Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CVBF | |
Entity Registrant Name | CVB FINANCIAL CORP | |
Entity Central Index Key | 354647 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 106,256,535 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $112,336 | $95,030 |
Interest-earning balances due from Federal Reserve | 289,036 | 10,738 |
Total cash and cash equivalents | 401,372 | 105,768 |
Interest-earning balances due from depository institutions | 25,873 | 27,118 |
Investment securities available-for-sale, at fair value (with amortized cost of $2,954,443 at March 31, 2015, and $3,083,582 at December 31, 2014) | 3,028,289 | 3,137,158 |
Investment securities held-to-maturity | 1,464 | 1,528 |
Investment in stock of Federal Home Loan Bank (FHLB) | 25,338 | 25,338 |
Loans and lease finance receivables | 3,716,023 | 3,817,067 |
Allowance for loan losses | -60,709 | -59,825 |
Net loans and lease finance receivables | 3,655,314 | 3,757,242 |
Premises and equipment, net | 32,628 | 33,591 |
Bank owned life insurance | 127,557 | 126,927 |
Accrued interest receivable | 22,872 | 23,194 |
Intangibles | 2,946 | 3,214 |
Goodwill | 74,244 | 74,244 |
FDIC loss sharing asset | 0 | 299 |
Other real estate owned | 7,122 | 5,637 |
Income taxes | 14,848 | 31,461 |
Other assets | 23,084 | 25,201 |
Total assets | 7,442,951 | 7,377,920 |
Deposits: | ||
Noninterest-bearing | 3,126,928 | 2,866,365 |
Interest-bearing | 2,770,848 | 2,738,293 |
Total deposits | 5,897,776 | 5,604,658 |
Customer repurchase agreements | 560,352 | 563,627 |
FHLB advances | 0 | 199,479 |
Other borrowings | 0 | 46,000 |
Accrued interest payable | 306 | 1,161 |
Deferred compensation | 10,988 | 10,291 |
Junior subordinated debentures | 25,774 | 25,774 |
Payable for securities purchased | 2,350 | 0 |
Other liabilities | 48,287 | 48,821 |
Total liabilities | 6,545,833 | 6,499,811 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock, authorized, 225,000,000 shares without par; issued and outstanding 106,246,910 at March 31, 2015, and 105,893,216 at December 31, 2014 | 499,382 | 495,220 |
Retained earnings | 354,905 | 351,814 |
Accumulated other comprehensive income, net of tax | 42,831 | 31,075 |
Total stockholders' equity | 897,118 | 878,109 |
Total liabilities and stockholders' equity | $7,442,951 | $7,377,920 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Amortized cost | $2,954,443 | $3,083,582 |
Common stock, par value | $0 | $0 |
Common stock, authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 106,246,910 | 105,893,216 |
Common stock, shares outstanding | 106,246,910 | 105,893,216 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Earnings and Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest income: | ||
Loans and leases, including fees | $45,542 | $44,656 |
Investment securities: | ||
Taxable | 12,961 | 10,279 |
Tax-advantaged | 5,011 | 5,278 |
Total investment income | 17,972 | 15,557 |
Dividends from FHLB stock | 469 | 604 |
Federal funds sold | 142 | 124 |
Interest-earning deposits with other institutions | 55 | 121 |
Total interest income | 64,180 | 61,062 |
Interest expense: | ||
Deposits | 1,293 | 1,186 |
Borrowings | 1,773 | 2,830 |
Junior subordinated debentures | 105 | 104 |
Total interest expense | 3,171 | 4,120 |
Net interest income before provision for loan losses | 61,009 | 56,942 |
Provision for (recapture of) loan losses | 0 | -7,500 |
Net interest income after provision for loan losses | 61,009 | 64,442 |
Noninterest income: | ||
Service charges on deposit accounts | 3,961 | 3,828 |
Trust and investment services | 2,151 | 1,925 |
Bankcard services | 733 | 778 |
BOLI income | 649 | 638 |
Gain on sale of loans held-for-sale | 0 | 5,330 |
Decrease in FDIC loss sharing asset, net | -390 | -1,707 |
Gain on OREO, net | 124 | 5 |
Other | 783 | 701 |
Total noninterest income | 8,011 | 11,498 |
Noninterest expense: | ||
Salaries and employee benefits | 19,295 | 19,417 |
Occupancy and equipment | 3,652 | 3,725 |
Professional services | 1,153 | 1,791 |
Software licenses and maintenance | 1,030 | 1,065 |
Promotion | 1,327 | 1,266 |
Provision for unfunded loan commitments | -500 | 0 |
Amortization of intangible assets | 268 | 122 |
Debt termination expense | 13,870 | 0 |
OREO expense | 84 | 25 |
Other | 4,293 | 3,746 |
Total noninterest expense | 44,472 | 31,157 |
Earnings before income taxes | 24,548 | 44,783 |
Income taxes | 8,715 | 16,122 |
Net earnings | 15,833 | 28,661 |
Other comprehensive income: | ||
Unrealized gain on securities arising during the period | 20,270 | 24,781 |
Less: Reclassification adjustment for net gain on securities included in net income | 0 | 0 |
Other comprehensive income, before tax | 20,270 | 24,781 |
Less: Income tax expense related to items of other comprehensive income | -8,514 | -10,407 |
Other comprehensive income, net of tax | 11,756 | 14,374 |
Comprehensive income | $27,589 | $43,035 |
Basic earnings per common share | $0.15 | $0.27 |
Diluted earnings per common share | $0.15 | $0.27 |
Cash dividends declared per common share | $0.12 | $0.10 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
In Thousands | ||||
Beginning balance at Dec. 31, 2013 | $771,887 | $491,068 | $290,149 | ($9,330) |
Beginning balance, shares at Dec. 31, 2013 | 105,370 | |||
Repurchase of common stock | -32 | -32 | ||
Repurchase of common stock, shares | -2 | |||
Exercise of stock options | 3,684 | 3,684 | ||
Exercise of stock options, shares | 334 | |||
Tax benefit from exercise of stock options | 559 | 559 | ||
Shares issued pursuant to stock-based compensation plan | 656 | 656 | ||
Shares issued pursuant to stock-based compensation plan, shares | 310 | |||
Cash dividends declared on common stock | -10,608 | -10,608 | ||
Net earnings | 28,661 | 28,661 | ||
Other comprehensive income | 14,374 | 14,374 | ||
Ending balance at Mar. 31, 2014 | 809,181 | 495,935 | 308,202 | 5,044 |
Ending balance, shares at Mar. 31, 2014 | 106,012 | |||
Beginning balance at Dec. 31, 2014 | 878,109 | 495,220 | 351,814 | 31,075 |
Beginning balance, shares at Dec. 31, 2014 | 105,893 | |||
Repurchase of common stock | -497 | -497 | ||
Repurchase of common stock, shares | -32 | |||
Exercise of stock options | 3,313 | 3,313 | ||
Exercise of stock options, shares | 306 | |||
Tax benefit from exercise of stock options | 614 | 614 | ||
Shares issued pursuant to stock-based compensation plan | 732 | 732 | ||
Shares issued pursuant to stock-based compensation plan, shares | 80 | |||
Cash dividends declared on common stock | -12,742 | -12,742 | ||
Net earnings | 15,833 | 15,833 | ||
Other comprehensive income | 11,756 | 11,756 | ||
Ending balance at Mar. 31, 2015 | $897,118 | $499,382 | $354,905 | $42,831 |
Ending balance, shares at Mar. 31, 2015 | 106,247 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends per common share | $0.12 | $0.10 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Operating Activities | ||
Interest and dividends received | $68,591 | $63,935 |
Service charges and other fees received | 6,848 | 7,237 |
Interest paid | -3,981 | -4,080 |
Net cash paid to vendors, employees and others | -43,608 | -37,955 |
Income taxes paid | 0 | 0 |
Proceeds from (payments to) FDIC loss share agreement | 265 | -185 |
Net cash provided by operating activities | 28,115 | 28,952 |
Cash Flows from Investing Activities | ||
Proceeds from redemption of FHLB stock | 0 | 6,771 |
Proceeds from maturity of interest-earning balances from depository institutions | 1,245 | 0 |
Proceeds from repayment of investment securities | 94,479 | 65,093 |
Proceeds from maturity of investment securities | 34,014 | 39,768 |
Purchases of investment securities | -1,967 | -99,689 |
Net decrease in loan and lease finance receivables | 101,774 | 157,719 |
Purchase of premises and equipment | -157 | -301 |
Proceeds from sales of other real estate owned | 1,418 | 0 |
Net cash provided by investing activities | 230,806 | 169,361 |
Cash Flows from Financing Activities | ||
Net increase in transaction deposits | 322,642 | 237,238 |
Net decrease in time deposits | -29,524 | -17,083 |
Repayment of FHLB advances | -200,000 | 0 |
Net decrease in other borrowings | -46,000 | -69,000 |
Net decrease in customer repurchase agreements | -3,275 | -16,449 |
Cash dividends on common stock | -10,590 | -10,537 |
Repurchase of common stock | -497 | -32 |
Proceeds from exercise of stock options | 3,313 | 3,684 |
Tax benefit related to exercise of stock options | 614 | 559 |
Net cash provided by financing activities | 36,683 | 128,380 |
Net increase in cash and cash equivalents | 295,604 | 326,693 |
Cash and cash equivalents, beginning of period | 105,768 | 94,693 |
Cash and cash equivalents, end of period | 401,372 | 421,386 |
Reconciliation of Net Earnings to Net Cash Provided by Operating Activities | ||
Net earnings | 15,833 | 28,661 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Gain on sale of loans held-for-sale | 0 | -5,330 |
Gain on sale of investment securities | 0 | 0 |
(Gain) loss on sale of premises and equipment, net | -1 | 204 |
Gain on sale of other real estate owned | -112 | 0 |
Amortization of capitalized prepayment penalty on borrowings | 521 | 68 |
Increase in bank owned life insurance | -630 | -622 |
Net amortization of premiums and discounts on investment securities | 5,025 | 5,094 |
Accretion of SJB discount | -980 | -1,707 |
Provision for loan losses | 0 | -7,500 |
Provision for unfunded loan commitments | -500 | 0 |
Valuation adjustment on other real estate owned | 33 | 0 |
Change in FDIC loss sharing asset | 299 | 1,707 |
Proceeds from (payments to) FDIC loss share agreement | 265 | -185 |
Stock-based compensation | 732 | 656 |
Depreciation and amortization, net | -271 | 354 |
Change in accrued interest receivable | 322 | 276 |
Change in accrued interest payable | -855 | -28 |
Change in other assets and liabilities | 8,434 | 7,304 |
Total adjustments | 12,282 | 291 |
Net cash provided by operating activities | 28,115 | 28,952 |
Net cash provided by investing activities | 230,806 | 169,361 |
Net cash provided by financing activities | 36,683 | 128,380 |
Net increase in cash and cash equivalents | 295,604 | 326,693 |
Supplemental Disclosure of Noncash Investing Activities | ||
Securities purchased and not settled | 2,350 | 75,392 |
Transfer of loans to other real estate owned | $2,824 | $0 |
Business
Business | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Business | 1. BUSINESS |
The condensed consolidated financial statements include the accounts of CVB Financial Corp. (referred to herein on an unconsolidated basis as “CVB” and on a consolidated basis as “we,” “our” or the “Company”) and its wholly owned subsidiaries: Citizens Business Bank (the “Bank” or “CBB”) after elimination of all intercompany transactions and balances. The Company has one inactive subsidiary, Chino Valley Bancorp. The Company is also the common stockholder of CVB Statutory Trust III. CVB Statutory Trust III was created in January 2006 to issue trust preferred securities in order to raise capital for the Company. In accordance with ASC 810 Consolidation, this trust does not meet the criteria for consolidation. | |
The Company’s primary operations are related to traditional banking activities, including the acceptance of deposits and the lending and investing of money through the operations of the Bank. The Bank also provides automobile and equipment leasing to customers through its Citizens Financial Services Group and trust and investment-related services to customers through its CitizensTrust Division. The Bank’s customers consist primarily of small to mid-sized businesses and individuals located in San Bernardino County, Riverside County, Los Angeles County, Orange County, Ventura County, San Diego County, Madera County, Fresno County, Tulare County and Kern County, California. The Bank operates 40 Business Financial Centers, seven Commercial Banking Centers, and three trust office locations. The Company is headquartered in the city of Ontario, California. |
Basis_of_Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 2. BASIS OF PRESENTATION |
The accompanying unaudited condensed consolidated financial statements and notes thereto have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-Q and conform to practices within the banking industry and include all of the information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments), which are necessary for a fair presentation of financial results for the interim periods presented. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results for the full year. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements, accounting policies and financial notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, filed with the SEC. A summary of the significant accounting policies consistently applied in the preparation of the accompanying unaudited condensed consolidated financial statements follows. | |
Reclassification – Certain amounts in the prior periods’ condensed consolidated financial statements and related footnote disclosures have been reclassified to conform to the current presentation with no impact on previously reported net income or stockholders’ equity. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
Except as discussed below, our accounting policies are described in Note 3—Summary of Significant Accounting Policies, of our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the SEC (“Form 10-K”). | |
Use of Estimates in the Preparation of Financial Statements — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. A material estimate that is particularly susceptible to significant change in the near term relates to the determination of the allowance for loan losses. Other significant estimates which may be subject to change include fair value determinations and disclosures, impairment of investments, goodwill, loans, as well as valuation of deferred tax assets, other intangibles and OREO. | |
Recent Accounting Pronouncements— In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. The new guidance reduces the number of consolidation models from four to two as well as simplifies the FASB Accounting Standards Codification and improves GAAP by placing more of an emphasis on risk of loss when determining a controlling financial interest, reducing the frequency of the application of related party guidance when determining a controlling financial interest in a variable interest entity (VIE) and changing the consolidation conclusions for public and private companies in several industries that typically make use of VIEs. ASU 2015-02 will be effective for the first interim period within annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. |
Investment_Securities
Investment Securities | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Investment Securities | 4. INVESTMENT SECURITIES | ||||||||||||||||||||||||
The amortized cost and estimated fair value of investment securities are summarized below. The majority of securities held are publicly traded, and the estimated fair values were obtained from an independent pricing service based upon market quotes. | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | Total | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Percent | ||||||||||||||||||||||
Holding | Holding Loss | ||||||||||||||||||||||||
Gain | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||
Government agency | $ | 334,025 | $ | 140 | $ | (4,299 | ) | $ | 329,866 | 10.89 | % | ||||||||||||||
Residential mortgage-backed securities | 1,807,036 | 49,360 | (1,242 | ) | 1,855,154 | 61.26 | % | ||||||||||||||||||
CMOs / REMICs - residential | 279,918 | 8,406 | (80 | ) | 288,244 | 9.52 | % | ||||||||||||||||||
Municipal bonds | 528,464 | 21,910 | (530 | ) | 549,844 | 18.16 | % | ||||||||||||||||||
Other securities | 5,000 | 181 | — | 5,181 | 0.17 | % | |||||||||||||||||||
Total | $ | 2,954,443 | $ | 79,997 | $ | (6,151 | ) | $ | 3,028,289 | 100 | % | ||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | Total | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Percent | ||||||||||||||||||||||
Holding | Holding | ||||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||
Government agency | $ | 339,071 | $ | — | $ | (8,228 | ) | $ | 330,843 | 10.55 | % | ||||||||||||||
Residential mortgage-backed securities | 1,884,370 | 36,154 | (3,028 | ) | 1,917,496 | 61.12 | % | ||||||||||||||||||
CMOs / REMICs - residential | 297,318 | 7,050 | (277 | ) | 304,091 | 9.69 | % | ||||||||||||||||||
Municipal bonds | 557,823 | 22,463 | (645 | ) | 579,641 | 18.48 | % | ||||||||||||||||||
Other securities | 5,000 | 87 | — | 5,087 | 0.16 | % | |||||||||||||||||||
Total | $ | 3,083,582 | $ | 65,754 | $ | (12,178 | ) | $ | 3,137,158 | 100 | % | ||||||||||||||
Approximately 82% of the available-for-sale portfolio at March 31, 2015 represents securities issued by the U.S government or U.S. government-sponsored enterprises, with the implied guarantee of payment of principal and interest. All non-agency available-for-sale CMO/REMIC issues held are rated investment grade or better by either Standard & Poor’s or Moody’s, as of March 31, 2015 and December 31, 2014. The Bank had $304,000 in CMOs/REMICs backed by whole loans issued by private-label companies (nongovernment sponsored). | |||||||||||||||||||||||||
The tables below show the Company’s investment securities’ gross unrealized losses and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2015 and December 31, 2014. Management has reviewed individual securities to determine whether a decline in fair value below the amortized cost basis is other-than temporary. | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
Fair Value | Gross | Fair Value | Gross | Fair Value | Gross | ||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
Holding | Holding | Holding | |||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Government agency | $ | 14,558 | $ | 3 | $ | 289,548 | $ | 4,296 | $ | 304,106 | $ | 4,299 | |||||||||||||
Residential mortgage-backed securities | — | — | 128,416 | 1,242 | 128,416 | 1,242 | |||||||||||||||||||
CMOs / REMICs - residential | — | — | 6,679 | 80 | 6,679 | 80 | |||||||||||||||||||
Municipal bonds | 4,152 | 47 | 23,917 | 483 | 28,069 | 530 | |||||||||||||||||||
Other securities | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 18,710 | $ | 50 | $ | 448,560 | $ | 6,101 | $ | 467,270 | $ | 6,151 | |||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
Fair Value | Gross | Fair Value | Gross | Fair Value | Gross | ||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
Holding | Holding | Holding | |||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Government agency | $ | 22,224 | $ | 28 | $ | 307,873 | $ | 8,200 | $ | 330,097 | $ | 8,228 | |||||||||||||
Residential mortgage-backed securities | 19,636 | 4 | 145,681 | 3,024 | 165,317 | 3,028 | |||||||||||||||||||
CMOs / REMICs - residential | — | — | 31,143 | 277 | 31,143 | 277 | |||||||||||||||||||
Municipal bonds | 1,953 | 23 | 24,812 | 622 | 26,765 | 645 | |||||||||||||||||||
Other securities | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 43,813 | $ | 55 | $ | 509,509 | $ | 12,123 | $ | 553,322 | $ | 12,178 | |||||||||||||
The following summarizes our analysis of these securities and the unrealized losses. This assessment was based on the following factors: i) the length of the time and the extent to which the fair value has been less than amortized cost; ii) adverse condition specifically related to the security, an industry, or a geographic area and whether or not the Company expects to recover the entire amortized cost, iii) historical and implied volatility of the fair value of the security; iv) the payment structure of the security and the likelihood of the issuer being able to make payments in the future; v) failure of the issuer of the security to make scheduled interest or principal payments, vi) any changes to the rating of the security by a rating agency, and vii) recoveries or additional declines in fair value subsequent to the balance sheet date. | |||||||||||||||||||||||||
CMO Held-to-Maturity — The Company has one investment security classified as held-to-maturity. This security was issued by Countrywide Financial and is collateralized by Alt-A (limited documentation) mortgages. The mortgages are primarily fixed-rate, 30-year loans, originated in early 2006 with average FICO scores of 715 and an average LTV of 71% at origination. The security was a senior security in the securitization, was rated triple AAA at origination and was supported by subordinate securities. This security is classified as held-to-maturity as the Bank has both the intent and ability to hold this debt security to maturity. The Bank acquired this security in February 2008 at a price of 98.25%. The significant decline in the fair value of the security first appeared in August 2008 at the time the crisis in the financial markets occurred and the market for securities collateralized by Alt-A mortgages diminished. | |||||||||||||||||||||||||
As of March 31, 2015, the unrealized loss on this security was zero and the current fair value on the security was 78.76% of the current par value. This Alt-A bond, with a book value of $1.5 million as of March 31, 2015, has $1.9 million in net impairment losses to date. These losses have been recorded as a reduction to noninterest income. The security is rated non-investment grade. We evaluated the security for an other-than-temporary decline in fair value as of March 31, 2015. The key assumptions include default rates, loss severities and prepayment rates. There were no changes in credit related other-than temporary impairment (“OTTI”) recognized in earnings for the quarter ended March 31, 2015 and 2014. | |||||||||||||||||||||||||
Government Agency & Government-Sponsored Enterprise— The government agency bonds are backed by the full faith and credit of agencies of the U.S. Government. While the Government-Sponsored Enterprise bonds are not expressly guaranteed by the U.S. Government, they are currently being supported by the U.S. Government under a conservatorship arrangement with the Government-Sponsored Enterprises. As of March 31, 2015, approximately $140.9 million in U.S. government agency bonds are callable. These securities are bullet securities, that is, they have a defined maturity date on which the principal is paid. The contractual term of these investments provides that the Company will receive the face value of the bond at maturity which will equal the amortized cost of the bond. Interest is received throughout the life of the security. | |||||||||||||||||||||||||
Mortgage-Backed Securities and CMOs/REMICs— Almost all of the Company’s available-for-sale mortgage-backed and CMOs/REMICs securities are issued by Government Agencies or Government-Sponsored Enterprises such as Ginnie Mae, Fannie Mae and Freddie Mac. These securities are collateralized or backed by the underlying residential mortgages. All mortgage-backed securities are considered to be rated investment grade with a weighted average life of approximately 3.8 years. Of the total MBS/CMO, 99.99% have the implied guarantee of U.S. Government-Sponsored Agencies and Enterprises. The remaining .01% are issued by banks. Accordingly, it is expected the securities would not be settled at a price less than the amortized cost of the bonds. | |||||||||||||||||||||||||
Municipal Bonds—The majority of the Company’s municipal bonds, with a weighted-average life of approximately 8.4 years, are insured by the largest bond insurance companies. The Company diversifies its holdings by owning selections of securities from different issuers and by holding securities from geographically diversified municipal issuers, thus reducing the Company’s exposure to any single adverse event. The decline in fair value is attributable to the changes in interest rates and not credit quality. Since the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized costs, these investments are not considered other than temporarily impaired at March 31, 2015. | |||||||||||||||||||||||||
On an ongoing basis, we monitor the quality of our municipal bond portfolio in light of the current financial problems exhibited by certain monoline insurance companies. Many of the securities that would not be rated without insurance are pre-refunded and/or are general obligation bonds. We continue to monitor municipalities, which includes a review of the respective municipalities’ audited financial statements to determine whether there are any audit or performance issues. We use outside brokers to assist us in these analyses. Based on our monitoring of the municipal marketplace, to our knowledge, none of the municipalities are exhibiting financial problems that would lead us to believe that there is OTTI for any given security. | |||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, investment securities having a carrying value of approximately $2.99 billion and $3.11 billion, respectively, were pledged to secure public deposits, short and long-term borrowings, and for other purposes as required or permitted by law. | |||||||||||||||||||||||||
The amortized cost and fair value of debt securities at March 31, 2015, by contractual maturity, are shown in the table below. Although mortgage-backed securities and CMOs/REMICs have contractual maturities through 2043, expected maturities will differ from contractual maturities because borrowers may have the right to prepay such obligations without penalty. Mortgage-backed securities and CMOs/REMICs are included in maturity categories based upon estimated prepayment speeds. | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Due in one year or less | $ | 160,730 | $ | 164,801 | |||||||||||||||||||||
Due after one year through five years | 1,946,053 | 2,009,028 | |||||||||||||||||||||||
Due after five years through ten years | 727,902 | 730,599 | |||||||||||||||||||||||
Due after ten years | 119,758 | 123,861 | |||||||||||||||||||||||
Total | $ | 2,954,443 | $ | 3,028,289 | |||||||||||||||||||||
The investment in FHLB stock is periodically evaluated for impairment based on, among other things, the capital adequacy of the FHLB and its overall financial condition. No impairment losses have been recorded through March 31, 2015. |
Acquired_SJB_Assets_and_FDIC_L
Acquired SJB Assets and FDIC Loss Sharing Asset | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Acquired SJB Assets and FDIC Loss Sharing Asset | 5. ACQUIRED SJB ASSETS AND FDIC LOSS SHARING ASSET | ||||||||
FDIC Assisted Acquisition | |||||||||
On October 16, 2009, the Bank acquired San Joaquin Bank (“SJB”) and entered into loss sharing agreements with the Federal Deposit Insurance Corporation (“FDIC”) that is more fully discussed in Note 3—Summary of Significant Accounting Policies, included in our Annual Report on Form 10-K for the year ended December 31, 2014. The acquisition has been accounted for under the purchase method of accounting. The assets and liabilities were recorded at their estimated fair values as of the October 16, 2009 acquisition date. The acquired loans were accounted for as Purchase Credit Impaired (“PCI”) loans. The application of the purchase method of accounting resulted in an after-tax gain of $12.3 million which was included in 2009 earnings. The gain is the negative goodwill resulting from the acquired assets and liabilities recognized at fair value. | |||||||||
At March 31, 2015, the remaining discount associated with the PCI loans approximated $6.6 million. Based on the Company’s regular forecast of expected cash flows from these loans, approximately $4.4 million of the related discount is expected to accrete into interest income over the remaining average lives of the respective pools and individual loans, which approximates 3.7 years and 0.8 years, respectively. The loss sharing agreement for commercial loans expired October 16, 2014. The following table provides a summary of PCI loans and lease finance receivables by type and their credit quality indicators for the periods indicated. | |||||||||
March 31, 2015 | December 31, 2014 | ||||||||
(Dollars in thousands) | |||||||||
Commercial and industrial | $ | 13,988 | $ | 14,605 | |||||
SBA | 1,073 | 1,110 | |||||||
Real estate: | |||||||||
Commercial real estate | 102,445 | 109,350 | |||||||
Construction | — | — | |||||||
SFR mortgage | 197 | 205 | |||||||
Dairy & livestock and agribusiness | 330 | 4,890 | |||||||
Municipal lease finance receivables | — | — | |||||||
Consumer and other loans | 2,997 | 3,336 | |||||||
Gross PCI loans | 121,030 | 133,496 | |||||||
Less: Purchase accounting discount | (6,612 | ) | (7,129 | ) | |||||
Gross PCI loans, net of discount | 114,418 | 126,367 | |||||||
Less: Allowance for PCI loans losses | — | — | |||||||
Net PCI loans | $ | 114,418 | $ | 126,367 | |||||
Credit Quality Indicators | |||||||||
The following table summarizes PCI loans by internal risk ratings for the periods indicated. | |||||||||
March 31, 2015 | December 31, 2014 | ||||||||
(Dollars in thousands) | |||||||||
Pass | $ | 25,483 | $ | 26,706 | |||||
Watch list | 69,635 | 77,371 | |||||||
Special mention | 7,148 | 8,203 | |||||||
Substandard | 18,764 | 21,216 | |||||||
Doubtful & loss | — | — | |||||||
Total PCI gross loans | $ | 121,030 | $ | 133,496 | |||||
Allowance for Loan Losses | |||||||||
The Company’s Credit Management Division is responsible for regularly reviewing the ALLL methodology for PCI loans. The ALLL for PCI loans is determined separately from total loans, and is based on expectations of future cash flows from the underlying pools of loans or individual loans in accordance with ASC 310-30, as more fully described in Note 3— Summary of Significant Accounting Policies, included in our Annual Report on Form 10-K for the year ended December 31, 2014. As of March 31, 2015 and December 31, 2014, there were no allowance for loan losses recorded for PCI loans. |
Loans_and_Lease_Finance_Receiv
Loans and Lease Finance Receivables and Allowance for Loan Losses | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||
Loans and Lease Finance Receivables and Allowance for Loan Losses | 6. LOANS AND LEASE FINANCE RECEIVABLES AND ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||||||
The following table provides a summary of the total of loan and lease finance receivables, excluding PCI loans, by type. | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial and industrial | $ | 403,600 | $ | 390,011 | |||||||||||||||||||||
SBA | 126,385 | 134,265 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | 2,499,183 | 2,487,803 | |||||||||||||||||||||||
Construction | 55,346 | 55,173 | |||||||||||||||||||||||
SFR mortgage | 205,132 | 205,124 | |||||||||||||||||||||||
Dairy & livestock and agribusiness | 173,441 | 279,173 | |||||||||||||||||||||||
Municipal lease finance receivables | 76,220 | 77,834 | |||||||||||||||||||||||
Consumer and other loans | 70,749 | 69,884 | |||||||||||||||||||||||
Gross loans, excluding PCI loans | 3,610,056 | 3,699,267 | |||||||||||||||||||||||
Less: Deferred loan fees, net | (8,451 | ) | (8,567 | ) | |||||||||||||||||||||
Gross loans, excluding PCI loans, net of deferred loan fees | 3,601,605 | 3,690,700 | |||||||||||||||||||||||
Less: Allowance for loan losses | (60,709 | ) | (59,825 | ) | |||||||||||||||||||||
Net loans, excluding PCI loans | 3,540,896 | 3,630,875 | |||||||||||||||||||||||
PCI Loans | 121,030 | 133,496 | |||||||||||||||||||||||
Discount on PCI loans | (6,612 | ) | (7,129 | ) | |||||||||||||||||||||
PCI loans, net | 114,418 | 126,367 | |||||||||||||||||||||||
Total loans and lease finance receivables | $ | 3,655,314 | $ | 3,757,242 | |||||||||||||||||||||
As of March 31, 2015, 69.23% of the total gross loan portfolio (excluding PCI loans) consisted of commercial real estate loans and 1.53% of the total loan portfolio consisted of construction loans. Substantially all of the Company’s real estate loans and construction loans are secured by real properties located in California. As of March 31, 2015, $150.9 million, or 6.04%, of the total commercial real estate loans included loans secured by farmland, compared to $165.6 million, or 6.66%, at December 31, 2014. The loans secured by farmland included $131.5 million for loans secured by dairy & livestock land and $19.4 million for loans secured by agricultural land at March 31, 2015, compared to $144.1 million for loans secured by dairy & livestock land and $21.5 million for loans secured by agricultural land at December 31, 2014. As of March 31, 2015, $173.4 million, or 4.80%, of the total gross loan portfolio (excluding PCI loans) consisted of dairy & livestock and agribusiness commercial loans, compared to $279.2 million, or 7.55%, at December 31, 2014. This was comprised of $161.5 million for dairy & livestock loans and $12.0 million for agribusiness loans at March 31, 2015, compared to $268.1 million for dairy & livestock loans and $11.1 million for agribusiness loans at December 31, 2014. At March 31, 2015, the Company held approximately $1.81 billion of total fixed rate loans. | |||||||||||||||||||||||||
At March 31, 2015 and December 31, 2014, loans totaling $2.82 billion and $2.78 billion, respectively, were pledged to secure borrowings and available lines of credit from the FHLB and the Federal Reserve Bank. | |||||||||||||||||||||||||
Loans Held-for-Sale | |||||||||||||||||||||||||
The following table provides a summary of the activity related to loans held-for-sale for the periods presented. | |||||||||||||||||||||||||
For the | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Balance, beginning of period | $ | — | $ | 3,667 | |||||||||||||||||||||
Originations of mortgage loans | — | — | |||||||||||||||||||||||
Sales of mortgage loans | — | — | |||||||||||||||||||||||
Transfer of mortgage loans to held-for-investment | — | — | |||||||||||||||||||||||
Sales of other loans | — | (3,667 | ) | ||||||||||||||||||||||
Transfers of other loans to held-for-sale | — | — | |||||||||||||||||||||||
Write-down of loans held-for-sale | — | — | |||||||||||||||||||||||
Balance, end of period | $ | — | $ | — | |||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||
Central to our credit risk management is our loan risk rating system. The originating credit officer assigns borrowers an initial risk rating, which is reviewed and confirmed or changed, as appropriate, by Credit Management. Approvals are made based upon the amount of inherent credit risk specific to the transaction and are reviewed for appropriateness by senior line and credit management personnel. Credits are monitored by line and credit management personnel for deterioration in a borrower’s financial condition, which would impact the ability of the borrower to perform under the contract. Risk ratings are adjusted as necessary. | |||||||||||||||||||||||||
Loans are risk rated into the following categories (Credit Quality Indicators): Pass, Pass Watch List, Special Mention, Substandard, Doubtful and Loss. Each of these groups is assessed for the proper amount to be used in determining the adequacy of our allowance for losses. These categories can be described as follows: | |||||||||||||||||||||||||
Pass – These loans range from minimal credit risk to lower than average, but still acceptable, credit risk. | |||||||||||||||||||||||||
Pass Watch List — Pass Watch list loans usually require more than normal management attention. Loans which qualify for the Pass Watch List may involve borrowers with adverse financial trends, higher debt/equity ratios, or weaker liquidity positions, but not to the degree of being considered a defined weakness or problem loan where risk of loss may be apparent. | |||||||||||||||||||||||||
Special Mention — Loans assigned to this category are currently protected but are weak. Although concerns exist, the Company is currently protected and loss is unlikely. Such loans have potential weaknesses that may, if not checked or corrected, weaken the asset or inadequately protect the Company’s credit position at some future date. | |||||||||||||||||||||||||
Substandard – Loans classified as substandard include poor liquidity, high leverage, and erratic earnings or losses. The primary source of repayment is no longer realistic, and asset or collateral liquidation may be the only source of repayment. Substandard loans are marginal and require continuing and close supervision by credit management. Substandard loans have the distinct possibility that the Company will sustain some loss if deficiencies are not corrected. | |||||||||||||||||||||||||
Doubtful – Loans classified doubtful have all the weaknesses inherent in those classified substandard with the added provision that the weaknesses make collection or the liquidation, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonable specific pending factors which may work to the advantage and strengthening of the assets, their classifications as losses are deferred until their more exact status may be determined. | |||||||||||||||||||||||||
Loss — Loans classified as loss are considered uncollectible and of such little value that their continuance as active assets of the Company is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be achieved in the future. | |||||||||||||||||||||||||
The following tables summarize each class of loans, excluding PCI Loans, according to our internal risk ratings for the periods presented. | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Pass | Watch List | Special Mention | Substandard | Doubtful & Loss | Total | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial and industrial | $ | 252,537 | $ | 96,106 | $ | 42,377 | $ | 12,350 | $ | 230 | $ | 403,600 | |||||||||||||
SBA | 80,047 | 22,423 | 14,362 | 8,070 | 1,483 | 126,385 | |||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||
Owner occupied | 551,211 | 139,446 | 49,994 | 17,159 | — | 757,810 | |||||||||||||||||||
Non-owner occupied | 1,390,414 | 258,838 | 37,420 | 54,701 | — | 1,741,373 | |||||||||||||||||||
Construction | |||||||||||||||||||||||||
Speculative | 27,394 | 3,101 | — | 7,651 | — | 38,146 | |||||||||||||||||||
Non-speculative | 16,579 | 621 | — | — | — | 17,200 | |||||||||||||||||||
SFR mortgage | 176,298 | 18,882 | 4,285 | 5,667 | — | 205,132 | |||||||||||||||||||
Dairy & livestock and agribusiness | 103,616 | 67,149 | 2,277 | 296 | 103 | 173,441 | |||||||||||||||||||
Municipal lease finance receivables | 38,562 | 32,403 | 5,255 | — | — | 76,220 | |||||||||||||||||||
Consumer and other loans | 54,900 | 10,487 | 2,670 | 2,595 | 97 | 70,749 | |||||||||||||||||||
Total gross loans, excluding PCI loans | $ | 2,691,558 | $ | 649,456 | $ | 158,640 | $ | 108,489 | $ | 1,913 | $ | 3,610,056 | |||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Pass | Watch List | Special Mention | Substandard | Doubtful & Loss | Total | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial and industrial | $ | 234,029 | $ | 105,904 | $ | 33,795 | $ | 16,031 | $ | 252 | $ | 390,011 | |||||||||||||
SBA | 84,769 | 24,124 | 15,858 | 7,920 | 1,594 | 134,265 | |||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||
Owner occupied | 552,072 | 159,908 | 46,248 | 32,139 | — | 790,367 | |||||||||||||||||||
Non-owner occupied | 1,347,006 | 241,809 | 56,353 | 52,268 | — | 1,697,436 | |||||||||||||||||||
Construction | |||||||||||||||||||||||||
Speculative | 28,310 | 613 | — | 7,651 | — | 36,574 | |||||||||||||||||||
Non-speculative | 18,071 | 528 | — | — | — | 18,599 | |||||||||||||||||||
SFR mortgage | 174,311 | 20,218 | 2,442 | 8,153 | — | 205,124 | |||||||||||||||||||
Dairy & livestock and agribusiness | 174,783 | 85,660 | 8,612 | 10,015 | 103 | 279,173 | |||||||||||||||||||
Municipal lease finance receivables | 35,463 | 22,349 | 20,022 | — | — | 77,834 | |||||||||||||||||||
Consumer and other loans | 62,904 | 2,233 | 1,789 | 2,763 | 195 | 69,884 | |||||||||||||||||||
Total gross loans, excluding PCI loans | $ | 2,711,718 | $ | 663,346 | $ | 185,119 | $ | 136,940 | $ | 2,144 | $ | 3,699,267 | |||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||
The Company’s Credit Management Division is responsible for regularly reviewing the allowance for loan losses (“ALLL”) methodology, including loss factors and economic risk factors. The Bank’s Director Loan Committee provides Board oversight of the ALLL process and approves the ALLL methodology on a quarterly basis. | |||||||||||||||||||||||||
Our methodology for assessing the appropriateness of the allowance is conducted on a regular basis and considers the Bank’s overall loan portfolio. Refer to Note 3 – Summary of Significant Accounting Policies of the 2014 Annual Report on Form 10-K for a more detailed discussion concerning the allowance for loan losses. | |||||||||||||||||||||||||
Management believes that the ALLL was appropriate at March 31, 2015 and December 31, 2014. No assurance can be given that economic conditions which adversely affect the Company’s service areas or other circumstances will not be reflected in increased provisions for loan losses in the future. | |||||||||||||||||||||||||
The following tables present the balance and activity related to the allowance for loan losses for held-for-investment loans, excluding PCI loans, by portfolio segment for the periods presented. | |||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||
Ending | Charge-offs | Recoveries | Provision for | Ending | |||||||||||||||||||||
Balance | Loan Losses | Balance | |||||||||||||||||||||||
December 31, | March 31, | ||||||||||||||||||||||||
2014 | 2015 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial and industrial | $ | 7,074 | $ | (134 | ) | $ | 35 | $ | 527 | $ | 7,502 | ||||||||||||||
SBA | 2,557 | (33 | ) | 34 | (362 | ) | 2,196 | ||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | 33,373 | — | 857 | 618 | 34,848 | ||||||||||||||||||||
Construction | 988 | — | 9 | 46 | 1,043 | ||||||||||||||||||||
SFR mortgage | 2,344 | — | 185 | (104 | ) | 2,425 | |||||||||||||||||||
Dairy & livestock and agribusiness | 5,479 | — | 99 | (1,832 | ) | 3,746 | |||||||||||||||||||
Municipal lease finance receivables | 1,412 | — | — | (382 | ) | 1,030 | |||||||||||||||||||
Consumer and other loans | 1,262 | (177 | ) | 9 | (269 | ) | 825 | ||||||||||||||||||
Unallocated | 5,336 | — | — | 1,758 | 7,094 | ||||||||||||||||||||
Total allowance for loan losses | $ | 59,825 | $ | (344 | ) | $ | 1,228 | $ | — | $ | 60,709 | ||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Ending | Charge-offs | Recoveries | (Recapture of) | Ending | |||||||||||||||||||||
Balance | Provision for | Balance | |||||||||||||||||||||||
December 31, | Loan Losses | March 31, | |||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial and industrial | $ | 8,502 | $ | (454 | ) | $ | 392 | $ | (2,072 | ) | $ | 6,368 | |||||||||||||
SBA | 2,332 | — | 63 | 73 | 2,468 | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | 39,402 | — | 68 | (70 | ) | 39,400 | |||||||||||||||||||
Construction | 1,305 | — | 778 | (1,625 | ) | 458 | |||||||||||||||||||
SFR mortgage | 2,718 | — | — | (436 | ) | 2,282 | |||||||||||||||||||
Dairy & livestock and agribusiness | 11,728 | — | 144 | (2,605 | ) | 9,267 | |||||||||||||||||||
Municipal lease finance receivables | 2,335 | — | — | (816 | ) | 1,519 | |||||||||||||||||||
Consumer and other loans | 960 | (13 | ) | 12 | (9 | ) | 950 | ||||||||||||||||||
Unallocated | 5,953 | — | — | 60 | 6,013 | ||||||||||||||||||||
Total allowance for loan losses | $ | 75,235 | $ | (467 | ) | $ | 1,457 | $ | (7,500 | ) | $ | 68,725 | |||||||||||||
The following tables present the recorded investment in loans held-for-investment, excluding PCI loans, and the related allowance for loan losses by portfolio segment, based on the Company’s methodology for determining the allowance for loan losses for the periods presented. | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Recorded Investment in Loans | Allowance for Loan Losses | ||||||||||||||||||||||||
Individually | Collectively | Individually | Collectively | ||||||||||||||||||||||
Evaluated for | Evaluated for | Evaluated for | Evaluated for | ||||||||||||||||||||||
Impairment | Impairment | Impairment | Impairment | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial and industrial | $ | 1,611 | $ | 401,989 | $ | 592 | $ | 6,910 | |||||||||||||||||
SBA | 3,158 | 123,227 | 42 | 2,154 | |||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | 41,886 | 2,457,297 | 154 | 34,694 | |||||||||||||||||||||
Construction | 7,651 | 47,695 | — | 1,043 | |||||||||||||||||||||
SFR mortgage | 5,913 | 199,219 | — | 2,425 | |||||||||||||||||||||
Dairy & livestock and agribusiness | 7,277 | 166,164 | — | 3,746 | |||||||||||||||||||||
Municipal lease finance receivables | — | 76,220 | — | 1,030 | |||||||||||||||||||||
Consumer and other loans | 881 | 69,868 | 6 | 819 | |||||||||||||||||||||
Unallocated | — | — | — | 7,094 | |||||||||||||||||||||
Total | $ | 68,377 | $ | 3,541,679 | $ | 794 | $ | 59,915 | |||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Recorded Investment in Loans | Allowance for Loan Losses | ||||||||||||||||||||||||
Individually | Collectively | Individually | Collectively | ||||||||||||||||||||||
Evaluated for | Evaluated for | Evaluated for | Evaluated for | ||||||||||||||||||||||
Impairment | Impairment | Impairment | Impairment | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial and industrial | $ | 4,291 | $ | 354,714 | $ | 814 | $ | 5,554 | |||||||||||||||||
SBA | 1,649 | 129,999 | 68 | 2,400 | |||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | 33,907 | 2,160,144 | 320 | 39,080 | |||||||||||||||||||||
Construction | 26,688 | 16,218 | — | 458 | |||||||||||||||||||||
SFR mortgage | 11,692 | 178,207 | 47 | 2,235 | |||||||||||||||||||||
Dairy & livestock and agribusiness | 27,972 | 184,985 | 2,656 | 6,611 | |||||||||||||||||||||
Municipal lease finance receivables | — | 81,041 | — | 1,519 | |||||||||||||||||||||
Consumer and other loans | 397 | 54,418 | 96 | 854 | |||||||||||||||||||||
Unallocated | — | — | — | 6,013 | |||||||||||||||||||||
Total | $ | 106,596 | $ | 3,159,726 | $ | 4,001 | $ | 64,724 | |||||||||||||||||
Past Due and Nonperforming Loans | |||||||||||||||||||||||||
We seek to manage asset quality and control credit risk through diversification of the loan portfolio and the application of policies designed to promote sound underwriting and loan monitoring practices. The Bank’s Credit Management Division is in charge of monitoring asset quality, establishing credit policies and procedures and enforcing the consistent application of these policies and procedures across the Bank. Reviews of nonperforming, past due loans and larger credits, designed to identify potential charges to the allowance for loan losses, and to determine the appropriateness of the allowance, are conducted on an ongoing basis. These reviews consider such factors as the financial strength of borrowers and any guarantors, the value of the applicable collateral, loan loss experience, estimated loan losses, growth in the loan portfolio, prevailing economic conditions and other factors. Refer to Note 3 – Summary of Significant Accounting Policies, included in our Annual Report on Form 10-K for the year ended December 31, 2014 for additional discussion concerning the Bank’s policy for past due and nonperforming loans. | |||||||||||||||||||||||||
Loans are reported as a troubled debt restructuring when the Bank grants a concession(s) to a borrower experiencing financial difficulties that the Bank would not otherwise consider. Examples of such concessions include a reduction in the interest rate, deferral of principal or accrued interest, extending the payment due dates or loan maturity date(s), or providing a lower interest rate than would be normally available for new debt of similar risk. As a result of these concessions, restructured loans are classified as impaired. Impairment reserves on non-collateral dependent restructured loans are measured by comparing the present value of expected future cash flows on the restructured loans discounted at the interest rate of the original loan agreement to the loan’s carrying value. These impairment reserves are recognized as a specific component to be provided for in the allowance for loan losses. | |||||||||||||||||||||||||
Generally, when loans are identified as impaired they are moved to our Special Assets Department. When we identify a loan as impaired, we measure the loan for potential impairment using discounted cash flows, unless the loan is determined to be collateral dependent. In these cases, we use the current fair value of collateral, less selling costs. Generally, the determination of fair value is established through obtaining external appraisals of the collateral. | |||||||||||||||||||||||||
Speculative construction loans are generally for properties where there is no identified buyer or renter. | |||||||||||||||||||||||||
The following tables present the recorded investment in the aging of past due and nonaccrual loans, excluding PCI loans, by type of loans for the periods presented. | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
30-59 | 60-89 | Total Past | Nonaccrual | Current | Total Loans and | ||||||||||||||||||||
Days Past | Days Past | Due and | -1 | Financing | |||||||||||||||||||||
Due | Due | Accruing | Receivables | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial and industrial | $ | 112 | $ | — | $ | 112 | $ | 952 | $ | 402,536 | 403,600 | ||||||||||||||
SBA | — | — | — | 2,463 | 123,922 | 126,385 | |||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||
Owner occupied | 35 | — | 35 | 2,418 | 755,357 | 757,810 | |||||||||||||||||||
Non-owner occupied | — | — | — | 14,369 | 1,727,004 | 1,741,373 | |||||||||||||||||||
Construction | |||||||||||||||||||||||||
Speculative | — | — | — | — | 38,146 | 38,146 | |||||||||||||||||||
Non-speculative | — | — | — | — | 17,200 | 17,200 | |||||||||||||||||||
SFR mortgage | 1,613 | — | 1,613 | 2,233 | 201,286 | 205,132 | |||||||||||||||||||
Dairy & livestock and agribusiness | — | — | — | 103 | 173,338 | 173,441 | |||||||||||||||||||
Municipal lease finance receivables | — | — | — | — | 76,220 | 76,220 | |||||||||||||||||||
Consumer and other loans | 119 | 20 | 139 | 463 | 70,147 | 70,749 | |||||||||||||||||||
Total gross loans, excluding PCI Loans | $ | 1,879 | $ | 20 | $ | 1,899 | $ | 23,001 | $ | 3,585,156 | $ | 3,610,056 | |||||||||||||
-1 | As of March 31, 2015, $20.3 million of nonaccruing loans were current, $553,000 were 30-59 days past due, $86,000 were 60-89 days past due and $2.0 million were 90+ days past due. | ||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
30-59 | 60-89 | Total Past | Nonaccrual | Current | Total Loans and | ||||||||||||||||||||
Days Past | Days Past | Due and | -1 | Financing | |||||||||||||||||||||
Due | Due | Accruing | Receivables | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial and industrial | $ | 943 | $ | 35 | $ | 978 | $ | 2,308 | $ | 386,725 | $ | 390,011 | |||||||||||||
SBA | 75 | — | 75 | 2,481 | 131,709 | 134,265 | |||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||
Owner occupied | 36 | 86 | 122 | 4,072 | 786,173 | 790,367 | |||||||||||||||||||
Non-owner occupied | — | — | — | 19,246 | 1,678,190 | 1,697,436 | |||||||||||||||||||
Construction | |||||||||||||||||||||||||
Speculative | — | — | — | — | 36,574 | 36,574 | |||||||||||||||||||
Non-speculative | — | — | — | — | 18,599 | 18,599 | |||||||||||||||||||
SFR mortgage | 425 | — | 425 | 3,240 | 201,459 | 205,124 | |||||||||||||||||||
Dairy & livestock and agribusiness | — | — | — | 103 | 279,070 | 279,173 | |||||||||||||||||||
Municipal lease finance receivables | — | — | — | — | 77,834 | 77,834 | |||||||||||||||||||
Consumer and other loans | 64 | 17 | 81 | 736 | 69,067 | 69,884 | |||||||||||||||||||
Total gross loans, excluding PCI Loans | $ | 1,543 | $ | 138 | $ | 1,681 | $ | 32,186 | $ | 3,665,400 | $ | 3,699,267 | |||||||||||||
-1 | As of December 31, 2014, $20.1 million of nonaccruing loans were current, $3.7 million were 30-59 days past due, $8.5 million were 90+ days. | ||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||
At March 31, 2015, the Company had impaired loans, excluding PCI loans, of $68.4 million. Of this amount, there were $16.8 million of nonaccrual commercial real estate loans, $2.2 million of nonaccrual SFR mortgage loans, $952,000 of nonaccrual commercial and industrial loans, $103,000 of nonaccrual dairy & livestock and agribusiness loans and $463,000 of nonaccrual consumer and other loans. These impaired loans included $62.2 million of loans whose terms were modified in a troubled debt restructuring, of which $16.8 million were classified as nonaccrual. The remaining balance of $45.4 million consisted of 34 loans performing according to the restructured terms. The impaired loans had a specific allowance of $794,000 at March 31, 2015. At December 31, 2014, the Company had classified as impaired loans, excluding PCI loans, with a balance of $85.8 million with a related allowance of $1.5 million. | |||||||||||||||||||||||||
The following tables present information for held-for-investment loans, excluding PCI loans, individually evaluated for impairment by class of loans, as of and for the periods indicated below. | |||||||||||||||||||||||||
As of and For the Three Months Ended | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial and industrial | $ | 1,004 | $ | 1,819 | $ | — | $ | 1,017 | $ | 8 | |||||||||||||||
SBA | 3,117 | 3,667 | — | 3,177 | 13 | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||
Owner occupied | 6,117 | 7,167 | — | 6,185 | 64 | ||||||||||||||||||||
Non-owner occupied | 34,808 | 42,718 | — | 35,194 | 350 | ||||||||||||||||||||
Construction | |||||||||||||||||||||||||
Speculative | 7,651 | 7,651 | — | 7,651 | 96 | ||||||||||||||||||||
Non-speculative | — | — | — | — | — | ||||||||||||||||||||
SFR mortgage | 5,913 | 6,642 | — | 5,940 | 27 | ||||||||||||||||||||
Dairy & livestock and agribusiness | 7,277 | 8,991 | — | 7,533 | 85 | ||||||||||||||||||||
Municipal lease finance receivables | — | — | — | — | — | ||||||||||||||||||||
Consumer and other loans | 783 | 1,289 | — | 836 | 4 | ||||||||||||||||||||
Total | 66,670 | 79,944 | — | 67,533 | 647 | ||||||||||||||||||||
With a related allowance recorded: | |||||||||||||||||||||||||
Commercial and industrial | 607 | 680 | 592 | 617 | — | ||||||||||||||||||||
SBA | 41 | 54 | 42 | 45 | — | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||
Owner occupied | — | — | — | — | — | ||||||||||||||||||||
Non-owner occupied | 961 | 1,278 | 154 | 973 | — | ||||||||||||||||||||
Construction | |||||||||||||||||||||||||
Speculative | — | — | — | — | — | ||||||||||||||||||||
Non-speculative | — | — | — | — | — | ||||||||||||||||||||
SFR mortgage | — | — | — | — | — | ||||||||||||||||||||
Dairy & livestock and agribusiness | — | — | — | — | — | ||||||||||||||||||||
Municipal lease finance receivables | — | — | — | — | — | ||||||||||||||||||||
Consumer and other loans | 98 | 107 | 6 | 99 | — | ||||||||||||||||||||
Total | 1,707 | 2,119 | 794 | 1,734 | — | ||||||||||||||||||||
Total impaired loans | $ | 68,377 | $ | 82,063 | $ | 794 | $ | 69,267 | $ | 647 | |||||||||||||||
As of and For the Three Months Ended | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial and industrial | $ | 2,592 | $ | 2,862 | $ | — | $ | 2,596 | $ | 15 | |||||||||||||||
SBA | 1,581 | 1,997 | — | 1,634 | — | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||
Owner occupied | 10,108 | 10,768 | — | 10,221 | 117 | ||||||||||||||||||||
Non-owner occupied | 21,928 | 27,740 | — | 22,103 | 215 | ||||||||||||||||||||
Construction | |||||||||||||||||||||||||
Speculative | 17,519 | 18,407 | — | 17,550 | 77 | ||||||||||||||||||||
Non-speculative | 9,169 | 9,169 | — | 9,184 | 140 | ||||||||||||||||||||
SFR mortgage | 11,214 | 12,911 | — | 11,266 | 26 | ||||||||||||||||||||
Dairy & livestock and agribusiness | 16,582 | 17,430 | — | 16,902 | 189 | ||||||||||||||||||||
Municipal lease finance receivables | — | — | — | — | — | ||||||||||||||||||||
Consumer and other loans | 290 | 295 | — | 291 | — | ||||||||||||||||||||
Total | 90,983 | 101,579 | — | 91,747 | 779 | ||||||||||||||||||||
With a related allowance recorded: | |||||||||||||||||||||||||
Commercial and industrial | 1,699 | 2,033 | 814 | 1,701 | — | ||||||||||||||||||||
SBA | 68 | 76 | 68 | 70 | — | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||
Owner occupied | 1,871 | 2,344 | 320 | 1,871 | — | ||||||||||||||||||||
Non-owner occupied | — | — | — | — | — | ||||||||||||||||||||
Construction | |||||||||||||||||||||||||
Speculative | — | — | — | — | — | ||||||||||||||||||||
Non-speculative | — | — | — | — | — | ||||||||||||||||||||
SFR mortgage | 478 | 486 | 47 | 479 | — | ||||||||||||||||||||
Dairy & livestock and agribusiness | 11,390 | 12,042 | 2,656 | 11,608 | 75 | ||||||||||||||||||||
Municipal lease finance receivables | — | — | — | — | — | ||||||||||||||||||||
Consumer and other loans | 107 | 165 | 96 | 107 | — | ||||||||||||||||||||
Total | 15,613 | 17,146 | 4,001 | 15,836 | 75 | ||||||||||||||||||||
Total impaired loans | $ | 106,596 | $ | 118,725 | $ | 4,001 | $ | 107,583 | $ | 854 | |||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Recorded | Unpaid | Related | |||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||
Balance | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial and industrial | $ | 2,391 | $ | 3,624 | $ | — | |||||||||||||||||||
SBA | 1,853 | 2,197 | — | ||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||
Owner occupied | 16,961 | 18,166 | — | ||||||||||||||||||||||
Non-owner occupied | 30,068 | 38,156 | — | ||||||||||||||||||||||
Construction | |||||||||||||||||||||||||
Speculative | 7,651 | 7,651 | — | ||||||||||||||||||||||
Non-speculative | — | — | — | ||||||||||||||||||||||
SFR mortgage | 6,512 | 7,493 | — | ||||||||||||||||||||||
Dairy & livestock and agribusiness | 15,796 | 17,587 | — | ||||||||||||||||||||||
Municipal lease finance receivables | — | — | — | ||||||||||||||||||||||
Consumer and other loans | 673 | 1,094 | — | ||||||||||||||||||||||
Total | 81,905 | 95,968 | — | ||||||||||||||||||||||
With a related allowance recorded: | |||||||||||||||||||||||||
Commercial and industrial | 629 | 698 | 615 | ||||||||||||||||||||||
SBA | 1,327 | 1,591 | 296 | ||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||
Owner occupied | — | — | — | ||||||||||||||||||||||
Non-owner occupied | 982 | 1,278 | 154 | ||||||||||||||||||||||
Construction | |||||||||||||||||||||||||
Speculative | — | — | — | ||||||||||||||||||||||
Non-speculative | — | — | — | ||||||||||||||||||||||
SFR mortgage | 467 | 484 | 35 | ||||||||||||||||||||||
Dairy & livestock and agribusiness | — | — | — | ||||||||||||||||||||||
Municipal lease finance receivables | — | — | — | ||||||||||||||||||||||
Consumer and other loans | 482 | 508 | 449 | ||||||||||||||||||||||
Total | 3,887 | 4,559 | 1,549 | ||||||||||||||||||||||
Total impaired loans | $ | 85,792 | $ | 100,527 | $ | 1,549 | |||||||||||||||||||
The Company recognizes the charge-off of impairment allowance on impaired loans in the period in which a loss is identified for collateral dependent loans. Therefore, the majority of the nonaccrual loans as of March 31, 2015 and December 31, 2014 have already been written down to the estimated net realizable value. The impaired loans with a related allowance recorded are on nonaccrual loans where a charge-off is not yet processed, on nonaccrual SFR loans where there is a potential modification in process, or on smaller balance non-collateral dependent loans. | |||||||||||||||||||||||||
Reserve for Unfunded Loan Commitments | |||||||||||||||||||||||||
The allowance for off-balance sheet credit exposure relates to commitments to extend credit, letters of credit and undisbursed funds on lines of credit. The Company evaluates credit risk associated with the off-balance sheet commitments at the same time it evaluates credit risk associated with the loan and lease portfolio. The Company recorded a reduction of the reserve for unfunded loan commitments of $500,000 for the quarter ended March 31, 2015, compared with no provision or reduction of the reserve for unfunded loan commitments for the same period of 2014. At March 31, 2015 and December 31, 2014, the balance of the reserve was $7.2 million and $7.7 million, respectively, and was included in other liabilities. | |||||||||||||||||||||||||
Troubled Debt Restructurings (“TDRs”) | |||||||||||||||||||||||||
Loans that are reported as TDRs are considered impaired and charge-off amounts are taken on an individual loan basis, as deemed appropriate. The majority of restructured loans are loans for which the terms of repayment have been renegotiated, resulting in a reduction in interest rate or deferral of principal. Refer to Note 3 – Summary of Significant Accounting Policies, included in our Annual Report on Form 10-K for the year ended December 31, 2014 for a more detailed discussion regarding TDRs. | |||||||||||||||||||||||||
As of March 31, 2015, there were $62.2 million of loans classified as TDRs, of which $16.8 million were nonperforming and $45.4 million were performing. TDRs on accrual status are comprised of loans that were accruing interest at the time of restructuring or have demonstrated repayment performance in compliance with the restructured terms for a sustained period and for which the Company anticipates full repayment of both principal and interest. At March 31, 2015, performing TDRs were comprised of 12 commercial real estate loans of $25.1 million, one construction loan of $7.6 million, five dairy & livestock loans of $7.2 million, 11 SFR mortgage loans of $3.7 million, four commercial and industrial loans of $1.4 million and one consumer other loan of $418,000. There were no loans removed from TDR classification during the quarters ended March 31, 2015 and 2014. | |||||||||||||||||||||||||
The majority of TDRs have no specific allowance allocated as any impairment amount is normally charged off at the time a probable loss is determined. We have allocated $707,000 and $726,000 of specific allowance to TDRs as of March 31, 2015 and December 31, 2014, respectively. | |||||||||||||||||||||||||
The following tables provide a summary of the activity related to TDRs for the periods presented. | |||||||||||||||||||||||||
For the Three Months March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Performing TDRs: | |||||||||||||||||||||||||
Beginning balance | $ | 53,589 | $ | 66,955 | |||||||||||||||||||||
New modifications | — | 41 | |||||||||||||||||||||||
Payoffs and payments, net | (8,729 | ) | (602 | ) | |||||||||||||||||||||
TDRs returned to accrual status | 516 | — | |||||||||||||||||||||||
TDRs placed on nonaccrual status | — | — | |||||||||||||||||||||||
Ending balance | $ | 45,376 | $ | 66,394 | |||||||||||||||||||||
For the Three Months March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Nonperforming TDRs: | |||||||||||||||||||||||||
Beginning balance | $ | 20,285 | $ | 25,119 | |||||||||||||||||||||
New modifications (1) | — | — | |||||||||||||||||||||||
Charge-offs | — | — | |||||||||||||||||||||||
Payoffs and payments, net | (2,995 | ) | (1,151 | ) | |||||||||||||||||||||
TDRs returned to accrual status | (516 | ) | — | ||||||||||||||||||||||
TDRs placed on nonaccrual status | — | — | |||||||||||||||||||||||
Ending balance | $ | 16,774 | $ | 23,968 | |||||||||||||||||||||
The following tables summarize loans modified as troubled debt restructurings for the periods presented. | |||||||||||||||||||||||||
Modifications (1) | |||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | Outstanding Recorded | Financial Effect | |||||||||||||||||||||
Loans | Outstanding | Outstanding | Investment at | Resulting From | |||||||||||||||||||||
Recorded | Recorded | March 31, 2015 | Modifications (2) | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial and industrial: | |||||||||||||||||||||||||
Interest rate reduction | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Change in amortization period or maturity | — | — | — | — | — | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner occupied | |||||||||||||||||||||||||
Interest rate reduction | — | — | — | — | — | ||||||||||||||||||||
Change in amortization period or maturity | — | — | — | — | |||||||||||||||||||||
Non-owner occupied | |||||||||||||||||||||||||
Interest rate reduction | — | — | — | — | — | ||||||||||||||||||||
Change in amortization period or maturity | — | — | — | — | — | ||||||||||||||||||||
Dairy & livestock and agribusiness: | |||||||||||||||||||||||||
Interest rate reduction | — | — | — | — | — | ||||||||||||||||||||
Change in amortization period or maturity | — | — | — | — | — | ||||||||||||||||||||
Consumer | |||||||||||||||||||||||||
Interest rate reduction | — | — | — | — | — | ||||||||||||||||||||
Total loans | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | Outstanding Recorded | Financial Effect | |||||||||||||||||||||
Loans | Outstanding | Outstanding | Investment at | Resulting From | |||||||||||||||||||||
Recorded | Recorded | March 31, 2014 | Modifications (2) | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial and industrial: | |||||||||||||||||||||||||
Interest rate reduction | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Change in amortization period or maturity | 1 | 41 | 41 | 39 | — | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner occupied | |||||||||||||||||||||||||
Interest rate reduction | — | — | — | — | — | ||||||||||||||||||||
Change in amortization period or maturity | — | — | — | — | — | ||||||||||||||||||||
Non-owner occupied | — | ||||||||||||||||||||||||
Interest rate reduction | — | — | — | — | |||||||||||||||||||||
Change in amortization period or maturity | — | — | — | — | — | ||||||||||||||||||||
Dairy & livestock and agribusiness: | |||||||||||||||||||||||||
Interest rate reduction | — | — | — | — | — | ||||||||||||||||||||
Change in amortization period or maturity | — | ||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||
Interest rate reduction | — | — | — | — | — | ||||||||||||||||||||
Total loans | 1 | $ | 41 | $ | 41 | $ | 39 | $ | — | ||||||||||||||||
-1 | The tables exclude modified loans that were paid off prior to the end of the period. | ||||||||||||||||||||||||
-2 | Financial effects resulting from modifications represent charge-offs and specific allowance recorded at modification date. | ||||||||||||||||||||||||
As of March 31, 2015, there were no loans that were previously modified as a TDRs within the previous 12 months that subsequently defaulted during the three months ended March 31, 2015. |
Earnings_Per_Share_Reconciliat
Earnings Per Share Reconciliation | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share Reconciliation | 7. EARNINGS PER SHARE RECONCILIATION | ||||||||
Basic earnings per common share are computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding during each period. The computation of diluted earnings per common share considers the number of tax-effected shares issuable upon the assumed exercise of outstanding common stock options. Antidilutive common shares are not included in the calculation of diluted earnings per common share. For the three months ended March 31, 2015 and 2014, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share were 235,000 and 130,000 shares, respectively. | |||||||||
The table below summarizes earnings per common share and diluted earnings per common share, and reconciles the numerator and denominator of both earnings per common share calculations. | |||||||||
For the Thee Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands, except per share amounts) | |||||||||
Earnings per common share: | |||||||||
Net earnings | $ | 15,833 | $ | 28,661 | |||||
Less: Net earnings allocated to restricted stock | 81 | 127 | |||||||
Net earnings allocated to common shareholders | $ | 15,752 | $ | 28,534 | |||||
Weighted average shares outstanding | 105,523 | 105,192 | |||||||
Basic earnings per common share | $ | 0.15 | $ | 0.27 | |||||
Diluted earnings per common share: | |||||||||
Net income allocated to common shareholders | $ | 15,752 | $ | 28,534 | |||||
Weighted average shares outstanding | 105,523 | 105,192 | |||||||
Incremental shares from assumed exercise of outstanding options | 436 | 599 | |||||||
Diluted weighted average shares outstanding | 105,959 | 105,791 | |||||||
Diluted earnings per common share | $ | 0.15 | $ | 0.27 | |||||
Fair_Value_Information
Fair Value Information | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Fair Value Information | 8. FAIR VALUE INFORMATION | ||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. | |||||||||||||||||||||
The following disclosure provides the fair value information for financial assets and liabilities as of March 31, 2015. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels (Level 1, Level 2, and Level 3). | |||||||||||||||||||||
• | Level 1 — Valuation is based upon quoted prices for identical instruments traded in active markets. | ||||||||||||||||||||
• | Level 2 — Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | ||||||||||||||||||||
• | Level 3 — Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flows and similar techniques. | ||||||||||||||||||||
There were no transfers in and out of Level 1 and Level 2 measurements during the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||
Determination of Fair Value | |||||||||||||||||||||
The following is a description of valuation methodologies used for assets and liabilities recorded at fair value and for estimating fair value for financial instruments not recorded at fair value. | |||||||||||||||||||||
Cash and Cash Equivalents— The carrying amount of cash and cash equivalents is considered to approximate fair value due to the liquidity of these instruments. | |||||||||||||||||||||
Interest-Bearing Balances Due from Depository Institutions — The carrying value of due from depository institutions is considered to approximate fair value due to the short-term nature of these deposits. | |||||||||||||||||||||
FHLB Stock — The carrying amount of FHLB stock approximates fair value, as the stock may be sold back to the FHLB at carrying value. | |||||||||||||||||||||
Investment Securities Held–to- Maturity — Investment securities held-to-maturity are valued based upon quotes obtained from an independent third-party pricing service. The Company categorized its held-to-maturity investment as a Level 3 valuation. | |||||||||||||||||||||
Investment Securities Available-for-Sale — Investment securities available-for-sale are generally valued based upon quotes obtained from an independent third-party pricing service, which uses evaluated pricing applications and model processes. Observable market inputs, such as, benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data are considered as part of the evaluation. The inputs are related directly to the security being evaluated, or indirectly to a similarly situated security. Market assumptions and market data are utilized in the valuation models. The Company reviews the market prices provided by the third-party pricing service for reasonableness based on the Company’s understanding of the market place and credit issues related to the securities. The Company has not made any adjustments to the market quotes provided by them and accordingly, the Company categorized its investment portfolio within Level 2 of the fair value hierarchy. | |||||||||||||||||||||
Loans Held-for-Sale — Loans held-for-sale are carried at the lower of cost or fair value. The fair value is derived from third party sale analysis, existing sale agreements, or appraisal reports on the loans’ underlying collateral. | |||||||||||||||||||||
Loans — The carrying amount of loans and lease finance receivables is their contractual amounts outstanding, reduced by deferred net loan origination fees, purchase price discounts and the allocable portion of the allowance for loan losses. | |||||||||||||||||||||
The fair value of loans, other than loans on nonaccrual status, was estimated by discounting the remaining contractual cash flows using the estimated current rate at which similar loans would be made to borrowers with similar credit risk characteristics and for the same remaining maturities, reduced by deferred net loan origination fees and the allocable portion of the allowance for loan losses. Accordingly, in determining the estimated current rate for discounting purposes, no adjustment has been made for any change in borrowers’ specific credit risks since the origination or purchase of such loans. Rather, the allocable portion of the allowance for loan losses and the purchase price discounts are considered to provide for such changes in estimating fair value. As a result, this fair value is not necessarily the value which would be derived using an exit price. These loans are included within Level 3 of the fair value hierarchy. | |||||||||||||||||||||
Impaired loans and OREO are generally measured using the fair value of the underlying collateral, which is determined based on the most recent appraisal information received, less costs to sell. Appraised values may be adjusted based on factors such as the changes in market conditions from the time of valuation or discounted cash flows of the property. As such, these loans and OREO fall within Level 3 of the fair value hierarchy. | |||||||||||||||||||||
The majority of our commitments to extend credit carry current market interest rates if converted to loans. Because these commitments are generally unassignable by either the borrower or us, they only have value to the borrower and us. The estimated fair value approximates the recorded deferred fee amounts and is excluded from the following table because it is not material. | |||||||||||||||||||||
Swaps — The fair value of the interest rate swap contracts are provided by our counterparty using a system that constructs a yield curve based on cash LIBOR rates, Eurodollar futures contracts, and 3-year through 30-year swap rates. The yield curve determines the valuations of the interest rate swaps. Accordingly, the swap is categorized as a Level 2 valuation. | |||||||||||||||||||||
Deposits & Borrowings — The amounts payable to depositors for demand, savings, and money market accounts, and short-term borrowings are considered to approximate fair value. The fair value of fixed-maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. The fair value of long-term borrowings and junior subordinated debentures is estimated using the rates currently offered for borrowings of similar remaining maturities. Interest-bearing deposits and borrowings are included within Level 2 of the fair value hierarchy. | |||||||||||||||||||||
Accrued Interest Receivable/Payable — The amounts of accrued interest receivable on loans and lease finance receivables and investments and accrued interest payable on deposits and borrowings are considered to approximate fair value and are included within Level 2 of the fair value hierarchy. | |||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||
The tables below present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented. | |||||||||||||||||||||
Carrying Value at | Quoted Prices in | Significant Other | Significant | ||||||||||||||||||
Active Markets | Observable Inputs | Unobservable | |||||||||||||||||||
for Identical | Inputs | ||||||||||||||||||||
Assets | |||||||||||||||||||||
March 31, 2015 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Description of assets | |||||||||||||||||||||
Investment securities - AFS: | |||||||||||||||||||||
Government agency | $ | 329,866 | $ | — | $ | 329,866 | $ | — | |||||||||||||
Residential mortgage-backed securities | 1,855,154 | — | 1,855,154 | — | |||||||||||||||||
CMO’s / REMIC’s - residential | 288,244 | — | 288,244 | — | |||||||||||||||||
Municipal bonds | 549,844 | — | 549,844 | — | |||||||||||||||||
Other securities | 5,181 | — | 5,181 | — | |||||||||||||||||
Total investment securities - AFS | 3,028,289 | — | 3,028,289 | — | |||||||||||||||||
Interest rate swaps | 11,624 | — | 11,624 | — | |||||||||||||||||
Total assets | $ | 3,039,913 | $ | — | $ | 3,039,913 | $ | — | |||||||||||||
Description of liability | |||||||||||||||||||||
Interest rate swaps | $ | 11,624 | $ | — | $ | 11,624 | $ | — | |||||||||||||
Total liabilities | $ | 11,624 | $ | — | $ | 11,624 | $ | — | |||||||||||||
Carrying Value at | Quoted Prices in | Significant Other | Significant | ||||||||||||||||||
Active Markets | Observable Inputs | Unobservable | |||||||||||||||||||
for Identical | Inputs | ||||||||||||||||||||
Assets | |||||||||||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Description of assets | |||||||||||||||||||||
Investment securities - AFS: | |||||||||||||||||||||
Government agency | $ | 330,843 | $ | — | $ | 330,843 | $ | — | |||||||||||||
Residential mortgage-backed securities | 1,917,496 | — | 1,917,496 | — | |||||||||||||||||
CMO’s / REMIC’s - residential | 304,091 | — | 304,091 | — | |||||||||||||||||
Municipal bonds | 579,641 | — | 579,641 | — | |||||||||||||||||
Other securities | 5,087 | — | 5,087 | — | |||||||||||||||||
Total investment securities - AFS | 3,137,158 | — | 3,137,158 | — | |||||||||||||||||
Interest rate swaps | 10,080 | — | 10,080 | — | |||||||||||||||||
Total assets | $ | 3,147,238 | $ | — | $ | 3,147,238 | $ | — | |||||||||||||
Description of liability | |||||||||||||||||||||
Interest rate swaps | $ | 10,080 | $ | — | $ | 10,080 | $ | — | |||||||||||||
Total liabilities | $ | 10,080 | $ | — | $ | 10,080 | $ | — | |||||||||||||
Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis | |||||||||||||||||||||
We may be required to measure certain assets at fair value on a non-recurring basis in accordance with GAAP. These adjustments to fair value usually result from application of lower of cost or fair value accounting or write-downs of individual assets. For assets measured at fair value on a non-recurring basis that were still held on the balance sheet at March 31, 2015 and December 31, 2014, respectively, the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related assets for investments that experienced losses during the period. | |||||||||||||||||||||
Carrying Value at | Quoted Prices in | Significant | Significant | Total Losses | |||||||||||||||||
Active Markets | Other | Unobservable | For the Three | ||||||||||||||||||
for Identical | Observable | Inputs | Months Ended | ||||||||||||||||||
Assets | Inputs | ||||||||||||||||||||
March 31, 2015 | (Level 1) | (Level 2) | (Level 3) | March 31, 2015 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Description of assets | |||||||||||||||||||||
Impaired loans, excluding PCI Loans: | |||||||||||||||||||||
Commercial and industrial | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
SBA | — | — | — | — | — | ||||||||||||||||
Real estate: | |||||||||||||||||||||
Commercial real estate | — | — | — | — | — | ||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||
SFR mortgage | — | — | — | — | — | ||||||||||||||||
Dairy & livestock and agribusiness | — | — | — | — | — | ||||||||||||||||
Consumer and other loans | 209 | — | — | 209 | 76 | ||||||||||||||||
Other real estate owned | 340 | — | — | 340 | 33 | ||||||||||||||||
Total assets | $ | 549 | $ | — | $ | — | $ | 549 | $ | 109 | |||||||||||
Carrying Value at | Quoted Prices in | Significant | Significant | Total Losses | |||||||||||||||||
Active Markets | Other | Unobservable | For the Year Ended | ||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | ||||||||||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | 31-Dec-14 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Description of assets | |||||||||||||||||||||
Impaired loans, excluding PCI Loans: | |||||||||||||||||||||
Commercial and industrial | $ | 1,911 | $ | — | $ | — | $ | 1,911 | $ | 771 | |||||||||||
SBA | 1,327 | — | — | 1,327 | 296 | ||||||||||||||||
Real estate: | |||||||||||||||||||||
Commercial real estate | 2,500 | — | — | 2,500 | 271 | ||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||
SFR mortgage | — | — | — | — | — | ||||||||||||||||
Dairy & livestock and agribusiness | 103 | — | — | 103 | 1,061 | ||||||||||||||||
Consumer and other loans | 482 | — | — | 482 | 447 | ||||||||||||||||
Other real estate owned | — | — | — | — | — | ||||||||||||||||
Total assets | $ | 6,323 | $ | — | $ | — | $ | 6,323 | $ | 2,846 | |||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||
The following disclosure presents estimated fair value of financial instruments. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to develop the estimates of fair value. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company may realize in a current market exchange as of March 31, 2015 and December 31, 2014, respectively. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. | |||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Amount | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Total cash and cash equivalents | $ | 401,372 | $ | 401,372 | $ | — | $ | — | $ | 401,372 | |||||||||||
Interest-earning balances due from depository institutions | 25,873 | — | 25,873 | — | 25,873 | ||||||||||||||||
FHLB stock | 25,338 | — | 25,338 | — | 25,338 | ||||||||||||||||
Investment securities available-for-sale | 3,028,289 | — | 3,028,289 | — | 3,028,289 | ||||||||||||||||
Investment securities held-to-maturity | 1,464 | — | — | 2,040 | 2,040 | ||||||||||||||||
Loans held-for-sale | — | — | — | — | — | ||||||||||||||||
Total loans, net of allowance for loan losses | 3,655,314 | — | — | 3,704,042 | 3,704,042 | ||||||||||||||||
Accrued interest receivable | 22,872 | — | 22,872 | — | 22,872 | ||||||||||||||||
Swaps | 11,624 | — | 11,624 | — | 11,624 | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Noninterest-bearing | $ | 3,126,928 | $ | 3,126,928 | $ | — | $ | — | $ | 3,126,928 | |||||||||||
Interest-bearing | 2,770,848 | — | 2,771,030 | — | 2,771,030 | ||||||||||||||||
Borrowings | 560,352 | — | 560,291 | — | 560,291 | ||||||||||||||||
Junior subordinated debentures | 25,774 | — | 26,016 | — | 26,016 | ||||||||||||||||
Accrued interest payable | 306 | — | 306 | — | 306 | ||||||||||||||||
Swaps | 11,624 | — | 11,624 | — | 11,624 | ||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Amount | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Total cash and cash equivalents | $ | 105,768 | $ | 105,768 | $ | — | $ | — | $ | 105,768 | |||||||||||
Interest-earning balances due from depository institutions | 27,118 | — | 27,118 | — | 27,118 | ||||||||||||||||
FHLB stock | 25,338 | — | 25,338 | — | 25,338 | ||||||||||||||||
Investment securities available-for-sale | 3,137,158 | — | 3,137,158 | — | 3,137,158 | ||||||||||||||||
Investment securities held-to-maturity | 1,528 | — | — | 2,177 | 2,177 | ||||||||||||||||
Loans held-for-sale | — | — | — | — | — | ||||||||||||||||
Total loans, net of allowance for loan losses | 3,757,242 | — | — | 3,794,454 | 3,794,454 | ||||||||||||||||
Accrued interest receivable | 23,194 | — | 23,194 | — | 23,194 | ||||||||||||||||
Swaps | 10,080 | — | 10,080 | — | 10,080 | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Noninterest-bearing | $ | 2,866,365 | $ | 2,866,365 | $ | — | $ | — | $ | 2,866,365 | |||||||||||
Interest-bearing | 2,738,293 | — | 2,739,221 | — | 2,739,221 | ||||||||||||||||
Borrowings | 809,106 | — | 822,607 | — | 822,607 | ||||||||||||||||
Junior subordinated debentures | 25,774 | — | 26,005 | — | 26,005 | ||||||||||||||||
Accrued interest payable | 1,161 | — | 1,161 | — | 1,161 | ||||||||||||||||
Swaps | 10,080 | — | 10,080 | — | 10,080 | ||||||||||||||||
The fair value estimates presented herein are based on pertinent information available to management as of March 31, 2015 and December 31, 2014. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date, and therefore, current estimates of fair value may differ significantly from the amounts presented above. |
Business_Segments
Business Segments | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Business Segments | 9. BUSINESS SEGMENTS | ||||||||||||||||||||
The Company has identified two principal reportable segments: Business Financial and Commercial Banking Centers (“Centers”) and the Treasury Department. The Company’s subsidiary bank has 40 Business Financial Centers and seven Commercial Banking Centers organized in geographic regions, which are the focal points for customer sales and services. The Company utilizes an internal reporting system to measure the performance of various operating segments within the Bank which is the basis for determining the Bank’s reportable segments. The chief operating decision maker (currently our CEO) regularly reviews the financial information of these segments in deciding how to allocate resources and to assess performance. Centers are considered one operating segment as their products and services are similar and are sold to similar types of customers, have similar production and distribution processes, have similar economic characteristics, and have similar reporting and organizational structures. The Treasury Department’s primary focus is managing the Bank’s investments, liquidity and interest rate risk. Information related to the Company’s remaining operating segments, which include construction lending, dairy & livestock and agribusiness lending, leasing, CitizensTrust, and centralized functions have been aggregated and included in “Other.” In addition, the Company allocates internal funds transfer pricing to the segments using a methodology that charges users of funds interest expense and credits providers of funds interest income with the net effect of this allocation being recorded in administration. | |||||||||||||||||||||
The following table represents the selected financial information for these two business segments. GAAP does not have an authoritative body of knowledge regarding the management accounting used in presenting segment financial information. The accounting policies for each of the business units is the same as those policies identified for the consolidated Company and disclosed in Note 3 — Summary of Significant Accounting Policies, included in our Annual Report on Form 10-K for the year ended December 31, 2014. The income numbers represent the actual income and expenses of each business unit. In addition, each segment has allocated income and expenses based on management’s internal reporting system, which allows management to determine the performance of each of its business units. Loan fees included in the Centers category are the actual loan fees paid to the Company by its customers. These fees are eliminated and deferred in the “Other” category, resulting in deferred loan fees for the condensed consolidated financial statements. All income and expense items not directly associated with the two business segments are grouped in the “Other” category. Future changes in the Company’s management structure or reporting methodologies may result in changes in the measurement of operating segment results. | |||||||||||||||||||||
The following tables present the operating results and other key financial measures for the individual operating segments for the periods presented. | |||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||
Centers | Treasury | Other | Eliminations | Total | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Interest income, including loan fees | $ | 35,368 | $ | 18,655 | $ | 10,157 | $ | — | $ | 64,180 | |||||||||||
Credit for funds provided (1) | 8,211 | — | 12,641 | (20,852 | ) | — | |||||||||||||||
Total interest income | 43,579 | 18,655 | 22,798 | (20,852 | ) | 64,180 | |||||||||||||||
Interest expense | 1,663 | 1,431 | 77 | — | 3,171 | ||||||||||||||||
Charge for funds used (1) | 1,067 | 14,806 | 4,979 | (20,852 | ) | — | |||||||||||||||
Total interest expense | 2,730 | 16,237 | 5,056 | (20,852 | ) | 3,171 | |||||||||||||||
Net interest income | 40,849 | 2,418 | 17,742 | — | 61,009 | ||||||||||||||||
Provision for loan losses | — | — | — | — | — | ||||||||||||||||
Net interest income after provision for loan losses | 40,849 | 2,418 | 17,742 | — | 61,009 | ||||||||||||||||
Noninterest income | 5,067 | — | 2,944 | — | 8,011 | ||||||||||||||||
Noninterest expense | 11,849 | 213 | 18,540 | — | 30,602 | ||||||||||||||||
Debt termination expense | — | 13,870 | — | — | 13,870 | ||||||||||||||||
Segment pre-tax profit | $ | 34,067 | $ | (11,665 | ) | $ | 2,146 | $ | — | $ | 24,548 | ||||||||||
Segment assets as of March 31, 2015 | $ | 6,216,028 | $ | 3,450,529 | $ | 898,554 | $ | (3,122,160 | ) | $ | 7,442,951 | ||||||||||
-1 | Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. | ||||||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||
Centers | Treasury | Other | Eliminations | Total | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Interest income, including loan fees | $ | 33,091 | $ | 16,432 | $ | 11,539 | $ | — | $ | 61,062 | |||||||||||
Credit for funds provided (1) | 7,074 | — | 11,463 | (18,537 | ) | — | |||||||||||||||
Total interest income | 40,165 | 16,432 | 23,002 | (18,537 | ) | 61,062 | |||||||||||||||
Interest expense | 1,637 | 2,373 | 110 | — | 4,120 | ||||||||||||||||
Charge for funds used (1) | 1,090 | 12,797 | 4,650 | (18,537 | ) | — | |||||||||||||||
Total interest expense | 2,727 | 15,170 | 4,760 | (18,537 | ) | 4,120 | |||||||||||||||
Net interest income | 37,438 | 1,262 | 18,242 | — | 56,942 | ||||||||||||||||
Provision for loan losses | — | — | (7,500 | ) | — | (7,500 | ) | ||||||||||||||
Net interest income after provision for loan losses | 37,438 | 1,262 | 25,742 | — | 64,442 | ||||||||||||||||
Noninterest income | 4,782 | — | 6,716 | — | 11,498 | ||||||||||||||||
Noninterest expense | 11,828 | 196 | 19,133 | — | 31,157 | ||||||||||||||||
Debt termination expense | — | — | — | — | — | ||||||||||||||||
Segment pre-tax profit | $ | 30,392 | $ | 1,066 | $ | 13,325 | $ | — | $ | 44,783 | |||||||||||
Segment assets as of March 31, 2014 | $ | 5,525,494 | $ | 3,264,736 | $ | 843,026 | $ | (2,730,738 | ) | $ | 6,902,518 | ||||||||||
-1 | Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||
Derivative Financial Instruments | 10. DERIVATIVE FINANCIAL INSTRUMENTS | ||||||||||||
The Bank is exposed to certain risks relating to its ongoing business operations and utilizes interest rate swap agreements (“swaps”) as part of its asset/liability management strategy to help manage its interest rate risk position. As of March 31, 2015, the Bank has entered into 75 interest-rate swap agreements with customers, all of which also involve a counterparty bank. The swap agreements are not designated as hedging instruments. The purpose of entering into offsetting derivatives not designated as a hedging instrument is to provide the Bank a variable-rate loan receivable and provide the customer the financial effects of a fixed-rate loan without creating significant volatility in the Bank’s earnings. | |||||||||||||
The structure of the swaps is as follows. The Bank enters into a swap with its customers to allow them to convert variable rate loans to fixed rate loans, and at the same time, the Bank enters into a swap with the counterparty bank to allow the Bank to pass on the interest-rate risk associated with fixed rate loans. The net effect of the transaction allows the Bank to receive interest on the loan from the customer at a variable rate based on LIBOR plus a spread. The changes in the fair value of the swaps primarily offset each other and therefore should not have a significant impact on the Company’s results of operations, although the Company does incur credit and counterparty risk with respect to performance on the swap agreements by the Bank’s customer and counterparty, respectively. Our interest rate swap derivatives are subject to a master netting arrangement with one counterparty bank. None of our derivative assets and liabilities are offset in the balance sheet. | |||||||||||||
We believe our risk of loss associated with our counterparty borrowers related to interest rate swaps is mitigated as the loans with swaps are underwritten to take into account potential additional exposure, although there can be no assurances in this regard since the performance of our swaps is subject to market and counterparty risk. | |||||||||||||
Balance Sheet Classification of Derivative Financial Instruments | |||||||||||||
As of March 31, 2015 and December 31, 2014, the total notional amount of the Company’s swaps was $193.8 million, and $197.4 million, respectively. The location of the asset and liability, and their respective fair values are summarized in the table below. | |||||||||||||
March 31, 2015 | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||
Location | Value | Location | Value | ||||||||||
(Dollars in thousands) | |||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||
Interest rate swaps | Other assets | $ | 11,624 | Other liabilities | $ | 11,624 | |||||||
Total derivatives | $ | 11,624 | $ | 11,624 | |||||||||
31-Dec-14 | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||
Location | Value | Location | Value | ||||||||||
(Dollars in thousands) | |||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||
Interest rate swaps | Other assets | $ | 10,080 | Other liabilities | $ | 10,080 | |||||||
Total derivatives | $ | 10,080 | $ | 10,080 | |||||||||
The Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of Earnings | |||||||||||||
There was no gain recognized in the condensed consolidated statements of earnings for the three months ended March 31, 2015 and 2014. |
Other_Comprehensive_Income_Los
Other Comprehensive Income (Loss) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Other Comprehensive Income (Loss) | 11. OTHER COMPREHENSIVE INCOME (LOSS) | ||||||||||||
The tables below provide a summary of the components of other comprehensive income (“OCI”) for the periods presented. | |||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||
Before-Tax | Tax Effect | After-Tax | |||||||||||
(Dollars in thousands) | |||||||||||||
Investment securities available-for-sale: | |||||||||||||
Net change in fair value recorded in accumulated OCI | $ | 20,270 | $ | 8,514 | $ | 11,756 | |||||||
Net change | $ | 20,270 | $ | 8,514 | $ | 11,756 | |||||||
For the Three Months Ended March 31, 2014 | |||||||||||||
Before-Tax | Tax Effect | After-Tax | |||||||||||
(Dollars in thousands) | |||||||||||||
Investment securities available-for-sale: | |||||||||||||
Net change in fair value recorded in accumulated OCI | $ | 24,781 | $ | 10,407 | $ | 14,374 | |||||||
Net change | $ | 24,781 | $ | 10,407 | $ | 14,374 | |||||||
The following table provides a summary of the change in accumulated other comprehensive income for the periods presented. | |||||||||||||
Investment Securities | |||||||||||||
Available-for-Sale | |||||||||||||
(Dollars in thousands) | |||||||||||||
Balance, January 1, 2015 | $ | 31,075 | |||||||||||
Net change in fair value recorded in accumulated OCI | 11,756 | ||||||||||||
Net realized gains reclassified into earnings | — | ||||||||||||
Balance, March 31, 2015 | $ | 42,831 | |||||||||||
Investment Securities | |||||||||||||
Available-for-Sale | |||||||||||||
(Dollars in thousands) | |||||||||||||
Balance, January 1, 2014 | $ | (9,330 | ) | ||||||||||
Net change in fair value recorded in accumulated OCI | 14,374 | ||||||||||||
Net realized gains reclassified into earnings | — | ||||||||||||
Balance, March 31, 2014 | $ | 5,044 | |||||||||||
Balance_Sheet_Offsetting
Balance Sheet Offsetting | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||
Balance Sheet Offsetting | 12. BALANCE SHEET OFFSETTING | ||||||||||||||||||||||||
Assets and liabilities relating to certain financial instruments, including, derivatives and securities sold under repurchase agreements (“repurchase agreements”), may be eligible for offset in the condensed consolidated balance sheets as permitted under accounting guidance. As noted above, our interest rate swap derivatives are subject to a master netting arrangement with one counterparty bank. Our interest rate swap derivatives require the Company to pledge investment securities as collateral based on certain risk thresholds. Investment securities that have been pledged by the Company to the counterparty bank continue to be reported in the Company’s condensed consolidated balance sheets unless the Company defaults. In November 2006, we began offering a repurchase agreement product to our customers, which include master netting agreements that allow for the netting of collateral positions. This product, known as Citizens Sweep Manager, sells certain of our securities overnight to our customers under an agreement to repurchase them the next day. The repurchase agreements are not offset in the condensed consolidated balances. | |||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts of | Gross Amounts Not Offset in | Net Amount | |||||||||||||||||||||
Recognized in | offset in the | Assets Presented | the Condensed Consolidated | ||||||||||||||||||||||
the Condensed | Condensed | in the Condensed | Balance Sheets | ||||||||||||||||||||||
Consolidated | Consolidated | Consolidated | |||||||||||||||||||||||
Balance Sheets | Balance Sheets | Balance Sheets | Financial | Collateral | |||||||||||||||||||||
Instruments | Pledged | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | $ | 11,624 | $ | — | $ | — | $ | 11,624 | $ | — | $ | 11,624 | |||||||||||||
Total | $ | 11,624 | $ | — | $ | — | $ | 11,624 | $ | — | $ | 11,624 | |||||||||||||
Financial liabilities: | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | $ | 11,624 | $ | — | $ | 11,624 | $ | — | $ | (16,761 | ) | $ | (5,137 | ) | |||||||||||
Repurchase agreements | 560,352 | — | 560,352 | — | (687,017 | ) | (126,665 | ) | |||||||||||||||||
Total | $ | 571,976 | $ | — | $ | 571,976 | $ | — | $ | (703,778 | ) | $ | (131,802 | ) | |||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | $ | 10,080 | $ | — | $ | — | $ | 10,080 | $ | — | $ | 10,080 | |||||||||||||
Total | $ | 10,080 | $ | — | $ | — | $ | 10,080 | $ | — | $ | 10,080 | |||||||||||||
Financial liabilities: | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | $ | 10,200 | $ | (120 | ) | $ | 10,080 | $ | 120 | $ | (16,734 | ) | $ | (6,534 | ) | ||||||||||
Repurchase agreements | 563,627 | — | 563,627 | — | (624,578 | ) | (60,951 | ) | |||||||||||||||||
Total | $ | 573,827 | $ | (120 | ) | $ | 573,707 | $ | 120 | $ | (641,312 | ) | $ | (67,485 | ) | ||||||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 3 Months Ended | |||
Mar. 31, 2015 | ||||
Accounting Policies [Abstract] | ||||
Reclassification | Reclassification – Certain amounts in the prior periods’ condensed consolidated financial statements and related footnote disclosures have been reclassified to conform to the current presentation with no impact on previously reported net income or stockholders’ equity. | |||
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements — The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. A material estimate that is particularly susceptible to significant change in the near term relates to the determination of the allowance for loan losses. Other significant estimates which may be subject to change include fair value determinations and disclosures, impairment of investments, goodwill, loans, as well as valuation of deferred tax assets, other intangibles and OREO. | |||
Recent Accounting Pronouncements | Recent Accounting Pronouncements— In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis”. The new guidance reduces the number of consolidation models from four to two as well as simplifies the FASB Accounting Standards Codification and improves GAAP by placing more of an emphasis on risk of loss when determining a controlling financial interest, reducing the frequency of the application of related party guidance when determining a controlling financial interest in a variable interest entity (VIE) and changing the consolidation conclusions for public and private companies in several industries that typically make use of VIEs. ASU 2015-02 will be effective for the first interim period within annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. | |||
Fair Value Hierarchy | Fair Value Hierarchy | |||
Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. | ||||
The following disclosure provides the fair value information for financial assets and liabilities as of March 31, 2015. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels (Level 1, Level 2, and Level 3). | ||||
• | Level 1 — Valuation is based upon quoted prices for identical instruments traded in active markets. | |||
• | Level 2 — Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | |||
• | Level 3 — Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of option pricing models, discounted cash flows and similar techniques. |
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Summary of Amortized Cost and Estimated Fair Value of Investment Securities | The majority of securities held are publicly traded, and the estimated fair values were obtained from an independent pricing service based upon market quotes. | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | Total | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Percent | ||||||||||||||||||||||
Holding | Holding Loss | ||||||||||||||||||||||||
Gain | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||
Government agency | $ | 334,025 | $ | 140 | $ | (4,299 | ) | $ | 329,866 | 10.89 | % | ||||||||||||||
Residential mortgage-backed securities | 1,807,036 | 49,360 | (1,242 | ) | 1,855,154 | 61.26 | % | ||||||||||||||||||
CMOs / REMICs - residential | 279,918 | 8,406 | (80 | ) | 288,244 | 9.52 | % | ||||||||||||||||||
Municipal bonds | 528,464 | 21,910 | (530 | ) | 549,844 | 18.16 | % | ||||||||||||||||||
Other securities | 5,000 | 181 | — | 5,181 | 0.17 | % | |||||||||||||||||||
Total | $ | 2,954,443 | $ | 79,997 | $ | (6,151 | ) | $ | 3,028,289 | 100 | % | ||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Amortized | Gross | Gross | Fair Value | Total | |||||||||||||||||||||
Cost | Unrealized | Unrealized | Percent | ||||||||||||||||||||||
Holding | Holding | ||||||||||||||||||||||||
Gain | Loss | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Investment securities available-for-sale: | |||||||||||||||||||||||||
Government agency | $ | 339,071 | $ | — | $ | (8,228 | ) | $ | 330,843 | 10.55 | % | ||||||||||||||
Residential mortgage-backed securities | 1,884,370 | 36,154 | (3,028 | ) | 1,917,496 | 61.12 | % | ||||||||||||||||||
CMOs / REMICs - residential | 297,318 | 7,050 | (277 | ) | 304,091 | 9.69 | % | ||||||||||||||||||
Municipal bonds | 557,823 | 22,463 | (645 | ) | 579,641 | 18.48 | % | ||||||||||||||||||
Other securities | 5,000 | 87 | — | 5,087 | 0.16 | % | |||||||||||||||||||
Total | $ | 3,083,582 | $ | 65,754 | $ | (12,178 | ) | $ | 3,137,158 | 100 | % | ||||||||||||||
Summary of Continuous Unrealized Loss Position of Securities | The tables below show the Company’s investment securities’ gross unrealized losses and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at March 31, 2015 and December 31, 2014. Management has reviewed individual securities to determine whether a decline in fair value below the amortized cost basis is other-than temporary. | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
Fair Value | Gross | Fair Value | Gross | Fair Value | Gross | ||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
Holding | Holding | Holding | |||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Government agency | $ | 14,558 | $ | 3 | $ | 289,548 | $ | 4,296 | $ | 304,106 | $ | 4,299 | |||||||||||||
Residential mortgage-backed securities | — | — | 128,416 | 1,242 | 128,416 | 1,242 | |||||||||||||||||||
CMOs / REMICs - residential | — | — | 6,679 | 80 | 6,679 | 80 | |||||||||||||||||||
Municipal bonds | 4,152 | 47 | 23,917 | 483 | 28,069 | 530 | |||||||||||||||||||
Other securities | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 18,710 | $ | 50 | $ | 448,560 | $ | 6,101 | $ | 467,270 | $ | 6,151 | |||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||
Fair Value | Gross | Fair Value | Gross | Fair Value | Gross | ||||||||||||||||||||
Unrealized | Unrealized | Unrealized | |||||||||||||||||||||||
Holding | Holding | Holding | |||||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Government agency | $ | 22,224 | $ | 28 | $ | 307,873 | $ | 8,200 | $ | 330,097 | $ | 8,228 | |||||||||||||
Residential mortgage-backed securities | 19,636 | 4 | 145,681 | 3,024 | 165,317 | 3,028 | |||||||||||||||||||
CMOs / REMICs - residential | — | — | 31,143 | 277 | 31,143 | 277 | |||||||||||||||||||
Municipal bonds | 1,953 | 23 | 24,812 | 622 | 26,765 | 645 | |||||||||||||||||||
Other securities | — | — | — | — | — | — | |||||||||||||||||||
Total | $ | 43,813 | $ | 55 | $ | 509,509 | $ | 12,123 | $ | 553,322 | $ | 12,178 | |||||||||||||
Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | Mortgage-backed securities and CMOs/REMICs are included in maturity categories based upon estimated prepayment speeds. | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Amortized | Fair | ||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Available-for-sale: | |||||||||||||||||||||||||
Due in one year or less | $ | 160,730 | $ | 164,801 | |||||||||||||||||||||
Due after one year through five years | 1,946,053 | 2,009,028 | |||||||||||||||||||||||
Due after five years through ten years | 727,902 | 730,599 | |||||||||||||||||||||||
Due after ten years | 119,758 | 123,861 | |||||||||||||||||||||||
Total | $ | 2,954,443 | $ | 3,028,289 | |||||||||||||||||||||
Acquired_SJB_Assets_and_FDIC_L1
Acquired SJB Assets and FDIC Loss Sharing Asset (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Summary of PCI Loans and Lease Finance Receivables | The following table provides a summary of PCI loans and lease finance receivables by type and their credit quality indicators for the periods indicated. | ||||||||
March 31, 2015 | December 31, 2014 | ||||||||
(Dollars in thousands) | |||||||||
Commercial and industrial | $ | 13,988 | $ | 14,605 | |||||
SBA | 1,073 | 1,110 | |||||||
Real estate: | |||||||||
Commercial real estate | 102,445 | 109,350 | |||||||
Construction | — | — | |||||||
SFR mortgage | 197 | 205 | |||||||
Dairy & livestock and agribusiness | 330 | 4,890 | |||||||
Municipal lease finance receivables | — | — | |||||||
Consumer and other loans | 2,997 | 3,336 | |||||||
Gross PCI loans | 121,030 | 133,496 | |||||||
Less: Purchase accounting discount | (6,612 | ) | (7,129 | ) | |||||
Gross PCI loans, net of discount | 114,418 | 126,367 | |||||||
Less: Allowance for PCI loans losses | — | — | |||||||
Net PCI loans | $ | 114,418 | $ | 126,367 | |||||
Summary of PCI Loans by Internal Risk Ratings | The following table summarizes PCI loans by internal risk ratings for the periods indicated. | ||||||||
March 31, 2015 | December 31, 2014 | ||||||||
(Dollars in thousands) | |||||||||
Pass | $ | 25,483 | $ | 26,706 | |||||
Watch list | 69,635 | 77,371 | |||||||
Special mention | 7,148 | 8,203 | |||||||
Substandard | 18,764 | 21,216 | |||||||
Doubtful & loss | — | — | |||||||
Total PCI gross loans | $ | 121,030 | $ | 133,496 | |||||
Loans_and_Lease_Finance_Receiv1
Loans and Lease Finance Receivables and Allowance for Loan Losses (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||
Summary of Components of Loan and Lease Finance Receivables, Excluding PCI Loans | The following table provides a summary of the total of loan and lease finance receivables, excluding PCI loans, by type. | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial and industrial | $ | 403,600 | $ | 390,011 | |||||||||||||||||||||
SBA | 126,385 | 134,265 | |||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | 2,499,183 | 2,487,803 | |||||||||||||||||||||||
Construction | 55,346 | 55,173 | |||||||||||||||||||||||
SFR mortgage | 205,132 | 205,124 | |||||||||||||||||||||||
Dairy & livestock and agribusiness | 173,441 | 279,173 | |||||||||||||||||||||||
Municipal lease finance receivables | 76,220 | 77,834 | |||||||||||||||||||||||
Consumer and other loans | 70,749 | 69,884 | |||||||||||||||||||||||
Gross loans, excluding PCI loans | 3,610,056 | 3,699,267 | |||||||||||||||||||||||
Less: Deferred loan fees, net | (8,451 | ) | (8,567 | ) | |||||||||||||||||||||
Gross loans, excluding PCI loans, net of deferred loan fees | 3,601,605 | 3,690,700 | |||||||||||||||||||||||
Less: Allowance for loan losses | (60,709 | ) | (59,825 | ) | |||||||||||||||||||||
Net loans, excluding PCI loans | 3,540,896 | 3,630,875 | |||||||||||||||||||||||
PCI Loans | 121,030 | 133,496 | |||||||||||||||||||||||
Discount on PCI loans | (6,612 | ) | (7,129 | ) | |||||||||||||||||||||
PCI loans, net | 114,418 | 126,367 | |||||||||||||||||||||||
Total loans and lease finance receivables | $ | 3,655,314 | $ | 3,757,242 | |||||||||||||||||||||
Summary of Activity Related to Loans Held-for-Sale | The following table provides a summary of the activity related to loans held-for-sale for the periods presented. | ||||||||||||||||||||||||
For the | |||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Balance, beginning of period | $ | — | $ | 3,667 | |||||||||||||||||||||
Originations of mortgage loans | — | — | |||||||||||||||||||||||
Sales of mortgage loans | — | — | |||||||||||||||||||||||
Transfer of mortgage loans to held-for-investment | — | — | |||||||||||||||||||||||
Sales of other loans | — | (3,667 | ) | ||||||||||||||||||||||
Transfers of other loans to held-for-sale | — | — | |||||||||||||||||||||||
Write-down of loans held-for-sale | — | — | |||||||||||||||||||||||
Balance, end of period | $ | — | $ | — | |||||||||||||||||||||
Summary of Loan, Excluding PCI Loans by Internal Risk Ratings | The following tables summarize each class of loans, excluding PCI Loans, according to our internal risk ratings for the periods presented. | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Pass | Watch List | Special Mention | Substandard | Doubtful & Loss | Total | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial and industrial | $ | 252,537 | $ | 96,106 | $ | 42,377 | $ | 12,350 | $ | 230 | $ | 403,600 | |||||||||||||
SBA | 80,047 | 22,423 | 14,362 | 8,070 | 1,483 | 126,385 | |||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||
Owner occupied | 551,211 | 139,446 | 49,994 | 17,159 | — | 757,810 | |||||||||||||||||||
Non-owner occupied | 1,390,414 | 258,838 | 37,420 | 54,701 | — | 1,741,373 | |||||||||||||||||||
Construction | |||||||||||||||||||||||||
Speculative | 27,394 | 3,101 | — | 7,651 | — | 38,146 | |||||||||||||||||||
Non-speculative | 16,579 | 621 | — | — | — | 17,200 | |||||||||||||||||||
SFR mortgage | 176,298 | 18,882 | 4,285 | 5,667 | — | 205,132 | |||||||||||||||||||
Dairy & livestock and agribusiness | 103,616 | 67,149 | 2,277 | 296 | 103 | 173,441 | |||||||||||||||||||
Municipal lease finance receivables | 38,562 | 32,403 | 5,255 | — | — | 76,220 | |||||||||||||||||||
Consumer and other loans | 54,900 | 10,487 | 2,670 | 2,595 | 97 | 70,749 | |||||||||||||||||||
Total gross loans, excluding PCI loans | $ | 2,691,558 | $ | 649,456 | $ | 158,640 | $ | 108,489 | $ | 1,913 | $ | 3,610,056 | |||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Pass | Watch List | Special Mention | Substandard | Doubtful & Loss | Total | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial and industrial | $ | 234,029 | $ | 105,904 | $ | 33,795 | $ | 16,031 | $ | 252 | $ | 390,011 | |||||||||||||
SBA | 84,769 | 24,124 | 15,858 | 7,920 | 1,594 | 134,265 | |||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||
Owner occupied | 552,072 | 159,908 | 46,248 | 32,139 | — | 790,367 | |||||||||||||||||||
Non-owner occupied | 1,347,006 | 241,809 | 56,353 | 52,268 | — | 1,697,436 | |||||||||||||||||||
Construction | |||||||||||||||||||||||||
Speculative | 28,310 | 613 | — | 7,651 | — | 36,574 | |||||||||||||||||||
Non-speculative | 18,071 | 528 | — | — | — | 18,599 | |||||||||||||||||||
SFR mortgage | 174,311 | 20,218 | 2,442 | 8,153 | — | 205,124 | |||||||||||||||||||
Dairy & livestock and agribusiness | 174,783 | 85,660 | 8,612 | 10,015 | 103 | 279,173 | |||||||||||||||||||
Municipal lease finance receivables | 35,463 | 22,349 | 20,022 | — | — | 77,834 | |||||||||||||||||||
Consumer and other loans | 62,904 | 2,233 | 1,789 | 2,763 | 195 | 69,884 | |||||||||||||||||||
Total gross loans, excluding PCI loans | $ | 2,711,718 | $ | 663,346 | $ | 185,119 | $ | 136,940 | $ | 2,144 | $ | 3,699,267 | |||||||||||||
Schedule of Balance and Activity Related to Allowance for Loan Losses for Held-for-Investment Loans, Excluding PCI Loans by Portfolio Segment | The following tables present the balance and activity related to the allowance for loan losses for held-for-investment loans, excluding PCI loans, by portfolio segment for the periods presented. | ||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||
Ending | Charge-offs | Recoveries | Provision for | Ending | |||||||||||||||||||||
Balance | Loan Losses | Balance | |||||||||||||||||||||||
December 31, | March 31, | ||||||||||||||||||||||||
2014 | 2015 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial and industrial | $ | 7,074 | $ | (134 | ) | $ | 35 | $ | 527 | $ | 7,502 | ||||||||||||||
SBA | 2,557 | (33 | ) | 34 | (362 | ) | 2,196 | ||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | 33,373 | — | 857 | 618 | 34,848 | ||||||||||||||||||||
Construction | 988 | — | 9 | 46 | 1,043 | ||||||||||||||||||||
SFR mortgage | 2,344 | — | 185 | (104 | ) | 2,425 | |||||||||||||||||||
Dairy & livestock and agribusiness | 5,479 | — | 99 | (1,832 | ) | 3,746 | |||||||||||||||||||
Municipal lease finance receivables | 1,412 | — | — | (382 | ) | 1,030 | |||||||||||||||||||
Consumer and other loans | 1,262 | (177 | ) | 9 | (269 | ) | 825 | ||||||||||||||||||
Unallocated | 5,336 | — | — | 1,758 | 7,094 | ||||||||||||||||||||
Total allowance for loan losses | $ | 59,825 | $ | (344 | ) | $ | 1,228 | $ | — | $ | 60,709 | ||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Ending | Charge-offs | Recoveries | (Recapture of) | Ending | |||||||||||||||||||||
Balance | Provision for | Balance | |||||||||||||||||||||||
December 31, | Loan Losses | March 31, | |||||||||||||||||||||||
2013 | 2014 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial and industrial | $ | 8,502 | $ | (454 | ) | $ | 392 | $ | (2,072 | ) | $ | 6,368 | |||||||||||||
SBA | 2,332 | — | 63 | 73 | 2,468 | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | 39,402 | — | 68 | (70 | ) | 39,400 | |||||||||||||||||||
Construction | 1,305 | — | 778 | (1,625 | ) | 458 | |||||||||||||||||||
SFR mortgage | 2,718 | — | — | (436 | ) | 2,282 | |||||||||||||||||||
Dairy & livestock and agribusiness | 11,728 | — | 144 | (2,605 | ) | 9,267 | |||||||||||||||||||
Municipal lease finance receivables | 2,335 | — | — | (816 | ) | 1,519 | |||||||||||||||||||
Consumer and other loans | 960 | (13 | ) | 12 | (9 | ) | 950 | ||||||||||||||||||
Unallocated | 5,953 | — | — | 60 | 6,013 | ||||||||||||||||||||
Total allowance for loan losses | $ | 75,235 | $ | (467 | ) | $ | 1,457 | $ | (7,500 | ) | $ | 68,725 | |||||||||||||
Schedule of Recorded Investment in Loans Held-for-Investment, Excluding PCI Loans, and Related Allowance for Loan Losses by Portfolio Segment | The following tables present the recorded investment in loans held-for-investment, excluding PCI loans, and the related allowance for loan losses by portfolio segment, based on the Company’s methodology for determining the allowance for loan losses for the periods presented. | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Recorded Investment in Loans | Allowance for Loan Losses | ||||||||||||||||||||||||
Individually | Collectively | Individually | Collectively | ||||||||||||||||||||||
Evaluated for | Evaluated for | Evaluated for | Evaluated for | ||||||||||||||||||||||
Impairment | Impairment | Impairment | Impairment | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial and industrial | $ | 1,611 | $ | 401,989 | $ | 592 | $ | 6,910 | |||||||||||||||||
SBA | 3,158 | 123,227 | 42 | 2,154 | |||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | 41,886 | 2,457,297 | 154 | 34,694 | |||||||||||||||||||||
Construction | 7,651 | 47,695 | — | 1,043 | |||||||||||||||||||||
SFR mortgage | 5,913 | 199,219 | — | 2,425 | |||||||||||||||||||||
Dairy & livestock and agribusiness | 7,277 | 166,164 | — | 3,746 | |||||||||||||||||||||
Municipal lease finance receivables | — | 76,220 | — | 1,030 | |||||||||||||||||||||
Consumer and other loans | 881 | 69,868 | 6 | 819 | |||||||||||||||||||||
Unallocated | — | — | — | 7,094 | |||||||||||||||||||||
Total | $ | 68,377 | $ | 3,541,679 | $ | 794 | $ | 59,915 | |||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Recorded Investment in Loans | Allowance for Loan Losses | ||||||||||||||||||||||||
Individually | Collectively | Individually | Collectively | ||||||||||||||||||||||
Evaluated for | Evaluated for | Evaluated for | Evaluated for | ||||||||||||||||||||||
Impairment | Impairment | Impairment | Impairment | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial and industrial | $ | 4,291 | $ | 354,714 | $ | 814 | $ | 5,554 | |||||||||||||||||
SBA | 1,649 | 129,999 | 68 | 2,400 | |||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | 33,907 | 2,160,144 | 320 | 39,080 | |||||||||||||||||||||
Construction | 26,688 | 16,218 | — | 458 | |||||||||||||||||||||
SFR mortgage | 11,692 | 178,207 | 47 | 2,235 | |||||||||||||||||||||
Dairy & livestock and agribusiness | 27,972 | 184,985 | 2,656 | 6,611 | |||||||||||||||||||||
Municipal lease finance receivables | — | 81,041 | — | 1,519 | |||||||||||||||||||||
Consumer and other loans | 397 | 54,418 | 96 | 854 | |||||||||||||||||||||
Unallocated | — | — | — | 6,013 | |||||||||||||||||||||
Total | $ | 106,596 | $ | 3,159,726 | $ | 4,001 | $ | 64,724 | |||||||||||||||||
Schedule of Recorded Investment in, and Aging of, Past Due and Nonaccrual Loans, Excluding PCI Loans by Type of Loans | The following tables present the recorded investment in the aging of past due and nonaccrual loans, excluding PCI loans, by type of loans for the periods presented. | ||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
30-59 | 60-89 | Total Past | Nonaccrual | Current | Total Loans and | ||||||||||||||||||||
Days Past | Days Past | Due and | -1 | Financing | |||||||||||||||||||||
Due | Due | Accruing | Receivables | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial and industrial | $ | 112 | $ | — | $ | 112 | $ | 952 | $ | 402,536 | 403,600 | ||||||||||||||
SBA | — | — | — | 2,463 | 123,922 | 126,385 | |||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||
Owner occupied | 35 | — | 35 | 2,418 | 755,357 | 757,810 | |||||||||||||||||||
Non-owner occupied | — | — | — | 14,369 | 1,727,004 | 1,741,373 | |||||||||||||||||||
Construction | |||||||||||||||||||||||||
Speculative | — | — | — | — | 38,146 | 38,146 | |||||||||||||||||||
Non-speculative | — | — | — | — | 17,200 | 17,200 | |||||||||||||||||||
SFR mortgage | 1,613 | — | 1,613 | 2,233 | 201,286 | 205,132 | |||||||||||||||||||
Dairy & livestock and agribusiness | — | — | — | 103 | 173,338 | 173,441 | |||||||||||||||||||
Municipal lease finance receivables | — | — | — | — | 76,220 | 76,220 | |||||||||||||||||||
Consumer and other loans | 119 | 20 | 139 | 463 | 70,147 | 70,749 | |||||||||||||||||||
Total gross loans, excluding PCI Loans | $ | 1,879 | $ | 20 | $ | 1,899 | $ | 23,001 | $ | 3,585,156 | $ | 3,610,056 | |||||||||||||
-1 | As of March 31, 2015, $20.3 million of nonaccruing loans were current, $553,000 were 30-59 days past due, $86,000 were 60-89 days past due and $2.0 million were 90+ days past due. | ||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
30-59 | 60-89 | Total Past | Nonaccrual | Current | Total Loans and | ||||||||||||||||||||
Days Past | Days Past | Due and | -1 | Financing | |||||||||||||||||||||
Due | Due | Accruing | Receivables | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial and industrial | $ | 943 | $ | 35 | $ | 978 | $ | 2,308 | $ | 386,725 | $ | 390,011 | |||||||||||||
SBA | 75 | — | 75 | 2,481 | 131,709 | 134,265 | |||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||
Owner occupied | 36 | 86 | 122 | 4,072 | 786,173 | 790,367 | |||||||||||||||||||
Non-owner occupied | — | — | — | 19,246 | 1,678,190 | 1,697,436 | |||||||||||||||||||
Construction | |||||||||||||||||||||||||
Speculative | — | — | — | — | 36,574 | 36,574 | |||||||||||||||||||
Non-speculative | — | — | — | — | 18,599 | 18,599 | |||||||||||||||||||
SFR mortgage | 425 | — | 425 | 3,240 | 201,459 | 205,124 | |||||||||||||||||||
Dairy & livestock and agribusiness | — | — | — | 103 | 279,070 | 279,173 | |||||||||||||||||||
Municipal lease finance receivables | — | — | — | — | 77,834 | 77,834 | |||||||||||||||||||
Consumer and other loans | 64 | 17 | 81 | 736 | 69,067 | 69,884 | |||||||||||||||||||
Total gross loans, excluding PCI Loans | $ | 1,543 | $ | 138 | $ | 1,681 | $ | 32,186 | $ | 3,665,400 | $ | 3,699,267 | |||||||||||||
-1 | As of December 31, 2014, $20.1 million of nonaccruing loans were current, $3.7 million were 30-59 days past due, $8.5 million were 90+ days. | ||||||||||||||||||||||||
Schedule of Held-for-Investment Loans, Excluding PCI Loans, Individually Evaluated for Impairment by Class of Loans | The following tables present information for held-for-investment loans, excluding PCI loans, individually evaluated for impairment by class of loans, as of and for the periods indicated below. | ||||||||||||||||||||||||
As of and For the Three Months Ended | |||||||||||||||||||||||||
31-Mar-15 | |||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial and industrial | $ | 1,004 | $ | 1,819 | $ | — | $ | 1,017 | $ | 8 | |||||||||||||||
SBA | 3,117 | 3,667 | — | 3,177 | 13 | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||
Owner occupied | 6,117 | 7,167 | — | 6,185 | 64 | ||||||||||||||||||||
Non-owner occupied | 34,808 | 42,718 | — | 35,194 | 350 | ||||||||||||||||||||
Construction | |||||||||||||||||||||||||
Speculative | 7,651 | 7,651 | — | 7,651 | 96 | ||||||||||||||||||||
Non-speculative | — | — | — | — | — | ||||||||||||||||||||
SFR mortgage | 5,913 | 6,642 | — | 5,940 | 27 | ||||||||||||||||||||
Dairy & livestock and agribusiness | 7,277 | 8,991 | — | 7,533 | 85 | ||||||||||||||||||||
Municipal lease finance receivables | — | — | — | — | — | ||||||||||||||||||||
Consumer and other loans | 783 | 1,289 | — | 836 | 4 | ||||||||||||||||||||
Total | 66,670 | 79,944 | — | 67,533 | 647 | ||||||||||||||||||||
With a related allowance recorded: | |||||||||||||||||||||||||
Commercial and industrial | 607 | 680 | 592 | 617 | — | ||||||||||||||||||||
SBA | 41 | 54 | 42 | 45 | — | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||
Owner occupied | — | — | — | — | — | ||||||||||||||||||||
Non-owner occupied | 961 | 1,278 | 154 | 973 | — | ||||||||||||||||||||
Construction | |||||||||||||||||||||||||
Speculative | — | — | — | — | — | ||||||||||||||||||||
Non-speculative | — | — | — | — | — | ||||||||||||||||||||
SFR mortgage | — | — | — | — | — | ||||||||||||||||||||
Dairy & livestock and agribusiness | — | — | — | — | — | ||||||||||||||||||||
Municipal lease finance receivables | — | — | — | — | — | ||||||||||||||||||||
Consumer and other loans | 98 | 107 | 6 | 99 | — | ||||||||||||||||||||
Total | 1,707 | 2,119 | 794 | 1,734 | — | ||||||||||||||||||||
Total impaired loans | $ | 68,377 | $ | 82,063 | $ | 794 | $ | 69,267 | $ | 647 | |||||||||||||||
As of and For the Three Months Ended | |||||||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||||||
Recorded | Unpaid | Related | Average | Interest | |||||||||||||||||||||
Investment | Principal | Allowance | Recorded | Income | |||||||||||||||||||||
Balance | Investment | Recognized | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial and industrial | $ | 2,592 | $ | 2,862 | $ | — | $ | 2,596 | $ | 15 | |||||||||||||||
SBA | 1,581 | 1,997 | — | 1,634 | — | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||
Owner occupied | 10,108 | 10,768 | — | 10,221 | 117 | ||||||||||||||||||||
Non-owner occupied | 21,928 | 27,740 | — | 22,103 | 215 | ||||||||||||||||||||
Construction | |||||||||||||||||||||||||
Speculative | 17,519 | 18,407 | — | 17,550 | 77 | ||||||||||||||||||||
Non-speculative | 9,169 | 9,169 | — | 9,184 | 140 | ||||||||||||||||||||
SFR mortgage | 11,214 | 12,911 | — | 11,266 | 26 | ||||||||||||||||||||
Dairy & livestock and agribusiness | 16,582 | 17,430 | — | 16,902 | 189 | ||||||||||||||||||||
Municipal lease finance receivables | — | — | — | — | — | ||||||||||||||||||||
Consumer and other loans | 290 | 295 | — | 291 | — | ||||||||||||||||||||
Total | 90,983 | 101,579 | — | 91,747 | 779 | ||||||||||||||||||||
With a related allowance recorded: | |||||||||||||||||||||||||
Commercial and industrial | 1,699 | 2,033 | 814 | 1,701 | — | ||||||||||||||||||||
SBA | 68 | 76 | 68 | 70 | — | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||
Owner occupied | 1,871 | 2,344 | 320 | 1,871 | — | ||||||||||||||||||||
Non-owner occupied | — | — | — | — | — | ||||||||||||||||||||
Construction | |||||||||||||||||||||||||
Speculative | — | — | — | — | — | ||||||||||||||||||||
Non-speculative | — | — | — | — | — | ||||||||||||||||||||
SFR mortgage | 478 | 486 | 47 | 479 | — | ||||||||||||||||||||
Dairy & livestock and agribusiness | 11,390 | 12,042 | 2,656 | 11,608 | 75 | ||||||||||||||||||||
Municipal lease finance receivables | — | — | — | — | — | ||||||||||||||||||||
Consumer and other loans | 107 | 165 | 96 | 107 | — | ||||||||||||||||||||
Total | 15,613 | 17,146 | 4,001 | 15,836 | 75 | ||||||||||||||||||||
Total impaired loans | $ | 106,596 | $ | 118,725 | $ | 4,001 | $ | 107,583 | $ | 854 | |||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||
Recorded | Unpaid | Related | |||||||||||||||||||||||
Investment | Principal | Allowance | |||||||||||||||||||||||
Balance | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial and industrial | $ | 2,391 | $ | 3,624 | $ | — | |||||||||||||||||||
SBA | 1,853 | 2,197 | — | ||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||
Owner occupied | 16,961 | 18,166 | — | ||||||||||||||||||||||
Non-owner occupied | 30,068 | 38,156 | — | ||||||||||||||||||||||
Construction | |||||||||||||||||||||||||
Speculative | 7,651 | 7,651 | — | ||||||||||||||||||||||
Non-speculative | — | — | — | ||||||||||||||||||||||
SFR mortgage | 6,512 | 7,493 | — | ||||||||||||||||||||||
Dairy & livestock and agribusiness | 15,796 | 17,587 | — | ||||||||||||||||||||||
Municipal lease finance receivables | — | — | — | ||||||||||||||||||||||
Consumer and other loans | 673 | 1,094 | — | ||||||||||||||||||||||
Total | 81,905 | 95,968 | — | ||||||||||||||||||||||
With a related allowance recorded: | |||||||||||||||||||||||||
Commercial and industrial | 629 | 698 | 615 | ||||||||||||||||||||||
SBA | 1,327 | 1,591 | 296 | ||||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||
Owner occupied | — | — | — | ||||||||||||||||||||||
Non-owner occupied | 982 | 1,278 | 154 | ||||||||||||||||||||||
Construction | |||||||||||||||||||||||||
Speculative | — | — | — | ||||||||||||||||||||||
Non-speculative | — | — | — | ||||||||||||||||||||||
SFR mortgage | 467 | 484 | 35 | ||||||||||||||||||||||
Dairy & livestock and agribusiness | — | — | — | ||||||||||||||||||||||
Municipal lease finance receivables | — | — | — | ||||||||||||||||||||||
Consumer and other loans | 482 | 508 | 449 | ||||||||||||||||||||||
Total | 3,887 | 4,559 | 1,549 | ||||||||||||||||||||||
Total impaired loans | $ | 85,792 | $ | 100,527 | $ | 1,549 | |||||||||||||||||||
Summary of Activity Related to Troubled Debt Restructurings | The following tables provide a summary of the activity related to TDRs for the periods presented. | ||||||||||||||||||||||||
For the Three Months March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Performing TDRs: | |||||||||||||||||||||||||
Beginning balance | $ | 53,589 | $ | 66,955 | |||||||||||||||||||||
New modifications | — | 41 | |||||||||||||||||||||||
Payoffs and payments, net | (8,729 | ) | (602 | ) | |||||||||||||||||||||
TDRs returned to accrual status | 516 | — | |||||||||||||||||||||||
TDRs placed on nonaccrual status | — | — | |||||||||||||||||||||||
Ending balance | $ | 45,376 | $ | 66,394 | |||||||||||||||||||||
For the Three Months March 31, | |||||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Nonperforming TDRs: | |||||||||||||||||||||||||
Beginning balance | $ | 20,285 | $ | 25,119 | |||||||||||||||||||||
New modifications (1) | — | — | |||||||||||||||||||||||
Charge-offs | — | — | |||||||||||||||||||||||
Payoffs and payments, net | (2,995 | ) | (1,151 | ) | |||||||||||||||||||||
TDRs returned to accrual status | (516 | ) | — | ||||||||||||||||||||||
TDRs placed on nonaccrual status | — | — | |||||||||||||||||||||||
Ending balance | $ | 16,774 | $ | 23,968 | |||||||||||||||||||||
Summary of Loans Modified as Troubled Debt Restructurings | The following tables summarize loans modified as troubled debt restructurings for the periods presented. | ||||||||||||||||||||||||
Modifications (1) | |||||||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | Outstanding Recorded | Financial Effect | |||||||||||||||||||||
Loans | Outstanding | Outstanding | Investment at | Resulting From | |||||||||||||||||||||
Recorded | Recorded | March 31, 2015 | Modifications (2) | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial and industrial: | |||||||||||||||||||||||||
Interest rate reduction | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Change in amortization period or maturity | — | — | — | — | — | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner occupied | |||||||||||||||||||||||||
Interest rate reduction | — | — | — | — | — | ||||||||||||||||||||
Change in amortization period or maturity | — | — | — | — | |||||||||||||||||||||
Non-owner occupied | |||||||||||||||||||||||||
Interest rate reduction | — | — | — | — | — | ||||||||||||||||||||
Change in amortization period or maturity | — | — | — | — | — | ||||||||||||||||||||
Dairy & livestock and agribusiness: | |||||||||||||||||||||||||
Interest rate reduction | — | — | — | — | — | ||||||||||||||||||||
Change in amortization period or maturity | — | — | — | — | — | ||||||||||||||||||||
Consumer | |||||||||||||||||||||||||
Interest rate reduction | — | — | — | — | — | ||||||||||||||||||||
Total loans | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||||||
Number of | Pre-Modification | Post-Modification | Outstanding Recorded | Financial Effect | |||||||||||||||||||||
Loans | Outstanding | Outstanding | Investment at | Resulting From | |||||||||||||||||||||
Recorded | Recorded | March 31, 2014 | Modifications (2) | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
Commercial and industrial: | |||||||||||||||||||||||||
Interest rate reduction | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||
Change in amortization period or maturity | 1 | 41 | 41 | 39 | — | ||||||||||||||||||||
Real estate: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner occupied | |||||||||||||||||||||||||
Interest rate reduction | — | — | — | — | — | ||||||||||||||||||||
Change in amortization period or maturity | — | — | — | — | — | ||||||||||||||||||||
Non-owner occupied | — | ||||||||||||||||||||||||
Interest rate reduction | — | — | — | — | |||||||||||||||||||||
Change in amortization period or maturity | — | — | — | — | — | ||||||||||||||||||||
Dairy & livestock and agribusiness: | |||||||||||||||||||||||||
Interest rate reduction | — | — | — | — | — | ||||||||||||||||||||
Change in amortization period or maturity | — | ||||||||||||||||||||||||
Consumer | |||||||||||||||||||||||||
Interest rate reduction | — | — | — | — | — | ||||||||||||||||||||
Total loans | 1 | $ | 41 | $ | 41 | $ | 39 | $ | — | ||||||||||||||||
-1 | The tables exclude modified loans that were paid off prior to the end of the period. | ||||||||||||||||||||||||
-2 | Financial effects resulting from modifications represent charge-offs and specific allowance recorded at modification date. |
Earnings_Per_Share_Reconciliat1
Earnings Per Share Reconciliation (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Earnings Per Common Share Reconciliation | The table below summarizes earnings per common share and diluted earnings per common share, and reconciles the numerator and denominator of both earnings per common share calculations. | ||||||||
For the Thee Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands, except per share amounts) | |||||||||
Earnings per common share: | |||||||||
Net earnings | $ | 15,833 | $ | 28,661 | |||||
Less: Net earnings allocated to restricted stock | 81 | 127 | |||||||
Net earnings allocated to common shareholders | $ | 15,752 | $ | 28,534 | |||||
Weighted average shares outstanding | 105,523 | 105,192 | |||||||
Basic earnings per common share | $ | 0.15 | $ | 0.27 | |||||
Diluted earnings per common share: | |||||||||
Net income allocated to common shareholders | $ | 15,752 | $ | 28,534 | |||||
Weighted average shares outstanding | 105,523 | 105,192 | |||||||
Incremental shares from assumed exercise of outstanding options | 436 | 599 | |||||||
Diluted weighted average shares outstanding | 105,959 | 105,791 | |||||||
Diluted earnings per common share | $ | 0.15 | $ | 0.27 | |||||
Fair_Value_Information_Tables
Fair Value Information (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | The tables below present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented. | ||||||||||||||||||||
Carrying Value at | Quoted Prices in | Significant Other | Significant | ||||||||||||||||||
Active Markets | Observable Inputs | Unobservable | |||||||||||||||||||
for Identical | Inputs | ||||||||||||||||||||
Assets | |||||||||||||||||||||
March 31, 2015 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Description of assets | |||||||||||||||||||||
Investment securities - AFS: | |||||||||||||||||||||
Government agency | $ | 329,866 | $ | — | $ | 329,866 | $ | — | |||||||||||||
Residential mortgage-backed securities | 1,855,154 | — | 1,855,154 | — | |||||||||||||||||
CMO’s / REMIC’s - residential | 288,244 | — | 288,244 | — | |||||||||||||||||
Municipal bonds | 549,844 | — | 549,844 | — | |||||||||||||||||
Other securities | 5,181 | — | 5,181 | — | |||||||||||||||||
Total investment securities - AFS | 3,028,289 | — | 3,028,289 | — | |||||||||||||||||
Interest rate swaps | 11,624 | — | 11,624 | — | |||||||||||||||||
Total assets | $ | 3,039,913 | $ | — | $ | 3,039,913 | $ | — | |||||||||||||
Description of liability | |||||||||||||||||||||
Interest rate swaps | $ | 11,624 | $ | — | $ | 11,624 | $ | — | |||||||||||||
Total liabilities | $ | 11,624 | $ | — | $ | 11,624 | $ | — | |||||||||||||
Carrying Value at | Quoted Prices in | Significant Other | Significant | ||||||||||||||||||
Active Markets | Observable Inputs | Unobservable | |||||||||||||||||||
for Identical | Inputs | ||||||||||||||||||||
Assets | |||||||||||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Description of assets | |||||||||||||||||||||
Investment securities - AFS: | |||||||||||||||||||||
Government agency | $ | 330,843 | $ | — | $ | 330,843 | $ | — | |||||||||||||
Residential mortgage-backed securities | 1,917,496 | — | 1,917,496 | — | |||||||||||||||||
CMO’s / REMIC’s - residential | 304,091 | — | 304,091 | — | |||||||||||||||||
Municipal bonds | 579,641 | — | 579,641 | — | |||||||||||||||||
Other securities | 5,087 | — | 5,087 | — | |||||||||||||||||
Total investment securities - AFS | 3,137,158 | — | 3,137,158 | — | |||||||||||||||||
Interest rate swaps | 10,080 | — | 10,080 | — | |||||||||||||||||
Total assets | $ | 3,147,238 | $ | — | $ | 3,147,238 | $ | — | |||||||||||||
Description of liability | |||||||||||||||||||||
Interest rate swaps | $ | 10,080 | $ | — | $ | 10,080 | $ | — | |||||||||||||
Total liabilities | $ | 10,080 | $ | — | $ | 10,080 | $ | — | |||||||||||||
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related assets for investments that experienced losses during the period. | ||||||||||||||||||||
Carrying Value at | Quoted Prices in | Significant | Significant | Total Losses | |||||||||||||||||
Active Markets | Other | Unobservable | For the Three | ||||||||||||||||||
for Identical | Observable | Inputs | Months Ended | ||||||||||||||||||
Assets | Inputs | ||||||||||||||||||||
March 31, 2015 | (Level 1) | (Level 2) | (Level 3) | March 31, 2015 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Description of assets | |||||||||||||||||||||
Impaired loans, excluding PCI Loans: | |||||||||||||||||||||
Commercial and industrial | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
SBA | — | — | — | — | — | ||||||||||||||||
Real estate: | |||||||||||||||||||||
Commercial real estate | — | — | — | — | — | ||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||
SFR mortgage | — | — | — | — | — | ||||||||||||||||
Dairy & livestock and agribusiness | — | — | — | — | — | ||||||||||||||||
Consumer and other loans | 209 | — | — | 209 | 76 | ||||||||||||||||
Other real estate owned | 340 | — | — | 340 | 33 | ||||||||||||||||
Total assets | $ | 549 | $ | — | $ | — | $ | 549 | $ | 109 | |||||||||||
Carrying Value at | Quoted Prices in | Significant | Significant | Total Losses | |||||||||||||||||
Active Markets | Other | Unobservable | For the Year Ended | ||||||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||||||
Assets | Inputs | ||||||||||||||||||||
December 31, 2014 | (Level 1) | (Level 2) | (Level 3) | 31-Dec-14 | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Description of assets | |||||||||||||||||||||
Impaired loans, excluding PCI Loans: | |||||||||||||||||||||
Commercial and industrial | $ | 1,911 | $ | — | $ | — | $ | 1,911 | $ | 771 | |||||||||||
SBA | 1,327 | — | — | 1,327 | 296 | ||||||||||||||||
Real estate: | |||||||||||||||||||||
Commercial real estate | 2,500 | — | — | 2,500 | 271 | ||||||||||||||||
Construction | — | — | — | — | — | ||||||||||||||||
SFR mortgage | — | — | — | — | — | ||||||||||||||||
Dairy & livestock and agribusiness | 103 | — | — | 103 | 1,061 | ||||||||||||||||
Consumer and other loans | 482 | — | — | 482 | 447 | ||||||||||||||||
Other real estate owned | — | — | — | — | — | ||||||||||||||||
Total assets | $ | 6,323 | $ | — | $ | — | $ | 6,323 | $ | 2,846 | |||||||||||
Estimated Fair Value of Financial Instruments | The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. | ||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Amount | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Total cash and cash equivalents | $ | 401,372 | $ | 401,372 | $ | — | $ | — | $ | 401,372 | |||||||||||
Interest-earning balances due from depository institutions | 25,873 | — | 25,873 | — | 25,873 | ||||||||||||||||
FHLB stock | 25,338 | — | 25,338 | — | 25,338 | ||||||||||||||||
Investment securities available-for-sale | 3,028,289 | — | 3,028,289 | — | 3,028,289 | ||||||||||||||||
Investment securities held-to-maturity | 1,464 | — | — | 2,040 | 2,040 | ||||||||||||||||
Loans held-for-sale | — | — | — | — | — | ||||||||||||||||
Total loans, net of allowance for loan losses | 3,655,314 | — | — | 3,704,042 | 3,704,042 | ||||||||||||||||
Accrued interest receivable | 22,872 | — | 22,872 | — | 22,872 | ||||||||||||||||
Swaps | 11,624 | — | 11,624 | — | 11,624 | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Noninterest-bearing | $ | 3,126,928 | $ | 3,126,928 | $ | — | $ | — | $ | 3,126,928 | |||||||||||
Interest-bearing | 2,770,848 | — | 2,771,030 | — | 2,771,030 | ||||||||||||||||
Borrowings | 560,352 | — | 560,291 | — | 560,291 | ||||||||||||||||
Junior subordinated debentures | 25,774 | — | 26,016 | — | 26,016 | ||||||||||||||||
Accrued interest payable | 306 | — | 306 | — | 306 | ||||||||||||||||
Swaps | 11,624 | — | 11,624 | — | 11,624 | ||||||||||||||||
December 31, 2014 | |||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||
Carrying | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Amount | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Total cash and cash equivalents | $ | 105,768 | $ | 105,768 | $ | — | $ | — | $ | 105,768 | |||||||||||
Interest-earning balances due from depository institutions | 27,118 | — | 27,118 | — | 27,118 | ||||||||||||||||
FHLB stock | 25,338 | — | 25,338 | — | 25,338 | ||||||||||||||||
Investment securities available-for-sale | 3,137,158 | — | 3,137,158 | — | 3,137,158 | ||||||||||||||||
Investment securities held-to-maturity | 1,528 | — | — | 2,177 | 2,177 | ||||||||||||||||
Loans held-for-sale | — | — | — | — | — | ||||||||||||||||
Total loans, net of allowance for loan losses | 3,757,242 | — | — | 3,794,454 | 3,794,454 | ||||||||||||||||
Accrued interest receivable | 23,194 | — | 23,194 | — | 23,194 | ||||||||||||||||
Swaps | 10,080 | — | 10,080 | — | 10,080 | ||||||||||||||||
Liabilities | |||||||||||||||||||||
Deposits: | |||||||||||||||||||||
Noninterest-bearing | $ | 2,866,365 | $ | 2,866,365 | $ | — | $ | — | $ | 2,866,365 | |||||||||||
Interest-bearing | 2,738,293 | — | 2,739,221 | — | 2,739,221 | ||||||||||||||||
Borrowings | 809,106 | — | 822,607 | — | 822,607 | ||||||||||||||||
Junior subordinated debentures | 25,774 | — | 26,005 | — | 26,005 | ||||||||||||||||
Accrued interest payable | 1,161 | — | 1,161 | — | 1,161 | ||||||||||||||||
Swaps | 10,080 | — | 10,080 | — | 10,080 |
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||
Schedule of Segment Reporting Information by Segment | The following tables present the operating results and other key financial measures for the individual operating segments for the periods presented. | ||||||||||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||||||||||
Centers | Treasury | Other | Eliminations | Total | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Interest income, including loan fees | $ | 35,368 | $ | 18,655 | $ | 10,157 | $ | — | $ | 64,180 | |||||||||||
Credit for funds provided (1) | 8,211 | — | 12,641 | (20,852 | ) | — | |||||||||||||||
Total interest income | 43,579 | 18,655 | 22,798 | (20,852 | ) | 64,180 | |||||||||||||||
Interest expense | 1,663 | 1,431 | 77 | — | 3,171 | ||||||||||||||||
Charge for funds used (1) | 1,067 | 14,806 | 4,979 | (20,852 | ) | — | |||||||||||||||
Total interest expense | 2,730 | 16,237 | 5,056 | (20,852 | ) | 3,171 | |||||||||||||||
Net interest income | 40,849 | 2,418 | 17,742 | — | 61,009 | ||||||||||||||||
Provision for loan losses | — | — | — | — | — | ||||||||||||||||
Net interest income after provision for loan losses | 40,849 | 2,418 | 17,742 | — | 61,009 | ||||||||||||||||
Noninterest income | 5,067 | — | 2,944 | — | 8,011 | ||||||||||||||||
Noninterest expense | 11,849 | 213 | 18,540 | — | 30,602 | ||||||||||||||||
Debt termination expense | — | 13,870 | — | — | 13,870 | ||||||||||||||||
Segment pre-tax profit | $ | 34,067 | $ | (11,665 | ) | $ | 2,146 | $ | — | $ | 24,548 | ||||||||||
Segment assets as of March 31, 2015 | $ | 6,216,028 | $ | 3,450,529 | $ | 898,554 | $ | (3,122,160 | ) | $ | 7,442,951 | ||||||||||
-1 | Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. | ||||||||||||||||||||
For the Three Months Ended March 31, 2014 | |||||||||||||||||||||
Centers | Treasury | Other | Eliminations | Total | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Interest income, including loan fees | $ | 33,091 | $ | 16,432 | $ | 11,539 | $ | — | $ | 61,062 | |||||||||||
Credit for funds provided (1) | 7,074 | — | 11,463 | (18,537 | ) | — | |||||||||||||||
Total interest income | 40,165 | 16,432 | 23,002 | (18,537 | ) | 61,062 | |||||||||||||||
Interest expense | 1,637 | 2,373 | 110 | — | 4,120 | ||||||||||||||||
Charge for funds used (1) | 1,090 | 12,797 | 4,650 | (18,537 | ) | — | |||||||||||||||
Total interest expense | 2,727 | 15,170 | 4,760 | (18,537 | ) | 4,120 | |||||||||||||||
Net interest income | 37,438 | 1,262 | 18,242 | — | 56,942 | ||||||||||||||||
Provision for loan losses | — | — | (7,500 | ) | — | (7,500 | ) | ||||||||||||||
Net interest income after provision for loan losses | 37,438 | 1,262 | 25,742 | — | 64,442 | ||||||||||||||||
Noninterest income | 4,782 | — | 6,716 | — | 11,498 | ||||||||||||||||
Noninterest expense | 11,828 | 196 | 19,133 | — | 31,157 | ||||||||||||||||
Debt termination expense | — | — | — | — | — | ||||||||||||||||
Segment pre-tax profit | $ | 30,392 | $ | 1,066 | $ | 13,325 | $ | — | $ | 44,783 | |||||||||||
Segment assets as of March 31, 2014 | $ | 5,525,494 | $ | 3,264,736 | $ | 843,026 | $ | (2,730,738 | ) | $ | 6,902,518 | ||||||||||
-1 | Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. |
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||
Fair Value of Derivative Instruments | The location of the asset and liability, and their respective fair values are summarized in the table below. | ||||||||||||
March 31, 2015 | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||
Location | Value | Location | Value | ||||||||||
(Dollars in thousands) | |||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||
Interest rate swaps | Other assets | $ | 11,624 | Other liabilities | $ | 11,624 | |||||||
Total derivatives | $ | 11,624 | $ | 11,624 | |||||||||
31-Dec-14 | |||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||
Balance Sheet | Fair | Balance Sheet | Fair | ||||||||||
Location | Value | Location | Value | ||||||||||
(Dollars in thousands) | |||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||
Interest rate swaps | Other assets | $ | 10,080 | Other liabilities | $ | 10,080 | |||||||
Total derivatives | $ | 10,080 | $ | 10,080 | |||||||||
Other_Comprehensive_Income_Los1
Other Comprehensive Income (Loss) (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Summary of Components of Other Comprehensive Income | The tables below provide a summary of the components of other comprehensive income (“OCI”) for the periods presented. | ||||||||||||
For the Three Months Ended March 31, 2015 | |||||||||||||
Before-Tax | Tax Effect | After-Tax | |||||||||||
(Dollars in thousands) | |||||||||||||
Investment securities available-for-sale: | |||||||||||||
Net change in fair value recorded in accumulated OCI | $ | 20,270 | $ | 8,514 | $ | 11,756 | |||||||
Net change | $ | 20,270 | $ | 8,514 | $ | 11,756 | |||||||
For the Three Months Ended March 31, 2014 | |||||||||||||
Before-Tax | Tax Effect | After-Tax | |||||||||||
(Dollars in thousands) | |||||||||||||
Investment securities available-for-sale: | |||||||||||||
Net change in fair value recorded in accumulated OCI | $ | 24,781 | $ | 10,407 | $ | 14,374 | |||||||
Net change | $ | 24,781 | $ | 10,407 | $ | 14,374 | |||||||
Summary of Change in Accumulated Other Comprehensive Income | The following table provides a summary of the change in accumulated other comprehensive income for the periods presented. | ||||||||||||
Investment Securities | |||||||||||||
Available-for-Sale | |||||||||||||
(Dollars in thousands) | |||||||||||||
Balance, January 1, 2015 | $ | 31,075 | |||||||||||
Net change in fair value recorded in accumulated OCI | 11,756 | ||||||||||||
Net realized gains reclassified into earnings | — | ||||||||||||
Balance, March 31, 2015 | $ | 42,831 | |||||||||||
Investment Securities | |||||||||||||
Available-for-Sale | |||||||||||||
(Dollars in thousands) | |||||||||||||
Balance, January 1, 2014 | $ | (9,330 | ) | ||||||||||
Net change in fair value recorded in accumulated OCI | 14,374 | ||||||||||||
Net realized gains reclassified into earnings | — | ||||||||||||
Balance, March 31, 2014 | $ | 5,044 | |||||||||||
Balance_Sheet_Offsetting_Table
Balance Sheet Offsetting (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||
Schedule of Balance Sheet Offsetting | The repurchase agreements are not offset in the condensed consolidated balances. | ||||||||||||||||||||||||
Gross Amounts | Gross Amounts | Net Amounts of | Gross Amounts Not Offset in | Net Amount | |||||||||||||||||||||
Recognized in | offset in the | Assets Presented | the Condensed Consolidated | ||||||||||||||||||||||
the Condensed | Condensed | in the Condensed | Balance Sheets | ||||||||||||||||||||||
Consolidated | Consolidated | Consolidated | |||||||||||||||||||||||
Balance Sheets | Balance Sheets | Balance Sheets | Financial | Collateral | |||||||||||||||||||||
Instruments | Pledged | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | $ | 11,624 | $ | — | $ | — | $ | 11,624 | $ | — | $ | 11,624 | |||||||||||||
Total | $ | 11,624 | $ | — | $ | — | $ | 11,624 | $ | — | $ | 11,624 | |||||||||||||
Financial liabilities: | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | $ | 11,624 | $ | — | $ | 11,624 | $ | — | $ | (16,761 | ) | $ | (5,137 | ) | |||||||||||
Repurchase agreements | 560,352 | — | 560,352 | — | (687,017 | ) | (126,665 | ) | |||||||||||||||||
Total | $ | 571,976 | $ | — | $ | 571,976 | $ | — | $ | (703,778 | ) | $ | (131,802 | ) | |||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Financial assets: | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | $ | 10,080 | $ | — | $ | — | $ | 10,080 | $ | — | $ | 10,080 | |||||||||||||
Total | $ | 10,080 | $ | — | $ | — | $ | 10,080 | $ | — | $ | 10,080 | |||||||||||||
Financial liabilities: | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | $ | 10,200 | $ | (120 | ) | $ | 10,080 | $ | 120 | $ | (16,734 | ) | $ | (6,534 | ) | ||||||||||
Repurchase agreements | 563,627 | — | 563,627 | — | (624,578 | ) | (60,951 | ) | |||||||||||||||||
Total | $ | 573,827 | $ | (120 | ) | $ | 573,707 | $ | 120 | $ | (641,312 | ) | $ | (67,485 | ) | ||||||||||
Business_Additional_Informatio
Business - Additional Information (Detail) | Mar. 31, 2015 |
FinancialCenters | |
Subsidiary | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of inactive subsidiaries | 1 |
Bank operated Business Financial Centers, number | 40 |
Bank operated Commercial Banking Centers, number | 7 |
Bank operated trust office locations, number | 3 |
Investment_Securities_Summary_
Investment Securities - Summary of Amortized Cost and Estimated Fair Value of Investment Securities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $2,954,443 | $3,083,582 |
Gross Unrealized Holding Gain | 79,997 | 65,754 |
Gross Unrealized Holding Loss | -6,151 | -12,178 |
Fair Value | 3,028,289 | 3,137,158 |
Total Percent | 100.00% | 100.00% |
CMO's / REMIC's - residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 279,918 | 297,318 |
Gross Unrealized Holding Gain | 8,406 | 7,050 |
Gross Unrealized Holding Loss | -80 | -277 |
Fair Value | 288,244 | 304,091 |
Total Percent | 9.52% | 9.69% |
Municipal bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 528,464 | 557,823 |
Gross Unrealized Holding Gain | 21,910 | 22,463 |
Gross Unrealized Holding Loss | -530 | -645 |
Fair Value | 549,844 | 579,641 |
Total Percent | 18.16% | 18.48% |
Government agency [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 334,025 | 339,071 |
Gross Unrealized Holding Gain | 140 | 0 |
Gross Unrealized Holding Loss | -4,299 | -8,228 |
Fair Value | 329,866 | 330,843 |
Total Percent | 10.89% | 10.55% |
Residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,807,036 | 1,884,370 |
Gross Unrealized Holding Gain | 49,360 | 36,154 |
Gross Unrealized Holding Loss | -1,242 | -3,028 |
Fair Value | 1,855,154 | 1,917,496 |
Total Percent | 61.26% | 61.12% |
Other securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,000 | 5,000 |
Gross Unrealized Holding Gain | 181 | 87 |
Gross Unrealized Holding Loss | 0 | 0 |
Fair Value | $5,181 | $5,087 |
Total Percent | 0.17% | 0.16% |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Average life of investment grade debt securities, years | 3 years 9 months 18 days | ||
Gross unrealized holding losses | $0 | ||
Book value of the bond | 1,464,000 | 1,528,000 | |
Credit-related impairment loss on investment securities held-to-maturity | 0 | 0 | |
Investment securities pledged as collateral | 2,990,000,000 | 3,110,000,000 | |
Investment in FHLB stock, impairment losses | 0 | ||
United States [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities issued by U.S. government percentage | 82.00% | ||
Government agency [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Agency bond callable | 140,900,000 | ||
CMO's / REMIC's - residential [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
CMOs/REMICs backed by whole loans issued by private-label companies (non-government sponsored) | 304,000 | ||
Investment security classified as held-to-maturity, number | 1 | ||
Held-to-Maturity securities, average FICO score | 715 | ||
Held-to-Maturity securities, acquired price, percentage | 98.25% | ||
Average percentage of LTV | 71.00% | ||
Average life of investment grade debt securities, years | 30 years | ||
Current fair value percentage of Held-to-Maturity security against par value | 78.76% | ||
Investment contractual cash flows guaranteed by Government, percentage | 99.99% | ||
Investment contractual cash flows guaranteed by banks, percentage | 1.00% | ||
Alt-A bond [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Book value of the bond | 1,500,000 | ||
Net impairment losses | $1,900,000 | ||
Municipal bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Weighted-average life of investment grade debt securities, years | 8 years 4 months 24 days |
Investment_Securities_Summary_1
Investment Securities - Summary of Continuous Unrealized Loss Position of Securities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | $18,710 | $43,813 |
Gross Unrealized Holding Losses, Less Than 12 Months | 50 | 55 |
Fair Value, 12 Months or Longer | 448,560 | 509,509 |
Gross Unrealized Holding Losses, 12 Months or Longer | 6,101 | 12,123 |
Fair Value | 467,270 | 553,322 |
Gross Unrealized Holding Losses | 6,151 | 12,178 |
CMO's / REMIC's - residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 0 | 0 |
Gross Unrealized Holding Losses, Less Than 12 Months | 0 | 0 |
Fair Value, 12 Months or Longer | 6,679 | 31,143 |
Gross Unrealized Holding Losses, 12 Months or Longer | 80 | 277 |
Fair Value | 6,679 | 31,143 |
Gross Unrealized Holding Losses | 80 | 277 |
Municipal bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 4,152 | 1,953 |
Gross Unrealized Holding Losses, Less Than 12 Months | 47 | 23 |
Fair Value, 12 Months or Longer | 23,917 | 24,812 |
Gross Unrealized Holding Losses, 12 Months or Longer | 483 | 622 |
Fair Value | 28,069 | 26,765 |
Gross Unrealized Holding Losses | 530 | 645 |
Government agency [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 14,558 | 22,224 |
Gross Unrealized Holding Losses, Less Than 12 Months | 3 | 28 |
Fair Value, 12 Months or Longer | 289,548 | 307,873 |
Gross Unrealized Holding Losses, 12 Months or Longer | 4,296 | 8,200 |
Fair Value | 304,106 | 330,097 |
Gross Unrealized Holding Losses | 4,299 | 8,228 |
Residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 0 | 19,636 |
Gross Unrealized Holding Losses, Less Than 12 Months | 0 | 4 |
Fair Value, 12 Months or Longer | 128,416 | 145,681 |
Gross Unrealized Holding Losses, 12 Months or Longer | 1,242 | 3,024 |
Fair Value | 128,416 | 165,317 |
Gross Unrealized Holding Losses | 1,242 | 3,028 |
Other securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 0 | 0 |
Gross Unrealized Holding Losses, Less Than 12 Months | 0 | 0 |
Fair Value, 12 Months or Longer | 0 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer | 0 | 0 |
Fair Value | 0 | 0 |
Gross Unrealized Holding Losses | $0 | $0 |
Investment_Securities_Summary_2
Investment Securities - Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less, Amortized Cost | $160,730 |
Due after one year through five years, Amortized Cost | 1,946,053 |
Due after five years through ten years, Amortized Cost | 727,902 |
Due after ten years, Amortized Cost | 119,758 |
Total Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 2,954,443 |
Due in one year or less, Fair Value | 164,801 |
Due after one year through five years, Fair Value | 2,009,028 |
Due after five years through ten years, Fair Value | 730,599 |
Due after ten years, Fair Value | 123,861 |
Total, Available-for-sale, Fair Value | $3,028,289 |
Acquired_SJB_Assets_and_FDIC_L2
Acquired SJB Assets and FDIC Loss Sharing Asset - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | |
Oct. 16, 2009 | Mar. 31, 2015 | Dec. 31, 2014 | |
Business Combinations [Abstract] | |||
Acquisition date | 16-Oct-09 | ||
After-tax gain included in earnings due to purchase method | $12,300,000 | ||
Remaining discount associated with SJB loans | 6,600,000 | ||
Expected cash flows | 4,400,000 | ||
Remaining average lives of respective pools loans | 3 years 8 months 12 days | ||
Remaining average lives of respective individual loans | 9 months 18 days | ||
Allowance for PCI loans losses | $0 | $0 |
Acquired_SJB_Assets_and_FDIC_L3
Acquired SJB Assets and FDIC Loss Sharing Asset - Summary of PCI Loans and Lease Finance Receivables (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Real estate: | ||
Less: Allowance for PCI loans losses | $0 | $0 |
PCI Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 13,988,000 | 14,605,000 |
SBA | 1,073,000 | 1,110,000 |
Real estate: | ||
Commercial real estate | 102,445,000 | 109,350,000 |
Construction | 0 | 0 |
SFR mortgage | 197,000 | 205,000 |
Dairy & livestock and agribusiness | 330,000 | 4,890,000 |
Municipal lease finance receivables | 0 | 0 |
Consumer and other loans | 2,997,000 | 3,336,000 |
Gross PCI loans | 121,030,000 | 133,496,000 |
Less: Purchase accounting discount | -6,612,000 | -7,129,000 |
Gross PCI loans, net of discount | 114,418,000 | 126,367,000 |
Less: Allowance for PCI loans losses | 0 | 0 |
Net PCI loans | $114,418,000 | $126,367,000 |
Acquired_SJB_Assets_and_FDIC_L4
Acquired SJB Assets and FDIC Loss Sharing Asset - Summary of PCI Loans by Internal Risk Ratings (Detail) (PCI Loans [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total PCI gross loans | $121,030 | $133,496 |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total PCI gross loans | 25,483 | 26,706 |
Watch List [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total PCI gross loans | 69,635 | 77,371 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total PCI gross loans | 7,148 | 8,203 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total PCI gross loans | 18,764 | 21,216 |
Doubtful & Loss [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total PCI gross loans | $0 | $0 |
Loans_and_Lease_Finance_Receiv2
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Components of Loan and Lease Finance Receivables, Excluding PCI Loans (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans, excluding PCI loans, net of deferred loan fees | $3,716,023 | $3,817,067 | ||
Less: Allowance for loan losses | -60,709 | -59,825 | ||
Total loans and lease finance receivables | 3,655,314 | 3,757,242 | ||
Loans, Excluding PCI Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial and industrial | 403,600 | 390,011 | ||
SBA | 126,385 | 134,265 | ||
Commercial real estate | 2,499,183 | 2,487,803 | ||
Construction | 55,346 | 55,173 | ||
SFR mortgage | 205,132 | 205,124 | ||
Dairy & livestock and agribusiness | 173,441 | 279,173 | ||
Municipal lease finance receivables | 76,220 | 77,834 | ||
Consumer and other loans | 70,749 | 69,884 | ||
Gross loans, excluding PCI loans | 3,610,056 | 3,699,267 | ||
Less: Deferred loan fees, net | -8,451 | -8,567 | ||
Gross loans, excluding PCI loans, net of deferred loan fees | 3,601,605 | 3,690,700 | ||
Less: Allowance for loan losses | -60,709 | -59,825 | -68,725 | -75,235 |
Net PCI loans | 3,540,896 | 3,630,875 | ||
PCI Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial and industrial | 13,988 | 14,605 | ||
PCI Loans | 121,030 | 133,496 | ||
SBA | 1,073 | 1,110 | ||
Discount on PCI loans | -6,612 | -7,129 | ||
Commercial real estate | 102,445 | 109,350 | ||
Construction | 0 | 0 | ||
SFR mortgage | 197 | 205 | ||
Dairy & livestock and agribusiness | 330 | 4,890 | ||
Municipal lease finance receivables | 0 | 0 | ||
Consumer and other loans | 2,997 | 3,336 | ||
Net PCI loans | $114,418 | $126,367 |
Loans_and_Lease_Finance_Receiv3
Loans and Lease Finance Receivables and Allowance for Loan Losses - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
SecurityLoan | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total fixed rate loans held | $1,810,000,000 | ||
Secure borrowings and available lines of credit from FHLB and Federal Reserve Bank | 2,820,000,000 | 2,780,000,000 | |
Impaired, at carrying value | 68,377,000 | 106,596,000 | 85,792,000 |
Loans classified as troubled debt restructured | 62,200,000 | ||
Provision for unfunded loan commitments | 500,000 | 0 | |
Reserve for credit risk for undisbursed commitments | 7,200,000 | 7,700,000 | |
Number of loans | 0 | ||
Allocation of allowance to troubled debt restructuring | 707,000 | 726,000 | |
Nonaccrual commercial and industrial loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 952,000 | ||
Commercial real estate loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of total gross loan portfolio (excluding PCI loans) | 69.23% | ||
Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of total gross loan portfolio (excluding PCI loans) | 1.53% | ||
Nonaccrual dairy and livestock loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 103,000 | ||
Impaired loans modified in troubled debt restructure [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired, at carrying value | 62,200,000 | ||
Loans, Excluding PCI Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 2,499,183,000 | 2,487,803,000 | |
Dairy & livestock and agribusiness | 173,441,000 | 279,173,000 | |
Impaired, at carrying value | 85,800,000 | ||
Outstanding balance | 23,001,000 | 32,186,000 | |
Loans, Excluding PCI Loans [Member] | Commercial real estate loans [Member] | Loans secured by farmland [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of total gross loan portfolio (excluding PCI loans) | 6.04% | 6.66% | |
Commercial real estate loans | 150,900,000 | 165,600,000 | |
Loans, Excluding PCI Loans [Member] | Commercial real estate loans [Member] | Loans secured by farmland [Member] | Loans secured by Dairy & livestock land [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 131,500,000 | 144,100,000 | |
Loans, Excluding PCI Loans [Member] | Commercial real estate loans [Member] | Loans secured by farmland [Member] | Loans secured by agricultural land [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 19,400,000 | 21,500,000 | |
Loans, Excluding PCI Loans [Member] | Dairy & livestock and agribusiness [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of total gross loan portfolio (excluding PCI loans) | 4.80% | 7.55% | |
Loans, Excluding PCI Loans [Member] | Dairy & livestock loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Dairy & livestock and agribusiness | 161,500,000 | 268,100,000 | |
Loans, Excluding PCI Loans [Member] | Agribusiness loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Dairy & livestock and agribusiness | 12,000,000 | 11,100,000 | |
Nonaccrual commercial real estate loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 16,800,000 | ||
Nonaccrual consumer loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 463,000 | ||
Nonperforming financing receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired, at carrying value | 16,800,000 | ||
Loans classified as troubled debt restructured | 16,800,000 | ||
Performing financing receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired, at carrying value | 68,400,000 | ||
Loans classified as troubled debt restructured | 45,400,000 | ||
Number of performing loans | 34 | ||
Number of loans removed from TDR classification | 0 | 0 | |
Performing financing receivable [Member] | Commercial real estate loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructured | 25,100,000 | ||
Number of loans | 12 | ||
Performing financing receivable [Member] | Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructured | 7,600,000 | ||
Number of loans | 1 | ||
Performing financing receivable [Member] | Dairy & livestock and agribusiness [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructured | 7,200,000 | ||
Number of loans | 5 | ||
Performing financing receivable [Member] | Single-family Residential Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructured | 3,700,000 | ||
Number of loans | 11 | ||
Performing financing receivable [Member] | Commercial and industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructured | 1,400,000 | ||
Number of loans | 4 | ||
Performing financing receivable [Member] | Consumer and other loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructured | 418,000 | ||
Number of loans | 1 | ||
Nonaccrual single family mortgage loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 2,200,000 | ||
Allowance impaired loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructured | 794,000 | ||
Allowance impaired non-covered loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired, at carrying value | $1,500,000 |
Loans_and_Lease_Finance_Receiv4
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Activity Related to Loans Held-for-Sale (Detail) (Loans Held-for-Sale [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Loans Held-for-Sale [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance, beginning of period | $0 | $3,667 |
Originations of mortgage loans | 0 | 0 |
Sales of mortgage loans | 0 | 0 |
Transfer of mortgage loans to held-for-investment | 0 | 0 |
Sales of other loans | 0 | -3,667 |
Transfers of other loans to held-for-sale | 0 | 0 |
Write-down of loans held-for-sale | 0 | 0 |
Balance, end of period | $0 | $0 |
Loans_and_Lease_Finance_Receiv5
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Loan, Excluding PCI Loans by Internal Risk Ratings (Detail) (Loans, Excluding PCI Loans [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | $403,600 | $390,011 |
SBA | 126,385 | 134,265 |
Commercial real estate, Owner occupied | 757,810 | 790,367 |
Commercial real estate, Non-owner occupied | 1,741,373 | 1,697,436 |
Construction, Speculative | 38,146 | 36,574 |
Construction, Non-speculative | 17,200 | |
Construction, Non-speculative | 18,599 | |
SFR mortgage | 205,132 | 205,124 |
Dairy & livestock and agribusiness | 173,441 | 279,173 |
Municipal lease finance receivables | 76,220 | 77,834 |
Consumer and other loans | 70,749 | 69,884 |
Total gross loans, excluding PCI loans | 3,610,056 | 3,699,267 |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 252,537 | 234,029 |
SBA | 80,047 | 84,769 |
Commercial real estate, Owner occupied | 551,211 | 552,072 |
Commercial real estate, Non-owner occupied | 1,390,414 | 1,347,006 |
Construction, Speculative | 27,394 | 28,310 |
Construction, Non-speculative | 16,579 | |
Construction, Non-speculative | 18,071 | |
SFR mortgage | 176,298 | 174,311 |
Dairy & livestock and agribusiness | 103,616 | 174,783 |
Municipal lease finance receivables | 38,562 | 35,463 |
Consumer and other loans | 54,900 | 62,904 |
Total gross loans, excluding PCI loans | 2,691,558 | 2,711,718 |
Watch List [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 96,106 | 105,904 |
SBA | 22,423 | 24,124 |
Commercial real estate, Owner occupied | 139,446 | 159,908 |
Commercial real estate, Non-owner occupied | 258,838 | 241,809 |
Construction, Speculative | 3,101 | 613 |
Construction, Non-speculative | 621 | |
Construction, Non-speculative | 528 | |
SFR mortgage | 18,882 | 20,218 |
Dairy & livestock and agribusiness | 67,149 | 85,660 |
Municipal lease finance receivables | 32,403 | 22,349 |
Consumer and other loans | 10,487 | 2,233 |
Total gross loans, excluding PCI loans | 649,456 | 663,346 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 42,377 | 33,795 |
SBA | 14,362 | 15,858 |
Commercial real estate, Owner occupied | 49,994 | 46,248 |
Commercial real estate, Non-owner occupied | 37,420 | 56,353 |
Construction, Speculative | 0 | 0 |
Construction, Non-speculative | 0 | |
Construction, Non-speculative | 0 | |
SFR mortgage | 4,285 | 2,442 |
Dairy & livestock and agribusiness | 2,277 | 8,612 |
Municipal lease finance receivables | 5,255 | 20,022 |
Consumer and other loans | 2,670 | 1,789 |
Total gross loans, excluding PCI loans | 158,640 | 185,119 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 12,350 | 16,031 |
SBA | 8,070 | 7,920 |
Commercial real estate, Owner occupied | 17,159 | 32,139 |
Commercial real estate, Non-owner occupied | 54,701 | 52,268 |
Construction, Speculative | 7,651 | 7,651 |
Construction, Non-speculative | 0 | |
Construction, Non-speculative | 0 | |
SFR mortgage | 5,667 | 8,153 |
Dairy & livestock and agribusiness | 296 | 10,015 |
Municipal lease finance receivables | 0 | 0 |
Consumer and other loans | 2,595 | 2,763 |
Total gross loans, excluding PCI loans | 108,489 | 136,940 |
Doubtful & Loss [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 230 | 252 |
SBA | 1,483 | 1,594 |
Commercial real estate, Owner occupied | 0 | 0 |
Commercial real estate, Non-owner occupied | 0 | 0 |
Construction, Speculative | 0 | 0 |
Construction, Non-speculative | 0 | |
Construction, Non-speculative | 0 | |
SFR mortgage | 0 | 0 |
Dairy & livestock and agribusiness | 103 | 103 |
Municipal lease finance receivables | 0 | 0 |
Consumer and other loans | 97 | 195 |
Total gross loans, excluding PCI loans | $1,913 | $2,144 |
Loans_and_Lease_Finance_Receiv6
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Balance and Activity Related to Allowance for Loan Losses for Held-for-Investment Loans, Excluding PCI Loans by Portfolio Segment (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | $59,825 | |
Provision for (recapture of) loan losses | 0 | -7,500 |
Ending Balance | 60,709 | |
Loans, Excluding PCI Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 59,825 | 75,235 |
Charge-offs | -344 | -467 |
Recoveries | 1,228 | 1,457 |
Provision for (recapture of) loan losses | 0 | -7,500 |
Ending Balance | 60,709 | 68,725 |
Loans, Excluding PCI Loans [Member] | Commercial and industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 7,074 | 8,502 |
Charge-offs | -134 | -454 |
Recoveries | 35 | 392 |
Provision for (recapture of) loan losses | 527 | -2,072 |
Ending Balance | 7,502 | 6,368 |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 2,557 | 2,332 |
Charge-offs | -33 | 0 |
Recoveries | 34 | 63 |
Provision for (recapture of) loan losses | -362 | 73 |
Ending Balance | 2,196 | 2,468 |
Loans, Excluding PCI Loans [Member] | Commercial real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 33,373 | 39,402 |
Charge-offs | 0 | 0 |
Recoveries | 857 | 68 |
Provision for (recapture of) loan losses | 618 | -70 |
Ending Balance | 34,848 | 39,400 |
Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 988 | 1,305 |
Charge-offs | 0 | 0 |
Recoveries | 9 | 778 |
Provision for (recapture of) loan losses | 46 | -1,625 |
Ending Balance | 1,043 | 458 |
Loans, Excluding PCI Loans [Member] | SFR mortgage [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 2,344 | 2,718 |
Charge-offs | 0 | 0 |
Recoveries | 185 | 0 |
Provision for (recapture of) loan losses | -104 | -436 |
Ending Balance | 2,425 | 2,282 |
Loans, Excluding PCI Loans [Member] | Dairy & livestock and agribusiness [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 5,479 | 11,728 |
Charge-offs | 0 | 0 |
Recoveries | 99 | 144 |
Provision for (recapture of) loan losses | -1,832 | -2,605 |
Ending Balance | 3,746 | 9,267 |
Loans, Excluding PCI Loans [Member] | Municipal lease finance receivables [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 1,412 | 2,335 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for (recapture of) loan losses | -382 | -816 |
Ending Balance | 1,030 | 1,519 |
Loans, Excluding PCI Loans [Member] | Consumer and other loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 1,262 | 960 |
Charge-offs | -177 | -13 |
Recoveries | 9 | 12 |
Provision for (recapture of) loan losses | -269 | -9 |
Ending Balance | 825 | 950 |
Loans, Excluding PCI Loans [Member] | Unallocated [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning Balance | 5,336 | 5,953 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision for (recapture of) loan losses | 1,758 | 60 |
Ending Balance | $7,094 | $6,013 |
Loans_and_Lease_Finance_Receiv7
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Recorded Investment in Loans Held-for-Investment, Excluding PCI Loans, and Related Allowance for Loan Losses by Portfolio Segment (Detail) (Loans, Excluding PCI Loans [Member], USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | $68,377 | $106,596 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 3,541,679 | 3,159,726 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 794 | 4,001 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 59,915 | 64,724 |
Commercial and industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 1,611 | 4,291 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 401,989 | 354,714 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 592 | 814 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 6,910 | 5,554 |
Small Business Administration [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 3,158 | 1,649 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 123,227 | 129,999 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 42 | 68 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 2,154 | 2,400 |
Commercial real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 41,886 | 33,907 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 2,457,297 | 2,160,144 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 154 | 320 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 34,694 | 39,080 |
Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 7,651 | 26,688 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 47,695 | 16,218 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,043 | 458 |
SFR mortgage [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 5,913 | 11,692 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 199,219 | 178,207 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 47 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 2,425 | 2,235 |
Dairy & livestock and agribusiness [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 7,277 | 27,972 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 166,164 | 184,985 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 2,656 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 3,746 | 6,611 |
Municipal lease finance receivables [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 76,220 | 81,041 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,030 | 1,519 |
Consumer and other loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 881 | 397 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 69,868 | 54,418 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 6 | 96 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 819 | 854 |
Unallocated [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 0 | 0 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | $7,094 | $6,013 |
Loans_and_Lease_Finance_Receiv8
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Recorded Investment in, and Aging of, Past Due and Nonaccrual Loans, Excluding PCI Loans by Type of Loans (Detail) (Loans, Excluding PCI Loans [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-59 Days Past Due | $1,879,000 | $1,543,000 |
60-89 Days Past Due | 20,000 | 138,000 |
Total Past Due and Accruing | 1,899,000 | 1,681,000 |
Nonaccrual | 23,001,000 | 32,186,000 |
Current | 3,585,156,000 | 3,665,400,000 |
Gross loans, excluding PCI loans | 3,610,056,000 | 3,699,267,000 |
Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-59 Days Past Due | 112,000 | 943,000 |
60-89 Days Past Due | 0 | 35,000 |
Total Past Due and Accruing | 112,000 | 978,000 |
Nonaccrual | 952,000 | 2,308,000 |
Current | 402,536,000 | 386,725,000 |
Gross loans, excluding PCI loans | 403,600,000 | 390,011,000 |
Small Business Administration [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-59 Days Past Due | 0 | 75,000 |
60-89 Days Past Due | 0 | 0 |
Total Past Due and Accruing | 0 | 75,000 |
Nonaccrual | 2,463,000 | 2,481,000 |
Current | 123,922,000 | 131,709,000 |
Gross loans, excluding PCI loans | 126,385,000 | 134,265,000 |
Commercial real estate Owner occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-59 Days Past Due | 35,000 | 36,000 |
60-89 Days Past Due | 0 | 86,000 |
Total Past Due and Accruing | 35,000 | 122,000 |
Nonaccrual | 2,418,000 | 4,072,000 |
Current | 755,357,000 | 786,173,000 |
Gross loans, excluding PCI loans | 757,810,000 | 790,367,000 |
Commercial real estate Non-owner occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 14,369,000 | 19,246,000 |
Current | 1,727,004,000 | 1,678,190,000 |
Gross loans, excluding PCI loans | 1,741,373,000 | 1,697,436,000 |
Construction Speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Current | 38,146,000 | 36,574,000 |
Gross loans, excluding PCI loans | 38,146,000 | 36,574,000 |
Construction Non-speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Current | 17,200,000 | 18,599,000 |
Gross loans, excluding PCI loans | 17,200,000 | 18,599,000 |
SFR mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-59 Days Past Due | 1,613,000 | 425,000 |
60-89 Days Past Due | 0 | 0 |
Total Past Due and Accruing | 1,613,000 | 425,000 |
Nonaccrual | 2,233,000 | 3,240,000 |
Current | 201,286,000 | 201,459,000 |
Gross loans, excluding PCI loans | 205,132,000 | 205,124,000 |
Dairy & livestock and agribusiness [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 103,000 | 103,000 |
Current | 173,338,000 | 279,070,000 |
Gross loans, excluding PCI loans | 173,441,000 | 279,173,000 |
Municipal lease finance receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-59 Days Past Due | 0 | 0 |
60-89 Days Past Due | 0 | 0 |
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Current | 76,220,000 | 77,834,000 |
Gross loans, excluding PCI loans | 76,220,000 | 77,834,000 |
Consumer and other loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
30-59 Days Past Due | 119,000 | 64,000 |
60-89 Days Past Due | 20,000 | 17,000 |
Total Past Due and Accruing | 139,000 | 81,000 |
Nonaccrual | 463,000 | 736,000 |
Current | 70,147,000 | 69,067,000 |
Gross loans, excluding PCI loans | $70,749,000 | $69,884,000 |
Loans_and_Lease_Finance_Receiv9
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Recorded Investment in, and Aging of, Past Due and Nonaccrual Loans, Excluding PCI Loans by Type of Loans (Parenthetical) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||
Nonaccruing loans, current | $20,300,000 | $20,100,000 |
Nonaccruing loans, 30-59 days past due | 553,000 | 3,700,000 |
Nonaccruing loans, 60-89 days past due | 86,000 | |
Nonaccruing loans, 90+ days past due | $2,000,000 | $8,500,000 |
Recovered_Sheet1
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Held-for-Investment Loans, Excluding PCI Loans, Individually Evaluated for Impairment by Class of Loans (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, Total impaired loans | $68,377 | $106,596 | $85,792 |
Unpaid Principal Balance, Total impaired loans | 82,063 | 118,725 | 100,527 |
Related Allowance, Total impaired loans | 794 | 4,001 | 1,549 |
Average Recorded Investment, Total impaired loans | 69,267 | 107,583 | |
Interest Income Recognized, Total impaired loans | 647 | 854 | |
Recorded Investment, With no related allowance recorded | 66,670 | 90,983 | 81,905 |
Unpaid Principal Balance, With no related allowance recorded | 79,944 | 101,579 | 95,968 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 67,533 | 91,747 | |
Interest Income Recognized, With no related allowance recorded | 647 | 779 | |
Recorded Investment, With a related allowance recorded | 1,707 | 15,613 | 3,887 |
Unpaid Principal Balance, With a related allowance recorded | 2,119 | 17,146 | 4,559 |
Related Allowance, With a related allowance recorded | 794 | 4,001 | 1,549 |
Average Recorded Investment, With a related allowance recorded | 1,734 | 15,836 | |
Interest Income Recognized, With a related allowance recorded | 0 | 75 | |
Commercial and industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 1,004 | 2,592 | 2,391 |
Unpaid Principal Balance, With no related allowance recorded | 1,819 | 2,862 | 3,624 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 1,017 | 2,596 | |
Interest Income Recognized, With no related allowance recorded | 8 | 15 | |
Recorded Investment, With a related allowance recorded | 607 | 1,699 | 629 |
Unpaid Principal Balance, With a related allowance recorded | 680 | 2,033 | 698 |
Related Allowance, With a related allowance recorded | 592 | 814 | 615 |
Average Recorded Investment, With a related allowance recorded | 617 | 1,701 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Small Business Administration [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 3,117 | 1,581 | 1,853 |
Unpaid Principal Balance, With no related allowance recorded | 3,667 | 1,997 | 2,197 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 3,177 | 1,634 | |
Interest Income Recognized, With no related allowance recorded | 13 | 0 | |
Recorded Investment, With a related allowance recorded | 41 | 68 | 1,327 |
Unpaid Principal Balance, With a related allowance recorded | 54 | 76 | 1,591 |
Related Allowance, With a related allowance recorded | 42 | 68 | 296 |
Average Recorded Investment, With a related allowance recorded | 45 | 70 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Commercial real estate Owner occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 6,117 | 10,108 | 16,961 |
Unpaid Principal Balance, With no related allowance recorded | 7,167 | 10,768 | 18,166 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 6,185 | 10,221 | |
Interest Income Recognized, With no related allowance recorded | 64 | 117 | |
Recorded Investment, With a related allowance recorded | 0 | 1,871 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 2,344 | 0 |
Related Allowance, With a related allowance recorded | 0 | 320 | 0 |
Average Recorded Investment, With a related allowance recorded | 0 | 1,871 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Commercial real estate Non-owner occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 34,808 | 21,928 | 30,068 |
Unpaid Principal Balance, With no related allowance recorded | 42,718 | 27,740 | 38,156 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 35,194 | 22,103 | |
Interest Income Recognized, With no related allowance recorded | 350 | 215 | |
Recorded Investment, With a related allowance recorded | 961 | 0 | 982 |
Unpaid Principal Balance, With a related allowance recorded | 1,278 | 0 | 1,278 |
Related Allowance, With a related allowance recorded | 154 | 0 | 154 |
Average Recorded Investment, With a related allowance recorded | 973 | 0 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Construction Speculative [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 7,651 | 17,519 | |
Unpaid Principal Balance, With no related allowance recorded | 7,651 | 18,407 | |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With no related allowance recorded | 7,651 | 17,550 | |
Interest Income Recognized, With no related allowance recorded | 96 | 77 | |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Construction Non-speculative [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 9,169 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 9,169 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 0 | 9,184 | |
Interest Income Recognized, With no related allowance recorded | 0 | 140 | |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
SFR mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 5,913 | 11,214 | 6,512 |
Unpaid Principal Balance, With no related allowance recorded | 6,642 | 12,911 | 7,493 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 5,940 | 11,266 | |
Interest Income Recognized, With no related allowance recorded | 27 | 26 | |
Recorded Investment, With a related allowance recorded | 0 | 478 | 467 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 486 | 484 |
Related Allowance, With a related allowance recorded | 0 | 47 | 35 |
Average Recorded Investment, With a related allowance recorded | 0 | 479 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Dairy & livestock and agribusiness [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 7,277 | 16,582 | 15,796 |
Unpaid Principal Balance, With no related allowance recorded | 8,991 | 17,430 | 17,587 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 7,533 | 16,902 | |
Interest Income Recognized, With no related allowance recorded | 85 | 189 | |
Recorded Investment, With a related allowance recorded | 0 | 11,390 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 12,042 | 0 |
Related Allowance, With a related allowance recorded | 0 | 2,656 | 0 |
Average Recorded Investment, With a related allowance recorded | 0 | 11,608 | |
Interest Income Recognized, With a related allowance recorded | 0 | 75 | |
Municipal lease finance receivables [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Consumer and other loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 783 | 290 | 673 |
Unpaid Principal Balance, With no related allowance recorded | 1,289 | 295 | 1,094 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 836 | 291 | |
Interest Income Recognized, With no related allowance recorded | 4 | 0 | |
Recorded Investment, With a related allowance recorded | 98 | 107 | 482 |
Unpaid Principal Balance, With a related allowance recorded | 107 | 165 | 508 |
Related Allowance, With a related allowance recorded | 6 | 96 | 449 |
Average Recorded Investment, With a related allowance recorded | 99 | 107 | |
Interest Income Recognized, With a related allowance recorded | $0 | $0 |
Recovered_Sheet2
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Held-for-Investment Loans, Excluding PCI Loans, Individually Evaluated for Impairment by Class of Loans (Parenthetical) (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Receivables [Abstract] | |||
Recorded Investment, With no related allowance recorded | $66,670 | $90,983 | $81,905 |
Recorded Investment, With a related allowance recorded | 1,707 | 15,613 | 3,887 |
Recorded Investment, Total impaired loans | 68,377 | 106,596 | 85,792 |
Unpaid Principal Balance, With no related allowance recorded | 79,944 | 101,579 | 95,968 |
Unpaid Principal Balance, With a related allowance recorded | 2,119 | 17,146 | 4,559 |
Unpaid Principal Balance, Total impaired loans | 82,063 | 118,725 | 100,527 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 794 | 4,001 | 1,549 |
Related Allowance, Total impaired loans | 794 | 4,001 | 1,549 |
Average Recorded Investment, With no related allowance recorded | 67,533 | 91,747 | |
Average Recorded Investment, With a related allowance recorded | 1,734 | 15,836 | |
Average Recorded Investment, Total impaired loans | 69,267 | 107,583 | |
Interest Income Recognized, With no related allowance recorded | 647 | 779 | |
Interest Income Recognized, With a related allowance recorded | 0 | 75 | |
Interest Income Recognized, Total impaired loans | $647 | $854 |
Recovered_Sheet3
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Activity Related to Troubled Debt Restructurings (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Performing TDRs [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Beginning balance | $53,589 | $66,955 |
New modifications | 0 | 41 |
Payoffs and payments, net | -8,729 | -602 |
TDRs returned to accrual status | 516 | 0 |
TDRs placed on nonaccrual status | 0 | 0 |
Ending balance | 45,376 | 66,394 |
Nonperforming TDRs [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Beginning balance | 20,285 | 25,119 |
New modifications | 0 | 0 |
Charge-offs | 0 | 0 |
Payoffs and payments, net | -2,995 | -1,151 |
TDRs returned to accrual status | -516 | 0 |
TDRs placed on nonaccrual status | 0 | 0 |
Ending balance | $16,774 | $23,968 |
Recovered_Sheet4
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Loans Modified as Troubled Debt Restructurings (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Contract | Contract | |
Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, Number of Loans | 0 | 1 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $0 | $41 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 41 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 39 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | 0 | 0 |
Commercial and industrial [Member] | Interest rate reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, Number of Loans | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | 0 | 0 |
Commercial and industrial [Member] | Change in amortization period or maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, Number of Loans | 0 | 1 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | 0 | 41 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 41 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 39 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | 0 | 0 |
Commercial real estate Owner occupied [Member] | Interest rate reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, Number of Loans | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | 0 | 0 |
Commercial real estate Owner occupied [Member] | Change in amortization period or maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, Number of Loans | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | 0 | |
Commercial real estate Non-owner occupied [Member] | Interest rate reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, Number of Loans | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | 0 | |
Commercial real estate Non-owner occupied [Member] | Change in amortization period or maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, Number of Loans | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | 0 | 0 |
Dairy & livestock and agribusiness [Member] | Interest rate reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, Number of Loans | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | 0 | 0 |
Dairy & livestock and agribusiness [Member] | Change in amortization period or maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, Number of Loans | 0 | |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | |
Troubled debt restructurings, Financial Effect Resulting From Modifications | 0 | |
Consumer [Member] | Interest rate reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled debt restructurings, Number of Loans | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $0 | $0 |
Earnings_Per_Share_Reconciliat2
Earnings Per Share Reconciliation - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per common share | 235,000 | 130,000 |
Earnings_Per_Share_Reconciliat3
Earnings Per Share Reconciliation - Schedule of Earnings Per Common Share Reconciliation (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings per common share: | ||
Net earnings | $15,833 | $28,661 |
Less: Net earnings allocated to restricted stock | 81 | 127 |
Net earnings allocated to common shareholders | 15,752 | 28,534 |
Weighted average shares outstanding | 105,523 | 105,192 |
Basic earnings per common share | $0.15 | $0.27 |
Diluted earnings per common share: | ||
Net income allocated to common shareholders | $15,752 | $28,534 |
Weighted average shares outstanding | 105,523 | 105,192 |
Incremental shares from assumed exercise of outstanding options | 436 | 599 |
Diluted weighted average shares outstanding | 105,959 | 105,791 |
Diluted earnings per common share | $0.15 | $0.27 |
Fair_Value_Information_Additio
Fair Value Information - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair value assets transfers from Level 1 to Level 2 | 0 | $0 |
Fair value assets transfers from Level 2 to Level 1 | 0 | $0 |
Minimum [Member] | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Term of interest rate swap contracts by the counterparty, years | 3 years | |
Maximum [Member] | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Term of interest rate swap contracts by the counterparty, years | 30 years |
Fair_Value_Information_Assets_
Fair Value Information - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | $571,976 | $573,707 |
Interest rate swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 0 | 0 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 11,624 | 10,080 |
Interest rate swaps | 11,624 | 10,080 |
Fair Value on Recurring Basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value on Recurring Basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 3,039,913 | 3,147,238 |
Total liabilities | 11,624 | 10,080 |
Fair Value on Recurring Basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value on Recurring Basis [Member] | Government agency [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Government agency [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 329,866 | 330,843 |
Fair Value on Recurring Basis [Member] | Government agency [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Residential mortgage backed securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | |
Fair Value on Recurring Basis [Member] | Residential mortgage backed securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 1,855,154 | |
Fair Value on Recurring Basis [Member] | Residential mortgage backed securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | |
Fair Value on Recurring Basis [Member] | CMO's / REMIC's - residential [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | CMO's / REMIC's - residential [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 288,244 | 304,091 |
Fair Value on Recurring Basis [Member] | CMO's / REMIC's - residential [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Municipal bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Municipal bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 549,844 | 579,641 |
Fair Value on Recurring Basis [Member] | Municipal bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Other securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Other securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 5,181 | 5,087 |
Fair Value on Recurring Basis [Member] | Other securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Investment securities - AFS [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Investment securities - AFS [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 3,028,289 | 3,137,158 |
Fair Value on Recurring Basis [Member] | Investment securities - AFS [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Interest rate swaps [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 0 | 0 |
Interest rate swaps | 0 | 0 |
Fair Value on Recurring Basis [Member] | Interest rate swaps [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 11,624 | 10,080 |
Interest rate swaps | 11,624 | 10,080 |
Fair Value on Recurring Basis [Member] | Interest rate swaps [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 0 | 0 |
Interest rate swaps | 0 | 0 |
Fair Value on Recurring Basis [Member] | Residential mortgage-backed securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | |
Fair Value on Recurring Basis [Member] | Residential mortgage-backed securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 1,917,496 | |
Fair Value on Recurring Basis [Member] | Residential mortgage-backed securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 3,039,913 | 3,147,238 |
Total liabilities | 11,624 | 10,080 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Government agency [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 329,866 | 330,843 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Residential mortgage backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 1,855,154 | |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | CMO's / REMIC's - residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 288,244 | 304,091 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Municipal bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 549,844 | 579,641 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 5,181 | 5,087 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Investment securities - AFS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 3,028,289 | 3,137,158 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Interest rate swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | 11,624 | 10,080 |
Interest rate swaps | 11,624 | 10,080 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Residential mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | $1,917,496 |
Fair_Value_Information_Assets_1
Fair Value Information - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) (Fair Value on Non-Recurring Basis [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Description of assets | ||
Total assets | $109 | $2,846 |
Other real estate owned [Member] | ||
Description of assets | ||
Total assets | 33 | 0 |
Loans, Excluding PCI Loans [Member] | Commercial and industrial [Member] | ||
Description of assets | ||
Total assets | 0 | 771 |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 0 | 296 |
Loans, Excluding PCI Loans [Member] | Commercial real estate [Member] | ||
Description of assets | ||
Total assets | 0 | 271 |
Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | SFR mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Dairy & livestock and agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 1,061 |
Loans, Excluding PCI Loans [Member] | Consumer and other loans [Member] | ||
Description of assets | ||
Total assets | 76 | 447 |
Level 1 [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Other real estate owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Commercial and industrial [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Commercial real estate [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | SFR mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Dairy & livestock and agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Consumer and other loans [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Other real estate owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Commercial and industrial [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Commercial real estate [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | SFR mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Dairy & livestock and agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Consumer and other loans [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | ||
Description of assets | ||
Total assets | 549 | 6,323 |
Level 3 [Member] | Other real estate owned [Member] | ||
Description of assets | ||
Total assets | 340 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Commercial and industrial [Member] | ||
Description of assets | ||
Total assets | 0 | 1,911 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 0 | 1,327 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Commercial real estate [Member] | ||
Description of assets | ||
Total assets | 0 | 2,500 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | SFR mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Dairy & livestock and agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 103 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Consumer and other loans [Member] | ||
Description of assets | ||
Total assets | 209 | 482 |
Carrying Value [Member] | ||
Description of assets | ||
Total assets | 549 | 6,323 |
Carrying Value [Member] | Other real estate owned [Member] | ||
Description of assets | ||
Total assets | 340 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Commercial and industrial [Member] | ||
Description of assets | ||
Total assets | 0 | 1,911 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 0 | 1,327 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Commercial real estate [Member] | ||
Description of assets | ||
Total assets | 0 | 2,500 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | SFR mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Dairy & livestock and agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 103 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Consumer and other loans [Member] | ||
Description of assets | ||
Total assets | $209 | $482 |
Fair_Value_Information_Estimat
Fair Value Information - Estimated Fair Value of Financial Instruments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Assets | ||||
Total cash and cash equivalents | $401,372 | $105,768 | $421,386 | $94,693 |
Interest-earning balances due from depository institutions | 25,873 | 27,118 | ||
FHLB stock | 25,338 | 25,338 | ||
Investment securities available-for-sale | 3,028,289 | 3,137,158 | ||
Investment securities held-to-maturity | 1,464 | 1,528 | ||
Total loans, net of allowance for loan losses | 3,655,314 | 3,757,242 | ||
Accrued interest receivable | 22,872 | 23,194 | ||
Deposits: | ||||
Noninterest-bearing | 3,126,928 | 2,866,365 | ||
Interest-bearing | 2,770,848 | 2,738,293 | ||
Junior subordinated debentures | 25,774 | 25,774 | ||
Accrued interest payable | 306 | 1,161 | ||
Swaps | 571,976 | 573,707 | ||
Carrying Value [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 401,372 | 105,768 | ||
Interest-earning balances due from depository institutions | 25,873 | 27,118 | ||
FHLB stock | 25,338 | 25,338 | ||
Investment securities available-for-sale | 3,028,289 | 3,137,158 | ||
Investment securities held-to-maturity | 1,464 | 1,528 | ||
Loans held-for-sale | 0 | 0 | ||
Total loans, net of allowance for loan losses | 3,655,314 | 3,757,242 | ||
Accrued interest receivable | 22,872 | 23,194 | ||
Swaps | 11,624 | 10,080 | ||
Deposits: | ||||
Noninterest-bearing | 3,126,928 | 2,866,365 | ||
Interest-bearing | 2,770,848 | 2,738,293 | ||
Borrowings | 560,352 | 809,106 | ||
Junior subordinated debentures | 25,774 | 25,774 | ||
Accrued interest payable | 306 | 1,161 | ||
Swaps | 11,624 | 10,080 | ||
Estimated Fair Value [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 401,372 | 105,768 | ||
Interest-earning balances due from depository institutions | 25,873 | 27,118 | ||
FHLB stock | 25,338 | 25,338 | ||
Investment securities available-for-sale | 3,028,289 | 3,137,158 | ||
Investment securities held-to-maturity | 2,040 | 2,177 | ||
Loans held-for-sale | 0 | 0 | ||
Total loans, net of allowance for loan losses | 3,704,042 | 3,794,454 | ||
Accrued interest receivable | 22,872 | 23,194 | ||
Swaps | 11,624 | 10,080 | ||
Deposits: | ||||
Noninterest-bearing | 3,126,928 | 2,866,365 | ||
Interest-bearing | 2,771,030 | 2,739,221 | ||
Borrowings | 560,291 | 822,607 | ||
Junior subordinated debentures | 26,016 | 26,005 | ||
Accrued interest payable | 306 | 1,161 | ||
Swaps | 11,624 | 10,080 | ||
Estimated Fair Value [Member] | Level 1 [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 401,372 | 105,768 | ||
Interest-earning balances due from depository institutions | 0 | 0 | ||
FHLB stock | 0 | 0 | ||
Investment securities available-for-sale | 0 | 0 | ||
Investment securities held-to-maturity | 0 | 0 | ||
Loans held-for-sale | 0 | 0 | ||
Total loans, net of allowance for loan losses | 0 | 0 | ||
Accrued interest receivable | 0 | 0 | ||
Swaps | 0 | 0 | ||
Deposits: | ||||
Noninterest-bearing | 3,126,928 | 2,866,365 | ||
Interest-bearing | 0 | 0 | ||
Borrowings | 0 | 0 | ||
Junior subordinated debentures | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Swaps | 0 | 0 | ||
Estimated Fair Value [Member] | Level 2 [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 0 | 0 | ||
Interest-earning balances due from depository institutions | 25,873 | 27,118 | ||
FHLB stock | 25,338 | 25,338 | ||
Investment securities available-for-sale | 3,028,289 | 3,137,158 | ||
Investment securities held-to-maturity | 0 | 0 | ||
Loans held-for-sale | 0 | 0 | ||
Total loans, net of allowance for loan losses | 0 | 0 | ||
Accrued interest receivable | 22,872 | 23,194 | ||
Swaps | 11,624 | 10,080 | ||
Deposits: | ||||
Noninterest-bearing | 0 | 0 | ||
Interest-bearing | 2,771,030 | 2,739,221 | ||
Borrowings | 560,291 | 822,607 | ||
Junior subordinated debentures | 26,016 | 26,005 | ||
Accrued interest payable | 306 | 1,161 | ||
Swaps | 11,624 | 10,080 | ||
Estimated Fair Value [Member] | Level 3 [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 0 | 0 | ||
Interest-earning balances due from depository institutions | 0 | 0 | ||
FHLB stock | 0 | 0 | ||
Investment securities available-for-sale | 0 | 0 | ||
Investment securities held-to-maturity | 2,040 | 2,177 | ||
Loans held-for-sale | 0 | 0 | ||
Total loans, net of allowance for loan losses | 3,704,042 | 3,794,454 | ||
Accrued interest receivable | 0 | 0 | ||
Swaps | 0 | 0 | ||
Deposits: | ||||
Noninterest-bearing | 0 | 0 | ||
Interest-bearing | 0 | 0 | ||
Borrowings | 0 | 0 | ||
Junior subordinated debentures | 0 | 0 | ||
Accrued interest payable | 0 | 0 | ||
Swaps | $0 | $0 |
Business_Segments_Additional_I
Business Segments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Segment | |
FinancialCenters | |
Segment Reporting Information [Line Items] | |
Number of principal reporting segments | 2 |
Bank operated Business Financial Centers, number | 40 |
Bank operated Commercial Banking Centers, number | 7 |
Consideration of Business Financial and Commercial Banking Centers | 1 |
Subsidiary bank [Member] | |
Segment Reporting Information [Line Items] | |
Bank operated Business Financial Centers, number | 40 |
Bank operated Commercial Banking Centers, number | 7 |
Business_Segments_Schedule_of_
Business Segments - Schedule of Segment Reporting Information by Segment (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment Reporting Information [Line Items] | |||
Interest income, including loan fees | $64,180 | $61,062 | |
Credit for funds provided | 0 | 0 | |
Total interest income | 64,180 | 61,062 | |
Interest expense | 3,171 | 4,120 | |
Charge for funds used | 0 | 0 | |
Total interest expense | 3,171 | 4,120 | |
Net interest income | 61,009 | 56,942 | |
Provision for loan losses | 0 | -7,500 | |
Net interest income after provision for loan losses | 61,009 | 64,442 | |
Noninterest income | 8,011 | 11,498 | |
Noninterest expense | 44,472 | 31,157 | |
Debt termination expense | 13,870 | 0 | |
Earnings before income taxes | 24,548 | 44,783 | |
Segment assets | 7,442,951 | 6,902,518 | 7,377,920 |
Operating segments [Member] | Centers [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income, including loan fees | 35,368 | 33,091 | |
Credit for funds provided | 8,211 | 7,074 | |
Total interest income | 43,579 | 40,165 | |
Interest expense | 1,663 | 1,637 | |
Charge for funds used | 1,067 | 1,090 | |
Total interest expense | 2,730 | 2,727 | |
Net interest income | 40,849 | 37,438 | |
Provision for loan losses | 0 | 0 | |
Net interest income after provision for loan losses | 40,849 | 37,438 | |
Noninterest income | 5,067 | 4,782 | |
Noninterest expense | 11,849 | 11,828 | |
Debt termination expense | 0 | 0 | |
Earnings before income taxes | 34,067 | 30,392 | |
Segment assets | 6,216,028 | 5,525,494 | |
Operating segments [Member] | Treasury [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income, including loan fees | 18,655 | 16,432 | |
Credit for funds provided | 0 | 0 | |
Total interest income | 18,655 | 16,432 | |
Interest expense | 1,431 | 2,373 | |
Charge for funds used | 14,806 | 12,797 | |
Total interest expense | 16,237 | 15,170 | |
Net interest income | 2,418 | 1,262 | |
Provision for loan losses | 0 | 0 | |
Net interest income after provision for loan losses | 2,418 | 1,262 | |
Noninterest income | 0 | 0 | |
Noninterest expense | 213 | 196 | |
Debt termination expense | 13,870 | 0 | |
Earnings before income taxes | -11,665 | 1,066 | |
Segment assets | 3,450,529 | 3,264,736 | |
Operating segments [Member] | Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income, including loan fees | 10,157 | 11,539 | |
Credit for funds provided | 12,641 | 11,463 | |
Total interest income | 22,798 | 23,002 | |
Interest expense | 77 | 110 | |
Charge for funds used | 4,979 | 4,650 | |
Total interest expense | 5,056 | 4,760 | |
Net interest income | 17,742 | 18,242 | |
Provision for loan losses | 0 | -7,500 | |
Net interest income after provision for loan losses | 17,742 | 25,742 | |
Noninterest income | 2,944 | 6,716 | |
Noninterest expense | 18,540 | 19,133 | |
Debt termination expense | 0 | 0 | |
Earnings before income taxes | 2,146 | 13,325 | |
Segment assets | 898,554 | 843,026 | |
Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
Interest income, including loan fees | 0 | 0 | |
Credit for funds provided | -20,852 | -18,537 | |
Total interest income | -20,852 | -18,537 | |
Interest expense | 0 | 0 | |
Charge for funds used | -20,852 | -18,537 | |
Total interest expense | -20,852 | -18,537 | |
Net interest income | 0 | 0 | |
Provision for loan losses | 0 | 0 | |
Net interest income after provision for loan losses | 0 | 0 | |
Noninterest income | 0 | 0 | |
Noninterest expense | 0 | 0 | |
Debt termination expense | 0 | 0 | |
Earnings before income taxes | 0 | 0 | |
Segment assets | ($3,122,160) | ($2,730,738) |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative assets and liabilities offset in balance sheet | $0 | ||
Total notional amount of the Company's swaps | 193,800,000 | 197,400,000 | |
Gain recognized in the condensed consolidated statements of earnings | $0 | $0 | |
Interest-rate swap agreements with customers [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of interest-rate swap agreements | 75 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Fair Value of Derivative Instruments (Detail) (Derivatives not designated as hedging instruments [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $11,624 | $10,080 |
Other liabilities [Member] | Interest rate swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 11,624 | 10,080 |
Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 11,624 | 10,080 |
Other assets [Member] | Interest rate swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $11,624 | $10,080 |
Other_Comprehensive_Income_Los2
Other Comprehensive Income (Loss) - Summary of Components of Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Equity [Abstract] | ||
Net change in fair value recorded in accumulated OCI, Before-Tax | $20,270 | $24,781 |
Net change in fair value recorded in accumulated OCI, Tax Effect | 8,514 | 10,407 |
Net change in fair value recorded in accumulated OCI, After-Tax | 11,756 | 14,374 |
Net change, Before-Tax | 20,270 | 24,781 |
Net change, Tax Effect | 8,514 | 10,407 |
Net change, After-Tax | $11,756 | $14,374 |
Other_Comprehensive_Income_Los3
Other Comprehensive Income (Loss) - Summary of Change in Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract] | ||
Beginning balance | $31,075 | ($9,330) |
Net change in fair value recorded in accumulated OCI | 11,756 | 14,374 |
Net realized gains reclassified into earnings | 0 | 0 |
Ending balance | $42,831 | $5,044 |
Balance_Sheet_Offsetting_Sched
Balance Sheet Offsetting - Schedule of Balance Sheet Offsetting (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | $571,976 | $573,827 |
Financial liabilities, Gross Amounts offset in the Condensed Consolidated Balance Sheets | 0 | -120 |
Financial liabilities, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 571,976 | 573,707 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 0 | 120 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | -703,778 | -641,312 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | -131,802 | -67,485 |
Repurchase agreements [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 560,352 | 563,627 |
Financial liabilities, Gross Amounts offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial liabilities, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 560,352 | 563,627 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 0 | 0 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | -687,017 | -624,578 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | -126,665 | -60,951 |
Interest rate swaps [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 11,624 | 10,080 |
Financial assets, Gross Amounts offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial assets, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 11,624 | 10,080 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | 11,624 | 10,080 |
Interest rate swaps [Member] | Derivatives not designated as hedging instruments [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 11,624 | 10,080 |
Financial assets, Gross Amounts offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial assets, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 11,624 | 10,080 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | 11,624 | 10,080 |
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 11,624 | 10,200 |
Financial liabilities, Gross Amounts offset in the Condensed Consolidated Balance Sheets | 0 | -120 |
Financial liabilities, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 11,624 | 10,080 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 0 | 120 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | -16,761 | -16,734 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | ($5,137) | ($6,534) |