balance $ 12,649 $ 9,122 $ 12,649 $ 9,122 |
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, 2015 Remainder of 2015 $ 996 2016 1,910 2017 1,788 2018 1,631 2019 1,521 2020 and thereafter 4,803 Carrying value of multifamily MSR $ 12,649 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value Measurement Methodologies [Table Text Block] | 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. 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 Level 2 recurring fair value measurement Investment securities held to maturity Observable market prices of identical or similar securities are used where available. Carried at amortized cost. Loans held for sale Single-family loans, excluding loans transferred from held for investment Fair value is based on observable market data, including: • Quoted market prices, where available • Dealer quotes for similar loans • Forward sale commitments Level 2 recurring fair value measurement Single-family loans transferred from held for investment Fair value is based on observable market data, including: Carried at lower of amortized cost or fair value. 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 and loans transferred from held for sale Fair value is based on discounted cash flows, which considers the following inputs: • Current lending rates for new loans • Expected prepayment speeds • Estimated credit losses • Market liquidity adjustments For the carrying value of loans see Note 1– Summary of Significant Accounting Policies of the 2014 Annual Report on Form 10-K. Estimated fair value classified as Level 3. Asset/Liability class Valuation methodology, inputs and assumptions Classification 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. Loans held for investment transferred from loans held for sale Fair value is based on discounted cash flows, which considers the following inputs: • Current lending rates for new loans • Expected prepayment speeds • Estimated credit losses • Market liquidity adjustments Level 3 recurring fair value measurement 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 7 , 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 Interest rate swaptions Forward sale commitments Fair value is based on quoted prices for identical or similar instruments, when available. Level 2 recurring fair value measurement Interest rate lock commitments The fair value considers several factors including: • Fair value of the underlying loan based on quoted prices in the secondary market, when available. • Value of servicing • Fall-out factor Level 3 recurring fair value measurement Asset/Liability class Valuation methodology, inputs and assumptions Classification 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 as the amount payable on demand at the reporting date. 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. |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | 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, 2015 Level 1 Level 2 Level 3 Assets: Investment securities available for sale Mortgage backed securities: Residential $ 108,627 $ — $ 108,627 $ — Commercial 13,352 — 13,352 — Municipal bonds 137,249 — 137,249 — Collateralized mortgage obligations: Residential 80,612 — 80,612 — Commercial 19,271 — 19,271 — Corporate debt securities 82,698 — 82,698 — U.S. Treasury securities 41,023 — 41,023 — Single family mortgage servicing rights 140,588 — — 140,588 Single family loans held for sale 955,726 — 955,726 — Single family loans held for investment 38,224 — — 38,224 Derivatives Forward sale commitments 9,785 — 9,785 — Interest rate swaptions 31 — 31 — Interest rate lock commitments 24,004 — — 24,004 Interest rate swaps 1,504 — 1,504 — Total assets $ 1,652,694 $ — $ 1,449,878 $ 202,816 Liabilities: Derivatives Forward sale commitments $ 3,190 $ — $ 3,190 $ — Interest rate lock commitments 517 — — 517 Interest rate swaps 12,877 — 12,877 — Total liabilities $ 16,584 $ — $ 16,067 $ 517 (in thousands) Fair Value at December 31, 2014 Level 1 Level 2 Level 3 Assets: Investment securities available for sale Mortgage backed securities: Residential $ 107,280 $ — $ 107,280 $ — Commercial 13,671 — 13,671 — Municipal bonds 122,334 — 122,334 — Collateralized mortgage obligations: Residential 43,166 — 43,166 — Commercial 20,486 — 20,486 — Corporate debt securities 79,400 — 79,400 — U.S. Treasury securities 40,989 — 40,989 — Single family mortgage servicing rights 112,439 — — 112,439 Single family loans held for sale 610,350 — 610,350 — Derivatives Forward sale commitments 1,071 — 1,071 — Interest rate lock commitments 11,939 — — 11,939 Interest rate swaps 11,689 — 11,689 — Total assets $ 1,174,814 $ — $ 1,050,436 $ 124,378 Liabilities: Derivatives Forward sale commitments $ 5,658 $ — $ 5,658 $ — Interest rate lock commitments 6 — — 6 Interest rate swaps 972 — 972 — Total liabilities $ 6,636 $ — $ 6,630 $ 6 |
Fair Value Inputs, Assets, Quantitative Information [Table Text Block] | 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, 2015 Fair Value Valuation Technique Significant Unobservable Input Low High Weighted Average Interest rate lock commitments, net $ 23,487 Income approach Fall out factor 1.10% 57.41% 17.04% Value of servicing 0.62% 2.51% 0.99% (dollars in thousands) At December 31, 2014 Fair Value Valuation Technique Significant Unobservable Input Low High Weighted Average Interest rate lock commitments, net $ 11,933 Income approach Fall out factor 0.6% 77.9% 21.4% Value of servicing 0.56% 1.94% 0.93% The following information presents significant Level 3 unobservable inputs used to measure fair value of single family loans held for investment where fair value option was elected. (dollars in thousands) At June 30, 2015 Fair Value Valuation Technique Significant Unobservable Input Low High Weighted Average Loans held for investment, fair value option $ 38,224 Income approach Implied spread to benchmark interest rate curve 3.98% 4.98% 4.34% |
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) 2015 2014 2015 2014 Beginning balance, net $ 26,019 $ 10,094 $ 11,933 $ 5,972 Total realized/unrealized gains (1) 32,160 34,495 88,146 54,662 Settlements (34,692 ) (27,183 ) (76,592 ) (43,228 ) Ending balance, net $ 23,487 $ 17,406 $ 23,487 $ 17,406 (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 gains of $399 thousand and $17.1 million for the three months ended June 30, 2015 and 2014 , respectively, and $508 thousand and $26.9 million for the six months ended June 30, 2015 and 2014 , respectively, recognized on interest rate lock commitments outstanding at the beginning of the period and still outstanding at June 30, 2015 and 2014 , respectively. |
Assets and liabilities measured fair value on a nonrecurring basis | The following tables present assets that had changes in their recorded fair value during the three and six months ended June 30, 2015 and 2014 and still held at the end of the respective reporting period. Three Months Ended June 30, 2015 (in thousands) Fair Value of Assets Held at June 30, 2015 Level 1 Level 2 Level 3 Total Gains (Losses) Loans held for investment (1) $ 8,955 $ — $ — $ 8,955 $ 170 Total $ 8,955 $ — $ — $ 8,955 $ 170 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 ) Six Months Ended June 30, 2015 (in thousands) Fair Value of Assets Held at June 30, 2015 Level 1 Level 2 Level 3 Total Gains (Losses) Loans held for investment (1) $ 8,955 $ — $ — $ 8,955 $ 184 Total $ 8,955 $ — $ — $ 8,955 $ 184 Six Months Ended June 30, 2014 (in thousands) Fair Value of Assets Held at June 30, 2015 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 ) (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 by balance sheet | 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, 2015 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 46,197 $ 46,197 $ 46,197 $ — $ — Investment securities held to maturity 26,713 26,713 — 26,713 — Loans held for investment 2,862,451 2,947,548 — — 2,947,548 Loans held for sale – multifamily 16,457 16,457 — 16,457 — Mortgage servicing rights – multifamily 12,649 14,311 — — 14,311 Federal Home Loan Bank stock 40,742 40,742 — 40,742 — Liabilities: Deposits $ 3,322,653 $ 3,322,316 $ — $ 3,322,316 $ — Federal Home Loan Bank advances 922,832 926,104 — 926,104 — Long-term debt 61,857 60,244 — 60,244 — At December 31, 2014 (in thousands) Carrying Value Fair Value Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 30,502 $ 30,502 $ 30,502 $ — $ — Investment securities held to maturity 28,006 28,537 — 28,537 — Loans held for investment 2,099,129 2,150,672 — — 2,150,672 Loans held for sale – multifamily 10,885 10,855 — 10,855 — Mortgage servicing rights – multifamily 10,885 12,540 — — 12,540 Federal Home Loan Bank stock 33,915 33,915 — 33,915 — Liabilities: Deposits $ 2,445,430 $ 2,445,635 $ — $ 2,445,635 $ — Federal Home Loan Bank advances 597,590 600,599 — 600,599 — Federal funds purchased and securities sold under agreements to repurchase 50,000 50,000 — 50,000 — Long-term debt 61,857 60,235 — 60,235 — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
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) 2015 2014 2015 2014 Net income $ 12,376 $ 9,362 $ 22,680 $ 11,663 Weighted average shares: Basic weighted-average number of common shares outstanding 22,028,539 14,800,853 19,593,421 14,792,638 Dilutive effect of outstanding common stock equivalents (1) 264,195 154,145 230,484 163,441 Diluted weighted-average number of common stock outstanding 22,292,734 14,954,998 19,823,905 14,956,079 Earnings per share: Basic earnings per share $ 0.56 $ 0.63 $ 1.16 $ 0.79 Diluted earnings per share $ 0.56 $ 0.63 $ 1.14 $ 0.78 (1) Excluded from the computation of diluted earnings per share (due to their antidilutive effect) for the three and six months ended June 30, 2015 and 2014 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 927 and 106,266 at June 30, 2015 and 2014 , respectively. |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Condensed income statement | Financial highlights by operating segment were as follows. Three Months Ended June 30, 2015 (in thousands) Mortgage Banking Commercial and Consumer Banking Total Condensed income statement: Net interest income (1) $ 7,585 $ 30,645 $ 38,230 Provision for credit losses — 500 500 Noninterest income 69,363 3,624 72,987 Noninterest expense 63,055 29,280 92,335 Income before income taxes 13,893 4,489 18,382 Income tax expense 4,371 1,635 6,006 Net income $ 9,522 $ 2,854 $ 12,376 Total assets $ 1,175,075 $ 3,691,173 $ 4,866,248 Three Months Ended June 30, 2014 (in thousands) Mortgage Banking Commercial and Consumer Banking Total Condensed income statement: Net interest income (1) $ 3,744 $ 19,403 $ 23,147 Provision (reversal of provision) for credit losses — — — Noninterest income 47,036 6,614 53,650 Noninterest expense 42,537 20,434 62,971 (Loss) income before income taxes 8,243 5,583 13,826 Income tax (benefit) expense 2,634 1,830 4,464 Net (loss) income $ 5,609 $ 3,753 $ 9,362 Total assets $ 695,237 $ 2,540,439 $ 3,235,676 Six Months Ended June 30, 2015 (in thousands) Mortgage Banking Commercial and Consumer Banking Total Condensed income statement: Net interest income (1) $ 13,212 $ 55,752 $ 68,964 Provision for credit losses — 3,500 3,500 Noninterest income 134,655 13,705 148,360 Noninterest expense 116,871 64,946 181,817 Income before income taxes 30,996 1,011 32,007 Income tax expense 11,156 (1,829 ) 9,327 Net income $ 19,840 $ 2,840 $ 22,680 Total assets $ 1,175,075 $ 3,691,173 $ 4,866,248 Six Months Ended June 30, 2014 (in thousands) Mortgage Banking Commercial and Consumer Banking Total Condensed income statement: Net interest income (1) $ 6,223 $ 39,636 $ 45,859 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 Total assets $ 695,237 $ 2,540,439 $ 3,235,676 (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. |
Business Combinations (Details)
Business Combinations (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Mar. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 01, 2015 | |
Business Combinations [Abstract] | |||||
Accretion of Discount | $ 16,600,000 | ||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 7,180,005 | ||||
Business Acquisition, Share Price | $ 17.53 | ||||
Payments to Acquire Businesses, Gross | $ 471,000 | ||||
Business Combination, Consideration Transferred | $ 124,685,000 | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 124,214,000 | $ 0 | |||
Premium of deposits from business combination | 3,960,000 | 3,960,000 | |||
Business Combination, FHLB Advances Premium | $ 855,000 | $ 855,000 |
Business Combinations Purchase
Business Combinations Purchase Price Table (Details) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Mar. 01, 2015USD ($)$ / shares | |
Business Combinations [Abstract] | ||||||
Business Acquisition, Number of Options Paid | 79,399 | |||||
Payments to Acquire Businesses, Gross | $ 471,000 | |||||
Business Combination, Consideration Transferred | $ 124,685,000 | |||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 124,214,000 | $ 0 | ||||
Business Combination, Purchase Price Allocation, Cash and Cash Equivalents | 112,667,000 | |||||
Business Combination, Purchase Price Allocation, Marketable Securities | 26,845,000 | |||||
Business Combination, Acquired Receivables, Fair Value | 664,148,000 | |||||
Business Combination, Servicing Asset | 980,000 | |||||
Business Combination, Purchase Price Allocation, FHLB Stock | 5,520,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,966,000 | |||||
Business Combination, Purchase Price Allocation, Bank Owned Life Insurance | 14,501,000 | |||||
Business Combination, Purchase Price Allocation, Amortizable Intangible Assets | 7,450,000 | |||||
Business Combination, Purchase Price Allocation, Other Assets | 15,073,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 850,150,000 | |||||
Business Combination, Purchase Price Allocation, Liabilities, Deposits | 651,202,000 | |||||
Business Combination, Purchase Price Allocation, FHLB Advances | 65,855,000 | |||||
Business Combination, Purchase Price Allocation, Accrued Liabilities | 1,859,000 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 718,916,000 | 718,916,000 | $ 0 | 718,916,000 | 0 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 131,234,000 | |||||
Bargain purchase gain | $ (79,000) | $ 6,549,000 | $ 0 | $ 6,549,000 | $ 0 | |
Business Acquisition, Option Price per Share | $ / shares | $ 17.53 | |||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 7,180,005 | |||||
Business Acquisition, Share Price | $ / shares | $ 17.30 |
Business Combinations Pro Forma
Business Combinations Pro Forma Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Business Acquisition, Pro Forma Information [Abstract] | ||||
Business Combination, Pro Forma Information, Interest Income (Expense), Net Of Acquiree Since Acquisition Date, Actual | $ 38,370 | $ 31,516 | $ 73,587 | $ 61,958 |
Business Combination, Pro Forma Information, Noninterest Income Of Acquiree Since Acquisition Date, Actual | 73,070 | 54,994 | 142,563 | 97,699 |
Business Combination, Pro Forma Information, Noninterest Expense | 89,095 | 72,883 | 174,686 | 147,423 |
Business Acquisition, Pro Forma Net Income (Loss) | $ 14,384 | $ 9,625 | $ 25,599 | $ 13,163 |
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ 0.65 | $ 0.44 | $ 1.16 | $ 0.60 |
Business Acquisition, Pro Forma Earnings Per Share, Diluted | $ 0.65 | $ 0.44 | $ 1.15 | $ 0.60 |
Weighted Average Basic Shares Outstanding, Pro Forma | 22,028,539 | 21,878,222 | 22,033,644 | 21,848,465 |
Pro Forma Weighted Average Shares Outstanding, Diluted | 22,292,734 | 22,058,842 | 22,165,741 | 22,033,217 |
Business Combinations Acquisiti
Business Combinations Acquisition expenses (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Business Combinations [Abstract] | ||
Business Acquisition, labor and related expense | $ 7,676 | $ 23 |
Business combinations, general and administrative costs | 1,249 | 179 |
Business Combinations, legal expenses | 351 | 245 |
Business Combinations, consulting expenses | 5,751 | 388 |
Business Combinations, occupancy expenses | 383 | 4 |
Business Combinations, information services expenses | (37) | 50 |
Business Combination, Acquisition Related Costs | $ 15,373 | $ 889 |
Investment Securities Availab35
Investment Securities Available for Sale (Unrealized Gain/Loss on Investment)(Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Debt Securities, Amortized Cost Basis | $ 485,399 | $ 426,617 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 3,570 | 4,467 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | (6,137) | (3,758) |
Available-for-sale Securities, Debt Securities | 482,832 | 427,326 |
Available-for-sale Securities | 482,832 | 427,326 |
Residential Mortgage Backed Securities [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 109,169 | 107,624 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 525 | 509 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | (1,067) | (853) |
Available-for-sale Securities, Debt Securities | 108,626 | 107,280 |
Commercial Mortgage Backed Securities [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 12,857 | 13,030 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 495 | 641 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | 0 | 0 |
Available-for-sale Securities, Debt Securities | 13,353 | 13,671 |
Municipal Bonds [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 136,182 | 119,744 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 2,241 | 2,847 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | (1,174) | (257) |
Available-for-sale Securities, Debt Securities | 137,249 | 122,334 |
Residential [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 81,857 | 44,254 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 115 | 161 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | (1,360) | (1,249) |
Available-for-sale Securities, Debt Securities | 80,612 | 43,166 |
Commercial [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 19,428 | 20,775 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 27 | 0 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | (184) | (289) |
Available-for-sale Securities, Debt Securities | 19,271 | 20,486 |
Corporate Debt Securities [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 84,920 | 80,214 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 130 | 296 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | (2,352) | (1,110) |
Available-for-sale Securities, Debt Securities | 82,698 | 79,400 |
US Treasury Securities [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 40,986 | 40,976 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 37 | 13 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | 0 | 0 |
Available-for-sale Securities, Debt Securities | 41,023 | 40,989 |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage Backed Securities [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities | 108,627 | 107,280 |
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities | 13,352 | 13,671 |
Fair Value, Measurements, Recurring [Member] | Municipal Bonds [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities | 137,249 | 122,334 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations Residential [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities | 80,612 | 43,166 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations Commercial [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities | 19,271 | 20,486 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities | 82,698 | 79,400 |
Fair Value, Measurements, Recurring [Member] | Us Treasury Collateralized Mortgage Obligations [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities | 41,023 | 40,989 |
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 | 108,627 | 107,280 |
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 | 13,352 | 13,671 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Municipal Bonds [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities | 137,249 | 122,334 |
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 | 80,612 | 43,166 |
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 | 19,271 | 20,486 |
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 | 82,698 | 79,400 |
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 | $ 41,023 | $ 40,989 |
Investment Securities Availab36
Investment Securities Available for Sale (Continuous Unrealized Loss on Investment)(Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
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 | $ (3,026) | $ (96) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 179,934 | 20,516 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (3,111) | (3,662) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 89,722 | 161,864 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | (6,137) | (3,758) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 269,656 | 182,380 |
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 | (332) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 41,498 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (735) | (853) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 22,440 | 57,242 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | (1,067) | (853) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 63,938 | 57,242 |
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 | (943) | (11) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 53,882 | 2,339 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (231) | (246) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 5,752 | 17,155 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | (1,174) | (257) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 59,634 | 19,494 |
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 | (471) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 33,973 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (889) | (1,249) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 28,540 | 31,021 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | (1,360) | (1,249) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 62,513 | 31,021 |
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 | (89) | (29) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 9,748 | 5,037 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (95) | (260) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 4,729 | 15,449 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | (184) | (289) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 14,477 | 20,486 |
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 | (1,191) | (56) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 40,833 | 13,140 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Losses | (1,161) | (1,054) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 28,261 | 40,997 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | (2,352) | (1,110) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 69,094 | $ 54,137 |
Investment Securities Availab37
Investment Securities Available for Sale (Weighted Average Yield)(Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | $ 41,023 | $ 25,998 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 15,254 | 24,595 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 80,492 | 78,677 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 346,063 | 298,056 |
Available-for-sale Securities, Debt Securities | $ 482,832 | $ 427,326 |
Available for Sale Securities Debt Maturities with in One Year Weighted Average Yield | 0.35% | 0.28% |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Weighted Average Yield | 2.77% | 1.19% |
Available for Sale Securities Debt Maturities After Five Through Ten Years Weighted Average Yield | 3.03% | 3.09% |
Available for Sale Securities Debt Maturities After Ten Years Weighted Average Yield | 2.85% | 2.92% |
Available for Sale Securities Debt Maturities Without Single Maturity Date Weighted Average Yield | 2.67% | 2.69% |
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 | 5 | 0 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 7,171 | 6,949 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 101,450 | 100,331 |
Available-for-sale Securities, Debt Securities | $ 108,626 | $ 107,280 |
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 | 0.42% | 0.00% |
Available for Sale Securities Debt Maturities After Five Through Ten Years Weighted Average Yield | 1.96% | 1.72% |
Available for Sale Securities Debt Maturities After Ten Years Weighted Average Yield | 1.93% | 1.75% |
Available for Sale Securities Debt Maturities Without Single Maturity Date Weighted Average Yield | 1.93% | 1.75% |
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 | 13,353 | 13,671 |
Available-for-sale Securities, Debt Securities | $ 13,353 | $ 13,671 |
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 | 4.86% | 4.75% |
Available for Sale Securities Debt Maturities Without Single Maturity Date Weighted Average Yield | 4.86% | 4.75% |
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 | 4,199 | 604 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 22,075 | 23,465 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 110,975 | 98,265 |
Available-for-sale Securities, Debt Securities | $ 137,249 | $ 122,334 |
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 | 3.65% | 4.10% |
Available for Sale Securities Debt Maturities After Five Through Ten Years Weighted Average Yield | 3.50% | 3.55% |
Available for Sale Securities Debt Maturities After Ten Years Weighted Average Yield | 4.20% | 4.21% |
Available for Sale Securities Debt Maturities Without Single Maturity Date Weighted Average Yield | 4.07% | 4.09% |
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 | 173 | 0 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 80,439 | 43,166 |
Available-for-sale Securities, Debt Securities | $ 80,612 | $ 43,166 |
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 | 0.90% | 0.00% |
Available for Sale Securities Debt Maturities After Ten Years Weighted Average Yield | 1.70% | 1.84% |
Available for Sale Securities Debt Maturities Without Single Maturity Date Weighted Average Yield | 1.70% | 1.84% |
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 | 9,748 | 9,776 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 9,523 | 10,710 |
Available-for-sale Securities, Debt Securities | $ 19,271 | $ 20,486 |
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 | 1.95% | 1.96% |
Available for Sale Securities Debt Maturities After Ten Years Weighted Average Yield | 1.69% | 1.99% |
Available for Sale Securities Debt Maturities Without Single Maturity Date Weighted Average Yield | 1.82% | 1.97% |
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 | 11,050 | 9,000 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 41,325 | 38,487 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 30,323 | 31,913 |
Available-for-sale Securities, Debt Securities | $ 82,698 | $ 79,400 |
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 | 2.45% | 2.21% |
Available for Sale Securities Debt Maturities After Five Through Ten Years Weighted Average Yield | 3.22% | 3.35% |
Available for Sale Securities Debt Maturities After Ten Years Weighted Average Yield | 3.64% | 3.73% |
Available for Sale Securities Debt Maturities Without Single Maturity Date Weighted Average Yield | 3.28% | 3.37% |
US Treasury Securities [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | $ 41,023 | $ 25,998 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 0 | 14,991 |
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 | $ 41,023 | $ 40,989 |
Available for Sale Securities Debt Maturities with in One Year Weighted Average Yield | 0.35% | 0.28% |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Weighted Average Yield | 0.00% | 0.46% |
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 | 0.35% | 0.35% |
Investment Securities Availab38
Investment Securities Available for Sale (Realized Gain/Loss on Investment)(Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Available-for-sale Securities, Gross Realized Gain (Loss), Disclosures [Abstract] | ||||
Interest Income, Securities, Tax Exempt | $ 852 | $ 863 | $ 1,600 | $ 1,800 |
Gain (Loss) on Investments [Line Items] | ||||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 0 | 11,541 | 0 | 65,846 |
Available-for-sale Securities, Gross Realized Gains | 0 | 118 | 0 | 895 |
Available-for-sale Securities, Gross Realized Losses | $ 0 | $ (137) | $ 0 | $ (201) |
Investment Securities Availab39
Investment Securities Available for Sale (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Pledged Financial Instruments, Not Separately Reported, Securities for Repurchase Agreements | $ 0 | ||||
Interest Income, Securities, Tax Exempt | $ 852 | $ 863 | $ 1,600 | $ 1,800 | |
Fair Value Measurement Transfers Between With Levels of Hierarchy for Assets and Liabilities Held | 0 | $ 0 | 0 | $ 0 | |
Federal Home Loan Bank Advances [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Loans Pledged as Collateral | 1,320,000 | 1,320,000 | 1,060,000 | ||
Securities pledged to secure derivatives in a liability position | 116,600 | 116,600 | 44,300 | ||
Derivative Financial Instruments, Liabilities [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Securities pledged to secure derivatives in a liability position | 34,100 | 34,100 | 33,400 | ||
Federal Reserve Bank Advances [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Loans Pledged as Collateral | $ 516,200 | $ 516,200 | $ 487,200 |
Loans and Credit Quality (LHFI
Loans and Credit Quality (LHFI table)(Details) - Fair Value Hierarchy [Domain] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, Fair Value Disclosure | $ 38,224 | $ 0 | ||
Loans held for investment | ||||
Loans and Leases Receivable, Gross | 2,933,968 | 2,126,198 | ||
Net deferred loan fees and discounts | 7,516 | 5,048 | ||
Loans held for investment, net of deferred fees and discounts | 2,926,452 | 2,121,150 | ||
Allowance for losses on loans held for investment | (25,777) | (22,021) | $ (21,926) | |
Loans held for investment | 2,900,675 | 2,099,129 | ||
Residential Mortgage [Member] | ||||
Loans held for investment | ||||
Loans and Leases Receivable, Gross | 1,182,542 | [1] | 896,665 | |
Consumer Portfolio Segment [Member] | ||||
Loans held for investment | ||||
Loans and Leases Receivable, Gross | 1,399,177 | 1,032,263 | ||
Commercial Portfolio Segment [Member] | ||||
Loans held for investment | ||||
Loans and Leases Receivable, Gross | 1,534,791 | $ 1,093,935 | ||
Fair Value, Measurements, Recurring [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans Receivable, Fair Value Disclosure | $ 38,224 | |||
[1] | (1)Includes $38.2 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated stat |
Loans and Credit Quality (Allow
Loans and Credit Quality (Allowance Activity)(Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | 19 | 18 | 31 | 32 | |
Loans and Leases Receivable, Allowance | $ 25,777 | $ 21,926 | $ 25,777 | $ 21,926 | $ 22,021 |
Qualitative and Quantitative Information, Transferor's Continuing Involvement, Principal Amount Outstanding | 13,904,078 | 13,904,078 | 12,051,202 | ||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||
Beginning Balance | 25,628 | 22,317 | 22,524 | 24,089 | |
Charge-offs | (128) | (619) | (226) | (1,153) | |
Recoveries | 448 | 470 | 650 | 732 | |
Provision (reversal of provision) for credit losses | 500 | 0 | 3,500 | (1,500) | |
Ending Balance | 26,448 | 22,168 | 26,448 | 22,168 | |
Allowance for Loan and Lease Losses, Provision for Loss, Net | 320 | (149) | 424 | (421) | |
Residential Mortgage [Member] | |||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||
Beginning Balance | 9,959 | 9,406 | 9,447 | 11,990 | |
Charge-offs | 0 | (172) | 0 | (283) | |
Recoveries | 181 | 25 | 246 | 41 | |
Provision (reversal of provision) for credit losses | (1,143) | (148) | (696) | (2,637) | |
Ending Balance | 8,997 | 9,111 | 8,997 | 9,111 | |
Home Equity Line of Credit [Member] | |||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||
Beginning Balance | 3,331 | 3,882 | 3,322 | 3,987 | |
Charge-offs | (119) | (136) | (201) | (559) | |
Recoveries | 57 | 236 | 141 | 326 | |
Provision (reversal of provision) for credit losses | 613 | (465) | 620 | (237) | |
Ending Balance | $ 3,882 | $ 3,517 | $ 3,882 | $ 3,517 | |
Consumer Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | 17 | 15 | 29 | 26 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||
Beginning Balance | $ 13,290 | $ 13,288 | $ 12,769 | $ 15,977 | |
Charge-offs | (119) | (308) | (201) | (842) | |
Recoveries | 238 | 261 | 387 | 367 | |
Provision (reversal of provision) for credit losses | (530) | (613) | (76) | (2,874) | |
Ending Balance | 12,879 | 12,628 | 12,879 | 12,628 | |
Commercial Real Estate [Member] | |||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||
Beginning Balance | 4,551 | 4,309 | 3,846 | 4,012 | |
Charge-offs | 0 | (23) | (16) | (23) | |
Recoveries | 37 | 100 | 37 | 156 | |
Provision (reversal of provision) for credit losses | 458 | (323) | 1,179 | (82) | |
Ending Balance | 5,046 | 4,063 | 5,046 | 4,063 | |
Multifamily Residential [Member] | |||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||
Beginning Balance | 661 | 965 | 673 | 942 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Provision (reversal of provision) for credit losses | 119 | (78) | 107 | (55) | |
Ending Balance | 780 | 887 | 780 | 887 | |
Commercial Real Estate Construction Financing Receivable [Member] | |||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||
Beginning Balance | 5,003 | 2,003 | 3,818 | 1,414 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 85 | 46 | 99 | 62 | |
Provision (reversal of provision) for credit losses | 855 | 369 | 2,026 | 942 | |
Ending Balance | 5,943 | 2,418 | 5,943 | 2,418 | |
Commercial Business [Member] | |||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||
Beginning Balance | 2,123 | 1,752 | 1,418 | 1,744 | |
Charge-offs | (9) | (288) | (9) | (288) | |
Recoveries | 88 | 63 | 127 | 147 | |
Provision (reversal of provision) for credit losses | (402) | 645 | 264 | 569 | |
Ending Balance | $ 1,800 | $ 2,172 | $ 1,800 | $ 2,172 | |
Commercial Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | 2 | 3 | 2 | 6 | |
Qualitative and Quantitative Information, Transferor's Continuing Involvement, Principal Amount Outstanding | $ 924,033 | $ 924,033 | 834,994 | ||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||
Beginning Balance | 12,338 | $ 9,029 | 9,755 | $ 8,112 | |
Charge-offs | (9) | (311) | (25) | (311) | |
Recoveries | 210 | 209 | 263 | 365 | |
Provision (reversal of provision) for credit losses | 1,030 | 613 | 3,576 | 1,374 | |
Ending Balance | 13,569 | 9,540 | 13,569 | 9,540 | |
Credit Risk [Member] | |||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||
Loss Contingency Accrual, at Carrying Value | $ 671 | $ 242 | $ 671 | $ 242 | $ 503 |
Forgiveness of Principal [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | 0 | 1 | 0 | 1 | |
Forgiveness of Principal [Member] | Commercial Business [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | 0 | 1 | 0 | 1 | |
Forgiveness of Principal [Member] | Commercial Portfolio Segment [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | 0 | 1 | 0 | 1 |
Loans and Credit Quality (Loans
Loans and Credit Quality (Loans by impairment methodology)(Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
Allowance for credit losses and recorded investment in loans by impairment methodology | ||||||||
Allowance: collectively evaluated for impairment | $ 25,140 | $ 20,818 | ||||||
Allowance: individually evaluated for impairment | 1,308 | 1,706 | ||||||
Total Allowance | 26,448 | $ 25,628 | 22,524 | $ 22,168 | $ 22,317 | $ 24,089 | ||
Loans: collectively evaluated for impairment | 2,775,469 | 2,006,974 | ||||||
Loans: individually evaluated for impairment | 120,275 | 119,224 | ||||||
Loans and Leases, Amortized Cost, Carrying Value | 2,895,744 | |||||||
Fair value option | [1] | 38,224 | ||||||
Total loans | 2,933,968 | 2,126,198 | ||||||
Consumer Portfolio Segment [Member] | ||||||||
Allowance for credit losses and recorded investment in loans by impairment methodology | ||||||||
Allowance: collectively evaluated for impairment | 12,457 | 11,908 | ||||||
Allowance: individually evaluated for impairment | 422 | 861 | ||||||
Total Allowance | 12,879 | 13,290 | 12,769 | 12,628 | 13,288 | 15,977 | ||
Loans: collectively evaluated for impairment | 1,280,034 | 951,720 | ||||||
Loans: individually evaluated for impairment | 80,919 | 80,543 | ||||||
Loans and Leases, Amortized Cost, Carrying Value | 1,360,953 | |||||||
Total loans | 1,399,177 | 1,032,263 | ||||||
Commercial Real Estate [Member] | ||||||||
Allowance for credit losses and recorded investment in loans by impairment methodology | ||||||||
Allowance: collectively evaluated for impairment | 4,672 | 3,806 | ||||||
Allowance: individually evaluated for impairment | 374 | 40 | ||||||
Total Allowance | 5,046 | 4,551 | 3,846 | 4,063 | 4,309 | 4,012 | ||
Loans: collectively evaluated for impairment | 523,570 | 496,685 | ||||||
Loans: individually evaluated for impairment | 24,001 | 26,779 | ||||||
Loans and Leases, Amortized Cost, Carrying Value | 547,571 | |||||||
Total loans | 547,571 | 523,464 | ||||||
Home Equity Line of Credit [Member] | ||||||||
Allowance for credit losses and recorded investment in loans by impairment methodology | ||||||||
Allowance: collectively evaluated for impairment | 3,719 | 3,165 | ||||||
Allowance: individually evaluated for impairment | 163 | 157 | ||||||
Total Allowance | 3,882 | 3,331 | 3,322 | 3,517 | 3,882 | 3,987 | ||
Loans: collectively evaluated for impairment | 214,468 | 132,937 | ||||||
Loans: individually evaluated for impairment | 2,167 | 2,661 | ||||||
Loans and Leases, Amortized Cost, Carrying Value | 216,635 | |||||||
Total loans | 216,635 | 135,598 | ||||||
Commercial Portfolio Segment [Member] | ||||||||
Allowance for credit losses and recorded investment in loans by impairment methodology | ||||||||
Allowance: collectively evaluated for impairment | 12,683 | 8,910 | ||||||
Allowance: individually evaluated for impairment | 886 | 845 | ||||||
Total Allowance | 13,569 | 12,338 | 9,755 | 9,540 | 9,029 | 8,112 | ||
Loans: collectively evaluated for impairment | 1,495,435 | 1,055,254 | ||||||
Loans: individually evaluated for impairment | 39,356 | 38,681 | ||||||
Loans and Leases, Amortized Cost, Carrying Value | 1,534,791 | |||||||
Total loans | 1,534,791 | 1,093,935 | ||||||
Multifamily Residential [Member] | ||||||||
Allowance for credit losses and recorded investment in loans by impairment methodology | ||||||||
Allowance: collectively evaluated for impairment | 581 | 312 | ||||||
Allowance: individually evaluated for impairment | 199 | 361 | ||||||
Total Allowance | 780 | 661 | 673 | 887 | 965 | 942 | ||
Loans: collectively evaluated for impairment | 361,475 | 52,011 | ||||||
Loans: individually evaluated for impairment | 4,712 | 3,077 | ||||||
Loans and Leases, Amortized Cost, Carrying Value | 366,187 | |||||||
Total loans | 366,187 | 55,088 | ||||||
Residential Mortgage [Member] | ||||||||
Allowance for credit losses and recorded investment in loans by impairment methodology | ||||||||
Allowance: collectively evaluated for impairment | 8,738 | 8,743 | ||||||
Allowance: individually evaluated for impairment | 259 | 704 | ||||||
Total Allowance | 8,997 | 9,959 | 9,447 | 9,111 | 9,406 | 11,990 | ||
Loans: collectively evaluated for impairment | 1,065,566 | 818,783 | ||||||
Loans: individually evaluated for impairment | 78,752 | 77,882 | ||||||
Loans and Leases, Amortized Cost, Carrying Value | 1,144,318 | |||||||
Total loans | 1,182,542 | [2] | 896,665 | |||||
Commercial Real Estate Construction Financing Receivable [Member] | ||||||||
Allowance for credit losses and recorded investment in loans by impairment methodology | ||||||||
Allowance: collectively evaluated for impairment | 5,943 | 3,818 | ||||||
Allowance: individually evaluated for impairment | 0 | 0 | ||||||
Total Allowance | 5,943 | 5,003 | 3,818 | 2,418 | 2,003 | 1,414 | ||
Loans: collectively evaluated for impairment | 450,217 | 362,487 | ||||||
Loans: individually evaluated for impairment | 4,600 | 5,447 | ||||||
Loans and Leases, Amortized Cost, Carrying Value | 454,817 | |||||||
Total loans | 454,817 | 367,934 | ||||||
Commercial Business [Member] | ||||||||
Allowance for credit losses and recorded investment in loans by impairment methodology | ||||||||
Allowance: collectively evaluated for impairment | 1,487 | 974 | ||||||
Allowance: individually evaluated for impairment | 313 | 444 | ||||||
Total Allowance | 1,800 | $ 2,123 | 1,418 | $ 2,172 | $ 1,752 | $ 1,744 | ||
Loans: collectively evaluated for impairment | 160,173 | 144,071 | ||||||
Loans: individually evaluated for impairment | 6,043 | 3,378 | ||||||
Loans and Leases, Amortized Cost, Carrying Value | 166,216 | |||||||
Total loans | 166,216 | $ 147,449 | ||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Allowance for credit losses and recorded investment in loans by impairment methodology | ||||||||
Fair value option | $ 38,224 | |||||||
[1] | Comprised of single family loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated statements of operations. | |||||||
[2] | (1)Includes $38.2 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated stat |
Loans and Credit Quality (Impai
Loans and Credit Quality (Impaired loans by loan class)(Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | ||
Financing Receivable, Impaired [Line Items] | ||||||
Acquired Nonaccrual Loans | $ 8,500 | $ 8,500 | ||||
Financing Receivable, Modifications, Performing, Recorded Investment | 75,700 | 75,700 | $ 73,600 | |||
Impaired loans by loan portfolio segment and loan class [Abstract] | ||||||
Recorded investment With no related allowance recorded | [1] | 101,376 | 101,376 | 82,725 | ||
Recorded investment With related allowance recorded | [1] | 18,899 | 18,899 | 36,499 | ||
Total Recorded investment | [1] | 120,275 | 120,275 | 119,224 | ||
Unpaid principal balance With no related allowance recorded | [2] | 106,768 | 106,768 | 98,664 | ||
Unpaid principal balance With related allowance recorded | [2] | 19,090 | 19,090 | 37,078 | ||
Impaired Financing Receivable, Related Allowance | 1,308 | 1,308 | 1,706 | |||
Total Unpaid principal balance | [2] | 125,858 | 125,858 | 135,742 | ||
Total Average recorded investment | 118,588 | $ 117,424 | 118,799 | $ 118,239 | ||
Residential Mortgage [Member] | ||||||
Impaired loans by loan portfolio segment and loan class [Abstract] | ||||||
Recorded investment With no related allowance recorded | [1] | 76,135 | 76,135 | 48,104 | ||
Recorded investment With related allowance recorded | [1] | 2,617 | 2,617 | 29,778 | ||
Total Recorded investment | [1],[3] | 78,752 | 78,752 | 77,882 | ||
Unpaid principal balance With no related allowance recorded | [2] | 78,337 | 78,337 | 50,787 | ||
Unpaid principal balance With related allowance recorded | [2] | 2,730 | 2,730 | 29,891 | ||
Impaired Financing Receivable, Related Allowance | [3] | 259 | 259 | 704 | ||
Total Unpaid principal balance | [2],[3] | 81,067 | 81,067 | 80,678 | ||
Total Average recorded investment | 78,720 | 70,977 | 78,440 | 71,713 | ||
Home Equity Line of Credit [Member] | ||||||
Impaired loans by loan portfolio segment and loan class [Abstract] | ||||||
Recorded investment With no related allowance recorded | [1] | 1,387 | 1,387 | 1,824 | ||
Recorded investment With related allowance recorded | [1] | 780 | 780 | 837 | ||
Total Recorded investment | [1] | 2,167 | 2,167 | 2,661 | ||
Unpaid principal balance With no related allowance recorded | [2] | 1,412 | 1,412 | 1,850 | ||
Unpaid principal balance With related allowance recorded | [2] | 780 | 780 | 837 | ||
Impaired Financing Receivable, Related Allowance | 163 | 163 | 157 | |||
Total Unpaid principal balance | [2] | 2,192 | 2,192 | 2,687 | ||
Total Average recorded investment | 2,250 | 2,466 | 2,387 | 2,525 | ||
Consumer Portfolio Segment [Member] | ||||||
Impaired loans by loan portfolio segment and loan class [Abstract] | ||||||
Recorded investment With no related allowance recorded | [1] | 77,522 | 77,522 | 49,928 | ||
Recorded investment With related allowance recorded | [1] | 3,397 | 3,397 | 30,615 | ||
Total Recorded investment | [1] | 80,919 | 80,919 | 80,543 | ||
Unpaid principal balance With no related allowance recorded | [2] | 79,749 | 79,749 | 52,637 | ||
Unpaid principal balance With related allowance recorded | [2] | 3,510 | 3,510 | 30,728 | ||
Impaired Financing Receivable, Related Allowance | 422 | 422 | 861 | |||
Total Unpaid principal balance | [2] | 83,259 | 83,259 | 83,365 | ||
Total Average recorded investment | 80,970 | 73,443 | 80,827 | 74,238 | ||
Commercial Real Estate [Member] | ||||||
Impaired loans by loan portfolio segment and loan class [Abstract] | ||||||
Recorded investment With no related allowance recorded | [1] | 10,429 | 10,429 | 25,540 | ||
Recorded investment With related allowance recorded | [1] | 13,572 | 13,572 | 1,239 | ||
Total Recorded investment | [1] | 24,001 | 24,001 | 26,779 | ||
Unpaid principal balance With no related allowance recorded | [2] | 12,179 | 12,179 | 27,205 | ||
Unpaid principal balance With related allowance recorded | [2] | 13,585 | 13,585 | 1,399 | ||
Impaired Financing Receivable, Related Allowance | 374 | 374 | 40 | |||
Total Unpaid principal balance | [2] | 25,764 | 25,764 | 28,604 | ||
Total Average recorded investment | 23,469 | 31,771 | 24,572 | 31,806 | ||
Multifamily Residential [Member] | ||||||
Impaired loans by loan portfolio segment and loan class [Abstract] | ||||||
Recorded investment With no related allowance recorded | [1] | 3,810 | 3,810 | 508 | ||
Recorded investment With related allowance recorded | [1] | 902 | 902 | 2,569 | ||
Total Recorded investment | [1] | 4,712 | 4,712 | 3,077 | ||
Unpaid principal balance With no related allowance recorded | [2] | 4,223 | 4,223 | 508 | ||
Unpaid principal balance With related allowance recorded | [2] | 850 | 850 | 2,747 | ||
Impaired Financing Receivable, Related Allowance | 199 | 199 | 361 | |||
Total Unpaid principal balance | [2] | 5,073 | 5,073 | 3,255 | ||
Total Average recorded investment | 4,270 | 3,135 | 3,873 | 3,144 | ||
Commercial Real Estate Construction Financing Receivable [Member] | ||||||
Impaired loans by loan portfolio segment and loan class [Abstract] | ||||||
Recorded investment With no related allowance recorded | [1] | 4,600 | 4,600 | 5,447 | ||
Recorded investment With related allowance recorded | [1] | 0 | 0 | |||
Total Recorded investment | [1] | 4,600 | 4,600 | 5,447 | ||
Unpaid principal balance With no related allowance recorded | [2] | 5,101 | 5,101 | 14,532 | ||
Unpaid principal balance With related allowance recorded | [2] | 0 | 0 | |||
Impaired Financing Receivable, Related Allowance | 0 | 0 | 0 | |||
Total Unpaid principal balance | [2] | 5,101 | 5,101 | 14,532 | ||
Total Average recorded investment | 5,047 | 5,875 | 5,180 | 5,966 | ||
Commercial Business [Member] | ||||||
Impaired loans by loan portfolio segment and loan class [Abstract] | ||||||
Recorded investment With no related allowance recorded | [1] | 5,015 | 5,015 | 1,302 | ||
Recorded investment With related allowance recorded | [1] | 1,028 | 1,028 | 2,076 | ||
Total Recorded investment | [1] | 6,043 | 6,043 | 3,378 | ||
Unpaid principal balance With no related allowance recorded | [2] | 5,516 | 5,516 | 3,782 | ||
Unpaid principal balance With related allowance recorded | [2] | 1,145 | 1,145 | 2,204 | ||
Impaired Financing Receivable, Related Allowance | 313 | 313 | 444 | |||
Total Unpaid principal balance | [2] | 6,661 | 6,661 | 5,986 | ||
Total Average recorded investment | 4,832 | 3,200 | 4,347 | 3,085 | ||
Commercial Portfolio Segment [Member] | ||||||
Impaired loans by loan portfolio segment and loan class [Abstract] | ||||||
Recorded investment With no related allowance recorded | [1] | 23,854 | 23,854 | 32,797 | ||
Recorded investment With related allowance recorded | [1] | 15,502 | 15,502 | 5,884 | ||
Total Recorded investment | [1] | 39,356 | 39,356 | 38,681 | ||
Unpaid principal balance With no related allowance recorded | [2] | 27,019 | 27,019 | 46,027 | ||
Unpaid principal balance With related allowance recorded | [2] | 15,580 | 15,580 | 6,350 | ||
Impaired Financing Receivable, Related Allowance | 886 | 886 | 845 | |||
Total Unpaid principal balance | [2] | 42,599 | 42,599 | $ 52,377 | ||
Total Average recorded investment | $ 37,618 | $ 43,981 | $ 37,972 | $ 44,001 | ||
[1] | Includes partial charge-offs and nonaccrual interest paid and purchase discounts and premiums. | |||||
[2] | Unpaid principal balance does not include partial charge-offs, purchase discounts and premiums or nonaccrual interest paid. Related allowance is calculated on net book balances not unpaid principal balances. | |||||
[3] | Includes $75.7 million in performing troubled debt restructurings ("TDRs"). |
Loans and Credit Quality (Loa44
Loans and Credit Quality (Loans by loan grade)(Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Impaired Financing Receivable, Average Recorded Investment | $ 118,588 | $ 117,424 | $ 118,799 | $ 118,239 | |||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 2,933,968 | 2,933,968 | $ 2,126,198 | ||||
Pass [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 2,736,087 | 2,736,087 | 1,967,815 | ||||
Watch [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 127,201 | 127,201 | 97,947 | ||||
Special Mention [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 37,725 | 37,725 | 43,460 | ||||
Substandard [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 32,955 | 32,955 | 16,976 | ||||
Residential Mortgage [Member] | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Impaired Financing Receivable, Average Recorded Investment | 78,720 | 70,977 | 78,440 | 71,713 | |||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 1,182,542 | [1] | 1,182,542 | [1] | 896,665 | ||
Residential Mortgage [Member] | Pass [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 1,149,603 | [2] | 1,149,603 | [2] | 865,641 | ||
Residential Mortgage [Member] | Watch [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 1,498 | 1,498 | 361 | ||||
Residential Mortgage [Member] | Special Mention [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 20,604 | 20,604 | 21,714 | ||||
Residential Mortgage [Member] | Substandard [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 10,837 | 10,837 | 8,949 | ||||
Home Equity Line of Credit [Member] | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Impaired Financing Receivable, Average Recorded Investment | 2,250 | 2,466 | 2,387 | 2,525 | |||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 216,635 | 216,635 | 135,598 | ||||
Home Equity Line of Credit [Member] | Pass [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 214,492 | 214,492 | 133,338 | ||||
Home Equity Line of Credit [Member] | Watch [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 61 | 61 | 82 | ||||
Home Equity Line of Credit [Member] | Special Mention [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 481 | 481 | 652 | ||||
Home Equity Line of Credit [Member] | Substandard [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 1,601 | 1,601 | 1,526 | ||||
Consumer Portfolio Segment [Member] | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Impaired Financing Receivable, Average Recorded Investment | 80,970 | 73,443 | 80,827 | 74,238 | |||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 1,399,177 | 1,399,177 | 1,032,263 | ||||
Consumer Portfolio Segment [Member] | Pass [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 1,364,095 | 1,364,095 | 998,979 | ||||
Consumer Portfolio Segment [Member] | Watch [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 1,559 | 1,559 | 443 | ||||
Consumer Portfolio Segment [Member] | Special Mention [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 21,085 | 21,085 | 22,366 | ||||
Consumer Portfolio Segment [Member] | Substandard [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 12,438 | 12,438 | 10,475 | ||||
Commercial Real Estate [Member] | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Impaired Financing Receivable, Average Recorded Investment | 23,469 | 31,771 | 24,572 | 31,806 | |||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 547,571 | 547,571 | 523,464 | ||||
Commercial Real Estate [Member] | Pass [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 452,364 | 452,364 | 441,509 | ||||
Commercial Real Estate [Member] | Watch [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 76,226 | 76,226 | 67,434 | ||||
Commercial Real Estate [Member] | Special Mention [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 8,285 | 8,285 | 13,066 | ||||
Commercial Real Estate [Member] | Substandard [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 10,696 | 10,696 | 1,455 | ||||
Multifamily Residential [Member] | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Impaired Financing Receivable, Average Recorded Investment | 4,270 | 3,135 | 3,873 | 3,144 | |||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 366,187 | 366,187 | 55,088 | ||||
Multifamily Residential [Member] | Pass [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 339,780 | 339,780 | 50,495 | ||||
Multifamily Residential [Member] | Watch [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 18,529 | 18,529 | 1,516 | ||||
Multifamily Residential [Member] | Special Mention [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 4,687 | 4,687 | 3,077 | ||||
Multifamily Residential [Member] | Substandard [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 3,191 | 3,191 | 0 | ||||
Commercial Real Estate Construction Financing Receivable [Member] | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Impaired Financing Receivable, Average Recorded Investment | 5,047 | 5,875 | 5,180 | 5,966 | |||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 454,817 | 454,817 | 367,934 | ||||
Commercial Real Estate Construction Financing Receivable [Member] | Pass [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 448,247 | 448,247 | 361,167 | ||||
Commercial Real Estate Construction Financing Receivable [Member] | Watch [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 3,240 | 3,240 | 2,830 | ||||
Commercial Real Estate Construction Financing Receivable [Member] | Special Mention [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 1,314 | 1,314 | 1,261 | ||||
Commercial Real Estate Construction Financing Receivable [Member] | Substandard [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 2,016 | 2,016 | 2,676 | ||||
Commercial Business [Member] | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Impaired Financing Receivable, Average Recorded Investment | 4,832 | 3,200 | 4,347 | 3,085 | |||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 166,216 | 166,216 | 147,449 | ||||
Commercial Business [Member] | Pass [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 131,601 | 131,601 | 115,665 | ||||
Commercial Business [Member] | Watch [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 27,647 | 27,647 | 25,724 | ||||
Commercial Business [Member] | Special Mention [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 2,354 | 2,354 | 3,690 | ||||
Commercial Business [Member] | Substandard [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 4,614 | 4,614 | 2,370 | ||||
Commercial Portfolio Segment [Member] | |||||||
Financing Receivable, Recorded Investment [Line Items] | |||||||
Impaired Financing Receivable, Average Recorded Investment | 37,618 | $ 43,981 | 37,972 | $ 44,001 | |||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 1,534,791 | 1,534,791 | 1,093,935 | ||||
Commercial Portfolio Segment [Member] | Pass [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 1,371,992 | 1,371,992 | 968,836 | ||||
Commercial Portfolio Segment [Member] | Watch [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 125,642 | 125,642 | 97,504 | ||||
Commercial Portfolio Segment [Member] | Special Mention [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | 16,640 | 16,640 | 21,094 | ||||
Commercial Portfolio Segment [Member] | Substandard [Member] | |||||||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | |||||||
Total loans | $ 20,517 | $ 20,517 | $ 6,501 | ||||
[1] | (1)Includes $38.2 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated stat | ||||||
[2] | Comprised of single family loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated statements of operations. |
Loans and Credit Quality (Aging
Loans and Credit Quality (Aging Analysis)(Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 2,933,968 | $ 2,126,198 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ||||
30-59 days past due | 9,277 | 8,814 | ||
60-89 days past due | 3,480 | 3,797 | ||
90 days or more past due | 53,008 | 51,001 | ||
Total past due | 65,765 | 63,612 | ||
Current | 2,868,203 | 2,062,586 | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 2,126,198 | |||
90-days or more past due and still accruing | 31,700 | 34,987 | ||
Residential Mortgage [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 1,182,542 | [1] | 896,665 | |
Financing Receivable, Recorded Investment, Past Due [Abstract] | ||||
30-59 days past due | 8,619 | 7,832 | ||
60-89 days past due | 3,400 | 2,452 | ||
90 days or more past due | 41,959 | 43,105 | ||
Total past due | 53,978 | 53,389 | ||
Current | 1,128,564 | [2] | 843,276 | |
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 896,665 | |||
90-days or more past due and still accruing | [3] | 31,700 | 34,737 | |
Home Equity Line of Credit [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 216,635 | 135,598 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ||||
30-59 days past due | 658 | 371 | ||
60-89 days past due | 80 | 81 | ||
90 days or more past due | 1,533 | 1,526 | ||
Total past due | 2,271 | 1,978 | ||
Current | 214,364 | 133,620 | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 135,598 | |||
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 | 1,399,177 | 1,032,263 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ||||
30-59 days past due | 9,277 | 8,203 | ||
60-89 days past due | 3,480 | 2,533 | ||
90 days or more past due | 43,492 | 44,631 | ||
Total past due | 56,249 | 55,367 | ||
Current | 1,342,928 | 976,896 | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 1,032,263 | |||
90-days or more past due and still accruing | 31,700 | 34,737 | ||
Commercial Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 547,571 | 523,464 | ||
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 | 3,850 | 4,843 | ||
Total past due | 3,850 | 4,843 | ||
Current | 543,721 | 518,621 | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 523,464 | |||
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 | 366,187 | 55,088 | ||
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 | 1,671 | 0 | ||
Total past due | 1,671 | 0 | ||
Current | 364,516 | 55,088 | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 55,088 | |||
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 | 454,817 | 367,934 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ||||
30-59 days past due | 0 | 0 | ||
60-89 days past due | 0 | 1,261 | ||
90 days or more past due | 0 | 0 | ||
Total past due | 0 | 1,261 | ||
Current | 454,817 | 366,673 | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 367,934 | |||
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 | 166,216 | 147,449 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ||||
30-59 days past due | 0 | 611 | ||
60-89 days past due | 0 | 3 | ||
90 days or more past due | 3,995 | 1,527 | ||
Total past due | 3,995 | 2,141 | ||
Current | 162,221 | 145,308 | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 147,449 | |||
90-days or more past due and still accruing | 0 | 250 | ||
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 1,534,791 | 1,093,935 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ||||
30-59 days past due | 0 | 611 | ||
60-89 days past due | 0 | 1,264 | ||
90 days or more past due | 9,516 | 6,370 | ||
Total past due | 9,516 | 8,245 | ||
Current | 1,525,275 | 1,085,690 | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 1,093,935 | |||
90-days or more past due and still accruing | 0 | 250 | ||
Pass [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 2,736,087 | 1,967,815 | ||
Pass [Member] | Residential Mortgage [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 1,149,603 | [2] | 865,641 | |
Pass [Member] | Home Equity Line of Credit [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 214,492 | 133,338 | ||
Pass [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 1,364,095 | 998,979 | ||
Pass [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 452,364 | 441,509 | ||
Pass [Member] | Multifamily Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 339,780 | 50,495 | ||
Pass [Member] | Commercial Real Estate Construction Financing Receivable [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 448,247 | 361,167 | ||
Pass [Member] | Commercial Business [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 131,601 | 115,665 | ||
Pass [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 1,371,992 | 968,836 | ||
Watch [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 127,201 | 97,947 | ||
Watch [Member] | Residential Mortgage [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 1,498 | 361 | ||
Watch [Member] | Home Equity Line of Credit [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 61 | 82 | ||
Watch [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 1,559 | 443 | ||
Watch [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 76,226 | 67,434 | ||
Watch [Member] | Multifamily Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 18,529 | 1,516 | ||
Watch [Member] | Commercial Real Estate Construction Financing Receivable [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 3,240 | 2,830 | ||
Watch [Member] | Commercial Business [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 27,647 | 25,724 | ||
Watch [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 125,642 | 97,504 | ||
Special Mention [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 37,725 | 43,460 | ||
Special Mention [Member] | Residential Mortgage [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 20,604 | 21,714 | ||
Special Mention [Member] | Home Equity Line of Credit [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 481 | 652 | ||
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 21,085 | 22,366 | ||
Special Mention [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 8,285 | 13,066 | ||
Special Mention [Member] | Multifamily Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 4,687 | 3,077 | ||
Special Mention [Member] | Commercial Real Estate Construction Financing Receivable [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 1,314 | 1,261 | ||
Special Mention [Member] | Commercial Business [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 2,354 | 3,690 | ||
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 16,640 | 21,094 | ||
Substandard [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 32,955 | 16,976 | ||
Substandard [Member] | Residential Mortgage [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 10,837 | 8,949 | ||
Substandard [Member] | Home Equity Line of Credit [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 1,601 | 1,526 | ||
Substandard [Member] | Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 12,438 | 10,475 | ||
Substandard [Member] | Commercial Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 10,696 | 1,455 | ||
Substandard [Member] | Multifamily Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 3,191 | 0 | ||
Substandard [Member] | Commercial Real Estate Construction Financing Receivable [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 2,016 | 2,676 | ||
Substandard [Member] | Commercial Business [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 4,614 | 2,370 | ||
Substandard [Member] | Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | $ 20,517 | $ 6,501 | ||
[1] | (1)Includes $38.2 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated stat | |||
[2] | Comprised of single family loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated statements of operations. | |||
[3] | FHA-insured and VA-guaranteed single family loans that are 90 days or more past due are maintained on accrual status if they are determined to have little to no risk of loss |
Loans and Credit Quality (Perfo
Loans and Credit Quality (Performing and nonaccrual)(Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Acquired Nonaccrual Loans | $ 8,500 | ||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | |||
Performing | 2,912,660 | $ 2,110,184 | |
Nonaccrual | 21,308 | [1] | 16,014 |
Total loans | 2,933,968 | 2,126,198 | |
Residential Mortgage [Member] | |||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | |||
Performing | 1,172,283 | 888,297 | |
Nonaccrual | 10,259 | 8,368 | |
Total loans | 1,182,542 | [2] | 896,665 |
Home Equity Line of Credit [Member] | |||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | |||
Performing | 215,102 | 134,072 | |
Nonaccrual | 1,533 | 1,526 | |
Total loans | 216,635 | 135,598 | |
Consumer Portfolio Segment [Member] | |||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | |||
Performing | 1,387,385 | 1,022,369 | |
Nonaccrual | 11,792 | [1] | 9,894 |
Total loans | 1,399,177 | 1,032,263 | |
Commercial Portfolio Segment [Member] | |||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | |||
Performing | 1,525,275 | 1,087,815 | |
Nonaccrual | 9,516 | [1] | 6,120 |
Total loans | 1,534,791 | 1,093,935 | |
Commercial Real Estate [Member] | |||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | |||
Performing | 543,721 | 518,621 | |
Nonaccrual | 3,850 | 4,843 | |
Total loans | 547,571 | 523,464 | |
Multifamily Residential [Member] | |||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | |||
Performing | 364,516 | 55,088 | |
Nonaccrual | 1,671 | 0 | |
Total loans | 366,187 | 55,088 | |
Commercial Real Estate Construction Financing Receivable [Member] | |||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | |||
Performing | 454,817 | 367,934 | |
Nonaccrual | 0 | 0 | |
Total loans | 454,817 | 367,934 | |
Commercial Business [Member] | |||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | |||
Performing | 162,221 | 146,172 | |
Nonaccrual | 3,995 | 1,277 | |
Total loans | $ 166,216 | $ 147,449 | |
[1] | Included in this balance are $8.5 million of acquired nonperforming loans. | ||
[2] | (1)Includes $38.2 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated stat |
Loans and Credit Quality (TDRs)
Loans and Credit Quality (TDRs)(Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts at Period End | 19 | 18 | 31 | 32 |
Financing Receivable, Modifications, Recorded Investment at Period End | $ 4,884,000 | $ 4,730,000 | $ 7,311,000 | $ 9,125,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 288,000 | $ 0 | $ 288,000 |
Interest Rate Reduction [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts at Period End | 19 | 15 | 31 | 26 |
Financing Receivable, Modifications, Recorded Investment at Period End | $ 4,884,000 | $ 2,430,000 | $ 7,311,000 | $ 4,304,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 0 | $ 0 | $ 0 |
Forgiveness of Principal [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts at Period End | 0 | 1 | 0 | 1 |
Financing Receivable, Modifications, Recorded Investment at Period End | $ 0 | $ 208,000 | $ 0 | $ 208,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 288,000 | $ 0 | $ 288,000 |
Payment Restructure [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts at Period End | 0 | 2 | 0 | 5 |
Financing Receivable, Modifications, Recorded Investment at Period End | $ 0 | $ 2,092,000 | $ 0 | $ 4,613,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 0 | $ 0 | $ 0 |
Residential Mortgage [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts at Period End | 17 | 15 | 28 | 24 |
Financing Receivable, Modifications, Recorded Investment at Period End | $ 4,402,000 | $ 2,430,000 | $ 6,792,000 | $ 4,187,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 0 | $ 0 | $ 0 |
Residential Mortgage [Member] | Payment Restructure [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts at Period End | 0 | 0 | 2 | |
Financing Receivable, Modifications, Recorded Investment at Period End | $ 0 | $ 0 | $ 365,000 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 0 | $ 0 | |
Home Equity Line of Credit [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts at Period End | 0 | 1 | ||
Financing Receivable, Modifications, Recorded Investment at Period End | $ 0 | $ 37,000 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 0 | ||
Consumer loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts at Period End | 17 | 15 | 29 | 26 |
Financing Receivable, Modifications, Recorded Investment at Period End | $ 4,402,000 | $ 2,430,000 | $ 6,829,000 | $ 4,552,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer loans [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts at Period End | 17 | 15 | 29 | 24 |
Financing Receivable, Modifications, Recorded Investment at Period End | $ 4,402,000 | $ 2,430,000 | $ 6,829,000 | $ 4,187,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer loans [Member] | Payment Restructure [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts at Period End | 0 | 0 | 2 | |
Financing Receivable, Modifications, Recorded Investment at Period End | $ 0 | $ 0 | $ 365,000 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 0 | $ 0 | |
Commercial Real Estate [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts at Period End | 0 | 0 | ||
Financing Receivable, Modifications, Recorded Investment at Period End | $ 0 | $ 0 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 0 | ||
Commercial Real Estate [Member] | Payment Restructure [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts at Period End | 0 | 2 | 0 | 3 |
Financing Receivable, Modifications, Recorded Investment at Period End | $ 0 | $ 2,092,000 | $ 0 | $ 4,248,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts at Period End | 2 | 3 | 2 | 6 |
Financing Receivable, Modifications, Recorded Investment at Period End | $ 482,000 | $ 2,300,000 | $ 482,000 | $ 4,573,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 288,000 | $ 0 | $ 288,000 |
Commercial Portfolio Segment [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts at Period End | 2 | 2 | 2 | |
Financing Receivable, Modifications, Recorded Investment at Period End | $ 482,000 | $ 482,000 | $ 117,000 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 0 | $ 0 | |
Commercial Portfolio Segment [Member] | Forgiveness of Principal [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts at Period End | 0 | 1 | 0 | 1 |
Financing Receivable, Modifications, Recorded Investment at Period End | $ 0 | $ 208,000 | $ 0 | $ 208,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 288,000 | $ 0 | $ 288,000 |
Commercial Portfolio Segment [Member] | Payment Restructure [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts at Period End | 0 | 2 | 0 | 3 |
Financing Receivable, Modifications, Recorded Investment at Period End | $ 0 | $ 2,092,000 | $ 0 | $ 4,248,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Real Estate Construction Financing Receivable [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts at Period End | 2 | |||
Financing Receivable, Modifications, Recorded Investment at Period End | $ 117,000 | |||
Commercial Real Estate Construction Financing Receivable [Member] | Forgiveness of Principal [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Modifications, Number of Contracts at Period End | 0 | 1 | 0 | 1 |
Financing Receivable, Modifications, Recorded Investment at Period End | $ 0 | $ 208,000 | $ 0 | $ 208,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 | $ 288,000 | $ 0 | 288,000 |
Commercial Real Estate Construction Financing Receivable [Member] | Payment Restructure [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 0 |
Loans and Credit Quality (TDR r
Loans and Credit Quality (TDR re-defaults)(Details) - Defaults Over The Prior Three Month Period [Member] $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
TDR balances which have subsequently re-defaulted | ||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 1 | 2 | 7 | 5 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 220 | $ 425 | $ 1,718 | $ 918 |
Residential Mortgage [Member] | ||||
TDR balances which have subsequently re-defaulted | ||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 1 | 2 | 7 | 4 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 220 | $ 425 | $ 1,718 | $ 728 |
Home Equity Line of Credit [Member] | ||||
TDR balances which have subsequently re-defaulted | ||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | 0 | 1 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 0 | $ 0 | $ 0 | $ 190 |
Consumer loans [Member] | ||||
TDR balances which have subsequently re-defaulted | ||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 1 | 2 | 7 | 5 |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $ 220 | $ 425 | $ 1,718 | $ 918 |
Loans and Credit Quality (Detai
Loans and Credit Quality (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | ||
Financing Receivable, Impaired [Line Items] | ||||||
Provision (reversal of provision) for credit losses | $ 500 | $ 0 | $ 3,500 | $ (1,500) | ||
Financing Receivable, Modifications, Performing, Recorded Investment | 75,700 | $ 75,700 | $ 73,600 | |||
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 | [1] | 18,899 | $ 18,899 | $ 36,499 | ||
Impaired Financing Receivable, Recorded Investment | [1] | 120,275 | 120,275 | 119,224 | ||
Impaired Loan allowance | 1,308 | 1,308 | 1,706 | |||
Federal Home Loan Bank Advances [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Loans Pledged as Collateral | 1,320,000 | 1,320,000 | 1,060,000 | |||
Residential Mortgage [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Provision (reversal of provision) for credit losses | (1,143) | (148) | (696) | (2,637) | ||
Loans and Credit Quality (Additional Textual) [Abstract] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 2,617 | 2,617 | 29,778 | ||
Impaired Financing Receivable, Recorded Investment | [1],[2] | 78,752 | 78,752 | 77,882 | ||
Impaired Loan allowance | [2] | 259 | 259 | 704 | ||
Commercial Real Estate Construction Financing Receivable [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Provision (reversal of provision) for credit losses | 855 | 369 | 2,026 | 942 | ||
Loans and Credit Quality (Additional Textual) [Abstract] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 0 | 0 | |||
Impaired Financing Receivable, Recorded Investment | [1] | 4,600 | 4,600 | 5,447 | ||
Impaired Loan allowance | 0 | 0 | 0 | |||
Commercial Real Estate [Member] | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Provision (reversal of provision) for credit losses | 458 | $ (323) | 1,179 | $ (82) | ||
Loans and Credit Quality (Additional Textual) [Abstract] | ||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | [1] | 13,572 | 13,572 | 1,239 | ||
Impaired Financing Receivable, Recorded Investment | [1] | 24,001 | 24,001 | 26,779 | ||
Impaired Loan allowance | $ 374 | $ 374 | $ 40 | |||
WASHINGTON | Residential Mortgage [Member] | ||||||
Loans and Credit Quality (Textual) [Abstract] | ||||||
Percentage of Loan Portfolio | 20.70% | 20.70% | 28.00% | |||
WASHINGTON | Commercial Real Estate Construction Financing Receivable [Member] | ||||||
Loans and Credit Quality (Textual) [Abstract] | ||||||
Percentage of Loan Portfolio | 11.30% | 11.30% | 13.70% | |||
WASHINGTON | Commercial Real Estate [Member] | ||||||
Loans and Credit Quality (Textual) [Abstract] | ||||||
Percentage of Loan Portfolio | 15.00% | 15.00% | 20.70% | |||
CALIFORNIA | Residential Mortgage [Member] | ||||||
Loans and Credit Quality (Textual) [Abstract] | ||||||
Percentage of Loan Portfolio | 13.80% | 13.80% | ||||
[1] | Includes partial charge-offs and nonaccrual interest paid and purchase discounts and premiums. | |||||
[2] | Includes $75.7 million in performing troubled debt restructurings ("TDRs"). |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Deposit balances, including stated rates | ||
Noninterest bearing accounts | $ 681,059 | $ 470,663 |
NOW accounts | 453,366 | 272,390 |
Statement savings accounts, due on demand | 300,214 | 200,638 |
Money market accounts, due on demand | 1,134,687 | 1,007,214 |
Certificates of deposit | 753,327 | 494,525 |
Deposits, Total | $ 3,322,653 | $ 2,445,430 |
Deposits (Interest expense)(Det
Deposits (Interest expense)(Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest expense on deposits | ||||
NOW accounts | $ 466 | $ 286 | $ 788 | $ 546 |
Statement savings accounts | 266 | 211 | 521 | 411 |
Money market accounts | 1,244 | 1,080 | 2,383 | 2,101 |
Certificates of deposit | 1,029 | 779 | 1,895 | 1,658 |
Interest expense on deposits, Total | $ 3,005 | $ 2,356 | $ 5,587 | $ 4,716 |
Deposits (Time deposits)(Detail
Deposits (Time deposits)(Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Certificates of deposit outstanding | ||
Within one year | $ 562,436 | |
One to two years | 114,920 | |
Two to three years | 27,761 | |
Three to four years | 26,034 | |
Four to five years | 22,176 | |
Total | $ 753,327 | $ 494,525 |
Deposits (Details Textual)
Deposits (Details Textual) - USD ($) $ in Millions | Jun. 30, 2015 | Dec. 31, 2014 |
Short-term Debt [Line Items] | ||
Public Funds Included in Deposits | $ 1.6 | $ 0 |
Deposits (Additional Textual) [Abstract] | ||
Weighted-average interest rate on certificates of deposit | 0.91% | 0.60% |
Aggregate amount of time deposits in denominations of of 100000 | $ 336.7 | $ 188.7 |
Aggregate amount of time deposits in denominations of 250000 | 69.2 | 30.2 |
Interest-bearing Domestic Deposit, Brokered | $ 176.1 | $ 176.1 |
Maximum [Member] | ||
Deposits (Textual) [Abstract] | ||
Weighted Average Rate Domestic Deposit, Notice of Withdrawal | 1.00% | 1.00% |
Weighted Average Rate Domestic Deposit, Savings | 1.99% | 1.99% |
Weighted Average Rate Domestic Deposit, Money Market | 1.45% | 1.45% |
Weighted Average Rate Domestic Deposit, Certificates of Deposit | 4.54% | 3.80% |
Minimum [Member] | ||
Deposits (Textual) [Abstract] | ||
Weighted Average Rate Domestic Deposit, Notice of Withdrawal | 0.00% | 0.00% |
Weighted Average Rate Domestic Deposit, Savings | 0.00% | 0.00% |
Weighted Average Rate Domestic Deposit, Money Market | 0.00% | 0.00% |
Weighted Average Rate Domestic Deposit, Certificates of Deposit | 0.05% | 0.05% |
Derivatives and Hedging Activ54
Derivatives and Hedging Activities (Fair Value)(Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Derivative, Fair Value, Net [Abstract] | ||
Notional Amount | $ 3,654,257 | $ 1,952,823 |
Derivative Assets | 27,305 | 18,841 |
Derivative Asset, Fair Value, Gross Asset | 35,324 | 24,699 |
Derivative Liability, Fair Value, Gross Liability | (16,584) | (6,636) |
Derivative Liability Fair Value Amount Offset Against Other Derivatives | (8,019) | (5,858) |
Derivative Asset Fair Value Amount Offset Against Other Derivatives | 8,019 | 5,858 |
Derivative Liabilities | (8,565) | (778) |
Forward Contracts [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Notional Amount | 2,110,586 | 934,986 |
Derivative Liability, Fair Value, Gross Liability | (3,190) | (5,658) |
Interest Rate Swaption [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Notional Amount | 20,000 | 15,000 |
Derivative Liability, Fair Value, Gross Liability | 0 | 0 |
Interest Rate Lock Commitments [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Notional Amount | 806,471 | 392,687 |
Derivative Liability, Fair Value, Gross Liability | (517) | (6) |
Interest Rate Swap [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Notional Amount | 717,200 | 610,150 |
Derivative Liability, Fair Value, Gross Liability | (12,877) | (972) |
Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Assets | 9,785 | 1,071 |
Derivative Liabilities | (3,190) | (5,658) |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaption [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Assets | 31 | |
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Assets | 24,004 | 11,939 |
Derivative Liabilities | (517) | (6) |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Assets | 1,504 | 11,689 |
Derivative Liabilities | (12,877) | (972) |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Forward Contracts [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Assets | 9,785 | 1,071 |
Derivative Liabilities | (3,190) | (5,658) |
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 | 0 | |
Derivative Assets | 31 | |
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 | (972) |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Assets | 1,504 | |
Derivative Asset, Fair Value, Gross Asset | 11,689 | |
Derivative Liabilities | (12,877) | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Forward Contracts [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Interest Rate Swaption [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Assets | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Asset, Fair Value, Gross Asset | 24,004 | 11,939 |
Derivative Liabilities | (517) | (6) |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Interest Rate Swap [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Assets | 0 | |
Derivative Liabilities | $ 0 | $ 0 |
Derivatives and Hedging Activ55
Derivatives and Hedging Activities Derivatives and Hedge Activities (Master Netting Agreements) (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Derivative Asset, Fair Value, Gross Asset | $ 35,324 | $ 24,699 | |
Derivative Liability, Fair Value, Gross Liability | (16,584) | (6,636) | |
Derivative Asset Fair Value Amount Offset Against Other Derivatives | (8,019) | (5,858) | |
Derivative Liability Fair Value Amount Offset Against Other Derivatives | (8,019) | (5,858) | |
Derivative Liabilities | (8,565) | (778) | |
Derivative, Collateral, Right to Reclaim Cash | [1] | 6,607 | 0 |
Financial Instruments, Owned and Pledged as Collateral, at Fair Value | 1,335 | 762 | |
Derivative Liabilities, Net Exposure | (623) | (16) | |
Derivative Assets | 27,305 | 18,841 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 27,305 | 18,841 | |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | [1] | 0 | 0 |
Derivative Asset, Fair Value of Collateral | 0 | 0 | |
Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | (3,190) | (5,658) | |
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Derivative Liability, Fair Value, Gross Liability | (12,877) | (972) | |
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 | $ 26,200 | $ 20,400 | |
[1] | Excludes cash collateral of $26.2 million and $20.4 million at June 30, 2015 and December 31, 2014, which predominantly consists of collateral transferred by the Company at the initiation of derivative transactions and held by the counterparty as security. These amounts were not netted against the derivative receivables and payables, because, at an individual counterparty level, the collateral exceeded the fair value exposure at both June 30, 2015 and December 31, 2014. |
Derivatives and Hedging Activ56
Derivatives and Hedging Activities (Gain/loss recognized in income)(Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $ (2,973) | $ 6,361 | $ 17,264 | $ 14,824 | |
Loans [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | [1] | 14,248 | (4,580) | 22,251 | (6,014) |
Servicing Contracts [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | [2] | $ (17,221) | $ 10,941 | $ (4,987) | $ 20,838 |
[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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Mortgage Loans on Real Estate [Line Items] | |||||
Net Gains Losses on Mortgage Loan Origination and Sales Activities | $ 69,974 | $ 41,794 | $ 131,861 | $ 67,304 | |
Transfer of Portfolio Loans and Leases to Held-for-sale | 15,899 | 310,455 | |||
Loans held for sale | |||||
Loans held for sale (includes $955,726 and $610,350 carried at fair value) | 972,183 | 972,183 | $ 621,235 | ||
Single family mortgage servicing rights | 140,588 | 140,588 | 112,439 | ||
Fair value of loans held for sale | 955,726 | 955,726 | 610,350 | ||
Loans sold during the periods | |||||
Loans sold during the periods | 1,966,846 | 922,244 | 3,309,978 | 1,548,420 | |
Loans transferred from held for sale to held for investment | 25,668 | 17,095 | |||
Residential Mortgage [Member] | |||||
Loans sold during the periods | |||||
Loans sold during the periods | 1,894,387 | 906,342 | 3,211,346 | 1,526,255 | |
Multifamily Residential [Member] | |||||
Loans sold during the periods | |||||
Loans sold during the periods | 72,459 | 15,902 | 98,632 | 22,165 | |
Fair Value, Measurements, Recurring [Member] | |||||
Loans held for sale | |||||
Single family mortgage servicing rights | 140,588 | 140,588 | 112,439 | ||
Fair value of loans held for sale | 955,726 | 955,726 | 610,350 | ||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Loans Receivable Held-for-sale, Amount | 955,726 | 955,726 | |||
Loans held for sale | |||||
Single family mortgage servicing rights | 0 | 0 | 0 | ||
Fair value of loans held for sale | 955,726 | 955,726 | $ 610,350 | ||
Commercial Mortgages, Excluding Multfamily [Member] | |||||
Mortgage Loans on Real Estate [Line Items] | |||||
Net Gains Losses on Mortgage Loan Origination and Sales Activities | $ 141 | $ 4,087 | $ 345 | $ 4,881 |
Mortgage Banking Operations (Ga
Mortgage Banking Operations (Gain on sale)(Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Gain on mortgage loan origination and sale activities [Line Items] | |||||
Net gain on mortgage loan origination and sale activities | $ 69,974 | $ 41,794 | $ 131,861 | $ 67,304 | |
Single family originations [Member] | |||||
Gain on mortgage loan origination and sale activities [Line Items] | |||||
Secondary marketing activities | [1] | 61,884 | 30,233 | 118,173 | 49,792 |
Loan Origination and Funding Fees | 5,635 | 6,781 | |||
Provision for repurchase losses | (10,090) | (11,542) | |||
Net gain on mortgage loan origination and sale activities | 67,519 | 37,014 | 128,263 | 61,334 | |
Multifamily originations [Member] | |||||
Gain on mortgage loan origination and sale activities [Line Items] | |||||
Net gain on mortgage loan origination and sale activities | 2,314 | 693 | 3,253 | 1,089 | |
Commercial Mortgages, Excluding Multfamily [Member] | |||||
Gain on mortgage loan origination and sale activities [Line Items] | |||||
Net gain on mortgage loan origination and sale activities | $ 141 | $ 4,087 | $ 345 | $ 4,881 | |
[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 (59
Mortgage Banking Operations (Loans serviced for others)(Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Loans serviced for others | ||
Loans serviced for others | $ 13,904,078 | $ 12,051,202 |
Single Family Residential [Member] | ||
Loans serviced for others | ||
Loans serviced for others | 12,980,045 | 11,216,208 |
Commercial Portfolio Segment [Member] | ||
Loans serviced for others | ||
Loans serviced for others | 924,033 | 834,994 |
U.S. Government Agency Securities [Member] | Single Family Residential [Member] | ||
Loans serviced for others | ||
Loans serviced for others | 12,361,841 | 10,630,864 |
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 | 618,204 | 585,344 |
Multifamily Residential [Member] | Commercial Portfolio Segment [Member] | ||
Loans serviced for others | ||
Loans serviced for others | 840,051 | 752,640 |
Commercial Mortgages, Excluding Multfamily [Member] | Commercial Portfolio Segment [Member] | ||
Loans serviced for others | ||
Loans serviced for others | $ 83,982 | $ 82,354 |
Mortgage Banking Operations Mor
Mortgage Banking Operations Mortgage Repurchase Liability (Details) - Representations and Warranties Reserve for Loan Receivables [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
Loss Contingencies [Line Items] | |||||||||
Loss Contingency Accrual, at Carrying Value | $ 2,480 | $ 1,235 | $ 2,480 | $ 1,235 | $ 2,111 | $ 1,956 | $ 1,142 | $ 1,260 | |
Loss Contingency Accrual, Carrying Value, Provision | [1] | 682 | 313 | 1,169 | 552 | ||||
Loss Contingency Accrual, Carrying Value, Payments | [2] | $ (313) | $ (220) | $ (645) | $ (577) | ||||
[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. |
Mortgage Banking Operations (61
Mortgage Banking Operations (Loans sold with credit provision)(Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Loans sold with credit provisions [Abstract] | ||
Loans serviced for others | $ 13,904,078 | $ 12,051,202 |
Multifamily Residential [Member] | Loss Sharing Relationship [Member] | ||
Loans sold with credit provisions [Abstract] | ||
Loans serviced for others | $ 840,100 | $ 752,600 |
Mortgage Banking Operations (Se
Mortgage Banking Operations (Servicing income)(Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||||
Servicing Fees and Other | $ 10,057 | $ 10,112 | $ 19,120 | $ 19,961 | |||
Changes in Fair Value of Mortgage Servicing Rights Due to Modeled Amortization | [1] | (9,012) | (7,109) | (18,247) | (13,077) | ||
Amortization of Mortgage Servicing Rights (MSRs) | (476) | (434) | (930) | (858) | |||
Net Servicing Income | 569 | 2,569 | (57) | 6,026 | |||
Changes in fair value due to changes in model inputs and/or assumptions | [2] | 18,483 | (3,326) | [3] | 11,172 | (8,735) | [3] |
Net gain (loss) from derivatives economically hedging MSR | (2,973) | 6,361 | 17,264 | 14,824 | |||
Mortgage servicing rights, risk management | 1,262 | 7,615 | 6,185 | 12,103 | |||
Mortgage servicing income | 1,831 | 10,184 | 6,128 | 18,129 | |||
Proceeds from Sale of Mortgage Servicing Rights (MSR) | 4,700 | 3,825 | 39,004 | ||||
Servicing Contracts [Member] | |||||||
Net gain (loss) from derivatives economically hedging MSR | [4] | $ (17,221) | $ 10,941 | $ (4,987) | $ 20,838 | ||
[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 $4.7 million, net of brokerage fees and prepayment reserves, resulting from the sale of single family MSRs during the three months ended June 30, 2014. | ||||||
[4] | Comprised of interest rate swaps, interest rate swaptions and forward contracts used as an economic hedge of single family MSRs |
Mortgage Banking Operations (Ke
Mortgage Banking Operations (Key economic assumptions)(Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Rates per annum [Abstract] | |||||
Constant prepayment rate (2) | [1],[2] | 13.31% | 13.71% | 14.56% | 12.79% |
Fair Value Inputs, Discount Rate | [2] | 10.06% | 11.06% | 10.28% | 10.80% |
[1] | Represents the expected lifetime average. | ||||
[2] | Weighted average rates for sales during the period for sales of loans with similar characteristics. |
Mortgage Banking Operations (64
Mortgage Banking Operations (Sensitivity analysis)(Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2014 | ||
Key economic assumptions and the sensitivity of the current fair value for single family MSRs | |||
Fair value of single family MSR | $ 140,588 | $ 112,439 | |
Single Family Residential [Member] | |||
Key economic assumptions and the sensitivity of the current fair value for single family MSRs | |||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Weighted Average Life | 5 years 2 months 13 days | ||
Constant prepayment rate (1) | [1] | 15.35% | |
Impact on fair value of 25 basis points decrease | $ (9,600) | ||
Impact on fair value of 50 basis points decrease | $ (19,755) | ||
Discount rate | 10.50% | ||
Impact on fair value of 100 basis points increase | $ (4,328) | ||
Impact on fair value of 200 basis points increase | (8,405) | ||
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 | 140,588 | 112,439 | |
Fair Value, Inputs, Level 3 [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 | $ 140,588 | $ 112,439 | |
[1] | Represents the expected lifetime average. |
Mortgage Banking Operations (SF
Mortgage Banking Operations (SF MSR roll forward)(Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Sep. 30, 2014 | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||||||
Beginning balance | $ 112,439 | |||||||
Origination of mortgage servicing rights | 36,932 | $ 20,365 | ||||||
Proceeds from Sale of Mortgage Servicing Rights (MSR) | $ (4,700) | (3,825) | (39,004) | |||||
Changes in Fair Value of Mortgage Servicing Rights Due to Modeled Amortization | [1] | $ (9,012) | (7,109) | (18,247) | (13,077) | |||
Changes in fair value due to changes in model inputs and/or assumptions | [2] | 18,483 | (3,326) | [3] | 11,172 | (8,735) | [3] | |
Ending balance | 140,588 | 140,588 | ||||||
Unpaid principal balance of mortgage servicing rights sold | 2,960,000 | 2,960,000 | ||||||
Gross proceeds from sale of mortgage servicing rights | $ 5,700 | |||||||
Single family mortgage servicing rights [Member] | ||||||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||||||
Beginning balance | 110,709 | 149,646 | 112,439 | 153,128 | $ 153,128 | |||
Origination of mortgage servicing rights | (20,405) | (11,827) | (35,218) | (19,720) | ||||
Servicing Asset at Fair Value Additions Purchase | 3 | 3 | 6 | 5 | ||||
Proceeds from Sale of Mortgage Servicing Rights (MSR) | 0 | (43,248) | [4] | 0 | (43,248) | [4] | ||
Changes in Fair Value of Mortgage Servicing Rights Due to Modeled Amortization | [1] | (9,012) | (7,109) | (18,247) | (13,077) | |||
Net additions and amortization of servicing assets | 11,396 | (38,527) | 16,977 | (36,600) | ||||
Changes in fair value due to changes in model inputs and/or assumptions | [2] | 18,483 | (2,250) | [5] | 11,172 | (7,659) | [5] | |
Ending balance | $ 140,588 | $ 108,869 | $ 140,588 | $ 108,869 | ||||
[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. | |||||||
[4] | On June 30, 2014, the Company sold the rights to service $2.96 billion in total unpaid principal balance of single family mortgage loans serviced for Fannie Mae. | |||||||
[5] | Includes pre-tax income of $5.7 million, excluding transaction costs, resulting from the sale of single family MSRs on June 30, 2014. |
Mortgage Banking Operations (MF
Mortgage Banking Operations (MF MSR roll forward)(Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Servicing Asset at Amortized Value, Balance [Roll Forward] | ||||
Beginning balance | $ 11,013 | $ 9,095 | $ 10,885 | $ 9,335 |
Origination | 2,112 | 461 | 2,694 | 644 |
Amortization | (476) | (434) | (930) | (857) |
Ending balance | $ 12,649 | $ 9,122 | $ 12,649 | $ 9,122 |
Mortgage Banking Operations (MS
Mortgage Banking Operations (MSR projected amortization)(Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||||
2,012 | $ 996 | |||||
2,013 | 1,910 | |||||
2,014 | 1,788 | |||||
2,015 | 1,631 | |||||
2,016 | 1,521 | |||||
2017 and thereafter | 4,803 | |||||
Carrying value of multifamily MSR | $ 12,649 | $ 11,013 | $ 10,885 | $ 9,122 | $ 9,095 | $ 9,335 |
Mortgage Banking Operations (De
Mortgage Banking Operations (Details Textual) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Mortgage Banking Operations (Textual) [Abstract] | ||
Servicing Advances | $ 9.8 | $ 7.8 |
Ginnie Mae Early Buyout Loans | ||
Mortgage Banking Operations (Textual) [Abstract] | ||
Loans Receivable, Net | $ 21.8 | $ 21.2 |
Multifamily Residential [Member] | ||
Mortgage Banking Operations (Textual) [Abstract] | ||
Weighted average life of company's multifamily MSRs | 9 years 8 months 15 days |
Commitments Guarantees and Cont
Commitments Guarantees and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
Loss Contingencies [Line Items] | |||||||||
Credit of Unfunded Commitments | $ 78,000 | $ 78,000 | $ 72,000 | ||||||
Loans serviced for others | 13,904,078 | 13,904,078 | 12,051,202 | ||||||
Representations and Warranties Reserve for Loan Receivables [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | (13,060,000) | (13,060,000) | (11,300,000) | ||||||
Loss Contingency Accrual, at Carrying Value | 2,480 | $ 1,235 | 2,480 | $ 1,235 | $ 2,111 | 1,956 | $ 1,142 | $ 1,260 | |
Loss Contingency Accrual, Carrying Value, Provision | [1] | 682 | 313 | 1,169 | 552 | ||||
Loss Contingency Accrual, Carrying Value, Payments | [2] | 313 | 220 | 645 | 577 | ||||
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 | (139,900) | (139,900) | (149,400) | ||||||
Undisbursed construction loan funds [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | (401,000) | (401,000) | (379,400) | ||||||
Credit Risk [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss Contingency Accrual, at Carrying Value | 671 | 242 | 671 | $ 242 | 503 | ||||
Multifamily Residential [Member] | Loss Sharing Relationship [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Loss Contingency Accrual, at Carrying Value | 2,700 | 2,700 | 2,300 | ||||||
Loss Contingency, Loss in Period | $ 0 | 0 | |||||||
Loans serviced for others | $ 840,100 | $ 840,100 | $ 752,600 | ||||||
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, “make-whole” settlements, settlements with claimants and certain related expense. |
Fair Value Measurement (FV hier
Fair Value Measurement (FV hierarchy - recurring and non-recurring)(Details) - Class of Financing Receivable [Domain] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Cash and cash equivalents | $ 46,197 | $ 74,991 | $ 46,197 | $ 74,991 | $ 30,502 | $ 33,908 | |||
Assets: | |||||||||
Investment securities available for sale | 482,832 | 482,832 | 427,326 | ||||||
Single family mortgage servicing rights | 140,588 | 140,588 | 112,439 | ||||||
Single family loans held for sale | 955,726 | 955,726 | 610,350 | ||||||
Loans Receivable, Fair Value Disclosure | 38,224 | 38,224 | 0 | ||||||
Fair value option | [1] | 38,224 | 38,224 | ||||||
Derivatives | 27,305 | 27,305 | 18,841 | ||||||
Derivative Asset, Fair Value, Gross Asset | 35,324 | 35,324 | 24,699 | ||||||
Total assets | 1,174,814 | ||||||||
Liabilities: | |||||||||
Derivatives | 8,565 | 8,565 | 778 | ||||||
Loans held for investment | 2,900,675 | 2,900,675 | 2,099,129 | ||||||
Loans held for sale (includes $955,726 and $610,350 carried at fair value) | 972,183 | 972,183 | 621,235 | ||||||
Servicing Asset at Amortized Cost | 12,649 | 9,122 | 12,649 | 9,122 | $ 11,013 | 10,885 | $ 9,095 | $ 9,335 | |
Federal Home Loan Bank Stock | 40,742 | 40,742 | 33,915 | ||||||
Deposits | 3,322,653 | 3,322,653 | 2,445,430 | ||||||
Advances from Federal Home Loan Banks | 922,832 | 922,832 | 597,590 | ||||||
Federal funds purchased and securities sold under agreements to repurchase | 0 | 0 | 50,000 | ||||||
Long-term Debt | 61,857 | 61,857 | 61,857 | ||||||
Interest Rate Lock Commitments [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 399 | $ 17,100 | 508 | $ 26,900 | |||||
Fair Value, Measurements, Recurring [Member] | |||||||||
Assets: | |||||||||
Single family mortgage servicing rights | 140,588 | 140,588 | 112,439 | ||||||
Single family loans held for sale | 955,726 | 955,726 | 610,350 | ||||||
Loans Receivable, Fair Value Disclosure | 38,224 | 38,224 | |||||||
Total assets | 1,652,694 | 1,652,694 | |||||||
Liabilities: | |||||||||
Total Liabilities | 16,584 | 16,584 | 6,636 | ||||||
Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | |||||||||
Assets: | |||||||||
Derivatives | 9,785 | 9,785 | 1,071 | ||||||
Liabilities: | |||||||||
Derivatives | 3,190 | 3,190 | 5,658 | ||||||
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaption [Member] | |||||||||
Assets: | |||||||||
Derivatives | 31 | 31 | |||||||
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | |||||||||
Assets: | |||||||||
Derivatives | 24,004 | 24,004 | 11,939 | ||||||
Liabilities: | |||||||||
Derivatives | 517 | 517 | 6 | ||||||
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||||||||
Assets: | |||||||||
Derivatives | 1,504 | 1,504 | 11,689 | ||||||
Liabilities: | |||||||||
Derivatives | 12,877 | 12,877 | 972 | ||||||
Fair Value, Measurements, Recurring [Member] | Residential Mortgage Backed Securities [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 108,627 | 108,627 | 107,280 | ||||||
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 13,352 | 13,352 | 13,671 | ||||||
Fair Value, Measurements, Recurring [Member] | Municipal Bonds [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 137,249 | 137,249 | 122,334 | ||||||
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations Residential [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 80,612 | 80,612 | 43,166 | ||||||
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations Commercial [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 19,271 | 19,271 | 20,486 | ||||||
Fair Value, Measurements, Recurring [Member] | Us Treasury Collateralized Mortgage Obligations [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 41,023 | 41,023 | 40,989 | ||||||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 82,698 | 82,698 | 79,400 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | |||||||||
Assets: | |||||||||
Single family mortgage servicing rights | 0 | 0 | 0 | ||||||
Single family loans held for sale | 0 | 0 | 0 | ||||||
Loans Receivable, Fair Value Disclosure | 0 | 0 | |||||||
Total assets | 0 | 0 | 0 | ||||||
Liabilities: | |||||||||
Total Liabilities | 0 | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Forward Contracts [Member] | |||||||||
Assets: | |||||||||
Derivatives | 0 | 0 | 0 | ||||||
Liabilities: | |||||||||
Derivatives | 0 | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Interest Rate Swaption [Member] | |||||||||
Assets: | |||||||||
Derivatives | 0 | 0 | |||||||
Liabilities: | |||||||||
Derivatives | 0 | ||||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Interest Rate Lock Commitments [Member] | |||||||||
Assets: | |||||||||
Derivatives | 0 | 0 | 0 | ||||||
Liabilities: | |||||||||
Derivatives | 0 | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Interest Rate Swap [Member] | |||||||||
Assets: | |||||||||
Derivatives | 0 | ||||||||
Liabilities: | |||||||||
Derivatives | 0 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Residential Mortgage Backed Securities [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 0 | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Commercial Mortgage Backed Securities [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 0 | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Municipal Bonds [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 0 | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Collateralized Mortgage Obligations Residential [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 0 | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Collateralized Mortgage Obligations Commercial [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 0 | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Us Treasury Collateralized Mortgage Obligations [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 0 | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Corporate Debt Securities [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 0 | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||||||||
Assets: | |||||||||
Single family mortgage servicing rights | 0 | 0 | 0 | ||||||
Single family loans held for sale | 955,726 | 955,726 | 610,350 | ||||||
Loans Receivable, Fair Value Disclosure | 0 | 0 | |||||||
Total assets | 1,449,878 | 1,449,878 | 1,050,436 | ||||||
Liabilities: | |||||||||
Total Liabilities | 16,067 | 16,067 | 6,630 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Forward Contracts [Member] | |||||||||
Assets: | |||||||||
Derivatives | 9,785 | 9,785 | 1,071 | ||||||
Liabilities: | |||||||||
Derivatives | 3,190 | 3,190 | 5,658 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Interest Rate Swaption [Member] | |||||||||
Assets: | |||||||||
Derivatives | 31 | 31 | |||||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | ||||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Interest Rate Lock Commitments [Member] | |||||||||
Assets: | |||||||||
Derivatives | 0 | 0 | |||||||
Liabilities: | |||||||||
Derivatives | 0 | 0 | 972 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Interest Rate Swap [Member] | |||||||||
Assets: | |||||||||
Derivatives | 1,504 | 1,504 | |||||||
Derivative Asset, Fair Value, Gross Asset | 11,689 | ||||||||
Liabilities: | |||||||||
Derivatives | 12,877 | 12,877 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Residential Mortgage Backed Securities [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 108,627 | 108,627 | 107,280 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 13,352 | 13,352 | 13,671 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Municipal Bonds [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 137,249 | 137,249 | 122,334 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Collateralized Mortgage Obligations Residential [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 80,612 | 80,612 | 43,166 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Collateralized Mortgage Obligations Commercial [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 19,271 | 19,271 | 20,486 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Us Treasury Collateralized Mortgage Obligations [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 41,023 | 41,023 | 40,989 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Corporate Debt Securities [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 82,698 | 82,698 | 79,400 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||||||||
Assets: | |||||||||
Single family mortgage servicing rights | 140,588 | 140,588 | 112,439 | ||||||
Single family loans held for sale | 0 | 0 | 0 | ||||||
Fair value option | 38,224 | 38,224 | |||||||
Total assets | 202,816 | 202,816 | 124,378 | ||||||
Liabilities: | |||||||||
Total Liabilities | 517 | 517 | 6 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Forward Contracts [Member] | |||||||||
Assets: | |||||||||
Derivatives | 0 | 0 | 0 | ||||||
Liabilities: | |||||||||
Derivatives | 0 | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Interest Rate Swaption [Member] | |||||||||
Assets: | |||||||||
Derivatives | 0 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Interest Rate Lock Commitments [Member] | |||||||||
Assets: | |||||||||
Derivative Asset, Fair Value, Gross Asset | 24,004 | 24,004 | 11,939 | ||||||
Liabilities: | |||||||||
Derivatives | 517 | 517 | 6 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Interest Rate Swap [Member] | |||||||||
Assets: | |||||||||
Derivatives | 0 | ||||||||
Liabilities: | |||||||||
Derivatives | 0 | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Residential Mortgage Backed Securities [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 0 | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 0 | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Municipal Bonds [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 0 | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Collateralized Mortgage Obligations Residential [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 0 | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Collateralized Mortgage Obligations Commercial [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 0 | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Us Treasury Collateralized Mortgage Obligations [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | 0 | 0 | 0 | ||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Corporate Debt Securities [Member] | |||||||||
Assets: | |||||||||
Investment securities available for sale | $ 0 | $ 0 | $ 0 | ||||||
Loans Receivable [Member] | Minimum [Member] | |||||||||
Liabilities: | |||||||||
Fair Value Inputs, Discount for Lack of Marketability | 42.40% | 6.30% | 25.00% | 6.30% | |||||
Loans Receivable [Member] | Maximum [Member] | |||||||||
Liabilities: | |||||||||
Fair Value Inputs, Discount for Lack of Marketability | 51.40% | 68.10% | 51.40% | 68.10% | |||||
Loans Receivable [Member] | Weighted Average [Member] | |||||||||
Liabilities: | |||||||||
Fair Value Inputs, Discount for Lack of Marketability | 48.20% | 35.20% | 36.80% | 24.40% | |||||
Real Estate [Member] | Minimum [Member] | |||||||||
Liabilities: | |||||||||
Fair Value Inputs, Discount for Lack of Marketability | 0.00% | ||||||||
Real Estate [Member] | Maximum [Member] | |||||||||
Liabilities: | |||||||||
Fair Value Inputs, Discount for Lack of Marketability | 0.00% | ||||||||
[1] | Comprised of single family loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated statements of operations. |
Fair Value Measurement (FV hi71
Fair Value Measurement (FV hierarchy - nonrecurring basis)(Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, Fair Value Disclosure | $ 1,174,814 | |||||
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis [Abstract] | ||||||
Gains/losses on loans held for investment | $ (1,679) | $ 0 | ||||
Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, Fair Value Disclosure | $ 1,652,694 | 1,652,694 | ||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, Fair Value Disclosure | 0 | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, Fair Value Disclosure | 1,449,878 | 1,449,878 | 1,050,436 | |||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Assets, Fair Value Disclosure | 202,816 | 202,816 | $ 124,378 | |||
Fair Value, Measurements, Nonrecurring [Member] | ||||||
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis [Abstract] | ||||||
Gains/losses on loans held for investment | [1] | 170 | $ (899) | 184 | (410) | |
Gains/losses on other real estate owned | [2] | 24 | 24 | |||
Gains/losses on other real estate owned | 170 | (875) | 184 | (386) | ||
Nonrecurring Fair Value Measurement Occurring in the Prior Three Months [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans Receivable Fair Value Measurement during the period | [1] | 8,955 | 21,890 | 8,955 | 21,890 | |
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis [Abstract] | ||||||
Real Estate Acquired Through Foreclosure during the period | [2] | 6,772 | 6,772 | |||
Assets, Fair Value Disclosure during the period | 8,955 | 28,662 | 8,955 | 28,662 | ||
Nonrecurring Fair Value Measurement Occurring in the Prior Three Months [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans Receivable Fair Value Measurement during the period | [1] | 0 | 0 | 0 | 0 | |
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis [Abstract] | ||||||
Real Estate Acquired Through Foreclosure during the period | [2] | 0 | 0 | |||
Assets, Fair Value Disclosure during the period | 0 | 0 | 0 | 0 | ||
Nonrecurring Fair Value Measurement Occurring in the Prior Three Months [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans Receivable Fair Value Measurement during the period | [1] | 0 | 0 | 0 | 0 | |
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis [Abstract] | ||||||
Real Estate Acquired Through Foreclosure during the period | [2] | 0 | 0 | |||
Assets, Fair Value Disclosure during the period | 0 | 0 | 0 | 0 | ||
Nonrecurring Fair Value Measurement Occurring in the Prior Three Months [Member] | Fair Value, Measurements, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Loans Receivable Fair Value Measurement during the period | [1] | 8,955 | 21,890 | 8,955 | 21,890 | |
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis [Abstract] | ||||||
Real Estate Acquired Through Foreclosure during the period | [2] | 6,772 | 6,772 | |||
Assets, Fair Value Disclosure during the period | $ 8,955 | $ 28,662 | $ 8,955 | $ 28,662 | ||
Minimum [Member] | Loans Receivable [Member] | ||||||
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis [Abstract] | ||||||
Fair Value Inputs, Discount for Lack of Marketability | 42.40% | 6.30% | 25.00% | 6.30% | ||
Minimum [Member] | Real Estate [Member] | ||||||
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis [Abstract] | ||||||
Fair Value Inputs, Discount for Lack of Marketability | 0.00% | |||||
Maximum [Member] | Loans Receivable [Member] | ||||||
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis [Abstract] | ||||||
Fair Value Inputs, Discount for Lack of Marketability | 51.40% | 68.10% | 51.40% | 68.10% | ||
Maximum [Member] | Real Estate [Member] | ||||||
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis [Abstract] | ||||||
Fair Value Inputs, Discount for Lack of Marketability | 0.00% | |||||
Weighted Average [Member] | Loans Receivable [Member] | ||||||
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis [Abstract] | ||||||
Fair Value Inputs, Discount for Lack of Marketability | 48.20% | 35.20% | 36.80% | 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 ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair value option | [1] | $ 38,224 | |||||
Loans Receivable [Member] | Minimum [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair Value Inputs, Implied Spread | 3.98% | ||||||
Loans Receivable [Member] | Maximum [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair Value Inputs, Implied Spread | 4.98% | ||||||
Loans Receivable [Member] | Weighted Average [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair Value Inputs, Implied Spread | 4.34% | ||||||
Interest Rate Lock Commitments [Member] | Minimum [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair Value Inputs, Fall Out Factor | 1.10% | 0.60% | |||||
Fair Value Inputs, Initial Value of Servicing | 0.62% | 0.56% | |||||
Interest Rate Lock Commitments [Member] | Maximum [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair Value Inputs, Fall Out Factor | 57.41% | 77.90% | |||||
Fair Value Inputs, Initial Value of Servicing | 2.51% | 1.94% | |||||
Interest Rate Lock Commitments [Member] | Weighted Average [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair Value Inputs, Fall Out Factor | 17.04% | 21.40% | |||||
Fair Value Inputs, Initial Value of Servicing | 0.99% | 0.93% | |||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair value option | $ 38,224 | ||||||
Interest Rate Lock Commitments [Member] | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | $ 23,487 | $ 11,933 | $ 26,019 | $ 17,406 | $ 10,094 | $ 5,972 | |
[1] | Comprised of single family loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated statements of operations. |
Fair Value Measurement (FV of f
Fair Value Measurement (FV of financial instruments)(Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||||
Cash and cash equivalents | $ 46,197 | $ 30,502 | $ 74,991 | $ 33,908 | ||
Assets: | ||||||
Loans Receivable, Fair Value Disclosure | 38,224 | 0 | ||||
Fair value of loans held for sale | 955,726 | 610,350 | ||||
Loans held for sale (includes $955,726 and $610,350 carried at fair value) | 972,183 | 621,235 | ||||
Servicing Asset at Amortized Cost | 12,649 | $ 11,013 | 10,885 | $ 9,122 | $ 9,095 | $ 9,335 |
Loans held for investment (net of allowance for loan losses of $24,916 and $22,021; includes $52,580 and $0 carried at fair value) | 2,895,744 | |||||
Federal Home Loan Bank Stock | 40,742 | 33,915 | ||||
Deposits | 3,322,653 | 2,445,430 | ||||
Liabilities: | ||||||
Advances from Federal Home Loan Banks | 922,832 | 597,590 | ||||
Federal funds purchased and securities sold under agreements to repurchase | 0 | 50,000 | ||||
Long-term Debt | 61,857 | 61,857 | ||||
Multifamily Residential [Member] | ||||||
Assets: | ||||||
Loans held for investment (net of allowance for loan losses of $24,916 and $22,021; includes $52,580 and $0 carried at fair value) | 366,187 | |||||
Carrying Value [Member] | Multifamily Residential [Member] | ||||||
Assets: | ||||||
Loans held for sale (includes $955,726 and $610,350 carried at fair value) | 16,457 | 10,885 | ||||
Fair Value [Member] | ||||||
Assets: | ||||||
Cash and cash equivalents | 46,197 | 30,502 | ||||
Loans held for investment | 26,713 | 28,537 | ||||
Loans Receivable, Fair Value Disclosure | 2,947,548 | 2,150,672 | ||||
Fair value of loans held for sale | 10,855 | |||||
Servicing Asset at Amortized Cost | 12,540 | |||||
Federal Home Loan Bank Stock | 40,742 | 33,915 | ||||
Liabilities: | ||||||
Deposits | 3,322,316 | 2,445,635 | ||||
Federal Home Loan Bank advances | 926,104 | 600,599 | ||||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 50,000 | |||||
Long-term debt | 60,244 | 60,235 | ||||
Fair Value [Member] | Level 1 [Member] | ||||||
Assets: | ||||||
Cash and cash equivalents | 46,197 | 30,502 | ||||
Loans held for investment | 0 | 0 | ||||
Loans Receivable, Fair Value Disclosure | 0 | 0 | ||||
Fair value of loans held for sale | 0 | 0 | ||||
Servicing Asset at Amortized Cost | 0 | 0 | ||||
Federal Home Loan Bank Stock | 0 | 0 | ||||
Liabilities: | ||||||
Deposits | 0 | 0 | ||||
Federal Home Loan Bank advances | 0 | 0 | ||||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 0 | |||||
Long-term debt | 0 | |||||
Fair Value [Member] | Level 2 [Member] | ||||||
Assets: | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Loans held for investment | 26,713 | 28,537 | ||||
Loans Receivable, Fair Value Disclosure | 0 | 0 | ||||
Fair value of loans held for sale | 10,855 | |||||
Servicing Asset at Amortized Cost | 0 | 0 | ||||
Federal Home Loan Bank Stock | 40,742 | 33,915 | ||||
Liabilities: | ||||||
Deposits | 3,322,316 | 2,445,635 | ||||
Federal Home Loan Bank advances | 926,104 | 600,599 | ||||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 50,000 | |||||
Long-term debt | 60,244 | 60,235 | ||||
Fair Value [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Assets: | ||||||
Cash and cash equivalents | 0 | 0 | ||||
Loans held for investment | 0 | 0 | ||||
Loans Receivable, Fair Value Disclosure | 2,947,548 | 2,150,672 | ||||
Fair value of loans held for sale | 0 | 0 | ||||
Servicing Asset at Amortized Cost | 12,540 | |||||
Federal Home Loan Bank Stock | 0 | 0 | ||||
Liabilities: | ||||||
Deposits | 0 | 0 | ||||
Federal Home Loan Bank advances | 0 | 0 | ||||
Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | $ 0 | |||||
Long-term debt | 0 | |||||
Fair Value [Member] | Multifamily Residential [Member] | ||||||
Assets: | ||||||
Fair value of loans held for sale | 16,457 | |||||
Servicing Asset at Amortized Cost | 14,311 | |||||
Fair Value [Member] | Multifamily Residential [Member] | Level 2 [Member] | ||||||
Assets: | ||||||
Fair value of loans held for sale | 16,457 | |||||
Fair Value [Member] | Multifamily Residential [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Assets: | ||||||
Servicing Asset at Amortized Cost | $ 14,311 |
Fair Value Measurement Fair Val
Fair Value Measurement Fair Value Measurement (FV changes of Level 3 - recurring)(Details) - Fair Value Hierarchy [Domain] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans Receivable, Fair Value Disclosure | $ 38,224 | $ 38,224 | $ 0 | |||
Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Loans Receivable, Fair Value Disclosure | 38,224 | 38,224 | ||||
Interest Rate Lock Commitments [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Total realized/unrealized gains, interest rate lock commitments | [1] | 32,160 | $ 34,495 | 88,146 | $ 54,662 | |
Settlements, interest rate lock commitments | (34,692) | (27,183) | (76,592) | (43,228) | ||
Net unrealized gains recognized on outstanding nterest rate lock commitments | $ 399 | $ 17,100 | $ 508 | $ 26,900 | ||
Minimum [Member] | Interest Rate Lock Commitments [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Interest rate lock commitments, net - Fall out factor | 1.10% | 0.60% | ||||
Interest rate lock commitments, net - Initial value of servicing | 0.62% | 0.56% | ||||
Minimum [Member] | Loans Receivable [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value Inputs, Discount for Lack of Marketability | 42.40% | 6.30% | 25.00% | 6.30% | ||
Minimum [Member] | Real Estate [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value Inputs, Discount for Lack of Marketability | 0.00% | |||||
Maximum [Member] | Interest Rate Lock Commitments [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Interest rate lock commitments, net - Fall out factor | 57.41% | 77.90% | ||||
Interest rate lock commitments, net - Initial value of servicing | 2.51% | 1.94% | ||||
Maximum [Member] | Loans Receivable [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value Inputs, Discount for Lack of Marketability | 51.40% | 68.10% | 51.40% | 68.10% | ||
Maximum [Member] | Real Estate [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value Inputs, Discount for Lack of Marketability | 0.00% | |||||
Weighted Average [Member] | Interest Rate Lock Commitments [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Interest rate lock commitments, net - Fall out factor | 17.04% | 21.40% | ||||
Interest rate lock commitments, net - Initial value of servicing | 0.99% | 0.93% | ||||
Weighted Average [Member] | Loans Receivable [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value Inputs, Discount for Lack of Marketability | 48.20% | 35.20% | 36.80% | 24.40% | ||
[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 gains of $399 thousand and $17.1 million for the three months ended June 30, 2015 and 2014, respectively, and $508 thousand and $26.9 million for the six months ended June 30, 2015 and 2014, respectively, recognized on interest rate lock commitments outstanding at the beginning of the period and still outstanding at June 30, 2015 and 2014, respectively |
Fair Value Measurement (Details
Fair Value Measurement (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Net gain on mortgage loan origination and sale activities due to out-of-period adjustment. | $ 2,400 | |||||
Fair value option | [1] | $ 38,224 | $ 38,224 | |||
EPS impact due to error correction | $ 0.0007 | |||||
Net income impact due to error correction | $ 1,500 | |||||
Fair value measurement (Textual) [Abstract] | ||||||
Transfers between levels of the fair value hierarchy for assets and liabilities held | 0 | $ 0 | 0 | $ 0 | ||
Credit Risk [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Deferred fees plus related allowance for credit losses | $ 3,600 | $ 3,600 | $ 3,400 | |||
Loans Receivable [Member] | Minimum [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value Inputs, Discount for Lack of Marketability | 42.40% | 6.30% | 25.00% | 6.30% | ||
Loans Receivable [Member] | Maximum [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value Inputs, Discount for Lack of Marketability | 51.40% | 68.10% | 51.40% | 68.10% | ||
Loans Receivable [Member] | Weighted Average [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value Inputs, Discount for Lack of Marketability | 48.20% | 35.20% | 36.80% | 24.40% | ||
Real Estate [Member] | Minimum [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value Inputs, Discount for Lack of Marketability | 0.00% | |||||
Real Estate [Member] | Maximum [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value Inputs, Discount for Lack of Marketability | 0.00% | |||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair value option | $ 38,224 | $ 38,224 | ||||
[1] | Comprised of single family loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated statements of operations. |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | ||
Calculation of earnings per share | |||||
Net income | $ 12,376 | $ 9,362 | $ 22,680 | $ 11,663 | |
Weighted average shares: | |||||
Basic weighted-average common shares outstanding | 22,028,539 | 14,800,853 | 19,593,421 | 14,792,638 | |
Dilutive effect of outstanding common stock equivalents | [1] | 264,195 | 154,145 | 230,484 | 163,441 |
Diluted weighted-average number of common stock outstanding | 22,292,734 | 14,954,998 | 19,823,905 | 14,956,079 | |
Earnings per share: | |||||
Basic earnings (loss) per share | $ 0.56 | $ 0.63 | $ 1.16 | $ 0.79 | |
Diluted earnings (loss) per share | $ 0.56 | $ 0.63 | $ 1.14 | $ 0.78 | |
[1] | Excluded from the computation of diluted earnings per share (due to their antidilutive effect) for the three and six months ended June 30, 2015 and 2014 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 927 and 106,266 at June 30, 2015 and 2014, respectively |
Earnings Per Share (Details Tex
Earnings Per Share (Details Textual) - shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share (Textual) [Abstract] | ||
Aggregate number of common stock equivalents and unvested restricted stock | 927 | 106,266 |
Business Segments (Details)
Business Segments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of Operating Segments | 2 | ||||
Condensed income statement: | |||||
Net interest income (expense) (1) | $ 38,230 | $ 23,147 | $ 68,964 | $ 45,859 | |
Provision for loan losses | (500) | 0 | (3,500) | 1,500 | |
Noninterest income | 72,987 | 53,650 | 148,360 | 88,357 | |
Noninterest expense | (92,335) | (62,971) | (181,817) | (119,062) | |
Income (loss) before income tax expense | 18,382 | 13,826 | 32,007 | 16,654 | |
Income tax (benefit) expense | (6,006) | (4,464) | (9,327) | (4,991) | |
Net income | 12,376 | 9,362 | 22,680 | 11,663 | |
Assets | 4,866,248 | 3,235,676 | 4,866,248 | 3,235,676 | $ 3,535,090 |
Mortgage Banking [Member] | |||||
Condensed income statement: | |||||
Net interest income (expense) (1) | 7,585 | 3,744 | 13,212 | 6,223 | |
Provision for loan losses | 0 | 0 | 0 | 0 | |
Noninterest income | 69,363 | 47,036 | 134,655 | 78,785 | |
Noninterest expense | (63,055) | (42,537) | (116,871) | (79,335) | |
Income (loss) before income tax expense | 13,893 | 8,243 | 30,996 | 5,673 | |
Income tax (benefit) expense | (4,371) | (2,634) | (11,156) | (1,879) | |
Net income | 9,522 | 5,609 | 19,840 | 3,794 | |
Assets | 1,175,075 | 695,237 | 1,175,075 | 695,237 | |
Consumer and Commercial Banking [Member] | |||||
Condensed income statement: | |||||
Net interest income (expense) (1) | 30,645 | 19,403 | 55,752 | 39,636 | |
Provision for loan losses | (500) | 0 | (3,500) | 1,500 | |
Noninterest income | 3,624 | 6,614 | 13,705 | 9,572 | |
Noninterest expense | (29,280) | (20,434) | (64,946) | (39,727) | |
Income (loss) before income tax expense | 4,489 | 5,583 | 1,011 | 10,981 | |
Income tax (benefit) expense | (1,635) | (1,830) | 1,829 | (3,112) | |
Net income | 2,854 | 3,753 | 2,840 | 7,869 | |
Assets | $ 3,691,173 | $ 2,540,439 | $ 3,691,173 | $ 2,540,439 |
Uncategorized Items - hmst-2015
Label | Element | Value |
Available-for-sale Securities, Gross Realized Gain (Loss) | us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet | $ (20) |
Available-for-sale Securities, Gross Realized Gain (Loss) | us-gaap_AvailableForSaleSecuritiesGrossRealizedGainLossNet | $ 0 |