Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 17, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CVBF | ||
Entity Registrant Name | CVB FINANCIAL CORP | ||
Entity Central Index Key | 354,647 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 106,372,382 | ||
Entity Public Float | $ 1,735,610,715 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||
Cash and due from banks | $ 102,772 | $ 95,030 |
Interest-earning balances due from Federal Reserve | 3,325 | 10,738 |
Total cash and cash equivalents | 106,097 | 105,768 |
Interest-earning balances due from depository institutions | 32,691 | 27,118 |
Investment securities available-for-sale, at fair value (with amortized cost of $2,337,715 at December 31, 2015, and $3,083,582 at December 31, 2014) | 2,368,646 | 3,137,158 |
Investment securities held-to-maturity (with fair value of $853,039 at December 31, 2015, and $2,177 at December 31, 2014) | 850,989 | 1,528 |
Investment in stock of Federal Home Loan Bank (FHLB) | 17,588 | 25,338 |
Loans and lease finance receivables | 4,016,937 | 3,817,067 |
Allowance for loan losses | (59,156) | (59,825) |
Net loans and lease finance receivables | 3,957,781 | 3,757,242 |
Premises and equipment, net | 31,382 | 33,591 |
Bank owned life insurance | 130,956 | 126,927 |
Accrued interest receivable | 22,732 | 23,194 |
Intangibles | 2,265 | 3,214 |
Goodwill | 74,244 | 74,244 |
Other real estate owned | 6,993 | 5,637 |
Income taxes | 47,251 | 31,461 |
Other assets | 21,585 | 25,500 |
Total assets | 7,671,200 | 7,377,920 |
Deposits: | ||
Noninterest-bearing | 3,250,174 | 2,866,365 |
Interest-bearing | 2,667,086 | 2,738,293 |
Total deposits | 5,917,260 | 5,604,658 |
Customer repurchase agreements | 690,704 | 563,627 |
FHLB advances | 199,479 | |
Other borrowings | 46,000 | 46,000 |
Accrued interest payable | 264 | 1,161 |
Deferred compensation | 11,269 | 10,291 |
Junior subordinated debentures | 25,774 | 25,774 |
Payable for securities purchased | 1,696 | |
Other liabilities | 54,834 | 48,821 |
Total liabilities | $ 6,747,801 | $ 6,499,811 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock, authorized, 225,000,000 shares without par; issued and outstanding 106,384,982 at December 31, 2015, and 105,893,216 at December 31, 2014 | $ 502,571 | $ 495,220 |
Retained earnings | 399,919 | 351,814 |
Accumulated other comprehensive income, net of tax | 20,909 | 31,075 |
Total stockholders' equity | 923,399 | 878,109 |
Total liabilities and stockholders' equity | $ 7,671,200 | $ 7,377,920 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Amortized cost | $ 2,337,715 | $ 3,083,582 |
Fair Value, Held-to-maturity | $ 853,039 | $ 2,177 |
Common stock, par value | ||
Common stock, authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 106,384,982 | 105,893,216 |
Common stock, shares outstanding | 106,384,982 | 105,893,216 |
Consolidated Statements of Earn
Consolidated Statements of Earnings and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest income: | |||
Loans and leases, including fees | $ 185,663 | $ 181,619 | $ 179,631 |
Investment securities: | |||
Investment securities available-for-sale | 63,190 | 68,214 | 50,211 |
Investment securities held-to-maturity | 9,018 | 164 | 188 |
Total investment income | 72,208 | 68,378 | 50,399 |
Dividends from FHLB stock | 2,774 | 2,130 | 2,033 |
Federal funds sold | 634 | 427 | 221 |
Interest-earning deposits with other institutions | 234 | 349 | 489 |
Total interest income | 261,513 | 252,903 | 232,773 |
Interest expense: | |||
Deposits | 5,266 | 4,977 | 4,887 |
Borrowings | 2,867 | 10,991 | 10,999 |
Junior subordinated debentures | 438 | 421 | 621 |
Total interest expense | 8,571 | 16,389 | 16,507 |
Net interest income before recapture of provision for loan losses | 252,942 | 236,514 | 216,266 |
(Recapture of) Provision for Loan Losses | (5,600) | (16,100) | (16,750) |
Net interest income after recapture of provision for loan losses | 258,542 | 252,614 | 233,016 |
Noninterest income: | |||
Service charges on deposit accounts | 15,567 | 15,778 | 15,923 |
Trust and investment services | 8,642 | 8,118 | 8,071 |
Bankcard services | 3,094 | 3,386 | 3,481 |
BOLI income | 2,561 | 2,428 | 2,511 |
Gain on sale of loans | 732 | 6,001 | |
(Loss) gain on sale of securities, net | (22) | 2,094 | |
Decrease in FDIC loss sharing asset, net | (902) | (3,591) | (12,860) |
Gain on OREO, net | 416 | 1,020 | 3,131 |
Other | 3,395 | 3,272 | 2,936 |
Total noninterest income | 33,483 | 36,412 | 25,287 |
Noninterest expense: | |||
Salaries and employee benefits | 78,878 | 77,118 | 71,015 |
Occupancy and equipment | 14,892 | 15,264 | 14,504 |
Professional services | 6,188 | 6,018 | 5,709 |
Software licenses and maintenance | 3,930 | 4,464 | 4,671 |
Promotion | 5,015 | 5,195 | 4,681 |
(Recapture of) provision for unfunded loan commitments | (500) | (1,250) | 500 |
Amortization of intangible assets | 949 | 1,137 | 1,127 |
Debt termination expense | 13,870 | 0 | 0 |
OREO expense | 443 | 307 | 856 |
Insurance reimbursements | (372) | (4,155) | |
Acquisition related expenses | 475 | 1,973 | |
Other | 16,519 | 16,375 | 15,120 |
Total noninterest expense | 140,659 | 126,229 | 114,028 |
Earnings before income taxes | 151,366 | 162,797 | 144,275 |
Income taxes | 52,221 | 58,776 | 48,667 |
Net earnings | 99,145 | 104,021 | 95,608 |
Other comprehensive income: | |||
Unrealized (loss) gain on securities arising during the period | (17,550) | 69,661 | (88,562) |
Less: Reclassification adjustment for net loss (gain) on securities included in net income | 22 | 0 | (2,094) |
Other comprehensive (loss) income, before tax | (17,528) | 69,661 | (90,656) |
Less: Income tax benefit (expense) related to items of other comprehensive (loss) income | 7,362 | (29,256) | 38,075 |
Other comprehensive (loss) income, net of tax | (10,166) | 40,405 | (52,581) |
Comprehensive income | $ 88,979 | $ 144,426 | $ 43,027 |
Basic earnings per common share | $ 0.93 | $ 0.98 | $ 0.91 |
Diluted earnings per common share | 0.93 | 0.98 | 0.91 |
Cash dividends declared per common share | $ 0.480 | $ 0.400 | $ 0.385 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2012 | $ 762,970 | $ 484,709 | $ 235,010 | $ 43,251 |
Beginning balance, shares at Dec. 31, 2012 | 104,890 | |||
Repurchase of common stock | (559) | $ (559) | ||
Repurchase of common stock, shares | (42) | |||
Exercise of stock options | 4,517 | $ 4,517 | ||
Exercise of stock options, shares | 428 | |||
Tax benefit from exercise of stock options | 475 | $ 475 | ||
Shares issued pursuant to stock-based compensation plan | 1,926 | $ 1,926 | ||
Shares issued pursuant to stock-based compensation plan, shares | 94 | |||
Cash dividends declared on common stock | (40,469) | (40,469) | ||
Net earnings | 95,608 | 95,608 | ||
Other comprehensive income (loss) | (52,581) | (52,581) | ||
Ending balance at Dec. 31, 2013 | 771,887 | $ 491,068 | 290,149 | (9,330) |
Ending balance, shares at Dec. 31, 2013 | 105,370 | |||
Repurchase of common stock | (5,474) | $ (5,474) | ||
Repurchase of common stock, shares | (384) | |||
Exercise of stock options | 5,522 | $ 5,522 | ||
Exercise of stock options, shares | 512 | |||
Tax benefit from exercise of stock options | 1,116 | $ 1,116 | ||
Shares issued pursuant to stock-based compensation plan | 2,988 | $ 2,988 | ||
Shares issued pursuant to stock-based compensation plan, shares | 395 | |||
Cash dividends declared on common stock | (42,356) | (42,356) | ||
Net earnings | 104,021 | 104,021 | ||
Other comprehensive income (loss) | 40,405 | 40,405 | ||
Ending balance at Dec. 31, 2014 | 878,109 | $ 495,220 | 351,814 | 31,075 |
Ending balance, shares at Dec. 31, 2014 | 105,893 | |||
Repurchase of common stock | (834) | $ (834) | ||
Repurchase of common stock, shares | (54) | |||
Exercise of stock options | $ 5,144 | $ 5,144 | ||
Exercise of stock options, shares | 449 | 449 | ||
Tax benefit from exercise of stock options | $ 308 | $ 308 | ||
Shares issued pursuant to stock-based compensation plan | 2,733 | $ 2,733 | ||
Shares issued pursuant to stock-based compensation plan, shares | 97 | |||
Cash dividends declared on common stock | (51,040) | (51,040) | ||
Net earnings | 99,145 | 99,145 | ||
Other comprehensive income (loss) | (10,166) | (10,166) | ||
Ending balance at Dec. 31, 2015 | $ 923,399 | $ 502,571 | $ 399,919 | $ 20,909 |
Ending balance, shares at Dec. 31, 2015 | 106,385 |
Consolidated Statements of Sto6
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends per common share | $ 0.480 | $ 0.400 | $ 0.385 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities | |||
Interest and dividends received | $ 277,593 | $ 263,878 | $ 244,205 |
Service charges and other fees received | 29,604 | 34,527 | 30,494 |
Interest paid | (9,467) | (16,067) | (16,616) |
Net cash paid to vendors, employees and others | (132,499) | (134,913) | (93,076) |
Income taxes paid | (58,500) | (58,589) | (53,200) |
(Payments to) proceeds from FDIC, loss share agreement | (1,089) | (1,134) | 4 |
Net cash provided by operating activities | 105,642 | 87,702 | 111,811 |
Reconciliation of Net Earnings to Net Cash Provided by Operating Activities | |||
Net earnings | 99,145 | 104,021 | 95,608 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Gain on sale of loans | (732) | (6,001) | |
Loss (gain) on sale of investment securities | 22 | (2,094) | |
Loss (gain) on sale of premises and equipment, net | 177 | 66 | (14) |
Gain on sale of other real estate owned | (384) | (957) | (3,048) |
Amortization of capitalized prepayment penalty on borrowings | 521 | 273 | 272 |
Increase in bank owned life insurance | (4,029) | (2,314) | (2,435) |
Net amortization of premiums and discounts on investment securities | 19,540 | 21,020 | 27,064 |
Accretion of PCI discount | (4,032) | (5,825) | (12,856) |
Recapture of provision for loan losses (Recapture of) provision for unfunded | (5,600) | (16,100) | (16,750) |
Recapture of provision for unfunded loan commitments | (500) | (1,250) | 500 |
Valuation adjustment on other real estate owned | 162 | 65 | 489 |
Change in FDIC loss share asset | 902 | 3,591 | 12,860 |
Payments to FDIC, loss share agreement | (1,089) | (1,134) | 4 |
Stock-based compensation | 2,733 | 2,988 | 1,926 |
Depreciation and amortization, net | (1,995) | 559 | 2,449 |
Change in accrued interest receivable | 462 | (419) | 304 |
Change in accrued interest payable | (897) | 5 | (382) |
Change in other assets and liabilities | 1,236 | (10,886) | 7,914 |
Total adjustments | 6,497 | (16,319) | 16,203 |
Cash Flows from Investing Activities | |||
Proceeds from redemption of FHLB stock | 7,750 | 10,413 | 24,320 |
Net change in interest-earning balances from depository institutions | (5,573) | 53,687 | |
Proceeds from sale of investment securities available-for-sale | 975 | 99,155 | |
Proceeds from repayment of investment securities available-for-sale | 395,430 | 349,473 | 414,881 |
Proceeds from maturity of investment securities available-for-sale | 128,709 | 75,916 | 80,546 |
Purchases of investment securities available-for-sale | (694,630) | (805,544) | (920,657) |
Proceeds from repayment of investment securities held-to-maturity | 23,677 | ||
Proceeds from maturity of investment securities held-to-maturity | 27,348 | ||
Net increase in loan and lease finance receivables | (189,707) | (16,767) | (87,276) |
Proceeds from sale of loans | 3,629 | 9,668 | |
Proceeds from sales of premises and equipment | 926 | 663 | 25 |
Purchase of premises and equipment | (1,869) | (1,893) | (2,421) |
Proceeds from sales of other real estate owned | 2,587 | 5,825 | 12,971 |
Cash acquired on purchase of American Security Bank, net of cash paid | 50,038 | ||
Net cash used in investing activities | (300,748) | (268,521) | (378,456) |
Net cash provided by operating activities | 105,642 | 87,702 | 111,811 |
Cash Flows from Financing Activities | |||
Net increase in other deposits | 378,321 | 291,005 | 149,271 |
Net (decrease) increase in time deposits | (65,719) | 44,647 | (32,627) |
Repayment of FHLB advances | (200,000) | ||
Repayment of junior subordinated debentures | (41,238) | ||
Net (decrease) increase in other borrowings | (23,000) | 43,000 | |
Net increase (decrease) in customer repurchase agreements | 127,077 | (79,624) | 170,007 |
Cash dividends on common stock | (48,862) | (42,298) | (29,939) |
Repurchase of common stock | (834) | (5,474) | (559) |
Proceeds from exercise of stock options | 5,144 | 5,522 | 4,517 |
Tax benefit related to exercise of stock options | 308 | 1,116 | 475 |
Net cash provided by financing activities | 195,435 | 191,894 | 262,907 |
Net cash provided by investing activities | (300,748) | (268,521) | (378,456) |
Net cash provided by financing activities | 195,435 | 191,894 | 262,907 |
Net increase (decrease) in cash and cash equivalents | 329 | 11,075 | (3,738) |
Cash and cash equivalents, beginning of period | 105,768 | 94,693 | 98,431 |
Supplemental Disclosure of Non-cash Investing Activities | |||
Securities purchased and not settled | 1,696 | 0 | 3,533 |
Transfer of loans to other real estate owned | 3,721 | 1,693 | 1,492 |
Transfer of loans held for investment to loans held-for-sale | 0 | 0 | 3,667 |
Transfer of AFS securities to HTM securities | 898,598 | 0 | 0 |
Cash and cash equivalents, end of period | $ 106,097 | $ 105,768 | $ 94,693 |
Business
Business | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | 1. BUSINESS The 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 subsidiary: 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 Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, 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 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, San Diego County, Ventura County, Santa Barbara, and the Central Valley area of California. The Bank operates 40 Business Financial Centers, eight Commercial Banking Centers, and three trust offices. The Company opened a new Commercial Banking Center in Santa Barbara in January 2016. The Company is headquartered in the city of Ontario, California. On October 14, 2015, we announced that we have entered into a merger agreement with County Commerce Bank, pursuant to which County Commerce Bank will merge into Citizens Business Bank when the transaction closes. County Commerce Bank is headquartered in Ventura County with four branch locations in Ventura County with total assets of approximately $250 million. This acquisition would extend our geographic footprint northward into the central coast of California. We expect to close this announced acquisition in the first quarter of 2016. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 2. BASIS OF PRESENTATION The accompanying 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-K 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 financial reporting. Reclassification |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Segments Business Segments The internal reporting of the Company considers all business units. Funds are allocated to each business unit based on its need to fund assets (use of funds) or its need to invest funds (source of funds). Net income is determined based on the actual net income of the business unit plus the allocated income or expense based on the sources and uses of funds for each business unit. Noninterest income and noninterest expense are those items directly attributable to a business unit. Cash and cash equivalents Investment Securities At each reporting date, securities are assessed to determine whether there is an other-than-temporary impairment (“OTTI”). Other-than-temporary impairment on investment securities is not recognized in earnings when there are credit losses on a debt security for which management does not intend to sell and for which it is more-likely-than-not that the Company will not have to sell prior to recovery of the noncredit impairment. Otherwise, the portion of the total impairment that is attributable to the credit loss would be recorded in earnings, and the remaining difference between the debt security’s amortized cost and its fair value would be included in other comprehensive income. During the quarter ended September 30, 2015, investment securities were transferred from the available-for-sale security portfolio to the held-to-maturity security portfolio. Transfers of securities into the held-to-maturity category from the available-for-sale category are transferred at fair value at the date of transfer. The fair value of these securities at the date of transfer was $898.6 million. The unrealized holding gain or loss at the date of transfer is retained in accumulated other comprehensive income (“AOCI”) and in the carrying value of the held-to-maturity securities. The net unrealized holding gain at the date of transfer was $3.9 million after-tax and will continue to be reported in AOCI and amortized over the remaining life of the securities as a yield adjustment. Loans Held-for-Sale Loans and Lease Finance Receivables Loans and Lease Finance Receivables and Allowance for Loan Losses Acquired SJB Assets and FDIC Loss Sharing Asset In the ordinary course of business, the Company enters into commitments to extend credit to its customers. To the extent that such commitments are unfunded, the related unfunded amounts are not reflected in the accompanying consolidated financial statements. The Company receives collateral to support loans, lease finance receivables, and commitments to extend credit for which collateral is deemed necessary. The most significant categories for which collateral is deemed necessary are real estate, principally commercial and industrial income-producing properties, Small Business Administration (“SBA”) loans, real estate mortgages, assets utilized in dairy & livestock and agribusiness, and various personal property assets utilized in commercial and industrial business governed by the Uniform Commercial Code. Nonrefundable fees and direct costs associated with the origination or purchase of loans are deferred and netted against outstanding loan balances. The deferred net loan fees and costs and purchase price discounts are recognized in interest income over the loan term using the effective-yield method. Interest on loans and lease finance receivables, excluding PCI loans, is credited to income based on the principal amounts of such loans or receivables outstanding. Loans are considered delinquent when principal or interest payments are past due 30 days or more and generally remain on accrual status between 30 and 89 days past due. Interest income is not recognized on loans and lease finance receivables when collection of interest is deemed by management to be doubtful. Loans, excluding PCI loans, on which the accrual of interest has been discontinued are designated as nonaccrual loans. In general, the accrual of interest on loans, excluding PCI loans, is discontinued when the loan becomes 90 days past due, or when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors considered in determining that the full collection of principal and interest is no longer probable include cash flow and liquidity of the borrower or property, the financial position of the guarantors and their willingness to support the loan as well as other factors, and this determination involves significant judgment. When an asset is placed on nonaccrual status, previously accrued but unpaid interest is reversed against income. Subsequent collections of cash are applied as reductions to the principal balance unless the loan is returned to accrual status. Interest is not recognized using a cash-basis method. Nonaccrual loans may be restored to accrual status when principal and interest become current and when the borrower is able to demonstrate payment performance for a sustained period, typically for six months. A nonaccrual loan may return to accrual status sooner based on other significant events or mitigating circumstances. This policy is consistently applied to all types of loans and lease finance receivables, excluding PCI loans. Troubled Debt Restructurings When determining whether or not a loan modification is a TDR under ASC 310-40, the Company evaluates loan modification requests from borrowers experiencing financial difficulties on a case-by-case basis. Any such modifications granted are unique to the borrower’s circumstances. Because of the Company’s focus on the commercial lending sector, each business customer has unique attributes, which in turn means that modifications of loans to those customers are not easily categorized by type, key features, or other terms, but are evaluated individually based on all relevant facts and circumstances pertaining to the modification request and the borrower’s/guarantor’s financial condition at the time of the request. The evaluation of whether or not a borrower is experiencing financial difficulties will include, among other relevant factors considered by the Company, a review of significant factors such as (i) whether the borrower is in default on any of its debt, (ii) whether the borrower is experiencing payment delinquency, (iii) whether the global cash flows of the borrower and the owner guarantor(s) of the borrower have diminished below what is necessary to service existing debt obligations, (iv) whether the borrower’s forecasted cash flows will be insufficient to service the debt in future periods or in accordance with the contractual terms of the existing agreement through maturity, (v) whether the borrower is unable to refinance the subject debt from other financing sources with similar terms, and (vi) whether the borrower is in jeopardy as a going-concern and/or considering bankruptcy. In any case, the debtor is presumed to be experiencing financial difficulties if the Company determines it is probable the debtor will default on the original loan if the modification is not granted. The types of loans subject to modification vary greatly, but during the subject period are concentrated in commercial and industrial loans, dairy & livestock and agricultural loans, and term loans to commercial real estate investors. Some examples of key features include payment deferrals and delays, interest rate reductions, and extensions or renewals where the contract rate may or may not be below the market rate of interest for debt with similar characteristics as those of the modified debt. The typical length of the modified terms ranges from three (3) to twelve (12) months; however, all actual modified terms will depend on the facts, circumstances and attributes of the specific borrower requesting a modification. In general, after a careful evaluation of all relevant facts and circumstances taken together, including the nature of any concession, certain modification requests will result in troubled debt restructurings while certain other modifications will not, pursuant to the criteria and judgments as discussed throughout this report. In certain cases, modification requests for delays or deferrals of principal were evaluated and determined to be exempt from TDR reporting because they constituted insignificant delays under ASC 310-40-15. In situations where the Company has determined that the borrower is experiencing financial difficulties and is evaluating whether a concession is insignificant, and therefore does not result in a TDR, such analysis is based on an evaluation of both the amount and the timing of the restructured payments, including the following factors: 1. Whether the amount of the restructured payments subject to delay is insignificant relative to the unpaid principal balance or collateral value of the debt and will result in an insignificant shortfall in the contractual amount due; and 2. The delay is insignificant relative to any of the following: • The frequency of payments due; • The debt’s original contractual maturity; or • The debt’s original expected duration. Most modified loans not classified and accounted for as a TDR were performing and paying as agreed under their original terms in the six-month period immediately preceding a request for modification. Subsequently, these modified loans have continued to perform under the modified terms and deferrals that amounted to insignificant delays, which in turn is supported by the facts and circumstances of each individual customer and loan as described above. Payment performance continues to be monitored once modifications are made. The Company’s favorable experience regarding “re-defaults” under modified terms, or upon return of the loan to its original terms, indicates that such relief may improve ultimate collection and reduces the Company’s risk of loss. Impaired Loans The Company’s policy is to record a specific valuation allowance, which is included in the allowance for loan losses, or to charge off that portion of an impaired loan that represents the impairment or shortfall amount as determined utilizing one of the three methods described in ASC 310-10-35-22. Impairment on non-collateral dependent restructured loans is 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. The impairment amount, if any, is generally charged off and recorded against the allowance for loan losses at the time impairment is measurable and a probable loss is determined. As a result, most of the TDRs have no specific allowance allocated because, consistent with the Company’s stated practice, any impairment is typically charged off in the period in which it is identified. The Company measures impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, the Company may also measure impairment based on an observable market price for the loan, or the value of the collateral, for collateral dependent loans. Impairment on collateral dependent restructured loans is measured by determining the amount by which our recorded investment in the impaired loan exceeds the fair value of the collateral less estimated selling costs. The fair value is generally determined by one or more appraisals of the collateral, performed by a Company-approved third-party independent appraiser. The majority of impaired loans that are collateral dependent are charged off down to their estimated fair value of the collateral (less selling costs) at each reporting date based on current appraised value. Appraisals of the collateral for impaired collateral dependent loans are typically ordered at the time the loan is identified as showing signs of inherent weakness. These appraisals are normally updated at least annually, or more frequently, if there are concerns or indications that the value of the collateral may have changed significantly since the previous appraisal. On an exception basis, a specific valuation allowance is recorded on collateral dependent impaired loans when a current appraisal is not yet available, a recent appraisal is still under review or on single-family residential (“SFR”) mortgage loans if the loans are currently under review for a loan modification. Such valuation allowances are generally based on previous appraisals adjusted for current market conditions, based on preliminary appraisal values that are still being reviewed or for SFR mortgage loans under review for modification on an appraisal or indications of comparable home sales from external sources. Charge-offs of unsecured consumer loans are recorded when the loan reaches 120 days past due or sooner as circumstances indicate. Except for the charge-offs of unsecured consumer loans, the charge-off policy is applied consistently across all portfolio segments. Impaired single-family mortgage loans that have been modified in accordance with the various government modification programs are also measured based on the present value of the expected cash flows discounted at the loan’s pre-modification interest rate. The Company recognizes the change in present value attributable to the passage of time as interest income on such performing SFR mortgage loans and the amount of interest income recognized to date has been insignificant. Provision and Allowance for Loan Losses There are different qualitative risks for the loans in each portfolio segment. The construction and real estate segments’ predominant risk characteristic is the collateral and the geographic location of the property collateralizing the loan as well as the operating cash flow for commercial real estate properties. The commercial and industrial segment’s predominant risk characteristics are the cash flows of the businesses we lend to, the global cash flows and liquidity of the guarantors of such losses, as well as economic and market conditions. The dairy & livestock segment’s predominant risk characteristics are milk and beef prices in the market as well as the cost of feed and cattle. The municipal lease segment’s predominant risk characteristics are the municipality’s general financial condition and tax revenues or if applicable the specific project related financial condition. The consumer, auto and other segment’s predominant risk characteristics are employment and income levels as they relate to consumers and cash flows of the businesses as they relate to equipment and vehicle leases to businesses. The Agribusiness segment’s predominant risk characteristics are the supply and demand conditions of the product, production seasonality, the scale of operations and ability to control costs, the availability and cost of water, and operator experience. The Company’s methodology is consistently applied across all portfolio segments taking into account the applicable historical loss rates and the qualitative factors applicable to each pool of loans. A key factor in the Company’s methodology is the loan risk rating (Pass, Special Mention, Substandard, Doubtful and Loss). Loan risk ratings are updated as facts related to the loan or borrower become available. In addition, all term loans in excess of $1.0 million are subject to an annual internal credit review process where all factors underlying the loan, borrower and guarantors are subject to review which may result in changes to the loan’s risk rating. Periodically, we assess various attributes utilized in adjusting our historical loss factors to reflect our view of current economic conditions. The estimate is reviewed quarterly by the Board of Directors and management and periodically by various regulatory agencies and, as adjustments become necessary, they are reported in earnings in the periods in which they become known. Our methodology for assessing the appropriateness of the allowance is conducted on a regular basis and considers the Bank’s overall loan portfolio. The Bank’s methodology consists of two major phases. In the first phase, individual loans are reviewed to identify loans for impairment. Impairment is measured based on the Company’s policy for impaired loans for collateral dependent loans. If the Company determines that the fair value of the collateral is less than the recorded investment in the loan, the Company either recognizes an impairment reserve as a specific allowance, or charges off the impaired balance if it is determined that such amount represents a confirmed loss. Loans determined to be impaired are excluded from the formula allowance so as not to double count the loss exposure. The second phase is conducted by evaluating or segmenting the remainder of the loan portfolio into groups or pools of loans with similar characteristics. In this second phase, groups or pools of homogeneous loans are reviewed to determine a portfolio formula allowance. In the case of the portfolio formula allowance, homogeneous portfolios, such as small business loans, consumer loans, agricultural loans, and real estate loans, are aggregated or pooled in determining the appropriate allowance. The risk assessment process in this case emphasizes trends in the different portfolios for delinquency, loss, and other behavioral characteristics of the subject portfolio over a relevant period. Included in this second phase is our consideration of qualitative factors, including, all known relevant internal and external factors that may affect the collectability of a loan. This includes our estimates of the amounts necessary for concentrations, economic uncertainties, the volatility of the market value of collateral, and other relevant factors. These qualitative factors are used to adjust the historical loan loss rates for each pool of loans to determine the probable loan losses inherent in the portfolio. Periodically, we assess various attributes utilized in adjusting our historical loss factors to reflect current economic conditions. The methodology is consistently applied across all the portfolio segments taking into account the applicable historical loss rates and the qualitative factors applicable to each pool of loans. During the fourth quarter of 2015 the Bank implemented an enhanced ALLL methodology and governance. These enhancements included (i) changes to the look back period, (ii) further aggregation of the loan segments, (iii) updates of the historical loss rates, (iv) updates to the qualitative factors, and (v) updates to the documentation, controls and validation of the ALLL methodology. The look back period was changed from the previous rolling 20-quarters to a through-the-cycle time frame beginning with the first quarter of 2009 through the fourth quarter of 2015. This change encompasses the time period outlined and continues to expand by one quarter until such time that the current economic cycle ends, triggered by independent evidence that a recession has begun. This change was implemented to lengthen the look back period to produce meaningful results that more appropriately reflect the level of incurred losses in the Bank’s loan portfolio given the current, extended credit cycle. Similarly, the Bank analyzed its various loan segments and aggregated loans with similar risk characteristics into eight (8) segments in order to capture sufficient loss observations, and to produce more reliable historical loss rates for a given segment. In addition, the Bank enhanced its calculation of loss emergence periods for each loan segment and applied them to the through-the-cycle historical loss rates. The update to the qualitative factor component of the ALLL provided for increased use of quantitative metrics and application to each of the factors utilizing a comparison of current measurements to historical results within the range of the expanded look back period. Based upon the aforementioned changes in the ALLL methodology the documentation, controls, validation and governance processes have been further enhanced to ensure that the overall ALLL process is structured, transparent and repeatable. Purchase Credit Impaired Loans Loans and Debt Securities Acquired with Deteriorated Credit Quality Acquired SJB Assets and FDIC Loss Sharing Asset A provision for loan losses on the PCI portfolio will be recorded if there is deterioration in the expected cash flows on PCI loans as a result of deteriorated credit quality, compared to those previously. The portion of the loss on SJB loans reimbursable from the FDIC was recorded in noninterest income as a decrease in the FDIC loss sharing asset. Decreases in expected cash flows on the acquired impaired loans as of the measurement date compared to previously estimated are recognized by recording a provision for loan losses on acquired impaired loans. Loans accounted for as part of a pool are measured based on the expected cash flows of the entire pool. FDIC Loss Sharing Asset — The FDIC loss sharing asset was initially recorded at fair value which represents the present value of the estimated cash payments from the FDIC for future losses on covered loans. The ultimate collectability of this asset was dependent upon the performance of the underlying covered loans, the passage of time and claims paid by the FDIC. The loss estimates used in calculating the FDIC loss sharing asset were determined on the same basis as the loss estimates on the related covered loans and was the present value of the cash flows the Company expected to collect from the FDIC under the loss sharing agreement. The difference between the present value and the undiscounted cash flows the Company expected to collect from the FDIC was accreted (or amortized) into noninterest income over the life of the FDIC indemnification asset. The FDIC indemnification asset was adjusted for any changes in expected cash flows based on covered loan performance. Any increases in the cash flows of covered loans over those expected reduced the FDIC indemnification asset and any decreases in the cash flows of covered loans over those acquired decreased the FDIC indemnification asset, with the remaining balance amortized on the same basis as the discount, not to exceed its remaining contract life. These increases and decreases to the FDIC indemnification asset were recorded as adjustments to noninterest income. As the loss sharing agreement for commercial loans expired on October 16, 2014, the expected reimbursement from the FDIC under the shared-loss agreements has decreased and a net payable to the FDIC was included in other liabilities December 31, 2015. Other Real Estate Owned Premises and Equipment Bank premises 15 – 39 years Leasehold improvements Shorter of estimated economic lives of 15 years or term of the lease. Computer equipment 3 – 5 years Furniture, fixtures and equipment 5 – 7 years Long-lived assets are reviewed periodically for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. The existence of impairment is based on undiscounted cash flows. To the extent impairment exists, the impairment is calculated as the difference in fair value of assets and their carrying value. The impairment loss, if any, would be recorded in noninterest expense. Goodwill and Intangible Assets — Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on our balance sheets. Based on the Company’s annual impairment test, there was zero recorded impairment as of December 31, 2015. Other intangible assets consist of core deposit intangible assets arising from business combinations and are amortized using an accelerated method over their estimated useful lives. Use of Fair Value — Fair Value Information Bank Owned Life Insurance Income Taxes The tax effects from an uncertain tax position are recognized in the financial statements only if, based on its merits, the position is more likely than not to be sustained on audit by the taxing authorities. Interest and penalties related to uncertain tax positions are recorded as part of other operating expense. Earnings per Common Share Earnings Per Share Reconciliation Stock-Based Compensation Stock Compensation At December 31, 2015, the Company had three stock-based employee compensation plans. The Company accounts for stock compensation using the “modified prospective” method. Under this method, awards that are granted, modified, or settled after December 31, 2005, are measured at fair value as of the grant date with compensation costs recognized over the vesting period on a straight-lined basis. Also under this method, unvested stock awards as of January 1, 2006 are recognized over the remaining service period with no change in historical reported earnings. The fair value of each stock option grant is estimated as of the grant date using the Black-Scholes option-pricing model. Management assumptions used at the time of grant impact the fair value of the option calculated under the Black-Scholes option-pricing model, and ultimately, the expense that will be recognized over the life of the option. The grant date fair value of restricted stock awards is measured at the fair value of the Company’s common stock as if the restricted share was vested and issued on the date of grant. Additional information is included in Note 18 — Stock Option Plans and Restricted Stock Awards Derivative Financial Instruments Statement of Cash Flows CitizensTrust Use of Estimates in the Preparation of Financial Statements Other Contingencies Commitments and Contingencies Recent Accounting Pronouncements In September 2015, the FASB issued ASU No. 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period-Adjustments”. ASU 2015-16 eliminates the requirement for an acquirer to retrospectively adjust the financial statement for measurement-period adjustments that occur in periods after a business combination is consummated. ASU 2015-16 will be effective for the first interim period within annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combinations | 4. BUSINESS COMBINATIONS American Security Bank Acquisition (“ASB”) On May 15, 2014, the Bank acquired all of the assets and assumed all of the liabilities of ASB for $57.0 million in cash. As a result, ASB was merged with CBB, the principal subsidiary of CVB. The Company believes this transaction serves to further expand its footprint in Southern California. At close, ASB had five branches located in the Southern California communities of: Newport Beach, Laguna Niguel, Corona, Lancaster, and Apple Valley. ASB also had two electronic branch vestibules in the High Desert area of California and a loan production office in Ontario, California. In the latter half of the third quarter of 2014, branch locations were consolidated and the two electronic banking vestibules were closed. By the end of 2014, the integration of ASB into CBB was completed. This included personnel decisions, center consolidations and system conversions. Goodwill of $19.1 million from the acquisition represents the excess of the purchase price over the fair value of the net tangible and identified intangible assets acquired. The total fair value of assets acquired approximated $436.4 million, which included $117.8 million in cash and cash due from banks, $44.5 million in investment securities available for sale, $1.9 million in FHLB stock, $242.7 million in loans receivable, $4.8 million in fixed assets, $2.1 million in core deposit intangible assets acquired, $1.6 million in OREO, and $1.8 million in other assets. The total fair value of liabilities assumed was $379.4 million, which included $378.4 million in deposits and $1.0 million in other liabilities. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of May 15, 2014. The assets acquired and liabilities assumed have been accounted for under the purchase accounting method. The final purchase price allocation was completed in the fourth quarter of 2014. We have included the financial results of the business combination in the consolidated statement of earnings and comprehensive income beginning on the acquisition date. For the year ended December 31, 2015 and 2014, the Company incurred non-recurring merger related expenses associated with the ASB acquisition of zero and $2.0 million, respectively. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | 5. 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. December 31, 2015 Amortized Gross Gross Fair Value Total (Dollars in thousands) Investment securities available-for-sale: Government agency/GSEs $ 5,752 $ — $ (7 ) $ 5,745 0.24 % Residential mortgage-backed securities 1,788,857 26,001 (1,761 ) 1,813,097 76.55 % CMOs/REMICs — residential 380,166 4,689 (1,074 ) 383,781 16.20 % Municipal bonds 157,940 3,036 (3 ) 160,973 6.80 % Other securities 5,000 50 — 5,050 0.21 % Total available-for-sale securities $ 2,337,715 $ 33,776 $ (2,845 ) $ 2,368,646 100.00 % Investment securities held-to-maturity (1): Government agency/GSEs $ 293,338 $ 1,176 $ (734 ) $ 293,780 34.47 % Residential mortgage-backed securities 232,053 — (1,293 ) 230,760 27.27 % CMO 1,284 569 — 1,853 0.15 % Municipal bonds 324,314 3,051 (719 ) 326,646 38.11 % Total held-to-maturity securities $ 850,989 $ 4,796 $ (2,746) $ 853,039 100.00 % 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 available-for-sale securities $ 3,083,582 $ 65,754 $ (12,178 ) $ 3,137,158 100.00 % Investment securities held-to-maturity (1): CMO $ 1,528 $ 649 $ — $ 2,177 100.00 % Total held-to-maturity securities $ 1,528 $ 649 $ — $ 2,177 100.00 % (1) Securities held-to-maturity are presented in the consolidated balance sheets at amortized cost. During the quarter ended September 30, 2015, investment securities were transferred from the available-for-sale security portfolio to the held-to-maturity security portfolio. Transfers of securities into the held-to-maturity category from the available-for-sale category are transferred at fair value at the date of transfer. The fair value of these securities at the date of transfer was $898.6 million. The unrealized holding gain or loss at the date of transfer is retained in AOCI and in the carrying value of the held-to-maturity securities. The net unrealized holding gain at the date of transfer was $3.9 million after-tax and will continue to be reported in AOCI and amortized over the remaining life of the securities as a yield adjustment. The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax. For the Year Ended December 31, 2015 2014 2013 (Dollars in thousands) Investment securities available-for-sale: Taxable $ 48,854 $ 47,301 $ 28,186 Tax-advantaged 14,336 20,913 22,025 Investment securities held-to-maturity: Taxable 4,451 164 188 Tax-advantaged 4,567 — — Total interest income from investment securities $ 72,208 $ 68,378 $ 50,399 Approximately 85% of the total investment securities portfolio at December 31, 2015 represents securities issued by the U.S government or U.S. government-sponsored enterprises, with the implied guarantee of payment of principal and interest. All non-agency available-for-sale 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 December 31, 2015 and 2014. At December 31, 2015, the Bank had $1.5 million in CMOs backed by whole loans issued by private-label companies (non-government sponsored). There was a $22,000 realized loss for the year ended December 31, 2015, compared to zero realized gains or losses for the year ended December 31, 2014 and $2.1 million realized gains for the year ended December 31, 2013. 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 December 31, 2015 and 2014. Management has reviewed individual securities to determine whether a decline in fair value below the amortized cost basis is other-than-temporary. December 31, 2015 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized ( Dollars in thousands) Investment securities available-for-sale: Government agency/GSEs $ 5,745 $ (7 ) $ — $ — $ 5,745 $ (7 ) Residential mortgage-backed securities 437,699 (1,761 ) — — 437,699 (1,761 ) CMOs/REMICs — residential 171,923 (1,074 ) — — 171,923 (1,074 ) Municipal bonds 398 (2 ) 5,961 (1 ) 6,359 (3 ) Other securities — — — — — — Total available-for-sale securities $ 615,765 $ (2,844 ) $ 5,961 $ (1 ) $ 621,726 $ (2,845 ) Investment securities held-to-maturity: Government agency/GSEs $ 84,495 $ (734 ) $ — $ — $ 84,495 $ (734 ) Residential mortgage-backed securities 230,760 (1,293 ) — — 230,760 (1,293 ) CMO — — — — — — Municipal bonds 110,119 (719 ) — — 110,119 (719 ) Other securities — — — — — — Total held-to-maturity securities $ 425,374 $ (2,746 ) $ — $ — $ 425,374 $ (2,746 ) December 31, 2014 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized (Dollars in thousands) Investment securities 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 available-for-sale securities $ 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. Government Agency & Government-Sponsored Enterprise (“GSE”) — Mortgage-Backed Securities (“MBS”) 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 an OTTI for any given security. At December 31, 2015 and 2014, investment securities having a carrying value of approximately $2.81 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 December 31, 2015, by contractual maturity, are shown in the table below. Although mortgage-backed securities and CMOs/REMICs have contractual maturities through 2043, expected maturities will differ from contractual maturities because borrowers may have the right to prepay such obligations without penalty. Mortgage-backed securities and CMOs/REMICs are included in maturity categories based upon estimated prepayment speeds. December 31, 2015 Available-for-sale Held-to-maturity Amortized Cost Fair Value Amortized Fair Value (Dollars in thousands) Due in one year or less $ 13,758 $ 13,980 $ — $ — Due after one year through five years 1,967,040 1,993,960 153,226 153,004 Due after five years through ten years 129,268 130,620 376,604 376,113 Due after ten years 227,649 230,086 321,159 323,922 Total investment securities $ 2,337,715 $ 2,368,646 $ 850,989 $ 853,039 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 December 31, 2015. |
Acquired SJB Assets and FDIC Lo
Acquired SJB Assets and FDIC Loss Sharing Asset | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Acquired SJB Assets and FDIC Loss Sharing Asset | 6. Acquired SJB ASSETS AND FDIC LOSS SHARING ASSET FDIC Assisted Acquisition On October 16, 2009, the Bank acquired SJB and entered into a loss sharing agreements with the FDIC that is more fully discussed in the Note 3 — Summary of Significant Accounting Policies At December 31, 2015, the remaining discount associated with the PCI loans approximated $3.9 million. Based on the Company’s regular forecast of expected cash flows from these loans, approximately $2.1 million of the related discount is expected to accrete into interest income over the remaining average lives of the respective pools, which approximates 3 years. 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 presented. December 31, 2015 2014 (Dollars in thousands) Commercial and industrial $ 7,473 $ 14,605 SBA 393 1,110 Real estate: Commercial real estate 81,786 109,350 Construction — — SFR mortgage 193 205 Dairy & livestock and agribusiness 1,429 4,890 Municipal lease finance receivables — — Consumer and other loans 2,438 3,336 Gross PCI loans 93,712 133,496 Less: Purchase accounting discount (3,872 ) (7,129 ) Gross PCI loans, net of discount 89,840 126,367 Less: Allowance for PCI loan losses — — Net PCI loans $ 89,840 $ 126,367 Credit Quality Indicators The following table summarizes PCI loans by internal risk ratings for the periods presented. December 31, 2015 2014 (Dollars in thousands) Pass $ 24,210 $ 26,706 Watch list 52,191 77,371 Special mention 11,142 8,203 Substandard 6,169 21,216 Doubtful & loss — — Total PCI gross loans $ 93,712 $ 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 discussed in Note 3 — Summary of Significant Accounting Policies, FDIC Loss Sharing (Liability) Asset The following table summarizes the activity related to the FDIC loss sharing (liability) asset for the periods presented. For the Year Ended December 31, 2015 2014 (Dollars in thousands) Balance, beginning of period $ 299 $ 4,764 FDIC share of additional losses, net of recoveries (902 ) 342 Cash paid to FDIC, net 1,089 1,134 Net amortization (1) — (3,932 ) Other reductions, net (715 ) (2,009 ) Balance, end of period $ (229 ) $ 299 (1) Net amortization included accelerated amortization as a result of loans being paid off in full, sold, or transferred to OREO. Through December 31, 2015, the Bank has submitted claims to the FDIC for net losses on PCI loans totaling $120.1 million. |
Loans and Lease Finance Receiva
Loans and Lease Finance Receivables and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans and Lease Finance Receivables and Allowance for Loan Losses | 7. 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. December 31, 2015 2014 (Dollars in thousands) Commercial and industrial $ 434,099 $ 390,011 SBA 106,867 134,265 Real estate: Commercial real estate 2,643,184 2,487,803 Construction 68,563 55,173 SFR mortgage 233,754 205,124 Dairy & livestock and agribusiness 305,509 279,173 Municipal lease finance receivables 74,135 77,834 Consumer and other loans 69,278 69,884 Gross loans, excluding PCI loans 3,935,389 3,699,267 Less: Deferred loan fees, net (8,292 ) (8,567 ) Gross loans, excluding PCI loans, net of deferred loan fees 3,927,097 3,690,700 Less: Allowance for loan losses (59,156 ) (59,825 ) Net loans, excluding PCI loans 3,867,941 3,630,875 PCI Loans 93,712 133,496 Discount on PCI loans (3,872 ) (7,129 ) PCI loans, net 89,840 126,367 Total loans and lease finance receivables $ 3,957,781 $ 3,757,242 As of December 31, 2015, 67.16% of the total gross loan portfolio (excluding PCI loans) consisted of commercial real estate loans and 1.74% 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 December 31, 2015, $173.0 million, or 6.54% 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 $128.4 million for loans secured by dairy & livestock land and $44.6 million for loans secured by agricultural land at December 31, 2015, compared to $144.1 million for loans secured by dairy & livestock land and $21.5 million for loans secured by agricultural land at December 31, 2014. As of December 31, 2015, dairy & livestock and agribusiness loans of $305.5 million was comprised of $287.0 million for dairy & livestock loans and $18.5 million for agribusiness loans, compared to $268.1 million for dairy & livestock loans and $11.1 million for agribusiness loans at December 31, 2014. At December 31, 2015, the Company held approximately $1.97 billion of total fixed rate loans, including PCI loans. At December 31, 2015 and 2014, loans totaling $2.91 billion and $2.78 billion, respectively, were pledged to secure the borrowings and available lines of credit from the FHLB and the Federal Reserve Bank. There were no outstanding loans held-for-sale as of December 31, 2015 and 2014. Credit Quality Indicators Central to our credit risk management is our loan risk rating system. The originating credit officer assigns each loan 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 that 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 as 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 table summarizes each type of loans, excluding PCI loans, according to our internal risk ratings for the periods presented. December 31, 2015 Pass Watch List Special Substandard Doubtful & Total (Dollars in thousands) Commercial and industrial $ 299,436 $ 99,215 $ 33,000 $ 2,403 $ 45 $ 434,099 SBA 65,827 21,614 13,169 4,854 1,403 106,867 Real estate: Commercial real estate Owner occupied 638,026 134,088 54,758 11,481 — 838,353 Non-owner occupied 1,545,688 195,927 26,170 37,046 — 1,804,831 Construction Speculative 31,999 6,187 — 7,651 — 45,837 Non-speculative 22,726 — — — — 22,726 SFR mortgage 209,518 17,689 3,556 2,991 — 233,754 Dairy & livestock and agribusiness 131,026 154,621 19,862 — — 305,509 Municipal lease finance receivables 44,805 24,389 4,941 — — 74,135 Consumer and other loans 53,027 11,817 1,618 2,708 108 69,278 Total gross loans, excluding PCI loans $ 3,042,078 $ 665,547 $ 157,074 $ 69,134 $ 1,556 $ 3,935,389 December 31, 2014 Pass Watch List Special Substandard Doubtful & Total (Dollars in thousands) Commercial and industrial $ 234,029 $ 105,904 $ 33,795 $ 16,031 $ 252 $ 390,011 SBA 84,769 24,124 15,858 7,920 1,594 134,265 Real estate: Commercial real estate Owner occupied 552,072 159,908 46,248 32,139 — 790,367 Non-owner occupied 1,347,006 241,809 56,353 52,268 — 1,697,436 Construction Speculative 28,310 613 — 7,651 — 36,574 Non-speculative 18,071 528 — — — 18,599 SFR mortgage 174,311 20,218 2,442 8,153 — 205,124 Dairy & livestock and agribusiness 174,783 85,660 8,612 10,015 103 279,173 Municipal lease finance receivables 35,463 22,349 20,022 — — 77,834 Consumer and other loans 62,904 2,233 1,789 2,763 195 69,884 Total gross loans, excluding PCI loans $ 2,711,718 $ 663,346 $ 185,119 $ 136,940 $ 2,144 $ 3,699,267 Allowance for Loan Losses The Company’s Credit Management Division is responsible for regularly reviewing the 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 Management believes that the ALLL was appropriate at December 31, 2015 and 2014. No assurance can be given that economic conditions which adversely affect the Company’s service areas or other circumstances will not be reflected in increased provisions for loan losses in the future. The following tables present the balance and activity related to the allowance for loan losses for held-for-investment loans, excluding PCI loans, by portfolio segment for the periods presented. For the Year Ended December 31, 2015 Ending Charge-offs Recoveries (Recapture of) Ending (Dollars in thousands) Commercial and industrial $ 7,074 $ (411 ) $ 319 $ 1,606 $ 8,588 SBA 2,557 (37 ) 41 (1,568 ) 993 Real estate: Commercial real estate 33,373 (117 ) 4,330 (591 ) 36,995 Construction 988 — 581 820 2,389 SFR mortgage 2,344 (215 ) 186 (212 ) 2,103 Dairy & livestock and agribusiness 5,479 — 407 143 6,029 Municipal lease finance receivables 1,412 — — (259 ) 1,153 Consumer and other loans 1,262 (229 ) 76 (203 ) 906 Unallocated (1) 5,336 — — (5,336 ) — Total allowance for loan losses $ 59,825 $ (1,009 ) $ 5,940 $ (5,600 ) $ 59,156 For the Year Ended December 31, 2014 Ending Charge-offs Recoveries (Recapture of) Ending (Dollars in thousands) Commercial and industrial $ 8,502 $ (888 ) $ 873 $ (1,413 ) $ 7,074 SBA 2,332 (50 ) 114 161 2,557 Real estate: Commercial real estate 39,402 (353 ) 140 (5,816 ) 33,373 Construction 1,305 — 885 (1,202 ) 988 SFR mortgage 2,718 — 401 (775 ) 2,344 Dairy & livestock and agribusiness 11,728 (1,061 ) 492 (5,680 ) 5,479 Municipal lease finance receivables 2,335 — — (923 ) 1,412 Consumer and other loans 960 (17 ) 154 165 1,262 Unallocated (1) 5,953 — — (617 ) 5,336 Total allowance for loan losses $ 75,235 $ (2,369 ) $ 3,059 $ (16,100 ) $ 59,825 (1) Based upon changes to our ALLL methodology, as described earlier in this document, beginning with the fourth quarter of 2015 and coinciding with the implementation of the new ALLL methodology, the Bank’s previous “unallocated reserve” was absorbed into the qualitative component of the allowance. For the Year Ended December 31, 2013 Ending Charge-offs Recoveries (Recapture of) Provision for Ending Balance (Dollars in thousands) Commercial and industrial $ 8,901 $ (2,491 ) $ 544 $ 1,548 $ 8,502 SBA 2,751 — 215 (634 ) 2,332 Real estate: Commercial real estate 47,457 — 402 (8,457 ) 39,402 Construction 2,291 — 703 (1,689 ) 1,305 SFR mortgage 3,448 (252 ) 367 (845 ) 2,718 Dairy & livestock and agribusiness 18,696 — 109 (7,077 ) 11,728 Municipal lease finance receivables 1,588 — — 747 2,335 Consumer and other loans 1,170 (108 ) 55 (157 ) 960 Unallocated 6,139 — — (186 ) 5,953 Total allowance for loan losses $ 92,441 $ (2,851 ) $ 2,395 $ (16,750 ) $ 75,235 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. December 31, 2015 Recorded Investment in Loans Allowance for Loan Losses Individually Collectively Individually Collectively Evaluated for Impairment (Dollars in thousands) Commercial and industrial $ 1,643 $ 432,456 $ 626 $ 7,962 SBA 3,248 103,619 10 983 Real estate: Commercial real estate 40,293 2,602,891 — 36,995 Construction 7,651 60,912 13 2,376 SFR mortgage 6,253 227,501 20 2,083 Dairy & livestock and agribusiness 3,685 301,824 — 6,029 Municipal lease finance receivables — 74,135 — 1,153 Consumer and other loans 933 68,345 — 906 Unallocated — — — — Total $ 63,706 $ 3,871,683 $ 669 $ 58,487 December 31, 2014 Recorded Investment in Loans Allowance for Loan Losses Individually Collectively Individually Collectively (Dollars in thousands) Commercial and industrial $ 3,020 $ 386,991 $ 615 $ 6,459 SBA 3,180 131,085 296 2,261 Real estate: Commercial real estate 48,011 2,439,792 154 33,219 Construction 7,651 47,522 — 988 SFR mortgage 6,979 198,145 35 2,309 Dairy & livestock and agribusiness 15,796 263,377 — 5,479 Municipal lease finance receivables — 77,834 — 1,412 Consumer and other loans 1,155 58,749 449 813 Unallocated — 9,980 — 5,336 Total $ 85,792 $ 3,613,475 $ 1,549 $ 58,276 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 adequacy 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 A loan is reported as a TDR 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. The following tables present the recorded investment in, and the aging of, past due and nonaccrual loans, excluding PCI loans, by type of loans for the periods presented. December 31, 2015 30-59 60-89 Total Past Nonaccrual (1) Current Total Loans (Dollars in thousands) Commercial and industrial $ — $ — $ — $ 704 $ 433,395 $ 434,099 SBA — — — 2,567 104,300 106,867 Real estate: Commercial real estate Owner occupied — — — 4,174 834,179 838,353 Non-owner occupied 354 — 354 10,367 1,794,110 1,804,831 Construction Speculative (2) — — — — 45,837 45,837 Non-speculative — — — — 22,726 22,726 SFR mortgage 1,082 — 1,082 2,688 229,984 233,754 Dairy & livestock and agribusiness — — — — 305,509 305,509 Municipal lease finance receivables — — — — 74,135 74,135 Consumer and other loans — — — 519 68,759 69,278 Total gross loans, excluding PCI Loans $ 1,436 $ — $ 1,436 $ 21,019 $ 3,912,934 $ 3,935,389 (1) As of December 31, 2015, $7.9 million of nonaccruing loans were current, $456,000 were 30-59 days past due, $9.1 million were 60-89 days past due and $3.5 million were 90+ days past due. (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. December 31, 2014 30-59 60-89 Total Past Nonaccrual (1) Current Total Loans (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 (2) — — — — 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. (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. Impaired Loans At December 31, 2015, the Company had impaired loans, excluding PCI loans, of $63.7 million. Of this amount, there was $14.5 million of nonaccrual commercial real estate loans, $2.7 million of nonaccrual SFR mortgage loans, $2.6 million of nonaccrual SBA loans, $704,000 of nonaccrual commercial and industrial loans, and $519,000 of nonaccrual consumer and other loans. These impaired loans included $55.3 million of loans whose terms were modified in a troubled debt restructuring, of which $12.6 million are classified as nonaccrual. The remaining balance of $42.7 million consisted of 34 loans performing according to the restructured terms. The impaired loans had a specific allowance of $669,000 at December 31, 2015. At December 31, 2014, the Company had classified as impaired, loans, excluding PCI loans, with a balance of $85.8 million with a related allowance of $1.5 million. The following tables present information for held-for-investment loans, excluding PCI loans, individually evaluated for impairment by type of loans, as and for the periods presented. As of and For the Year Ended Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 1,017 $ 1,894 $ — $ 1,122 $ 38 SBA 3,207 3,877 — 3,333 51 Real estate: Commercial real estate Owner occupied 6,252 7,445 — 6,718 97 Non-owner occupied 34,041 37,177 — 34,639 1,787 Construction Speculative — — — — — Non-speculative — — — — — SFR mortgage 5,665 6,453 — 5,771 109 Dairy & livestock and agribusiness 3,685 3,684 — 3,687 177 Municipal lease finance receivables — — — — — Consumer and other loans 890 1,454 — 922 17 Total 54,757 61,984 — 56,192 2,276 With a related allowance recorded: Commercial and industrial 626 695 626 637 — SBA 41 47 10 45 — Real estate: Commercial real estate Owner occupied — — — — — Non-owner occupied — — — — — Construction Speculative 7,651 7,651 13 7,651 388 Non-speculative — — — — — SFR mortgage 588 640 20 607 12 Dairy & livestock and agribusiness — — — — — Municipal lease finance receivables — — — — — Consumer and other loans 43 45 — 45 — Total 8,949 9,078 669 8,985 400 Total impaired loans $ 63,706 $ 71,062 $ 669 $ 65,177 $ 2,676 As of and For the Year Ended Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 2,391 $ 3,624 $ — $ 2,487 $ 41 SBA 1,853 2,197 — 1,886 53 Real estate: Commercial real estate Owner occupied 16,961 18,166 — 18,027 938 Non-owner occupied 30,068 38,156 — 30,133 723 Construction Speculative 7,651 7,651 — 7,651 310 Non-speculative — — — — — SFR mortgage 6,512 7,493 — 6,566 110 Dairy & livestock and agribusiness 15,796 17,587 — 19,060 1,057 Municipal lease finance receivables — — — — — Consumer and other loans 673 1,094 — 623 2 Total 81,905 95,968 — 86,433 3,234 With a related allowance recorded: Commercial and industrial 629 698 615 552 — SBA 1,327 1,591 296 714 — Real estate: Commercial real estate Owner occupied — — — — — Non-owner occupied 982 1,278 154 573 — Construction Speculative — — — — — Non-speculative — — — — — SFR mortgage 467 484 35 474 — Dairy & livestock and agribusiness — — — — — Municipal lease finance receivables — — — — — Consumer and other loans 482 508 449 285 — Total 3,887 4,559 1,549 2,598 — Total impaired loans $ 85,792 $ 100,527 $ 1,549 $ 89,031 $ 3,234 As of and For the Year Ended December 31, 2013 Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 3,055 $ 3,843 $ — $ 3,248 $ 66 SBA 1,613 2,084 — 1,717 — Real estate: Commercial real estate Owner occupied 13,041 14,133 — 13,463 548 Non-owner occupied 20,399 26,155 — 21,313 817 Construction Speculative 17,617 18,408 — 18,043 310 Non-speculative 9,201 9,201 — 9,217 572 SFR mortgage 10,919 12,516 — 10,408 103 Dairy & livestock and agribusiness 17,702 17,702 — 19,205 434 Municipal lease finance receivables — — — — — Consumer and other loans 385 445 — 389 — Total 93,932 104,487 — 97,003 2,850 With a related allowance recorded: Commercial and industrial 293 301 293 305 — SBA 72 78 72 81 — Real estate: Commercial real estate Owner occupied — — — — — Non-owner occupied — — — — — Construction Speculative — — — — — Non-speculative — — — — — SFR mortgage 486 489 103 479 — Dairy & livestock and agribusiness 12,110 12,783 2,702 13,377 209 Municipal lease finance receivables — — — — — Consumer and other loans 16 19 4 18 — Total 12,977 13,670 3,174 14,260 209 Total impaired loans $ 106,909 $ 118,157 $ 3,174 $ 111,263 $ 3,059 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 December 31, 2015 and 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 loan commitments at the same time it evaluates credit risk associated with the loan and lease portfolio. The Company recorded a recapture of the reserve for unfunded loan commitments of $500,000 for the year ended December 31, 2015, compared with a recapture of provision for unfunded loan commitments of $1.3 million for the year ended December 31, 2014 and a provision for unfunded loan commitments of $500,000 for the year ended December 31, 2013. As of December 31, 2015 and December 31, 2014, the balance in this reserve was $7.2 million and $7.7 million, respectively, and was included in other liabilities. Troubled Debt Restructurings 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, Troubled Debt Restructurings As of December 31, 2015, there were $55.3 million of loans classified as a TDR, of which $12.6 million were nonperforming and $42.7 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 December 31, 2015, performing TDRs were comprised of 13 commercial real estate loans of $25.8 million, one construction loan of $7.7 million, two dairy & livestock and agribusiness loans of $3.7 million, 11 SFR mortgage loans of $3.6 million, five commercial and industrial loans of $939,000, one consumer loan of $414,000 and one SBA loan of $681,000. There were no loans removed from TDR classification for the years ended December 31, 2015 and 2014. The majority of TDRs have no specific allowance allocated as any impairment amount is normally charged off at the time a probable loss is determined. We have allocated $607,000 and $726,000 of specific allowance to TDRs as of December 31, 2015 and December 31, 2014, respectively. The following table provides a summary of the activity related to TDRs for the periods presented. For the Year Ended December 31, 2015 2014 (1) (Dollars in thousands) Performing TDRs: Beginning balance $ 53,589 $ 66,955 New modifications 3,689 462 Payoffs and payments, net (15,235 ) (14,527 ) TDRs returned to accrual status 644 699 TDRs placed on nonaccrual status — — Ending balance $ 42,687 $ 53,589 Nonperforming TDRs: Beginning balance $ 20,285 $ 25,119 New modifications 661 4,372 Charge-offs — (1,061 ) Transfer to OREO (842 ) — Payoffs and payments, net (6,838 ) (7,446 ) TDRs returned to accrual status (644 ) (699 ) TDRs placed on nonaccrual status — — Ending balance $ 12,622 $ 20,285 Total TDRs $ 55,309 $ 73,874 (1) New modifications for the year ended December 31, 2014 included six TDRs acquired from ASB. The following tables summarize loans modified as troubled debt restructurings for the periods presented. Modifications (1) For the Year Ended December 31, 2015 Number of Pre-Modification Post-Modification Outstanding Financial Effect (Dollars in thousands) Commercial and industrial: Interest rate reduction — $ — $ — $ — $ — Change in amortization period or maturity 1 203 203 203 203 SBA: Interest rate reduction — — — — — Change in amortization period or maturity 1 330 330 320 — Real estate: Commercial real estate: Owner occupied Interest rate reduction — — — — — Change in amortization period or maturity 2 823 823 821 — Non-owner occupied Interest rate reduction 1 2,376 2,376 2,316 — Change in amortization period or maturity 1 280 280 280 — SFR mortgage: Interest rate reduction 1 322 322 326 — Change in amortization period or maturity — — — — — Total loans 7 $ 4,334 $ 4,334 $ 4,266 $ 203 For the Year Ended December 31, 2014 Number of Pre-Modification Post-Modification Outstanding Financial Effect (Dollars in thousands) Commercial and industrial: Interest rate reduction (3) (4) 3 $ 553 $ 553 $ 522 $ 185 Change in amortization period or maturity — — — — — Real estate: Commercial real estate: Owner occupied Interest rate reduction (3) 1 199 199 187 — Change in amortization period or maturity — — — — — Non-owner occupied Interest rate reduction (3) 3 3,573 3,573 3,469 — Change in amortization period or maturity — — — — — Dairy & livestock and agribusiness: Interest rate reduction — — — — — Change in amortization period or maturity — — — — — Consumer: Interest rate reduction (4) 1 421 421 419 — Change in amortization period or maturity — — — — — Total loans 8 $ 4,746 $ 4,746 $ 4,597 $ 185 For the Year Ended December 31, 2013 Number Pre-Modification Post-Modification Outstanding Financial Effect (Dollars in thousands) Commercial and industrial: Interest rate reduction — $ — $ — $ — $ — Change in amortization period or maturity 4 621 621 570 95 Real estate: Commercial real estate: Owner occupied Interest rate reduction — — — — — Change in amortization period or maturity 1 168 168 138 — Non-owner occupied Interest rate reduction — — — — — Change in amortization period or maturity — — — — — Construction: Speculative Interest rate reduction — — — — — Change in amortization period or maturity — — — — — SFR mortgage: Interest rate reduction 3 1,365 1,365 1,349 — Change in amortization period or maturity — — — — — Dairy & livestock and agribusiness: Interest rate reduction — — — — — Change in amortization period or maturity 10 26,915 26,915 22,662 149 Total loans 18 $ 29,069 $ 29,069 $ 24,719 $ 244 (1) The tables above 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 year ended December 31, 2014 included six TDRs acquired from ASB. (4) New modifications for the year ended December 31, 2014 included three TDRs that include both an interest rate reduction and a maturity extension. As of December 31, 2015, 2014 and 2013, there were no loans that were previously modified as a troubled debt restructuring within the previous 12 months that subsequently defaulted during each of the years ended December 31, 2015, 2014 and 2013, respectively. |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Other Real Estate Owned | 8. OTHER REAL ESTATE OWNED The following table summarizes the activity related to total OREO for the periods presented. For the Year Ended December 31, 2015 2014 (Dollars in thousands) Balance, beginning of period $ 5,637 $ 6,979 Additions 3,721 3,591 Dispositions (2,203 ) (4,868 ) Valuation adjustments (162 ) (65 ) Balance, end of period $ 6,993 $ 5,637 |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS | 9. GOODWILL AND OTHER INTANGIBLE ASSETS The following table presents the changes in the carrying amount of goodwill for the periods presented. As of and for the Year Ended December 31, 2015 2014 (Dollars in thousands) Balance, beginning of period $ 74,244 $ 55,097 Addition from the ASB acquisition — 19,147 Balance, end of period $ 74,244 $ 74,244 The following summarizes activity of amortizable core deposit intangible (“CDI”) assets for the for the periods presented. As of and For the Year Ended December 31, 2015 2014 Gross CDI Accumulated Net CDI Gross CDI Accumulated Net CDI (Dollars in thousands) Balance of intangible assets, beginning of period $ 34,089 $ (30,875 ) $ 3,214 $ 31,999 $ (29,738 ) $ 2,261 Additions due to acquisitions — 2,090 Balance of intangible assets, end of period $ 34,089 $ (31,824 ) $ 2,265 $ 34,089 $ (30,875 ) $ 3,214 Aggregate amortization expense: For year ended December 31, $ 949 $ 1,137 Estimated Amortization Expense: For the year ending December 31, 2016 $ 737 For the year ending December 31, 2017 631 For the year ending December 31, 2018 562 For the year ending December 31, 2019 335 Thereafter — At December 31, 2015 the weighted average remaining life of intangible assets is approximately 1.2 years. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | 10. PREMISES AND EQUIPMENT Premises and equipment were comprised of the following for the periods presented. As of December 31, 2015 2014 (Dollars in thousands) Land $ 8,425 $ 8,425 Bank premises 48,251 48,481 Furniture and equipment 36,265 39,272 Premises and equipment, gross 92,941 96,178 Accumulated depreciation and amortization (61,559 ) (62,587 ) Premises and equipment, net $ 31,382 $ 33,591 Leases The Company leases land and buildings under operating leases for varying periods extending to 2026, at which time the Company can exercise options that could extend certain leases through 2036. The future minimum annual rental payments required for leases that have initial or remaining noncancelable lease terms in excess of one year as of December 31, 2015, excluding property taxes and insurance, are as follows: Year: As of December 31, 2015 (Dollars in thousands) 2016 $ 5,307 2017 4,905 2018 3,500 2019 2,213 2020 1,232 Thereafter 1,435 Total $ 18,592 Total rental expense for the Company was approximately $5.5 million, $5.7 million and $5.5 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | 11. OTHER ASSETS Other assets were comprised of the following for the periods presented. As of December 31, 2015 2014 (Dollars in thousands) Prepaid expenses $ 4,104 $ 4,109 Interest rate swaps 9,344 10,080 Other assets 8,137 11,311 Total $ 21,585 $ 25,500 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. INCOME TAXES Income tax expense consists of the following. For the Year Ended December 31, 2015 2014 2013 (Dollars in thousands) Current provision: Federal $ 40,021 $ 38,957 $ 38,881 State 17,040 15,968 13,996 57,061 54,925 52,877 Deferred provision/(benefit): Federal (3,443) 2,534 (3,260 ) State (1,397) 1,317 (950 ) (4,840) 3,851 (4,210 ) Total $ 52,221 $ 58,776 $ 48,667 Income tax asset consists of the following. As of December 31, 2015 2014 (Dollars in thousands) Current: Federal $ 7,414 $ 4,522 State 2,998 4,437 10,402 8,959 Deferred: Federal 28,799 18,304 State 8,050 4,198 36,849 22,502 Total $ 47,251 $ 31,461 The components of the net deferred tax asset are as follows. As of December 31, 2015 2014 (Dollars in thousands) Federal Deferred tax assets: Bad debt and credit loss deduction $ 23,180 $ 23,805 Depreciation 121 — Net operating loss carryforward 562 672 Deferred compensation 3,642 3,300 Other intangibles — 5 PCI loans 10,572 23,667 FDIC loss sharing asset 210 — California franchise tax 2,613 3,461 Other, net 3,897 6,140 Gross deferred tax asset 44,797 61,050 Deferred tax liabilities: Depreciation — 4,019 Intangibles — acquisitions 868 1,858 FDIC loss sharing asset — 13,831 FHLB Stock 2,747 3,913 Deferred income 2,745 2,430 Unrealized gain on investment securities, net 9,638 16,695 Gross deferred tax liability 15,998 42,746 Net deferred tax asset — federal $ 28,799 $ 18,304 State Deferred tax assets: Bad debt and credit loss deduction $ 7,172 $ 6,014 Depreciation 440 — Net operating loss carryforward — 34 Deferred compensation 1,127 1,030 Other intangibles — 668 PCI loans 3,242 — FDIC loss sharing asset 97 6,498 Other, net 1,206 1,911 Gross deferred tax asset 13,284 16,155 Deferred tax liabilities: Depreciation — 589 Intangibles — acquisitions 269 — PCI loans — 4,389 FHLB Stock 851 797 Deferred income 762 374 Unrealized gain on investment securities, net 3,352 5,808 Gross deferred tax liability 5,234 11,957 Net deferred tax asset — state $ 8,050 $ 4,198 A reconciliation of the statutory income tax rate to the consolidated effective income tax rate follows. For the Year Ended December 31, 2015 2014 2013 Amount Percent Amount Percent Amount Percent (Dollars in thousands) Federal income tax at statutory rate $ 52,978 35.0 % $ 56,979 35.0 % $ 50,496 35.0 % State franchise taxes, net of federal benefit 10,457 6.9 % 11,233 6.9 % 8,734 6.1 % Tax-exempt income (7,619 ) (5.0 %) (8,622 ) (5.3 %) (10,189 ) (7.1 %) Tax credits (1,014 ) (0.7 %) (1,014 ) (0.6 %) (940 ) (0.7 %) Other, net (2,581 ) (1.7 %) 200 0.1 % 566 0.4 % Provision for income taxes $ 52,221 34.5 % $ 58,776 36.1 % $ 48,667 33.7 % The change in unrecognized tax benefits in 2015 and 2014 follows. For the Year Ended December 31, 2015 2014 (Dollars in thousands) Balance, beginning of period $ 3,016 $ 3,016 Additions for tax positions related to prior years — — Reductions due to lapse of statue of limitations (156 ) — Settlement with tax authorities (1,185 ) — Balance, end of period $ 1,675 $ 3,016 The total amount of unrecognized tax benefits at December 31, 2015 of $1.7 million would, if recognized, affect the effective tax rate. The amount accrued for payment of interest as of December 31, 2015 was $196,000. The Company records interest and penalties related to uncertain tax positions as part of other operating expense. We do not expect the total amount of unrecognized tax benefits to significantly increase or decrease within the next twelve months. The Company is subject to federal income tax and franchise tax of the state of California. Our federal income tax returns for the years ended December 31, 2009 through 2015 are open to audit by the federal authorities and our California state tax returns for the years ended December 31, 2006 through 2015 are open to audit by state authorities. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Deposits | 13. DEPOSITS The composition of deposits is summarized below. As of December 31, 2015 2014 (Dollars in thousands) Noninterest-bearing deposits Demand deposits $ 3,250,174 54.9 % $ 2,866,365 51.1 % Interest-bearing deposits Savings deposits 1,956,598 33.1 % 1,962,086 35.0 % Time deposits 710,488 12.0 % 776,207 13.9 % Total deposits $ 5,917,260 100.0 % $ 5,604,658 100.0 % Time deposits with balances of $250,000 or more amounted to approximately $418.0 million and $438.3 million at December 31, 2015 and 2014, respectively. Interest expense on such deposits amounted to approximately $787,000, $667,000 and $657,000, for the years ended December 31, 2015, 2014 and 2013, respectively. At December 31, 2015, the scheduled maturities of time certificates of deposit are as follows. Year of maturity: December 31, 2015 (Dollars in thousands) 2016 $ 684,549 2017 9,754 2018 1,470 2019 1,591 2020 and thereafter 13,124 Total $ 710,488 At December 31, 2015, the Company had a single public depositor with certificates of deposit balances of approximately $280.1 million. These certificates mature January through March 2016. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Borrowings | 14. BORROWINGS Customer Repurchase Agreements In November 2006, the Bank began a repurchase agreement product with its customers. This product, known as Citizens Sweep Manager, sells the Bank’s securities overnight to its customers under an agreement to repurchase them the next day. As of December 31, 2015 and 2014, total funds borrowed under these agreements were $690.7 million and $563.6 million, respectively, with a weighted average interest rate of 0.24% for both years. Federal Home Loan Bank Advances On February 23, 2015 we repaid our last outstanding FHLB advance which carried a fixed interest rate of 4.52%. At December 31, 2014, FHLB advances were $199.5 million. At December 31, 2015, $2.91 billion of loans and $2.81 billion of investment securities, at carrying value, were pledged to secure public deposits, short and long-term borrowings, and for other purposes as required or permitted by law. The Bank incurred prepayment penalties on borrowings of $13.9 million in 2015, compared to zero for 2014 and 2013. Other Borrowings At December 31, 2015, the Bank had $46.0 million in short-term borrowings with the FHLB at a cost of 28 basis points, compared to $46.0 million at a cost of 10 basis points at December 31, 2014. Junior Subordinated Debentures On January 31, 2006, CVB Statutory Trust III completed a $25,000,000 offering of Trust Preferred Securities and used the gross proceeds from the offering and other cash totaling $25,774,000 to purchase a like amount of junior subordinated debentures of the Company. The junior subordinated debentures were issued concurrent with the issuance of the Trust Preferred Securities. The interest on junior subordinated debentures, paid by the Company to CVB Statutory Trust III, represents the sole revenues of CVB Statutory Trust III and the sole source of dividend distributions to the holders of the Trust Preferred Securities. The Company has fully and conditionally guaranteed all of CVB Statutory Trust III’s obligations under the Trust Preferred Securities. The Company has the right, assuming no default has occurred, to defer payments of interest on the junior subordinated debenture at any time for a period not to exceed 20 consecutive quarters. The Trust Preferred Securities will mature on March 15, 2036, but became callable in part or in total on March 15, 2011 by CVB Statutory Trust III. The Trust Preferred Securities have a variable per annum rate equal to LIBOR (as defined in the indenture dated as of January 31, 2006 (“Indenture”) between the Company and U.S. Bank National Association, as debenture trustee) plus 1.38% (the “Variable Rate”). As of December 31, 2015, these securities continue to be outstanding. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. COMMITMENTS AND CONTINGENCIES Commitments At December 31, 2015 and 2014, the Bank had commitments to extend credit of approximately $744.0 million and $694.4 million, respectively, and obligations under letters of credit of $35.1 million and $34.6 million, respectively. Commitments to extend credit are agreements to lend to customers, provided there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Commitments are generally variable rate, and many of these commitments are expected to expire without being drawn upon. As such, the total commitment amounts do not necessarily represent future cash requirements. The Bank uses the same credit underwriting policies in granting or accepting such commitments or contingent obligations as it does for on-balance-sheet instruments, which consist of evaluating customers’ creditworthiness individually. The Bank had a reserve for unfunded loan commitments of $7.2 million as of December 31, 2015 and $7.7 million as of December 31, 2014 included in other liabilities. Standby letters of credit are conditional commitments issued by the Bank to guarantee the financial performance of a customer to a third party. Those guarantees are primarily issued to support private borrowing or purchase arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. When deemed necessary, the Bank holds appropriate collateral supporting those commitments. Management does not anticipate any material losses as a result of these transactions. At December 31, 2015, the Bank has available lines of credit totaling $3.23 billion from correspondent banks, FHLB and Federal Reserve Bank of which $2.84 billion were secured. Other Contingencies Certain lawsuits and claims arising in the ordinary course of business have been filed or are pending against us or our affiliates, including but not limited to actions involving employment, wage-hour and labor law claims, lender liability claims, trust and estate administration claims, and consumer and privacy claims, some of which may be styled as “class action” or representative cases. Where appropriate, we establish reserves in accordance with FASB guidance over loss contingencies (ASC 450). The outcome of litigation and other legal and regulatory matters is inherently uncertain, however, and it is possible that one or more of the legal or regulatory matters currently pending or threatened could have a material adverse effect on our liquidity, consolidated financial position, and/or results of operations. As of December 31, 2015, the Company does not have any litigation reserves. The Company is involved in the following legal actions and complaints which we currently believe could be material to us. A purported shareholder class action complaint was filed against the Company on August 23, 2010, in an action captioned Lloyd v. CVB Financial Corp., et al., Case No. CV 10-06256- MMM, in the United States District Court for the Central District of California. Along with the Company, Christopher D. Myers (our President and Chief Executive Officer) and Edward J. Biebrich, Jr. (our former Chief Financial Officer) were also named as defendants. On September 14, 2010, a second purported shareholder class action complaint was filed against the Company, in an action originally captioned Englund v. CVB Financial Corp., et al., Case No. CV 10-06815-RGK, in the United States District Court for the Central District of California. The Englund complaint named the same defendants as the Lloyd complaint and made allegations substantially similar to those included in the Lloyd complaint. On January 21, 2011, the District Court consolidated the two actions for all purposes under the Lloyd action, now captioned as Case No. CV 10-06256-MMM (PJWx). At the same time, the District Court also appointed the Jacksonville Police and Fire Pension Fund (the “Jacksonville Fund”) as lead plaintiff in the consolidated action and approved the Jacksonville Fund’s selection of lead counsel for the plaintiffs in the consolidated action. On March 7, 2011, the Jacksonville Fund filed a consolidated complaint naming the same defendants and alleging violations by all defendants of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder and violations by the individual defendants of Section 20(a) of the Exchange Act. The consolidated complaint alleges that defendants, among other things, misrepresented and failed to disclose conditions adversely affecting the Company throughout the purported class period, which is alleged to be between October 21, 2009 and August 9, 2010. Specifically, defendants are alleged to have violated applicable accounting rules and to have made misrepresentations in connection with the Company’s allowance for loan loss methodology, loan underwriting guidelines, methodology for grading loans, and the process for making provisions for loan losses. The consolidated complaint sought compensatory damages and other relief in favor of the purported class. Following the filing by each side of various motions and briefs, and a hearing on August 29, 2011, the District Court issued a ruling on January 12, 2012, granting defendants’ motion to dismiss the consolidated complaint, but the ruling provided the plaintiffs with leave to file an amended complaint within 45 days of the date of the order. On February 27, 2012, the plaintiffs filed a first amended complaint against the same defendants, and, following filings by both sides and another hearing on June 4, 2012, the District Court issued a ruling on August 21, 2012, granting defendants’ motion to dismiss the first amended complaint, but providing the plaintiffs with leave to file another amended complaint within 30 days of this ruling. On September 20, 2012, the plaintiffs filed a second amended complaint against the same defendants, the Company filed its third motion to dismiss on October 25, 2012, and following another hearing on February 25, 2013, the District Court issued an order dismissing the plaintiffs’ complaint for the third time on May 9, 2013, which became a final, appealable order on September 30, 2013. On October 24, 2013, the plaintiffs filed a notice of appeal of the District Court’s final order of dismissal with the U.S. Court of Appeals for the Ninth Circuit. Following the filing of appellate briefs by the respective parties, the Court of Appeals conducted a hearing and oral argument in the case on December 10, 2015. On February 1, 2016, subsequent to the end of the reporting period covered by this Form 10-K, the Court of Appeals issued its decision in the case. This decision affirmed the district court’s decision in part, reversed it in part and remanded the case for further proceedings in the District Court. Upon remand to the District Court, we expect to undertake discovery and motion practice with respect to the remaining claims of the plaintiffs which survived the appeal. The Company intends to continue to vigorously contest and defend the plaintiff’s allegations with respect to the remaining claims in this case. On February 28, 2011, a purported and related shareholder derivative complaint was filed in an action captioned Sanderson v. Borba, et al., Case No. CIVRS1102119, in California State Superior Court in San Bernardino County. The complaint named as defendants the members of our board of directors and also referred to unnamed defendants allegedly responsible for the conduct alleged. The Company was included as a nominal defendant. The complaint alleged breaches of fiduciary duties, abuse of control, gross mismanagement and corporate waste. Specifically, the complaint alleged, among other things, that defendants engaged in accounting manipulations in order to falsely portray the Company’s financial results in connection with its commercial real estate loan portfolio. Plaintiff sought compensatory and exemplary damages to be paid by the defendants and awarded to the Company, as well as other relief. On June 20, 2011, defendants filed a demurrer requesting dismissal of the derivative complaint. Following the filing by each side of additional motions, over the succeeding four year period, the parties filed repeated notices to postpone the Court’s hearing on the defendants’ demurrer, pending resolution of the consolidated federal securities shareholder class action complaint. However, on January 18, 2016, subsequent to the end of the reporting period covered by this Form 10-K, the Court signed a Minute Order agreeing to the parties’ joint stipulation to dismiss the shareholder derivative action complaint without prejudice. A former employee and service manager filed a complaint against the Company, on December 29, 2014, in an action entitled Glenda Morgan v. Citizens Business Bank, et al., Case No. BC568004, in the Superior Court for Los Angeles County, individually and on behalf of the Company’s branch-based employees and managers who are classified as “exempt” under California and federal employment laws. The case is styled as a putative class action lawsuit and alleges, among other things, that (i) the Company misclassified certain employees and managers as “exempt” employees, (ii) the Company violated California’s wage and hour, overtime, meal break and rest break rules and regulations, (iii) certain employees did not receive proper expense reimbursements, (iv) the Company did not maintain accurate and complete payroll records, and (v) the Company engaged in unfair business practices. On February 11, 2015, the same law firm representing Morgan filed a second complaint, entitled Jessica Osuna v. Citizens Business Bank, et al., Case No. CIVDS1501781, in the Superior Court for San Bernardino County, alleging wage and hour claims on behalf of the Company’s “non-exempt” hourly employees. On April 6, 2015, these two cases were consolidated in a first amended complaint under the rubric of the Morgan case in Los Angeles County Superior Court. The first amended complaint seeks class certification, the appointment of the plaintiffs as class representatives, and an unspecified amount of damages and penalties. On May 11, 2015, the Company filed its answer to the first amended complaint denying all allegations regarding the plaintiffs’ claims and asserting various defenses. The parties are currently engaged in discovery, and briefing by the parties in connection with the class certification motion is not expected to commence until at least the summer of 2016. The Company intends to vigorously contest both (x) the allegations that the case should be certified as one or more class or representative actions as well as (y) the substantive merits of any consolidated lawsuit in the event that it is permitted to proceed. We establish accruals for specific legal proceedings when it is considered probable that a loss has been incurred and the amount of the loss can be reasonably estimated. Our accruals for loss contingencies are reviewed quarterly and adjusted as additional information becomes available. We disclose the amount accrued if material or if such disclosure is necessary for our financial statements to not be misleading. If a loss is not both probable and reasonably estimable, or if an exposure to loss exists in excess of the amount previously accrued, we assess whether there is at least a reasonable possibility that a loss, or additional loss, may have been incurred, and we adjust our disclosures accordingly. Because the outcomes of the federal securities class action appeal and the consolidated wage-hour class action case summarized above are uncertain, we cannot predict any range of loss or even if any loss is probable related to these two actions. We do not presently believe that the ultimate resolution of any of the foregoing matters will have a material adverse effect on the Company’s results of operations, financial condition, or cash flows. However, the results of these matters cannot be predicted with certainty, and an unfavorable resolution of one or more of these matters could have a material adverse effect on our results of operations, financial condition, or cash flows. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | 16. EMPLOYEE BENEFIT PLANS Deferred Compensation Plans As of December 31, 2015, the Company has various deferred compensation plans, and severance arrangements it assumed through the acquisition of other banks in prior years. These plans require the Company to make periodic payments to former employees upon retirement, upon a change in control, and in certain instances, to beneficiaries of former employees upon death. Payments made by the Company under these agreements totaled approximately $751,000, $866,000 and $881,000 for each of the years ended December 31, 2015, 2014 and 2013, respectively. The total expense recorded by the Company for these deferred compensation agreements was approximately $600,000, $544,000 and $561,000 for each of the years ended December 31, 2015, 2014 and 2013, respectively. On December 22, 2006, the Company approved a deferred compensation plan for its President and Chief Executive Officer, Christopher D. Myers. Under the plan, which became effective on January 1, 2007, Mr. Myers may defer up to 75% of his base salary and up to 100% of his bonus for each calendar year in which the Plan is effective. The Company has the discretion to make additional contributions to the Plan for the benefit of Mr. Myers. No discretionary payments were made by the Company during the years ended December 31, 2015, 2014 and 2013. On March 31, 2007, the Company approved the Executive Non-qualified Excess Plan, a deferred compensation plan for certain management employees to provide a means by which they may elect to defer receipt of compensation in order to provide retirement benefits. The plan is intended to be unfunded and primarily serve the purpose of providing deferred compensation benefits for a select group of employees. The Bank, however, does fund the cost of these plans through the purchase of life insurance policies, which are recorded in other assets of the consolidated balance sheets. The amounts funded by employees totaled $2.5 million as of December 31, 2015. 401(k) and Profit Sharing Plan The Bank sponsors a 401(k) and profit-sharing plan for the benefit of its employees. Employees are eligible to participate in the plan immediately upon hire. Employees may make contributions to the plan under the plan’s 401(k) component. The Bank contributes 3%, non-matching, to the plan to comply with ERISA’s safe harbor provisions. The Bank may make additional contributions under the plan’s profit-sharing component, subject to certain limitations. The Bank’s total contributions are determined by the Board of Directors and amounted to approximately $2.8 million in 2015, $3.1 million in 2014 and $2.7 million in 2013. |
Earnings Per Share Reconciliati
Earnings Per Share Reconciliation | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Reconciliation | 17. 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 years ended December 31, 2015, 2014 and 2013, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share were 238,000, 213,000 and 744,000 million, respectively. The table below shows 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 Year Ended December 31, 2015 2014 2013 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 99,145 $ 104,021 $ 95,608 Less: Net earnings allocated to restricted stock 515 544 298 Net earnings allocated to common shareholders $ 98,630 $ 103,477 $ 95,310 Weighted average shares outstanding 105,715 105,239 104,729 Basic earnings per common share $ 0.93 $ 0.98 $ 0.91 Diluted earnings per common share: Net income allocated to common shareholders $ 98,630 $ 103,477 $ 95,310 Weighted average shares outstanding 105,715 105,239 104,729 Incremental shares from assumed exercise of outstanding options 477 520 397 Diluted weighted average shares outstanding 106,192 105,759 105,126 Diluted earnings per common share $ 0.93 $ 0.98 $ 0.91 |
Stock Option Plans and Restrict
Stock Option Plans and Restricted Stock Awards | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Plans and Restricted Stock Awards | 18. STOCK OPTION PLANS AND RESTRICTED STOCK AWARDS In May 2008, the shareholders approved the 2008 Equity Incentive Plan which authorizes the issuance of up to 3,949,891 shares of Company common stock for grants of stock options and restricted stock to employees, officers, consultants and directors of the Company and its subsidiaries, and expires in 2018. The plan authorizes the issuance of incentive and non-qualified stock options, as well as, restricted stock awards. The 2008 Equity Incentive Plan replaced the 2000 Stock Option Plan. No further grants will be made under the 2000 Stock Option Plan, but shares may continue to be issued under such plan pursuant to grants previously made. As of December 31, 2015, we have 166,710 outstanding options under our 2000 Stock Option Plan. Stock Options The Company expensed $549,000, $876,000 and $850,000, for the years ended December 31, 2015, 2014 and 2013, respectively. The estimated fair value of the options granted during 2015 and prior years was calculated using the Black-Scholes options pricing model. There were 83,000, 169,000 and 45,000 options granted during 2015, 2014 and 2013, respectively. The options will vest, in equal installments, over a five-year period. The fair value of each stock option granted in 2015, 2014 and 2013, was estimated on the date of grant using the following weighted-average assumptions. For the Year Ended December 31, 2015 2014 2013 Dividend yield 2.5 % 2.6 % 2.9 % Volatility 47.7 % 50.3 % 50.5 % Risk-free interest rate 1.5 % 1.5 % 1.2 % Expected life 6.1 years 6.3 years 6.6 years Weighted average grant date fair value $ 5.83 $ 5.70 $ 4.68 The expected volatility is solely based on the daily historical stock price volatility over the expected option life. The expected life of options granted is derived from the output of the option valuation model and represents the period of time an optionee will hold an option before exercising it. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury five-year constant maturity yield curve in effect at the time of the grant. The Company estimates its forfeiture rates based on its historical experience. The forfeiture rate for 2015 was 6.0%. The following table presents option activity under the Company’s stock option plans as of and for the year ended December 31, 2015. Number of Options Weighted Weighted Aggregate (In thousands) (In years) (In thousands) Outstanding at January 1, 2015 1,688 $ 10.92 Granted 83 16.00 Exercised (449 ) 11.45 Forfeited or expired (34 ) 13.11 Outstanding at December 31, 2015 1,288 $ 11.00 4.63 $ 7,629 Vested or expected to vest at December 31, 2015 1,251 $ 10.93 4.55 $ 7,502 Exercisable at December 31, 2015 984 $ 10.04 3.64 $ 6,774 The total intrinsic value of options exercised during the years ended December 31, 2015, 2014 and 2013 was $2.1 million, $2.5 million and $1.4 million, respectively. As of December 31, 2015, there was a total of $1.1 million in unrecognized compensation cost related to nonvested options granted under the Plan. That cost is expected to be recognized over a weighted-average period of approximately 3.1 years. The total fair value of options vested was $524,000, $841,000 and $918,000 during 2015, 2014 and 2013, respectively. Cash received from stock option exercises was $5.1 million, $5.5 million and $4.5 million, in 2015, 2014 and 2013, respectively. At December 31, 2015, options for the purchase of 1,288,438 shares of the Company’s common stock were outstanding under the above plans, of which options to purchase 984,238 shares were exercisable at prices ranging from $7.68 to $16.97. The Company has a policy of issuing new shares to satisfy share option exercises. Restricted Stock Under the 2008 Equity Incentive Plan, the Company granted 97,000, 400,000 and 100,000 restricted stock awards during 2015, 2014 and 2013 respectively. The weighted average grant date fair value of restricted stock awards granted in 2015, 2014 and 2013 was $16.07 per share, $14.78 per share and $13.25 per share, respectively. These awards will vest, in equal installments, over a five-year period. Compensation cost is recognized over the requisite service period, which is five years, and amounted to $2.2 million, $2.1 million and $1.1 million during the years ended December 31, 2015, 2014 and 2013, respectively. Total unrecognized compensation cost related to restricted stock awards was $5.5 million at December 31, 2015. The table below summarizes activity related to the Company’s non-vested restricted shares for the year ended December 31, 2015. Shares (In thousands) Weighted Nonvested at January 1, 2015 570 $ 13.81 Granted 97 16.07 Vested (157 ) 12.81 Forfeited (4 ) 14.94 Nonvested at December 31, 2015 506 $ 14.55 Under the 2008 Equity Incentive Plan, 843,392 shares of common stock were available for the granting of future options and restricted stock awards as of December 31, 2015. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | 19. REGULATORY MATTERS The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking regulatory agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct, material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgment by the regulators about components, risk-weightings, and other factors. Prompt corrective action provisions are not applicable to bank holding companies. Effective January 1, 2015, the Company and the Bank became subject to a new regulatory capital measure called common equity Tier 1 to risk-weighted assets which was implemented as a result of the “Basel III” regulatory capital reforms and changes required by the Dodd-Frank Act. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of total capital, Tier 1 capital and common equity Tier 1 capital to risk-weighted assets, and of Tier 1 capital to average assets. Management believes that, as of December 31, 2015 and 2014, the Company and the Bank meet all capital adequacy requirements to which they are subject. As of December 31, 2015 and 2014, the most recent notifications from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the minimum total risk-based, Tier 1 risk-based, common equity Tier 1 risk-based, and Tier 1 leverage (tangible Tier 1 capital divided by average total assets) ratios as set forth in the table below must be maintained. There are no conditions or events since said notification that management believes have changed the Bank’s category. As of December 31, 2015 and 2014, the Company had $25.0 million of trust-preferred securities, which were included in Tier 1 capital for regulatory purposes, respectively. The following table summarizes regulatory capital amounts and ratios for the Company and the Bank as of December 31, 2015 and 2014. Actual For Capital Adequacy Purposes To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2015: Total Capital (to Risk-Weighted Assets) Company $ 914,972 18.23 % $ 401,532 ³ 8.00 % N/A Bank $ 905,563 18.06 % $ 401,053 ³ 8.00 % $ 501,316 ³ 10.00 % Tier 1 Capital (to Risk-Weighted Assets) Company $ 852,189 16.98 % $ 301,149 ³ 6.00 % N/A Bank $ 842,854 16.81 % $ 300,790 ³ 6.00 % $ 401,053 ³ 8.00 % Common equity Tier 1 capital ratio Company $ 827,547 16.49 % $ 225,861 ³ 4.50 % N/A Bank $ 842,854 16.81 % $ 225,592 ³ 4.50 % $ 325,856 ³ 6.50 % Tier 1 Capital (to Average-Assets) Company $ 852,189 11.22 % $ 303,794 ³ 4.00 % N/A Bank $ 842,854 11.11 % $ 303,527 ³ 4.00 % $ 379,409 ³ 5.00 % As of December 31, 2014: Total Capital (to Risk-Weighted Assets) Company $ 853,147 18.24 % $ 374,144 ³ 8.00 % N/A Bank $ 845,951 18.11 % $ 373,758 ³ 8.00 % $ 467,197 ³ 10.00 % Tier 1 Capital (to Risk-Weighted Assets) Company $ 794,576 16.99 % $ 187,072 ³ 4.00 % N/A Bank $ 787,439 16.85 % $ 186,879 ³ 4.00 % $ 280,318 ³ 6.00 % Tier 1 Capital (to Average-Assets) Company $ 794,576 10.86 % $ 292,615 ³ 4.00 % N/A Bank $ 787,439 10.77 % $ 292,392 ³ 4.00 % $ 365,490 ³ 5.00 % In addition, California Banking Law limits the amount of dividends a bank can pay without obtaining prior approval from bank regulators. Under this law, the Bank could, as of December 31, 2015, declare and pay additional dividends of approximately $152.5 million. |
Fair Value Information
Fair Value Information | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Information | 20. 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 December 31, 2015. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels (Level 1, Level 2 and Level 3). • Level 1 • Level 2 • Level 3 Observable and unobservable inputs are the key elements that separate the levels in the fair value hierarchy. Inputs here refer explicitly to the types of information used to obtain the fair value of the asset or liability. Observable inputs include data sources and market prices available and visible outside of the entity. While there will continue to be judgments required when an active market price is not available, these inputs are external to the entity and observable outside the entity; they are consequently considered more objective than internal unobservable inputs used for Level 3 fair value. Unobservable inputs are data and analyses that are developed within the entity to assess the fair value, such as management estimates of future benefits from use of assets. There were no transfers in and out of Level 1 and Level 2 during the years ended December 31, 2015 and 2014. Determination of Fair Value The following is a description of valuation methodologies used for assets and liabilities recorded at fair value and for estimating fair value for financial instruments not recorded at fair value. Cash and Cash Equivalents Interest-Bearing Balances Due from Depository Institutions FHLB Stock Investment Securities Available-for-Sale Investment Securities Held–to–Maturity 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 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 Significant Other Significant (Dollars in thousands) Description of assets Investment securities — AFS: Government agency/GSEs $ 5,745 $ — $ 5,745 $ — Residential mortgage-backed securities 1,813,097 — 1,813,097 — CMOs/REMICs — residential 383,781 — 383,781 — Municipal bonds 160,973 — 160,973 — Other securities 5,050 — 5,050 — Total investment securities — AFS 2,368,646 — 2,368,646 — Interest rate swaps 9,344 — 9,344 — Total assets $ 2,377,990 $ — $ 2,377,990 $ — Description of liability Interest rate swaps $ 9,344 $ — $ 9,344 $ — Total liabilities $ 9,344 $ — $ 9,344 $ — Carrying Value at Quoted Prices in 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 — CMOs/REMICs — 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 held on the balance sheet at December 31, 2015 and 2014, respectively, the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related assets that had losses during the period. Carrying Value at Quoted Prices in Significant Other Significant (Level 3) Total Losses (Dollars in thousands) Description of assets Impaired loans, excluding PCI Loans: Commercial and industrial $ 228 $ — $ — $ 228 $ 228 SBA 41 — — 41 15 Real estate: Commercial real estate — — — — — Construction 7,651 — — 7,651 13 SFR mortgage 588 — — 588 20 Dairy & livestock and agribusiness — — — — — Consumer and other loans 258 — — 258 101 Other real estate owned 948 — — 948 162 Total assets $ 9,714 $ — $ — $ 9,714 $ 539 Carrying Value at Quoted Prices in Significant Other 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 December 31, 2015 and 2014, respectively. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. December 31, 2015 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 106,097 $ 106,097 $ — $ — $ 106,097 Interest-earning balances due from depository institutions 32,691 — 32,691 — 32,691 FHLB stock 17,588 — 17,588 — 17,588 Investment securities available-for-sale 2,368,646 — 2,368,646 — 2,368,646 Investment securities held-to-maturity 850,989 — 851,186 1,853 853,039 Total loans, net of allowance for loan losses 3,957,781 — — 3,971,329 3,971,329 Swaps 9,344 — 9,344 — 9,344 Liabilities Deposits: Noninterest-bearing $ 3,250,174 3,250,174 $ — $ — $ 3,250,174 Interest-bearing 2,667,086 — 2,666,186 — 2,666,186 Borrowings 736,704 — 736,575 — 736,575 Junior subordinated debentures 25,774 — 27,210 — 27,210 Swaps 9,344 — 9,344 — 9,344 December 31, 2014 Carrying Amount Estimated Fair Value 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 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 December 31, 2015 and 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 | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Business Segments | 21. BUSINESS SEGMENTS The Company has identified two principal reportable segments: Business Financial and Commercial Banking Centers (“Centers”) and the Treasury Department. The Bank has 40 Business Financial Centers and eight 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 tables represent 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 Year Ended December 31, 2015 Centers Treasury Other Eliminations Total (Dollars in thousands) Interest income, including loan fees $ 143,577 $ 75,914 $ 42,022 $ — $ 261,513 Credit for funds provided (1) 34,876 — 52,193 (87,069 ) — Total interest income 178,453 75,914 94,215 (87,069 ) 261,513 Interest expense 6,584 1,611 376 — 8,571 Charge for funds used (1) 4,236 62,137 20,696 (87,069 ) — Total interest expense 10,820 63,748 21,072 (87,069 ) 8,571 Net interest income 167,633 12,166 73,143 — 252,942 Recapture of provision for loan losses — — (5,600 ) — (5,600 ) Net interest income after recapture of provision for loan losses 167,633 12,166 78,743 — 258,542 Noninterest income 20,677 (22 ) 12,828 — 33,483 Noninterest expense 48,568 859 77,362 — 126,789 Debt termination expense — 13,870 — — 13,870 Segment pre-tax profit (loss) $ 139,742 $ (2,585 ) $ 14,209 $ — $ 151,366 Segment assets as of December 31, 2015 $ 6,458,711 $ 3,345,060 $ 804,258 $ (2,936,829 ) $ 7,671,200 (1) Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. For the Year Ended December 31, 2014 Centers Treasury Other Eliminations Total (Dollars in thousands) Interest income, including loan fees $ 139,061 $ 71,369 $ 42,473 $ — $ 252,903 Credit for funds provided (1) 31,188 — 46,770 (77,958 ) — Total interest income 170,249 71,369 89,243 (77,958 ) 252,903 Interest expense 6,494 9,590 305 — 16,389 Charge for funds used (1) 3,823 54,885 19,250 (77,958 ) — Total interest expense 10,317 64,475 19,555 (77,958 ) 16,389 Net interest income 159,932 6,894 69,688 — 236,514 Recapture of provision for loan losses — — (16,100 ) — (16,100 ) Net interest income after recapture of provision for loan losses 159,932 6,894 85,788 — 252,614 Noninterest income 20,513 — 15,899 — 36,412 Noninterest expense 47,493 784 77,952 — 126,229 Debt termination expense — — — — — Segment pre-tax profit $ 132,952 $ 6,110 $ 23,735 $ — $ 162,797 Segment assets as of December 31, 2014 $ 6,002,390 $ 3,268,551 $ 757,093 $ (2,650,114 ) $ 7,377,920 (1) Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. For the Year Ended December 31, 2013 Centers Treasury Other Eliminations Total (Dollars in thousands) Interest income, including loan fees $ 139,369 $ 53,234 $ 40,170 $ — $ 232,773 Credit for funds provided (1) 26,754 — 41,987 (68,741 ) — Total interest income 166,123 53,234 82,157 (68,741 ) 232,773 Interest expense 6,137 9,700 670 — 16,507 Charge for funds used (1) 3,193 45,269 20,279 (68,741 ) — Total interest expense 9,330 54,969 20,949 (68,741 ) 16,507 Net interest income 156,793 (1,735 ) 61,208 — 216,266 Recapture of provision for loan losses — — (16,750 ) — (16,750 ) Net interest income after recapture of provision for loan losses 156,793 (1,735 ) 77,958 — 233,016 Noninterest income 20,733 2,094 2,460 — 25,287 Noninterest expense 45,268 714 68,046 — 114,028 Debt termination expense — — — — — Segment pre-tax profit (loss) $ 132,258 $ (355 ) $ 12,372 $ — $ 144,275 Segment assets as of December 31, 2013 $ 5,405,939 $ 2,866,760 $ 710,844 $ (2,318,576) $ 6,664,967 (1) Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 22. 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 December 31, 2015, the Bank has entered into 77 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 December 31, 2015 and 2014, the total notional amount of the Company’s swaps was $189.0 million and $197.4 million, respectively. The location of the asset and liability, and their respective fair values are summarized in the tables below. December 31, 2015 Asset Derivatives Liability Derivatives Balance Sheet Fair Value Balance Sheet Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 9,344 Other liabilities $ 9,344 Total derivatives $ 9,344 $ 9,344 December 31, 2014 Asset Derivatives Liability Derivatives Balance Sheet Fair Value Balance Sheet Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 10,080 Other liabilities $ 10,080 Total derivatives $ 10,080 $ 10,080 The Effect of Derivative Financial Instruments on the Consolidated Statements of Earnings The following table summarizes the effect of derivative financial instruments on the consolidated statements of earnings for the periods presented. Derivatives Not Designated as Hedging Instruments Location of Gain Recognized in Income on Derivative Instruments Amount of Gain Recognized in For the Year Ended December 31, 2015 2014 2013 (Dollars in thousands) Interest rate swaps Other income $ 333 $ 133 $ — Total $ 333 $ 133 $ — |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | 23. OTHER COMPREHENSIVE INCOME (LOSS) The tables below provide a summary of the components of OCI for the periods presented. For the Year Ended December 31, 2015 2014 2013 Before-tax Tax effect After-tax Before-tax Tax effect After-tax Before-tax Tax effect After-tax (Dollars in thousands) Investment securities: Net change in fair value recorded in accumulated OCI $ (22,667 ) $ (9,519 ) $ (13,148 ) $ 69,661 $ 29,256 $ 40,405 $ (88,562 ) $ (37,196 ) $ (51,366 ) Cumulative-effect adjustment for unrealized gains on securities transferred from available-for-sale to held-to-maturity 6,690 2,808 3,882 — — — — — — Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity (1,573 ) (660 ) (913 ) — — — — — — Net realized loss (gain) reclassified into earnings 22 9 13 — — — (2,094 ) (879 ) (1,215 ) Net change $ (17,528 ) $ (7,362 ) $ (10,166 ) $ 69,661 $ 29,256 $ 40,405 $ (90,656 ) $ (38,075 ) $ (52,581 ) 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, 2014 $ (9,330 ) Net change in fair value recorded in accumulated OCI 40,405 Net realized loss reclassified into earnings — Balance, December 31, 2014 $ 31,075 Net change in fair value recorded in accumulated OCI (10,179 ) Net realized loss reclassified into earnings 13 Balance, December 31, 2015 $ 20,909 |
Balance Sheet Offsetting
Balance Sheet Offsetting | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Balance Sheet Offsetting | 24. 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 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 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 consolidated balances. Gross Amounts Gross Amounts Consolidated Net Amounts of Gross Amounts Not Offset in the Balance Sheets Financial Collateral Net Amount (Dollars in thousands) December 31, 2015 Financial assets: Derivatives not designated as hedging instruments $ 9,344 $ — $ — $ 9,344 $ — $ 9,344 Total $ 9,344 $ — $ — $ 9,344 $ — $ 9,344 Financial liabilities: Derivatives not designated as hedging instruments $ 9,348 $ (4 ) $ 9,344 $ 4 $ (16,572 ) $ (7,224 ) Repurchase agreements 690,704 — 690,704 — (721,102 ) (30,398 ) Total $ 700,052 $ (4 ) $ 700,048 $ 4 $ (737,674 ) $ (37,622 ) 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 ) |
Condensed Financial Information
Condensed Financial Information of Parent Company | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company | 25. CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY The following tables provide the parent company only condensed balance sheets, condensed statements of earnings and condensed statements of cash flows for the periods presented. CVB FINANCIAL CORP. CONDENSED BALANCE SHEETS As of December 31, 2015 2014 (Dollars in thousands) Assets Investment in subsidiaries $ 939,064 $ 895,972 Other assets, net 23,642 19,069 Total assets $ 962,706 $ 915,041 Liabilities $ 39,307 $ 36,932 Stockholders’ equity 923,399 878,109 Total liabilities and stockholders’ equity $ 962,706 $ 915,041 CVB FINANCIAL CORP. CONDENSED STATEMENTS OF EARNINGS For the Year Ended December 31, 2015 2014 2013 (Dollars in thousands) Excess in net earnings of subsidiaries $ 53,259 $ 66,119 $ 33,149 Dividends from the Bank 49,000 41,000 63,000 Other expense, net (3,114 ) (3,098 ) (541 ) Net earnings $ 99,145 $ 104,021 $ 95,608 CVB FINANCIAL CORP. CONDENSED STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2015 2014 2013 (Dollars in thousands) Cash Flows from Operating Activities Net earnings $ 99,145 $ 104,021 $ 95,608 Adjustments to reconcile net earnings to cash used in operating activities: Earnings of subsidiaries (102,259 ) (107,119 ) (96,149 ) Tax settlement received from the Bank 1,233 1,812 1,903 Stock-based compensation 2,733 2,988 1,926 Other operating activities, net (2,180 ) (3,080 ) 241 Total adjustments (100,473 ) (105,399 ) (92,079 ) Net cash (used in) provided by operating activities (1,328 ) (1,378 ) 3,529 Cash Flows from Investing Activities Dividends received from the Bank 49,000 41,000 63,000 Net cash provided by investing activities 49,000 41,000 63,000 Cash Flows from Financing Activities Repayment of junior subordinated debentures — — (41,238 ) Cash dividends on common stock (48,862 ) (42,298 ) (29,939 ) Proceeds from exercise of stock options 5,144 5,522 4,517 Tax benefit related to exercise of stock options 308 1,116 475 Repurchase of common stock (834 ) (5,474 ) (559 ) Net cash used in financing activities (44,244 ) (41,134 ) (66,744 ) Net increase (decrease) in cash and cash equivalents 3,428 (1,512 ) (215 ) Cash and cash equivalents, beginning of period 13,532 15,044 15,259 Cash and cash equivalents, end of period $ 16,960 $ 13,532 $ 15,044 |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | 26. QUARTERLY FINANCIAL DATA (UNAUDITED) The following table sets forth our unaudited, quarterly results for the periods indicated. For the Three Months Ended December 31, September 30, June 30, March 31, (Dollars in thousands, except per share amounts) 2015 Net interest income $ 63,258 $ 65,917 $ 62,758 $ 61,009 Recapture of provision for loan losses (1,100 ) (2,500 ) (2,000 ) — Net earnings 28,613 27,886 26,813 15,833 Basic earnings per common share 0.27 0.26 0.25 0.15 Diluted earnings per common share 0.27 0.26 0.25 0.15 2014 Net interest income $ 61,175 $ 61,238 $ 57,159 $ 56,942 Recapture of provision for loan losses — (1,000 ) (7,600 ) (7,500 ) Net earnings 25,581 24,295 25,484 28,661 Basic earnings per common share 0.24 0.23 0.24 0.27 Diluted earnings per common share 0.24 0.23 0.24 0.27 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassification | Reclassification |
Segments | Segments Business Segments The internal reporting of the Company considers all business units. Funds are allocated to each business unit based on its need to fund assets (use of funds) or its need to invest funds (source of funds). Net income is determined based on the actual net income of the business unit plus the allocated income or expense based on the sources and uses of funds for each business unit. Noninterest income and noninterest expense are those items directly attributable to a business unit. |
Cash and cash equivalents | Cash and cash equivalents |
Investment Securities | Investment Securities At each reporting date, securities are assessed to determine whether there is an other-than-temporary impairment (“OTTI”). Other-than-temporary impairment on investment securities is not recognized in earnings when there are credit losses on a debt security for which management does not intend to sell and for which it is more-likely-than-not that the Company will not have to sell prior to recovery of the noncredit impairment. Otherwise, the portion of the total impairment that is attributable to the credit loss would be recorded in earnings, and the remaining difference between the debt security’s amortized cost and its fair value would be included in other comprehensive income. During the quarter ended September 30, 2015, investment securities were transferred from the available-for-sale security portfolio to the held-to-maturity security portfolio. Transfers of securities into the held-to-maturity category from the available-for-sale category are transferred at fair value at the date of transfer. The fair value of these securities at the date of transfer was $898.6 million. The unrealized holding gain or loss at the date of transfer is retained in accumulated other comprehensive income (“AOCI”) and in the carrying value of the held-to-maturity securities. The net unrealized holding gain at the date of transfer was $3.9 million after-tax and will continue to be reported in AOCI and amortized over the remaining life of the securities as a yield adjustment. |
Loans Held-for-Sale | Loans Held-for-Sale |
Loans and Lease Finance Receivables | Loans and Lease Finance Receivables Loans and Lease Finance Receivables and Allowance for Loan Losses Acquired SJB Assets and FDIC Loss Sharing Asset In the ordinary course of business, the Company enters into commitments to extend credit to its customers. To the extent that such commitments are unfunded, the related unfunded amounts are not reflected in the accompanying consolidated financial statements. The Company receives collateral to support loans, lease finance receivables, and commitments to extend credit for which collateral is deemed necessary. The most significant categories for which collateral is deemed necessary are real estate, principally commercial and industrial income-producing properties, Small Business Administration (“SBA”) loans, real estate mortgages, assets utilized in dairy & livestock and agribusiness, and various personal property assets utilized in commercial and industrial business governed by the Uniform Commercial Code. Nonrefundable fees and direct costs associated with the origination or purchase of loans are deferred and netted against outstanding loan balances. The deferred net loan fees and costs and purchase price discounts are recognized in interest income over the loan term using the effective-yield method. Interest on loans and lease finance receivables, excluding PCI loans, is credited to income based on the principal amounts of such loans or receivables outstanding. Loans are considered delinquent when principal or interest payments are past due 30 days or more and generally remain on accrual status between 30 and 89 days past due. Interest income is not recognized on loans and lease finance receivables when collection of interest is deemed by management to be doubtful. Loans, excluding PCI loans, on which the accrual of interest has been discontinued are designated as nonaccrual loans. In general, the accrual of interest on loans, excluding PCI loans, is discontinued when the loan becomes 90 days past due, or when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors considered in determining that the full collection of principal and interest is no longer probable include cash flow and liquidity of the borrower or property, the financial position of the guarantors and their willingness to support the loan as well as other factors, and this determination involves significant judgment. When an asset is placed on nonaccrual status, previously accrued but unpaid interest is reversed against income. Subsequent collections of cash are applied as reductions to the principal balance unless the loan is returned to accrual status. Interest is not recognized using a cash-basis method. Nonaccrual loans may be restored to accrual status when principal and interest become current and when the borrower is able to demonstrate payment performance for a sustained period, typically for six months. A nonaccrual loan may return to accrual status sooner based on other significant events or mitigating circumstances. This policy is consistently applied to all types of loans and lease finance receivables, excluding PCI loans. |
Troubled Debt Restructurings | Troubled Debt Restructurings When determining whether or not a loan modification is a TDR under ASC 310-40, the Company evaluates loan modification requests from borrowers experiencing financial difficulties on a case-by-case basis. Any such modifications granted are unique to the borrower’s circumstances. Because of the Company’s focus on the commercial lending sector, each business customer has unique attributes, which in turn means that modifications of loans to those customers are not easily categorized by type, key features, or other terms, but are evaluated individually based on all relevant facts and circumstances pertaining to the modification request and the borrower’s/guarantor’s financial condition at the time of the request. The evaluation of whether or not a borrower is experiencing financial difficulties will include, among other relevant factors considered by the Company, a review of significant factors such as (i) whether the borrower is in default on any of its debt, (ii) whether the borrower is experiencing payment delinquency, (iii) whether the global cash flows of the borrower and the owner guarantor(s) of the borrower have diminished below what is necessary to service existing debt obligations, (iv) whether the borrower’s forecasted cash flows will be insufficient to service the debt in future periods or in accordance with the contractual terms of the existing agreement through maturity, (v) whether the borrower is unable to refinance the subject debt from other financing sources with similar terms, and (vi) whether the borrower is in jeopardy as a going-concern and/or considering bankruptcy. In any case, the debtor is presumed to be experiencing financial difficulties if the Company determines it is probable the debtor will default on the original loan if the modification is not granted. The types of loans subject to modification vary greatly, but during the subject period are concentrated in commercial and industrial loans, dairy & livestock and agricultural loans, and term loans to commercial real estate investors. Some examples of key features include payment deferrals and delays, interest rate reductions, and extensions or renewals where the contract rate may or may not be below the market rate of interest for debt with similar characteristics as those of the modified debt. The typical length of the modified terms ranges from three (3) to twelve (12) months; however, all actual modified terms will depend on the facts, circumstances and attributes of the specific borrower requesting a modification. In general, after a careful evaluation of all relevant facts and circumstances taken together, including the nature of any concession, certain modification requests will result in troubled debt restructurings while certain other modifications will not, pursuant to the criteria and judgments as discussed throughout this report. In certain cases, modification requests for delays or deferrals of principal were evaluated and determined to be exempt from TDR reporting because they constituted insignificant delays under ASC 310-40-15. In situations where the Company has determined that the borrower is experiencing financial difficulties and is evaluating whether a concession is insignificant, and therefore does not result in a TDR, such analysis is based on an evaluation of both the amount and the timing of the restructured payments, including the following factors: 1. Whether the amount of the restructured payments subject to delay is insignificant relative to the unpaid principal balance or collateral value of the debt and will result in an insignificant shortfall in the contractual amount due; and 2. The delay is insignificant relative to any of the following: • The frequency of payments due; • The debt’s original contractual maturity; or • The debt’s original expected duration. Most modified loans not classified and accounted for as a TDR were performing and paying as agreed under their original terms in the six-month period immediately preceding a request for modification. Subsequently, these modified loans have continued to perform under the modified terms and deferrals that amounted to insignificant delays, which in turn is supported by the facts and circumstances of each individual customer and loan as described above. Payment performance continues to be monitored once modifications are made. The Company’s favorable experience regarding “re-defaults” under modified terms, or upon return of the loan to its original terms, indicates that such relief may improve ultimate collection and reduces the Company’s risk of loss. |
Impaired Loans | Impaired Loans The Company’s policy is to record a specific valuation allowance, which is included in the allowance for loan losses, or to charge off that portion of an impaired loan that represents the impairment or shortfall amount as determined utilizing one of the three methods described in ASC 310-10-35-22. Impairment on non-collateral dependent restructured loans is 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. The impairment amount, if any, is generally charged off and recorded against the allowance for loan losses at the time impairment is measurable and a probable loss is determined. As a result, most of the TDRs have no specific allowance allocated because, consistent with the Company’s stated practice, any impairment is typically charged off in the period in which it is identified. The Company measures impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, the Company may also measure impairment based on an observable market price for the loan, or the value of the collateral, for collateral dependent loans. Impairment on collateral dependent restructured loans is measured by determining the amount by which our recorded investment in the impaired loan exceeds the fair value of the collateral less estimated selling costs. The fair value is generally determined by one or more appraisals of the collateral, performed by a Company-approved third-party independent appraiser. The majority of impaired loans that are collateral dependent are charged off down to their estimated fair value of the collateral (less selling costs) at each reporting date based on current appraised value. Appraisals of the collateral for impaired collateral dependent loans are typically ordered at the time the loan is identified as showing signs of inherent weakness. These appraisals are normally updated at least annually, or more frequently, if there are concerns or indications that the value of the collateral may have changed significantly since the previous appraisal. On an exception basis, a specific valuation allowance is recorded on collateral dependent impaired loans when a current appraisal is not yet available, a recent appraisal is still under review or on single-family residential (“SFR”) mortgage loans if the loans are currently under review for a loan modification. Such valuation allowances are generally based on previous appraisals adjusted for current market conditions, based on preliminary appraisal values that are still being reviewed or for SFR mortgage loans under review for modification on an appraisal or indications of comparable home sales from external sources. Charge-offs of unsecured consumer loans are recorded when the loan reaches 120 days past due or sooner as circumstances indicate. Except for the charge-offs of unsecured consumer loans, the charge-off policy is applied consistently across all portfolio segments. Impaired single-family mortgage loans that have been modified in accordance with the various government modification programs are also measured based on the present value of the expected cash flows discounted at the loan’s pre-modification interest rate. The Company recognizes the change in present value attributable to the passage of time as interest income on such performing SFR mortgage loans and the amount of interest income recognized to date has been insignificant. |
Provision and Allowance for Loan Losses | Provision and Allowance for Loan Losses There are different qualitative risks for the loans in each portfolio segment. The construction and real estate segments’ predominant risk characteristic is the collateral and the geographic location of the property collateralizing the loan as well as the operating cash flow for commercial real estate properties. The commercial and industrial segment’s predominant risk characteristics are the cash flows of the businesses we lend to, the global cash flows and liquidity of the guarantors of such losses, as well as economic and market conditions. The dairy & livestock segment’s predominant risk characteristics are milk and beef prices in the market as well as the cost of feed and cattle. The municipal lease segment’s predominant risk characteristics are the municipality’s general financial condition and tax revenues or if applicable the specific project related financial condition. The consumer, auto and other segment’s predominant risk characteristics are employment and income levels as they relate to consumers and cash flows of the businesses as they relate to equipment and vehicle leases to businesses. The Agribusiness segment’s predominant risk characteristics are the supply and demand conditions of the product, production seasonality, the scale of operations and ability to control costs, the availability and cost of water, and operator experience. The Company’s methodology is consistently applied across all portfolio segments taking into account the applicable historical loss rates and the qualitative factors applicable to each pool of loans. A key factor in the Company’s methodology is the loan risk rating (Pass, Special Mention, Substandard, Doubtful and Loss). Loan risk ratings are updated as facts related to the loan or borrower become available. In addition, all term loans in excess of $1.0 million are subject to an annual internal credit review process where all factors underlying the loan, borrower and guarantors are subject to review which may result in changes to the loan’s risk rating. Periodically, we assess various attributes utilized in adjusting our historical loss factors to reflect our view of current economic conditions. The estimate is reviewed quarterly by the Board of Directors and management and periodically by various regulatory agencies and, as adjustments become necessary, they are reported in earnings in the periods in which they become known. Our methodology for assessing the appropriateness of the allowance is conducted on a regular basis and considers the Bank’s overall loan portfolio. The Bank’s methodology consists of two major phases. In the first phase, individual loans are reviewed to identify loans for impairment. Impairment is measured based on the Company’s policy for impaired loans for collateral dependent loans. If the Company determines that the fair value of the collateral is less than the recorded investment in the loan, the Company either recognizes an impairment reserve as a specific allowance, or charges off the impaired balance if it is determined that such amount represents a confirmed loss. Loans determined to be impaired are excluded from the formula allowance so as not to double count the loss exposure. The second phase is conducted by evaluating or segmenting the remainder of the loan portfolio into groups or pools of loans with similar characteristics. In this second phase, groups or pools of homogeneous loans are reviewed to determine a portfolio formula allowance. In the case of the portfolio formula allowance, homogeneous portfolios, such as small business loans, consumer loans, agricultural loans, and real estate loans, are aggregated or pooled in determining the appropriate allowance. The risk assessment process in this case emphasizes trends in the different portfolios for delinquency, loss, and other behavioral characteristics of the subject portfolio over a relevant period. Included in this second phase is our consideration of qualitative factors, including, all known relevant internal and external factors that may affect the collectability of a loan. This includes our estimates of the amounts necessary for concentrations, economic uncertainties, the volatility of the market value of collateral, and other relevant factors. These qualitative factors are used to adjust the historical loan loss rates for each pool of loans to determine the probable loan losses inherent in the portfolio. Periodically, we assess various attributes utilized in adjusting our historical loss factors to reflect current economic conditions. The methodology is consistently applied across all the portfolio segments taking into account the applicable historical loss rates and the qualitative factors applicable to each pool of loans. During the fourth quarter of 2015 the Bank implemented an enhanced ALLL methodology and governance. These enhancements included (i) changes to the look back period, (ii) further aggregation of the loan segments, (iii) updates of the historical loss rates, (iv) updates to the qualitative factors, and (v) updates to the documentation, controls and validation of the ALLL methodology. The look back period was changed from the previous rolling 20-quarters to a through-the-cycle time frame beginning with the first quarter of 2009 through the fourth quarter of 2015. This change encompasses the time period outlined and continues to expand by one quarter until such time that the current economic cycle ends, triggered by independent evidence that a recession has begun. This change was implemented to lengthen the look back period to produce meaningful results that more appropriately reflect the level of incurred losses in the Bank’s loan portfolio given the current, extended credit cycle. Similarly, the Bank analyzed its various loan segments and aggregated loans with similar risk characteristics into eight (8) segments in order to capture sufficient loss observations, and to produce more reliable historical loss rates for a given segment. In addition, the Bank enhanced its calculation of loss emergence periods for each loan segment and applied them to the through-the-cycle historical loss rates. The update to the qualitative factor component of the ALLL provided for increased use of quantitative metrics and application to each of the factors utilizing a comparison of current measurements to historical results within the range of the expanded look back period. Based upon the aforementioned changes in the ALLL methodology the documentation, controls, validation and governance processes have been further enhanced to ensure that the overall ALLL process is structured, transparent and repeatable. |
Purchase Credit Impaired Loans | Purchase Credit Impaired Loans Loans and Debt Securities Acquired with Deteriorated Credit Quality Acquired SJB Assets and FDIC Loss Sharing Asset A provision for loan losses on the PCI portfolio will be recorded if there is deterioration in the expected cash flows on PCI loans as a result of deteriorated credit quality, compared to those previously. The portion of the loss on SJB loans reimbursable from the FDIC was recorded in noninterest income as a decrease in the FDIC loss sharing asset. Decreases in expected cash flows on the acquired impaired loans as of the measurement date compared to previously estimated are recognized by recording a provision for loan losses on acquired impaired loans. Loans accounted for as part of a pool are measured based on the expected cash flows of the entire pool. |
FDIC Loss Sharing Asset | FDIC Loss Sharing Asset — The FDIC loss sharing asset was initially recorded at fair value which represents the present value of the estimated cash payments from the FDIC for future losses on covered loans. The ultimate collectability of this asset was dependent upon the performance of the underlying covered loans, the passage of time and claims paid by the FDIC. The loss estimates used in calculating the FDIC loss sharing asset were determined on the same basis as the loss estimates on the related covered loans and was the present value of the cash flows the Company expected to collect from the FDIC under the loss sharing agreement. The difference between the present value and the undiscounted cash flows the Company expected to collect from the FDIC was accreted (or amortized) into noninterest income over the life of the FDIC indemnification asset. The FDIC indemnification asset was adjusted for any changes in expected cash flows based on covered loan performance. Any increases in the cash flows of covered loans over those expected reduced the FDIC indemnification asset and any decreases in the cash flows of covered loans over those acquired decreased the FDIC indemnification asset, with the remaining balance amortized on the same basis as the discount, not to exceed its remaining contract life. These increases and decreases to the FDIC indemnification asset were recorded as adjustments to noninterest income. As the loss sharing agreement for commercial loans expired on October 16, 2014, the expected reimbursement from the FDIC under the shared-loss agreements has decreased and a net payable to the FDIC was included in other liabilities December 31, 2015. |
Other Real Estate Owned | Other Real Estate Owned |
Premises and Equipment | Premises and Equipment Bank premises 15 – 39 years Leasehold improvements Shorter of estimated economic lives of 15 years or term of the lease. Computer equipment 3 – 5 years Furniture, fixtures and equipment 5 – 7 years Long-lived assets are reviewed periodically for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. The existence of impairment is based on undiscounted cash flows. To the extent impairment exists, the impairment is calculated as the difference in fair value of assets and their carrying value. The impairment loss, if any, would be recorded in noninterest expense. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets — Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on our balance sheets. Based on the Company’s annual impairment test, there was zero recorded impairment as of December 31, 2015. Other intangible assets consist of core deposit intangible assets arising from business combinations and are amortized using an accelerated method over their estimated useful lives. |
Use of Fair Value | Use of Fair Value — Fair Value Information |
Bank Owned Life Insurance | Bank Owned Life Insurance |
Income Taxes | Income Taxes The tax effects from an uncertain tax position are recognized in the financial statements only if, based on its merits, the position is more likely than not to be sustained on audit by the taxing authorities. Interest and penalties related to uncertain tax positions are recorded as part of other operating expense. |
Earnings per Common Share | Earnings per Common Share Earnings Per Share Reconciliation |
Stock-Based Compensation | Stock-Based Compensation Stock Compensation At December 31, 2015, the Company had three stock-based employee compensation plans. The Company accounts for stock compensation using the “modified prospective” method. Under this method, awards that are granted, modified, or settled after December 31, 2005, are measured at fair value as of the grant date with compensation costs recognized over the vesting period on a straight-lined basis. Also under this method, unvested stock awards as of January 1, 2006 are recognized over the remaining service period with no change in historical reported earnings. The fair value of each stock option grant is estimated as of the grant date using the Black-Scholes option-pricing model. Management assumptions used at the time of grant impact the fair value of the option calculated under the Black-Scholes option-pricing model, and ultimately, the expense that will be recognized over the life of the option. The grant date fair value of restricted stock awards is measured at the fair value of the Company’s common stock as if the restricted share was vested and issued on the date of grant. Additional information is included in Note 18 — Stock Option Plans and Restricted Stock Awards |
Derivative Financial Instruments | Derivative Financial Instruments |
Statement of Cash Flows | Statement of Cash Flows |
CitizensTrust | CitizensTrust |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements |
Other Contingencies | Other Contingencies Commitments and Contingencies |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In September 2015, the FASB issued ASU No. 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period-Adjustments”. ASU 2015-16 eliminates the requirement for an acquirer to retrospectively adjust the financial statement for measurement-period adjustments that occur in periods after a business combination is consummated. ASU 2015-16 will be effective for the first interim period within annual reporting periods beginning after December 15, 2015. Early adoption is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial statements. |
Fair Value Hierarchy | Fair Value Hierarchy Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following disclosure provides the fair value information for financial assets and liabilities as of December 31, 2015. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels (Level 1, Level 2 and Level 3). • Level 1 • Level 2 • Level 3 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Useful Lives of Principal Classes of Assets | The ranges of useful lives of the principal classes of assets are as follows: Bank premises 15 – 39 years Leasehold improvements Shorter of estimated economic lives of 15 years or term of the lease. Computer equipment 3 – 5 years Furniture, fixtures and equipment 5 – 7 years |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Estimated Fair Value of Investment Securities | The majority of securities held are publicly traded, and the estimated fair values were obtained from an independent pricing service based upon market quotes. December 31, 2015 Amortized Gross Gross Fair Value Total (Dollars in thousands) Investment securities available-for-sale: Government agency/GSEs $ 5,752 $ — $ (7 ) $ 5,745 0.24 % Residential mortgage-backed securities 1,788,857 26,001 (1,761 ) 1,813,097 76.55 % CMOs/REMICs — residential 380,166 4,689 (1,074 ) 383,781 16.20 % Municipal bonds 157,940 3,036 (3 ) 160,973 6.80 % Other securities 5,000 50 — 5,050 0.21 % Total available-for-sale securities $ 2,337,715 $ 33,776 $ (2,845 ) $ 2,368,646 100.00 % Investment securities held-to-maturity (1): Government agency/GSEs $ 293,338 $ 1,176 $ (734 ) $ 293,780 34.47 % Residential mortgage-backed securities 232,053 — (1,293 ) 230,760 27.27 % CMO 1,284 569 — 1,853 0.15 % Municipal bonds 324,314 3,051 (719 ) 326,646 38.11 % Total held-to-maturity securities $ 850,989 $ 4,796 $ (2,746) $ 853,039 100.00 % 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 available-for-sale securities $ 3,083,582 $ 65,754 $ (12,178 ) $ 3,137,158 100.00 % Investment securities held-to-maturity (1): CMO $ 1,528 $ 649 $ — $ 2,177 100.00 % Total held-to-maturity securities $ 1,528 $ 649 $ — $ 2,177 100.00 % (1) Securities held-to-maturity are presented in the consolidated balance sheets at amortized cost. |
Summary of Interest Income Earned on Investment Securities | The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax. For the Year Ended December 31, 2015 2014 2013 (Dollars in thousands) Investment securities available-for-sale: Taxable $ 48,854 $ 47,301 $ 28,186 Tax-advantaged 14,336 20,913 22,025 Investment securities held-to-maturity: Taxable 4,451 164 188 Tax-advantaged 4,567 — — Total interest income from investment securities $ 72,208 $ 68,378 $ 50,399 |
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 December 31, 2015 and 2014. Management has reviewed individual securities to determine whether a decline in fair value below the amortized cost basis is other-than-temporary. December 31, 2015 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized ( Dollars in thousands) Investment securities available-for-sale: Government agency/GSEs $ 5,745 $ (7 ) $ — $ — $ 5,745 $ (7 ) Residential mortgage-backed securities 437,699 (1,761 ) — — 437,699 (1,761 ) CMOs/REMICs — residential 171,923 (1,074 ) — — 171,923 (1,074 ) Municipal bonds 398 (2 ) 5,961 (1 ) 6,359 (3 ) Other securities — — — — — — Total available-for-sale securities $ 615,765 $ (2,844 ) $ 5,961 $ (1 ) $ 621,726 $ (2,845 ) Investment securities held-to-maturity: Government agency/GSEs $ 84,495 $ (734 ) $ — $ — $ 84,495 $ (734 ) Residential mortgage-backed securities 230,760 (1,293 ) — — 230,760 (1,293 ) CMO — — — — — — Municipal bonds 110,119 (719 ) — — 110,119 (719 ) Other securities — — — — — — Total held-to-maturity securities $ 425,374 $ (2,746 ) $ — $ — $ 425,374 $ (2,746 ) December 31, 2014 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Unrealized Fair Value Gross Unrealized Fair Value Gross Unrealized (Dollars in thousands) Investment securities 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 available-for-sale securities $ 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. December 31, 2015 Available-for-sale Held-to-maturity Amortized Cost Fair Value Amortized Fair Value (Dollars in thousands) Due in one year or less $ 13,758 $ 13,980 $ — $ — Due after one year through five years 1,967,040 1,993,960 153,226 153,004 Due after five years through ten years 129,268 130,620 376,604 376,113 Due after ten years 227,649 230,086 321,159 323,922 Total investment securities $ 2,337,715 $ 2,368,646 $ 850,989 $ 853,039 |
Acquired SJB Assets and FDIC 37
Acquired SJB Assets and FDIC Loss Sharing Asset (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Summary of PCI Loans and Lease Finance Receivables | The following table provides a summary of PCI loans and lease finance receivables by type and their credit quality indicators for the periods presented. December 31, 2015 2014 (Dollars in thousands) Commercial and industrial $ 7,473 $ 14,605 SBA 393 1,110 Real estate: Commercial real estate 81,786 109,350 Construction — — SFR mortgage 193 205 Dairy & livestock and agribusiness 1,429 4,890 Municipal lease finance receivables — — Consumer and other loans 2,438 3,336 Gross PCI loans 93,712 133,496 Less: Purchase accounting discount (3,872 ) (7,129 ) Gross PCI loans, net of discount 89,840 126,367 Less: Allowance for PCI loan losses — — Net PCI loans $ 89,840 $ 126,367 |
Summary of PCI Loans by Internal Risk Ratings by Loans | The following table summarizes PCI loans by internal risk ratings for the periods presented. December 31, 2015 2014 (Dollars in thousands) Pass $ 24,210 $ 26,706 Watch list 52,191 77,371 Special mention 11,142 8,203 Substandard 6,169 21,216 Doubtful & loss — — Total PCI gross loans $ 93,712 $ 133,496 |
Summary of Activity Related to FDIC Loss Sharing (Liability) Asset | The following table summarizes the activity related to the FDIC loss sharing (liability) asset for the periods presented. For the Year Ended December 31, 2015 2014 (Dollars in thousands) Balance, beginning of period $ 299 $ 4,764 FDIC share of additional losses, net of recoveries (902 ) 342 Cash paid to FDIC, net 1,089 1,134 Net amortization (1) — (3,932 ) Other reductions, net (715 ) (2,009 ) Balance, end of period $ (229 ) $ 299 (1) Net amortization included accelerated amortization as a result of loans being paid off in full, sold, or transferred to OREO. |
Loans and Lease Finance Recei38
Loans and Lease Finance Receivables and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 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. December 31, 2015 2014 (Dollars in thousands) Commercial and industrial $ 434,099 $ 390,011 SBA 106,867 134,265 Real estate: Commercial real estate 2,643,184 2,487,803 Construction 68,563 55,173 SFR mortgage 233,754 205,124 Dairy & livestock and agribusiness 305,509 279,173 Municipal lease finance receivables 74,135 77,834 Consumer and other loans 69,278 69,884 Gross loans, excluding PCI loans 3,935,389 3,699,267 Less: Deferred loan fees, net (8,292 ) (8,567 ) Gross loans, excluding PCI loans, net of deferred loan fees 3,927,097 3,690,700 Less: Allowance for loan losses (59,156 ) (59,825 ) Net loans, excluding PCI loans 3,867,941 3,630,875 PCI Loans 93,712 133,496 Discount on PCI loans (3,872 ) (7,129 ) PCI loans, net 89,840 126,367 Total loans and lease finance receivables $ 3,957,781 $ 3,757,242 |
Summary of Loan, Excluding PCI Loans by Internal Risk Ratings | The following table summarizes each type of loans, excluding PCI loans, according to our internal risk ratings for the periods presented. December 31, 2015 Pass Watch List Special Substandard Doubtful & Total (Dollars in thousands) Commercial and industrial $ 299,436 $ 99,215 $ 33,000 $ 2,403 $ 45 $ 434,099 SBA 65,827 21,614 13,169 4,854 1,403 106,867 Real estate: Commercial real estate Owner occupied 638,026 134,088 54,758 11,481 — 838,353 Non-owner occupied 1,545,688 195,927 26,170 37,046 — 1,804,831 Construction Speculative 31,999 6,187 — 7,651 — 45,837 Non-speculative 22,726 — — — — 22,726 SFR mortgage 209,518 17,689 3,556 2,991 — 233,754 Dairy & livestock and agribusiness 131,026 154,621 19,862 — — 305,509 Municipal lease finance receivables 44,805 24,389 4,941 — — 74,135 Consumer and other loans 53,027 11,817 1,618 2,708 108 69,278 Total gross loans, excluding PCI loans $ 3,042,078 $ 665,547 $ 157,074 $ 69,134 $ 1,556 $ 3,935,389 December 31, 2014 Pass Watch List Special Substandard Doubtful & Total (Dollars in thousands) Commercial and industrial $ 234,029 $ 105,904 $ 33,795 $ 16,031 $ 252 $ 390,011 SBA 84,769 24,124 15,858 7,920 1,594 134,265 Real estate: Commercial real estate Owner occupied 552,072 159,908 46,248 32,139 — 790,367 Non-owner occupied 1,347,006 241,809 56,353 52,268 — 1,697,436 Construction Speculative 28,310 613 — 7,651 — 36,574 Non-speculative 18,071 528 — — — 18,599 SFR mortgage 174,311 20,218 2,442 8,153 — 205,124 Dairy & livestock and agribusiness 174,783 85,660 8,612 10,015 103 279,173 Municipal lease finance receivables 35,463 22,349 20,022 — — 77,834 Consumer and other loans 62,904 2,233 1,789 2,763 195 69,884 Total gross loans, excluding PCI loans $ 2,711,718 $ 663,346 $ 185,119 $ 136,940 $ 2,144 $ 3,699,267 |
Schedule of Balance and Activity Related to Allowance for Loan Losses for Held-for-Investment Loans, Excluding PCI Loans by Portfolio Type | The following tables present the balance and activity related to the allowance for loan losses for held-for-investment loans, excluding PCI loans, by portfolio segment for the periods presented. For the Year Ended December 31, 2015 Ending Charge-offs Recoveries (Recapture of) Ending (Dollars in thousands) Commercial and industrial $ 7,074 $ (411 ) $ 319 $ 1,606 $ 8,588 SBA 2,557 (37 ) 41 (1,568 ) 993 Real estate: Commercial real estate 33,373 (117 ) 4,330 (591 ) 36,995 Construction 988 — 581 820 2,389 SFR mortgage 2,344 (215 ) 186 (212 ) 2,103 Dairy & livestock and agribusiness 5,479 — 407 143 6,029 Municipal lease finance receivables 1,412 — — (259 ) 1,153 Consumer and other loans 1,262 (229 ) 76 (203 ) 906 Unallocated (1) 5,336 — — (5,336 ) — Total allowance for loan losses $ 59,825 $ (1,009 ) $ 5,940 $ (5,600 ) $ 59,156 For the Year Ended December 31, 2014 Ending Charge-offs Recoveries (Recapture of) Ending (Dollars in thousands) Commercial and industrial $ 8,502 $ (888 ) $ 873 $ (1,413 ) $ 7,074 SBA 2,332 (50 ) 114 161 2,557 Real estate: Commercial real estate 39,402 (353 ) 140 (5,816 ) 33,373 Construction 1,305 — 885 (1,202 ) 988 SFR mortgage 2,718 — 401 (775 ) 2,344 Dairy & livestock and agribusiness 11,728 (1,061 ) 492 (5,680 ) 5,479 Municipal lease finance receivables 2,335 — — (923 ) 1,412 Consumer and other loans 960 (17 ) 154 165 1,262 Unallocated (1) 5,953 — — (617 ) 5,336 Total allowance for loan losses $ 75,235 $ (2,369 ) $ 3,059 $ (16,100 ) $ 59,825 (1) Based upon changes to our ALLL methodology, as described earlier in this document, beginning with the fourth quarter of 2015 and coinciding with the implementation of the new ALLL methodology, the Bank’s previous “unallocated reserve” was absorbed into the qualitative component of the allowance. For the Year Ended December 31, 2013 Ending Charge-offs Recoveries (Recapture of) Provision for Ending Balance (Dollars in thousands) Commercial and industrial $ 8,901 $ (2,491 ) $ 544 $ 1,548 $ 8,502 SBA 2,751 — 215 (634 ) 2,332 Real estate: Commercial real estate 47,457 — 402 (8,457 ) 39,402 Construction 2,291 — 703 (1,689 ) 1,305 SFR mortgage 3,448 (252 ) 367 (845 ) 2,718 Dairy & livestock and agribusiness 18,696 — 109 (7,077 ) 11,728 Municipal lease finance receivables 1,588 — — 747 2,335 Consumer and other loans 1,170 (108 ) 55 (157 ) 960 Unallocated 6,139 — — (186 ) 5,953 Total allowance for loan losses $ 92,441 $ (2,851 ) $ 2,395 $ (16,750 ) $ 75,235 |
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. December 31, 2015 Recorded Investment in Loans Allowance for Loan Losses Individually Collectively Individually Collectively Evaluated for Impairment (Dollars in thousands) Commercial and industrial $ 1,643 $ 432,456 $ 626 $ 7,962 SBA 3,248 103,619 10 983 Real estate: Commercial real estate 40,293 2,602,891 — 36,995 Construction 7,651 60,912 13 2,376 SFR mortgage 6,253 227,501 20 2,083 Dairy & livestock and agribusiness 3,685 301,824 — 6,029 Municipal lease finance receivables — 74,135 — 1,153 Consumer and other loans 933 68,345 — 906 Unallocated — — — — Total $ 63,706 $ 3,871,683 $ 669 $ 58,487 December 31, 2014 Recorded Investment in Loans Allowance for Loan Losses Individually Collectively Individually Collectively (Dollars in thousands) Commercial and industrial $ 3,020 $ 386,991 $ 615 $ 6,459 SBA 3,180 131,085 296 2,261 Real estate: Commercial real estate 48,011 2,439,792 154 33,219 Construction 7,651 47,522 — 988 SFR mortgage 6,979 198,145 35 2,309 Dairy & livestock and agribusiness 15,796 263,377 — 5,479 Municipal lease finance receivables — 77,834 — 1,412 Consumer and other loans 1,155 58,749 449 813 Unallocated — 9,980 — 5,336 Total $ 85,792 $ 3,613,475 $ 1,549 $ 58,276 |
Schedule of Recorded Investment in, and Aging of, Past Due and Nonaccrual Loans, Excluding PCI Loans by Class of Loans | The following tables present the recorded investment in, and the aging of, past due and nonaccrual loans, excluding PCI loans, by type of loans for the periods presented. December 31, 2015 30-59 60-89 Total Past Nonaccrual (1) Current Total Loans (Dollars in thousands) Commercial and industrial $ — $ — $ — $ 704 $ 433,395 $ 434,099 SBA — — — 2,567 104,300 106,867 Real estate: Commercial real estate Owner occupied — — — 4,174 834,179 838,353 Non-owner occupied 354 — 354 10,367 1,794,110 1,804,831 Construction Speculative (2) — — — — 45,837 45,837 Non-speculative — — — — 22,726 22,726 SFR mortgage 1,082 — 1,082 2,688 229,984 233,754 Dairy & livestock and agribusiness — — — — 305,509 305,509 Municipal lease finance receivables — — — — 74,135 74,135 Consumer and other loans — — — 519 68,759 69,278 Total gross loans, excluding PCI Loans $ 1,436 $ — $ 1,436 $ 21,019 $ 3,912,934 $ 3,935,389 (1) As of December 31, 2015, $7.9 million of nonaccruing loans were current, $456,000 were 30-59 days past due, $9.1 million were 60-89 days past due and $3.5 million were 90+ days past due. (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. December 31, 2014 30-59 60-89 Total Past Nonaccrual (1) Current Total Loans (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 (2) — — — — 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. (2) Speculative construction loans are generally for properties where there is no identified buyer or renter |
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 type of loans, as and for the periods presented. As of and For the Year Ended Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 1,017 $ 1,894 $ — $ 1,122 $ 38 SBA 3,207 3,877 — 3,333 51 Real estate: Commercial real estate Owner occupied 6,252 7,445 — 6,718 97 Non-owner occupied 34,041 37,177 — 34,639 1,787 Construction Speculative — — — — — Non-speculative — — — — — SFR mortgage 5,665 6,453 — 5,771 109 Dairy & livestock and agribusiness 3,685 3,684 — 3,687 177 Municipal lease finance receivables — — — — — Consumer and other loans 890 1,454 — 922 17 Total 54,757 61,984 — 56,192 2,276 With a related allowance recorded: Commercial and industrial 626 695 626 637 — SBA 41 47 10 45 — Real estate: Commercial real estate Owner occupied — — — — — Non-owner occupied — — — — — Construction Speculative 7,651 7,651 13 7,651 388 Non-speculative — — — — — SFR mortgage 588 640 20 607 12 Dairy & livestock and agribusiness — — — — — Municipal lease finance receivables — — — — — Consumer and other loans 43 45 — 45 — Total 8,949 9,078 669 8,985 400 Total impaired loans $ 63,706 $ 71,062 $ 669 $ 65,177 $ 2,676 As of and For the Year Ended Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 2,391 $ 3,624 $ — $ 2,487 $ 41 SBA 1,853 2,197 — 1,886 53 Real estate: Commercial real estate Owner occupied 16,961 18,166 — 18,027 938 Non-owner occupied 30,068 38,156 — 30,133 723 Construction Speculative 7,651 7,651 — 7,651 310 Non-speculative — — — — — SFR mortgage 6,512 7,493 — 6,566 110 Dairy & livestock and agribusiness 15,796 17,587 — 19,060 1,057 Municipal lease finance receivables — — — — — Consumer and other loans 673 1,094 — 623 2 Total 81,905 95,968 — 86,433 3,234 With a related allowance recorded: Commercial and industrial 629 698 615 552 — SBA 1,327 1,591 296 714 — Real estate: Commercial real estate Owner occupied — — — — — Non-owner occupied 982 1,278 154 573 — Construction Speculative — — — — — Non-speculative — — — — — SFR mortgage 467 484 35 474 — Dairy & livestock and agribusiness — — — — — Municipal lease finance receivables — — — — — Consumer and other loans 482 508 449 285 — Total 3,887 4,559 1,549 2,598 — Total impaired loans $ 85,792 $ 100,527 $ 1,549 $ 89,031 $ 3,234 As of and For the Year Ended December 31, 2013 Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 3,055 $ 3,843 $ — $ 3,248 $ 66 SBA 1,613 2,084 — 1,717 — Real estate: Commercial real estate Owner occupied 13,041 14,133 — 13,463 548 Non-owner occupied 20,399 26,155 — 21,313 817 Construction Speculative 17,617 18,408 — 18,043 310 Non-speculative 9,201 9,201 — 9,217 572 SFR mortgage 10,919 12,516 — 10,408 103 Dairy & livestock and agribusiness 17,702 17,702 — 19,205 434 Municipal lease finance receivables — — — — — Consumer and other loans 385 445 — 389 — Total 93,932 104,487 — 97,003 2,850 With a related allowance recorded: Commercial and industrial 293 301 293 305 — SBA 72 78 72 81 — Real estate: Commercial real estate Owner occupied — — — — — Non-owner occupied — — — — — Construction Speculative — — — — — Non-speculative — — — — — SFR mortgage 486 489 103 479 — Dairy & livestock and agribusiness 12,110 12,783 2,702 13,377 209 Municipal lease finance receivables — — — — — Consumer and other loans 16 19 4 18 — Total 12,977 13,670 3,174 14,260 209 Total impaired loans $ 106,909 $ 118,157 $ 3,174 $ 111,263 $ 3,059 |
Summary of Activity Related to Troubled Debt Restructurings | The following table provides a summary of the activity related to TDRs for the periods presented. For the Year Ended December 31, 2015 2014 (1) (Dollars in thousands) Performing TDRs: Beginning balance $ 53,589 $ 66,955 New modifications 3,689 462 Payoffs and payments, net (15,235 ) (14,527 ) TDRs returned to accrual status 644 699 TDRs placed on nonaccrual status — — Ending balance $ 42,687 $ 53,589 Nonperforming TDRs: Beginning balance $ 20,285 $ 25,119 New modifications 661 4,372 Charge-offs — (1,061 ) Transfer to OREO (842 ) — Payoffs and payments, net (6,838 ) (7,446 ) TDRs returned to accrual status (644 ) (699 ) TDRs placed on nonaccrual status — — Ending balance $ 12,622 $ 20,285 Total TDRs $ 55,309 $ 73,874 (1) New modifications for the year ended December 31, 2014 included six 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 Year Ended December 31, 2015 Number of Pre-Modification Post-Modification Outstanding Financial Effect (Dollars in thousands) Commercial and industrial: Interest rate reduction — $ — $ — $ — $ — Change in amortization period or maturity 1 203 203 203 203 SBA: Interest rate reduction — — — — — Change in amortization period or maturity 1 330 330 320 — Real estate: Commercial real estate: Owner occupied Interest rate reduction — — — — — Change in amortization period or maturity 2 823 823 821 — Non-owner occupied Interest rate reduction 1 2,376 2,376 2,316 — Change in amortization period or maturity 1 280 280 280 — SFR mortgage: Interest rate reduction 1 322 322 326 — Change in amortization period or maturity — — — — — Total loans 7 $ 4,334 $ 4,334 $ 4,266 $ 203 For the Year Ended December 31, 2014 Number of Pre-Modification Post-Modification Outstanding Financial Effect (Dollars in thousands) Commercial and industrial: Interest rate reduction (3) (4) 3 $ 553 $ 553 $ 522 $ 185 Change in amortization period or maturity — — — — — Real estate: Commercial real estate: Owner occupied Interest rate reduction (3) 1 199 199 187 — Change in amortization period or maturity — — — — — Non-owner occupied Interest rate reduction (3) 3 3,573 3,573 3,469 — Change in amortization period or maturity — — — — — Dairy & livestock and agribusiness: Interest rate reduction — — — — — Change in amortization period or maturity — — — — — Consumer: Interest rate reduction (4) 1 421 421 419 — Change in amortization period or maturity — — — — — Total loans 8 $ 4,746 $ 4,746 $ 4,597 $ 185 For the Year Ended December 31, 2013 Number Pre-Modification Post-Modification Outstanding Financial Effect (Dollars in thousands) Commercial and industrial: Interest rate reduction — $ — $ — $ — $ — Change in amortization period or maturity 4 621 621 570 95 Real estate: Commercial real estate: Owner occupied Interest rate reduction — — — — — Change in amortization period or maturity 1 168 168 138 — Non-owner occupied Interest rate reduction — — — — — Change in amortization period or maturity — — — — — Construction: Speculative Interest rate reduction — — — — — Change in amortization period or maturity — — — — — SFR mortgage: Interest rate reduction 3 1,365 1,365 1,349 — Change in amortization period or maturity — — — — — Dairy & livestock and agribusiness: Interest rate reduction — — — — — Change in amortization period or maturity 10 26,915 26,915 22,662 149 Total loans 18 $ 29,069 $ 29,069 $ 24,719 $ 244 (1) The tables above 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 year ended December 31, 2014 included six TDRs acquired from ASB. (4) New modifications for the year ended December 31, 2014 included three TDRs that include both an interest rate reduction and a maturity extension. |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Summary of Activity Related to Total OREO | The following table summarizes the activity related to total OREO for the periods presented. For the Year Ended December 31, 2015 2014 (Dollars in thousands) Balance, beginning of period $ 5,637 $ 6,979 Additions 3,721 3,591 Dispositions (2,203 ) (4,868 ) Valuation adjustments (162 ) (65 ) Balance, end of period $ 6,993 $ 5,637 |
GOODWILL AND OTHER INTANGIBLE40
GOODWILL AND OTHER INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The following table presents the changes in the carrying amount of goodwill for the periods presented. As of and for the Year Ended December 31, 2015 2014 (Dollars in thousands) Balance, beginning of period $ 74,244 $ 55,097 Addition from the ASB acquisition — 19,147 Balance, end of period $ 74,244 $ 74,244 |
Summary of Amortizable Intangible Assets | The following summarizes activity of amortizable core deposit intangible (“CDI”) assets for the for the periods presented. As of and For the Year Ended December 31, 2015 2014 Gross CDI Accumulated Net CDI Gross CDI Accumulated Net CDI (Dollars in thousands) Balance of intangible assets, beginning of period $ 34,089 $ (30,875 ) $ 3,214 $ 31,999 $ (29,738 ) $ 2,261 Additions due to acquisitions — 2,090 Balance of intangible assets, end of period $ 34,089 $ (31,824 ) $ 2,265 $ 34,089 $ (30,875 ) $ 3,214 Aggregate amortization expense: For year ended December 31, $ 949 $ 1,137 Estimated Amortization Expense: For the year ending December 31, 2016 $ 737 For the year ending December 31, 2017 631 For the year ending December 31, 2018 562 For the year ending December 31, 2019 335 Thereafter — |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Premises and equipment were comprised of the following for the periods presented. As of December 31, 2015 2014 (Dollars in thousands) Land $ 8,425 $ 8,425 Bank premises 48,251 48,481 Furniture and equipment 36,265 39,272 Premises and equipment, gross 92,941 96,178 Accumulated depreciation and amortization (61,559 ) (62,587 ) Premises and equipment, net $ 31,382 $ 33,591 |
Future Minimum Annual Rental Payments for Noncancelable Leases | The future minimum annual rental payments required for leases that have initial or remaining noncancelable lease terms in excess of one year as of December 31, 2015, excluding property taxes and insurance, are as follows: Year: As of December 31, 2015 (Dollars in thousands) 2016 $ 5,307 2017 4,905 2018 3,500 2019 2,213 2020 1,232 Thereafter 1,435 Total $ 18,592 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Other Assets | Other assets were comprised of the following for the periods presented. As of December 31, 2015 2014 (Dollars in thousands) Prepaid expenses $ 4,104 $ 4,109 Interest rate swaps 9,344 10,080 Other assets 8,137 11,311 Total $ 21,585 $ 25,500 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | Income tax expense consists of the following. For the Year Ended December 31, 2015 2014 2013 (Dollars in thousands) Current provision: Federal $ 40,021 $ 38,957 $ 38,881 State 17,040 15,968 13,996 57,061 54,925 52,877 Deferred provision/(benefit): Federal (3,443) 2,534 (3,260 ) State (1,397) 1,317 (950 ) (4,840) 3,851 (4,210 ) Total $ 52,221 $ 58,776 $ 48,667 |
Schedule of Income Tax Asset | Income tax asset consists of the following. As of December 31, 2015 2014 (Dollars in thousands) Current: Federal $ 7,414 $ 4,522 State 2,998 4,437 10,402 8,959 Deferred: Federal 28,799 18,304 State 8,050 4,198 36,849 22,502 Total $ 47,251 $ 31,461 |
Components of Net Deferred Tax Asset | The components of the net deferred tax asset are as follows. As of December 31, 2015 2014 (Dollars in thousands) Federal Deferred tax assets: Bad debt and credit loss deduction $ 23,180 $ 23,805 Depreciation 121 — Net operating loss carryforward 562 672 Deferred compensation 3,642 3,300 Other intangibles — 5 PCI loans 10,572 23,667 FDIC loss sharing asset 210 — California franchise tax 2,613 3,461 Other, net 3,897 6,140 Gross deferred tax asset 44,797 61,050 Deferred tax liabilities: Depreciation — 4,019 Intangibles — acquisitions 868 1,858 FDIC loss sharing asset — 13,831 FHLB Stock 2,747 3,913 Deferred income 2,745 2,430 Unrealized gain on investment securities, net 9,638 16,695 Gross deferred tax liability 15,998 42,746 Net deferred tax asset — federal $ 28,799 $ 18,304 State Deferred tax assets: Bad debt and credit loss deduction $ 7,172 $ 6,014 Depreciation 440 — Net operating loss carryforward — 34 Deferred compensation 1,127 1,030 Other intangibles — 668 PCI loans 3,242 — FDIC loss sharing asset 97 6,498 Other, net 1,206 1,911 Gross deferred tax asset 13,284 16,155 Deferred tax liabilities: Depreciation — 589 Intangibles — acquisitions 269 — PCI loans — 4,389 FHLB Stock 851 797 Deferred income 762 374 Unrealized gain on investment securities, net 3,352 5,808 Gross deferred tax liability 5,234 11,957 Net deferred tax asset — state $ 8,050 $ 4,198 |
Reconciliation of Statutory Income Tax Rate to Consolidated Effective Income Tax Rate | A reconciliation of the statutory income tax rate to the consolidated effective income tax rate follows. For the Year Ended December 31, 2015 2014 2013 Amount Percent Amount Percent Amount Percent (Dollars in thousands) Federal income tax at statutory rate $ 52,978 35.0 % $ 56,979 35.0 % $ 50,496 35.0 % State franchise taxes, net of federal benefit 10,457 6.9 % 11,233 6.9 % 8,734 6.1 % Tax-exempt income (7,619 ) (5.0 %) (8,622 ) (5.3 %) (10,189 ) (7.1 %) Tax credits (1,014 ) (0.7 %) (1,014 ) (0.6 %) (940 ) (0.7 %) Other, net (2,581 ) (1.7 %) 200 0.1 % 566 0.4 % Provision for income taxes $ 52,221 34.5 % $ 58,776 36.1 % $ 48,667 33.7 % |
Change in Unrecognized Tax Benefits | The change in unrecognized tax benefits in 2015 and 2014 follows. For the Year Ended December 31, 2015 2014 (Dollars in thousands) Balance, beginning of period $ 3,016 $ 3,016 Additions for tax positions related to prior years — — Reductions due to lapse of statue of limitations (156 ) — Settlement with tax authorities (1,185 ) — Balance, end of period $ 1,675 $ 3,016 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Composition of Deposits | The composition of deposits is summarized below. As of December 31, 2015 2014 (Dollars in thousands) Noninterest-bearing deposits Demand deposits $ 3,250,174 54.9 % $ 2,866,365 51.1 % Interest-bearing deposits Savings deposits 1,956,598 33.1 % 1,962,086 35.0 % Time deposits 710,488 12.0 % 776,207 13.9 % Total deposits $ 5,917,260 100.0 % $ 5,604,658 100.0 % |
Scheduled Maturities of Time Certificates of Deposit | At December 31, 2015, the scheduled maturities of time certificates of deposit are as follows. Year of maturity: December 31, 2015 (Dollars in thousands) 2016 $ 684,549 2017 9,754 2018 1,470 2019 1,591 2020 and thereafter 13,124 Total $ 710,488 |
Earnings Per Share Reconcilia45
Earnings Per Share Reconciliation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Common Share Reconciliation | The table below shows 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 Year Ended December 31, 2015 2014 2013 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 99,145 $ 104,021 $ 95,608 Less: Net earnings allocated to restricted stock 515 544 298 Net earnings allocated to common shareholders $ 98,630 $ 103,477 $ 95,310 Weighted average shares outstanding 105,715 105,239 104,729 Basic earnings per common share $ 0.93 $ 0.98 $ 0.91 Diluted earnings per common share: Net income allocated to common shareholders $ 98,630 $ 103,477 $ 95,310 Weighted average shares outstanding 105,715 105,239 104,729 Incremental shares from assumed exercise of outstanding options 477 520 397 Diluted weighted average shares outstanding 106,192 105,759 105,126 Diluted earnings per common share $ 0.93 $ 0.98 $ 0.91 |
Stock Option Plans and Restri46
Stock Option Plans and Restricted Stock Awards (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Estimated Fair Value of Stock Options | The fair value of each stock option granted in 2015, 2014 and 2013, was estimated on the date of grant using the following weighted-average assumptions. For the Year Ended December 31, 2015 2014 2013 Dividend yield 2.5 % 2.6 % 2.9 % Volatility 47.7 % 50.3 % 50.5 % Risk-free interest rate 1.5 % 1.5 % 1.2 % Expected life 6.1 years 6.3 years 6.6 years Weighted average grant date fair value $ 5.83 $ 5.70 $ 4.68 |
Option Activity under Company's Stock Option Plans | The following table presents option activity under the Company’s stock option plans as of and for the year ended December 31, 2015. Number of Options Weighted Weighted Aggregate (In thousands) (In years) (In thousands) Outstanding at January 1, 2015 1,688 $ 10.92 Granted 83 16.00 Exercised (449 ) 11.45 Forfeited or expired (34 ) 13.11 Outstanding at December 31, 2015 1,288 $ 11.00 4.63 $ 7,629 Vested or expected to vest at December 31, 2015 1,251 $ 10.93 4.55 $ 7,502 Exercisable at December 31, 2015 984 $ 10.04 3.64 $ 6,774 |
Summary of Status of Company's Non-Vested Restricted Shares | The table below summarizes activity related to the Company’s non-vested restricted shares for the year ended December 31, 2015. Shares (In thousands) Weighted Nonvested at January 1, 2015 570 $ 13.81 Granted 97 16.07 Vested (157 ) 12.81 Forfeited (4 ) 14.94 Nonvested at December 31, 2015 506 $ 14.55 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Regulatory Capital Amounts and Ratios for Company and Bank | As of December 31, 2015 and 2014, the Company had $25.0 million of trust-preferred securities, which were included in Tier 1 capital for regulatory purposes, respectively. The following table summarizes regulatory capital amounts and ratios for the Company and the Bank as of December 31, 2015 and 2014. Actual For Capital Adequacy Purposes To Be Well Capitalized Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2015: Total Capital (to Risk-Weighted Assets) Company $ 914,972 18.23 % $ 401,532 ³ 8.00 % N/A Bank $ 905,563 18.06 % $ 401,053 ³ 8.00 % $ 501,316 ³ 10.00 % Tier 1 Capital (to Risk-Weighted Assets) Company $ 852,189 16.98 % $ 301,149 ³ 6.00 % N/A Bank $ 842,854 16.81 % $ 300,790 ³ 6.00 % $ 401,053 ³ 8.00 % Common equity Tier 1 capital ratio Company $ 827,547 16.49 % $ 225,861 ³ 4.50 % N/A Bank $ 842,854 16.81 % $ 225,592 ³ 4.50 % $ 325,856 ³ 6.50 % Tier 1 Capital (to Average-Assets) Company $ 852,189 11.22 % $ 303,794 ³ 4.00 % N/A Bank $ 842,854 11.11 % $ 303,527 ³ 4.00 % $ 379,409 ³ 5.00 % As of December 31, 2014: Total Capital (to Risk-Weighted Assets) Company $ 853,147 18.24 % $ 374,144 ³ 8.00 % N/A Bank $ 845,951 18.11 % $ 373,758 ³ 8.00 % $ 467,197 ³ 10.00 % Tier 1 Capital (to Risk-Weighted Assets) Company $ 794,576 16.99 % $ 187,072 ³ 4.00 % N/A Bank $ 787,439 16.85 % $ 186,879 ³ 4.00 % $ 280,318 ³ 6.00 % Tier 1 Capital (to Average-Assets) Company $ 794,576 10.86 % $ 292,615 ³ 4.00 % N/A Bank $ 787,439 10.77 % $ 292,392 ³ 4.00 % $ 365,490 ³ 5.00 % |
Fair Value Information (Tables)
Fair Value Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The tables below present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented. Carrying Value at Quoted Prices in Significant Other Significant (Dollars in thousands) Description of assets Investment securities — AFS: Government agency/GSEs $ 5,745 $ — $ 5,745 $ — Residential mortgage-backed securities 1,813,097 — 1,813,097 — CMOs/REMICs — residential 383,781 — 383,781 — Municipal bonds 160,973 — 160,973 — Other securities 5,050 — 5,050 — Total investment securities — AFS 2,368,646 — 2,368,646 — Interest rate swaps 9,344 — 9,344 — Total assets $ 2,377,990 $ — $ 2,377,990 $ — Description of liability Interest rate swaps $ 9,344 $ — $ 9,344 $ — Total liabilities $ 9,344 $ — $ 9,344 $ — Carrying Value at Quoted Prices in 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 — CMOs/REMICs — 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 that had losses during the period. Carrying Value at Quoted Prices in Significant Other Significant (Level 3) Total Losses (Dollars in thousands) Description of assets Impaired loans, excluding PCI Loans: Commercial and industrial $ 228 $ — $ — $ 228 $ 228 SBA 41 — — 41 15 Real estate: Commercial real estate — — — — — Construction 7,651 — — 7,651 13 SFR mortgage 588 — — 588 20 Dairy & livestock and agribusiness — — — — — Consumer and other loans 258 — — 258 101 Other real estate owned 948 — — 948 162 Total assets $ 9,714 $ — $ — $ 9,714 $ 539 Carrying Value at Quoted Prices in Significant Other 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. December 31, 2015 Carrying Amount Estimated Fair Value Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 106,097 $ 106,097 $ — $ — $ 106,097 Interest-earning balances due from depository institutions 32,691 — 32,691 — 32,691 FHLB stock 17,588 — 17,588 — 17,588 Investment securities available-for-sale 2,368,646 — 2,368,646 — 2,368,646 Investment securities held-to-maturity 850,989 — 851,186 1,853 853,039 Total loans, net of allowance for loan losses 3,957,781 — — 3,971,329 3,971,329 Swaps 9,344 — 9,344 — 9,344 Liabilities Deposits: Noninterest-bearing $ 3,250,174 3,250,174 $ — $ — $ 3,250,174 Interest-bearing 2,667,086 — 2,666,186 — 2,666,186 Borrowings 736,704 — 736,575 — 736,575 Junior subordinated debentures 25,774 — 27,210 — 27,210 Swaps 9,344 — 9,344 — 9,344 December 31, 2014 Carrying Amount Estimated Fair Value 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 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) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | The following tables present the operating results and other key financial measures for the individual operating segments for the periods presented. For the Year Ended December 31, 2015 Centers Treasury Other Eliminations Total (Dollars in thousands) Interest income, including loan fees $ 143,577 $ 75,914 $ 42,022 $ — $ 261,513 Credit for funds provided (1) 34,876 — 52,193 (87,069 ) — Total interest income 178,453 75,914 94,215 (87,069 ) 261,513 Interest expense 6,584 1,611 376 — 8,571 Charge for funds used (1) 4,236 62,137 20,696 (87,069 ) — Total interest expense 10,820 63,748 21,072 (87,069 ) 8,571 Net interest income 167,633 12,166 73,143 — 252,942 Recapture of provision for loan losses — — (5,600 ) — (5,600 ) Net interest income after recapture of provision for loan losses 167,633 12,166 78,743 — 258,542 Noninterest income 20,677 (22 ) 12,828 — 33,483 Noninterest expense 48,568 859 77,362 — 126,789 Debt termination expense — 13,870 — — 13,870 Segment pre-tax profit (loss) $ 139,742 $ (2,585 ) $ 14,209 $ — $ 151,366 Segment assets as of December 31, 2015 $ 6,458,711 $ 3,345,060 $ 804,258 $ (2,936,829 ) $ 7,671,200 (1) Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. For the Year Ended December 31, 2014 Centers Treasury Other Eliminations Total (Dollars in thousands) Interest income, including loan fees $ 139,061 $ 71,369 $ 42,473 $ — $ 252,903 Credit for funds provided (1) 31,188 — 46,770 (77,958 ) — Total interest income 170,249 71,369 89,243 (77,958 ) 252,903 Interest expense 6,494 9,590 305 — 16,389 Charge for funds used (1) 3,823 54,885 19,250 (77,958 ) — Total interest expense 10,317 64,475 19,555 (77,958 ) 16,389 Net interest income 159,932 6,894 69,688 — 236,514 Recapture of provision for loan losses — — (16,100 ) — (16,100 ) Net interest income after recapture of provision for loan losses 159,932 6,894 85,788 — 252,614 Noninterest income 20,513 — 15,899 — 36,412 Noninterest expense 47,493 784 77,952 — 126,229 Debt termination expense — — — — — Segment pre-tax profit $ 132,952 $ 6,110 $ 23,735 $ — $ 162,797 Segment assets as of December 31, 2014 $ 6,002,390 $ 3,268,551 $ 757,093 $ (2,650,114 ) $ 7,377,920 (1) Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. For the Year Ended December 31, 2013 Centers Treasury Other Eliminations Total (Dollars in thousands) Interest income, including loan fees $ 139,369 $ 53,234 $ 40,170 $ — $ 232,773 Credit for funds provided (1) 26,754 — 41,987 (68,741 ) — Total interest income 166,123 53,234 82,157 (68,741 ) 232,773 Interest expense 6,137 9,700 670 — 16,507 Charge for funds used (1) 3,193 45,269 20,279 (68,741 ) — Total interest expense 9,330 54,969 20,949 (68,741 ) 16,507 Net interest income 156,793 (1,735 ) 61,208 — 216,266 Recapture of provision for loan losses — — (16,750 ) — (16,750 ) Net interest income after recapture of provision for loan losses 156,793 (1,735 ) 77,958 — 233,016 Noninterest income 20,733 2,094 2,460 — 25,287 Noninterest expense 45,268 714 68,046 — 114,028 Debt termination expense — — — — — Segment pre-tax profit (loss) $ 132,258 $ (355 ) $ 12,372 $ — $ 144,275 Segment assets as of December 31, 2013 $ 5,405,939 $ 2,866,760 $ 710,844 $ (2,318,576) $ 6,664,967 (1) Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. |
Derivative Financial Instrume50
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Instruments | As of December 31, 2015 and 2014, the total notional amount of the Company’s swaps was $189.0 million and $197.4 million, respectively. The location of the asset and liability, and their respective fair values are summarized in the tables below. December 31, 2015 Asset Derivatives Liability Derivatives Balance Sheet Fair Value Balance Sheet Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 9,344 Other liabilities $ 9,344 Total derivatives $ 9,344 $ 9,344 December 31, 2014 Asset Derivatives Liability Derivatives Balance Sheet Fair Value Balance Sheet Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 10,080 Other liabilities $ 10,080 Total derivatives $ 10,080 $ 10,080 |
Effect of Derivative Instruments on Consolidated Statement of Earnings | The following table summarizes the effect of derivative financial instruments on the consolidated statements of earnings for the periods presented. Derivatives Not Designated as Hedging Instruments Location of Gain Recognized in Income on Derivative Instruments Amount of Gain Recognized in For the Year Ended December 31, 2015 2014 2013 (Dollars in thousands) Interest rate swaps Other income $ 333 $ 133 $ — Total $ 333 $ 133 $ — |
Other Comprehensive Income (L51
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Summary of Components of OCI | The tables below provide a summary of the components of OCI for the periods presented. For the Year Ended December 31, 2015 2014 2013 Before-tax Tax effect After-tax Before-tax Tax effect After-tax Before-tax Tax effect After-tax (Dollars in thousands) Investment securities: Net change in fair value recorded in accumulated OCI $ (22,667 ) $ (9,519 ) $ (13,148 ) $ 69,661 $ 29,256 $ 40,405 $ (88,562 ) $ (37,196 ) $ (51,366 ) Cumulative-effect adjustment for unrealized gains on securities transferred from available-for-sale to held-to-maturity 6,690 2,808 3,882 — — — — — — Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity (1,573 ) (660 ) (913 ) — — — — — — Net realized loss (gain) reclassified into earnings 22 9 13 — — — (2,094 ) (879 ) (1,215 ) Net change $ (17,528 ) $ (7,362 ) $ (10,166 ) $ 69,661 $ 29,256 $ 40,405 $ (90,656 ) $ (38,075 ) $ (52,581 ) |
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, 2014 $ (9,330 ) Net change in fair value recorded in accumulated OCI 40,405 Net realized loss reclassified into earnings — Balance, December 31, 2014 $ 31,075 Net change in fair value recorded in accumulated OCI (10,179 ) Net realized loss reclassified into earnings 13 Balance, December 31, 2015 $ 20,909 |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Schedule of Balance Sheet Offsetting | The repurchase agreements are not offset in the consolidated balances. Gross Amounts Gross Amounts Consolidated Net Amounts of Gross Amounts Not Offset in the Balance Sheets Financial Collateral Net Amount (Dollars in thousands) December 31, 2015 Financial assets: Derivatives not designated as hedging instruments $ 9,344 $ — $ — $ 9,344 $ — $ 9,344 Total $ 9,344 $ — $ — $ 9,344 $ — $ 9,344 Financial liabilities: Derivatives not designated as hedging instruments $ 9,348 $ (4 ) $ 9,344 $ 4 $ (16,572 ) $ (7,224 ) Repurchase agreements 690,704 — 690,704 — (721,102 ) (30,398 ) Total $ 700,052 $ (4 ) $ 700,048 $ 4 $ (737,674 ) $ (37,622 ) 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 ) |
Condensed Financial Informati53
Condensed Financial Information of Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | CONDENSED BALANCE SHEETS As of December 31, 2015 2014 (Dollars in thousands) Assets Investment in subsidiaries $ 939,064 $ 895,972 Other assets, net 23,642 19,069 Total assets $ 962,706 $ 915,041 Liabilities $ 39,307 $ 36,932 Stockholders’ equity 923,399 878,109 Total liabilities and stockholders’ equity $ 962,706 $ 915,041 |
Condensed Statements of Earnings | CONDENSED STATEMENTS OF EARNINGS For the Year Ended December 31, 2015 2014 2013 (Dollars in thousands) Excess in net earnings of subsidiaries $ 53,259 $ 66,119 $ 33,149 Dividends from the Bank 49,000 41,000 63,000 Other expense, net (3,114 ) (3,098 ) (541 ) Net earnings $ 99,145 $ 104,021 $ 95,608 |
Condensed Statements of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2015 2014 2013 (Dollars in thousands) Cash Flows from Operating Activities Net earnings $ 99,145 $ 104,021 $ 95,608 Adjustments to reconcile net earnings to cash used in operating activities: Earnings of subsidiaries (102,259 ) (107,119 ) (96,149 ) Tax settlement received from the Bank 1,233 1,812 1,903 Stock-based compensation 2,733 2,988 1,926 Other operating activities, net (2,180 ) (3,080 ) 241 Total adjustments (100,473 ) (105,399 ) (92,079 ) Net cash (used in) provided by operating activities (1,328 ) (1,378 ) 3,529 Cash Flows from Investing Activities Dividends received from the Bank 49,000 41,000 63,000 Net cash provided by investing activities 49,000 41,000 63,000 Cash Flows from Financing Activities Repayment of junior subordinated debentures — — (41,238 ) Cash dividends on common stock (48,862 ) (42,298 ) (29,939 ) Proceeds from exercise of stock options 5,144 5,522 4,517 Tax benefit related to exercise of stock options 308 1,116 475 Repurchase of common stock (834 ) (5,474 ) (559 ) Net cash used in financing activities (44,244 ) (41,134 ) (66,744 ) Net increase (decrease) in cash and cash equivalents 3,428 (1,512 ) (215 ) Cash and cash equivalents, beginning of period 13,532 15,044 15,259 Cash and cash equivalents, end of period $ 16,960 $ 13,532 $ 15,044 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Financial Data | The following table sets forth our unaudited, quarterly results for the periods indicated. For the Three Months Ended December 31, September 30, June 30, March 31, (Dollars in thousands, except per share amounts) 2015 Net interest income $ 63,258 $ 65,917 $ 62,758 $ 61,009 Recapture of provision for loan losses (1,100 ) (2,500 ) (2,000 ) — Net earnings 28,613 27,886 26,813 15,833 Basic earnings per common share 0.27 0.26 0.25 0.15 Diluted earnings per common share 0.27 0.26 0.25 0.15 2014 Net interest income $ 61,175 $ 61,238 $ 57,159 $ 56,942 Recapture of provision for loan losses — (1,000 ) (7,600 ) (7,500 ) Net earnings 25,581 24,295 25,484 28,661 Basic earnings per common share 0.24 0.23 0.24 0.27 Diluted earnings per common share 0.24 0.23 0.24 0.27 |
Business - Additional Informati
Business - Additional Information (Detail) $ in Millions | Dec. 31, 2015FinancialCentersSubsidiary | Oct. 14, 2015USD ($)Branch |
Schedule Of Description Of Company [Line Items] | ||
Number of inactive subsidiaries | Subsidiary | 1 | |
Bank operated Business Financial Centers, number | 40 | |
Bank operated Commercial Banking Centers, number | 8 | |
Bank operated trust offices, number | 3 | |
County Commerce Bank [Member] | ||
Schedule Of Description Of Company [Line Items] | ||
Total assets of merger company | $ | $ 250 | |
Number of branches owned by merger company | Branch | 4 |
Summary of Significant Accoun56
Summary of Significant Accounting Policies - Additional Information (Detail) | Oct. 16, 2009USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)SegmentOfficePortfolios |
Summary Of Significant Accounting Policies [Line Items] | |||
Number of operating business segments | Segment | 2 | ||
Fair value of securities | $ 898,600,000 | ||
Net unrealized holding gain after tax | $ 3,900,000 | ||
Number of days on which collection of interest on principal is no longer probable | 90 days | ||
Period over which borrower has to demonstrate repayment performance in compliance with restructured terms to take loan out of nonaccrual status | 6 months | ||
Original terms of modified loans | 6 months | ||
Number of days on which charge-offs unsecured consumer loans are recorded | 120 days | ||
Minimum loan amount for credit review process | $ 1,000,000 | ||
Allowance for loan losses look-back period, revised | Rolling 20-quarters | ||
Number of loan segments with similar risk characteristics | Portfolios | 8 | ||
Agreed percentage of losses in loss sharing agreement | 80.00% | ||
Loss amount with respect to covered assets | $ 26,700,000 | ||
Agreed percentage of reimbursement in loss sharing agreement | 95.00% | ||
Commercial loans expiration date | Oct. 16, 2014 | ||
Goodwill impairment | $ 0 | ||
Number of offices providing services, CitizensTrust | Office | 3 | ||
Assets under administration, CitizensTrust | $ 2,420,000,000 | ||
Assets under management, CitizensTrust | $ 1,880,000,000 | ||
Commercial Loans [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Loss sharing agreement term | 5 years | ||
Loss recovery provisions term | 8 years | ||
Single-family Residential Loans [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Loss sharing agreement term | 10 years | ||
Loss recovery provisions term | 10 years | ||
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of days over which principal or interest payments are past due to consider loans, excluding PCI loans | 30 days | ||
Number of days for which principal or interest payments on loans, excluding PCI loans remain accrual | 30 days | ||
Length of modified debt term | 3 months | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of days for which principal or interest payments on loans, excluding PCI loans remain accrual | 89 days | ||
Length of modified debt term | 12 months | ||
Loss recoveries on covered assets | $ 144,000,000 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies - Summary of Useful Lives of Principal Classes of Assets (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |
Estimated economic lives of leasehold improvements | Shorter of estimated economic lives of 15 years or term of the lease. |
Minimum [Member] | Bank Premises [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 15 years |
Minimum [Member] | Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 3 years |
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 5 years |
Maximum [Member] | Bank Premises [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 39 years |
Maximum [Member] | Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 5 years |
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 7 years |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Thousands | May. 15, 2014USD ($)Branches | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014Branches | Dec. 31, 2013USD ($) |
Business Acquisition [Line Items] | |||||
Acquisition date | Oct. 16, 2009 | ||||
Goodwill | $ 74,244 | $ 74,244 | $ 55,097 | ||
Non-recurring merger related expenses | 475 | $ 1,973 | |||
American Security Bank [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition date | May 15, 2014 | ||||
Acquired assets and assumed liabilities for cash | $ 57,000 | ||||
Number of branches owned by merger company | Branches | 5 | ||||
Goodwill | $ 19,100 | ||||
Total fair value of assets acquired | 436,400 | ||||
Cash and cash due from banks | 117,800 | ||||
Investment securities available for sale | 44,500 | ||||
FHLB stock | 1,900 | ||||
Loans receivable | 242,700 | ||||
Fixed assets | 4,800 | ||||
Core deposit intangible assets | 2,100 | ||||
Other real estate owned | 1,600 | ||||
Other assets | 1,800 | ||||
Total fair value of liabilities assumed | 379,400 | ||||
Deposits | 378,400 | ||||
Other liabilities | $ 1,000 | ||||
Non-recurring merger related expenses | $ 0 | $ 2,000 | |||
American Security Bank [Member] | Electronic Branch [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of branches owned by merger company | Branches | 2 | ||||
Number of banking vestibules closed | Branches | 2 | ||||
American Security Bank [Member] | Loan Production Office [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of branches owned by merger company | Branches | 1 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Amortized Cost, Available-for-sale | $ 2,337,715 | $ 3,083,582 |
Gross Unrealized Holding Gain, Available-for-sale | 33,776 | 65,754 |
Gross Unrealized Holding Loss, Available-for-sale | (2,845) | (12,178) |
Fair Value, Available-for-sale | $ 2,368,646 | $ 3,137,158 |
Total Percent, Available-for-sale | 100.00% | 100.00% |
Amortized Cost, Held-to-maturity | $ 850,989 | $ 1,528 |
Gross Unrealized Holding Gain, Held-to-maturity | 4,796 | 649 |
Gross Unrealized Holding Loss, Held-to-maturity | (2,746) | 0 |
Fair Value, Held-to-maturity | $ 853,039 | $ 2,177 |
Total Percent, Held-to-maturity | 100.00% | 100.00% |
CMO's/REMIC's - Residential [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Amortized Cost, Available-for-sale | $ 380,166 | $ 297,318 |
Gross Unrealized Holding Gain, Available-for-sale | 4,689 | 7,050 |
Gross Unrealized Holding Loss, Available-for-sale | (1,074) | (277) |
Fair Value, Available-for-sale | $ 383,781 | $ 304,091 |
Total Percent, Available-for-sale | 16.20% | 9.69% |
Amortized Cost, Held-to-maturity | $ 1,284 | $ 1,528 |
Gross Unrealized Holding Gain, Held-to-maturity | 569 | 649 |
Gross Unrealized Holding Loss, Held-to-maturity | 0 | 0 |
Fair Value, Held-to-maturity | $ 1,853 | $ 2,177 |
Total Percent, Held-to-maturity | 0.15% | 100.00% |
Government Agency/GSEs [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Amortized Cost, Available-for-sale | $ 5,752 | $ 339,071 |
Gross Unrealized Holding Gain, Available-for-sale | 0 | |
Gross Unrealized Holding Loss, Available-for-sale | (7) | (8,228) |
Fair Value, Available-for-sale | $ 5,745 | $ 330,843 |
Total Percent, Available-for-sale | 0.24% | 10.55% |
Amortized Cost, Held-to-maturity | $ 293,338 | |
Gross Unrealized Holding Gain, Held-to-maturity | 1,176 | |
Gross Unrealized Holding Loss, Held-to-maturity | (734) | |
Fair Value, Held-to-maturity | $ 293,780 | |
Total Percent, Held-to-maturity | 34.47% | |
Residential Mortgage-backed Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Amortized Cost, Available-for-sale | $ 1,788,857 | $ 1,884,370 |
Gross Unrealized Holding Gain, Available-for-sale | 26,001 | 36,154 |
Gross Unrealized Holding Loss, Available-for-sale | (1,761) | (3,028) |
Fair Value, Available-for-sale | $ 1,813,097 | $ 1,917,496 |
Total Percent, Available-for-sale | 76.55% | 61.12% |
Amortized Cost, Held-to-maturity | $ 232,053 | |
Gross Unrealized Holding Gain, Held-to-maturity | 0 | |
Gross Unrealized Holding Loss, Held-to-maturity | (1,293) | |
Fair Value, Held-to-maturity | $ 230,760 | |
Total Percent, Held-to-maturity | 27.27% | |
Municipal Bonds [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Amortized Cost, Available-for-sale | $ 157,940 | $ 557,823 |
Gross Unrealized Holding Gain, Available-for-sale | 3,036 | 22,463 |
Gross Unrealized Holding Loss, Available-for-sale | (3) | (645) |
Fair Value, Available-for-sale | $ 160,973 | $ 579,641 |
Total Percent, Available-for-sale | 6.80% | 18.48% |
Amortized Cost, Held-to-maturity | $ 324,314 | |
Gross Unrealized Holding Gain, Held-to-maturity | 3,051 | |
Gross Unrealized Holding Loss, Held-to-maturity | (719) | |
Fair Value, Held-to-maturity | $ 326,646 | |
Total Percent, Held-to-maturity | 38.11% | |
Other Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Amortized Cost, Available-for-sale | $ 5,000 | $ 5,000 |
Gross Unrealized Holding Gain, Available-for-sale | 50 | 87 |
Gross Unrealized Holding Loss, Available-for-sale | 0 | |
Fair Value, Available-for-sale | $ 5,050 | $ 5,087 |
Total Percent, Available-for-sale | 0.21% | 0.16% |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Fair value of securities | $ 898,600,000 | |||
Net unrealized holding gain after tax | $ 3,900,000 | |||
Gains (loss) recognized | $ (22,000) | $ 0 | $ 2,100,000 | |
Average life of investment grade debt securities, years | 4 years 3 months 18 days | |||
Credit-related impairment loss on investment securities held-to-maturity | $ 0 | 0 | ||
Investment securities pledged as collateral | 2,810,000,000 | $ 3,110,000,000 | ||
Investment in FHLB stock, impairment losses | $ 0 | |||
United States [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Securities issued by U.S. government percentage | 85.00% | |||
Government Agency/GSEs [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Agency bond callable | $ 215,600,000 | |||
Municipal Bonds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Average life of investment grade debt securities, years | 8 years 4 months 24 days | |||
CMO's/REMIC's - Residential [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
CMOs backed by whole loans issued by private-label companies (non-government sponsored) | $ 1,500,000 | |||
Investment contractual cash flows guaranteed by Government, percentage | 99.94% | |||
Investment contractual cash flows guaranteed by banks, percentage | 0.06% |
Investment Securities - Summa61
Investment Securities - Summary of Interest Income Earned on Investment Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Investment Income [Line Items] | |||
Total investment income | $ 72,208 | $ 68,378 | $ 50,399 |
Investment securities available-for-sale [Member] | |||
Net Investment Income [Line Items] | |||
Taxable | 48,854 | 47,301 | 28,186 |
Tax-advantaged | 14,336 | 20,913 | 22,025 |
Investment securities held-to-maturity [Member] | |||
Net Investment Income [Line Items] | |||
Taxable | 4,451 | 164 | 188 |
Tax-advantaged | $ 4,567 | $ 0 | $ 0 |
Investment Securities - Summa62
Investment Securities - Summary of Continuous Unrealized Loss Position of Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | $ 615,765 | $ 43,813 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | 2,844 | 55 |
Fair Value, 12 Months or Longer, Available-for-sale | 5,961 | 509,509 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | 1 | 12,123 |
Fair Value, Available-for-sale | 621,726 | 553,322 |
Gross Unrealized Holding Losses, Available-for-sale | 2,845 | 12,178 |
Fair Value, Less Than 12 Months, Held-to-maturity | 425,374 | |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (2,746) | |
Fair Value, 12 Months or Longer, Held-to-maturity | 0 | |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | 0 | |
Fair Value, Held-to-maturity | 425,374 | |
Gross Unrealized Holding Losses, Held-to-maturity | (2,746) | |
CMO's/REMIC's - Residential [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 171,923 | 0 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | 1,074 | 0 |
Fair Value, 12 Months or Longer, Available-for-sale | 0 | 31,143 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | 0 | 277 |
Fair Value, Available-for-sale | 171,923 | 31,143 |
Gross Unrealized Holding Losses, Available-for-sale | 1,074 | 277 |
Fair Value, Less Than 12 Months, Held-to-maturity | 0 | |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | 0 | |
Fair Value, 12 Months or Longer, Held-to-maturity | 0 | |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | 0 | |
Fair Value, Held-to-maturity | 0 | |
Gross Unrealized Holding Losses, Held-to-maturity | 0 | |
Government Agency/GSEs [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 5,745 | 22,224 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | 7 | 28 |
Fair Value, 12 Months or Longer, Available-for-sale | 0 | 307,873 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | 0 | 8,200 |
Fair Value, Available-for-sale | 5,745 | 330,097 |
Gross Unrealized Holding Losses, Available-for-sale | 7 | 8,228 |
Fair Value, Less Than 12 Months, Held-to-maturity | 84,495 | |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (734) | |
Fair Value, 12 Months or Longer, Held-to-maturity | 0 | |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | 0 | |
Fair Value, Held-to-maturity | 84,495 | |
Gross Unrealized Holding Losses, Held-to-maturity | (734) | |
Residential Mortgage-backed Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 437,699 | 19,636 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | 1,761 | 4 |
Fair Value, 12 Months or Longer, Available-for-sale | 0 | 145,681 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | 0 | 3,024 |
Fair Value, Available-for-sale | 437,699 | 165,317 |
Gross Unrealized Holding Losses, Available-for-sale | 1,761 | 3,028 |
Fair Value, Less Than 12 Months, Held-to-maturity | 230,760 | |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (1,293) | |
Fair Value, 12 Months or Longer, Held-to-maturity | 0 | |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | 0 | |
Fair Value, Held-to-maturity | 230,760 | |
Gross Unrealized Holding Losses, Held-to-maturity | (1,293) | |
Municipal Bonds [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 398 | 1,953 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | 2 | 23 |
Fair Value, 12 Months or Longer, Available-for-sale | 5,961 | 24,812 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | 1 | 622 |
Fair Value, Available-for-sale | 6,359 | 26,765 |
Gross Unrealized Holding Losses, Available-for-sale | 3 | 645 |
Fair Value, Less Than 12 Months, Held-to-maturity | 110,119 | |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (719) | |
Fair Value, 12 Months or Longer, Held-to-maturity | 0 | |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | 0 | |
Fair Value, Held-to-maturity | 110,119 | |
Gross Unrealized Holding Losses, Held-to-maturity | (719) | |
Other Securities [Member] | ||
Schedule Of Available For Sale Securities And Held To Maturity [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 0 | |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | 0 | |
Fair Value, 12 Months or Longer, Available-for-sale | 0 | |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | 0 | |
Fair Value, Available-for-sale | 0 | |
Gross Unrealized Holding Losses, Available-for-sale | $ 0 | |
Fair Value, Less Than 12 Months, Held-to-maturity | 0 | |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | 0 | |
Fair Value, 12 Months or Longer, Held-to-maturity | 0 | |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | 0 | |
Fair Value, Held-to-maturity | 0 | |
Gross Unrealized Holding Losses, Held-to-maturity | $ 0 |
Investment Securities - Summa63
Investment Securities - Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost, Held-to-maturity | $ 0 | |
Due after one year through five years, Amortized Cost, Held-to-maturity | 153,226 | |
Due after five years through ten years, Amortized Cost, Held-to-maturity | 376,604 | |
Due after ten years, Amortized Cost, Held-to-maturity | 321,159 | |
Total Held-to-maturity, Debt Maturities, Amortized Cost Basis | 850,989 | |
Due in one year or less, Fair Value, Held-to-maturity | 0 | |
Due after one year through five years, Fair Value, Held-to-maturity | 153,004 | |
Due after five years through ten years, Fair Value, Held-to-maturity | 376,113 | |
Due after ten years, Fair Value, Held-to-maturity | 323,922 | |
Total, Held-to-maturity, Fair Value | 853,039 | |
Due in one year or less, Amortized Cost, Available-for-sale | 13,758 | |
Due after one year through five years, Amortized Cost, Available-for-sale | 1,967,040 | |
Due after five years through ten years, Amortized Cost, Available-for-sale | 129,268 | |
Due after ten years, Amortized Cost, Available-for-sale | 227,649 | |
Amortized Cost, Available-for-sale | 2,337,715 | $ 3,083,582 |
Due in one year or less, Fair Value, Available-for-sale | 13,980 | |
Due after one year through five years, Fair Value, Available-for-sale | 1,993,960 | |
Due after five years through ten years, Fair Value, Available-for-sale | 130,620 | |
Due after ten years, Fair Value, Available-for-sale | 230,086 | |
Total Available-for-sale Securities, Debt Maturities, Available-for-sale, Fair Value | $ 2,368,646 | $ 3,137,158 |
Acquired SJB Assets and FDIC 64
Acquired SJB Assets and FDIC Loss Sharing Asset - Additional Information (Detail) - USD ($) | Oct. 16, 2009 | Dec. 31, 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 | $ 3,900,000 | ||
Expected cash flows | $ 2,100,000 | ||
Remaining average lives of respective pools loans | 3 years | ||
Allowance for PCI loans losses | $ 0 | $ 0 | |
Claims submitted for net losses on PCI loans | $ 120,100,000 |
Acquired SJB Assets and FDIC 65
Acquired SJB Assets and FDIC Loss Sharing Asset - Summary of PCI Loans and Lease Finance Receivables (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Real estate: | ||
Less: Allowance for PCI loan losses | $ 0 | $ 0 |
PCI Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 7,473,000 | 14,605,000 |
SBA | 393,000 | 1,110,000 |
Real estate: | ||
Commercial real estate | 81,786,000 | 109,350,000 |
Construction | 0 | 0 |
SFR mortgage | 193,000 | 205,000 |
Dairy & livestock and agribusiness | 1,429,000 | 4,890,000 |
Municipal lease finance receivables | 0 | 0 |
Consumer and other loans | 2,438,000 | 3,336,000 |
Gross PCI loans | 93,712,000 | 133,496,000 |
Less: Purchase accounting discount | (3,872,000) | (7,129,000) |
Gross PCI loans, net of discount | 89,840,000 | 126,367,000 |
Less: Allowance for PCI loan losses | 0 | 0 |
Net PCI loans | $ 89,840,000 | $ 126,367,000 |
Acquired SJB Assets and FDIC 66
Acquired SJB Assets and FDIC Loss Sharing Asset - Summary of PCI Loans by Internal Risk Ratings (Detail) - PCI Loans [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total PCI gross loans | $ 93,712 | $ 133,496 |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total PCI gross loans | 24,210 | 26,706 |
Watch List [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total PCI gross loans | 52,191 | 77,371 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total PCI gross loans | 11,142 | 8,203 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total PCI gross loans | 6,169 | 21,216 |
Doubtful & Loss [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total PCI gross loans | $ 0 | $ 0 |
Acquired SJB Assets and FDIC 67
Acquired SJB Assets and FDIC Loss Sharing (Liability) Asset - Summary of Activity Related to FDIC Loss Sharing Asset (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
FDIC Indemnification Asset [Roll Forward] | ||
Balance, beginning of period | $ 299 | $ 4,764 |
FDIC share of additional losses, net of recoveries | (902) | 342 |
Cash paid to FDIC, net | 1,089 | 1,134 |
Net amortization | 0 | (3,932) |
Other reductions, net | (715) | (2,009) |
Balance, end of period | $ (229) | $ 299 |
Loans and Lease Finance Recei68
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 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans, excluding PCI loans | $ 2,910,000 | |||
Gross loans, excluding PCI loans, net of deferred loan fees | 4,016,937 | $ 3,817,067 | ||
Less: Allowance for loan losses | (59,156) | (59,825) | ||
Total loans and lease finance receivables | 3,957,781 | 3,757,242 | ||
PCI Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial and industrial | 7,473 | 14,605 | ||
PCI Loans | 93,712 | 133,496 | ||
SBA | 393 | 1,110 | ||
Discount on PCI loans | (3,872) | (7,129) | ||
Commercial real estate | 81,786 | 109,350 | ||
Construction | 0 | 0 | ||
SFR mortgage | 193 | 205 | ||
Dairy & livestock and agribusiness | 1,429 | 4,890 | ||
Municipal lease finance receivables | 0 | 0 | ||
Consumer and other loans | 2,438 | 3,336 | ||
Net PCI loans | 89,840 | 126,367 | ||
Loans, Excluding PCI Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial and industrial | 434,099 | 390,011 | ||
SBA | 106,867 | 134,265 | ||
Commercial real estate | 2,643,184 | 2,487,803 | ||
Construction | 68,563 | 55,173 | ||
SFR mortgage | 233,754 | 205,124 | ||
Dairy & livestock and agribusiness | 305,509 | 279,173 | ||
Municipal lease finance receivables | 74,135 | 77,834 | ||
Consumer and other loans | 69,278 | 69,884 | ||
Total gross loans, excluding PCI loans | 3,935,389 | 3,699,267 | ||
Less: Deferred loan fees, net | (8,292) | (8,567) | ||
Gross loans, excluding PCI loans, net of deferred loan fees | 3,927,097 | 3,690,700 | ||
Less: Allowance for loan losses | (59,156) | (59,825) | $ (75,235) | $ (92,441) |
Net PCI loans | $ 3,867,941 | $ 3,630,875 |
Loans and Lease Finance Recei69
Loans and Lease Finance Receivables and Allowance for Loan Losses - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)SecurityLoan | Dec. 31, 2014USD ($)SecurityLoan | Dec. 31, 2013USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total fixed rate loans held | $ 1,970,000,000 | ||
Secure borrowings and available lines of credit from FHLB and Federal Reserve Bank | 2,910,000,000 | $ 2,780,000,000 | |
Loans held-for-sale | 0 | 0 | |
Impaired, at carrying value | 63,706,000 | 85,792,000 | $ 106,909,000 |
Loans classified as troubled debt restructured | 55,300,000 | ||
Provision for unfunded loan commitments | 500,000 | 1,250,000 | $ (500,000) |
Reserve for credit risk for undisbursed commitments | 7,200,000 | 7,700,000 | |
Allocation of allowance to troubled debt restructuring | $ 607,000 | 726,000 | |
Commercial Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of total gross loan portfolio (excluding PCI loans) | 67.16% | ||
Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of total gross loan portfolio (excluding PCI loans) | 1.74% | ||
Nonaccrual Small Business Administration Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | $ 2,567,000 | ||
Impaired Loans Modified in Troubled Debt Restructure [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired, at carrying value | 55,300,000 | ||
Nonaccrual Single Family Mortgage Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 2,700,000 | ||
Nonaccrual Commercial Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 14,500,000 | ||
Nonaccrual Consumer Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 519,000 | ||
Loans, Excluding PCI Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 2,643,184,000 | 2,487,803,000 | |
Dairy & livestock and agribusiness | 305,509,000 | 279,173,000 | |
Impaired, at carrying value | 85,800,000 | ||
Outstanding balance | 21,019,000 | 32,186,000 | |
Loans, Excluding PCI Loans [Member] | Nonaccrual Commercial and Industrial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 704,000 | ||
Loans, Excluding PCI Loans [Member] | Dairy & Livestock Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Dairy & livestock and agribusiness | 287,000,000 | 268,100,000 | |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 704,000 | 2,308,000 | |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 2,567,000 | 2,481,000 | |
Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 519,000 | 736,000 | |
Loans, Excluding PCI Loans [Member] | Agribusiness Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Dairy & livestock and agribusiness | $ 18,500,000 | $ 11,100,000 | |
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) | 654000000.00% | 666000000.00% | |
Commercial real estate loans | $ 173,000,000 | $ 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 | 128,400,000 | 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 | 44,600,000 | $ 21,500,000 | |
Nonperforming Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired, at carrying value | 12,600,000 | ||
Loans classified as troubled debt restructured | 12,600,000 | ||
Performing Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired, at carrying value | 63,700,000 | ||
Loans classified as troubled debt restructured | $ 42,700,000 | ||
Number of performing loans | SecurityLoan | 34 | ||
Performing Financing Receivable [Member] | Commercial Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructured | $ 25,800,000 | ||
Number of loans | SecurityLoan | 13 | ||
Performing Financing Receivable [Member] | Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructured | $ 7,700,000 | ||
Number of loans | SecurityLoan | 1 | ||
Performing Financing Receivable [Member] | Dairy & Livestock Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructured | $ 3,700,000 | ||
Number of loans | SecurityLoan | 2 | ||
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 | ||
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 | $ 939,000 | ||
Number of loans | SecurityLoan | 5 | ||
Performing Financing Receivable [Member] | Small Business Administration [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructured | $ 681,000 | ||
Number of loans | SecurityLoan | 1 | ||
Performing Financing Receivable [Member] | Consumer and Other Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructured | $ 414,000 | ||
Number of loans | SecurityLoan | 1 | ||
Number of loans removed from TDR classification | SecurityLoan | 0 | 0 | |
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 | $ 669,000 |
Loans and Lease Finance Recei70
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Loan, Excluding PCI Loans by Internal Risk Ratings (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans, excluding PCI loans | $ 2,910,000 | |
Loans, Excluding PCI Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 434,099 | $ 390,011 |
SBA | 106,867 | 134,265 |
Commercial real estate, Owner occupied | 838,353 | 790,367 |
Commercial real estate, Non-owner occupied | 1,804,831 | 1,697,436 |
Construction, Speculative | 45,837 | 36,574 |
Construction, Non-speculative | 22,726 | 18,599 |
SFR mortgage | 233,754 | 205,124 |
Dairy & livestock and agribusiness | 305,509 | 279,173 |
Municipal lease finance receivables | 74,135 | 77,834 |
Consumer and other loans | 69,278 | 69,884 |
Total gross loans, excluding PCI loans | 3,935,389 | 3,699,267 |
Pass [Member] | Loans, Excluding PCI Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 299,436 | 234,029 |
SBA | 65,827 | 84,769 |
Commercial real estate, Owner occupied | 638,026 | 552,072 |
Commercial real estate, Non-owner occupied | 1,545,688 | 1,347,006 |
Construction, Speculative | 31,999 | 28,310 |
Construction, Non-speculative | 22,726 | 18,071 |
SFR mortgage | 209,518 | 174,311 |
Dairy & livestock and agribusiness | 131,026 | 174,783 |
Municipal lease finance receivables | 44,805 | 35,463 |
Consumer and other loans | 53,027 | 62,904 |
Total gross loans, excluding PCI loans | 3,042,078 | 2,711,718 |
Watch List [Member] | Loans, Excluding PCI Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 99,215 | 105,904 |
SBA | 21,614 | 24,124 |
Commercial real estate, Owner occupied | 134,088 | 159,908 |
Commercial real estate, Non-owner occupied | 195,927 | 241,809 |
Construction, Speculative | 6,187 | 613 |
Construction, Non-speculative | 0 | 528 |
SFR mortgage | 17,689 | 20,218 |
Dairy & livestock and agribusiness | 154,621 | 85,660 |
Municipal lease finance receivables | 24,389 | 22,349 |
Consumer and other loans | 11,817 | 2,233 |
Total gross loans, excluding PCI loans | 665,547 | 663,346 |
Special Mention [Member] | Loans, Excluding PCI Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 33,000 | 33,795 |
SBA | 13,169 | 15,858 |
Commercial real estate, Owner occupied | 54,758 | 46,248 |
Commercial real estate, Non-owner occupied | 26,170 | 56,353 |
Construction, Speculative | 0 | 0 |
Construction, Non-speculative | 0 | 0 |
SFR mortgage | 3,556 | 2,442 |
Dairy & livestock and agribusiness | 19,862 | 8,612 |
Municipal lease finance receivables | 4,941 | 20,022 |
Consumer and other loans | 1,618 | 1,789 |
Total gross loans, excluding PCI loans | 157,074 | 185,119 |
Substandard [Member] | Loans, Excluding PCI Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 2,403 | 16,031 |
SBA | 4,854 | 7,920 |
Commercial real estate, Owner occupied | 11,481 | 32,139 |
Commercial real estate, Non-owner occupied | 37,046 | 52,268 |
Construction, Speculative | 7,651 | 7,651 |
Construction, Non-speculative | 0 | 0 |
SFR mortgage | 2,991 | 8,153 |
Dairy & livestock and agribusiness | 0 | 10,015 |
Municipal lease finance receivables | 0 | 0 |
Consumer and other loans | 2,708 | 2,763 |
Total gross loans, excluding PCI loans | 69,134 | 136,940 |
Doubtful & Loss [Member] | Loans, Excluding PCI Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 45 | 252 |
SBA | 1,403 | 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 | 0 |
SFR mortgage | 0 | 0 |
Dairy & livestock and agribusiness | 0 | 103 |
Municipal lease finance receivables | 0 | 0 |
Consumer and other loans | 108 | 195 |
Total gross loans, excluding PCI loans | $ 1,556 | $ 2,144 |
Loans and Lease Finance Recei71
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Balance and Activity Related to Allowance for Loan Losses for Held-for-Investment Loans, Excluding PCI Loans by Portfolio Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | $ 59,825 | $ 59,825 | |||||||||
(Recapture of) Provision for Loan Losses | $ (1,100) | $ (2,500) | $ (2,000) | 0 | $ 0 | $ (1,000) | $ (7,600) | $ (7,500) | (5,600) | $ (16,100) | $ (16,750) |
Ending Balance | 59,156 | 59,825 | 59,156 | 59,825 | |||||||
Loans, Excluding PCI Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 59,825 | 75,235 | 59,825 | 75,235 | 92,441 | ||||||
Charge-offs | (1,009) | (2,369) | (2,851) | ||||||||
Recoveries | 5,940 | 3,059 | 2,395 | ||||||||
(Recapture of) Provision for Loan Losses | (5,600) | (16,100) | (16,750) | ||||||||
Ending Balance | 59,156 | 59,825 | 59,156 | 59,825 | 75,235 | ||||||
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 7,074 | 8,502 | 7,074 | 8,502 | 8,901 | ||||||
Charge-offs | (411) | (888) | (2,491) | ||||||||
Recoveries | 319 | 873 | 544 | ||||||||
(Recapture of) Provision for Loan Losses | 1,606 | (1,413) | 1,548 | ||||||||
Ending Balance | 8,588 | 7,074 | 8,588 | 7,074 | 8,502 | ||||||
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 2,557 | 2,332 | 2,557 | 2,332 | 2,751 | ||||||
Charge-offs | (37) | (50) | 0 | ||||||||
Recoveries | 41 | 114 | 215 | ||||||||
(Recapture of) Provision for Loan Losses | (1,568) | 161 | (634) | ||||||||
Ending Balance | 993 | 2,557 | 993 | 2,557 | 2,332 | ||||||
Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 33,373 | 39,402 | 33,373 | 39,402 | 47,457 | ||||||
Charge-offs | (117) | (353) | 0 | ||||||||
Recoveries | 4,330 | 140 | 402 | ||||||||
(Recapture of) Provision for Loan Losses | (591) | (5,816) | (8,457) | ||||||||
Ending Balance | 36,995 | 33,373 | 36,995 | 33,373 | 39,402 | ||||||
Loans, Excluding PCI Loans [Member] | Construction [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 988 | 1,305 | 988 | 1,305 | 2,291 | ||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Recoveries | 581 | 885 | 703 | ||||||||
(Recapture of) Provision for Loan Losses | 820 | (1,202) | (1,689) | ||||||||
Ending Balance | 2,389 | 988 | 2,389 | 988 | 1,305 | ||||||
Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 2,344 | 2,718 | 2,344 | 2,718 | 3,448 | ||||||
Charge-offs | (215) | 0 | (252) | ||||||||
Recoveries | 186 | 401 | 367 | ||||||||
(Recapture of) Provision for Loan Losses | (212) | (775) | (845) | ||||||||
Ending Balance | 2,103 | 2,344 | 2,103 | 2,344 | 2,718 | ||||||
Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 5,479 | 11,728 | 5,479 | 11,728 | 18,696 | ||||||
Charge-offs | 0 | (1,061) | 0 | ||||||||
Recoveries | 407 | 492 | 109 | ||||||||
(Recapture of) Provision for Loan Losses | 143 | (5,680) | (7,077) | ||||||||
Ending Balance | 6,029 | 5,479 | 6,029 | 5,479 | 11,728 | ||||||
Loans, Excluding PCI Loans [Member] | Municipal Lease Finance Receivables [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 1,412 | 2,335 | 1,412 | 2,335 | 1,588 | ||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
(Recapture of) Provision for Loan Losses | (259) | (923) | 747 | ||||||||
Ending Balance | 1,153 | 1,412 | 1,153 | 1,412 | 2,335 | ||||||
Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 1,262 | 960 | 1,262 | 960 | 1,170 | ||||||
Charge-offs | (229) | (17) | (108) | ||||||||
Recoveries | 76 | 154 | 55 | ||||||||
(Recapture of) Provision for Loan Losses | (203) | 165 | (157) | ||||||||
Ending Balance | $ 906 | 1,262 | 906 | 1,262 | 960 | ||||||
Loans, Excluding PCI Loans [Member] | Unallocated [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | $ 5,336 | $ 5,953 | 5,336 | 5,953 | 6,139 | ||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
(Recapture of) Provision for Loan Losses | $ (5,336) | (617) | (186) | ||||||||
Ending Balance | $ 5,336 | $ 5,336 | $ 5,953 |
Loans and Lease Finance Recei72
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 | Dec. 31, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | $ 63,706 | $ 85,792 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 3,871,683 | 3,613,475 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 669 | 1,549 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 58,487 | 58,276 |
Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 1,643 | 3,020 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 432,456 | 386,991 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 626 | 615 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 7,962 | 6,459 |
Small Business Administration [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 3,248 | 3,180 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 103,619 | 131,085 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 10 | 296 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 983 | 2,261 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 40,293 | 48,011 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 2,602,891 | 2,439,792 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 154 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 36,995 | 33,219 |
Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 7,651 | 7,651 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 60,912 | 47,522 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 13 | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 2,376 | 988 |
SFR Mortgage [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 6,253 | 6,979 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 227,501 | 198,145 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 20 | 35 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 2,083 | 2,309 |
Dairy & Livestock and Agribusiness [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 3,685 | 15,796 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 301,824 | 263,377 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 6,029 | 5,479 |
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 | 74,135 | 77,834 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,153 | 1,412 |
Consumer and Other Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 933 | 1,155 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 68,345 | 58,749 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 449 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 906 | 813 |
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 | 9,980 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | $ 0 | $ 5,336 |
Loans and Lease Finance Recei73
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 Class of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans, excluding PCI loans | $ 2,910,000 | |
Loans, Excluding PCI Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 1,436 | $ 1,681 |
Nonaccrual | 21,019 | 32,186 |
Current | 3,912,934 | 3,665,400 |
Total gross loans, excluding PCI loans | 3,935,389 | 3,699,267 |
Loans, Excluding PCI Loans [Member] | 30 - 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 1,436 | 1,543 |
Loans, Excluding PCI Loans [Member] | 60 - 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 138 |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 978 |
Nonaccrual | 704 | 2,308 |
Current | 433,395 | 386,725 |
Total gross loans, excluding PCI loans | 434,099 | 390,011 |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | 30 - 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 943 |
Loans, Excluding PCI Loans [Member] | 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 |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 75 |
Nonaccrual | 2,567 | 2,481 |
Current | 104,300 | 131,709 |
Total gross loans, excluding PCI loans | 106,867 | 134,265 |
Loans, Excluding PCI Loans [Member] | 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 |
Loans, Excluding PCI Loans [Member] | 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 |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 122 |
Nonaccrual | 4,174 | 4,072 |
Current | 834,179 | 786,173 |
Total gross loans, excluding PCI loans | 838,353 | 790,367 |
Loans, Excluding PCI Loans [Member] | 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 |
Loans, Excluding PCI Loans [Member] | 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 |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate Non-owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 354 | 0 |
Nonaccrual | 10,367 | 19,246 |
Current | 1,794,110 | 1,678,190 |
Total gross loans, excluding PCI loans | 1,804,831 | 1,697,436 |
Loans, Excluding PCI Loans [Member] | 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 | 354 | 0 |
Loans, Excluding PCI Loans [Member] | 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 | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Construction Speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Current | 45,837 | 36,574 |
Total gross loans, excluding PCI loans | 45,837 | 36,574 |
Loans, Excluding PCI Loans [Member] | Construction Speculative [Member] | 30 - 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Construction Speculative [Member] | 60 - 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Construction Non-speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Current | 22,726 | 18,599 |
Total gross loans, excluding PCI loans | 22,726 | 18,599 |
Loans, Excluding PCI Loans [Member] | 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 |
Loans, Excluding PCI Loans [Member] | 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 |
Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 1,082 | 425 |
Nonaccrual | 2,688 | 3,240 |
Current | 229,984 | 201,459 |
Total gross loans, excluding PCI loans | 233,754 | 205,124 |
Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | 30 - 59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 1,082 | 425 |
Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | 60 - 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 0 | 103 |
Current | 305,509 | 279,070 |
Total gross loans, excluding PCI loans | 305,509 | 279,173 |
Loans, Excluding PCI Loans [Member] | 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 |
Loans, Excluding PCI Loans [Member] | 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 |
Loans, Excluding PCI Loans [Member] | Municipal Lease Finance Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Current | 74,135 | 77,834 |
Total gross loans, excluding PCI loans | 74,135 | 77,834 |
Loans, Excluding PCI Loans [Member] | 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 |
Loans, Excluding PCI Loans [Member] | 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 |
Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 81 |
Nonaccrual | 519 | 736 |
Current | 68,759 | 69,067 |
Total gross loans, excluding PCI loans | 69,278 | 69,884 |
Loans, Excluding PCI Loans [Member] | 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 |
Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | 60 - 89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | $ 0 | $ 17 |
Loans and Lease Finance Recei74
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 Class of Loans (Parenthetical) (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing loans, current | $ 7,900,000 | $ 20,100,000 |
Nonaccruing loans, 30-59 days past due | 456,000 | 3,700,000 |
Nonaccruing loans, 60-89 days past due | 9,100,000 | |
90+ Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing loans, 90+ days past due | $ 3,500,000 | $ 8,500,000 |
Loans and Lease Finance Recei75
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 | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, Total impaired loans | $ 63,706 | $ 85,792 | $ 106,909 |
Unpaid Principal Balance, Total impaired loans | 71,062 | 100,527 | 118,157 |
Related Allowance, Total impaired loans | 669 | 1,549 | 3,174 |
Average Recorded Investment, Total impaired loans | 65,177 | 89,031 | 111,263 |
Interest Income Recognized, Total impaired loans | 2,676 | 3,234 | 3,059 |
Recorded Investment, With no related allowance recorded | 54,757 | 81,905 | 93,932 |
Unpaid Principal Balance, With no related allowance recorded | 61,984 | 95,968 | 104,487 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 56,192 | 86,433 | 97,003 |
Interest Income Recognized, With no related allowance recorded | 2,276 | 3,234 | 2,850 |
Recorded Investment, With a related allowance recorded | 8,949 | 3,887 | 12,977 |
Unpaid Principal Balance, With a related allowance recorded | 9,078 | 4,559 | 13,670 |
Related Allowance, With a related allowance recorded | 669 | 1,549 | 3,174 |
Average Recorded Investment, With a related allowance recorded | 8,985 | 2,598 | 14,260 |
Interest Income Recognized, With a related allowance recorded | 400 | 0 | 209 |
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 1,017 | 2,391 | 3,055 |
Unpaid Principal Balance, With no related allowance recorded | 1,894 | 3,624 | 3,843 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 1,122 | 2,487 | 3,248 |
Interest Income Recognized, With no related allowance recorded | 38 | 41 | 66 |
Recorded Investment, With a related allowance recorded | 626 | 629 | 293 |
Unpaid Principal Balance, With a related allowance recorded | 695 | 698 | 301 |
Related Allowance, With a related allowance recorded | 626 | 615 | 293 |
Average Recorded Investment, With a related allowance recorded | 637 | 552 | 305 |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | 0 |
Small Business Administration [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 3,207 | 1,853 | 1,613 |
Unpaid Principal Balance, With no related allowance recorded | 3,877 | 2,197 | 2,084 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 3,333 | 1,886 | 1,717 |
Interest Income Recognized, With no related allowance recorded | 51 | 53 | |
Recorded Investment, With a related allowance recorded | 41 | 1,327 | 72 |
Unpaid Principal Balance, With a related allowance recorded | 47 | 1,591 | 78 |
Related Allowance, With a related allowance recorded | 10 | 296 | 72 |
Average Recorded Investment, With a related allowance recorded | 45 | 714 | 81 |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | 0 |
Commercial Real Estate Owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 6,252 | 16,961 | 13,041 |
Unpaid Principal Balance, With no related allowance recorded | 7,445 | 18,166 | 14,133 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 6,718 | 18,027 | 13,463 |
Interest Income Recognized, With no related allowance recorded | 97 | 938 | 548 |
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 | 0 |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | 0 |
Commercial Real Estate Non-owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 34,041 | 30,068 | 20,399 |
Unpaid Principal Balance, With no related allowance recorded | 37,177 | 38,156 | 26,155 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 34,639 | 30,133 | 21,313 |
Interest Income Recognized, With no related allowance recorded | 1,787 | 723 | 817 |
Recorded Investment, With a related allowance recorded | 0 | 982 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 1,278 | 0 |
Related Allowance, With a related allowance recorded | 0 | 154 | 0 |
Average Recorded Investment, With a related allowance recorded | 0 | 573 | 0 |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | 0 |
Construction Speculative [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 7,651 | 17,617 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 7,651 | 18,408 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 0 | 7,651 | 18,043 |
Interest Income Recognized, With no related allowance recorded | 0 | 310 | 310 |
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 | 13 | 0 | 0 |
Average Recorded Investment, With a related allowance recorded | 7,651 | 0 | 0 |
Interest Income Recognized, With a related allowance recorded | 388 | 0 | 0 |
Construction Non-speculative [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | 9,201 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | 9,201 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | 9,217 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 572 |
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 | 0 |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | 0 |
SFR Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 5,665 | 6,512 | 10,919 |
Unpaid Principal Balance, With no related allowance recorded | 6,453 | 7,493 | 12,516 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 5,771 | 6,566 | 10,408 |
Interest Income Recognized, With no related allowance recorded | 109 | 110 | 103 |
Recorded Investment, With a related allowance recorded | 588 | 467 | 486 |
Unpaid Principal Balance, With a related allowance recorded | 640 | 484 | 489 |
Related Allowance, With a related allowance recorded | 20 | 35 | 103 |
Average Recorded Investment, With a related allowance recorded | 607 | 474 | 479 |
Interest Income Recognized, With a related allowance recorded | 12 | 0 | 0 |
Dairy & Livestock and Agribusiness [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 3,685 | 15,796 | 17,702 |
Unpaid Principal Balance, With no related allowance recorded | 3,684 | 17,587 | 17,702 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 3,687 | 19,060 | 19,205 |
Interest Income Recognized, With no related allowance recorded | 177 | 1,057 | 434 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 12,110 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 12,783 |
Related Allowance, With a related allowance recorded | 0 | 0 | 2,702 |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | 13,377 |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | 209 |
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 | 0 |
Interest Income Recognized, With no related allowance recorded | 0 | 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 | 0 |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | 0 |
Consumer and Other Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 890 | 673 | 385 |
Unpaid Principal Balance, With no related allowance recorded | 1,454 | 1,094 | 445 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 922 | 623 | 389 |
Interest Income Recognized, With no related allowance recorded | 17 | 2 | 0 |
Recorded Investment, With a related allowance recorded | 43 | 482 | 16 |
Unpaid Principal Balance, With a related allowance recorded | 45 | 508 | 19 |
Related Allowance, With a related allowance recorded | 0 | 449 | 4 |
Average Recorded Investment, With a related allowance recorded | 45 | 285 | 18 |
Interest Income Recognized, With a related allowance recorded | $ 0 | $ 0 | $ 0 |
Loans and Lease Finance Recei76
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 | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Receivables [Abstract] | |||
Recorded Investment, With no related allowance recorded | $ 54,757 | $ 81,905 | $ 93,932 |
Recorded Investment, With a related allowance recorded | 8,949 | 3,887 | 12,977 |
Recorded Investment, Total impaired loans | 63,706 | 85,792 | 106,909 |
Unpaid Principal Balance, With no related allowance recorded | 61,984 | 95,968 | 104,487 |
Unpaid Principal Balance, With a related allowance recorded | 9,078 | 4,559 | 13,670 |
Unpaid Principal Balance, Total impaired loans | 71,062 | 100,527 | 118,157 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 669 | 1,549 | 3,174 |
Related Allowance, Total impaired loans | 669 | 1,549 | 3,174 |
Average Recorded Investment, With no related allowance recorded | 56,192 | 86,433 | 97,003 |
Average Recorded Investment, With a related allowance recorded | 8,985 | 2,598 | 14,260 |
Average Recorded Investment, Total impaired loans | 65,177 | 89,031 | 111,263 |
Interest Income Recognized, With no related allowance recorded | 2,276 | 3,234 | 2,850 |
Interest Income Recognized, With a related allowance recorded | 400 | 0 | 209 |
Interest Income Recognized, Total impaired loans | $ 2,676 | $ 3,234 | $ 3,059 |
Loans and Lease Finance Recei77
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Activity Related to Troubled Debt Restructurings (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Financing Receivable, Modifications [Line Items] | ||
Total TDRs | $ 55,309 | $ 73,874 |
Performing TDRs [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Beginning balance | 53,589 | 66,955 |
New modifications | 3,689 | 462 |
Payoffs and payments, net | (15,235) | (14,527) |
TDRs returned to accrual status | 644 | 699 |
TDRs placed on nonaccrual status | 0 | 0 |
Ending balance | 42,687 | 53,589 |
Nonperforming TDRs [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Beginning balance | 20,285 | 25,119 |
New modifications | 661 | 4,372 |
Charge-offs | 0 | (1,061) |
Transfer to OREO | (842) | |
Payoffs and payments, net | 6,838 | 7,446 |
TDRs returned to accrual status | (644) | (699) |
TDRs placed on nonaccrual status | 0 | 0 |
Ending balance | $ 12,622 | $ 20,285 |
Loans and Lease Finance Recei78
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Loans Modified as Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)Contract | Dec. 31, 2014USD ($)Contract | Dec. 31, 2013USD ($)Contract | |
American Security Bank [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 6 | ||
Interest Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 3 | ||
Modified Loan [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 7 | 8 | 18 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 4,334 | $ 4,746 | $ 29,069 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 4,334 | 4,746 | 29,069 |
Troubled debt restructurings, Outstanding Recorded Investment | 4,266 | 4,597 | 24,719 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 203 | $ 185 | $ 244 |
Commercial and Industrial [Member] | Interest Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 0 | 3 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 553 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 553 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 522 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 185 | $ 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 | 4 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 203 | $ 0 | $ 621 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 203 | 0 | 621 |
Troubled debt restructurings, Outstanding Recorded Investment | 203 | 0 | 570 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 203 | $ 0 | $ 95 |
Small Business Administration [Member] | Interest Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 0 | ||
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | ||
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | ||
Troubled debt restructurings, Outstanding Recorded Investment | 0 | ||
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | ||
Small Business Administration [Member] | Change in Amortization Period or Maturity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 1 | ||
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 330 | ||
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 330 | ||
Troubled debt restructurings, Outstanding Recorded Investment | 320 | ||
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | ||
Commercial Real Estate Owner Occupied [Member] | Interest Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 0 | 1 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 199 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 199 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 187 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 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 | 2 | 0 | 1 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 823 | $ 0 | $ 168 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 823 | 0 | 168 |
Troubled debt restructurings, Outstanding Recorded Investment | 821 | 0 | 138 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 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 | 1 | 3 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 2,376 | $ 3,573 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 2,376 | 3,573 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 2,316 | 3,469 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 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 | 1 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 280 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 280 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 280 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 |
Single Family Mortgage Loans [Member] | Interest Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 1 | 3 | |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 322 | $ 1,365 | |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 322 | 1,365 | |
Troubled debt restructurings, Outstanding Recorded Investment | 326 | 1,349 | |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | |
Single Family Mortgage Loans [Member] | Change in Amortization Period or Maturity [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 | |
Dairy & Livestock and Agribusiness [Member] | Interest Rate Reduction [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 | |
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 | 10 | |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 26,915 | |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 26,915 | |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 22,662 | |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 149 | |
Consumer [Member] | Interest Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 1 | ||
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 421 | ||
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 421 | ||
Troubled debt restructurings, Outstanding Recorded Investment | 419 | ||
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | ||
Consumer [Member] | Change in Amortization Period or Maturity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 0 | ||
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | ||
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | ||
Troubled debt restructurings, Outstanding Recorded Investment | 0 | ||
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | ||
Construction Speculative [Member] | Interest Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 0 | ||
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | ||
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | ||
Troubled debt restructurings, Outstanding Recorded Investment | 0 | ||
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | ||
Construction Speculative [Member] | Change in Amortization Period or Maturity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 0 | ||
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | ||
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | ||
Troubled debt restructurings, Outstanding Recorded Investment | 0 | ||
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 |
Other Real Estate Owned - Summa
Other Real Estate Owned - Summary of Activity Related to Total OREO (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||
Balance, beginning of period | $ 5,637 | $ 6,979 |
Additions | 3,721 | 3,591 |
Dispositions | (2,203) | (4,868) |
Valuation adjustments | (162) | (65) |
Balance, end of period | $ 6,993 | $ 5,637 |
Goodwill and Other Intangible80
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Balance, beginning of period | $ 74,244 | $ 55,097 |
Addition from the ASB acquisition | 0 | 19,147 |
Balance, end of period | $ 74,244 | $ 74,244 |
Goodwill and Other Intangible81
Goodwill and Other Intangible Assets - Summary of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Balance of intangible assets, Gross CDI Carrying Amount, Beginning of period | $ 34,089 | $ 31,999 | |
Additions due to acquisitions | 0 | 2,090 | |
Balance of intangible assets, Gross CDI Carrying Amount, End of period | 34,089 | 34,089 | $ 31,999 |
Aggregate amortization expense, Gross CDI Carrying Amount | 949 | 1,137 | 1,127 |
Estimated Amortization Expense: | |||
Estimated Amortization Expense, 2016 | 737 | ||
Estimated Amortization Expense, 2017 | 631 | ||
Estimated Amortization Expense, 2018 | 562 | ||
Estimated Amortization Expense, 2019 | 335 | ||
Estimated Amortization Expense, Thereafter | 0 | ||
Balance of intangible assets, Accumulated Amortization, Beginning of period | (30,875) | (29,738) | |
Balance of intangible assets, Accumulated Amortization, End of period | (31,824) | (30,875) | (29,738) |
Balance of intangible assets, Net CDI Amount, Beginning of period | 3,214 | 2,261 | |
Balance of intangible assets, Net CDI Amount, End of period | $ 2,265 | $ 3,214 | $ 2,261 |
Goodwill and Other Intangible82
Goodwill and Other Intangible Assets - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Approximately weighted average remaining life of intangible assets | 1 year 2 months 12 days |
Premises and Equipment - Schedu
Premises and Equipment - Schedule of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 8,425 | $ 8,425 |
Bank premises | 48,251 | 48,481 |
Furniture and equipment | 36,265 | 39,272 |
Premises and equipment, gross | 92,941 | 96,178 |
Accumulated depreciation and amortization | (61,559) | (62,587) |
Premises and equipment, net | $ 31,382 | $ 33,591 |
Premises and Equipment - Future
Premises and Equipment - Future Minimum Annual Rental Payments for Noncancelable Leases (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Leases [Abstract] | |
2,016 | $ 5,307 |
2,017 | 4,905 |
2,018 | 3,500 |
2,019 | 2,213 |
2,020 | 1,232 |
Thereafter | 1,435 |
Total | $ 18,592 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Rental expense | $ 5.5 | $ 5.7 | $ 5.5 |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 4,104 | $ 4,109 |
Interest rate swaps | 9,344 | 10,080 |
Other assets | 8,137 | 11,311 |
Total | $ 21,585 | $ 25,500 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current provision: | |||
Federal | $ 40,021 | $ 38,957 | $ 38,881 |
State | 17,040 | 15,968 | 13,996 |
Current provision, total | 57,061 | 54,925 | 52,877 |
Deferred provision/(benefit): | |||
Federal | (3,443) | 2,534 | (3,260) |
State | (1,397) | 1,317 | (950) |
Deferred provision (benefit), total | (4,840) | 3,851 | (4,210) |
Provision for income taxes | $ 52,221 | $ 58,776 | $ 48,667 |
Income Taxes - Schedule of In88
Income Taxes - Schedule of Income Tax Asset (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current: | ||
Income tax asset , Current, Total | $ 10,402 | $ 8,959 |
Deferred: | ||
Income tax asset , Deferred, Total | 36,849 | 22,502 |
Income tax asset (liability), Total | 47,251 | 31,461 |
Federal [Member] | ||
Current: | ||
Income tax asset , Current, Total | 7,414 | 4,522 |
Deferred: | ||
Income tax asset , Deferred, Total | 28,799 | 18,304 |
State [Member] | ||
Current: | ||
Income tax asset , Current, Total | 2,998 | 4,437 |
Deferred: | ||
Income tax asset , Deferred, Total | $ 8,050 | $ 4,198 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Asset (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Federal [Member] | ||
Deferred tax assets: | ||
Bad debt and credit loss deduction | $ 23,180 | $ 23,805 |
Depreciation | 121 | 0 |
Net operating loss carryforward | 562 | 672 |
Deferred compensation | 3,642 | 3,300 |
Other intangibles | 0 | 5 |
PCI loans | 10,572 | 23,667 |
FDIC loss sharing asset | 210 | 0 |
California franchise tax | 2,613 | 3,461 |
Other, net | 3,897 | 6,140 |
Gross deferred tax asset | 44,797 | 61,050 |
Deferred tax liabilities: | ||
Depreciation | 0 | 4,019 |
Intangibles - acquisitions | 868 | 1,858 |
FDIC loss sharing asset | 0 | 13,831 |
FHLB Stock | 2,747 | 3,913 |
Deferred income | 2,745 | 2,430 |
Unrealized gain on investment securities, net | 9,638 | 16,695 |
Gross deferred tax liability | 15,998 | 42,746 |
Net deferred tax asset | 28,799 | 18,304 |
State [Member] | ||
Deferred tax assets: | ||
Bad debt and credit loss deduction | 7,172 | 6,014 |
Depreciation | 440 | 0 |
Net operating loss carryforward | 0 | 34 |
Deferred compensation | 1,127 | 1,030 |
Other intangibles | 0 | 668 |
PCI loans | 3,242 | 0 |
FDIC loss sharing asset | 97 | 6,498 |
Other, net | 1,206 | 1,911 |
Gross deferred tax asset | 13,284 | 16,155 |
Deferred tax liabilities: | ||
Depreciation | 0 | 589 |
Intangibles - acquisitions | 269 | 0 |
PCI loans | 0 | 4,389 |
FHLB Stock | 851 | 797 |
Deferred income | 762 | 374 |
Unrealized gain on investment securities, net | 3,352 | 5,808 |
Gross deferred tax liability | 5,234 | 11,957 |
Net deferred tax asset | $ 8,050 | $ 4,198 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Statutory Income Tax Rate to Consolidated Effective Income Tax Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal income tax at statutory rate, rate | 35.00% | 35.00% | 35.00% |
State franchise taxes, net of federal benefit, rate | 6.90% | 6.90% | 6.10% |
Tax-exempt income, rate | (5.00%) | (5.30%) | (7.10%) |
Tax credits, rate | (0.70%) | (0.60%) | (0.70%) |
Other, net, rate | (1.70%) | 0.10% | 0.40% |
Provision for income taxes, rate | 34.50% | 36.10% | 33.70% |
Federal income tax at statutory rate | $ 52,978 | $ 56,979 | $ 50,496 |
State franchise taxes, net of federal benefit | 10,457 | 11,233 | 8,734 |
Tax-exempt income | (7,619) | (8,622) | (10,189) |
Tax credits | (1,014) | (1,014) | (940) |
Other, net | (2,581) | 200 | 566 |
Provision for income taxes | $ 52,221 | $ 58,776 | $ 48,667 |
Income Taxes - Change in Unreco
Income Taxes - Change in Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | ||
Balance, beginning of period | $ 3,016 | $ 3,016 |
Additions for tax positions related to prior years | 0 | 0 |
Reductions due to lapse of statue of limitations | (156) | 0 |
Settlement with tax authorities | (1,185) | 0 |
Balance, end of period | $ 1,675 | $ 3,016 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | |||
Amount of unrecognized tax benefits | $ 1,675,000 | $ 3,016,000 | $ 3,016,000 |
Amount accrued for payment of interest | $ 196,000 |
Deposits - Composition of Depos
Deposits - Composition of Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Noninterest-bearing deposits | ||
Demand deposits | $ 3,250,174 | $ 2,866,365 |
Interest-bearing deposits | ||
Savings deposits | 1,956,598 | 1,962,086 |
Time deposits | 710,488 | 776,207 |
Total deposits | $ 5,917,260 | $ 5,604,658 |
Demand deposits, percentage of total deposits | 54.90% | 51.10% |
Savings deposits, percentage of total deposits | 33.10% | 35.00% |
Time deposits, percentage of total deposits | 12.00% | 13.90% |
Percentage of deposit, total | 100.00% | 100.00% |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deposits [Abstract] | |||
Balance of accounts with more than $250,000 balance | $ 418,000,000 | $ 438,300,000 | |
Interest expenses on accounts with more than $250,000 balance | 787,000 | $ 667,000 | $ 657,000 |
Balance of certificates of deposit with single public depositor | $ 280,100,000 | ||
Certificate of deposits, Maturity | January through March 2016 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Time Certificates of Deposit (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Year of maturity: | ||
2,016 | $ 684,549 | |
2,017 | 9,754 | |
2,018 | 1,470 | |
2,019 | 1,591 | |
2020 and thereafter | 13,124 | |
Total | $ 710,488 | $ 776,207 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | Jan. 31, 2006 | Jan. 31, 2009 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2006 | Feb. 23, 2015 |
Debt Instrument [Line Items] | |||||||
Funds borrowed under repurchase agreement | $ 690,704,000 | $ 563,627,000 | |||||
Weighted average interest rates | 0.24% | 0.24% | |||||
FHLB advance | $ 199,500,000 | ||||||
Fixed interest rate | 4.52% | ||||||
Loans at carrying value | $ 2,910,000,000 | ||||||
Investment securities at carrying value | 2,810,000,000 | ||||||
Prepayment penalties on borrowings | 13,900,000 | 0 | $ 0 | ||||
Overnight borrowings | $ 46,000,000 | $ 46,000,000 | |||||
Overnight borrowings with cost basis points | 0.28% | 0.10% | |||||
CVB Statutory Trust III [Member] | Junior Subordinated Debenture Held by CVB Statutory Trust III [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Trust preferred securities, offered fair value | $ 25,000,000 | ||||||
Proceeds from the offering and other cash | $ 25,774,000 | ||||||
Maximum Period of Deferred payments of interest | 20 consecutive quarters. | ||||||
Trust Preferred Securities, maturity date | Mar. 15, 2036 | ||||||
Trust Preferred Securities, interest rate in excess of LIBOR | 1.38% | ||||||
Trust Preferred Securities callable date | Mar. 15, 2011 | ||||||
Period of LIBOR | 1 year |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Contingencies And Commitments [Line Items] | ||
Commitments to extend credit | $ 744,000,000 | $ 694,400,000 |
Obligations under letters of credit | 35,100,000 | 34,600,000 |
Reserve for credit risk for undisbursed commitments | 7,200,000 | $ 7,700,000 |
Available lines of credit | 3,230,000,000 | |
Litigation reserves | 0 | |
Secured [Member] | ||
Contingencies And Commitments [Line Items] | ||
Available lines of credit | $ 2,840,000,000 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Severance costs | $ 751,000 | $ 866,000 | $ 881,000 |
Deferred compensation agreements expenses | $ 600,000 | 544,000 | 561,000 |
Maximum percentage of bonus defer by individual under deferred compensation plan | 100.00% | ||
Deferred compensation plan, discretionary payments | $ 0 | 0 | 0 |
Amounts paid under deferred compensation and salary continuation agreements | $ 2,500,000 | ||
Employer contribution percentage to 401(k) plan | 3.00% | ||
Employer contribution in profit-sharing plan | $ 2,800,000 | $ 3,100,000 | $ 2,700,000 |
Maximum [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Maximum percentage of salary defer by individual under deferred compensation plan | 75.00% |
Earnings Per Share Reconcilia99
Earnings Per Share Reconciliation - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per common share | 238,000 | 213,000 | 744,000 |
Earnings Per Share Reconcili100
Earnings Per Share Reconciliation - Schedule of Earnings Per Common Share Reconciliation (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings per common share: | |||||||||||
Net earnings | $ 28,613 | $ 27,886 | $ 26,813 | $ 15,833 | $ 25,581 | $ 24,295 | $ 25,484 | $ 28,661 | $ 99,145 | $ 104,021 | $ 95,608 |
Less: Net earnings allocated to restricted stock | 515 | 544 | 298 | ||||||||
Net earnings allocated to common shareholders | $ 98,630 | $ 103,477 | $ 95,310 | ||||||||
Weighted average shares outstanding | 105,715 | 105,239 | 104,729 | ||||||||
Basic earnings per common share | $ 0.27 | $ 0.26 | $ 0.25 | $ 0.15 | $ 0.24 | $ 0.23 | $ 0.24 | $ 0.27 | $ 0.93 | $ 0.98 | $ 0.91 |
Diluted earnings per common share: | |||||||||||
Net income allocated to common shareholders | $ 98,630 | $ 103,477 | $ 95,310 | ||||||||
Weighted average shares outstanding | 105,715 | 105,239 | 104,729 | ||||||||
Incremental shares from assumed exercise of outstanding options | 477 | 520 | 397 | ||||||||
Diluted weighted average shares outstanding | 106,192 | 105,759 | 105,126 | ||||||||
Diluted earnings per common share | $ 0.27 | $ 0.26 | $ 0.25 | $ 0.15 | $ 0.24 | $ 0.23 | $ 0.24 | $ 0.27 | $ 0.93 | $ 0.98 | $ 0.91 |
Stock Option Plans and Restr101
Stock Option Plans and Restricted Stock Awards - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
May. 31, 2008 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option plan, options outstanding | 1,288,000 | 1,688,000 | ||
Stock options granted under Black-Scholes options pricing model | 83,000 | |||
Common stock, shares outstanding | 106,384,982 | 105,893,216 | ||
Number of common shares, options exercisable | 984,000 | |||
2008 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Authorized issuance of shares of Company common stock | 3,949,891 | |||
Expiry of equity incentive plan | 2,018 | |||
2008 Stock Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option plan, options outstanding | 166,710 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total expenses on stock option | $ 549,000 | $ 876,000 | $ 850,000 | |
Stock options granted under Black-Scholes options pricing model | 83,000 | 169,000 | 45,000 | |
Vesting period | 5 years | |||
Forfeiture rate | 6.00% | |||
Intrinsic value of options exercised | $ 2,100,000 | $ 2,500,000 | $ 1,400,000 | |
Unrecognized compensation cost related to nonvested options granted | $ 1,100,000 | |||
Weighted-average period for expected cost recognized | 3 years 1 month 6 days | |||
Fair value of options vested | $ 524,000 | 841,000 | 918,000 | |
Cash received from stock option exercises | $ 5,100,000 | 5,500,000 | 4,500,000 | |
Common stock, shares outstanding | 1,288,438 | |||
Options exercisable lower price range | $ 7.68 | |||
Options exercisable upper price range | $ 16.97 | |||
Stock Options [Member] | Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of common shares, options exercisable | 984,238 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost related to nonvested options granted | $ 5,500,000 | |||
Weighted average fair value of restricted stock | $ 16.07 | |||
Period of compensation cost recognized | 5 years | |||
Amount of compensation cost recognized | $ 2,200,000 | $ 2,100,000 | $ 1,100,000 | |
Common stock available for the granting of future options and restricted stock | 843,392 | |||
Restricted Stock [Member] | 2008 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 5 years | 5 years | 5 years | |
2008 Equity Incentive Plan, granted restricted stock awards | 97,000 | 400,000 | 100,000 | |
Weighted average fair value of restricted stock | $ 16.07 | $ 14.78 | $ 13.25 |
Stock Option Plans and Restr102
Stock Option Plans and Restricted Stock Awards - Estimated Fair Value of Stock Options (Detail) - Stock Options [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 2.50% | 2.60% | 2.90% |
Volatility | 47.70% | 50.30% | 50.50% |
Risk-free interest rate | 1.50% | 1.50% | 1.20% |
Expected life | 6 years 1 month 6 days | 6 years 3 months 18 days | 6 years 7 months 6 days |
Weighted average grant date fair value | $ 5.83 | $ 5.70 | $ 4.68 |
Stock Option Plans and Restr103
Stock Option Plans and Restricted Stock Awards - Option Activity under Company's Stock Option Plans (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Outstanding, Number of Stock Options, Beginning Balance | shares | 1,688 |
Granted, Number of Stock Options Outstanding | shares | 83 |
Exercised, Number of Stock Options Outstanding | shares | (449) |
Forfeited or expired, Number of Stock Options Outstanding | shares | (34) |
Outstanding, Number of Stock Options, Ending Balance | shares | 1,288 |
Vested or expected to vest, Number of Stock Options Outstanding | shares | 1,251 |
Exercisable, Number of Stock Options Outstanding | shares | 984 |
Outstanding, Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 10.92 |
Granted, Weighted Average Exercise Price | $ / shares | 16 |
Exercised, Weighted Average Exercise Price | $ / shares | 11.45 |
Forfeited or expired, Weighted Average Exercise Price | $ / shares | 13.11 |
Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares | 11 |
Vested or expected to vest, Weighted Average Exercise Price | $ / shares | 10.93 |
Exercisable, Weighted Average Exercise Price | $ / shares | $ 10.04 |
Outstanding, Weighted Average Remaining Contractual Term | 4 years 7 months 17 days |
Vested or expected to vest, Weighted Average Remaining Contractual Term | 4 years 6 months 18 days |
Exercisable, Weighted Average Remaining Contractual Term | 3 years 7 months 21 days |
Outstanding, Aggregate Intrinsic Value | $ | $ 7,629 |
Vested or expected to vest, Aggregate Intrinsic Value | $ | 7,502 |
Exercisable, Aggregate Intrinsic Value | $ | $ 6,774 |
Stock Option Plans and Restr104
Stock Option Plans and Restricted Stock Awards - Summary of Status of Company's Non-Vested Restricted Shares (Detail) - Restricted Stock [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested, Shares, Beginning Balance | shares | 570 |
Granted, Shares | shares | 97 |
Vested, Shares | shares | (157) |
Forfeited, Shares | shares | (4) |
Nonvested, Shares, Ending Balance | shares | 506 |
Nonvested, Weighted Average Fair Value, Beginning Balance | $ / shares | $ 13.81 |
Granted, Weighted Average Fair Value | $ / shares | 16.07 |
Vested, Weighted Average Fair Value | $ / shares | 12.81 |
Forfeited, Weighted Average Fair Value | $ / shares | 14.94 |
Nonvested, Weighted Average Fair Value, Ending Balance | $ / shares | $ 14.55 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Regulated Operations [Abstract] | ||
Trust-preferred securities included in Tier 1 capital | $ 25 | $ 25 |
Additional dividends without obtaining prior approval from bank regulators declared and paid | $ 152.5 |
Regulatory Matters - Regulatory
Regulatory Matters - Regulatory Capital Amounts and Ratios for Company and Bank (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Parent Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets), Actual, Amount | $ 914,972 | $ 853,147 |
Total Capital (to Risk-Weighted Assets), Actual, Ratio | 18.23% | 18.24% |
Total Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Amount | $ 401,532 | $ 374,144 |
Tier 1 Capital (to Risk-Weighted Assets), Actual, Amount | $ 852,189 | $ 794,576 |
Tier 1 Capital (to Risk-Weighted Assets), Actual, Ratio | 16.98% | 16.99% |
Tier 1 Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Amount | $ 301,149 | $ 187,072 |
Common equity Tier I capital ratio, Actual, Amount | $ 827,547 | |
Common equity Tier I capital ratio, Actual, Ratio | 16.49% | |
Common equity Tier I capital ratio, For Capital Adequacy Purposes, Amount | $ 225,861 | |
Tier 1 Capital (to Average-Assets), Actual, Amount | $ 852,189 | $ 794,576 |
Tier 1 Capital (to Average-Assets), Actual, Ratio | 11.22% | 10.86% |
Tier 1 Capital (to Average-Assets), For Capital Adequacy Purposes, Amount | $ 303,794 | $ 292,615 |
Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets), Actual, Amount | $ 905,563 | $ 845,951 |
Total Capital (to Risk-Weighted Assets), Actual, Ratio | 18.06% | 18.11% |
Total Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Amount | $ 401,053 | $ 373,758 |
Total Capital (to Risk-Weighted Assets), Required To Be Well Capitalized, Amount | 501,316 | 467,197 |
Tier 1 Capital (to Risk-Weighted Assets), Actual, Amount | $ 842,854 | $ 787,439 |
Tier 1 Capital (to Risk-Weighted Assets), Actual, Ratio | 16.81% | 16.85% |
Tier 1 Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Amount | $ 300,790 | $ 186,879 |
Tier 1 Capital (to Risk-Weighted Assets), Required To Be Well Capitalized, Amount | 401,053 | 280,318 |
Common equity Tier I capital ratio, Actual, Amount | $ 842,854 | |
Common equity Tier I capital ratio, Actual, Ratio | 16.81% | |
Common equity Tier I capital ratio, For Capital Adequacy Purposes, Amount | $ 225,592 | |
Common equity Tier I capital ratio, To Be Well Capitalized under Prompt Corrective Action Provisions, Amount | 325,856 | |
Tier 1 Capital (to Average-Assets), Actual, Amount | $ 842,854 | $ 787,439 |
Tier 1 Capital (to Average-Assets), Actual, Ratio | 11.11% | 10.77% |
Tier 1 Capital (to Average-Assets), For Capital Adequacy Purposes, Amount | $ 303,527 | $ 292,392 |
Tier 1 Capital (to Average-Assets), Required To Be Well Capitalized, Amount | $ 379,409 | $ 365,490 |
Minimum [Member] | Parent Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier 1 Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Ratio | 6.00% | 4.00% |
Common equity Tier I capital ratio, For Capital Adequacy Purposes, Ratio | 4.50% | |
Tier 1 Capital (to Average-Assets), For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Minimum [Member] | Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total Capital (to Risk-Weighted Assets), Required To Be Well Capitalized, Ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Ratio | 6.00% | 4.00% |
Tier 1 Capital (to Risk-Weighted Assets), Required To Be Well Capitalized, Ratio | 8.00% | 8.00% |
Common equity Tier I capital ratio, For Capital Adequacy Purposes, Ratio | 4.50% | |
Common equity Tier I capital ratio, To Be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 6.50% | |
Tier 1 Capital (to Average-Assets), For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 Capital (to Average-Assets), Required To Be Well Capitalized, Ratio | 5.00% | 5.00% |
Fair Value Information - Additi
Fair Value Information - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair value assets transfers from Level 1 to Level 2 | $ 0 | $ 0 |
Fair value assets transfers from Level 2 to Level 1 | 0 | 0 |
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 | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | $ 9,344 | $ 10,080 |
Interest rate swaps, liabilities | 700,048 | 573,707 |
Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 0 | 0 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 9,344 | 10,080 |
Interest rate swaps, liabilities | 9,344 | 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 | 2,377,990 | 3,147,238 |
Total liabilities | 9,344 | 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] | 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 | 160,973 | 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] | 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 | 5,745 | 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 | 1,813,097 | 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 | 383,781 | 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] | 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 | 5,050 | 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 | 2,368,646 | 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, assets | 0 | 0 |
Interest rate swaps, liabilities | 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, assets | 9,344 | 10,080 |
Interest rate swaps, liabilities | 9,344 | 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, assets | 0 | 0 |
Interest rate swaps, liabilities | 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 | 2,377,990 | 3,147,238 |
Total liabilities | 9,344 | 10,080 |
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 | 160,973 | 579,641 |
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 | 5,745 | 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 | 1,813,097 | 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 | 383,781 | 304,091 |
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 | 5,050 | 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 | 2,368,646 | 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, assets | 9,344 | 10,080 |
Interest rate swaps, liabilities | $ 9,344 | $ 10,080 |
Fair Value Information - Ass109
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 | Dec. 31, 2015 | Dec. 31, 2014 |
Description of assets | ||
Total assets | $ 539 | $ 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 | 228 | 771 |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 15 | 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 | 13 | 0 |
Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 20 | 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 | 101 | 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 | 9,714 | 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 | 228 | 1,911 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 41 | 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 | 588 | 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 | 258 | 482 |
Carrying Value [Member] | ||
Description of assets | ||
Total assets | 9,714 | 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 | 228 | 1,911 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 41 | 1,327 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 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 | 588 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 103 | |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | $ 258 | $ 482 |
Fair Value Information - Estima
Fair Value Information - Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Total cash and cash equivalents | $ 106,097 | $ 105,768 | $ 94,693 | $ 98,431 |
Interest-earning balances due from depository institutions | 32,691 | 27,118 | ||
FHLB stock | 17,588 | 25,338 | ||
Investment securities available-for-sale | 2,368,646 | 3,137,158 | ||
Investment securities held-to-maturity | 850,989 | 1,528 | ||
Total loans, net of allowance for loan losses | 3,957,781 | 3,757,242 | ||
Swaps | 9,344 | 10,080 | ||
Deposits: | ||||
Noninterest-bearing | 3,250,174 | 2,866,365 | ||
Interest-bearing | 2,667,086 | 2,738,293 | ||
Junior subordinated debentures | 25,774 | 25,774 | ||
Swaps | 700,048 | 573,707 | ||
Carrying Value [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 106,097 | 105,768 | ||
Interest-earning balances due from depository institutions | 32,691 | 27,118 | ||
FHLB stock | 17,588 | 25,338 | ||
Investment securities available-for-sale | 2,368,646 | 3,137,158 | ||
Investment securities held-to-maturity | 850,989 | 1,528 | ||
Total loans, net of allowance for loan losses | 3,957,781 | 3,757,242 | ||
Swaps | 9,344 | 10,080 | ||
Deposits: | ||||
Noninterest-bearing | 3,250,174 | 2,866,365 | ||
Interest-bearing | 2,667,086 | 2,738,293 | ||
Borrowings | 736,704 | 809,106 | ||
Junior subordinated debentures | 25,774 | 25,774 | ||
Swaps | 9,344 | 10,080 | ||
Estimated Fair Value [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 106,097 | 105,768 | ||
Interest-earning balances due from depository institutions | 32,691 | 27,118 | ||
FHLB stock | 17,588 | 25,338 | ||
Investment securities available-for-sale | 2,368,646 | 3,137,158 | ||
Investment securities held-to-maturity | 853,039 | 2,177 | ||
Total loans, net of allowance for loan losses | 3,971,329 | 3,794,454 | ||
Swaps | 9,344 | 10,080 | ||
Deposits: | ||||
Noninterest-bearing | 3,250,174 | 2,866,365 | ||
Interest-bearing | 2,666,186 | 2,739,221 | ||
Borrowings | 736,575 | 822,607 | ||
Junior subordinated debentures | 27,210 | 26,005 | ||
Swaps | 9,344 | 10,080 | ||
Estimated Fair Value [Member] | Level 1 [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 106,097 | 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 | ||
Total loans, net of allowance for loan losses | 0 | 0 | ||
Swaps | 0 | 0 | ||
Deposits: | ||||
Noninterest-bearing | 3,250,174 | 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 | 32,691 | 27,118 | ||
FHLB stock | 17,588 | 25,338 | ||
Investment securities available-for-sale | 2,368,646 | 3,137,158 | ||
Investment securities held-to-maturity | 851,186 | 0 | ||
Total loans, net of allowance for loan losses | 0 | 0 | ||
Swaps | 9,344 | 10,080 | ||
Deposits: | ||||
Noninterest-bearing | 0 | 0 | ||
Interest-bearing | 2,666,186 | 2,739,221 | ||
Borrowings | 736,575 | 822,607 | ||
Junior subordinated debentures | 27,210 | 26,005 | ||
Swaps | 9,344 | 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 | 1,853 | 2,177 | ||
Total loans, net of allowance for loan losses | 3,971,329 | 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) | 12 Months Ended |
Dec. 31, 2015FinancialCentersSegment | |
Segment Reporting [Abstract] | |
Number of principal reporting segments | Segment | 2 |
Bank operated Business Financial Centers, number | FinancialCenters | 40 |
Bank operated Commercial Banking Centers, number | FinancialCenters | 8 |
Consideration of Business Financial and Commercial Banking Centers | Segment | 1 |
Business Segments - Schedule of
Business Segments - Schedule of Segment Reporting Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Interest income, including loan fees | $ 261,513 | $ 252,903 | $ 232,773 | ||||||||
Credit for funds provided | 0 | 0 | 0 | ||||||||
Total interest income | 261,513 | 252,903 | 232,773 | ||||||||
Interest expense | 8,571 | 16,389 | 16,507 | ||||||||
Charge for funds used | 0 | 0 | 0 | ||||||||
Total interest expense | 8,571 | 16,389 | 16,507 | ||||||||
Net interest income | $ 63,258 | $ 65,917 | $ 62,758 | $ 61,009 | $ 61,175 | $ 61,238 | $ 57,159 | $ 56,942 | 252,942 | 236,514 | 216,266 |
(Recapture of) Provision for Loan Losses | (1,100) | $ (2,500) | $ (2,000) | $ 0 | 0 | $ (1,000) | $ (7,600) | $ (7,500) | (5,600) | (16,100) | (16,750) |
Net interest income after recapture of provision for loan losses | 258,542 | 252,614 | 233,016 | ||||||||
Noninterest income | 33,483 | 36,412 | 25,287 | ||||||||
Noninterest expense | 126,789 | 126,229 | 114,028 | ||||||||
Debt termination expense | 13,870 | 0 | 0 | ||||||||
Earnings before income taxes | 151,366 | 162,797 | 144,275 | ||||||||
Segment assets | 7,671,200 | 7,377,920 | 7,671,200 | 7,377,920 | 6,664,967 | ||||||
Operating Segments [Member] | Centers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income, including loan fees | 143,577 | 139,061 | 139,369 | ||||||||
Credit for funds provided | 34,876 | 31,188 | 26,754 | ||||||||
Total interest income | 178,453 | 170,249 | 166,123 | ||||||||
Interest expense | 6,584 | 6,494 | 6,137 | ||||||||
Charge for funds used | 4,236 | 3,823 | 3,193 | ||||||||
Total interest expense | 10,820 | 10,317 | 9,330 | ||||||||
Net interest income | 167,633 | 159,932 | 156,793 | ||||||||
(Recapture of) Provision for Loan Losses | 0 | 0 | 0 | ||||||||
Net interest income after recapture of provision for loan losses | 167,633 | 159,932 | 156,793 | ||||||||
Noninterest income | 20,677 | 20,513 | 20,733 | ||||||||
Noninterest expense | 48,568 | 47,493 | 45,268 | ||||||||
Debt termination expense | 0 | 0 | 0 | ||||||||
Earnings before income taxes | 139,742 | 132,952 | 132,258 | ||||||||
Segment assets | 6,458,711 | 6,002,390 | 6,458,711 | 6,002,390 | 5,405,939 | ||||||
Operating Segments [Member] | Treasury [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income, including loan fees | 75,914 | 71,369 | 53,234 | ||||||||
Credit for funds provided | 0 | 0 | 0 | ||||||||
Total interest income | 75,914 | 71,369 | 53,234 | ||||||||
Interest expense | 1,611 | 9,590 | 9,700 | ||||||||
Charge for funds used | 62,137 | 54,885 | 45,269 | ||||||||
Total interest expense | 63,748 | 64,475 | 54,969 | ||||||||
Net interest income | 12,166 | 6,894 | (1,735) | ||||||||
(Recapture of) Provision for Loan Losses | 0 | 0 | 0 | ||||||||
Net interest income after recapture of provision for loan losses | 12,166 | 6,894 | (1,735) | ||||||||
Noninterest income | (22) | 0 | 2,094 | ||||||||
Noninterest expense | 859 | 784 | 714 | ||||||||
Debt termination expense | 13,870 | 0 | 0 | ||||||||
Earnings before income taxes | (2,585) | 6,110 | (355) | ||||||||
Segment assets | 3,345,060 | 3,268,551 | 3,345,060 | 3,268,551 | 2,866,760 | ||||||
Operating Segments [Member] | Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income, including loan fees | 42,022 | 42,473 | 40,170 | ||||||||
Credit for funds provided | 52,193 | 46,770 | 41,987 | ||||||||
Total interest income | 94,215 | 89,243 | 82,157 | ||||||||
Interest expense | 376 | 305 | 670 | ||||||||
Charge for funds used | 20,696 | 19,250 | 20,279 | ||||||||
Total interest expense | 21,072 | 19,555 | 20,949 | ||||||||
Net interest income | 73,143 | 69,688 | 61,208 | ||||||||
(Recapture of) Provision for Loan Losses | (5,600) | (16,100) | (16,750) | ||||||||
Net interest income after recapture of provision for loan losses | 78,743 | 85,788 | 77,958 | ||||||||
Noninterest income | 12,828 | 15,899 | 2,460 | ||||||||
Noninterest expense | 77,362 | 77,952 | 68,046 | ||||||||
Debt termination expense | 0 | 0 | 0 | ||||||||
Earnings before income taxes | 14,209 | 23,735 | 12,372 | ||||||||
Segment assets | 804,258 | 757,093 | 804,258 | 757,093 | 710,844 | ||||||
Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income, including loan fees | 0 | 0 | 0 | ||||||||
Credit for funds provided | (87,069) | (77,958) | (68,741) | ||||||||
Total interest income | (87,069) | (77,958) | (68,741) | ||||||||
Interest expense | 0 | 0 | 0 | ||||||||
Charge for funds used | (87,069) | (77,958) | (68,741) | ||||||||
Total interest expense | (87,069) | (77,958) | (68,741) | ||||||||
Net interest income | 0 | 0 | 0 | ||||||||
(Recapture of) Provision for Loan Losses | 0 | 0 | 0 | ||||||||
Net interest income after recapture of provision for loan losses | 0 | 0 | 0 | ||||||||
Noninterest income | 0 | 0 | 0 | ||||||||
Noninterest expense | 0 | 0 | 0 | ||||||||
Debt termination expense | 0 | 0 | 0 | ||||||||
Earnings before income taxes | 0 | 0 | 0 | ||||||||
Segment assets | $ (2,936,829) | $ (2,650,114) | $ (2,936,829) | $ (2,650,114) | $ (2,318,576) |
Derivative Financial Instrum113
Derivative Financial Instruments - Additional Information (Detail) | Dec. 31, 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 | $ 189,000,000 | $ 197,400,000 |
Interest-rate Swap Agreements with Customers [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of interest-rate swap agreements | Agreement | 77 |
Derivative Financial Instrum114
Derivative Financial Instruments - Fair Value of Derivative Instruments (Detail) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 9,344 | $ 10,080 |
Other Liabilities [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 9,344 | 10,080 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 9,344 | 10,080 |
Other Assets [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 9,344 | $ 10,080 |
Derivative Financial Instrum115
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statement of Earnings (Detail) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Derivatives, Fair Value [Line Items] | |||
Amount of Gain Recognized in Income on Derivative Instruments | $ 333 | $ 133 | $ 0 |
Interest Rate Swaps [Member] | Other Income [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Amount of Gain Recognized in Income on Derivative Instruments | $ 333 | $ 133 | $ 0 |
Other Comprehensive Income (116
Other Comprehensive Income (Loss) - Summary of Components of OCI (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Equity [Abstract] | |||
Net change in fair value recorded in accumulated OCI, Before-tax | $ (22,667) | $ 69,661 | $ (88,562) |
Net change in fair value recorded in accumulated OCI, Tax effect | (9,519) | 29,256 | (37,196) |
Net change in fair value recorded in accumulated OCI, After-tax | (13,148) | 40,405 | (51,366) |
Cumulative-effect adjustment for unrealized gains on securities transferred from available-for-sale to held-to-maturity, Before-tax | 6,690 | 0 | 0 |
Cumulative-effect adjustment for unrealized gains on securities transferred from available-for-sale to held-to-maturity, Tax effect | 2,808 | 0 | 0 |
Cumulative-effect adjustment for unrealized gains on securities transferred from available-for-sale to held-to-maturity, After-tax | 3,882 | 0 | 0 |
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, Before-tax | (1,573) | 0 | 0 |
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, Tax effect | (660) | 0 | 0 |
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, After-tax | (913) | 0 | 0 |
Net realized loss/(gains) reclassified into earnings, Before-Tax | 22 | 0 | (2,094) |
Net realized loss/(gains) reclassified into earnings, Tax Effect | 9 | 0 | (879) |
Net realized loss/(gains) reclassified into earnings, After-Tax | 13 | 0 | (1,215) |
Net change, Before-tax | (17,528) | 69,661 | (90,656) |
Net change, Tax effect | (7,362) | 29,256 | (38,075) |
Net change, After-tax | $ (10,166) | $ 40,405 | $ (52,581) |
Other Comprehensive Income (117
Other Comprehensive Income (Loss) - Summary of Change in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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 | (10,179) | 40,405 | |
Net realized loss reclassified into earnings | 13 | 0 | $ (1,215) |
Ending balance | $ 20,909 | $ 31,075 | $ (9,330) |
Balance Sheet Offsetting - Sche
Balance Sheet Offsetting - Schedule of Balance Sheet Offsetting (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Net Amounts of Assets presented in the Consolidated Balance Sheets | $ 9,344 | $ 10,080 |
Financial liabilities, Gross Amounts Recognized in the Consolidated Balance Sheets | 700,052 | 573,827 |
Financial liabilities, Gross Amounts offset in the Consolidated Balance Sheets | (4) | (120) |
Financial liabilities, Net Amounts of Assets presented in the Consolidated Balance Sheets | 700,048 | 573,707 |
Financial liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | 4 | 120 |
Financial liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheets, Collateral Pledged | (737,674) | (641,312) |
Financial liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheets, Net Amount | (37,622) | (67,485) |
Repurchase Agreements [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial liabilities, Gross Amounts Recognized in the Consolidated Balance Sheets | 690,704 | 563,627 |
Financial liabilities, Gross Amounts offset in the Consolidated Balance Sheets | 0 | 0 |
Financial liabilities, Net Amounts of Assets presented in the Consolidated Balance Sheets | 690,704 | 563,627 |
Financial liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | 0 | 0 |
Financial liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheets, Collateral Pledged | (721,102) | (624,578) |
Financial liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheets, Net Amount | (30,398) | (60,951) |
Interest Rate Swaps [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Gross Amounts Recognized in the Consolidated Balance Sheets | 9,344 | 10,080 |
Financial assets, Gross Amounts offset in the Consolidated Balance Sheets | 0 | 0 |
Financial assets, Net Amounts of Assets presented in the Consolidated Balance Sheets | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | 9,344 | 10,080 |
Financial assets, Gross Amounts Not Offset in the Consolidated Balance Sheets, Collateral Pledged | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Consolidated Balance Sheets, Net Amount | 9,344 | 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 Consolidated Balance Sheets | 9,344 | 10,080 |
Financial assets, Gross Amounts offset in the Consolidated Balance Sheets | 0 | 0 |
Financial assets, Net Amounts of Assets presented in the Consolidated Balance Sheets | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | 9,344 | 10,080 |
Financial assets, Gross Amounts Not Offset in the Consolidated Balance Sheets, Collateral Pledged | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Consolidated Balance Sheets, Net Amount | 9,344 | 10,080 |
Financial liabilities, Gross Amounts Recognized in the Consolidated Balance Sheets | 9,348 | 10,200 |
Financial liabilities, Gross Amounts offset in the Consolidated Balance Sheets | (4) | (120) |
Financial liabilities, Net Amounts of Assets presented in the Consolidated Balance Sheets | 9,344 | 10,080 |
Financial liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | 4 | 120 |
Financial liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheets, Collateral Pledged | (16,572) | (16,734) |
Financial liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheets, Net Amount | $ (7,224) | $ (6,534) |
Condensed Financial Informat119
Condensed Financial Information of Parent Company - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ||||
Other assets, net | $ 21,585 | $ 25,500 | ||
Total assets | 7,671,200 | 7,377,920 | $ 6,664,967 | |
Liabilities | 6,747,801 | 6,499,811 | ||
Stockholders' equity | 923,399 | 878,109 | $ 771,887 | $ 762,970 |
Total liabilities and stockholders' equity | 7,671,200 | 7,377,920 | ||
Parent Company [Member] | ||||
Assets | ||||
Investment in subsidiaries | 939,064 | 895,972 | ||
Other assets, net | 23,642 | 19,069 | ||
Total assets | 962,706 | 915,041 | ||
Liabilities | 39,307 | 36,932 | ||
Stockholders' equity | 923,399 | 878,109 | ||
Total liabilities and stockholders' equity | $ 962,706 | $ 915,041 |
Condensed Financial Informat120
Condensed Financial Information of Parent Company - Condensed Statements of Earnings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Other expense, net | $ (140,659) | $ (126,229) | $ (114,028) | ||||||||
Net earnings | $ 28,613 | $ 27,886 | $ 26,813 | $ 15,833 | $ 25,581 | $ 24,295 | $ 25,484 | $ 28,661 | 99,145 | 104,021 | 95,608 |
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Excess in net earnings of subsidiaries | 53,259 | 66,119 | 33,149 | ||||||||
Dividends from the Bank | 49,000 | 41,000 | 63,000 | ||||||||
Other expense, net | (3,114) | (3,098) | (541) | ||||||||
Net earnings | $ 99,145 | $ 104,021 | $ 95,608 |
Condensed Financial Informat121
Condensed Financial Information of Parent Company - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities | |||||||||||
Net earnings | $ 28,613 | $ 27,886 | $ 26,813 | $ 15,833 | $ 25,581 | $ 24,295 | $ 25,484 | $ 28,661 | $ 99,145 | $ 104,021 | $ 95,608 |
Adjustments to reconcile net earnings to cash used in operating activities: | |||||||||||
Stock-based compensation | 2,733 | 2,988 | 1,926 | ||||||||
Total adjustments | 6,497 | (16,319) | 16,203 | ||||||||
Cash Flows from Financing Activities | |||||||||||
Repayment of junior subordinated debentures | (41,238) | ||||||||||
Cash dividends on common stock | (48,862) | (42,298) | (29,939) | ||||||||
Proceeds from exercise of stock options | 5,144 | 5,522 | 4,517 | ||||||||
Tax benefit related to exercise of stock options | 308 | 1,116 | 475 | ||||||||
Repurchase of common stock | (834) | (5,474) | (559) | ||||||||
Net increase (decrease) in cash and cash equivalents | 329 | 11,075 | (3,738) | ||||||||
Cash and cash equivalents, beginning of period | 105,768 | 94,693 | 105,768 | 94,693 | 98,431 | ||||||
Cash and cash equivalents, end of period | 106,097 | 105,768 | 106,097 | 105,768 | 94,693 | ||||||
Parent Company [Member] | |||||||||||
Cash Flows from Operating Activities | |||||||||||
Net earnings | 99,145 | 104,021 | 95,608 | ||||||||
Adjustments to reconcile net earnings to cash used in operating activities: | |||||||||||
Earnings of subsidiaries | (102,259) | (107,119) | (96,149) | ||||||||
Tax settlement received from the Bank | 1,233 | 1,812 | 1,903 | ||||||||
Stock-based compensation | 2,733 | 2,988 | 1,926 | ||||||||
Other operating activities, net | (2,180) | (3,080) | 241 | ||||||||
Total adjustments | (100,473) | (105,399) | (92,079) | ||||||||
Net cash (used in) provided by operating activities | (1,328) | (1,378) | 3,529 | ||||||||
Cash Flows from Investing Activities | |||||||||||
Dividends received from the Bank | 49,000 | 41,000 | 63,000 | ||||||||
Net cash provided by investing activities | 49,000 | 41,000 | 63,000 | ||||||||
Cash Flows from Financing Activities | |||||||||||
Repayment of junior subordinated debentures | 0 | 0 | (41,238) | ||||||||
Cash dividends on common stock | (48,862) | (42,298) | (29,939) | ||||||||
Proceeds from exercise of stock options | 5,144 | 5,522 | 4,517 | ||||||||
Tax benefit related to exercise of stock options | 308 | 1,116 | 475 | ||||||||
Repurchase of common stock | (834) | (5,474) | (559) | ||||||||
Net cash used in financing activities | (44,244) | (41,134) | (66,744) | ||||||||
Net increase (decrease) in cash and cash equivalents | 3,428 | (1,512) | (215) | ||||||||
Cash and cash equivalents, beginning of period | $ 13,532 | $ 15,044 | 13,532 | 15,044 | 15,259 | ||||||
Cash and cash equivalents, end of period | $ 16,960 | $ 13,532 | $ 16,960 | $ 13,532 | $ 15,044 |
Quarterly Financial Data - Summ
Quarterly Financial Data - Summarized Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net interest income | $ 63,258 | $ 65,917 | $ 62,758 | $ 61,009 | $ 61,175 | $ 61,238 | $ 57,159 | $ 56,942 | $ 252,942 | $ 236,514 | $ 216,266 |
(Recapture of) Provision for Loan Losses | (1,100) | (2,500) | (2,000) | 0 | 0 | (1,000) | (7,600) | (7,500) | (5,600) | (16,100) | (16,750) |
Net earnings | $ 28,613 | $ 27,886 | $ 26,813 | $ 15,833 | $ 25,581 | $ 24,295 | $ 25,484 | $ 28,661 | $ 99,145 | $ 104,021 | $ 95,608 |
Basic earnings per common share | $ 0.27 | $ 0.26 | $ 0.25 | $ 0.15 | $ 0.24 | $ 0.23 | $ 0.24 | $ 0.27 | $ 0.93 | $ 0.98 | $ 0.91 |
Diluted earnings per common share | $ 0.27 | $ 0.26 | $ 0.25 | $ 0.15 | $ 0.24 | $ 0.23 | $ 0.24 | $ 0.27 | $ 0.93 | $ 0.98 | $ 0.91 |