Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CVBF | |
Entity Registrant Name | CVB FINANCIAL CORP | |
Entity Central Index Key | 354,647 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 106,340,143 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 125,431 | $ 95,030 |
Interest-earning balances due from Federal Reserve | 321,015 | 10,738 |
Total cash and cash equivalents | 446,446 | 105,768 |
Interest-earning balances due from depository institutions | 24,378 | 27,118 |
Investment securities available-for-sale, at fair value (with amortized cost of $3,113,339 at June 30, 2015, and $3,083,582 at December 31, 2014) | 3,154,217 | 3,137,158 |
Investment securities held-to-maturity | 1,400 | 1,528 |
Investment in stock of Federal Home Loan Bank (FHLB) | 17,588 | 25,338 |
Loans and lease finance receivables | 3,784,219 | 3,817,067 |
Allowance for loan losses | (59,554) | (59,825) |
Net loans and lease finance receivables | 3,724,665 | 3,757,242 |
Premises and equipment, net | 31,894 | 33,591 |
Bank owned life insurance | 129,597 | 126,927 |
Accrued interest receivable | 22,173 | 23,194 |
Intangibles | 2,707 | 3,214 |
Goodwill | 74,244 | 74,244 |
Other real estate owned | 7,835 | 5,637 |
Income taxes | 40,756 | 31,461 |
Other assets | 19,458 | 25,500 |
Total assets | 7,697,358 | 7,377,920 |
Deposits: | ||
Noninterest-bearing | 3,250,574 | 2,866,365 |
Interest-bearing | 2,743,306 | 2,738,293 |
Total deposits | 5,993,880 | 5,604,658 |
Customer repurchase agreements | 662,326 | 563,627 |
FHLB advances | 0 | 199,479 |
Other borrowings | 0 | 46,000 |
Accrued interest payable | 321 | 1,161 |
Deferred compensation | 11,093 | 10,291 |
Junior subordinated debentures | 25,774 | 25,774 |
Payable for securities purchased | 59,693 | 0 |
Other liabilities | 50,280 | 48,821 |
Total liabilities | $ 6,803,367 | $ 6,499,811 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock, authorized, 225,000,000 shares without par; issued and outstanding 106,337,106 at June 30, 2015, and 105,893,216 at December 31, 2014 | $ 501,322 | $ 495,220 |
Retained earnings | 368,960 | 351,814 |
Accumulated other comprehensive income, net of tax | 23,709 | 31,075 |
Total stockholders' equity | 893,991 | 878,109 |
Total liabilities and stockholders' equity | $ 7,697,358 | $ 7,377,920 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands, None in scaling factor is -9223372036854775296 | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Amortized cost | $ 3,113,339 | $ 3,083,582 |
Common stock, par value | ||
Common stock, authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 106,337,106 | 105,893,216 |
Common stock, shares outstanding | 106,337,106 | 105,893,216 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Interest income: | ||||
Loans and leases, including fees | $ 45,322 | $ 43,558 | $ 90,864 | $ 88,214 |
Investment securities: | ||||
Taxable | 12,820 | 11,686 | 25,781 | 21,965 |
Tax-advantaged | 4,719 | 5,186 | 9,730 | 10,464 |
Total investment income | 17,539 | 16,872 | 35,511 | 32,429 |
Dividends from FHLB stock | 1,414 | 526 | 1,883 | 1,130 |
Federal funds sold | 187 | 127 | 329 | 251 |
Interest-earning deposits with other institutions | 53 | 133 | 108 | 254 |
Total interest income | 64,515 | 61,216 | 128,695 | 122,278 |
Interest expense: | ||||
Deposits | 1,307 | 1,222 | 2,600 | 2,408 |
Borrowings | 342 | 2,729 | 2,115 | 5,559 |
Junior subordinated debentures | 108 | 106 | 213 | 210 |
Total interest expense | 1,757 | 4,057 | 4,928 | 8,177 |
Net interest income before recapture of provision for loan losses | 62,758 | 57,159 | 123,767 | 114,101 |
Recapture of provision for loan losses | (2,000) | (7,600) | (2,000) | (15,100) |
Net interest income after recapture of provision for loan losses | 64,758 | 64,759 | 125,767 | 129,201 |
Noninterest income: | ||||
Service charges on deposit accounts | 3,952 | 3,905 | 7,913 | 7,733 |
Trust and investment services | 2,181 | 2,133 | 4,332 | 4,058 |
Bankcard services | 842 | 923 | 1,575 | 1,701 |
BOLI income | 808 | 601 | 1,457 | 1,239 |
Gain on sale of loans held-for-sale | 0 | 0 | 0 | 5,330 |
Decrease in FDIC loss sharing asset, net | (413) | (1,467) | (803) | (3,174) |
Gain on OREO, net | 132 | 130 | 256 | 135 |
Other | 843 | 825 | 1,626 | 1,526 |
Total noninterest income | 8,345 | 7,050 | 16,356 | 18,548 |
Noninterest expense: | ||||
Salaries and employee benefits | 19,648 | 18,387 | 38,943 | 37,804 |
Occupancy and equipment | 3,713 | 3,676 | 7,365 | 7,401 |
Professional services | 1,527 | 1,646 | 2,680 | 3,010 |
Software licenses and maintenance | 993 | 1,010 | 2,023 | 2,075 |
Promotion | 1,201 | 1,341 | 2,528 | 2,607 |
Recapture of provision for unfunded loan commitments | 0 | 0 | (500) | 0 |
Amortization of intangible assets | 239 | 193 | 507 | 315 |
Debt termination expense | 0 | 0 | 13,870 | 0 |
OREO expense | 251 | 113 | 335 | 138 |
Acquisition related expenses | 0 | 865 | 0 | 1,292 |
Other | 3,961 | 4,093 | 8,254 | 7,839 |
Total noninterest expense | 31,533 | 31,324 | 76,005 | 62,481 |
Earnings before income taxes | 41,570 | 40,485 | 66,118 | 85,268 |
Income taxes | 14,757 | 15,001 | 23,472 | 31,123 |
Net earnings | 26,813 | 25,484 | 42,646 | 54,145 |
Other comprehensive income: | ||||
Unrealized gain on securities arising during the period | (32,968) | 32,782 | (12,698) | 57,563 |
Less: Reclassification adjustment for net gain on securities included in net income | 0 | 0 | 0 | 0 |
Other comprehensive income, before tax | (32,968) | 32,782 | (12,698) | 57,563 |
Less: Income tax expense related to items of other comprehensive income | 13,846 | (13,769) | 5,332 | (24,176) |
Other comprehensive income, net of tax | (19,122) | 19,013 | (7,366) | 33,387 |
Comprehensive income | $ 7,691 | $ 44,497 | $ 35,280 | $ 87,532 |
Basic earnings per common share | $ 0.25 | $ 0.24 | $ 0.40 | $ 0.51 |
Diluted earnings per common share | 0.25 | 0.24 | 0.40 | 0.51 |
Cash dividends declared per common share | $ 0.12 | $ 0.10 | $ 0.24 | $ 0.20 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
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 | (4,908) | $ (4,908) | ||
Repurchase of common stock, shares | (346) | |||
Exercise of stock options | 5,109 | $ 5,109 | ||
Exercise of stock options, shares | 469 | |||
Tax benefit from exercise of stock options | 796 | $ 796 | ||
Shares issued pursuant to stock-based compensation plan | 1,531 | $ 1,531 | ||
Shares issued pursuant to stock-based compensation plan, shares | 306 | |||
Cash dividends declared on common stock | (21,188) | (21,188) | ||
Net earnings | 54,145 | 54,145 | ||
Other comprehensive income | 33,387 | 33,387 | ||
Ending balance at Jun. 30, 2014 | 840,759 | $ 493,596 | 323,106 | 24,057 |
Ending balance, shares at Jun. 30, 2014 | 105,799 | |||
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 | (511) | $ (511) | ||
Repurchase of common stock, shares | (33) | |||
Exercise of stock options | 4,500 | $ 4,500 | ||
Exercise of stock options, shares | 397 | |||
Tax benefit from exercise of stock options | 742 | $ 742 | ||
Shares issued pursuant to stock-based compensation plan | 1,371 | $ 1,371 | ||
Shares issued pursuant to stock-based compensation plan, shares | 80 | |||
Cash dividends declared on common stock | (25,500) | (25,500) | ||
Net earnings | 42,646 | 42,646 | ||
Other comprehensive income | (7,366) | (7,366) | ||
Ending balance at Jun. 30, 2015 | $ 893,991 | $ 501,322 | $ 368,960 | $ 23,709 |
Ending balance, shares at Jun. 30, 2015 | 106,337 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends per common share | $ 0.12 | $ 0.10 | $ 0.24 | $ 0.20 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash Flows from Operating Activities | ||
Interest and dividends received | $ 137,747 | $ 125,583 |
Service charges and other fees received | 13,840 | 15,036 |
Interest paid | (5,768) | (7,984) |
Net cash paid to vendors, employees and others | (68,710) | (63,504) |
Income taxes paid | (27,000) | (35,500) |
Payments to FDIC, loss share agreement | (460) | (1,372) |
Net cash provided by operating activities | 49,649 | 32,259 |
Cash Flows from Investing Activities | ||
Proceeds from redemption of FHLB stock | 7,750 | 8,899 |
Proceeds from maturity of interest-earning balances from depository institutions | 2,740 | 1,494 |
Proceeds from sale of investment securities | 0 | 14,271 |
Proceeds from repayment of investment securities | 202,162 | 143,151 |
Proceeds from maturity of investment securities | 54,601 | 47,199 |
Purchases of investment securities | (236,451) | (413,458) |
Net decrease in loan and lease finance receivables | 35,862 | 184,031 |
Proceeds from sales of premises and equipment | 0 | 663 |
Purchase of premises and equipment | (485) | (964) |
Proceeds from sales of other real estate owned | 1,538 | 2,254 |
Cash acquired on purchase of American Security Bank, net of cash paid | 0 | 50,038 |
Net cash provided by investing activities | 67,717 | 37,578 |
Cash Flows from Financing Activities | ||
Net increase in transaction deposits | 430,912 | 392,737 |
Net decrease in time deposits | (41,690) | (32,172) |
Repayment of FHLB advances | (200,000) | 0 |
Net decrease in other borrowings | (46,000) | (69,000) |
Net increase (decrease) in customer repurchase agreements | 98,699 | (31,792) |
Cash dividends on common stock | (23,340) | (21,117) |
Repurchase of common stock | (511) | (4,908) |
Proceeds from exercise of stock options | 4,500 | 5,109 |
Tax benefit related to exercise of stock options | 742 | 796 |
Net cash provided by financing activities | 223,312 | 239,653 |
Net increase in cash and cash equivalents | 340,678 | 309,490 |
Cash and cash equivalents, beginning of period | 105,768 | 94,693 |
Cash and cash equivalents, end of period | 446,446 | 404,183 |
Reconciliation of Net Earnings to Net Cash Provided by Operating Activities | ||
Net earnings | 42,646 | 54,145 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Gain on sale of loans held-for-sale | 0 | (5,330) |
Loss on sale of premises and equipment, net | 52 | 71 |
Gain on sale of other real estate owned | (232) | (117) |
Amortization of capitalized prepayment penalty on borrowings | 521 | 136 |
Increase in bank owned life insurance | (2,670) | (1,161) |
Net amortization of premiums and discounts on investment securities | 9,749 | 10,044 |
Accretion of SJB discount | (2,012) | (3,174) |
Recapture of provision for loan losses | (2,000) | (15,100) |
Recapture of provision for unfunded loan commitments | (500) | 0 |
Valuation adjustment on other real estate owned | 162 | 0 |
Change in FDIC loss share asset | 299 | 3,174 |
Payments to FDIC, loss share agreement | (460) | (1,372) |
Stock-based compensation | 1,371 | 1,531 |
Depreciation and amortization, net | (229) | 858 |
Change in accrued interest receivable | 1,021 | 331 |
Change in accrued interest payable | (840) | 12 |
Change in other assets and liabilities | 2,771 | (11,789) |
Total adjustments | 7,003 | (21,886) |
Net cash provided by operating activities | 49,649 | 32,259 |
Net cash provided by investing activities | 67,717 | 37,578 |
Net cash provided by financing activities | 223,312 | 239,653 |
Net increase in cash and cash equivalents | 340,678 | 309,490 |
Supplemental Disclosure of Non-cash Investing Activities | ||
Securities purchased and not settled | 59,693 | 56,430 |
Transfer of loans to other real estate owned | $ 3,666 | $ 478 |
Business
Business | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [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. This includes 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 Equipment Financing 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 offices. The Company is headquartered in the city of Ontario, California. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [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 and six months ended June 30, 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 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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, Use of Estimates in the Preparation of Financial Statements Recent Accounting Pronouncements |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 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. June 30, 2015 Amortized Gross Gain Gross Fair Value Total (Dollars in thousands) Investment securities available-for-sale: Government agency/GSEs $ 358,052 $ 16 $ (6,785 ) $ 351,283 11.14 % Residential mortgage-backed securities 1,830,381 30,770 (4,661 ) 1,856,490 58.86 % CMOs/REMICs - residential 403,108 7,265 (626 ) 409,747 12.99 % Municipal bonds 516,798 16,488 (1,671 ) 531,615 16.85 % Other securities 5,000 82 — 5,082 0.16 % Total $ 3,113,339 $ 54,621 $ (13,743 ) $ 3,154,217 100.00 % December 31, 2014 Amortized Gross Gross Fair Value Total (Dollars in thousands) Investment securities available-for-sale: Government agency/GSEs $ 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 ) $ 3,137,158 100.00 % Approximately 83% of the available-for-sale portfolio at June 30, 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 collateralized mortgage obligations (“CMO”)/Real Estate Mortgage Investment Conduit (“REMIC”) issues held are rated investment grade or better by either Standard & Poor’s or Moody’s, as of June 30, 2015 and December 31, 2014. The Bank had $234,000 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 June 30, 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. June 30, 2015 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Fair Value Gross Fair Value Gross (Dollars in thousands) Available-for-sale: Government agency/GSEs $ 45,332 $ 119 $ 284,011 $ 6,666 $ 329,343 $ 6,785 Residential mortgage-backed securities 212,143 1,128 122,027 3,533 334,170 4,661 CMOs/REMICs - residential 114,943 458 6,315 168 121,258 626 Municipal bonds 52,881 813 24,599 858 77,480 1,671 Other securities — — — — — — Total $ 425,299 $ 2,518 $ 436,952 $ 11,225 $ 862,251 $ 13,743 December 31, 2014 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Fair Value Gross Fair Value Gross (Dollars in thousands) Available-for-sale: Government agency/GSEs $ 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 This Alt-A bond, with a book value of $1.4 million as of June 30, 2015 and 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 June 30, 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 three and six months ended June 30, 2015 and 2014. Government Agency & Government-Sponsored Enterprise (“GSE”) — Mortgage-Backed Securities and CMOs/REMICs— Municipal Bonds 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 June 30, 2015 and December 31, 2014, investment securities having a carrying value of approximately $2.92 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 June 30, 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. June 30, 2015 Amortized Fair Cost Value (Dollars in thousands) Available-for-sale: Due in one year or less $ 177,307 $ 180,332 Due after one year through five years 2,063,160 2,104,524 Due after five years through ten years 659,129 652,414 Due after ten years 213,743 216,947 Total $ 3,113,339 $ 3,154,217 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 June 30, 2015. |
Acquired SJB Assets and FDIC Lo
Acquired SJB Assets and FDIC Loss Sharing Asset | 6 Months Ended |
Jun. 30, 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 At June 30, 2015, the remaining discount associated with the PCI loans approximated $5.7 million. Based on the Company’s regular forecast of expected cash flows from these loans, approximately $3.5 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 3.4 years and 1.3 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. June 30, 2015 December 31, 2014 (Dollars in thousands) Commercial and industrial $ 13,310 $ 14,605 SBA 440 1,110 Real estate: Commercial real estate 93,700 109,350 Construction — — SFR mortgage 203 205 Dairy & livestock and agribusiness 276 4,890 Municipal lease finance receivables — — Consumer and other loans 2,817 3,336 Gross PCI loans 110,746 133,496 Less: Purchase accounting discount (5,680 ) (7,129 ) Gross PCI loans, net of discount 105,066 126,367 Less: Allowance for PCI loans losses — — Net PCI loans $ 105,066 $ 126,367 Credit Quality Indicators The following table summarizes PCI loans by internal risk ratings for the periods indicated. June 30, 2015 December 31, 2014 (Dollars in thousands) Pass $ 21,863 $ 26,706 Watch list 65,435 77,371 Special mention 6,909 8,203 Substandard 16,539 21,216 Doubtful & loss — — Total PCI gross loans $ 110,746 $ 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 |
Loans and Lease Finance Receiva
Loans and Lease Finance Receivables and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 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 total loans and lease finance receivables, excluding PCI loans, by type. June 30, 2015 December 31, 2014 (Dollars in thousands) Commercial and industrial $ 406,423 $ 390,011 SBA 120,566 134,265 Real estate: Commercial real estate 2,569,411 2,487,803 Construction 46,927 55,173 SFR mortgage 214,503 205,124 Dairy & livestock and agribusiness 183,984 279,173 Municipal lease finance receivables 74,691 77,834 Consumer and other loans 71,176 69,884 Gross loans, excluding PCI loans 3,687,681 3,699,267 Less: Deferred loan fees, net (8,528 ) (8,567 ) Gross loans, excluding PCI loans, net of deferred loan fees 3,679,153 3,690,700 Less: Allowance for loan losses (59,554 ) (59,825 ) Net loans, excluding PCI loans 3,619,599 3,630,875 PCI Loans 110,746 133,496 Discount on PCI loans (5,680 ) (7,129 ) PCI loans, net 105,066 126,367 Total loans and lease finance receivables $ 3,724,665 $ 3,757,242 As of June 30, 2015, 69.68% of the total gross loan portfolio (excluding PCI loans) consisted of commercial real estate loans and 1.27% 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 June 30, 2015, $157.2 million, or 6.12%, 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 $130.0 million for loans secured by dairy & livestock land and $27.2 million for loans secured by agricultural land at June 30, 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 June 30, 2015, $184.0 million, or 4.99%, 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 $171.8 million for dairy & livestock loans and $12.2 million for agribusiness loans at June 30, 2015, compared to $268.1 million for dairy & livestock loans and $11.1 million for agribusiness loans at December 31, 2014. At June 30, 2015, the Company held approximately $1.84 billion of total fixed rate loans. At June 30, 2015 and December 31, 2014, loans totaling $2.80 billion and $2.78 billion, respectively, were pledged to secure borrowings and available lines of credit from the FHLB and the Federal Reserve Bank. 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. June 30, 2015 Pass Watch List Special Mention Substandard Doubtful & Loss Total Commercial and industrial $ 259,171 $ 97,969 $ 37,649 $ 11,578 $ 56 $ 406,423 SBA 74,716 22,448 14,202 7,698 1,502 120,566 Real estate: Commercial real estate Owner occupied 581,824 146,611 49,507 13,456 — 791,398 Non-owner occupied 1,445,175 250,818 28,789 53,231 — 1,778,013 Construction Speculative 26,741 2,172 — 7,651 — 36,564 Non-speculative 9,710 653 — — — 10,363 SFR mortgage 185,302 21,230 4,261 3,710 — 214,503 Dairy & livestock and agribusiness 105,341 75,217 3,426 — — 183,984 Municipal lease finance receivables 41,726 27,766 5,199 — — 74,691 Consumer and other loans 55,776 10,497 2,032 2,774 97 71,176 Total gross loans, excluding PCI loans $ 2,785,482 $ 655,381 $ 145,065 $ 100,098 $ 1,655 $ 3,687,681 December 31, 2014 Pass Watch List Special Mention Substandard Doubtful & Loss Total 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 June 30, 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, by portfolio segment for the periods presented. For the Three Months Ended June 30, 2015 Ending Charge-offs Recoveries (Recapture of) Provision for Ending (Dollars in thousands) Commercial and industrial $ 7,502 $ — $ 197 $ (514 ) $ 7,185 SBA 2,196 — 3 (114 ) 2,085 Real estate: Commercial real estate 34,848 (107 ) 783 (110 ) 35,414 Construction 1,043 — 41 (338 ) 746 SFR mortgage 2,425 (215 ) — 354 2,564 Dairy & livestock and agribusiness 3,746 — 111 117 3,974 Municipal lease finance receivables 1,030 — — (16 ) 1,014 Consumer and other loans 825 (20 ) 52 (23 ) 834 Unallocated 7,094 — — (1,356 ) 5,738 Total allowance for loan losses $ 60,709 $ (342 ) $ 1,187 $ (2,000 ) $ 59,554 For the Three Months Ended June 30, 2014 Ending Charge-offs Recoveries (Recapture of) Provision for Ending (Dollars in thousands) Commercial and industrial $ 6,368 $ (100 ) $ 43 $ (274 ) $ 6,037 SBA 2,468 — 63 (166 ) 2,365 Real estate: Commercial real estate 39,400 (352 ) 70 (3,200 ) 35,918 Construction 458 — 19 128 605 SFR mortgage 2,282 — — (68 ) 2,214 Dairy & livestock and agribusiness 9,267 — 98 (3,937 ) 5,428 Municipal lease finance receivables 1,519 — — (55 ) 1,464 Consumer and other loans 950 (6 ) 14 (28 ) 930 Unallocated 6,013 — — — 6,013 Total allowance for loan losses $ 68,725 $ (458 ) $ 307 $ (7,600 ) $ 60,974 For the Six Months Ended June 30, 2015 Ending Charge-offs Recoveries (Recapture of) Provision for Ending (Dollars in thousands) Commercial and industrial $ 7,074 $ (134 ) $ 232 $ 13 $ 7,185 SBA 2,557 (33 ) 37 (476 ) 2,085 Real estate: Commercial real estate 33,373 (107 ) 1,640 508 35,414 Construction 988 — 50 (292 ) 746 SFR mortgage 2,344 (215 ) 185 250 2,564 Dairy & livestock and agribusiness 5,479 — 210 (1,715 ) 3,974 Municipal lease finance receivables 1,412 — — (398 ) 1,014 Consumer and other loans 1,262 (197 ) 61 (292 ) 834 Unallocated 5,336 — — 402 5,738 Total allowance for loan losses $ 59,825 $ (686 ) $ 2,415 $ (2,000 ) $ 59,554 For the Six Months Ended June 30, 2014 Ending Charge-offs Recoveries (Recapture of) Provision for Ending (Dollars in thousands) Commercial and industrial $ 8,502 $ (554 ) $ 498 $ (2,409 ) $ 6,037 SBA 2,332 — 63 (30 ) 2,365 Real estate: Commercial real estate 39,402 (352 ) 138 (3,270 ) 35,918 Construction 1,305 — 797 (1,497 ) 605 SFR mortgage 2,718 — — (504 ) 2,214 Dairy & livestock and agribusiness 11,728 — 242 (6,542 ) 5,428 Municipal lease finance receivables 2,335 — — (871 ) 1,464 Consumer and other loans 960 (19 ) 26 (37 ) 930 Unallocated 5,953 — — 60 6,013 Total allowance for loan losses $ 75,235 $ (925 ) $ 1,764 $ (15,100 ) $ 60,974 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. June 30, 2015 Recorded Investment in Loans Allowance for Loan Losses Individually Collectively Individually Collectively (Dollars in thousands) Commercial and industrial $ 1,562 $ 404,861 $ 435 $ 6,750 SBA 3,146 117,420 12 2,073 Real estate: Commercial real estate 39,981 2,529,430 — 35,414 Construction 7,651 39,276 24 722 SFR mortgage 7,044 207,459 77 2,487 Dairy & livestock and agribusiness 7,091 176,893 — 3,974 Municipal lease finance receivables — 74,691 — 1,014 Consumer and other loans 915 70,261 2 832 Unallocated — — — 5,738 Total $ 67,390 $ 3,620,291 $ 550 $ 59,004 June 30, 2014 Recorded Investment in Loans Allowance for Loan Losses Individually Collectively Individually Collectively (Dollars in thousands) Commercial and industrial $ 5,904 $ 379,661 $ 643 $ 5,394 SBA 2,138 126,706 64 2,301 Real estate: Commercial real estate 36,873 2,363,991 — 35,918 Construction 26,554 32,923 — 605 SFR mortgage 10,554 176,370 44 2,170 Dairy & livestock and agribusiness 23,355 156,696 1,366 4,062 Municipal lease finance receivables — 78,934 — 1,464 Consumer and other loans 470 70,527 96 834 Unallocated — — — 6,013 Total $ 105,848 $ 3,385,808 $ 2,213 $ 58,761 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 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. June 30, 2015 30-59 Days 60-89 Days Total Past Nonaccrual Current Total (Dollars in thousands) Commercial and industrial $ 246 $ — $ 246 $ 903 $ 405,274 $ 406,423 SBA — — — 2,456 118,110 120,566 Real estate: Commercial real estate Owner occupied — — — 2,290 789,109 791,399 Non-owner occupied 945 388 1,333 12,677 1,764,002 1,778,012 Construction Speculative — — — — 36,564 36,564 Non-speculative — — — — 10,363 10,363 SFR mortgage — 355 355 3,400 210,748 214,503 Dairy & livestock and agribusiness — — — — 183,984 183,984 Municipal lease finance receivables — — — — 74,691 74,691 Consumer and other loans — 2 2 498 70,676 71,176 Total gross loans, excluding PCI loans $ 1,191 $ 745 $ 1,936 $ 22,224 $ 3,663,521 $ 3,687,681 (1) As of June 30, 2015, $18.6 million of nonaccruing loans were current, $599,000 were 30-59 days past due, $668,000 were 60-89 days past due and $2.4 million were 90+ days past due. December 31, 2014 30-59 Days 60-89 Days Total Past Nonaccrual Current Total (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 June 30, 2015, the Company had impaired loans, excluding PCI loans, of $67.4 million. Of this amount, there were $15.0 million of nonaccrual commercial real estate loans, $3.4 million of nonaccrual SFR mortgage loans, $2.5 million of nonaccrual SBA loans, $903,000 of nonaccrual commercial and industrial loans and $498,000 of nonaccrual consumer and other loans. These impaired loans included $60.3 million of loans whose terms were modified in a troubled debt restructuring, of which $15.2 million were classified as nonaccrual. The remaining balance of $45.1 million consisted of 33 loans performing according to the restructured terms. The impaired loans had a specific allowance of $550,000 at June 30, 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 Six Months Ended June 30, 2015 Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 1,097 $ 1,941 $ — $ 1,172 $ 15 SBA 3,087 3,688 — 3,167 26 Real estate: Commercial real estate Owner occupied 5,987 7,080 — 5,865 127 Non-owner occupied 33,994 39,946 — 34,567 838 Construction Speculative — — — — — Non-speculative — — — — — SFR mortgage 6,228 7,175 — 6,102 50 Dairy & livestock and agribusiness 7,091 7,559 — 7,269 167 Municipal lease finance receivables — — — — — Consumer and other loans 906 1,426 — 940 8 Total 58,390 68,815 — 59,082 1,231 With a related allowance recorded: Commercial and industrial 465 536 435 478 1 SBA 59 59 12 63 — Real estate: Commercial real estate Owner occupied — — — — — Non-owner occupied — — — — — Construction Speculative 7,651 7,651 24 7,651 192 Non-speculative — — — — — SFR mortgage 816 824 77 826 3 Dairy & livestock and agribusiness — — — — — Municipal lease finance receivables — — — — — Consumer and other loans 9 14 2 10 — Total 9,000 9,084 550 9,028 196 Total impaired loans $ 67,390 $ 77,899 $ 550 $ 68,110 $ 1,427 As of and For the Six Months Ended Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 4,376 $ 5,437 $ — $ 4,396 $ 30 SBA 2,074 2,516 — 2,112 — Real estate: Commercial real estate Owner occupied 11,822 12,910 — 11,967 247 Non-owner occupied 25,051 31,676 — 25,390 430 Construction Speculative 17,418 18,407 — 17,484 154 Non-speculative 9,136 9,136 — 9,158 308 SFR mortgage 10,078 11,719 — 10,156 52 Dairy & livestock and agribusiness 20,015 20,714 — 22,529 456 Municipal lease finance receivables — — — — — Consumer and other loans 366 718 — 368 — Total 100,336 113,233 — 103,560 1,677 With a related allowance recorded: Commercial and industrial 1,528 1,852 643 1,531 — SBA 64 72 64 67 — Real estate: Commercial real estate Owner occupied — — — — — Non-owner occupied — — — — — Construction Speculative — — — — — Non-speculative — — — — — SFR mortgage 476 486 44 478 — Dairy & livestock and agribusiness 3,340 3,340 1,366 3,408 25 Municipal lease finance receivables — — — — — Consumer and other loans 104 165 96 105 — Total 5,512 5,915 2,213 5,589 25 Total impaired loans $ 105,848 $ 119,148 $ 2,213 $ 109,149 $ 1,702 As of December 31, 2014 Recorded Unpaid Related (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 the 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 June 30, 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 zero provision for unfunded loan commitments for the three months ended June 30, 2015 and 2014. A $500,000 recapture of provision for unfunded loan commitments was recorded for the six months ended June 30, 2015, compared to no provision for unfunded commitments for the same period of 2014. At June 30, 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 As of June 30, 2015, there were $60.3 million of loans classified as TDRs, of which $15.2 million were nonperforming and $45.1 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 June 30, 2015, performing TDRs were comprised of 10 commercial real estate loans of $25.0 million, one construction loan of $7.7 million, five dairy & livestock and agribusiness loans of $7.1 million, 11 SFR mortgage loans of $3.6 million, four commercial and industrial loans of $659,000, one SBA loan of $691,000 and one consumer loan of $417,000. There were no loans removed from TDR classification during the three and six months ended June 30, 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 $432,000 and $726,000 of specific allowance to TDRs as of June 30, 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 For the Six Months Ended 2015 2014 2015 2014 (Dollars in thousands) (Dollars in thousands) Performing TDRs: Beginning balance $ 45,376 $ 66,394 $ 53,589 $ 66,955 New modifications (1) 30 — 30 41 Payoffs and payments, net (240 ) (4,516 ) (8,969 ) (5,118 ) TDRs returned to accrual status — — 516 — TDRs placed on nonaccrual status — — — — Ending balance $ 45,166 $ 61,878 $ 45,166 $ 61,878 For the Three Months For the Six Months Ended 2015 2014 2015 2014 (Dollars in thousands) (Dollars in thousands) Nonperforming TDRs: Beginning balance $ 16,774 $ 23,968 $ 20,285 $ 25,119 New modifications (1) 330 4,187 330 4,187 Charge-offs — — — — Transfer to OREO (842 ) — (842 ) — Payoffs and payments, net (1,095 ) (758 ) (4,090 ) (1,909 ) TDRs returned to accrual status — — (516 ) — TDRs placed on nonaccrual status — — — — Ending balance $ 15,167 $ 27,397 $ 15,167 $ 27,397 (1) New modifications for the three and six months ended June 30, 2014 represent TDRs acquired from ASB. The following tables summarize loans modified as troubled debt restructurings for the periods presented. Modifications (1) For the Three Months Ended June 30, 2015 Number of Loans Pre- Modification Outstanding Post- Modification Investment Outstanding 2015 Financial Effect Resulting From (Dollars in thousands) Commercial and industrial: Interest rate reduction — $ — $ — $ — $ — Change in amortization period or maturity 1 30 30 30 — Other — — — — — SBA Interest rate reduction — — — — — Change in amortization period or maturity 1 330 330 330 12 Other — — — — — 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 2 $ 360 $ 360 $ 360 $ 12 For the Three Months Ended June 30, 2014 Number of Loans Pre- Modification Post- Modification Investment Outstanding 2014 Financial Effect Resulting From (Dollars in thousands) Commercial and industrial: Interest rate reduction — $ — $ — $ — $ — Change in amortization period or maturity — — — — — SBA: Interest rate reduction — — — — — Change in amortization period or maturity (3) 1 47 47 45 — Real estate: Commercial real estate: Owner occupied Interest rate reduction (3) 2 389 389 376 — Change in amortization period or maturity — — — — — Non-owner occupied Interest rate reduction (3) 4 3,751 3,751 3,710 — 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 7 $ 4,187 $ 4,187 $ 4,131 $ — For the Six Months Ended June 30, 2015 Number of Loans Pre- Modification Post- Modification Investment Outstanding 2015 Financial Effect Resulting From (Dollars in thousands) Commercial and industrial: Interest rate reduction — $ — $ — $ — $ — Change in amortization period or maturity 1 30 30 30 — Other — — — — — SBA Interest rate reduction — — — — — Change in amortization period or maturity 1 330 330 330 12 Other — — — — — 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 2 $ 360 $ 360 $ 360 $ 12 For the Six Months Ended June 30, 2014 Number of Loans Pre- Modification Post- Modification Outstanding 2014 Financial Effect Resulting From (Dollars in thousands) Commercial and industrial: Interest rate reduction — $ — $ — $ — $ — Change in amortization period or maturity (3) 1 41 41 39 — Other — — — — — SBA Interest rate reduction — — — — — Change in amortization period or maturity (3) 1 47 47 45 — Real estate: Commercial real estate: Owner occupied Interest rate reduction (3) 2 389 389 376 — Change in amortization period or maturity — — — — — Non-owner occupied Interest rate reduction (3) 4 3,751 3,751 3,710 — 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 8 $ 4,228 $ 4,228 $ 4,170 $ — (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. (3) New modifications for the three and six months ended June 30, 2014 represent TDRs acquired from ASB. As of June 30, 2015, there were no loans that were previously modified as a TDRs within the previous 12 months that subsequently defaulted during the three and six months ended June 30, 2015. |
Earnings Per Share Reconciliati
Earnings Per Share Reconciliation | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 2015, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share were, 254,000 and 228,000, respectively. For the three and six months ended June 30, 2014, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 222,000 and 186,000 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 Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 26,813 $ 25,484 $ 42,646 $ 54,145 Less: Net earnings allocated to restricted stock 143 145 223 274 Net earnings allocated to common shareholders $ 26,670 $ 25,339 $ 42,423 $ 53,871 Weighted average shares outstanding 105,707 105,251 105,616 105,222 Basic earnings per common share $ 0.25 $ 0.24 $ 0.40 $ 0.51 Diluted earnings per common share: Net income allocated to common shareholders $ 26,670 $ 25,339 $ 42,423 $ 53,871 Weighted average shares outstanding 105,707 105,251 105,616 105,222 Incremental shares from assumed exercise of outstanding options 451 504 445 552 Diluted weighted average shares outstanding 106,158 105,755 106,061 105,774 Diluted earnings per common share $ 0.25 $ 0.24 $ 0.40 $ 0.51 |
Fair Value Information
Fair Value Information | 6 Months Ended |
Jun. 30, 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 June 30, 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 — • Level 2 — • Level 3 — There were no transfers in and out of Level 1 and Level 2 measurements during the six months ended June 30, 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 Interest-Bearing Balances Due from Depository Institutions FHLB Stock Investment Securities Held–to- Maturity Investment Securities Available-for-Sale Loans Held-for-Sale — Loans — 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 — Deposits & Borrowings — 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 (Level 1) Significant Other Significant (Level 3) (Dollars in thousands) Description of assets Investment securities - AFS: Government agency/GSEs $ 351,283 $ — $ 351,283 $ — Residential mortgage-backed securities 1,856,490 — 1,856,490 — CMO’s/REMIC’s - residential 409,747 — 409,747 — Municipal bonds 531,615 — 531,615 — Other securities 5,082 — 5,082 — Total investment securities - AFS 3,154,217 — 3,154,217 — Interest rate swaps 8,861 — 8,861 — Total assets $ 3,163,078 $ — $ 3,163,078 $ — Description of liability Interest rate swaps $ 8,861 $ — $ 8,861 $ — Total liabilities $ 8,861 $ — $ 8,861 $ — Carrying Value at Quoted Prices in (Level 1) Significant Other Significant (Dollars in thousands) Description of assets Investment securities - AFS: Government agency/GSEs $ 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 June 30, 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 (Level 1) Significant Significant (Level 3) Total Losses For (Dollars in thousands) Description of assets Impaired loans, excluding PCI Loans: Commercial and industrial $ 37 $ — $ — $ 37 $ 22 SBA 59 — — 59 12 Real estate: Commercial real estate — — — — — Construction 7,651 — — 7,651 24 SFR mortgage 1,389 — — 1,389 292 Dairy & livestock and agribusiness — — — — — Consumer and other loans 206 — — 206 77 Other real estate owned 948 — — 948 162 Total assets $ 10,290 $ — $ — $ 10,290 $ 589 Carrying Value at Quoted Prices in (Level 1) Significant Significant (Level 3) Total Losses (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 June 30, 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. June 30, 2015 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 446,446 $ 446,446 $ — $ — $ 446,446 Interest-earning balances due from depository institutions 24,378 — 24,378 — 24,378 FHLB stock 17,588 — 17,588 — 17,588 Investment securities available-for-sale 3,154,217 — 3,154,217 — 3,154,217 Investment securities held-to-maturity 1,400 — — 2,066 2,066 Loans held-for-sale — — — — — Total loans, net of allowance for loan losses 3,724,665 — — 3,747,468 3,747,468 Swaps 8,861 — 8,861 — 8,861 Liabilities Deposits: Noninterest-bearing $ 3,250,574 $ 3,250,574 $ — $ — $ 3,250,574 Interest-bearing 2,743,306 — 2,743,129 — 2,743,129 Borrowings 662,326 — 662,254 — 662,254 Junior subordinated debentures 25,774 — 26,024 — 26,024 Swaps 8,861 — 8,861 — 8,861 December 31, 2014 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (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 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 Swaps 10,080 — 10,080 — 10,080 The fair value estimates presented herein are based on pertinent information available to management as of June 30, 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 | 6 Months Ended |
Jun. 30, 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 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 June 30, 2015 Centers Treasury Other Eliminations Total (Dollars in thousands) Interest income, including loan fees $ 35,813 $ 19,210 $ 9,492 $ — $ 64,515 Credit for funds provided (1) 8,530 — 13,024 (21,554 ) — Total interest income 44,343 19,210 22,516 (21,554 ) 64,515 Interest expense 1,628 31 98 — 1,757 Charge for funds used (1) 1,052 15,441 5,061 (21,554 ) — Total interest expense 2,680 15,472 5,159 (21,554 ) 1,757 Net interest income 41,663 3,738 17,357 — 62,758 Recapture of provision for loan losses — — (2,000 ) — (2,000 ) Net interest income after recapture of provision for loan losses 41,663 3,738 19,357 — 64,758 Noninterest income 5,319 — 3,026 — 8,345 Noninterest expense 12,259 211 19,063 — 31,533 Debt termination expense — — — — — Segment pre-tax profit $ 34,723 $ 3,527 $ 3,320 $ — $ 41,570 Segment assets as of June 30, 2015 $ 6,436,216 $ 3,624,321 $ 875,585 $ (3,238,764 ) $ 7,697,358 (1) Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. For the Three Months Ended June 30, 2014 Centers Treasury Other Eliminations Total (Dollars in thousands) Interest income, including loan fees $ 34,683 $ 17,675 $ 8,858 $ — $ 61,216 Credit for funds provided (1) 7,660 — 11,414 (19,074 ) — Total interest income 42,343 17,675 20,272 (19,074 ) 61,216 Interest expense 1,561 2,390 106 — 4,057 Charge for funds used (1) 953 13,436 4,685 (19,074 ) — Total interest expense 2,514 15,826 4,791 (19,074 ) 4,057 Net interest income 39,829 1,849 15,481 — 57,159 Recapture of provision for loan losses — — (7,600 ) — (7,600 ) Net interest income after recapture of provision for loan losses 39,829 1,849 23,081 — 64,759 Noninterest income 5,162 — 1,888 — 7,050 Noninterest expense 11,420 182 19,722 — 31,324 Debt termination expense Segment pre-tax profit $ 33,571 $ 1,667 $ 5,247 $ — $ 40,485 Segment assets as of June 30, 2014 $ 5,928,456 $ 3,511,341 $ 782,783 $ (2,798,587 ) $ 7,423,993 (1) Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. For the Six Months Ended June 30, 2015 Centers Treasury Other Eliminations Total (Dollars in thousands) Interest income, including loan fees $ 71,181 $ 37,865 $ 19,649 $ — $ 128,695 Credit for funds provided (1) 16,741 — 25,665 (42,406 ) — Total interest income 87,922 37,865 45,314 (42,406 ) 128,695 Interest expense 3,291 1,462 175 — 4,928 Charge for funds used (1) 2,119 30,247 10,040 (42,406 ) — Total interest expense 5,410 31,709 10,215 (42,406 ) 4,928 Net interest income 82,512 6,156 35,099 — 123,767 Recapture of provision for loan losses — — (2,000 ) — (2,000 ) Net interest income after recapture of provision for loan losses 82,512 6,156 37,099 — 125,767 Noninterest income 10,386 — 5,970 — 16,356 Noninterest expense 24,108 424 37,603 — 62,135 Debt termination expense — 13,870 — — 13,870 Segment pre-tax profit (loss) $ 68,790 $ (8,138 ) $ 5,466 $ — $ 66,118 Segment assets as of June 30, 2015 $ 6,436,216 $ 3,624,321 $ 875,585 $ (3,238,764 ) $ 7,697,358 (1) Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. For the Six Months Ended June 30, 2014 Centers Treasury Other Eliminations Total (Dollars in thousands) Interest income, including loan fees $ 67,774 $ 34,107 $ 20,397 $ — $ 122,278 Credit for funds provided (1) 14,734 — 22,877 (37,611 ) — Total interest income 82,508 34,107 43,274 (37,611 ) 122,278 Interest expense 3,198 4,763 216 — 8,177 Charge for funds used (1) 1,917 26,233 9,461 (37,611 ) — Total interest expense 5,115 30,996 9,677 (37,611 ) 8,177 Net interest income 77,393 3,111 33,597 — 114,101 Recapture of provision for loan losses — — (15,100 ) — (15,100 ) Net interest income after recapture of provision for loan losses 77,393 3,111 48,697 — 129,201 Noninterest income 9,944 — 8,604 — 18,548 Noninterest expense 23,248 378 38,855 — 62,481 Debt termination expense — — — — — Segment pre-tax profit $ 64,089 $ 2,733 $ 18,446 $ — $ 85,268 Segment assets as of June 30, 2014 $ 5,928,456 $ 3,511,341 $ 782,783 $ (2,798,587 ) $ 7,423,993 (1) Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 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 June 30, 2015, the Bank has entered into 75 interest-rate swap agreements with customers. The Bank then entered into identical offsetting swaps with 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 to 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 June 30, 2015 and December 31, 2014, the total notional amount of the Company’s swaps was $184.7 million, and $197.4 million, respectively. The location of the asset and liability, and their respective fair values are summarized in the table below. June 30, 2015 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 8,861 Other liabilities $ 8,861 Total derivatives $ 8,861 $ 8,861 December 31, 2014 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair (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 The following table summarizes the effect of derivative financial instruments on the consolidated statement of earnings for the periods presented. Derivatives Not Designated as Hedging Instruments Location of Gain Amount of Gain Recognized in Income on Derivative Instruments For the Three Months Ended For the Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Interest rate swaps Other income $ 199 $ — $ 199 $ — Total $ 199 $ — $ 199 $ — |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 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 (loss) (“OCI”) for the periods presented. For the Three Months Ended June 30, 2015 2014 Before-tax Tax effect After-tax Before-tax Tax effect After-tax (Dollars in thousands) Investment securities available-for-sale: Net change in fair value recorded in accumulated OCI $ (32,968 ) $ (13,846 ) $ (19,122 ) $ 32,782 $ 13,769 $ 19,013 Net change $ (32,968 ) $ (13,846 ) $ (19,122 ) $ 32,782 $ 13,769 $ 19,013 For the Six Months Ended June 30, 2015 2014 Before-tax Tax effect After-tax Before-tax Tax effect After-tax (Dollars in thousands) Investment securities available-for-sale: Net change in fair value recorded in accumulated OCI $ (12,698 ) $ (5,332 ) $ (7,366 ) $ 57,563 $ 24,176 $ 33,387 Net change $ (12,698 ) $ (5,332 ) $ (7,366 ) $ 57,563 $ 24,176 $ 33,387 The following table provides a summary of the change in accumulated other comprehensive income for the periods presented. Investment Securities (Dollars in thousands) Balance, January 1, 2015 $ 31,075 Net change in fair value recorded in accumulated OCI (7,366 ) Net realized gains reclassified into earnings — Balance, June 30, 2015 $ 23,709 Investment Securities (Dollars in thousands) Balance, January 1, 2014 $ (9,330 ) Net change in fair value recorded in accumulated OCI 33,387 Net realized gains reclassified into earnings — Balance, June 30, 2014 $ 24,057 |
Balance Sheet Offsetting
Balance Sheet Offsetting | 6 Months Ended |
Jun. 30, 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. We offer 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 Financial Collateral (Dollars in thousands) June 30, 2015 Financial assets: Derivatives not designated as hedging instruments $ 8,861 $ — $ — $ 8,861 $ — $ 8,861 Total $ 8,861 $ — $ — $ 8,861 $ — $ 8,861 Financial liabilities: Derivatives not designated as hedging instruments $ 9,004 $ (143 ) $ 8,861 $ 143 $ (16,611 ) $ (7,607 ) Repurchase agreements 662,326 — 662,326 — (714,663 ) (52,337 ) Total $ 671,330 $ (143 ) $ 671,187 $ 143 $ (731,274 ) $ (59,944 ) 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) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Reclassification | Reclassification |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
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 June 30, 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 — • Level 2 — • Level 3 — |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 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. June 30, 2015 Amortized Gross Gain Gross Fair Value Total (Dollars in thousands) Investment securities available-for-sale: Government agency/GSEs $ 358,052 $ 16 $ (6,785 ) $ 351,283 11.14 % Residential mortgage-backed securities 1,830,381 30,770 (4,661 ) 1,856,490 58.86 % CMOs/REMICs - residential 403,108 7,265 (626 ) 409,747 12.99 % Municipal bonds 516,798 16,488 (1,671 ) 531,615 16.85 % Other securities 5,000 82 — 5,082 0.16 % Total $ 3,113,339 $ 54,621 $ (13,743 ) $ 3,154,217 100.00 % December 31, 2014 Amortized Gross Gross Fair Value Total (Dollars in thousands) Investment securities available-for-sale: Government agency/GSEs $ 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 ) $ 3,137,158 100.00 % |
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 June 30, 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. June 30, 2015 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Fair Value Gross Fair Value Gross (Dollars in thousands) Available-for-sale: Government agency/GSEs $ 45,332 $ 119 $ 284,011 $ 6,666 $ 329,343 $ 6,785 Residential mortgage-backed securities 212,143 1,128 122,027 3,533 334,170 4,661 CMOs/REMICs - residential 114,943 458 6,315 168 121,258 626 Municipal bonds 52,881 813 24,599 858 77,480 1,671 Other securities — — — — — — Total $ 425,299 $ 2,518 $ 436,952 $ 11,225 $ 862,251 $ 13,743 December 31, 2014 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Fair Value Gross Fair Value Gross (Dollars in thousands) Available-for-sale: Government agency/GSEs $ 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. June 30, 2015 Amortized Fair Cost Value (Dollars in thousands) Available-for-sale: Due in one year or less $ 177,307 $ 180,332 Due after one year through five years 2,063,160 2,104,524 Due after five years through ten years 659,129 652,414 Due after ten years 213,743 216,947 Total $ 3,113,339 $ 3,154,217 |
Acquired SJB Assets and FDIC 22
Acquired SJB Assets and FDIC Loss Sharing Asset (Tables) | 6 Months Ended |
Jun. 30, 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. June 30, 2015 December 31, 2014 (Dollars in thousands) Commercial and industrial $ 13,310 $ 14,605 SBA 440 1,110 Real estate: Commercial real estate 93,700 109,350 Construction — — SFR mortgage 203 205 Dairy & livestock and agribusiness 276 4,890 Municipal lease finance receivables — — Consumer and other loans 2,817 3,336 Gross PCI loans 110,746 133,496 Less: Purchase accounting discount (5,680 ) (7,129 ) Gross PCI loans, net of discount 105,066 126,367 Less: Allowance for PCI loans losses — — Net PCI loans $ 105,066 $ 126,367 |
Summary of PCI Loans by Internal Risk Ratings | The following table summarizes PCI loans by internal risk ratings for the periods indicated. June 30, 2015 December 31, 2014 (Dollars in thousands) Pass $ 21,863 $ 26,706 Watch list 65,435 77,371 Special mention 6,909 8,203 Substandard 16,539 21,216 Doubtful & loss — — Total PCI gross loans $ 110,746 $ 133,496 |
Loans and Lease Finance Recei23
Loans and Lease Finance Receivables and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Summary of Components of Loans and Lease Finance Receivables, Excluding PCI Loans | The following table provides a summary of total loans and lease finance receivables, excluding PCI loans, by type. June 30, 2015 December 31, 2014 (Dollars in thousands) Commercial and industrial $ 406,423 $ 390,011 SBA 120,566 134,265 Real estate: Commercial real estate 2,569,411 2,487,803 Construction 46,927 55,173 SFR mortgage 214,503 205,124 Dairy & livestock and agribusiness 183,984 279,173 Municipal lease finance receivables 74,691 77,834 Consumer and other loans 71,176 69,884 Gross loans, excluding PCI loans 3,687,681 3,699,267 Less: Deferred loan fees, net (8,528 ) (8,567 ) Gross loans, excluding PCI loans, net of deferred loan fees 3,679,153 3,690,700 Less: Allowance for loan losses (59,554 ) (59,825 ) Net loans, excluding PCI loans 3,619,599 3,630,875 PCI Loans 110,746 133,496 Discount on PCI loans (5,680 ) (7,129 ) PCI loans, net 105,066 126,367 Total loans and lease finance receivables $ 3,724,665 $ 3,757,242 |
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. June 30, 2015 Pass Watch List Special Mention Substandard Doubtful & Loss Total Commercial and industrial $ 259,171 $ 97,969 $ 37,649 $ 11,578 $ 56 $ 406,423 SBA 74,716 22,448 14,202 7,698 1,502 120,566 Real estate: Commercial real estate Owner occupied 581,824 146,611 49,507 13,456 — 791,398 Non-owner occupied 1,445,175 250,818 28,789 53,231 — 1,778,013 Construction Speculative 26,741 2,172 — 7,651 — 36,564 Non-speculative 9,710 653 — — — 10,363 SFR mortgage 185,302 21,230 4,261 3,710 — 214,503 Dairy & livestock and agribusiness 105,341 75,217 3,426 — — 183,984 Municipal lease finance receivables 41,726 27,766 5,199 — — 74,691 Consumer and other loans 55,776 10,497 2,032 2,774 97 71,176 Total gross loans, excluding PCI loans $ 2,785,482 $ 655,381 $ 145,065 $ 100,098 $ 1,655 $ 3,687,681 December 31, 2014 Pass Watch List Special Mention Substandard Doubtful & Loss Total 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 by Portfolio Segment | The following tables present the balance and activity related to the allowance for loan losses for held-for-investment loans, by portfolio segment for the periods presented. For the Three Months Ended June 30, 2015 Ending Charge-offs Recoveries (Recapture of) Provision for Ending (Dollars in thousands) Commercial and industrial $ 7,502 $ — $ 197 $ (514 ) $ 7,185 SBA 2,196 — 3 (114 ) 2,085 Real estate: Commercial real estate 34,848 (107 ) 783 (110 ) 35,414 Construction 1,043 — 41 (338 ) 746 SFR mortgage 2,425 (215 ) — 354 2,564 Dairy & livestock and agribusiness 3,746 — 111 117 3,974 Municipal lease finance receivables 1,030 — — (16 ) 1,014 Consumer and other loans 825 (20 ) 52 (23 ) 834 Unallocated 7,094 — — (1,356 ) 5,738 Total allowance for loan losses $ 60,709 $ (342 ) $ 1,187 $ (2,000 ) $ 59,554 For the Three Months Ended June 30, 2014 Ending Charge-offs Recoveries (Recapture of) Provision for Ending (Dollars in thousands) Commercial and industrial $ 6,368 $ (100 ) $ 43 $ (274 ) $ 6,037 SBA 2,468 — 63 (166 ) 2,365 Real estate: Commercial real estate 39,400 (352 ) 70 (3,200 ) 35,918 Construction 458 — 19 128 605 SFR mortgage 2,282 — — (68 ) 2,214 Dairy & livestock and agribusiness 9,267 — 98 (3,937 ) 5,428 Municipal lease finance receivables 1,519 — — (55 ) 1,464 Consumer and other loans 950 (6 ) 14 (28 ) 930 Unallocated 6,013 — — — 6,013 Total allowance for loan losses $ 68,725 $ (458 ) $ 307 $ (7,600 ) $ 60,974 For the Six Months Ended June 30, 2015 Ending Charge-offs Recoveries (Recapture of) Provision for Ending (Dollars in thousands) Commercial and industrial $ 7,074 $ (134 ) $ 232 $ 13 $ 7,185 SBA 2,557 (33 ) 37 (476 ) 2,085 Real estate: Commercial real estate 33,373 (107 ) 1,640 508 35,414 Construction 988 — 50 (292 ) 746 SFR mortgage 2,344 (215 ) 185 250 2,564 Dairy & livestock and agribusiness 5,479 — 210 (1,715 ) 3,974 Municipal lease finance receivables 1,412 — — (398 ) 1,014 Consumer and other loans 1,262 (197 ) 61 (292 ) 834 Unallocated 5,336 — — 402 5,738 Total allowance for loan losses $ 59,825 $ (686 ) $ 2,415 $ (2,000 ) $ 59,554 For the Six Months Ended June 30, 2014 Ending Charge-offs Recoveries (Recapture of) Provision for Ending (Dollars in thousands) Commercial and industrial $ 8,502 $ (554 ) $ 498 $ (2,409 ) $ 6,037 SBA 2,332 — 63 (30 ) 2,365 Real estate: Commercial real estate 39,402 (352 ) 138 (3,270 ) 35,918 Construction 1,305 — 797 (1,497 ) 605 SFR mortgage 2,718 — — (504 ) 2,214 Dairy & livestock and agribusiness 11,728 — 242 (6,542 ) 5,428 Municipal lease finance receivables 2,335 — — (871 ) 1,464 Consumer and other loans 960 (19 ) 26 (37 ) 930 Unallocated 5,953 — — 60 6,013 Total allowance for loan losses $ 75,235 $ (925 ) $ 1,764 $ (15,100 ) $ 60,974 |
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. June 30, 2015 Recorded Investment in Loans Allowance for Loan Losses Individually Collectively Individually Collectively (Dollars in thousands) Commercial and industrial $ 1,562 $ 404,861 $ 435 $ 6,750 SBA 3,146 117,420 12 2,073 Real estate: Commercial real estate 39,981 2,529,430 — 35,414 Construction 7,651 39,276 24 722 SFR mortgage 7,044 207,459 77 2,487 Dairy & livestock and agribusiness 7,091 176,893 — 3,974 Municipal lease finance receivables — 74,691 — 1,014 Consumer and other loans 915 70,261 2 832 Unallocated — — — 5,738 Total $ 67,390 $ 3,620,291 $ 550 $ 59,004 June 30, 2014 Recorded Investment in Loans Allowance for Loan Losses Individually Collectively Individually Collectively (Dollars in thousands) Commercial and industrial $ 5,904 $ 379,661 $ 643 $ 5,394 SBA 2,138 126,706 64 2,301 Real estate: Commercial real estate 36,873 2,363,991 — 35,918 Construction 26,554 32,923 — 605 SFR mortgage 10,554 176,370 44 2,170 Dairy & livestock and agribusiness 23,355 156,696 1,366 4,062 Municipal lease finance receivables — 78,934 — 1,464 Consumer and other loans 470 70,527 96 834 Unallocated — — — 6,013 Total $ 105,848 $ 3,385,808 $ 2,213 $ 58,761 |
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. June 30, 2015 30-59 Days 60-89 Days Total Past Nonaccrual Current Total (Dollars in thousands) Commercial and industrial $ 246 $ — $ 246 $ 903 $ 405,274 $ 406,423 SBA — — — 2,456 118,110 120,566 Real estate: Commercial real estate Owner occupied — — — 2,290 789,109 791,399 Non-owner occupied 945 388 1,333 12,677 1,764,002 1,778,012 Construction Speculative — — — — 36,564 36,564 Non-speculative — — — — 10,363 10,363 SFR mortgage — 355 355 3,400 210,748 214,503 Dairy & livestock and agribusiness — — — — 183,984 183,984 Municipal lease finance receivables — — — — 74,691 74,691 Consumer and other loans — 2 2 498 70,676 71,176 Total gross loans, excluding PCI loans $ 1,191 $ 745 $ 1,936 $ 22,224 $ 3,663,521 $ 3,687,681 (1) As of June 30, 2015, $18.6 million of nonaccruing loans were current, $599,000 were 30-59 days past due, $668,000 were 60-89 days past due and $2.4 million were 90+ days past due. December 31, 2014 30-59 Days 60-89 Days Total Past Nonaccrual Current Total (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 Six Months Ended June 30, 2015 Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 1,097 $ 1,941 $ — $ 1,172 $ 15 SBA 3,087 3,688 — 3,167 26 Real estate: Commercial real estate Owner occupied 5,987 7,080 — 5,865 127 Non-owner occupied 33,994 39,946 — 34,567 838 Construction Speculative — — — — — Non-speculative — — — — — SFR mortgage 6,228 7,175 — 6,102 50 Dairy & livestock and agribusiness 7,091 7,559 — 7,269 167 Municipal lease finance receivables — — — — — Consumer and other loans 906 1,426 — 940 8 Total 58,390 68,815 — 59,082 1,231 With a related allowance recorded: Commercial and industrial 465 536 435 478 1 SBA 59 59 12 63 — Real estate: Commercial real estate Owner occupied — — — — — Non-owner occupied — — — — — Construction Speculative 7,651 7,651 24 7,651 192 Non-speculative — — — — — SFR mortgage 816 824 77 826 3 Dairy & livestock and agribusiness — — — — — Municipal lease finance receivables — — — — — Consumer and other loans 9 14 2 10 — Total 9,000 9,084 550 9,028 196 Total impaired loans $ 67,390 $ 77,899 $ 550 $ 68,110 $ 1,427 As of and For the Six Months Ended Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 4,376 $ 5,437 $ — $ 4,396 $ 30 SBA 2,074 2,516 — 2,112 — Real estate: Commercial real estate Owner occupied 11,822 12,910 — 11,967 247 Non-owner occupied 25,051 31,676 — 25,390 430 Construction Speculative 17,418 18,407 — 17,484 154 Non-speculative 9,136 9,136 — 9,158 308 SFR mortgage 10,078 11,719 — 10,156 52 Dairy & livestock and agribusiness 20,015 20,714 — 22,529 456 Municipal lease finance receivables — — — — — Consumer and other loans 366 718 — 368 — Total 100,336 113,233 — 103,560 1,677 With a related allowance recorded: Commercial and industrial 1,528 1,852 643 1,531 — SBA 64 72 64 67 — Real estate: Commercial real estate Owner occupied — — — — — Non-owner occupied — — — — — Construction Speculative — — — — — Non-speculative — — — — — SFR mortgage 476 486 44 478 — Dairy & livestock and agribusiness 3,340 3,340 1,366 3,408 25 Municipal lease finance receivables — — — — — Consumer and other loans 104 165 96 105 — Total 5,512 5,915 2,213 5,589 25 Total impaired loans $ 105,848 $ 119,148 $ 2,213 $ 109,149 $ 1,702 As of December 31, 2014 Recorded Unpaid Related (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 For the Six Months Ended 2015 2014 2015 2014 (Dollars in thousands) (Dollars in thousands) Performing TDRs: Beginning balance $ 45,376 $ 66,394 $ 53,589 $ 66,955 New modifications (1) 30 — 30 41 Payoffs and payments, net (240 ) (4,516 ) (8,969 ) (5,118 ) TDRs returned to accrual status — — 516 — TDRs placed on nonaccrual status — — — — Ending balance $ 45,166 $ 61,878 $ 45,166 $ 61,878 For the Three Months For the Six Months Ended 2015 2014 2015 2014 (Dollars in thousands) (Dollars in thousands) Nonperforming TDRs: Beginning balance $ 16,774 $ 23,968 $ 20,285 $ 25,119 New modifications (1) 330 4,187 330 4,187 Charge-offs — — — — Transfer to OREO (842 ) — (842 ) — Payoffs and payments, net (1,095 ) (758 ) (4,090 ) (1,909 ) TDRs returned to accrual status — — (516 ) — TDRs placed on nonaccrual status — — — — Ending balance $ 15,167 $ 27,397 $ 15,167 $ 27,397 (1) New modifications for the three and six months ended June 30, 2014 represent TDRs acquired from ASB. |
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 June 30, 2015 Number of Loans Pre- Modification Outstanding Post- Modification Investment Outstanding 2015 Financial Effect Resulting From (Dollars in thousands) Commercial and industrial: Interest rate reduction — $ — $ — $ — $ — Change in amortization period or maturity 1 30 30 30 — Other — — — — — SBA Interest rate reduction — — — — — Change in amortization period or maturity 1 330 330 330 12 Other — — — — — 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 2 $ 360 $ 360 $ 360 $ 12 For the Three Months Ended June 30, 2014 Number of Loans Pre- Modification Post- Modification Investment Outstanding 2014 Financial Effect Resulting From (Dollars in thousands) Commercial and industrial: Interest rate reduction — $ — $ — $ — $ — Change in amortization period or maturity — — — — — SBA: Interest rate reduction — — — — — Change in amortization period or maturity (3) 1 47 47 45 — Real estate: Commercial real estate: Owner occupied Interest rate reduction (3) 2 389 389 376 — Change in amortization period or maturity — — — — — Non-owner occupied Interest rate reduction (3) 4 3,751 3,751 3,710 — 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 7 $ 4,187 $ 4,187 $ 4,131 $ — For the Six Months Ended June 30, 2015 Number of Loans Pre- Modification Post- Modification Investment Outstanding 2015 Financial Effect Resulting From (Dollars in thousands) Commercial and industrial: Interest rate reduction — $ — $ — $ — $ — Change in amortization period or maturity 1 30 30 30 — Other — — — — — SBA Interest rate reduction — — — — — Change in amortization period or maturity 1 330 330 330 12 Other — — — — — 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 2 $ 360 $ 360 $ 360 $ 12 For the Six Months Ended June 30, 2014 Number of Loans Pre- Modification Post- Modification Outstanding 2014 Financial Effect Resulting From (Dollars in thousands) Commercial and industrial: Interest rate reduction — $ — $ — $ — $ — Change in amortization period or maturity (3) 1 41 41 39 — Other — — — — — SBA Interest rate reduction — — — — — Change in amortization period or maturity (3) 1 47 47 45 — Real estate: Commercial real estate: Owner occupied Interest rate reduction (3) 2 389 389 376 — Change in amortization period or maturity — — — — — Non-owner occupied Interest rate reduction (3) 4 3,751 3,751 3,710 — 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 8 $ 4,228 $ 4,228 $ 4,170 $ — (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. (3) New modifications for the three and six months ended June 30, 2014 represent TDRs acquired from ASB. |
Earnings Per Share Reconcilia24
Earnings Per Share Reconciliation (Tables) | 6 Months Ended |
Jun. 30, 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 Three Months Ended June 30, For the Six Months Ended June 30, 2015 2014 2015 2014 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 26,813 $ 25,484 $ 42,646 $ 54,145 Less: Net earnings allocated to restricted stock 143 145 223 274 Net earnings allocated to common shareholders $ 26,670 $ 25,339 $ 42,423 $ 53,871 Weighted average shares outstanding 105,707 105,251 105,616 105,222 Basic earnings per common share $ 0.25 $ 0.24 $ 0.40 $ 0.51 Diluted earnings per common share: Net income allocated to common shareholders $ 26,670 $ 25,339 $ 42,423 $ 53,871 Weighted average shares outstanding 105,707 105,251 105,616 105,222 Incremental shares from assumed exercise of outstanding options 451 504 445 552 Diluted weighted average shares outstanding 106,158 105,755 106,061 105,774 Diluted earnings per common share $ 0.25 $ 0.24 $ 0.40 $ 0.51 |
Fair Value Information (Tables)
Fair Value Information (Tables) | 6 Months Ended |
Jun. 30, 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 (Level 1) Significant Other Significant (Level 3) (Dollars in thousands) Description of assets Investment securities - AFS: Government agency/GSEs $ 351,283 $ — $ 351,283 $ — Residential mortgage-backed securities 1,856,490 — 1,856,490 — CMO’s/REMIC’s - residential 409,747 — 409,747 — Municipal bonds 531,615 — 531,615 — Other securities 5,082 — 5,082 — Total investment securities - AFS 3,154,217 — 3,154,217 — Interest rate swaps 8,861 — 8,861 — Total assets $ 3,163,078 $ — $ 3,163,078 $ — Description of liability Interest rate swaps $ 8,861 $ — $ 8,861 $ — Total liabilities $ 8,861 $ — $ 8,861 $ — Carrying Value at Quoted Prices in (Level 1) Significant Other Significant (Dollars in thousands) Description of assets Investment securities - AFS: Government agency/GSEs $ 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 (Level 1) Significant Significant (Level 3) Total Losses For (Dollars in thousands) Description of assets Impaired loans, excluding PCI Loans: Commercial and industrial $ 37 $ — $ — $ 37 $ 22 SBA 59 — — 59 12 Real estate: Commercial real estate — — — — — Construction 7,651 — — 7,651 24 SFR mortgage 1,389 — — 1,389 292 Dairy & livestock and agribusiness — — — — — Consumer and other loans 206 — — 206 77 Other real estate owned 948 — — 948 162 Total assets $ 10,290 $ — $ — $ 10,290 $ 589 Carrying Value at Quoted Prices in (Level 1) Significant Significant (Level 3) Total Losses (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. June 30, 2015 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 446,446 $ 446,446 $ — $ — $ 446,446 Interest-earning balances due from depository institutions 24,378 — 24,378 — 24,378 FHLB stock 17,588 — 17,588 — 17,588 Investment securities available-for-sale 3,154,217 — 3,154,217 — 3,154,217 Investment securities held-to-maturity 1,400 — — 2,066 2,066 Loans held-for-sale — — — — — Total loans, net of allowance for loan losses 3,724,665 — — 3,747,468 3,747,468 Swaps 8,861 — 8,861 — 8,861 Liabilities Deposits: Noninterest-bearing $ 3,250,574 $ 3,250,574 $ — $ — $ 3,250,574 Interest-bearing 2,743,306 — 2,743,129 — 2,743,129 Borrowings 662,326 — 662,254 — 662,254 Junior subordinated debentures 25,774 — 26,024 — 26,024 Swaps 8,861 — 8,861 — 8,861 December 31, 2014 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (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 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 Swaps 10,080 — 10,080 — 10,080 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 Centers Treasury Other Eliminations Total (Dollars in thousands) Interest income, including loan fees $ 35,813 $ 19,210 $ 9,492 $ — $ 64,515 Credit for funds provided (1) 8,530 — 13,024 (21,554 ) — Total interest income 44,343 19,210 22,516 (21,554 ) 64,515 Interest expense 1,628 31 98 — 1,757 Charge for funds used (1) 1,052 15,441 5,061 (21,554 ) — Total interest expense 2,680 15,472 5,159 (21,554 ) 1,757 Net interest income 41,663 3,738 17,357 — 62,758 Recapture of provision for loan losses — — (2,000 ) — (2,000 ) Net interest income after recapture of provision for loan losses 41,663 3,738 19,357 — 64,758 Noninterest income 5,319 — 3,026 — 8,345 Noninterest expense 12,259 211 19,063 — 31,533 Debt termination expense — — — — — Segment pre-tax profit $ 34,723 $ 3,527 $ 3,320 $ — $ 41,570 Segment assets as of June 30, 2015 $ 6,436,216 $ 3,624,321 $ 875,585 $ (3,238,764 ) $ 7,697,358 (1) Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. For the Three Months Ended June 30, 2014 Centers Treasury Other Eliminations Total (Dollars in thousands) Interest income, including loan fees $ 34,683 $ 17,675 $ 8,858 $ — $ 61,216 Credit for funds provided (1) 7,660 — 11,414 (19,074 ) — Total interest income 42,343 17,675 20,272 (19,074 ) 61,216 Interest expense 1,561 2,390 106 — 4,057 Charge for funds used (1) 953 13,436 4,685 (19,074 ) — Total interest expense 2,514 15,826 4,791 (19,074 ) 4,057 Net interest income 39,829 1,849 15,481 — 57,159 Recapture of provision for loan losses — — (7,600 ) — (7,600 ) Net interest income after recapture of provision for loan losses 39,829 1,849 23,081 — 64,759 Noninterest income 5,162 — 1,888 — 7,050 Noninterest expense 11,420 182 19,722 — 31,324 Debt termination expense Segment pre-tax profit $ 33,571 $ 1,667 $ 5,247 $ — $ 40,485 Segment assets as of June 30, 2014 $ 5,928,456 $ 3,511,341 $ 782,783 $ (2,798,587 ) $ 7,423,993 (1) Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. For the Six Months Ended June 30, 2015 Centers Treasury Other Eliminations Total (Dollars in thousands) Interest income, including loan fees $ 71,181 $ 37,865 $ 19,649 $ — $ 128,695 Credit for funds provided (1) 16,741 — 25,665 (42,406 ) — Total interest income 87,922 37,865 45,314 (42,406 ) 128,695 Interest expense 3,291 1,462 175 — 4,928 Charge for funds used (1) 2,119 30,247 10,040 (42,406 ) — Total interest expense 5,410 31,709 10,215 (42,406 ) 4,928 Net interest income 82,512 6,156 35,099 — 123,767 Recapture of provision for loan losses — — (2,000 ) — (2,000 ) Net interest income after recapture of provision for loan losses 82,512 6,156 37,099 — 125,767 Noninterest income 10,386 — 5,970 — 16,356 Noninterest expense 24,108 424 37,603 — 62,135 Debt termination expense — 13,870 — — 13,870 Segment pre-tax profit (loss) $ 68,790 $ (8,138 ) $ 5,466 $ — $ 66,118 Segment assets as of June 30, 2015 $ 6,436,216 $ 3,624,321 $ 875,585 $ (3,238,764 ) $ 7,697,358 (1) Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. For the Six Months Ended June 30, 2014 Centers Treasury Other Eliminations Total (Dollars in thousands) Interest income, including loan fees $ 67,774 $ 34,107 $ 20,397 $ — $ 122,278 Credit for funds provided (1) 14,734 — 22,877 (37,611 ) — Total interest income 82,508 34,107 43,274 (37,611 ) 122,278 Interest expense 3,198 4,763 216 — 8,177 Charge for funds used (1) 1,917 26,233 9,461 (37,611 ) — Total interest expense 5,115 30,996 9,677 (37,611 ) 8,177 Net interest income 77,393 3,111 33,597 — 114,101 Recapture of provision for loan losses — — (15,100 ) — (15,100 ) Net interest income after recapture of provision for loan losses 77,393 3,111 48,697 — 129,201 Noninterest income 9,944 — 8,604 — 18,548 Noninterest expense 23,248 378 38,855 — 62,481 Debt termination expense — — — — — Segment pre-tax profit $ 64,089 $ 2,733 $ 18,446 $ — $ 85,268 Segment assets as of June 30, 2014 $ 5,928,456 $ 3,511,341 $ 782,783 $ (2,798,587 ) $ 7,423,993 (1) Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. |
Derivative Financial Instrume27
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 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. June 30, 2015 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 8,861 Other liabilities $ 8,861 Total derivatives $ 8,861 $ 8,861 December 31, 2014 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair (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 |
Effect of Derivative Instruments on Consolidated Statement of Earnings | The following table summarizes the effect of derivative financial instruments on the consolidated statement of earnings for the periods presented. Derivatives Not Designated as Hedging Instruments Location of Gain Amount of Gain Recognized in Income on Derivative Instruments For the Three Months Ended For the Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Interest rate swaps Other income $ 199 $ — $ 199 $ — Total $ 199 $ — $ 199 $ — |
Other Comprehensive Income (L28
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Summary of Components of Other Comprehensive Income (Loss) | The tables below provide a summary of the components of other comprehensive income (loss) (“OCI”) for the periods presented. For the Three Months Ended June 30, 2015 2014 Before-tax Tax effect After-tax Before-tax Tax effect After-tax (Dollars in thousands) Investment securities available-for-sale: Net change in fair value recorded in accumulated OCI $ (32,968 ) $ (13,846 ) $ (19,122 ) $ 32,782 $ 13,769 $ 19,013 Net change $ (32,968 ) $ (13,846 ) $ (19,122 ) $ 32,782 $ 13,769 $ 19,013 For the Six Months Ended June 30, 2015 2014 Before-tax Tax effect After-tax Before-tax Tax effect After-tax (Dollars in thousands) Investment securities available-for-sale: Net change in fair value recorded in accumulated OCI $ (12,698 ) $ (5,332 ) $ (7,366 ) $ 57,563 $ 24,176 $ 33,387 Net change $ (12,698 ) $ (5,332 ) $ (7,366 ) $ 57,563 $ 24,176 $ 33,387 |
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 (Dollars in thousands) Balance, January 1, 2015 $ 31,075 Net change in fair value recorded in accumulated OCI (7,366 ) Net realized gains reclassified into earnings — Balance, June 30, 2015 $ 23,709 Investment Securities (Dollars in thousands) Balance, January 1, 2014 $ (9,330 ) Net change in fair value recorded in accumulated OCI 33,387 Net realized gains reclassified into earnings — Balance, June 30, 2014 $ 24,057 |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 6 Months Ended |
Jun. 30, 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 Financial Collateral (Dollars in thousands) June 30, 2015 Financial assets: Derivatives not designated as hedging instruments $ 8,861 $ — $ — $ 8,861 $ — $ 8,861 Total $ 8,861 $ — $ — $ 8,861 $ — $ 8,861 Financial liabilities: Derivatives not designated as hedging instruments $ 9,004 $ (143 ) $ 8,861 $ 143 $ (16,611 ) $ (7,607 ) Repurchase agreements 662,326 — 662,326 — (714,663 ) (52,337 ) Total $ 671,330 $ (143 ) $ 671,187 $ 143 $ (731,274 ) $ (59,944 ) 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 Informati
Business - Additional Information (Detail) - Jun. 30, 2015 | FinancialCentersSubsidiary |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of inactive subsidiaries | Subsidiary | 1 |
Bank operated Business Financial Centers, number | 40 |
Bank operated Commercial Banking Centers, number | 7 |
Bank operated trust offices, number | 3 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 3,113,339 | $ 3,083,582 |
Gross Unrealized Holding Gain | 54,621 | 65,754 |
Gross Unrealized Holding Loss | (13,743) | (12,178) |
Fair Value | $ 3,154,217 | $ 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 | $ 403,108 | $ 297,318 |
Gross Unrealized Holding Gain | 7,265 | 7,050 |
Gross Unrealized Holding Loss | (626) | (277) |
Fair Value | $ 409,747 | $ 304,091 |
Total Percent | 12.99% | 9.69% |
Municipal bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 516,798 | $ 557,823 |
Gross Unrealized Holding Gain | 16,488 | 22,463 |
Gross Unrealized Holding Loss | (1,671) | (645) |
Fair Value | $ 531,615 | $ 579,641 |
Total Percent | 16.85% | 18.48% |
Government agency/GSEs [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 358,052 | $ 339,071 |
Gross Unrealized Holding Gain | 16 | 0 |
Gross Unrealized Holding Loss | (6,785) | (8,228) |
Fair Value | $ 351,283 | $ 330,843 |
Total Percent | 11.14% | 10.55% |
Residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 1,830,381 | $ 1,884,370 |
Gross Unrealized Holding Gain | 30,770 | 36,154 |
Gross Unrealized Holding Loss | (4,661) | (3,028) |
Fair Value | $ 1,856,490 | $ 1,917,496 |
Total Percent | 58.86% | 61.12% |
Other securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 5,000 | $ 5,000 |
Gross Unrealized Holding Gain | 82 | 87 |
Gross Unrealized Holding Loss | 0 | 0 |
Fair Value | $ 5,082 | $ 5,087 |
Total Percent | 0.16% | 0.16% |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)PointSecurities | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)PointSecurities | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Average life of investment grade debt securities, years | 4 years 3 months 18 days | ||||
Book value of the bond | $ 1,400,000 | $ 1,400,000 | $ 1,528,000 | ||
Credit-related impairment loss on investment securities held-to-maturity | 0 | $ 0 | 0 | $ 0 | |
Investment securities pledged as collateral | 2,920,000,000 | 2,920,000,000 | $ 3,110,000,000 | ||
Investment in FHLB stock, impairment losses | $ 0 | $ 0 | |||
United States [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Securities issued by U.S. government percentage | 83.00% | 83.00% | |||
Government agency/GSEs [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Agency bond callable | $ 240,100,000 | ||||
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) | $ 234,000 | $ 234,000 | |||
Investment security classified as held-to-maturity, number | Securities | 1 | 1 | |||
Held-to-Maturity securities, average FICO score | Point | 715 | 715 | |||
Held-to-Maturity securities, acquired price, percentage | 98.25% | 98.25% | |||
Average percentage of LTV | 71.00% | 71.00% | |||
Average life of investment grade debt securities, years | 30 years | ||||
Investment contractual cash flows guaranteed by Government, percentage | 99.99% | 99.99% | |||
Investment contractual cash flows guaranteed by banks, percentage | 0.01% | 0.01% | |||
Alt-A bond [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Book value of the bond | $ 1,400,000 | $ 1,400,000 | |||
Net impairment losses | $ 1,900,000 | $ 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 6 months |
Investment Securities - Summa33
Investment Securities - Summary of Continuous Unrealized Loss Position of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | $ 425,299 | $ 43,813 |
Gross Unrealized Holding Losses, Less Than 12 Months | 2,518 | 55 |
Fair Value, 12 Months or Longer | 436,952 | 509,509 |
Gross Unrealized Holding Losses, 12 Months or Longer | 11,225 | 12,123 |
Fair Value | 862,251 | 553,322 |
Gross Unrealized Holding Losses | 13,743 | 12,178 |
CMO's/REMIC's - residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 114,943 | 0 |
Gross Unrealized Holding Losses, Less Than 12 Months | 458 | 0 |
Fair Value, 12 Months or Longer | 6,315 | 31,143 |
Gross Unrealized Holding Losses, 12 Months or Longer | 168 | 277 |
Fair Value | 121,258 | 31,143 |
Gross Unrealized Holding Losses | 626 | 277 |
Municipal bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 52,881 | 1,953 |
Gross Unrealized Holding Losses, Less Than 12 Months | 813 | 23 |
Fair Value, 12 Months or Longer | 24,599 | 24,812 |
Gross Unrealized Holding Losses, 12 Months or Longer | 858 | 622 |
Fair Value | 77,480 | 26,765 |
Gross Unrealized Holding Losses | 1,671 | 645 |
Government agency/GSEs [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 45,332 | 22,224 |
Gross Unrealized Holding Losses, Less Than 12 Months | 119 | 28 |
Fair Value, 12 Months or Longer | 284,011 | 307,873 |
Gross Unrealized Holding Losses, 12 Months or Longer | 6,666 | 8,200 |
Fair Value | 329,343 | 330,097 |
Gross Unrealized Holding Losses | 6,785 | 8,228 |
Residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value, Less Than 12 Months | 212,143 | 19,636 |
Gross Unrealized Holding Losses, Less Than 12 Months | 1,128 | 4 |
Fair Value, 12 Months or Longer | 122,027 | 145,681 |
Gross Unrealized Holding Losses, 12 Months or Longer | 3,533 | 3,024 |
Fair Value | 334,170 | 165,317 |
Gross Unrealized Holding Losses | 4,661 | 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 - Summa34
Investment Securities - Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less, Amortized Cost | $ 177,307 |
Due after one year through five years, Amortized Cost | 2,063,160 |
Due after five years through ten years, Amortized Cost | 659,129 |
Due after ten years, Amortized Cost | 213,743 |
Total Available-for-sale Securities, Debt Maturities, Amortized Cost Basis | 3,113,339 |
Due in one year or less, Fair Value | 180,332 |
Due after one year through five years, Fair Value | 2,104,524 |
Due after five years through ten years, Fair Value | 652,414 |
Due after ten years, Fair Value | 216,947 |
Total, Available-for-sale, Fair Value | $ 3,154,217 |
Acquired SJB Assets and FDIC 35
Acquired SJB Assets and FDIC Loss Sharing Asset - Additional Information (Detail) - USD ($) | Oct. 16, 2009 | Jun. 30, 2015 | Dec. 31, 2014 |
Business Combinations [Abstract] | |||
Acquisition date | Oct. 16, 2009 | ||
After-tax gain included in earnings due to purchase method | $ 12,300,000 | ||
Remaining discount associated with SJB loans | $ 5,700,000 | ||
Expected cash flows | $ 3,500,000 | ||
Remaining average lives of respective pools loans | 3 years 4 months 24 days | ||
Remaining average lives of respective individual loans | 1 year 3 months 18 days | ||
Allowance for PCI loans losses | $ 0 | $ 0 |
Acquired SJB Assets and FDIC 36
Acquired SJB Assets and FDIC Loss Sharing Asset - Summary of PCI Loans and Lease Finance Receivables (Detail) - USD ($) | Jun. 30, 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 | 13,310,000 | 14,605,000 |
SBA | 440,000 | 1,110,000 |
Real estate: | ||
Commercial real estate | 93,700,000 | 109,350,000 |
Construction | 0 | 0 |
SFR mortgage | 203,000 | 205,000 |
Dairy & livestock and agribusiness | 276,000 | 4,890,000 |
Municipal lease finance receivables | 0 | 0 |
Consumer and other loans | 2,817,000 | 3,336,000 |
Gross PCI loans | 110,746,000 | 133,496,000 |
Less: Purchase accounting discount | (5,680,000) | (7,129,000) |
Gross PCI loans, net of discount | 105,066,000 | 126,367,000 |
Less: Allowance for PCI loans losses | 0 | 0 |
Net PCI loans | $ 105,066,000 | $ 126,367,000 |
Acquired SJB Assets and FDIC 37
Acquired SJB Assets and FDIC Loss Sharing Asset - Summary of PCI Loans by Internal Risk Ratings (Detail) - PCI Loans [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total PCI gross loans | $ 110,746 | $ 133,496 |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total PCI gross loans | 21,863 | 26,706 |
Watch List [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total PCI gross loans | 65,435 | 77,371 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total PCI gross loans | 6,909 | 8,203 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total PCI gross loans | 16,539 | 21,216 |
Doubtful & Loss [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total PCI gross loans | $ 0 | $ 0 |
Loans and Lease Finance Recei38
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Components of Loans and Lease Finance Receivables, Excluding PCI Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans, excluding PCI loans, net of deferred loan fees | $ 3,784,219 | $ 3,817,067 | ||||
Less: Allowance for loan losses | (59,554) | $ (60,709) | (59,825) | $ (60,974) | $ (68,725) | $ (75,235) |
Total loans and lease finance receivables | 3,724,665 | 3,757,242 | ||||
Loans, Excluding PCI Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial and industrial | 406,423 | 390,011 | ||||
SBA | 120,566 | 134,265 | ||||
Commercial real estate | 2,569,411 | 2,487,803 | ||||
Construction | 46,927 | 55,173 | ||||
SFR mortgage | 214,503 | 205,124 | ||||
Dairy & livestock and agribusiness | 183,984 | 279,173 | ||||
Municipal lease finance receivables | 74,691 | 77,834 | ||||
Consumer and other loans | 71,176 | 69,884 | ||||
Total gross loans, excluding PCI loans | 3,687,681 | 3,699,267 | ||||
Less: Deferred loan fees, net | (8,528) | (8,567) | ||||
Gross loans, excluding PCI loans, net of deferred loan fees | 3,679,153 | 3,690,700 | ||||
Less: Allowance for loan losses | (59,554) | (59,825) | ||||
Net PCI loans | 3,619,599 | 3,630,875 | ||||
PCI Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial and industrial | 13,310 | 14,605 | ||||
PCI Loans | 110,746 | 133,496 | ||||
SBA | 440 | 1,110 | ||||
Discount on PCI loans | (5,680) | (7,129) | ||||
Commercial real estate | 93,700 | 109,350 | ||||
Construction | 0 | 0 | ||||
SFR mortgage | 203 | 205 | ||||
Dairy & livestock and agribusiness | 276 | 4,890 | ||||
Municipal lease finance receivables | 0 | 0 | ||||
Consumer and other loans | 2,817 | 3,336 | ||||
Net PCI loans | $ 105,066 | $ 126,367 |
Loans and Lease Finance Recei39
Loans and Lease Finance Receivables and Allowance for Loan Losses - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015USD ($)SecurityLoan | Jun. 30, 2014USD ($)SecurityLoan | Jun. 30, 2015USD ($)SecurityLoan | Jun. 30, 2014USD ($)SecurityLoan | Dec. 31, 2014USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total fixed rate loans held | $ 1,840,000,000 | $ 1,840,000,000 | |||
Secure borrowings and available lines of credit from FHLB and Federal Reserve Bank | 2,800,000,000 | 2,800,000,000 | $ 2,780,000,000 | ||
Impaired, at carrying value | 67,390,000 | $ 105,848,000 | 67,390,000 | $ 105,848,000 | 85,792,000 |
Loans classified as troubled debt restructured | 60,300,000 | 60,300,000 | |||
Provision for unfunded loan commitments | 0 | $ 0 | (500,000) | $ 0 | |
Reserve for credit risk for undisbursed commitments | $ 7,200,000 | $ 7,200,000 | 7,700,000 | ||
Number of loans | SecurityLoan | 0 | 0 | |||
Allocation of allowance to troubled debt restructuring | $ 432,000 | $ 432,000 | 726,000 | ||
Commercial real estate loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of total gross loan portfolio (excluding PCI loans) | 69.68% | 69.68% | |||
Construction [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of total gross loan portfolio (excluding PCI loans) | 1.27% | 1.27% | |||
Nonaccrual commercial and industrial loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | $ 903,000 | $ 903,000 | |||
Nonaccrual Small Business Administration Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 2,500,000 | 2,500,000 | |||
Impaired loans modified in troubled debt restructure [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired, at carrying value | 60,300,000 | 60,300,000 | |||
Loans, Excluding PCI Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial real estate loans | 2,569,411,000 | 2,569,411,000 | 2,487,803,000 | ||
Dairy & livestock and agribusiness | 183,984,000 | 183,984,000 | 279,173,000 | ||
Impaired, at carrying value | 85,800,000 | ||||
Outstanding balance | $ 22,224,000 | $ 22,224,000 | $ 32,186,000 | ||
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) | 4.99% | 4.99% | 7.55% | ||
Outstanding balance | $ 0 | $ 0 | $ 103,000 | ||
Loans, Excluding PCI Loans [Member] | Dairy & livestock loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Dairy & livestock and agribusiness | 171,800,000 | 171,800,000 | 268,100,000 | ||
Loans, Excluding PCI Loans [Member] | Agribusiness loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Dairy & livestock and agribusiness | 12,200,000 | 12,200,000 | 11,100,000 | ||
Loans, Excluding PCI Loans [Member] | Commercial and industrial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 903,000 | 903,000 | 2,308,000 | ||
Loans, Excluding PCI Loans [Member] | Consumer and other loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 498,000 | 498,000 | 736,000 | ||
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | $ 2,456,000 | $ 2,456,000 | $ 2,481,000 | ||
Loans, Excluding PCI Loans [Member] | Loans secured by farmland [Member] | Commercial real estate loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of total gross loan portfolio (excluding PCI loans) | 6.12% | 6.12% | 6.66% | ||
Commercial real estate loans | $ 157,200,000 | $ 157,200,000 | $ 165,600,000 | ||
Loans, Excluding PCI Loans [Member] | Loans secured by farmland [Member] | Loans secured by Dairy & livestock land [Member] | Commercial real estate loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial real estate loans | 130,000,000 | 130,000,000 | 144,100,000 | ||
Loans, Excluding PCI Loans [Member] | Loans secured by farmland [Member] | Loans secured by agricultural land [Member] | Commercial real estate loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial real estate loans | 27,200,000 | 27,200,000 | 21,500,000 | ||
Nonaccrual commercial real estate loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 15,000,000 | 15,000,000 | |||
Nonaccrual consumer loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 498,000 | 498,000 | |||
Nonperforming financing receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired, at carrying value | 15,200,000 | 15,200,000 | |||
Loans classified as troubled debt restructured | 15,200,000 | 15,200,000 | |||
Performing financing receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired, at carrying value | 67,400,000 | 67,400,000 | |||
Loans classified as troubled debt restructured | 45,100,000 | $ 45,100,000 | |||
Number of performing loans | SecurityLoan | 33 | ||||
Performing financing receivable [Member] | Commercial real estate loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans classified as troubled debt restructured | 25,000,000 | $ 25,000,000 | |||
Number of loans | SecurityLoan | 10 | ||||
Performing financing receivable [Member] | Construction [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans classified as troubled debt restructured | 7,700,000 | $ 7,700,000 | |||
Number of loans | SecurityLoan | 1 | ||||
Performing financing receivable [Member] | Dairy & livestock and agribusiness [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans classified as troubled debt restructured | 7,100,000 | $ 7,100,000 | |||
Number of loans | SecurityLoan | 5 | ||||
Performing financing receivable [Member] | Single-family Residential Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans classified as troubled debt restructured | 3,600,000 | $ 3,600,000 | |||
Number of loans | SecurityLoan | 11 | ||||
Performing financing receivable [Member] | Commercial and industrial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans classified as troubled debt restructured | 659,000 | $ 659,000 | |||
Number of loans | SecurityLoan | 4 | ||||
Performing financing receivable [Member] | Consumer and other loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans classified as troubled debt restructured | $ 417,000 | $ 417,000 | |||
Number of loans | SecurityLoan | 1 | ||||
Number of loans removed from TDR classification | SecurityLoan | 0 | 0 | 0 | 0 | |
Performing financing receivable [Member] | Small Business Administration [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans classified as troubled debt restructured | $ 691,000 | $ 691,000 | |||
Number of loans | SecurityLoan | 1 | ||||
Nonaccrual single family mortgage loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 3,400,000 | $ 3,400,000 | |||
Allowance impaired loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired, at carrying value | $ 1,500,000 | ||||
Loans classified as troubled debt restructured | $ 550,000 | $ 550,000 |
Loans and Lease Finance Recei40
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 ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | $ 406,423 | $ 390,011 |
SBA | 120,566 | 134,265 |
Commercial real estate, Owner occupied | 791,398 | 790,367 |
Commercial real estate, Non-owner occupied | 1,778,013 | 1,697,436 |
Construction, Speculative | 36,564 | 36,574 |
Construction, Non-speculative | 10,363 | |
Construction, Non-speculative | 18,599 | |
SFR mortgage | 214,503 | 205,124 |
Dairy & livestock and agribusiness | 183,984 | 279,173 |
Municipal lease finance receivables | 74,691 | 77,834 |
Consumer and other loans | 71,176 | 69,884 |
Total gross loans, excluding PCI loans | 3,687,681 | 3,699,267 |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 259,171 | 234,029 |
SBA | 74,716 | 84,769 |
Commercial real estate, Owner occupied | 581,824 | 552,072 |
Commercial real estate, Non-owner occupied | 1,445,175 | 1,347,006 |
Construction, Speculative | 26,741 | 28,310 |
Construction, Non-speculative | 9,710 | |
Construction, Non-speculative | 18,071 | |
SFR mortgage | 185,302 | 174,311 |
Dairy & livestock and agribusiness | 105,341 | 174,783 |
Municipal lease finance receivables | 41,726 | 35,463 |
Consumer and other loans | 55,776 | 62,904 |
Total gross loans, excluding PCI loans | 2,785,482 | 2,711,718 |
Watch List [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 97,969 | 105,904 |
SBA | 22,448 | 24,124 |
Commercial real estate, Owner occupied | 146,611 | 159,908 |
Commercial real estate, Non-owner occupied | 250,818 | 241,809 |
Construction, Speculative | 2,172 | 613 |
Construction, Non-speculative | 653 | |
Construction, Non-speculative | 528 | |
SFR mortgage | 21,230 | 20,218 |
Dairy & livestock and agribusiness | 75,217 | 85,660 |
Municipal lease finance receivables | 27,766 | 22,349 |
Consumer and other loans | 10,497 | 2,233 |
Total gross loans, excluding PCI loans | 655,381 | 663,346 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 37,649 | 33,795 |
SBA | 14,202 | 15,858 |
Commercial real estate, Owner occupied | 49,507 | 46,248 |
Commercial real estate, Non-owner occupied | 28,789 | 56,353 |
Construction, Speculative | 0 | 0 |
Construction, Non-speculative | 0 | |
Construction, Non-speculative | 0 | |
SFR mortgage | 4,261 | 2,442 |
Dairy & livestock and agribusiness | 3,426 | 8,612 |
Municipal lease finance receivables | 5,199 | 20,022 |
Consumer and other loans | 2,032 | 1,789 |
Total gross loans, excluding PCI loans | 145,065 | 185,119 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 11,578 | 16,031 |
SBA | 7,698 | 7,920 |
Commercial real estate, Owner occupied | 13,456 | 32,139 |
Commercial real estate, Non-owner occupied | 53,231 | 52,268 |
Construction, Speculative | 7,651 | 7,651 |
Construction, Non-speculative | 0 | |
Construction, Non-speculative | 0 | |
SFR mortgage | 3,710 | 8,153 |
Dairy & livestock and agribusiness | 0 | 10,015 |
Municipal lease finance receivables | 0 | 0 |
Consumer and other loans | 2,774 | 2,763 |
Total gross loans, excluding PCI loans | 100,098 | 136,940 |
Doubtful & Loss [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 56 | 252 |
SBA | 1,502 | 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 | 0 | 103 |
Municipal lease finance receivables | 0 | 0 |
Consumer and other loans | 97 | 195 |
Total gross loans, excluding PCI loans | $ 1,655 | $ 2,144 |
Loans and Lease Finance Recei41
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 by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | $ 60,709 | $ 68,725 | $ 59,825 | $ 75,235 |
Charge-offs | (342) | (458) | (686) | (925) |
Recoveries | 1,187 | 307 | 2,415 | 1,764 |
(Recapture of) Provision for Loan Losses | (2,000) | (7,600) | (2,000) | (15,100) |
Ending Balance | 59,554 | 60,974 | 59,554 | 60,974 |
Commercial and industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 7,502 | 6,368 | 7,074 | 8,502 |
Charge-offs | 0 | (100) | (134) | (554) |
Recoveries | 197 | 43 | 232 | 498 |
(Recapture of) Provision for Loan Losses | (514) | (274) | 13 | (2,409) |
Ending Balance | 7,185 | 6,037 | 7,185 | 6,037 |
Small Business Administration [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 2,196 | 2,468 | 2,557 | 2,332 |
Charge-offs | 0 | 0 | (33) | 0 |
Recoveries | 3 | 63 | 37 | 63 |
(Recapture of) Provision for Loan Losses | (114) | (166) | (476) | (30) |
Ending Balance | 2,085 | 2,365 | 2,085 | 2,365 |
Commercial real estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 34,848 | 39,400 | 33,373 | 39,402 |
Charge-offs | (107) | (352) | (107) | (352) |
Recoveries | 783 | 70 | 1,640 | 138 |
(Recapture of) Provision for Loan Losses | (110) | (3,200) | 508 | (3,270) |
Ending Balance | 35,414 | 35,918 | 35,414 | 35,918 |
Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 1,043 | 458 | 988 | 1,305 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 41 | 19 | 50 | 797 |
(Recapture of) Provision for Loan Losses | (338) | 128 | (292) | (1,497) |
Ending Balance | 746 | 605 | 746 | 605 |
SFR mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 2,425 | 2,282 | 2,344 | 2,718 |
Charge-offs | (215) | 0 | (215) | 0 |
Recoveries | 0 | 0 | 185 | 0 |
(Recapture of) Provision for Loan Losses | 354 | (68) | 250 | (504) |
Ending Balance | 2,564 | 2,214 | 2,564 | 2,214 |
Dairy & livestock and agribusiness [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 3,746 | 9,267 | 5,479 | 11,728 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 111 | 98 | 210 | 242 |
(Recapture of) Provision for Loan Losses | 117 | (3,937) | (1,715) | (6,542) |
Ending Balance | 3,974 | 5,428 | 3,974 | 5,428 |
Municipal lease finance receivables [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 1,030 | 1,519 | 1,412 | 2,335 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
(Recapture of) Provision for Loan Losses | (16) | (55) | (398) | (871) |
Ending Balance | 1,014 | 1,464 | 1,014 | 1,464 |
Consumer and other loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 825 | 950 | 1,262 | 960 |
Charge-offs | (20) | (6) | (197) | (19) |
Recoveries | 52 | 14 | 61 | 26 |
(Recapture of) Provision for Loan Losses | (23) | (28) | (292) | (37) |
Ending Balance | 834 | 930 | 834 | 930 |
Unallocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 7,094 | 6,013 | 5,336 | 5,953 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
(Recapture of) Provision for Loan Losses | (1,356) | 0 | 402 | 60 |
Ending Balance | $ 5,738 | $ 6,013 | $ 5,738 | $ 6,013 |
Loans and Lease Finance Recei42
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 ($) $ in Thousands | Jun. 30, 2015 | Jun. 30, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | $ 67,390 | $ 105,848 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 3,620,291 | 3,385,808 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 550 | 2,213 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 59,004 | 58,761 |
Commercial and industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 1,562 | 5,904 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 404,861 | 379,661 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 435 | 643 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 6,750 | 5,394 |
Small Business Administration [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 3,146 | 2,138 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 117,420 | 126,706 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 12 | 64 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 2,073 | 2,301 |
Commercial real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 39,981 | 36,873 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 2,529,430 | 2,363,991 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 35,414 | 35,918 |
Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 7,651 | 26,554 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 39,276 | 32,923 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 24 | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 722 | 605 |
SFR mortgage [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 7,044 | 10,554 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 207,459 | 176,370 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 77 | 44 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 2,487 | 2,170 |
Dairy & livestock and agribusiness [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 7,091 | 23,355 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 176,893 | 156,696 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 1,366 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 3,974 | 4,062 |
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 | 74,691 | 78,934 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,014 | 1,464 |
Consumer and other loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 915 | 470 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 70,261 | 70,527 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 2 | 96 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 832 | 834 |
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 | $ 5,738 | $ 6,013 |
Loans and Lease Finance Recei43
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 ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | $ 1,936 | $ 1,681 |
Nonaccrual | 22,224 | 32,186 |
Current | 3,663,521 | 3,665,400 |
Total gross loans, excluding PCI loans | 3,687,681 | 3,699,267 |
30 - 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 1,191 | 1,543 |
60 - 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 745 | 138 |
Commercial and industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 246 | 978 |
Nonaccrual | 903 | 2,308 |
Current | 405,274 | 386,725 |
Total gross loans, excluding PCI loans | 406,423 | 390,011 |
Commercial and industrial [Member] | 30 - 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 246 | 943 |
Commercial and industrial [Member] | 60 - 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 35 |
Small Business Administration [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 75 |
Nonaccrual | 2,456 | 2,481 |
Current | 118,110 | 131,709 |
Total gross loans, excluding PCI loans | 120,566 | 134,265 |
Small Business Administration [Member] | 30 - 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 75 |
Small Business Administration [Member] | 60 - 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Commercial real estate Owner occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 122 |
Nonaccrual | 2,290 | 4,072 |
Current | 789,109 | 786,173 |
Total gross loans, excluding PCI loans | 791,399 | 790,367 |
Commercial real estate Owner occupied [Member] | 30 - 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 36 |
Commercial real estate Owner occupied [Member] | 60 - 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 86 |
Commercial real estate Non-owner occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 1,333 | 0 |
Nonaccrual | 12,677 | 19,246 |
Current | 1,764,002 | 1,678,190 |
Total gross loans, excluding PCI loans | 1,778,012 | 1,697,436 |
Commercial real estate Non-owner occupied [Member] | 30 - 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 945 | 0 |
Commercial real estate Non-owner occupied [Member] | 60 - 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 388 | 0 |
Construction Speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Current | 36,564 | 36,574 |
Total gross loans, excluding PCI loans | (36,564) | 36,574 |
Construction Speculative [Member] | 30 - 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Construction Speculative [Member] | 60 - 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Construction Non-speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Current | 10,363 | 18,599 |
Total gross loans, excluding PCI loans | 10,363 | 18,599 |
Construction Non-speculative [Member] | 30 - 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Construction Non-speculative [Member] | 60 - 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
SFR mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 355 | 425 |
Nonaccrual | 3,400 | 3,240 |
Current | 210,748 | 201,459 |
Total gross loans, excluding PCI loans | 214,503 | 205,124 |
SFR mortgage [Member] | 30 - 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 425 |
SFR mortgage [Member] | 60 - 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 355 | 0 |
Dairy & livestock and agribusiness [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 0 | 103 |
Current | 183,984 | 279,070 |
Total gross loans, excluding PCI loans | 183,984 | 279,173 |
Dairy & livestock and agribusiness [Member] | 30 - 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Dairy & livestock and agribusiness [Member] | 60 - 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Municipal lease finance receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Current | 74,691 | 77,834 |
Total gross loans, excluding PCI loans | 74,691 | 77,834 |
Municipal lease finance receivables [Member] | 30 - 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Municipal lease finance receivables [Member] | 60 - 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Consumer and other loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 2 | 81 |
Nonaccrual | 498 | 736 |
Current | 70,676 | 69,067 |
Total gross loans, excluding PCI loans | 71,176 | 69,884 |
Consumer and other loans [Member] | 30 - 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 64 |
Consumer and other loans [Member] | 60 - 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | $ 2 | $ 17 |
Loans and Lease Finance Recei44
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 ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing loans, current | $ 18,600,000 | $ 20,100,000 |
Nonaccruing loans, 30-59 days past due | 599,000 | 3,700,000 |
Nonaccruing loans, 60-89 days past due | 668,000 | |
90+ days past due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing loans, 90+ days past due | $ 2,400,000 | $ 8,500,000 |
Loans and Lease Finance Recei45
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 ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, Total impaired loans | $ 67,390 | $ 105,848 | $ 85,792 |
Unpaid Principal Balance, Total impaired loans | 77,899 | 119,148 | 100,527 |
Related Allowance, Total impaired loans | 550 | 2,213 | 1,549 |
Average Recorded Investment, Total impaired loans | 68,110 | 109,149 | |
Interest Income Recognized, Total impaired loans | 1,427 | 1,702 | |
Recorded Investment, With no related allowance recorded | 58,390 | 100,336 | 81,905 |
Unpaid Principal Balance, With no related allowance recorded | 68,815 | 113,233 | 95,968 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 59,082 | 103,560 | |
Interest Income Recognized, With no related allowance recorded | 1,231 | 1,677 | |
Recorded Investment, With a related allowance recorded | 9,000 | 5,512 | 3,887 |
Unpaid Principal Balance, With a related allowance recorded | 9,084 | 5,915 | 4,559 |
Related Allowance, With a related allowance recorded | 550 | 2,213 | 1,549 |
Average Recorded Investment, With a related allowance recorded | 9,028 | 5,589 | |
Interest Income Recognized, With a related allowance recorded | 196 | 25 | |
Commercial and industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 1,097 | 4,376 | 2,391 |
Unpaid Principal Balance, With no related allowance recorded | 1,941 | 5,437 | 3,624 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 1,172 | 4,396 | |
Interest Income Recognized, With no related allowance recorded | 15 | 30 | |
Recorded Investment, With a related allowance recorded | 465 | 1,528 | 629 |
Unpaid Principal Balance, With a related allowance recorded | 536 | 1,852 | 698 |
Related Allowance, With a related allowance recorded | 435 | 643 | 615 |
Average Recorded Investment, With a related allowance recorded | 478 | 1,531 | |
Interest Income Recognized, With a related allowance recorded | 1 | 0 | |
Small Business Administration [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 3,087 | 2,074 | 1,853 |
Unpaid Principal Balance, With no related allowance recorded | 3,688 | 2,516 | 2,197 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 3,167 | 2,112 | |
Interest Income Recognized, With no related allowance recorded | 26 | 0 | |
Recorded Investment, With a related allowance recorded | 59 | 64 | 1,327 |
Unpaid Principal Balance, With a related allowance recorded | 59 | 72 | 1,591 |
Related Allowance, With a related allowance recorded | 12 | 64 | 296 |
Average Recorded Investment, With a related allowance recorded | 63 | 67 | |
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 | 5,987 | 11,822 | 16,961 |
Unpaid Principal Balance, With no related allowance recorded | 7,080 | 12,910 | 18,166 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 5,865 | 11,967 | |
Interest Income Recognized, With no related allowance recorded | 127 | 247 | |
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 | |
Commercial real estate Non-owner occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 33,994 | 25,051 | 30,068 |
Unpaid Principal Balance, With no related allowance recorded | 39,946 | 31,676 | 38,156 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 34,567 | 25,390 | |
Interest Income Recognized, With no related allowance recorded | 838 | 430 | |
Recorded Investment, With a related allowance recorded | 0 | 0 | 982 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 1,278 |
Related Allowance, With a related allowance recorded | 0 | 0 | 154 |
Average Recorded Investment, With a related allowance recorded | 0 | 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 | 0 | 17,418 | 7,651 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 18,407 | 7,651 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 0 | 17,484 | |
Interest Income Recognized, With no related allowance recorded | 0 | 154 | |
Recorded Investment, With a related allowance recorded | 7,651 | 0 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 7,651 | 0 | 0 |
Related Allowance, With a related allowance recorded | 24 | 0 | 0 |
Average Recorded Investment, With a related allowance recorded | 7,651 | 0 | |
Interest Income Recognized, With a related allowance recorded | 192 | 0 | |
Construction Non-speculative [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 9,136 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 9,136 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 0 | 9,158 | |
Interest Income Recognized, With no related allowance recorded | 0 | 308 | |
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 | 6,228 | 10,078 | 6,512 |
Unpaid Principal Balance, With no related allowance recorded | 7,175 | 11,719 | 7,493 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 6,102 | 10,156 | |
Interest Income Recognized, With no related allowance recorded | 50 | 52 | |
Recorded Investment, With a related allowance recorded | 816 | 476 | 467 |
Unpaid Principal Balance, With a related allowance recorded | 824 | 486 | 484 |
Related Allowance, With a related allowance recorded | 77 | 44 | 35 |
Average Recorded Investment, With a related allowance recorded | 826 | 478 | |
Interest Income Recognized, With a related allowance recorded | 3 | 0 | |
Dairy & livestock and agribusiness [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 7,091 | 20,015 | 15,796 |
Unpaid Principal Balance, With no related allowance recorded | 7,559 | 20,714 | 17,587 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 7,269 | 22,529 | |
Interest Income Recognized, With no related allowance recorded | 167 | 456 | |
Recorded Investment, With a related allowance recorded | 0 | 3,340 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 3,340 | 0 |
Related Allowance, With a related allowance recorded | 0 | 1,366 | 0 |
Average Recorded Investment, With a related allowance recorded | 0 | 3,408 | |
Interest Income Recognized, With a related allowance recorded | 0 | 25 | |
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 | 906 | 366 | 673 |
Unpaid Principal Balance, With no related allowance recorded | 1,426 | 718 | 1,094 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 940 | 368 | |
Interest Income Recognized, With no related allowance recorded | 8 | 0 | |
Recorded Investment, With a related allowance recorded | 9 | 104 | 482 |
Unpaid Principal Balance, With a related allowance recorded | 14 | 165 | 508 |
Related Allowance, With a related allowance recorded | 2 | 96 | $ 449 |
Average Recorded Investment, With a related allowance recorded | 10 | 105 | |
Interest Income Recognized, With a related allowance recorded | $ 0 | $ 0 |
Loans and Lease Finance Recei46
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 ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Receivables [Abstract] | |||
Recorded Investment, With no related allowance recorded | $ 58,390 | $ 100,336 | $ 81,905 |
Recorded Investment, With a related allowance recorded | 9,000 | 5,512 | 3,887 |
Recorded Investment, Total impaired loans | 67,390 | 105,848 | 85,792 |
Unpaid Principal Balance, With no related allowance recorded | 68,815 | 113,233 | 95,968 |
Unpaid Principal Balance, With a related allowance recorded | 9,084 | 5,915 | 4,559 |
Unpaid Principal Balance, Total impaired loans | 77,899 | 119,148 | 100,527 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 550 | 2,213 | 1,549 |
Related Allowance, Total impaired loans | 550 | 2,213 | $ 1,549 |
Average Recorded Investment, With no related allowance recorded | 59,082 | 103,560 | |
Average Recorded Investment, With a related allowance recorded | 9,028 | 5,589 | |
Average Recorded Investment, Total impaired loans | 68,110 | 109,149 | |
Interest Income Recognized, With no related allowance recorded | 1,231 | 1,677 | |
Interest Income Recognized, With a related allowance recorded | 196 | 25 | |
Interest Income Recognized, Total impaired loans | $ 1,427 | $ 1,702 |
Loans and Lease Finance Recei47
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Activity Related to Troubled Debt Restructurings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Performing TDRs [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Beginning balance | $ 45,376 | $ 66,394 | $ 53,589 | $ 66,955 |
New modifications | 30 | 0 | 30 | 41 |
Payoffs and payments, net | (240) | (4,516) | (8,969) | (5,118) |
TDRs returned to accrual status | 0 | 0 | 516 | 0 |
TDRs placed on nonaccrual status | 0 | 0 | 0 | 0 |
Ending balance | 45,166 | 61,878 | 45,166 | 61,878 |
Nonperforming TDRs [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Beginning balance | 16,774 | 23,968 | 20,285 | 25,119 |
New modifications | 330 | 4,187 | 330 | 4,187 |
Charge-offs | 0 | 0 | 0 | 0 |
Transfer to OREO | (842) | 0 | (842) | 0 |
Payoffs and payments, net | (1,095) | (758) | (4,090) | (1,909) |
TDRs returned to accrual status | 0 | 0 | (516) | 0 |
TDRs placed on nonaccrual status | 0 | 0 | 0 | 0 |
Ending balance | $ 15,167 | $ 27,397 | $ 15,167 | $ 27,397 |
Loans and Lease Finance Recei48
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Loans Modified as Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015USD ($)Contract | Jun. 30, 2014USD ($)Contract | Jun. 30, 2015USD ($)Contract | Jun. 30, 2014USD ($)Contract | |
Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 2 | 7 | 2 | 8 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 360 | $ 4,187 | $ 360 | $ 4,228 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 360 | 4,187 | 360 | 4,228 |
Troubled debt restructurings, Outstanding Recorded Investment | 360 | 4,170 | 360 | 4,170 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 12 | $ 0 | $ 12 | $ 0 |
Commercial and industrial [Member] | Interest rate reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial and industrial [Member] | Change in amortization period or maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 1 | 0 | 1 | 1 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 30 | $ 0 | $ 30 | $ 41 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 30 | 0 | 30 | 41 |
Troubled debt restructurings, Outstanding Recorded Investment | 30 | 39 | 30 | 39 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | 0 | $ 0 | $ 0 |
Commercial and industrial [Member] | Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | $ 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | |
Small Business Administration [Member] | Interest rate reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Small Business Administration [Member] | Change in amortization period or maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 1 | 1 | 1 | 1 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 330 | $ 47 | $ 330 | $ 47 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 330 | 47 | 330 | 47 |
Troubled debt restructurings, Outstanding Recorded Investment | 330 | 45 | 330 | 45 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 12 | $ 0 | $ 12 | $ 0 |
Small Business Administration [Member] | Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 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] | Interest rate reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 2 | 0 | 2 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 389 | $ 0 | $ 389 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 389 | 0 | 389 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 376 | 0 | 376 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 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 | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial real estate Non-owner occupied [Member] | Interest rate reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 4 | 0 | 4 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 3,751 | $ 0 | $ 3,751 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 3,751 | 0 | 3,751 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 3,710 | 0 | 3,710 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 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 | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Dairy & livestock and agribusiness [Member] | Interest rate reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 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 | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer [Member] | Interest rate reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings Per Share Reconcilia49
Earnings Per Share Reconciliation - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per common share | 254,000 | 222,000 | 228,000 | 186,000 |
Earnings Per Share Reconcilia50
Earnings Per Share Reconciliation - Schedule of Earnings Per Common Share Reconciliation (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings per common share: | ||||
Net earnings | $ 26,813 | $ 25,484 | $ 42,646 | $ 54,145 |
Less: Net earnings allocated to restricted stock | 143 | 145 | 223 | 274 |
Net earnings allocated to common shareholders | $ 26,670 | $ 25,339 | $ 42,423 | $ 53,871 |
Weighted average shares outstanding | 105,707 | 105,251 | 105,616 | 105,222 |
Basic earnings per common share | $ 0.25 | $ 0.24 | $ 0.40 | $ 0.51 |
Diluted earnings per common share: | ||||
Net income allocated to common shareholders | $ 26,670 | $ 25,339 | $ 42,423 | $ 53,871 |
Weighted average shares outstanding | 105,707 | 105,251 | 105,616 | 105,222 |
Incremental shares from assumed exercise of outstanding options | 451 | 504 | 445 | 552 |
Diluted weighted average shares outstanding | 106,158 | 105,755 | 106,061 | 105,774 |
Diluted earnings per common share | $ 0.25 | $ 0.24 | $ 0.40 | $ 0.51 |
Fair Value Information - Additi
Fair Value Information - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 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 |
Fair value liabilities transfers from Level 1 to Level 2 | 0 | 0 |
Fair value liabilities 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 ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps | $ 671,187 | $ 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 | 8,861 | 10,080 |
Interest rate swaps | 8,861 | 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 | 3,163,078 | 3,147,238 |
Total liabilities | 8,861 | 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/GSEs [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/GSEs [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 351,283 | 330,843 |
Fair Value on Recurring Basis [Member] | Government agency/GSEs [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 | 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 | 1,856,490 | 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 | 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 | 409,747 | 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 | 531,615 | 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 | 5,082 | 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 | 3,154,217 | 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 | 8,861 | 10,080 |
Interest rate swaps | 8,861 | 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] | Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 3,163,078 | 3,147,238 |
Total liabilities | 8,861 | 10,080 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Government agency/GSEs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 351,283 | 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 | 1,856,490 | 1,917,496 |
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 | 409,747 | 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 | 531,615 | 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 | 5,082 | 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 | 3,154,217 | 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 | 8,861 | 10,080 |
Interest rate swaps | $ 8,861 | $ 10,080 |
Fair Value Information - Asse53
Fair Value Information - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value on Non-Recurring Basis [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Description of assets | ||
Total assets | $ 589 | $ 2,846 |
Other real estate owned [Member] | ||
Description of assets | ||
Total assets | 162 | 0 |
Loans, Excluding PCI Loans [Member] | Commercial and industrial [Member] | ||
Description of assets | ||
Total assets | 22 | 771 |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 12 | 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 | 24 | 0 |
Loans, Excluding PCI Loans [Member] | SFR mortgage [Member] | ||
Description of assets | ||
Total assets | 292 | 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 | 77 | 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 | 10,290 | 6,323 |
Level 3 [Member] | Other real estate owned [Member] | ||
Description of assets | ||
Total assets | 948 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Commercial and industrial [Member] | ||
Description of assets | ||
Total assets | 37 | 1,911 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 59 | 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 | 7,651 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | SFR mortgage [Member] | ||
Description of assets | ||
Total assets | 1,389 | 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 | 206 | 482 |
Carrying Value [Member] | ||
Description of assets | ||
Total assets | 10,290 | 6,323 |
Carrying Value [Member] | Other real estate owned [Member] | ||
Description of assets | ||
Total assets | 948 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Commercial and industrial [Member] | ||
Description of assets | ||
Total assets | 37 | 1,911 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 59 | 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 | 7,651 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | SFR mortgage [Member] | ||
Description of assets | ||
Total assets | 1,389 | 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 | $ 206 | $ 482 |
Fair Value Information - Estima
Fair Value Information - Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Assets | ||||
Total cash and cash equivalents | $ 446,446 | $ 105,768 | $ 404,183 | $ 94,693 |
Interest-earning balances due from depository institutions | 24,378 | 27,118 | ||
FHLB stock | 17,588 | 25,338 | ||
Investment securities available-for-sale | 3,154,217 | 3,137,158 | ||
Investment securities held-to-maturity | 1,400 | 1,528 | ||
Total loans, net of allowance for loan losses | 3,724,665 | 3,757,242 | ||
Deposits: | ||||
Noninterest-bearing | 3,250,574 | 2,866,365 | ||
Interest-bearing | 2,743,306 | 2,738,293 | ||
Junior subordinated debentures | 25,774 | 25,774 | ||
Swaps | 671,187 | 573,707 | ||
Carrying Value [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 446,446 | 105,768 | ||
Interest-earning balances due from depository institutions | 24,378 | 27,118 | ||
FHLB stock | 17,588 | 25,338 | ||
Investment securities available-for-sale | 3,154,217 | 3,137,158 | ||
Investment securities held-to-maturity | 1,400 | 1,528 | ||
Loans held-for-sale | 0 | 0 | ||
Total loans, net of allowance for loan losses | 3,724,665 | 3,757,242 | ||
Swaps | 8,861 | 10,080 | ||
Deposits: | ||||
Noninterest-bearing | 3,250,574 | 2,866,365 | ||
Interest-bearing | 2,743,306 | 2,738,293 | ||
Borrowings | 662,326 | 809,106 | ||
Junior subordinated debentures | 25,774 | 25,774 | ||
Swaps | 8,861 | 10,080 | ||
Estimated Fair Value [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 446,446 | 105,768 | ||
Interest-earning balances due from depository institutions | 24,378 | 27,118 | ||
FHLB stock | 17,588 | 25,338 | ||
Investment securities available-for-sale | 3,154,217 | 3,137,158 | ||
Investment securities held-to-maturity | 2,066 | 2,177 | ||
Loans held-for-sale | 0 | 0 | ||
Total loans, net of allowance for loan losses | 3,747,468 | 3,794,454 | ||
Swaps | 8,861 | 10,080 | ||
Deposits: | ||||
Noninterest-bearing | 3,250,574 | 2,866,365 | ||
Interest-bearing | 2,743,129 | 2,739,221 | ||
Borrowings | 662,254 | 822,607 | ||
Junior subordinated debentures | 26,024 | 26,005 | ||
Swaps | 8,861 | 10,080 | ||
Estimated Fair Value [Member] | Level 1 [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 446,446 | 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 | ||
Swaps | 0 | 0 | ||
Deposits: | ||||
Noninterest-bearing | 3,250,574 | 2,866,365 | ||
Interest-bearing | 0 | 0 | ||
Borrowings | 0 | 0 | ||
Junior subordinated debentures | 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 | 24,378 | 27,118 | ||
FHLB stock | 17,588 | 25,338 | ||
Investment securities available-for-sale | 3,154,217 | 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 | ||
Swaps | 8,861 | 10,080 | ||
Deposits: | ||||
Noninterest-bearing | 0 | 0 | ||
Interest-bearing | 2,743,129 | 2,739,221 | ||
Borrowings | 662,254 | 822,607 | ||
Junior subordinated debentures | 26,024 | 26,005 | ||
Swaps | 8,861 | 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 | 2,066 | 2,177 | ||
Loans held-for-sale | 0 | 0 | ||
Total loans, net of allowance for loan losses | 3,747,468 | 3,794,454 | ||
Swaps | 0 | 0 | ||
Deposits: | ||||
Noninterest-bearing | 0 | 0 | ||
Interest-bearing | 0 | 0 | ||
Borrowings | 0 | 0 | ||
Junior subordinated debentures | 0 | 0 | ||
Swaps | $ 0 | $ 0 |
Business Segments - Additional
Business Segments - Additional Information (Detail) - Jun. 30, 2015 | FinancialCentersSegment |
Segment Reporting Information [Line Items] | |
Number of principal reporting segments | Segment | 2 |
Bank operated Business Financial Centers, number | 40 |
Bank operated Commercial Banking Centers, number | 7 |
Consideration of Business Financial and Commercial Banking Centers | Segment | 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 ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Interest income, including loan fees | $ 64,515 | $ 61,216 | $ 128,695 | $ 122,278 | |
Credit for funds provided | 0 | 0 | 0 | 0 | |
Total interest income | 64,515 | 61,216 | 128,695 | 122,278 | |
Interest expense | 1,757 | 4,057 | 4,928 | 8,177 | |
Charge for funds used | 0 | 0 | 0 | 0 | |
Total interest expense | 1,757 | 4,057 | 4,928 | 8,177 | |
Net interest income | 62,758 | 57,159 | 123,767 | 114,101 | |
Recapture of provision for loan losses | (2,000) | (7,600) | (2,000) | (15,100) | |
Net interest income after recapture of provision for loan losses | 64,758 | 64,759 | 125,767 | 129,201 | |
Noninterest income | 8,345 | 7,050 | 16,356 | 18,548 | |
Noninterest expense | 31,533 | 31,324 | 62,135 | 62,481 | |
Debt termination expense | 0 | 0 | 13,870 | 0 | |
Earnings before income taxes | 41,570 | 40,485 | 66,118 | 85,268 | |
Segment assets | 7,697,358 | 7,423,993 | 7,697,358 | 7,423,993 | $ 7,377,920 |
Operating segments [Member] | Centers [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income, including loan fees | 35,813 | 34,683 | 71,181 | 67,774 | |
Credit for funds provided | 8,530 | 7,660 | 16,741 | 14,734 | |
Total interest income | 44,343 | 42,343 | 87,922 | 82,508 | |
Interest expense | 1,628 | 1,561 | 3,291 | 3,198 | |
Charge for funds used | 1,052 | 953 | 2,119 | 1,917 | |
Total interest expense | 2,680 | 2,514 | 5,410 | 5,115 | |
Net interest income | 41,663 | 39,829 | 82,512 | 77,393 | |
Recapture of provision for loan losses | 0 | 0 | 0 | 0 | |
Net interest income after recapture of provision for loan losses | 41,663 | 39,829 | 82,512 | 77,393 | |
Noninterest income | 5,319 | 5,162 | 10,386 | 9,944 | |
Noninterest expense | 12,259 | 11,420 | 24,108 | 23,248 | |
Debt termination expense | 0 | 0 | 0 | 0 | |
Earnings before income taxes | 34,723 | 33,571 | 68,790 | 64,089 | |
Segment assets | 6,436,216 | 5,928,456 | 6,436,216 | 5,928,456 | |
Operating segments [Member] | Treasury [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income, including loan fees | 19,210 | 17,675 | 37,865 | 34,107 | |
Credit for funds provided | 0 | 0 | 0 | 0 | |
Total interest income | 19,210 | 17,675 | 37,865 | 34,107 | |
Interest expense | 31 | 2,390 | 1,462 | 4,763 | |
Charge for funds used | 15,441 | 13,436 | 30,247 | 26,233 | |
Total interest expense | 15,472 | 15,826 | 31,709 | 30,996 | |
Net interest income | 3,738 | 1,849 | 6,156 | 3,111 | |
Recapture of provision for loan losses | 0 | 0 | 0 | 0 | |
Net interest income after recapture of provision for loan losses | 3,738 | 1,849 | 6,156 | 3,111 | |
Noninterest income | 0 | 0 | 0 | 0 | |
Noninterest expense | 211 | 182 | 424 | 378 | |
Debt termination expense | 0 | 0 | 13,870 | 0 | |
Earnings before income taxes | 3,527 | 1,667 | (8,138) | 2,733 | |
Segment assets | 3,624,321 | 3,511,341 | 3,624,321 | 3,511,341 | |
Operating segments [Member] | Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income, including loan fees | 9,492 | 8,858 | 19,649 | 20,397 | |
Credit for funds provided | 13,024 | 11,414 | 25,665 | 22,877 | |
Total interest income | 22,516 | 20,272 | 45,314 | 43,274 | |
Interest expense | 98 | 106 | 175 | 216 | |
Charge for funds used | 5,061 | 4,685 | 10,040 | 9,461 | |
Total interest expense | 5,159 | 4,791 | 10,215 | 9,677 | |
Net interest income | 17,357 | 15,481 | 35,099 | 33,597 | |
Recapture of provision for loan losses | (2,000) | (7,600) | (2,000) | (15,100) | |
Net interest income after recapture of provision for loan losses | 19,357 | 23,081 | 37,099 | 48,697 | |
Noninterest income | 3,026 | 1,888 | 5,970 | 8,604 | |
Noninterest expense | 19,063 | 19,722 | 37,603 | 38,855 | |
Debt termination expense | 0 | 0 | 0 | 0 | |
Earnings before income taxes | 3,320 | 5,247 | 5,466 | 18,446 | |
Segment assets | 875,585 | 782,783 | 875,585 | 782,783 | |
Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income, including loan fees | 0 | 0 | 0 | 0 | |
Credit for funds provided | (21,554) | (19,074) | (42,406) | (37,611) | |
Total interest income | (21,554) | (19,074) | (42,406) | (37,611) | |
Interest expense | 0 | 0 | 0 | 0 | |
Charge for funds used | (21,554) | (19,074) | (42,406) | (37,611) | |
Total interest expense | (21,554) | (19,074) | (42,406) | (37,611) | |
Net interest income | 0 | 0 | 0 | 0 | |
Recapture of provision for loan losses | 0 | 0 | 0 | 0 | |
Net interest income after recapture of provision for loan losses | 0 | 0 | 0 | 0 | |
Noninterest income | 0 | 0 | 0 | 0 | |
Noninterest expense | 0 | 0 | 0 | 0 | |
Debt termination expense | 0 | 0 | 0 | 0 | |
Earnings before income taxes | 0 | 0 | 0 | 0 | |
Segment assets | $ (3,238,764) | $ (2,798,587) | $ (3,238,764) | $ (2,798,587) |
Derivative Financial Instrume57
Derivative Financial Instruments - Additional Information (Detail) | Jun. 30, 2015USD ($)Agreement | Dec. 31, 2014USD ($) |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative assets and liabilities offset in balance sheet | $ 0 | |
Total notional amount of the Company's swaps | $ 184,700,000 | $ 197,400,000 |
Interest-rate swap agreements with customers [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of interest-rate swap agreements | Agreement | 75 |
Derivative Financial Instrume58
Derivative Financial Instruments - Fair Value of Derivative Instruments (Detail) - Derivatives not designated as hedging instruments [Member] - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Other liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 8,861 | $ 10,080 |
Other liabilities [Member] | Interest rate swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 8,861 | 10,080 |
Other assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 8,861 | 10,080 |
Other assets [Member] | Interest rate swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 8,861 | $ 10,080 |
Derivative Financial Instrume59
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statement of Earnings (Detail) - Derivatives not designated as hedging instruments [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain Recognized in Income on Derivative Instruments | $ 199 | $ 0 | $ 199 | $ 0 |
Interest rate swaps [Member] | Other Income [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain Recognized in Income on Derivative Instruments | $ 199 | $ 0 | $ 199 | $ 0 |
Other Comprehensive Income (L60
Other Comprehensive Income (Loss) - Summary of Components of Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Equity [Abstract] | ||||
Net change in fair value recorded in accumulated OCI, Before-tax | $ (32,968) | $ 32,782 | $ (12,698) | $ 57,563 |
Net change in fair value recorded in accumulated OCI, Tax effect | (13,846) | 13,769 | (5,332) | 24,176 |
Net change in fair value recorded in accumulated OCI, After-tax | (19,122) | 19,013 | (7,366) | 33,387 |
Net change, Before-tax | (32,968) | 32,782 | (12,698) | 57,563 |
Net change, Tax effect | (13,846) | 13,769 | (5,332) | 24,176 |
Net change, After-tax | $ (19,122) | $ 19,013 | $ (7,366) | $ 33,387 |
Other Comprehensive Income (L61
Other Comprehensive Income (Loss) - Summary of Change in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 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 | $ (19,122) | $ 19,013 | (7,366) | 33,387 |
Net realized gains reclassified into earnings | 0 | 0 | ||
Ending balance | $ 23,709 | $ 24,057 | $ 23,709 | $ 24,057 |
Balance Sheet Offsetting - Sche
Balance Sheet Offsetting - Schedule of Balance Sheet Offsetting (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Offsetting Assets Liabilities [Line Items] | ||
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | $ 671,330 | $ 573,827 |
Financial liabilities, Gross Amounts offset in the Condensed Consolidated Balance Sheets | (143) | (120) |
Financial liabilities, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 671,187 | 573,707 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 143 | 120 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | (731,274) | (641,312) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | (59,944) | (67,485) |
Repurchase agreements [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 662,326 | 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 | 662,326 | 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 | (714,663) | (624,578) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | (52,337) | (60,951) |
Interest rate swaps [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 8,861 | 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 | 8,861 | 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 | 8,861 | 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 | 8,861 | 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 | 8,861 | 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 | 8,861 | 10,080 |
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 9,004 | 10,200 |
Financial liabilities, Gross Amounts offset in the Condensed Consolidated Balance Sheets | (143) | (120) |
Financial liabilities, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 8,861 | 10,080 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 143 | 120 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | (16,611) | (16,734) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | $ (7,607) | $ (6,534) |