Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | CVBF | |
Entity Registrant Name | CVB FINANCIAL CORP | |
Entity Central Index Key | 354,647 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 108,135,993 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 119,420 | $ 102,772 |
Interest-earning balances due from Federal Reserve | 139,739 | 3,325 |
Total cash and cash equivalents | 259,159 | 106,097 |
Interest-earning balances due from depository institutions | 83,178 | 32,691 |
Investment securities available-for-sale, at fair value (with amortized cost of $2,165,551 at September 30, 2016, and $2,337,715 at December 31, 2015) | 2,227,551 | 2,368,646 |
Investment securities held-to-maturity (with fair value of $893,706 at September 30, 2016, and $853,039 at December 31, 2015) | 878,953 | 850,989 |
Total investment securities | 3,106,504 | 3,219,635 |
Investment in stock of Federal Home Loan Bank (FHLB) | 17,688 | 17,588 |
Loans and lease finance receivables | 4,295,167 | 4,016,937 |
Allowance for loan losses | (61,001) | (59,156) |
Net loans and lease finance receivables | 4,234,166 | 3,957,781 |
Premises and equipment, net | 38,671 | 31,382 |
Bank owned life insurance | 134,073 | 130,956 |
Accrued interest receivable | 21,220 | 22,732 |
Intangibles | 5,293 | 2,265 |
Goodwill | 88,174 | 74,244 |
Income taxes | 22,399 | 47,251 |
Other assets | 34,468 | 28,578 |
Total assets | 8,044,993 | 7,671,200 |
Deposits: | ||
Noninterest-bearing | 3,657,610 | 3,250,174 |
Interest-bearing | 2,663,385 | 2,667,086 |
Total deposits | 6,320,995 | 5,917,260 |
Customer repurchase agreements | 577,990 | 690,704 |
Other borrowings | 46,000 | |
Deferred compensation | 12,177 | 11,269 |
Junior subordinated debentures | 25,774 | 25,774 |
Payable for securities purchased | 43,111 | 1,696 |
Other liabilities | 61,643 | 55,098 |
Total liabilities | 7,041,690 | 6,747,801 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock, authorized, 225,000,000 shares without par; issued and outstanding 108,097,493 at September 30, 2016, and 106,384,982 at December 31, 2015 | 529,281 | 502,571 |
Retained earnings | 435,419 | 399,919 |
Accumulated other comprehensive income, net of tax | 38,603 | 20,909 |
Total stockholders' equity | 1,003,303 | 923,399 |
Total liabilities and stockholders' equity | $ 8,044,993 | $ 7,671,200 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Amortized cost | $ 2,165,551 | $ 2,337,715 |
Fair Value, Held-to-maturity | $ 893,706 | $ 853,039 |
Common stock, par value | ||
Common stock, authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 108,097,493 | 106,384,982 |
Common stock, shares outstanding | 108,097,493 | 106,384,982 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest income: | ||||
Loans and leases, including fees | $ 47,754 | $ 48,822 | $ 143,781 | $ 139,686 |
Investment securities: | ||||
Investment securities available-for-sale | 11,425 | 14,734 | 36,242 | 50,171 |
Investment securities held-to-maturity | 4,787 | 3,436 | 14,878 | 3,510 |
Total investment income | 16,212 | 18,170 | 51,120 | 53,681 |
Dividends from FHLB stock | 403 | 509 | 1,210 | 2,392 |
Interest-earning deposits with other institutions | 802 | 230 | 1,575 | 667 |
Total interest income | 65,171 | 67,731 | 197,686 | 196,426 |
Interest expense: | ||||
Deposits | 1,525 | 1,333 | 4,544 | 3,933 |
Borrowings and customer repurchase agreements | 349 | 371 | 1,117 | 2,486 |
Junior subordinated debentures | 136 | 110 | 392 | 323 |
Total interest expense | 2,010 | 1,814 | 6,053 | 6,742 |
Net interest income before recapture of provision for loan losses | 63,161 | 65,917 | 191,633 | 189,684 |
Recapture of provision for loan losses | (2,000) | (2,500) | (2,000) | (4,500) |
Net interest income after recapture of provision for loan losses | 65,161 | 68,417 | 193,633 | 194,184 |
Noninterest income: | ||||
Service charges on deposit accounts | 3,817 | 3,930 | 11,386 | 11,843 |
Trust and investment services | 2,328 | 2,275 | 7,039 | 6,607 |
Bankcard services | 827 | 805 | 2,166 | 2,380 |
BOLI income | 706 | 491 | 2,005 | 1,948 |
Gain on sale of loans | 1,101 | |||
Other | 1,505 | 912 | 3,443 | 1,991 |
Total noninterest income | 9,183 | 8,413 | 27,140 | 24,769 |
Noninterest expense: | ||||
Salaries and employee benefits | 20,464 | 20,395 | 63,275 | 59,338 |
Occupancy and equipment | 4,102 | 3,853 | 11,940 | 11,218 |
Professional services | 1,517 | 1,937 | 4,071 | 4,617 |
Software licenses and maintenance | 947 | 901 | 2,921 | 2,924 |
Marketing and promotion | 1,199 | 1,297 | 3,818 | 3,825 |
Recapture of provision for unfunded loan commitments | 0 | 0 | 0 | (500) |
Debt termination expense | 16 | 13,870 | ||
Acquisition related expenses | 353 | 75 | 1,557 | 75 |
Other | 4,424 | 4,284 | 14,210 | 13,380 |
Total noninterest expense | 33,006 | 32,742 | 101,808 | 108,747 |
Earnings before income taxes | 41,338 | 44,088 | 118,965 | 110,206 |
Income taxes | 15,890 | 16,202 | 44,612 | 39,674 |
Net earnings | 25,448 | 27,886 | 74,353 | 70,532 |
Other comprehensive (loss) income: | ||||
Unrealized (loss) gain on securities arising during the period, before tax | (3,709) | 18,674 | 31,054 | 5,974 |
Less: Reclassification adjustment for net (gain) loss on securities included in net income | (548) | 22 | (548) | 22 |
Other comprehensive (loss) income, before tax | (4,257) | 18,696 | 30,506 | 5,996 |
Less: Income tax benefit (expense) related to items of other comprehensive income | 1,788 | (7,852) | (12,812) | (2,518) |
Net change, After-tax | (2,469) | 10,844 | 17,694 | 3,478 |
Comprehensive income | $ 22,979 | $ 38,730 | $ 92,047 | $ 74,010 |
Basic earnings per common share | $ 0.23 | $ 0.26 | $ 0.69 | $ 0.66 |
Diluted earnings per common share | 0.23 | 0.26 | 0.69 | 0.66 |
Cash dividends declared per common share | $ 0.12 | $ 0.12 | $ 0.36 | $ 0.36 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
Beginning balance at Dec. 31, 2014 | $ 878,109 | $ 495,220 | $ 351,814 | $ 31,075 |
Beginning balance, shares at Dec. 31, 2014 | 105,893 | |||
Repurchase of common stock | (606) | $ (606) | ||
Repurchase of common stock, shares | (41) | |||
Exercise of stock options | 4,672 | $ 4,672 | ||
Exercise of stock options, shares | 411 | |||
Tax benefit from exercise of stock options | 772 | $ 772 | ||
Shares issued pursuant to stock-based compensation plan | 2,044 | $ 2,044 | ||
Shares issued pursuant to stock-based compensation plan, shares | 92 | |||
Cash dividends declared on common stock | (38,274) | (38,274) | ||
Net earnings | 70,532 | 70,532 | ||
Other comprehensive income | 3,478 | 3,478 | ||
Ending balance at Sep. 30, 2015 | 920,727 | $ 502,102 | 384,072 | 34,553 |
Ending balance, shares at Sep. 30, 2015 | 106,355 | |||
Beginning balance at Dec. 31, 2015 | 923,399 | $ 502,571 | 399,919 | 20,909 |
Beginning balance, shares at Dec. 31, 2015 | 106,385 | |||
Repurchase of common stock | (496) | $ (496) | ||
Repurchase of common stock, shares | (66) | |||
Issuance of common stock for acquisition of County Commerce Bank | 21,642 | $ 21,642 | ||
Issuance of common stock for acquisition of County Commerce Bank, Shares | 1,394 | |||
Exercise of stock options | 3,174 | $ 3,174 | ||
Exercise of stock options, shares | 274 | |||
Tax benefit from exercise of stock options | 236 | $ 236 | ||
Shares issued pursuant to stock-based compensation plan | 2,154 | $ 2,154 | ||
Shares issued pursuant to stock-based compensation plan, shares | 110 | |||
Cash dividends declared on common stock | (38,853) | (38,853) | ||
Net earnings | 74,353 | 74,353 | ||
Other comprehensive income | 17,694 | 17,694 | ||
Ending balance at Sep. 30, 2016 | $ 1,003,303 | $ 529,281 | $ 435,419 | $ 38,603 |
Ending balance, shares at Sep. 30, 2016 | 108,097 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends per common share | $ 0.12 | $ 0.12 | $ 0.36 | $ 0.36 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash Flows from Operating Activities | ||
Interest and dividends received | $ 208,995 | $ 208,549 |
Service charges and other fees received | 23,185 | 21,604 |
Interest paid | (6,089) | (7,631) |
Net cash paid to vendors, employees and others | (95,870) | (98,692) |
Income taxes paid | (31,495) | (38,000) |
Payments to FDIC, net share agreement | (510) | (460) |
Net cash provided by operating activities | 98,216 | 85,370 |
Cash Flows from Investing Activities | ||
Proceeds from redemption of FHLB stock | 1,423 | 7,750 |
Net change in interest-earning balances from depository institutions | 11,849 | (6,071) |
Proceeds from sale of investment securities | 1,957 | 975 |
Proceeds from repayment of investment securities available-for-sale | 325,912 | 300,959 |
Proceeds from maturity of investment securities available-for-sale | 81,209 | 83,322 |
Purchases of investment securities available-for-sale | (208,563) | (431,650) |
Proceeds from repayment and maturity of investment securities held-to-maturity | 231,355 | 33,727 |
Purchases of investment securities held-to-maturity | (261,457) | |
Net (increase) decrease in loan and lease finance receivables | (109,046) | 2,647 |
Proceeds from sale of loans | 6,417 | |
Purchase of premises and equipment | (2,343) | (1,249) |
Proceeds from sales of other real estate owned | 1,846 | 2,579 |
Cash used in sale of branch, net | (8,217) | |
Cash paid for County Commerce Bank (CCB) acquisition, net of cash acquired | (7,504) | |
Net cash provided by (used in) investing activities | 64,838 | (7,011) |
Cash Flows from Financing Activities | ||
Net increase in other deposits | 508,916 | 416,830 |
Net decrease in time deposits | (319,877) | (62,016) |
Repayment of FHLB advances | (5,000) | (200,000) |
Net decrease in other borrowings | (46,000) | (46,000) |
Net (decrease) increase in customer repurchase agreements | (112,293) | 46,547 |
Cash dividends on common stock | (38,652) | (36,099) |
Repurchase of common stock | (496) | (606) |
Proceeds from exercise of stock options | 3,174 | 4,672 |
Tax benefit related to exercise of stock options | 236 | 772 |
Net cash (used in) provided by financing activities | (9,992) | 124,100 |
Net increase in cash and cash equivalents | 153,062 | 202,459 |
Cash and cash equivalents, beginning of period | 106,097 | 105,768 |
Cash and cash equivalents, end of period | 259,159 | 308,227 |
Reconciliation of Net Earnings to Net Cash Provided by Operating Activities | ||
Net earnings | 74,353 | 70,532 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Gain on sale of loans | (1,101) | |
Gain on sale of branch | (272) | |
Gain on sale of other real estate owned | (30) | (386) |
Gain on sale of investment securities | (548) | 22 |
Increase in bank owned life insurance | (3,117) | (3,149) |
Net amortization of premiums and discounts on investment securities | 15,422 | 14,605 |
Accretion of PCI discount | (2,112) | (3,010) |
Recapture of provision for loan losses | (2,000) | (4,500) |
Recapture of provision for unfunded loan commitments | 0 | (500) |
Valuation adjustment on other real estate owned | 337 | 162 |
Payments to FDIC, loss share agreement | (510) | (460) |
Stock-based compensation | 2,154 | 2,044 |
Depreciation and amortization, net | 3,128 | (180) |
Change in other assets and liabilities | 12,512 | 10,190 |
Total adjustments | 23,863 | 14,838 |
Net cash provided by operating activities | 98,216 | 85,370 |
Supplemental Disclosure of Non-cash Investing Activities | ||
Securities purchased and not settled | 43,111 | 42,317 |
Transfer of loans to other real estate owned | 3,721 | |
Issuance of common stock for CCB acquisition | $ 21,642 | |
Transfer of AFS securities to HTM securities | $ 898,598 |
Business
Business | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | 1. BUSINESS The condensed consolidated financial statements include 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 County, and the Central Valley area of California. The Bank operates 42 Business Financial Centers, eight Commercial Banking Centers, and three trust office locations. The Company is headquartered in the city of Ontario, California. On February 29, 2016, we completed the acquisition of County Commerce Bank (“CCB”), headquartered in Ventura County with four branch locations in Ventura County with total assets of approximately $253 million. This acquisition extends our geographic footprint northward into the central coast of California. Our condensed consolidated financial statements for 2016 include CCB operations, post-merger. See Note 4 – Business Combinations, included herein. On September 22, 2016, we announced that we entered into a merger agreement with Valley Commerce Bancorp (“VCBP”), pursuant to which its subsidiary, Valley Business Bank will merge into Citizens Business Bank. Valley Business Bank has four branch locations and total assets of approximately $416 million. We expect to close this announced acquisition in the first quarter of 2017, subject to regulatory and Valley Commerce Bancorp shareholders’ approvals. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 2. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements and notes thereto have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-Q and conform to practices within the banking industry and include all of the information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments), which are necessary for a fair presentation of financial results for the interim periods presented. The results of operations for the nine months ended September 30, 2016 are not necessarily indicative of the results for the full year. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements, accounting policies and financial notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the SEC. A summary of the significant accounting policies consistently applied in the preparation of the accompanying unaudited condensed consolidated financial statements follows. Reclassification |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Except as discussed below, our accounting policies are described in Note 3— Summary of Significant Accounting Policies, Use of Estimates in the Preparation of Financial Statements Recent Accounting Pronouncements In February 2016, FASB issued ASU No. 2016-02, “Leases (Topic 842)”. ASU 2016-02 establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact of adoption of this ASU on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace the current “incurred loss” approach with an “expected loss” model. The new model, referred to as the Current Expected Credit Loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments, and financial guarantees. The CECL model does not apply to available-for-sale debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. ASU No. 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach). The Company is currently evaluating the impact of adoption of this ASU on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” The new guidance clarifies the classification within the statement of cash flows for certain transactions, including debt extinguishment costs, zero-coupon debt, contingent consideration related to business combinations, insurance proceeds, equity method distributions and beneficial interests in securitizations. The guidance also clarifies that cash flows with aspects of multiple classes of cash flows or that cannot be separated by source or use should be classified based on the activity that is likely to be the predominant source or use of cash flows for the item. This guidance is effective for fiscal years beginning after December 15, 2017 and will require application using a retrospective transition method. The Company is currently evaluating the impact of adoption of this ASU on its consolidated financial statements. |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | 4. BUSINESS COMBINATIONS County Commerce Bank Acquisition On February 29, 2016, the Bank acquired all of the assets and assumed all of the liabilities of CCB for $20.6 million in cash and $21.6 million in stock. As a result, CCB was merged with the Bank, the principal subsidiary of CVB. The Company believes this transaction serves to further expand its footprint northward into and along the central coast of California. At close, CCB had four branches located in Ventura, Oxnard, Camarillo, and Westlake Village. The systems integration of CCB and CBB was completed in April 2016. Goodwill of $13.9 million from the acquisition represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. The total fair value of assets acquired approximated $252.4 million, which included $54.8 million in cash and balances due from depository institutions, $1.5 million in FHLB stock, $168.0 million in loans and lease finance receivables, $8.6 million in fixed assets, $3.9 million in core deposit intangible assets acquired and $1.7 million in other assets. The total fair value of liabilities assumed was $230.8 million, which included $224.2 million in deposits, $5.0 million in FHLB advances and $1.6 million in other liabilities. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of February 29, 2016. The assets acquired and liabilities assumed have been accounted for under the acquisition method accounting. These fair values are estimates and are subject to adjustment for up to one year after the acquisition date or when additional information relative to the closing date fair values becomes available and such information is considered final, whichever is earlier. We have included the financial results of the business combination in the condensed consolidated statement of earnings and comprehensive income beginning on the acquisition date. For the three and nine months ended September 30, 2016, the Company incurred merger related expenses associated with the CCB acquisition of $145,000 and $1.3 million, respectively. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2016 | |
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 traded in markets where similar assets are actively traded. Estimated fair values were obtained from an independent pricing service based upon market quotes. September 30, 2016 Amortized Gross Gross Fair Value Total (Dollars in thousands) Investment securities available-for-sale: Government agency/GSE $ 3,750 $ 7 $ - $ 3,757 0.17 % Residential mortgage-backed securities 1,684,735 52,941 - 1,737,676 78.01 % CMO/REMIC - residential 376,529 6,679 (112 ) 383,096 17.20 % Municipal bonds 95,537 1,998 (1 ) 97,534 4.38 % Other securities 5,000 488 - 5,488 0.24 % Total available-for-sale securities $ 2,165,551 $ 62,113 $ (113 ) $ 2,227,551 100.00 % Investment securities held-to-maturity (1): Government agency/GSE $ 181,840 $ 5,038 $ (25 ) $ 186,853 20.69 % Residential mortgage-backed securities 204,791 5,811 - 210,602 23.30 % CMO 192,680 195 (325 ) 192,550 21.92 % Municipal bonds 299,642 5,357 (1,298 ) 303,701 34.09 % Total held-to-maturity securities $ 878,953 $ 16,401 $ (1,648 ) $ 893,706 100.00 % December 31, 2015 Amortized Gross Gross Fair Value Total (Dollars in thousands) Investment securities available-for-sale: Government agency/GSE $ 5,752 $ - $ (7 ) $ 5,745 0.24 % Residential mortgage-backed securities 1,788,857 26,001 (1,761 ) 1,813,097 76.55 % CMO/REMIC - 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/GSE $ 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 % (1) Securities held-to-maturity are presented in the condensed 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 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. At September 30, 2016, investment securities HTM totaled $879.0 million. The after-tax unrealized gain reported in AOCI on investment securities HTM was $2.6 million at September 30, 2016. 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 Three Months Ended For the Nine Months Ended 2016 2015 2016 2015 (Dollars in thousands) Investment securities available-for-sale: Taxable $ 10,546 $ 11,840 $ 32,754 $ 37,548 Tax-advantaged 879 2,894 3,488 12,623 Investment securities held-to-maturity: Taxable 2,349 1,688 7,184 1,762 Tax-advantaged 2,438 1,748 7,694 1,748 Total interest income from investment securities $ 16,212 $ 18,170 $ 51,120 $ 53,681 Approximately 87% of the total investment securities portfolio at September 30, 2016 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 September 30, 2016 and December 31, 2015. At September 30, 2016, the Bank had $101,000 in total CMO backed by whole loans issued by private-label companies (nongovernment sponsored). The tables below show the Company’s investment securities’ gross unrealized losses and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at September 30, 2016 and December 31, 2015. Management has reviewed individual securities to determine whether a decline in fair value below the amortized cost basis is other-than-temporary. The unrealized losses on these securities were primarily attributed to changes in interest rates. The issuers of these securities have not, to our knowledge, evidenced any cause for default on these securities. These securities have fluctuated in value since their purchase dates as market rates have fluctuated. However, we have the ability and the intention to hold these securities until their fair values recover to cost or maturity. As such, management does not deem these securities to be Other-Than-Temporarily-Impaired (“OTTI”). As of December 31, 2015, the Company had one OTTI HTM security with a net carrying value of $1.3 million. This security sold for a net gain of $546,000 in the third quarter of 2016. The Company did not record any charges for OTTI losses for the nine months ended September 30, 2016 and 2015. September 30, 2016 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Fair Value Gross Fair Value Gross (Dollars in thousands) Investment securities available-for-sale: Government agency/GSE $ - $ - $ - $ - $ - $ - Residential mortgage-backed securities - - - - - - CMO/REMIC - residential 39,453 (112 ) - - 39,453 (112 ) Municipal bonds - - 5,975 (1 ) 5,975 (1 ) Other securities - - - - - - Total available-for-sale securities $ 39,453 $ (112 ) $ 5,975 $ (1 ) $ 45,428 $ (113 ) Investment securities held-to-maturity: Government agency/GSE $ 6,065 $ (25 ) $ - $ - $ 6,065 $ (25 ) Residential mortgage-backed securities - - - - - - CMO/REMIC - residential 54,425 (325 ) - - 54,425 (325 ) Municipal bonds 39,894 (351 ) 38,027 (947 ) 77,921 (1,298 ) Other securities - - - - - - Total held-to-maturity securities $ 100,384 $ (701 ) $ 38,027 $ (947 ) $ 138,411 $ (1,648 ) December 31, 2015 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Fair Value Gross Fair Value Gross (Dollars in thousands) Investment securities available-for-sale: Government agency/GSE $ 5,745 $ (7 ) $ - $ - $ 5,745 $ (7 ) Residential mortgage-backed securities 437,699 (1,761 ) - - 437,699 (1,761 ) CMO/REMIC - 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/GSE $ 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 ) At September 30, 2016 and December 31, 2015, investment securities having a carrying value of approximately $2.25 billion and $2.81 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 September 30, 2016, by contractual maturity, are shown in the table below. Although mortgage-backed securities and CMO/REMIC have contractual maturities through 2057, expected maturities will differ from contractual maturities because borrowers may have the right to prepay such obligations without penalty. Mortgage-backed securities and CMO/REMIC are included in maturity categories based upon estimated prepayment speeds. September 30, 2016 Available-for-sale Held-to-maturity Amortized Fair Amortized Fair Cost Value Cost Value (Dollars in thousands) Due in one year or less $ 12,709 $ 12,877 $ - $ - Due after one year through five years 1,845,451 1,898,916 295,758 298,986 Due after five years through ten years 98,086 100,634 236,734 240,043 Due after ten years 209,305 215,124 346,461 354,677 Total investment securities $ 2,165,551 $ 2,227,551 $ 878,953 $ 893,706 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 September 30, 2016. |
Acquired SJB Assets and FDIC Lo
Acquired SJB Assets and FDIC Loss Sharing Asset | 9 Months Ended |
Sep. 30, 2016 | |
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 San Joaquin Bank (“SJB”) and entered into loss sharing agreements with the Federal Deposit Insurance Corporation (“FDIC”) that is more fully discussed in Note 3— Summary of Significant Accounting Policies At September 30, 2016, the remaining discount associated with the PCI loans approximated $1.9 million. Based on the Company’s regular forecast of expected cash flows from these loans, approximately $1.2 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 by internal risk ratings (credit quality indicators) for the periods indicated. September 30, 2016 December 31, 2015 (Dollars in thousands) Commercial and industrial $ 2,331 $ 7,473 SBA 336 393 Real estate: Commercial real estate 70,094 81,786 Construction - - SFR mortgage 182 193 Dairy & livestock and agribusiness 507 1,429 Municipal lease finance receivables - - Consumer and other loans 1,479 2,438 Gross PCI loans 74,929 93,712 Less: Purchase accounting discount (1,894 ) (3,872 ) Gross PCI loans, net of discount 73,035 89,840 Less: Allowance for PCI loan losses (600 ) - Net PCI loans $ 72,435 $ 89,840 Credit Quality Indicators The following table summarizes gross PCI loans by internal risk ratings for the periods indicated. September 30, 2016 December 31, 2015 (Dollars in thousands) Pass $ 59,642 $ 76,401 Special mention 2,478 11,142 Substandard 12,809 6,169 Doubtful & loss - - Total gross PCI loans $ 74,929 $ 93,712 Allowance for Loan Losses (“ALLL”) The Company’s Credit Management Division is responsible for regularly reviewing the ALLL methodology for PCI loans. The ALLL for PCI loans is determined separately from total loans, and is based on expectations of future cash flows from the underlying pools of loans or individual loans in accordance with ASC 310-30, as more fully described in Note 3— Summary of Significant Accounting Policies |
Loans and Lease Finance Receiva
Loans and Lease Finance Receivables and Allowance for Loan Losses | 9 Months Ended |
Sep. 30, 2016 | |
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. September 30, 2016 December 31, 2015 (Dollars in thousands) Commercial and industrial $ 494,483 $ 434,099 SBA 104,043 106,867 Real estate: Commercial real estate 2,911,765 2,643,184 Construction 90,710 68,563 SFR mortgage 241,490 233,754 Dairy & livestock and agribusiness 239,242 305,509 Municipal lease finance receivables 68,309 74,135 Consumer and other loans 79,664 69,278 Gross loans, excluding PCI loans 4,229,706 3,935,389 Less: Deferred loan fees, net (7,574 ) (8,292 ) Gross loans, excluding PCI loans, net of deferred loan fees 4,222,132 3,927,097 Less: Allowance for loan losses (60,401 ) (59,156 ) Net loans, excluding PCI loans 4,161,731 3,867,941 PCI Loans 74,929 93,712 Discount on PCI loans (1,894 ) (3,872 ) Less: Allowance for loan losses (600 ) - PCI loans, net 72,435 89,840 Total loans and lease finance receivables $ 4,234,166 $ 3,957,781 As of September 30, 2016, 76.69% of the total gross loan portfolio (excluding PCI loans) consisted of real estate loans, 68.84% of which consisted of commercial real estate loans. Substantially all of the Company’s real estate loans and construction loans are secured by real properties located in California. As of September 30, 2016, $178.0 million, or 6.11% of the total commercial real estate loans included loans secured by farmland, compared to $173.0 million, or 6.54%, at December 31, 2015. The loans secured by farmland included $128.8 million for loans secured by dairy & livestock land and $49.2 million for loans secured by agricultural land at September 30, 2016, compared to $128.4 million for loans secured by dairy & livestock land and $44.6 million for loans secured by agricultural land at December 31, 2015. As of September 30, 2016, dairy & livestock and agribusiness loans of $239.2 million were comprised of $220.8 million for dairy & livestock loans and $18.4 million for agribusiness loans, compared to $287.0 million for dairy & livestock loans and $18.5 million for agribusiness loans at December 31, 2015. At September 30, 2016, the Company held approximately $2.02 billion of total fixed rate loans, including PCI loans. At September 30, 2016 and December 31, 2015, loans totaling $3.15 billion and $2.91 billion, respectively, were pledged to secure the borrowings and available lines of credit from the FHLB and the Federal Reserve Bank. Credit Quality Indicators Central to our credit risk management is our loan risk rating system. The originating 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, 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, including loans on the Bank’s internal watch list, range from minimal credit risk to lower than average, but still acceptable, credit risk. Watch list loans usually require more than normal management attention. Loans on the 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 have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the repayment prospects for the asset or the Company’s credit position at some future date. Special mention assets are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. Substandard – Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. Substandard loans are characterized by 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 characteristic that the weaknesses make collection or the liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Loss — Loans classified as loss are considered uncollectible and of such little value that their continuance as bankable assets 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 asset with insignificant value even though partial recovery may be effected in the future. The following table summarizes loans by type, excluding PCI loans, according to our internal risk ratings for the periods presented. September 30, 2016 Pass Special Substandard Doubtful & Total (Dollars in thousands) Commercial and industrial $ 458,131 $ 21,547 $ 14,801 $ 4 $ 494,483 SBA 86,269 10,641 6,942 191 104,043 Real estate: Commercial real estate Owner occupied 828,798 95,259 14,419 - 938,476 Non-owner occupied 1,933,610 24,375 15,304 - 1,973,289 Construction Speculative 49,338 - 7,651 - 56,989 Non-speculative 33,721 - - - 33,721 SFR mortgage 234,058 5,093 2,339 - 241,490 Dairy & livestock and agribusiness 127,137 83,930 28,175 - 239,242 Municipal lease finance receivables 63,743 4,566 - - 68,309 Consumer and other loans 75,558 1,770 2,324 12 79,664 Total gross loans, excluding PCI loans $ 3,890,363 $ 247,181 $ 91,955 $ 207 $ 4,229,706 December 31, 2015 Pass Special Substandard Doubtful & Total (Dollars in thousands) Commercial and industrial $ 398,651 $ 33,000 $ 2,403 $ 45 $ 434,099 SBA 87,441 13,169 4,854 1,403 106,867 Real estate: Commercial real estate Owner occupied 772,114 54,758 11,481 - 838,353 Non-owner occupied 1,741,615 26,170 37,046 - 1,804,831 Construction Speculative 38,186 - 7,651 - 45,837 Non-speculative 22,726 - - - 22,726 SFR mortgage 227,207 3,556 2,991 - 233,754 Dairy & livestock and agribusiness 285,647 19,862 - - 305,509 Municipal lease finance receivables 69,194 4,941 - - 74,135 Consumer and other loans 64,844 1,618 2,708 108 69,278 Total gross loans, excluding PCI loans $ 3,707,625 $ 157,074 $ 69,134 $ 1,556 $ 3,935,389 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 September 30, 2016 and December 31, 2015. No assurance can be given that economic conditions which adversely affect the Company’s service areas or other circumstances will not be reflected in increased provisions for loan losses in the future. The following tables present the balance and activity related to the allowance for loan losses for held-for-investment loans by type for the periods presented. For the Three Months Ended September 30, 2016 Ending Balance June 30, 2016 Charge-offs Recoveries (Recapture of) Provision for Loan Losses Ending Balance September 30, 2016 (Dollars in thousands) Commercial and industrial $ 9,387 $ - $ 49 $ (30 ) $ 9,466 SBA 1,177 - 6 (179 ) 1,004 Real estate: Commercial real estate 39,919 - 156 (1,267 ) 38,808 Construction 1,228 - 1,731 (1,851 ) 1,108 SFR mortgage 2,501 - - 70 2,571 Dairy & livestock and agribusiness 4,882 - - 1,089 5,971 Municipal lease finance receivables 1,115 - - (82 ) 1,033 Consumer and other loans 419 (7 ) 128 (100 ) 440 PCI loans 310 - - 290 600 Unallocated (1) - - - - - Total allowance for loan losses $ 60,938 $ (7 ) $ 2,070 $ (2,000 ) $ 61,001 For the Three Months Ended September 30, 2015 Ending Balance June 30, 2015 Charge-offs Recoveries (Recapture of) Provision for Loan Losses Ending Balance September 30, (Dollars in thousands) Commercial and industrial $ 7,185 $ (82 ) $ 50 $ (620 ) $ 6,533 SBA 2,085 - 2 (122 ) 1,965 Real estate: Commercial real estate 35,414 (10 ) 2,018 (2,811 ) 34,611 Construction 746 - 8 119 873 SFR mortgage 2,564 - - 75 2,639 Dairy & livestock and agribusiness 3,974 - 98 796 4,868 Municipal lease finance receivables 1,014 - - 17 1,031 Consumer and other loans 834 - 11 (16 ) 829 Unallocated (1) 5,738 - - 62 5,800 Total allowance for loan losses $ 59,554 $ (92 ) $ 2,187 $ (2,500 ) $ 59,149 For the Nine Months Ended September 30, 2016 Ending Balance December 31, 2015 Charge-offs Recoveries (Recapture of) Provision for Loan Losses Ending Balance September 30, (Dollars in thousands) Commercial and industrial $ 8,588 $ (85 ) $ 253 $ 710 $ 9,466 SBA 993 - 9 2 1,004 Real estate: Commercial real estate 36,995 - 791 1,022 38,808 Construction 2,389 - 2,615 (3,896 ) 1,108 SFR mortgage 2,103 (102 ) - 570 2,571 Dairy & livestock and agribusiness 6,029 - 206 (264 ) 5,971 Municipal lease finance receivables 1,153 - - (120 ) 1,033 Consumer and other loans 906 (8 ) 166 (624 ) 440 PCI loans - - - 600 600 Unallocated (1) - - - - - Total allowance for loan losses $ 59,156 $ (195 ) $ 4,040 $ (2,000 ) $ 61,001 For the Nine Months Ended September 30, 2015 Ending Balance December 31, 2014 Charge-offs Recoveries (Recapture of) Ending Balance (Dollars in thousands) Commercial and industrial $ 7,074 $ (216 ) $ 282 $ (607 ) $ 6,533 SBA 2,557 (33 ) 39 (598 ) 1,965 Real estate: Commercial real estate 33,373 (117 ) 3,658 (2,303 ) 34,611 Construction 988 - 58 (173 ) 873 SFR mortgage 2,344 (215 ) 185 325 2,639 Dairy & livestock and agribusiness 5,479 - 308 (919 ) 4,868 Municipal lease finance receivables 1,412 - - (381 ) 1,031 Consumer and other loans 1,262 (197 ) 72 (308 ) 829 Unallocated (1) 5,336 - - 464 5,800 Total allowance for loan losses $ 59,825 $ (778 ) $ 4,602 $ (4,500 ) $ 59,149 (1) Based upon changes to our ALLL methodology, as described in Note 3 – Summary of Significant Accounting Policies The following tables present the recorded investment in loans held-for-investment and the related allowance for loan losses by loan type, based on the Company’s methodology for determining the allowance for loan losses for the periods presented. September 30, 2016 Recorded Investment in Loans Allowance for Loan Losses Individually Collectively Acquired with Individually Collectively Acquired with (Dollars in thousands) Commercial and industrial $ 1,349 $ 493,134 $ - $ 493 $ 8,973 $ - SBA 3,867 100,176 - 33 971 - Real estate: Commercial real estate 15,806 2,895,959 - - 38,808 - Construction 7,651 83,059 - 4 1,104 - SFR mortgage 5,502 235,988 - 6 2,565 - Dairy & livestock and agribusiness 659 238,583 - - 5,971 - Municipal lease finance receivables - 68,309 - - 1,033 - Consumer and other loans 850 78,814 - 12 428 - PCI loans - - 73,035 - - 600 Unallocated (1) - - - - - - Total $ 35,684 $ 4,194,022 $ 73,035 $ 548 $ 59,853 $ 600 September 30, 2015 Recorded Investment in Loans Allowance for Loan Losses Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Individually Collectively Acquired with (Dollars in thousands) Commercial and industrial $ 1,687 $ 412,022 $ - $ 607 $ 5,926 $ - SBA 3,319 112,807 - 4 1,961 - Real estate: Commercial real estate 43,647 2,525,481 - - 34,611 - Construction 7,651 49,927 - 23 850 - SFR mortgage 6,389 215,307 - 22 2,617 - Dairy & livestock and agribusiness 5,262 207,408 - - 4,868 - Municipal lease finance receivables - 75,839 - - 1,031 - Consumer and other loans 906 68,724 - 6 823 - PCI loans - - 94,431 - - - Unallocated (1) - - - - 5,800 - Total $ 68,861 $ 3,667,515 $ 94,431 $ 662 $ 58,487 $ - (1) Based upon changes to our ALLL methodology, as described in Note 3 – Summary of Significant Accounting Policies 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 Troubled Debt Restructured (“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. September 30, 2016 30-59 Days 60-89 Days Total Past Nonaccrual (1) Current Total Loans (Dollars in thousands) Commercial and industrial $ - $ - $ - $ 543 $ 493,940 $ 494,483 SBA - - - 3,013 101,030 104,043 Real estate: Commercial real estate Owner occupied - - - 1,502 936,974 938,476 Non-owner occupied 228 - 228 894 1,972,167 1,973,289 Construction Speculative (2) - - - - 56,989 56,989 Non-speculative - - - - 33,721 33,721 SFR mortgage - - - 2,244 239,246 241,490 Dairy & livestock and agribusiness - - - - 239,242 239,242 Municipal lease finance receivables - - - - 68,309 68,309 Consumer and other loans 94 200 294 470 78,900 79,664 Total gross loans, excluding PCI loans $ 322 $ 200 $ 522 $ 8,666 $ 4,220,518 $ 4,229,706 (1) As of September 30, 2016, $5.4 million of nonaccruing loans were current, $1.2 million were 30-59 days past due, $440,000 were 60-89 days past due and $1.6 million were 90+ days past due. (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. December 31, 2015 30-59 Days 60-89 Days 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. Impaired Loans At September 30, 2016, the Company had impaired loans, excluding PCI loans, of $35.7 million. Of this amount, there was $3.0 million of nonaccrual Small Business Administration (“SBA”) loans, $2.4 million of nonaccrual commercial real estate loans, $2.2 million of nonaccrual single-family residential (“SFR”) mortgage loans, $543,000 of nonaccrual commercial and industrial loans, and $470,000 of nonaccrual consumer and other loans. These impaired loans included $30.0 million of loans whose terms were modified in a troubled debt restructuring, of which $3.0 million were classified as nonaccrual. The remaining balance of $27.0 million consisted of 29 loans performing according to the restructured terms. The impaired loans had a specific allowance of $548,000 at September 30, 2016. At December 31, 2015, the Company had classified as impaired, loans, excluding PCI loans, with a balance of $63.7 million with a related allowance of $669,000. 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 Nine Months Ended Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 786 $ 1,687 $ - $ 858 $ 20 SBA 3,665 4,452 - 3,770 38 Real estate: Commercial real estate Owner occupied 2,773 3,786 - 3,039 63 Non-owner occupied 13,033 15,764 - 13,386 130 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 5,239 6,118 - 5,370 93 Dairy & livestock and agribusiness 659 722 - 695 24 Municipal lease finance receivables - - - - - Consumer and other loans 838 1,409 - 896 11 Total 26,993 33,938 - 28,014 379 With a related allowance recorded: Commercial and industrial 563 625 493 671 8 SBA 202 217 33 209 10 Real estate: Commercial real estate Owner occupied - - - - - Non-owner occupied - - - - - Construction Speculative 7,651 7,651 4 7,651 291 Non-speculative - - - - - SFR mortgage 263 263 6 273 4 Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 12 12 12 12 - Total 8,691 8,768 548 8,816 313 Total impaired loans $ 35,684 $ 42,706 $ 548 $ 36,830 $ 692 As of and For the Nine Months Ended Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 1,067 $ 1,926 $ - $ 1,166 $ 23 SBA 3,273 3,911 - 3,385 39 Real estate: Commercial real estate Owner occupied 7,665 8,806 - 7,935 178 Non-owner occupied 35,982 40,591 - 36,490 1,338 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 5,788 6,739 - 6,392 82 Dairy & livestock and agribusiness 5,262 5,650 - 5,569 180 Municipal lease finance receivables - - - - - Consumer and other loans 852 1,379 - 881 12 Total 59,889 69,002 - 61,818 1,852 With a related allowance recorded: Commercial and industrial 620 694 607 637 - SBA 46 47 4 58 - Real estate: Commercial real estate Owner occupied - - - - - Non-owner occupied - - - - - Construction Speculative 7,651 7,651 23 7,651 290 Non-speculative - - - - - SFR mortgage 601 653 22 612 9 Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 54 59 6 56 - Total 8,972 9,104 662 9,014 299 Total impaired loans $ 68,861 $ 78,106 $ 662 $ 70,832 $ 2,151 As of December 31, 2015 Recorded Unpaid Related (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 1,017 $ 1,894 $ - SBA 3,207 3,877 - Real estate: Commercial real estate Owner occupied 6,252 7,445 - Non-owner occupied 34,041 37,177 - Construction Speculative - - - Non-speculative - - - SFR mortgage 5,665 6,453 - Dairy & livestock and agribusiness 3,685 3,684 - Municipal lease finance receivables - - - Consumer and other loans 890 1,454 - Total 54,757 61,984 - With a related allowance recorded: Commercial and industrial 626 695 626 SBA 41 47 10 Real estate: Commercial real estate Owner occupied - - - Non-owner occupied - - - Construction Speculative 7,651 7,651 13 Non-speculative - - - SFR mortgage 588 640 20 Dairy & livestock and agribusiness - - - Municipal lease finance receivables - - - Consumer and other loans 43 45 - Total 8,949 9,078 669 Total impaired loans $ 63,706 $ 71,062 $ 669 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 September 30, 2016 and December 31, 2015 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. There was no provision or recapture of provision for unfunded loan commitments for the three and nine months ended September 30, 2016, compared to zero and a $500,000 recapture of provision for unfunded loan commitments for the three and nine months ended September 30, 2015, respectively. As of September 30, 2016 and December 31, 2015, the balance in this reserve was $7.2 million and was included in other liabilities. Troubled Debt Restructurings (“TDRs”) Loans that are reported as TDRs are considered impaired and charge-off amounts are taken on an individual loan basis, as deemed appropriate. The majority of restructured loans are loans for which the terms of repayment have been renegotiated, resulting in a reduction in interest rate or deferral of principal. Refer to Note 3 – Summary of Significant Accounting Policies As of September 30, 2016, there were $30.0 million of loans classified as a TDR, of which $3.0 million were nonperforming and $27.0 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 September 30, 2016, performing TDRs were comprised of eight commercial real estate loans of $13.4 million, one construction loan of $7.7 million, 11 SFR mortgage loans of $3.3 million, two SBA loans of $854,000, five commercial and industrial loans of $806,000, one dairy & livestock and agribusiness loan of $659,000, and one consumer loan of $380,000. There were no loans removed from TDR classification during the three and nine months ended September 30, 2016 and 2015. 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 $472,000 and $607,000 of specific allowance to TDRs as of September 30, 2016 and December 31, 2015, respectively. The following table provides a summary of the activity related to TDRs for the periods presented. For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 (Dollars in thousands) Performing TDRs: Beginning balance $ 20,292 $ 45,166 $ 42,687 $ 53,589 New modifications 759 2,353 1,877 2,383 Payoffs and payments, net (2,584 ) (2,306 ) (26,097 ) (11,275 ) TDRs returned to accrual status 8,551 - 8,551 516 TDRs placed on nonaccrual status - - - - Ending balance 27,018 45,213 27,018 45,213 Nonperforming TDRs: Beginning balance 12,029 15,167 12,622 20,285 New modifications 20 330 102 661 Charge-offs - - (38 ) - Transfer to OREO - - - (842 ) Payoffs and payments, net (465 ) (349 ) (1,102 ) (4,440 ) TDRs returned to accrual status (8,551 ) - (8,551 ) (516 ) TDRs placed on nonaccrual status - - - - Ending balance 3,033 15,148 3,033 15,148 Total TDRs $ 30,051 $ 60,361 $ 30,051 $ 60,361 The following tables summarize loans modified as troubled debt restructurings for the periods presented. Modifications (1) For the Three Months Ended September 30, 2016 Number of Pre-Modification Post-Modification Outstanding Financial Effect (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity - - - - - SBA: Interest rate reduction - - - - - Change in amortization period or maturity 1 20 20 14 - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner occupied Interest rate reduction - - - - - Change in amortization period or maturity 1 759 759 759 - SFR mortgage: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Total loans 2 $ 779 $ 779 $ 773 $ - For the Three Months Ended September 30, 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 - - - - - SBA: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner occupied Interest rate reduction 1 2,376 2,376 2,353 - Change in amortization period or maturity - - - - - SFR mortgage: Interest rate reduction 1 322 322 330 - Change in amortization period or maturity - - - - - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Total loans 2 $ 2,698 $ 2,698 $ 2,683 $ - For the Nine Months Ended September 30, 2016 Number of Pre-Modification Post-Modification Outstanding Financial Effect (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity 1 112 112 184 - SBA: Interest rate reduction - - - - - Change in amortization period or maturity 2 214 214 202 28 Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner occupied Interest rate reduction - - - - - Change in amortization period or maturity 1 759 759 759 - SFR mortgage: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity 1 24 24 22 - Total loans 5 $ 1,109 $ 1,109 $ 1,167 $ 28 For the Nine Months Ended September 30, 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 30 30 15 12 SBA: Interest rate reduction - - - - - Change in amortization period or maturity 1 330 330 325 - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner occupied Interest rate reduction 1 2,376 2,376 2,353 - Change in amortization period or maturity - - - - - SFR mortgage: Interest rate reduction 1 322 322 330 - Change in amortization period or maturity - - - - - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Total loans 4 $ 3,058 $ 3,058 $ 3,023 $ 12 (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. As of September 30, 2016, there were no loans that were previously modified as a TDR within the previous 12 months that subsequently defaulted during the three and nine months ended September 30, 2016. |
Earnings Per Share Reconciliati
Earnings Per Share Reconciliation | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Reconciliation | 8. EARNINGS PER SHARE RECONCILIATION Basic earnings per common share are computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding during each period. The computation of diluted earnings per common share considers the number of tax-effected shares issuable upon the assumed exercise of outstanding common stock options. Antidilutive common shares are not included in the calculation of diluted earnings per common share. For the three and nine months ended September 30, 2016, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share were 299,000 and 281,000, respectively. For the three and nine months ended September 30, 2015, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share were 251,000 and 234,000, 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 Three Months Ended September 30, For the Nine Months 2016 2015 2016 2015 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 25,448 $ 27,886 $ 74,353 $ 70,532 Less: Net earnings allocated to restricted stock 98 149 305 371 Net earnings allocated to common shareholders $ 25,350 $ 27,737 $ 74,048 $ 70,161 Weighted average shares outstanding 108,984 105,783 107,144 105,672 Basic earnings per common share $ 0.23 $ 0.26 $ 0.69 $ 0.66 Diluted earnings per common share: Net income allocated to common shareholders $ 25,350 $ 27,737 $ 74,048 $ 70,161 Weighted average shares outstanding 108,984 105,783 107,144 105,672 Incremental shares from assumed exercise of outstanding options 386 498 403 467 Diluted weighted average shares outstanding 109,370 106,281 107,547 106,139 Diluted earnings per common share $ 0.23 $ 0.26 $ 0.69 $ 0.66 |
Fair Value Information
Fair Value Information | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Information | 9. 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 September 30, 2016. 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 nine months ended September 30, 2016 and 2015. 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 (Level 2) Significant (Dollars in thousands) Description of assets Investment securities - AFS: Government agency/GSE $ 3,757 $ - $ 3,757 $ - Residential mortgage-backed securities 1,737,676 - 1,737,676 - CMO/REMIC - residential 383,096 - 383,096 - Municipal bonds 97,534 - 97,534 - Other securities 5,488 - 5,488 - Total investment securities - AFS 2,227,551 - 2,227,551 - Interest rate swaps 13,201 - 13,201 - Total assets $ 2,240,752 $ - $ 2,240,752 $ - Description of liability Interest rate swaps $ 13,201 $ - $ 13,201 $ - Total liabilities $ 13,201 $ - $ 13,201 $ - Carrying Value at Quoted Prices in Active Markets for Significant Other Significant (Dollars in thousands) Description of assets Investment securities - AFS: Government agency/GSE $ 5,745 $ - $ 5,745 $ - Residential mortgage-backed securities 1,813,097 - 1,813,097 - CMO/REMIC - 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 $ - 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 September 30, 2016 and December 31, 2015, 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 Total Losses (Dollars in thousands) Description of assets Impaired loans, excluding PCI loans: Commercial and industrial $ 144 $ - $ - $ 144 $ 73 SBA 202 - - 202 33 Real estate: Commercial real estate - - - - - Construction - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Consumer and other loans 19 - - 19 18 Other real estate owned 313 - - 313 28 Total assets $ 678 $ - $ - $ 678 $ 152 Carrying Value at Quoted Prices in Significant Other Significant 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 Fair Value of Financial Instruments The following disclosure presents estimated fair value of our 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 September 30, 2016 and December 31, 2015, respectively. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. September 30, 2016 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 119,420 $ 119,420 $ - $ - $ 119,420 Interest-earning balances due from depository institutions 139,739 - 139,739 - 139,739 FHLB stock 17,688 - 17,688 - 17,688 Investment securities available-for-sale 2,227,551 - 2,227,551 - 2,227,551 Investment securities held-to-maturity 878,953 - 893,706 - 893,706 Total loans, net of allowance for loan losses 4,234,166 - - 4,280,285 4,280,285 Swaps 13,201 - 13,201 - 13,201 Liabilities Deposits: Noninterest-bearing $ 3,657,610 $ 3,657,610 $ - $ - $ 3,657,610 Interest-bearing 2,663,385 - 2,663,178 - 2,663,178 Borrowings 577,990 - 577,872 - 577,872 Junior subordinated debentures 25,774 - - 18,031 18,031 Swaps 13,201 - 13,201 - 13,201 December 31, 2015 Estimated Fair Value Carrying 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 The fair value estimates presented herein are based on pertinent information available to management as of September 30, 2016 and December 31, 2015. 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 | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Business Segments | 10. BUSINESS SEGMENTS The Company has identified two principal reportable segments: Business Financial and Commercial Banking Centers (“Centers”) and the Treasury Department. The Bank has 42 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 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 Three Months Ended September 30, 2016 Centers Treasury Other Eliminations Total (Dollars in thousands) Interest income, including loan fees $ 39,034 $ 17,439 $ 8,698 $ - $ 65,171 Credit for funds provided (1) 9,576 - 14,586 (24,162 ) - Total interest income 48,610 17,439 23,284 (24,162 ) 65,171 Interest expense 1,750 123 137 - 2,010 Charge for funds used (1) 1,361 17,153 5,648 (24,162 ) - Total interest expense 3,111 17,276 5,785 (24,162 ) 2,010 Net interest income 45,499 163 17,499 - 63,161 Recapture of provision for loan losses - - (2,000 ) - (2,000 ) Net interest income after recapture of provision for loan losses 45,499 163 19,499 - 65,161 Noninterest income 5,182 548 3,453 - 9,183 Noninterest expense 12,423 218 20,365 - 33,006 Segment pre-tax profit $ 38,258 $ 493 $ 2,587 $ - $ 41,338 Segment assets as of September 30, 2016 $ 6,963,530 $ 3,424,605 $ 906,344 $ (3,249,486 ) $ 8,044,993 (1) Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. For the Three Months Ended September 30, 2015 Centers Treasury Other Eliminations Total (Dollars in thousands) Interest income, including loan fees $ 36,998 $ 18,927 $ 11,806 $ - $ 67,731 Credit for funds provided (1) 8,977 - 13,249 (22,226 ) - Total interest income 45,975 18,927 25,055 (22,226 ) 67,731 Interest expense 1,654 58 102 - 1,814 Charge for funds used (1) 1,088 15,983 5,155 (22,226 ) - Total interest expense 2,742 16,041 5,257 (22,226 ) 1,814 Net interest income 43,233 2,886 19,798 - 65,917 Recapture of provision for loan losses - - (2,500 ) - (2,500 ) Net interest income after recapture of provision for loan losses 43,233 2,886 22,298 - 68,417 Noninterest income 5,276 (22 ) 3,159 - 8,413 Noninterest expense 12,496 219 20,027 - 32,742 Segment pre-tax profit $ 36,013 $ 2,645 $ 5,430 $ - $ 44,088 Segment assets as of September 30, 2015 $ 6,419,264 $ 3,505,392 $ 809,514 $ (3,107,708 ) $ 7,626,462 (1) Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. For the Nine Months Ended September 30, 2016 Centers Treasury Other Eliminations Total (Dollars in thousands) Interest income, including loan fees $ 114,491 $ 53,975 $ 29,220 $ - $ 197,686 Credit for funds provided (1) 27,093 - 42,271 (69,364 ) - Total interest income 141,584 53,975 71,491 (69,364 ) 197,686 Interest expense 5,153 510 390 - 6,053 Charge for funds used (1) 4,115 48,131 17,118 (69,364 ) - Total interest expense 9,268 48,641 17,508 (69,364 ) 6,053 Net interest income 132,316 5,334 53,983 - 191,633 Recapture of provision for loan losses - - (2,000 ) - (2,000 ) Net interest income after recapture of provision for loan losses 132,316 5,334 55,983 - 193,633 Noninterest income 15,335 548 11,257 - 27,140 Noninterest expense 37,924 652 63,216 - 101,792 Debt termination expense - 16 - - 16 Segment pre-tax profit $ 109,727 $ 5,214 $ 4,024 $ - $ 118,965 Segment assets as of September 30, 2016 $ 6,963,530 $ 3,424,605 $ 906,344 $ (3,249,486 ) $ 8,044,993 (1) Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. For the Nine Months Ended September 30, 2015 Centers Treasury Other Eliminations Total (Dollars in thousands) Interest income, including loan fees $ 108,179 $ 56,792 $ 31,455 $ - $ 196,426 Credit for funds provided (1) 25,718 - 38,914 (64,632 ) - Total interest income 133,897 56,792 70,369 (64,632 ) 196,426 Interest expense 4,945 1,520 277 - 6,742 Charge for funds used (1) 3,207 46,230 15,195 (64,632 ) - Total interest expense 8,152 47,750 15,472 (64,632 ) 6,742 Net interest income 125,745 9,042 54,897 - 189,684 Recapture of provision for loan losses - - (4,500 ) - (4,500 ) Net interest income after recapture of provision for loan losses 125,745 9,042 59,397 - 194,184 Noninterest income 15,662 (22 ) 9,129 - 24,769 Noninterest expense 36,604 643 57,630 - 94,877 Debt termination expense - 13,870 - - 13,870 Segment pre-tax profit (loss) $ 104,803 $ (5,493 ) $ 10,896 $ - $ 110,206 Segment assets as of September 30, 2015 $ 6,419,264 $ 3,505,392 $ 809,514 $ (3,107,708 ) $ 7,626,462 (1) Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 11. 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 September 30, 2016, the Bank has entered into 80 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 September 30, 2016 and December 31, 2015, the total notional amount of the Company’s swaps was $199.1 million, and $189.0 million, respectively. The location of the asset and liability, and their respective fair values are summarized in the tables below. September 30, 2016 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 13,201 Other liabilities $ 13,201 Total derivatives $ 13,201 $ 13,201 December 31, 2015 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 9,344 Other liabilities $ 9,344 Total derivatives $ 9,344 $ 9,344 The Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of Earnings The following table summarizes the effect of derivative financial instruments on the condensed consolidated statement of earnings for the periods presented. Derivatives Not Designated as Hedging Instruments Location of Gain Recognized in Amount of Gain Recognized in Income on Derivative Instruments For the Three Months Ended For the Nine Months Ended 2016 2015 2016 2015 (Dollars in thousands) Interest rate swaps Other income $ 136 $ - $ 521 $ 199 Total $ 136 $ - $ 521 $ 199 |
Other Comprehensive Income
Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Other Comprehensive Income | 12. OTHER COMPREHENSIVE INCOME The tables below provide a summary of the components of other comprehensive income (“OCI”) for the periods presented. For the Three Months Ended September 30, 2016 2015 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 $ (4,006 ) $ (1,683 ) $ (2,323 ) $ 12,318 $ 5,175 $ 7,143 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)/losses on securities transferred from available-for-sale to held-to-maturity 297 125 172 (334 ) (140 ) (194 ) Net realized (gain)/loss reclassified into earnings (548 ) (230 ) (318 ) 22 9 13 Net change $ (4,257 ) $ (1,788 ) $ (2,469 ) $ 18,696 $ 7,852 $ 10,844 For the Nine Months Ended September 30, 2016 2015 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 $ 31,617 $ 13,279 $ 18,338 $ (382 ) $ (159 ) $ (223 ) 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)/losses on securities transferred from available-for-sale to held-to-maturity (563 ) (237 ) (326 ) (334 ) (140 ) (194 ) Net realized (gain)/loss reclassified into earnings (548 ) (230 ) (318 ) 22 9 13 Net change $ 30,506 $ 12,812 $ 17,694 $ 5,996 $ 2,518 $ 3,478 |
Balance Sheet Offsetting
Balance Sheet Offsetting | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
Balance Sheet Offsetting | 13. BALANCE SHEET OFFSETTING Assets and liabilities relating to certain financial instruments, including, derivatives and securities sold under repurchase agreements (“repurchase agreements”), may be eligible for offset in the condensed consolidated balance sheets as permitted under accounting guidance. As noted above, our interest rate swap derivatives are subject to a master netting arrangement with one counterparty bank. Our interest rate swap derivatives require the Company to pledge investment securities as collateral based on certain risk thresholds. Investment securities that have been pledged by the Company to the counterparty bank continue to be reported in the Company’s condensed consolidated balance sheets unless the Company defaults. We offer a repurchase agreement product to our customers, which include master netting agreements that allow for the netting of collateral positions. This product, known as Citizens Sweep Manager, sells certain of our securities overnight to our customers under an agreement to repurchase them the next day. The repurchase agreements are not offset in the condensed consolidated balances. Gross Amounts Gross Amounts Net Amounts of Gross Amounts Not Offset in the Condensed Consolidated Net Amount the Condensed Condensed in the Condensed Financial Collateral (Dollars in thousands) September 30, 2016 Financial assets: Derivatives not designated as hedging instruments $ 13,201 $ - $ - $ 13,201 $ - $ 13,201 Total $ 13,201 $ - $ - $ 13,201 $ - $ 13,201 Financial liabilities: Derivatives not designated as hedging instruments $ 13,201 $ - $ 13,201 $ - $ (16,584 ) $ (3,383 ) Repurchase agreements 577,990 - 577,990 - (615,755 ) (37,765 ) Total $ 591,191 $ - $ 591,191 $ - $ (632,339 ) $ (41,148 ) 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 ) |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 September 30, 2016. 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 |
Reclassification | Reclassification |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, FASB issued ASU No. 2016-02, “Leases (Topic 842)”. ASU 2016-02 establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact of adoption of this ASU on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace the current “incurred loss” approach with an “expected loss” model. The new model, referred to as the Current Expected Credit Loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments, and financial guarantees. The CECL model does not apply to available-for-sale debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. ASU No. 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach). The Company is currently evaluating the impact of adoption of this ASU on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” The new guidance clarifies the classification within the statement of cash flows for certain transactions, including debt extinguishment costs, zero-coupon debt, contingent consideration related to business combinations, insurance proceeds, equity method distributions and beneficial interests in securitizations. The guidance also clarifies that cash flows with aspects of multiple classes of cash flows or that cannot be separated by source or use should be classified based on the activity that is likely to be the predominant source or use of cash flows for the item. This guidance is effective for fiscal years beginning after December 15, 2017 and will require application using a retrospective transition method. The Company is currently evaluating the impact of adoption of this ASU on its consolidated financial statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Estimated Fair Value of Investment Securities | The majority of securities held are traded in markets where similar assets are actively traded. Estimated fair values were obtained from an independent pricing service based upon market quotes. September 30, 2016 Amortized Gross Gross Fair Value Total (Dollars in thousands) Investment securities available-for-sale: Government agency/GSE $ 3,750 $ 7 $ - $ 3,757 0.17 % Residential mortgage-backed securities 1,684,735 52,941 - 1,737,676 78.01 % CMO/REMIC - residential 376,529 6,679 (112 ) 383,096 17.20 % Municipal bonds 95,537 1,998 (1 ) 97,534 4.38 % Other securities 5,000 488 - 5,488 0.24 % Total available-for-sale securities $ 2,165,551 $ 62,113 $ (113 ) $ 2,227,551 100.00 % Investment securities held-to-maturity (1): Government agency/GSE $ 181,840 $ 5,038 $ (25 ) $ 186,853 20.69 % Residential mortgage-backed securities 204,791 5,811 - 210,602 23.30 % CMO 192,680 195 (325 ) 192,550 21.92 % Municipal bonds 299,642 5,357 (1,298 ) 303,701 34.09 % Total held-to-maturity securities $ 878,953 $ 16,401 $ (1,648 ) $ 893,706 100.00 % December 31, 2015 Amortized Gross Gross Fair Value Total (Dollars in thousands) Investment securities available-for-sale: Government agency/GSE $ 5,752 $ - $ (7 ) $ 5,745 0.24 % Residential mortgage-backed securities 1,788,857 26,001 (1,761 ) 1,813,097 76.55 % CMO/REMIC - 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/GSE $ 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 % (1) Securities held-to-maturity are presented in the condensed 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 Three Months Ended For the Nine Months Ended 2016 2015 2016 2015 (Dollars in thousands) Investment securities available-for-sale: Taxable $ 10,546 $ 11,840 $ 32,754 $ 37,548 Tax-advantaged 879 2,894 3,488 12,623 Investment securities held-to-maturity: Taxable 2,349 1,688 7,184 1,762 Tax-advantaged 2,438 1,748 7,694 1,748 Total interest income from investment securities $ 16,212 $ 18,170 $ 51,120 $ 53,681 |
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 September 30, 2016 and December 31, 2015. Management has reviewed individual securities to determine whether a decline in fair value below the amortized cost basis is other-than-temporary. September 30, 2016 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Fair Value Gross Fair Value Gross (Dollars in thousands) Investment securities available-for-sale: Government agency/GSE $ - $ - $ - $ - $ - $ - Residential mortgage-backed securities - - - - - - CMO/REMIC - residential 39,453 (112 ) - - 39,453 (112 ) Municipal bonds - - 5,975 (1 ) 5,975 (1 ) Other securities - - - - - - Total available-for-sale securities $ 39,453 $ (112 ) $ 5,975 $ (1 ) $ 45,428 $ (113 ) Investment securities held-to-maturity: Government agency/GSE $ 6,065 $ (25 ) $ - $ - $ 6,065 $ (25 ) Residential mortgage-backed securities - - - - - - CMO/REMIC - residential 54,425 (325 ) - - 54,425 (325 ) Municipal bonds 39,894 (351 ) 38,027 (947 ) 77,921 (1,298 ) Other securities - - - - - - Total held-to-maturity securities $ 100,384 $ (701 ) $ 38,027 $ (947 ) $ 138,411 $ (1,648 ) December 31, 2015 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Fair Value Gross Fair Value Gross (Dollars in thousands) Investment securities available-for-sale: Government agency/GSE $ 5,745 $ (7 ) $ - $ - $ 5,745 $ (7 ) Residential mortgage-backed securities 437,699 (1,761 ) - - 437,699 (1,761 ) CMO/REMIC - 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/GSE $ 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 ) |
Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | Mortgage-backed securities and CMO/REMIC are included in maturity categories based upon estimated prepayment speeds. September 30, 2016 Available-for-sale Held-to-maturity Amortized Fair Amortized Fair Cost Value Cost Value (Dollars in thousands) Due in one year or less $ 12,709 $ 12,877 $ - $ - Due after one year through five years 1,845,451 1,898,916 295,758 298,986 Due after five years through ten years 98,086 100,634 236,734 240,043 Due after ten years 209,305 215,124 346,461 354,677 Total investment securities $ 2,165,551 $ 2,227,551 $ 878,953 $ 893,706 |
Acquired SJB Assets and FDIC 23
Acquired SJB Assets and FDIC Loss Sharing Asset (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 by internal risk ratings (credit quality indicators) for the periods indicated. September 30, 2016 December 31, 2015 (Dollars in thousands) Commercial and industrial $ 2,331 $ 7,473 SBA 336 393 Real estate: Commercial real estate 70,094 81,786 Construction - - SFR mortgage 182 193 Dairy & livestock and agribusiness 507 1,429 Municipal lease finance receivables - - Consumer and other loans 1,479 2,438 Gross PCI loans 74,929 93,712 Less: Purchase accounting discount (1,894 ) (3,872 ) Gross PCI loans, net of discount 73,035 89,840 Less: Allowance for PCI loan losses (600 ) - Net PCI loans $ 72,435 $ 89,840 |
Summary of Gross PCI Loans by Internal Risk Ratings by Loans | The following table summarizes gross PCI loans by internal risk ratings for the periods indicated. September 30, 2016 December 31, 2015 (Dollars in thousands) Pass $ 59,642 $ 76,401 Special mention 2,478 11,142 Substandard 12,809 6,169 Doubtful & loss - - Total gross PCI loans $ 74,929 $ 93,712 |
Loans and Lease Finance Recei24
Loans and Lease Finance Receivables and Allowance for Loan Losses (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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. September 30, 2016 December 31, 2015 (Dollars in thousands) Commercial and industrial $ 494,483 $ 434,099 SBA 104,043 106,867 Real estate: Commercial real estate 2,911,765 2,643,184 Construction 90,710 68,563 SFR mortgage 241,490 233,754 Dairy & livestock and agribusiness 239,242 305,509 Municipal lease finance receivables 68,309 74,135 Consumer and other loans 79,664 69,278 Gross loans, excluding PCI loans 4,229,706 3,935,389 Less: Deferred loan fees, net (7,574 ) (8,292 ) Gross loans, excluding PCI loans, net of deferred loan fees 4,222,132 3,927,097 Less: Allowance for loan losses (60,401 ) (59,156 ) Net loans, excluding PCI loans 4,161,731 3,867,941 PCI Loans 74,929 93,712 Discount on PCI loans (1,894 ) (3,872 ) Less: Allowance for loan losses (600 ) - PCI loans, net 72,435 89,840 Total loans and lease finance receivables $ 4,234,166 $ 3,957,781 |
Summary of Loan, Excluding PCI Loans by Internal Risk Ratings | The following table summarizes loans by type, excluding PCI loans, according to our internal risk ratings for the periods presented. September 30, 2016 Pass Special Substandard Doubtful & Total (Dollars in thousands) Commercial and industrial $ 458,131 $ 21,547 $ 14,801 $ 4 $ 494,483 SBA 86,269 10,641 6,942 191 104,043 Real estate: Commercial real estate Owner occupied 828,798 95,259 14,419 - 938,476 Non-owner occupied 1,933,610 24,375 15,304 - 1,973,289 Construction Speculative 49,338 - 7,651 - 56,989 Non-speculative 33,721 - - - 33,721 SFR mortgage 234,058 5,093 2,339 - 241,490 Dairy & livestock and agribusiness 127,137 83,930 28,175 - 239,242 Municipal lease finance receivables 63,743 4,566 - - 68,309 Consumer and other loans 75,558 1,770 2,324 12 79,664 Total gross loans, excluding PCI loans $ 3,890,363 $ 247,181 $ 91,955 $ 207 $ 4,229,706 December 31, 2015 Pass Special Substandard Doubtful & Total (Dollars in thousands) Commercial and industrial $ 398,651 $ 33,000 $ 2,403 $ 45 $ 434,099 SBA 87,441 13,169 4,854 1,403 106,867 Real estate: Commercial real estate Owner occupied 772,114 54,758 11,481 - 838,353 Non-owner occupied 1,741,615 26,170 37,046 - 1,804,831 Construction Speculative 38,186 - 7,651 - 45,837 Non-speculative 22,726 - - - 22,726 SFR mortgage 227,207 3,556 2,991 - 233,754 Dairy & livestock and agribusiness 285,647 19,862 - - 305,509 Municipal lease finance receivables 69,194 4,941 - - 74,135 Consumer and other loans 64,844 1,618 2,708 108 69,278 Total gross loans, excluding PCI loans $ 3,707,625 $ 157,074 $ 69,134 $ 1,556 $ 3,935,389 |
Schedule of Balance and Activity Related to Allowance for Loan Losses for Held-for-Investment Loans by Type | The following tables present the balance and activity related to the allowance for loan losses for held-for-investment loans by type for the periods presented. For the Three Months Ended September 30, 2016 Ending Balance June 30, 2016 Charge-offs Recoveries (Recapture of) Provision for Loan Losses Ending Balance September 30, 2016 (Dollars in thousands) Commercial and industrial $ 9,387 $ - $ 49 $ (30 ) $ 9,466 SBA 1,177 - 6 (179 ) 1,004 Real estate: Commercial real estate 39,919 - 156 (1,267 ) 38,808 Construction 1,228 - 1,731 (1,851 ) 1,108 SFR mortgage 2,501 - - 70 2,571 Dairy & livestock and agribusiness 4,882 - - 1,089 5,971 Municipal lease finance receivables 1,115 - - (82 ) 1,033 Consumer and other loans 419 (7 ) 128 (100 ) 440 PCI loans 310 - - 290 600 Unallocated (1) - - - - - Total allowance for loan losses $ 60,938 $ (7 ) $ 2,070 $ (2,000 ) $ 61,001 For the Three Months Ended September 30, 2015 Ending Balance June 30, 2015 Charge-offs Recoveries (Recapture of) Provision for Loan Losses Ending Balance September 30, (Dollars in thousands) Commercial and industrial $ 7,185 $ (82 ) $ 50 $ (620 ) $ 6,533 SBA 2,085 - 2 (122 ) 1,965 Real estate: Commercial real estate 35,414 (10 ) 2,018 (2,811 ) 34,611 Construction 746 - 8 119 873 SFR mortgage 2,564 - - 75 2,639 Dairy & livestock and agribusiness 3,974 - 98 796 4,868 Municipal lease finance receivables 1,014 - - 17 1,031 Consumer and other loans 834 - 11 (16 ) 829 Unallocated (1) 5,738 - - 62 5,800 Total allowance for loan losses $ 59,554 $ (92 ) $ 2,187 $ (2,500 ) $ 59,149 For the Nine Months Ended September 30, 2016 Ending Balance December 31, 2015 Charge-offs Recoveries (Recapture of) Provision for Loan Losses Ending Balance September 30, (Dollars in thousands) Commercial and industrial $ 8,588 $ (85 ) $ 253 $ 710 $ 9,466 SBA 993 - 9 2 1,004 Real estate: Commercial real estate 36,995 - 791 1,022 38,808 Construction 2,389 - 2,615 (3,896 ) 1,108 SFR mortgage 2,103 (102 ) - 570 2,571 Dairy & livestock and agribusiness 6,029 - 206 (264 ) 5,971 Municipal lease finance receivables 1,153 - - (120 ) 1,033 Consumer and other loans 906 (8 ) 166 (624 ) 440 PCI loans - - - 600 600 Unallocated (1) - - - - - Total allowance for loan losses $ 59,156 $ (195 ) $ 4,040 $ (2,000 ) $ 61,001 For the Nine Months Ended September 30, 2015 Ending Balance December 31, 2014 Charge-offs Recoveries (Recapture of) Ending Balance (Dollars in thousands) Commercial and industrial $ 7,074 $ (216 ) $ 282 $ (607 ) $ 6,533 SBA 2,557 (33 ) 39 (598 ) 1,965 Real estate: Commercial real estate 33,373 (117 ) 3,658 (2,303 ) 34,611 Construction 988 - 58 (173 ) 873 SFR mortgage 2,344 (215 ) 185 325 2,639 Dairy & livestock and agribusiness 5,479 - 308 (919 ) 4,868 Municipal lease finance receivables 1,412 - - (381 ) 1,031 Consumer and other loans 1,262 (197 ) 72 (308 ) 829 Unallocated (1) 5,336 - - 464 5,800 Total allowance for loan losses $ 59,825 $ (778 ) $ 4,602 $ (4,500 ) $ 59,149 (1) Based upon changes to our ALLL methodology, as described in Note 3 – Summary of Significant Accounting Policies |
Schedule of Recorded Investment in Loans Held-for-Investment and Related Allowance for Loan Losses by Loan Type | The following tables present the recorded investment in loans held-for-investment and the related allowance for loan losses by loan type, based on the Company’s methodology for determining the allowance for loan losses for the periods presented. September 30, 2016 Recorded Investment in Loans Allowance for Loan Losses Individually Collectively Acquired with Individually Collectively Acquired with (Dollars in thousands) Commercial and industrial $ 1,349 $ 493,134 $ - $ 493 $ 8,973 $ - SBA 3,867 100,176 - 33 971 - Real estate: Commercial real estate 15,806 2,895,959 - - 38,808 - Construction 7,651 83,059 - 4 1,104 - SFR mortgage 5,502 235,988 - 6 2,565 - Dairy & livestock and agribusiness 659 238,583 - - 5,971 - Municipal lease finance receivables - 68,309 - - 1,033 - Consumer and other loans 850 78,814 - 12 428 - PCI loans - - 73,035 - - 600 Unallocated (1) - - - - - - Total $ 35,684 $ 4,194,022 $ 73,035 $ 548 $ 59,853 $ 600 September 30, 2015 Recorded Investment in Loans Allowance for Loan Losses Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Individually Collectively Acquired with (Dollars in thousands) Commercial and industrial $ 1,687 $ 412,022 $ - $ 607 $ 5,926 $ - SBA 3,319 112,807 - 4 1,961 - Real estate: Commercial real estate 43,647 2,525,481 - - 34,611 - Construction 7,651 49,927 - 23 850 - SFR mortgage 6,389 215,307 - 22 2,617 - Dairy & livestock and agribusiness 5,262 207,408 - - 4,868 - Municipal lease finance receivables - 75,839 - - 1,031 - Consumer and other loans 906 68,724 - 6 823 - PCI loans - - 94,431 - - - Unallocated (1) - - - - 5,800 - Total $ 68,861 $ 3,667,515 $ 94,431 $ 662 $ 58,487 $ - (1) Based upon changes to our ALLL methodology, as described in Note 3 – Summary of Significant Accounting Policies |
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. September 30, 2016 30-59 Days 60-89 Days Total Past Nonaccrual (1) Current Total Loans (Dollars in thousands) Commercial and industrial $ - $ - $ - $ 543 $ 493,940 $ 494,483 SBA - - - 3,013 101,030 104,043 Real estate: Commercial real estate Owner occupied - - - 1,502 936,974 938,476 Non-owner occupied 228 - 228 894 1,972,167 1,973,289 Construction Speculative (2) - - - - 56,989 56,989 Non-speculative - - - - 33,721 33,721 SFR mortgage - - - 2,244 239,246 241,490 Dairy & livestock and agribusiness - - - - 239,242 239,242 Municipal lease finance receivables - - - - 68,309 68,309 Consumer and other loans 94 200 294 470 78,900 79,664 Total gross loans, excluding PCI loans $ 322 $ 200 $ 522 $ 8,666 $ 4,220,518 $ 4,229,706 (1) As of September 30, 2016, $5.4 million of nonaccruing loans were current, $1.2 million were 30-59 days past due, $440,000 were 60-89 days past due and $1.6 million were 90+ days past due. (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. December 31, 2015 30-59 Days 60-89 Days 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. |
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 Nine Months Ended Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 786 $ 1,687 $ - $ 858 $ 20 SBA 3,665 4,452 - 3,770 38 Real estate: Commercial real estate Owner occupied 2,773 3,786 - 3,039 63 Non-owner occupied 13,033 15,764 - 13,386 130 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 5,239 6,118 - 5,370 93 Dairy & livestock and agribusiness 659 722 - 695 24 Municipal lease finance receivables - - - - - Consumer and other loans 838 1,409 - 896 11 Total 26,993 33,938 - 28,014 379 With a related allowance recorded: Commercial and industrial 563 625 493 671 8 SBA 202 217 33 209 10 Real estate: Commercial real estate Owner occupied - - - - - Non-owner occupied - - - - - Construction Speculative 7,651 7,651 4 7,651 291 Non-speculative - - - - - SFR mortgage 263 263 6 273 4 Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 12 12 12 12 - Total 8,691 8,768 548 8,816 313 Total impaired loans $ 35,684 $ 42,706 $ 548 $ 36,830 $ 692 As of and For the Nine Months Ended Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 1,067 $ 1,926 $ - $ 1,166 $ 23 SBA 3,273 3,911 - 3,385 39 Real estate: Commercial real estate Owner occupied 7,665 8,806 - 7,935 178 Non-owner occupied 35,982 40,591 - 36,490 1,338 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 5,788 6,739 - 6,392 82 Dairy & livestock and agribusiness 5,262 5,650 - 5,569 180 Municipal lease finance receivables - - - - - Consumer and other loans 852 1,379 - 881 12 Total 59,889 69,002 - 61,818 1,852 With a related allowance recorded: Commercial and industrial 620 694 607 637 - SBA 46 47 4 58 - Real estate: Commercial real estate Owner occupied - - - - - Non-owner occupied - - - - - Construction Speculative 7,651 7,651 23 7,651 290 Non-speculative - - - - - SFR mortgage 601 653 22 612 9 Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 54 59 6 56 - Total 8,972 9,104 662 9,014 299 Total impaired loans $ 68,861 $ 78,106 $ 662 $ 70,832 $ 2,151 As of December 31, 2015 Recorded Unpaid Related (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 1,017 $ 1,894 $ - SBA 3,207 3,877 - Real estate: Commercial real estate Owner occupied 6,252 7,445 - Non-owner occupied 34,041 37,177 - Construction Speculative - - - Non-speculative - - - SFR mortgage 5,665 6,453 - Dairy & livestock and agribusiness 3,685 3,684 - Municipal lease finance receivables - - - Consumer and other loans 890 1,454 - Total 54,757 61,984 - With a related allowance recorded: Commercial and industrial 626 695 626 SBA 41 47 10 Real estate: Commercial real estate Owner occupied - - - Non-owner occupied - - - Construction Speculative 7,651 7,651 13 Non-speculative - - - SFR mortgage 588 640 20 Dairy & livestock and agribusiness - - - Municipal lease finance receivables - - - Consumer and other loans 43 45 - Total 8,949 9,078 669 Total impaired loans $ 63,706 $ 71,062 $ 669 |
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 Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 (Dollars in thousands) Performing TDRs: Beginning balance $ 20,292 $ 45,166 $ 42,687 $ 53,589 New modifications 759 2,353 1,877 2,383 Payoffs and payments, net (2,584 ) (2,306 ) (26,097 ) (11,275 ) TDRs returned to accrual status 8,551 - 8,551 516 TDRs placed on nonaccrual status - - - - Ending balance 27,018 45,213 27,018 45,213 Nonperforming TDRs: Beginning balance 12,029 15,167 12,622 20,285 New modifications 20 330 102 661 Charge-offs - - (38 ) - Transfer to OREO - - - (842 ) Payoffs and payments, net (465 ) (349 ) (1,102 ) (4,440 ) TDRs returned to accrual status (8,551 ) - (8,551 ) (516 ) TDRs placed on nonaccrual status - - - - Ending balance 3,033 15,148 3,033 15,148 Total TDRs $ 30,051 $ 60,361 $ 30,051 $ 60,361 |
Summary of Loans Modified as Troubled Debt Restructurings | The following tables summarize loans modified as troubled debt restructurings for the periods presented. Modifications (1) For the Three Months Ended September 30, 2016 Number of Pre-Modification Post-Modification Outstanding Financial Effect (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity - - - - - SBA: Interest rate reduction - - - - - Change in amortization period or maturity 1 20 20 14 - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner occupied Interest rate reduction - - - - - Change in amortization period or maturity 1 759 759 759 - SFR mortgage: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Total loans 2 $ 779 $ 779 $ 773 $ - For the Three Months Ended September 30, 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 - - - - - SBA: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner occupied Interest rate reduction 1 2,376 2,376 2,353 - Change in amortization period or maturity - - - - - SFR mortgage: Interest rate reduction 1 322 322 330 - Change in amortization period or maturity - - - - - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Total loans 2 $ 2,698 $ 2,698 $ 2,683 $ - For the Nine Months Ended September 30, 2016 Number of Pre-Modification Post-Modification Outstanding Financial Effect (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity 1 112 112 184 - SBA: Interest rate reduction - - - - - Change in amortization period or maturity 2 214 214 202 28 Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner occupied Interest rate reduction - - - - - Change in amortization period or maturity 1 759 759 759 - SFR mortgage: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity 1 24 24 22 - Total loans 5 $ 1,109 $ 1,109 $ 1,167 $ 28 For the Nine Months Ended September 30, 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 30 30 15 12 SBA: Interest rate reduction - - - - - Change in amortization period or maturity 1 330 330 325 - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner occupied Interest rate reduction 1 2,376 2,376 2,353 - Change in amortization period or maturity - - - - - SFR mortgage: Interest rate reduction 1 322 322 330 - Change in amortization period or maturity - - - - - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Total loans 4 $ 3,058 $ 3,058 $ 3,023 $ 12 (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. |
Earnings Per Share Reconcilia25
Earnings Per Share Reconciliation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 Three Months Ended September 30, For the Nine Months 2016 2015 2016 2015 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 25,448 $ 27,886 $ 74,353 $ 70,532 Less: Net earnings allocated to restricted stock 98 149 305 371 Net earnings allocated to common shareholders $ 25,350 $ 27,737 $ 74,048 $ 70,161 Weighted average shares outstanding 108,984 105,783 107,144 105,672 Basic earnings per common share $ 0.23 $ 0.26 $ 0.69 $ 0.66 Diluted earnings per common share: Net income allocated to common shareholders $ 25,350 $ 27,737 $ 74,048 $ 70,161 Weighted average shares outstanding 108,984 105,783 107,144 105,672 Incremental shares from assumed exercise of outstanding options 386 498 403 467 Diluted weighted average shares outstanding 109,370 106,281 107,547 106,139 Diluted earnings per common share $ 0.23 $ 0.26 $ 0.69 $ 0.66 |
Fair Value Information (Tables)
Fair Value Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
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 (Level 2) Significant (Dollars in thousands) Description of assets Investment securities - AFS: Government agency/GSE $ 3,757 $ - $ 3,757 $ - Residential mortgage-backed securities 1,737,676 - 1,737,676 - CMO/REMIC - residential 383,096 - 383,096 - Municipal bonds 97,534 - 97,534 - Other securities 5,488 - 5,488 - Total investment securities - AFS 2,227,551 - 2,227,551 - Interest rate swaps 13,201 - 13,201 - Total assets $ 2,240,752 $ - $ 2,240,752 $ - Description of liability Interest rate swaps $ 13,201 $ - $ 13,201 $ - Total liabilities $ 13,201 $ - $ 13,201 $ - Carrying Value at Quoted Prices in Active Markets for Significant Other Significant (Dollars in thousands) Description of assets Investment securities - AFS: Government agency/GSE $ 5,745 $ - $ 5,745 $ - Residential mortgage-backed securities 1,813,097 - 1,813,097 - CMO/REMIC - 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 $ - |
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 Total Losses (Dollars in thousands) Description of assets Impaired loans, excluding PCI loans: Commercial and industrial $ 144 $ - $ - $ 144 $ 73 SBA 202 - - 202 33 Real estate: Commercial real estate - - - - - Construction - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Consumer and other loans 19 - - 19 18 Other real estate owned 313 - - 313 28 Total assets $ 678 $ - $ - $ 678 $ 152 Carrying Value at Quoted Prices in Significant Other Significant 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 |
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. September 30, 2016 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 119,420 $ 119,420 $ - $ - $ 119,420 Interest-earning balances due from depository institutions 139,739 - 139,739 - 139,739 FHLB stock 17,688 - 17,688 - 17,688 Investment securities available-for-sale 2,227,551 - 2,227,551 - 2,227,551 Investment securities held-to-maturity 878,953 - 893,706 - 893,706 Total loans, net of allowance for loan losses 4,234,166 - - 4,280,285 4,280,285 Swaps 13,201 - 13,201 - 13,201 Liabilities Deposits: Noninterest-bearing $ 3,657,610 $ 3,657,610 $ - $ - $ 3,657,610 Interest-bearing 2,663,385 - 2,663,178 - 2,663,178 Borrowings 577,990 - 577,872 - 577,872 Junior subordinated debentures 25,774 - - 18,031 18,031 Swaps 13,201 - 13,201 - 13,201 December 31, 2015 Estimated Fair Value Carrying 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 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | The following tables present the operating results and other key financial measures for the individual operating segments for the periods presented. For the Three Months Ended September 30, 2016 Centers Treasury Other Eliminations Total (Dollars in thousands) Interest income, including loan fees $ 39,034 $ 17,439 $ 8,698 $ - $ 65,171 Credit for funds provided (1) 9,576 - 14,586 (24,162 ) - Total interest income 48,610 17,439 23,284 (24,162 ) 65,171 Interest expense 1,750 123 137 - 2,010 Charge for funds used (1) 1,361 17,153 5,648 (24,162 ) - Total interest expense 3,111 17,276 5,785 (24,162 ) 2,010 Net interest income 45,499 163 17,499 - 63,161 Recapture of provision for loan losses - - (2,000 ) - (2,000 ) Net interest income after recapture of provision for loan losses 45,499 163 19,499 - 65,161 Noninterest income 5,182 548 3,453 - 9,183 Noninterest expense 12,423 218 20,365 - 33,006 Segment pre-tax profit $ 38,258 $ 493 $ 2,587 $ - $ 41,338 Segment assets as of September 30, 2016 $ 6,963,530 $ 3,424,605 $ 906,344 $ (3,249,486 ) $ 8,044,993 (1) Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. For the Three Months Ended September 30, 2015 Centers Treasury Other Eliminations Total (Dollars in thousands) Interest income, including loan fees $ 36,998 $ 18,927 $ 11,806 $ - $ 67,731 Credit for funds provided (1) 8,977 - 13,249 (22,226 ) - Total interest income 45,975 18,927 25,055 (22,226 ) 67,731 Interest expense 1,654 58 102 - 1,814 Charge for funds used (1) 1,088 15,983 5,155 (22,226 ) - Total interest expense 2,742 16,041 5,257 (22,226 ) 1,814 Net interest income 43,233 2,886 19,798 - 65,917 Recapture of provision for loan losses - - (2,500 ) - (2,500 ) Net interest income after recapture of provision for loan losses 43,233 2,886 22,298 - 68,417 Noninterest income 5,276 (22 ) 3,159 - 8,413 Noninterest expense 12,496 219 20,027 - 32,742 Segment pre-tax profit $ 36,013 $ 2,645 $ 5,430 $ - $ 44,088 Segment assets as of September 30, 2015 $ 6,419,264 $ 3,505,392 $ 809,514 $ (3,107,708 ) $ 7,626,462 (1) Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. For the Nine Months Ended September 30, 2016 Centers Treasury Other Eliminations Total (Dollars in thousands) Interest income, including loan fees $ 114,491 $ 53,975 $ 29,220 $ - $ 197,686 Credit for funds provided (1) 27,093 - 42,271 (69,364 ) - Total interest income 141,584 53,975 71,491 (69,364 ) 197,686 Interest expense 5,153 510 390 - 6,053 Charge for funds used (1) 4,115 48,131 17,118 (69,364 ) - Total interest expense 9,268 48,641 17,508 (69,364 ) 6,053 Net interest income 132,316 5,334 53,983 - 191,633 Recapture of provision for loan losses - - (2,000 ) - (2,000 ) Net interest income after recapture of provision for loan losses 132,316 5,334 55,983 - 193,633 Noninterest income 15,335 548 11,257 - 27,140 Noninterest expense 37,924 652 63,216 - 101,792 Debt termination expense - 16 - - 16 Segment pre-tax profit $ 109,727 $ 5,214 $ 4,024 $ - $ 118,965 Segment assets as of September 30, 2016 $ 6,963,530 $ 3,424,605 $ 906,344 $ (3,249,486 ) $ 8,044,993 (1) Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. For the Nine Months Ended September 30, 2015 Centers Treasury Other Eliminations Total (Dollars in thousands) Interest income, including loan fees $ 108,179 $ 56,792 $ 31,455 $ - $ 196,426 Credit for funds provided (1) 25,718 - 38,914 (64,632 ) - Total interest income 133,897 56,792 70,369 (64,632 ) 196,426 Interest expense 4,945 1,520 277 - 6,742 Charge for funds used (1) 3,207 46,230 15,195 (64,632 ) - Total interest expense 8,152 47,750 15,472 (64,632 ) 6,742 Net interest income 125,745 9,042 54,897 - 189,684 Recapture of provision for loan losses - - (4,500 ) - (4,500 ) Net interest income after recapture of provision for loan losses 125,745 9,042 59,397 - 194,184 Noninterest income 15,662 (22 ) 9,129 - 24,769 Noninterest expense 36,604 643 57,630 - 94,877 Debt termination expense - 13,870 - - 13,870 Segment pre-tax profit (loss) $ 104,803 $ (5,493 ) $ 10,896 $ - $ 110,206 Segment assets as of September 30, 2015 $ 6,419,264 $ 3,505,392 $ 809,514 $ (3,107,708 ) $ 7,626,462 (1) Credit for funds provided and charges for funds used are eliminated in the condensed consolidated presentation. |
Derivative Financial Instrume28
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Instruments | As of September 30, 2016 and December 31, 2015, the total notional amount of the Company’s swaps was $199.1 million, and $189.0 million, respectively. The location of the asset and liability, and their respective fair values are summarized in the tables below. September 30, 2016 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 13,201 Other liabilities $ 13,201 Total derivatives $ 13,201 $ 13,201 December 31, 2015 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 9,344 Other liabilities $ 9,344 Total derivatives $ 9,344 $ 9,344 |
Effect of Derivative Instruments on Consolidated Statement of Earnings | The following table summarizes the effect of derivative financial instruments on the condensed consolidated statement of earnings for the periods presented. Derivatives Not Designated as Hedging Instruments Location of Gain Recognized in Amount of Gain Recognized in Income on Derivative Instruments For the Three Months Ended For the Nine Months Ended 2016 2015 2016 2015 (Dollars in thousands) Interest rate swaps Other income $ 136 $ - $ 521 $ 199 Total $ 136 $ - $ 521 $ 199 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Summary of Components of Other Comprehensive Income | The tables below provide a summary of the components of other comprehensive income (“OCI”) for the periods presented. For the Three Months Ended September 30, 2016 2015 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 $ (4,006 ) $ (1,683 ) $ (2,323 ) $ 12,318 $ 5,175 $ 7,143 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)/losses on securities transferred from available-for-sale to held-to-maturity 297 125 172 (334 ) (140 ) (194 ) Net realized (gain)/loss reclassified into earnings (548 ) (230 ) (318 ) 22 9 13 Net change $ (4,257 ) $ (1,788 ) $ (2,469 ) $ 18,696 $ 7,852 $ 10,844 For the Nine Months Ended September 30, 2016 2015 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 $ 31,617 $ 13,279 $ 18,338 $ (382 ) $ (159 ) $ (223 ) 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)/losses on securities transferred from available-for-sale to held-to-maturity (563 ) (237 ) (326 ) (334 ) (140 ) (194 ) Net realized (gain)/loss reclassified into earnings (548 ) (230 ) (318 ) 22 9 13 Net change $ 30,506 $ 12,812 $ 17,694 $ 5,996 $ 2,518 $ 3,478 |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Text Block [Abstract] | |
Schedule of Balance Sheet Offsetting | The repurchase agreements are not offset in the condensed consolidated balances. Gross Amounts Gross Amounts Net Amounts of Gross Amounts Not Offset in the Condensed Consolidated Net Amount the Condensed Condensed in the Condensed Financial Collateral (Dollars in thousands) September 30, 2016 Financial assets: Derivatives not designated as hedging instruments $ 13,201 $ - $ - $ 13,201 $ - $ 13,201 Total $ 13,201 $ - $ - $ 13,201 $ - $ 13,201 Financial liabilities: Derivatives not designated as hedging instruments $ 13,201 $ - $ 13,201 $ - $ (16,584 ) $ (3,383 ) Repurchase agreements 577,990 - 577,990 - (615,755 ) (37,765 ) Total $ 591,191 $ - $ 591,191 $ - $ (632,339 ) $ (41,148 ) 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 ) |
Business - Additional Informati
Business - Additional Information (Detail) $ in Millions | Sep. 22, 2016USD ($)Branch | Sep. 30, 2016LocationSubsidiary | Feb. 29, 2016USD ($) |
Schedule Of Description Of Company [Line Items] | |||
Number of inactive subsidiaries | Subsidiary | 1 | ||
Bank operated Business Financial Centers, number | 42 | ||
Bank operated Commercial Banking Centers, number | 8 | ||
Bank operated trust office locations, number | 3 | ||
County Commerce Bank [Member] | |||
Schedule Of Description Of Company [Line Items] | |||
Total assets of merger company | $ | $ 253 | ||
Valley Business Bank [Member] | |||
Schedule Of Description Of Company [Line Items] | |||
Total assets of merger company | $ | $ 416 | ||
Number of bank branches acquired | Branch | 4 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) | Feb. 29, 2016USD ($)Branch | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Mar. 01, 2016USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||||||
Acquisition date | Oct. 16, 2009 | ||||||
Goodwill | $ 88,174,000 | $ 88,174,000 | $ 74,244,000 | ||||
FHLB stock | 17,688,000 | 17,688,000 | $ 17,588,000 | ||||
Merger related expenses | 353,000 | $ 75,000 | $ 1,557,000 | $ 75,000 | |||
County Commerce Bank [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition date | Feb. 29, 2016 | ||||||
Number of branches owned by merger company | Branch | 4 | ||||||
Acquired assets and assumed liabilities, cash | $ 20,600,000 | ||||||
Assets and assumed all of the liabilities, stock | 21,600,000 | ||||||
Goodwill | $ 13,900,000 | ||||||
Total fair value of assets acquired | 252,400,000 | ||||||
Cash and balances due from depository institutions | 54,800,000 | ||||||
FHLB stock | 1,500,000 | ||||||
Loans and lease finance receivables | 168,000,000 | ||||||
Fixed assets | 8,600,000 | ||||||
Core deposit intangible assets | 3,900,000 | ||||||
Other assets | 1,700,000 | ||||||
Total fair value of liabilities assumed | 230,800,000 | ||||||
Deposits | 224,200,000 | ||||||
Other liabilities | 1,600,000 | ||||||
FHLB advances | $ 5,000,000 | ||||||
Merger related expenses | $ 145,000 | $ 1,300,000 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 2,165,551 | $ 2,337,715 |
Gross Unrealized Holding Gain, Available-for-sale | 62,113 | 33,776 |
Gross Unrealized Holding Loss, Available-for-sale | (113) | (2,845) |
Fair Value, Available-for-sale | $ 2,227,551 | $ 2,368,646 |
Total Percent, Available-for-sale | 100.00% | 100.00% |
Amortized Cost, Held-to-maturity | $ 878,953 | $ 850,989 |
Gross Unrealized Holding Gain, Held-to-maturity | 16,401 | 4,796 |
Gross Unrealized Holding Loss, Held-to-maturity | (1,648) | (2,746) |
Fair Value, Held-to-maturity | $ 893,706 | $ 853,039 |
Total Percent, Held-to-maturity | 100.00% | 100.00% |
CMO/REMIC - Residential [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 376,529 | $ 380,166 |
Gross Unrealized Holding Gain, Available-for-sale | 6,679 | 4,689 |
Gross Unrealized Holding Loss, Available-for-sale | (112) | (1,074) |
Fair Value, Available-for-sale | $ 383,096 | $ 383,781 |
Total Percent, Available-for-sale | 17.20% | 16.20% |
Amortized Cost, Held-to-maturity | $ 192,680 | $ 1,284 |
Gross Unrealized Holding Gain, Held-to-maturity | 195 | 569 |
Gross Unrealized Holding Loss, Held-to-maturity | (325) | 0 |
Fair Value, Held-to-maturity | $ 192,550 | $ 1,853 |
Total Percent, Held-to-maturity | 21.92% | 0.15% |
Government Agency/GSE [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 3,750 | $ 5,752 |
Gross Unrealized Holding Gain, Available-for-sale | 7 | 0 |
Gross Unrealized Holding Loss, Available-for-sale | 0 | (7) |
Fair Value, Available-for-sale | $ 3,757 | $ 5,745 |
Total Percent, Available-for-sale | 0.17% | 0.24% |
Amortized Cost, Held-to-maturity | $ 181,840 | $ 293,338 |
Gross Unrealized Holding Gain, Held-to-maturity | 5,038 | 1,176 |
Gross Unrealized Holding Loss, Held-to-maturity | (25) | (734) |
Fair Value, Held-to-maturity | $ 186,853 | $ 293,780 |
Total Percent, Held-to-maturity | 20.69% | 34.47% |
Residential Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 1,684,735 | $ 1,788,857 |
Gross Unrealized Holding Gain, Available-for-sale | 52,941 | 26,001 |
Gross Unrealized Holding Loss, Available-for-sale | 0 | (1,761) |
Fair Value, Available-for-sale | $ 1,737,676 | $ 1,813,097 |
Total Percent, Available-for-sale | 78.01% | 76.55% |
Amortized Cost, Held-to-maturity | $ 204,791 | $ 232,053 |
Gross Unrealized Holding Gain, Held-to-maturity | 5,811 | 0 |
Gross Unrealized Holding Loss, Held-to-maturity | 0 | (1,293) |
Fair Value, Held-to-maturity | $ 210,602 | $ 230,760 |
Total Percent, Held-to-maturity | 23.30% | 27.27% |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 95,537 | $ 157,940 |
Gross Unrealized Holding Gain, Available-for-sale | 1,998 | 3,036 |
Gross Unrealized Holding Loss, Available-for-sale | (1) | (3) |
Fair Value, Available-for-sale | $ 97,534 | $ 160,973 |
Total Percent, Available-for-sale | 4.38% | 6.80% |
Amortized Cost, Held-to-maturity | $ 299,642 | $ 324,314 |
Gross Unrealized Holding Gain, Held-to-maturity | 5,357 | 3,051 |
Gross Unrealized Holding Loss, Held-to-maturity | (1,298) | (719) |
Fair Value, Held-to-maturity | $ 303,701 | $ 326,646 |
Total Percent, Held-to-maturity | 34.09% | 38.11% |
Other Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 5,000 | $ 5,000 |
Gross Unrealized Holding Gain, Available-for-sale | 488 | 50 |
Gross Unrealized Holding Loss, Available-for-sale | 0 | 0 |
Fair Value, Available-for-sale | $ 5,488 | $ 5,050 |
Total Percent, Available-for-sale | 0.24% | 0.21% |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Fair value of securities | $ 898,600,000 | |||
Net unrealized holding gain after tax | $ 3,900,000 | $ 2,600,000 | ||
Total held-to-maturity investment securities | $ 878,953,000 | 878,953,000 | $ 850,989,000 | |
Total held-to-maturity investment securities | 1,300,000 | |||
Net gain of held-to-maturity investment securities | 546,000 | |||
Investment securities pledged as collateral | 2,250,000,000 | 2,250,000,000 | 2,810,000,000 | |
Investment in FHLB stock, impairment losses | $ 0 | $ 0 | ||
United States [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Securities issued by U.S. government percentage | 87.00% | 87.00% | ||
CMO/REMIC - Residential [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Total held-to-maturity investment securities | $ 192,680,000 | $ 192,680,000 | $ 1,284,000 | |
Total CMO backed by whole loans issued by private-label companies (non-government sponsored) | $ 101,000 | $ 101,000 |
Investment Securities - Summa35
Investment Securities - Summary of Interest Income Earned on Investment Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net Investment Income [Line Items] | ||||
Total investment income | $ 16,212 | $ 18,170 | $ 51,120 | $ 53,681 |
Investment securities available-for-sale [Member] | ||||
Net Investment Income [Line Items] | ||||
Taxable | 10,546 | 11,840 | 32,754 | 37,548 |
Tax-advantaged | 879 | 2,894 | 3,488 | 12,623 |
Investment securities held-to-maturity [Member] | ||||
Net Investment Income [Line Items] | ||||
Taxable | 2,349 | 1,688 | 7,184 | 1,762 |
Tax-advantaged | $ 2,438 | $ 1,748 | $ 7,694 | $ 1,748 |
Investment Securities - Summa36
Investment Securities - Summary of Continuous Unrealized Loss Position of Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | $ 39,453 | $ 615,765 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (112) | (2,844) |
Fair Value, 12 Months or Longer, Available-for-sale | 5,975 | 5,961 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (1) | (1) |
Fair Value, Available-for-sale | 45,428 | 621,726 |
Gross Unrealized Holding Losses, Available-for-sale | (113) | (2,845) |
Fair Value, Less Than 12 Months, Held-to-maturity | 100,384 | 425,374 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (701) | (2,746) |
Fair Value, 12 Months or Longer, Held-to-maturity | 38,027 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | 947 | 0 |
Fair Value, Held-to-maturity | 138,411 | 425,374 |
Gross Unrealized Holding Losses, Held-to-maturity | (1,648) | (2,746) |
CMO/REMIC - Residential [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 39,453 | 171,923 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (112) | (1,074) |
Fair Value, 12 Months or Longer, Available-for-sale | 0 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | 0 | 0 |
Fair Value, Available-for-sale | 39,453 | 171,923 |
Gross Unrealized Holding Losses, Available-for-sale | (112) | (1,074) |
Fair Value, Less Than 12 Months, Held-to-maturity | 54,425 | 0 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (325) | 0 |
Fair Value, 12 Months or Longer, Held-to-maturity | 0 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | 0 | 0 |
Fair Value, Held-to-maturity | 54,425 | 0 |
Gross Unrealized Holding Losses, Held-to-maturity | (325) | 0 |
Government Agency/GSE [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 0 | 5,745 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | 0 | (7) |
Fair Value, 12 Months or Longer, Available-for-sale | 0 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | 0 | 0 |
Fair Value, Available-for-sale | 0 | 5,745 |
Gross Unrealized Holding Losses, Available-for-sale | 0 | (7) |
Fair Value, Less Than 12 Months, Held-to-maturity | 6,065 | 84,495 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (25) | (734) |
Fair Value, 12 Months or Longer, Held-to-maturity | 0 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | 0 | 0 |
Fair Value, Held-to-maturity | 6,065 | 84,495 |
Gross Unrealized Holding Losses, Held-to-maturity | (25) | (734) |
Residential Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 0 | 437,699 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | 0 | (1,761) |
Fair Value, 12 Months or Longer, Available-for-sale | 0 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | 0 | 0 |
Fair Value, Available-for-sale | 0 | 437,699 |
Gross Unrealized Holding Losses, Available-for-sale | 0 | (1,761) |
Fair Value, Less Than 12 Months, Held-to-maturity | 0 | 230,760 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | 0 | (1,293) |
Fair Value, 12 Months or Longer, Held-to-maturity | 0 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | 0 | 0 |
Fair Value, Held-to-maturity | 0 | 230,760 |
Gross Unrealized Holding Losses, Held-to-maturity | 0 | (1,293) |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 0 | 398 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | 0 | (2) |
Fair Value, 12 Months or Longer, Available-for-sale | 5,975 | 5,961 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (1) | (1) |
Fair Value, Available-for-sale | 5,975 | 6,359 |
Gross Unrealized Holding Losses, Available-for-sale | (1) | (3) |
Fair Value, Less Than 12 Months, Held-to-maturity | 39,894 | 110,119 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (351) | (719) |
Fair Value, 12 Months or Longer, Held-to-maturity | 38,027 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | 947 | 0 |
Fair Value, Held-to-maturity | 77,921 | 110,119 |
Gross Unrealized Holding Losses, Held-to-maturity | (1,298) | (719) |
Other Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 0 | 0 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | 0 | 0 |
Fair Value, 12 Months or Longer, Available-for-sale | 0 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | 0 | 0 |
Fair Value, Available-for-sale | 0 | 0 |
Gross Unrealized Holding Losses, Available-for-sale | 0 | 0 |
Fair Value, Less Than 12 Months, Held-to-maturity | 0 | 0 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | 0 | 0 |
Fair Value, 12 Months or Longer, Held-to-maturity | 0 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | 0 | 0 |
Fair Value, Held-to-maturity | 0 | 0 |
Gross Unrealized Holding Losses, Held-to-maturity | $ 0 | $ 0 |
Investment Securities - Summa37
Investment Securities - Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
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 | 295,758 | |
Due after five years through ten years, Amortized Cost, Held-to-maturity | 236,734 | |
Due after ten years, Amortized Cost, Held-to-maturity | 346,461 | |
Total Held-to-maturity, Debt Maturities, Amortized Cost Basis | 878,953 | |
Due in one year or less, Fair Value, Held-to-maturity | 0 | |
Due after one year through five years, Fair Value, Held-to-maturity | 298,986 | |
Due after five years through ten years, Fair Value, Held-to-maturity | 240,043 | |
Due after ten years, Fair Value, Held-to-maturity | 354,677 | |
Total, Held-to-maturity, Fair Value | 893,706 | |
Due in one year or less, Amortized Cost, Available-for-sale | 12,709 | |
Due after one year through five years, Amortized Cost, Available-for-sale | 1,845,451 | |
Due after five years through ten years, Amortized Cost, Available-for-sale | 98,086 | |
Due after ten years, Amortized Cost, Available-for-sale | 209,305 | |
Amortized Cost, Available-for-sale | 2,165,551 | $ 2,337,715 |
Due in one year or less, Fair Value, Available-for-sale | 12,877 | |
Due after one year through five years, Fair Value, Available-for-sale | 1,898,916 | |
Due after five years through ten years, Fair Value, Available-for-sale | 100,634 | |
Due after ten years, Fair Value, Available-for-sale | 215,124 | |
Total Available-for-sale Securities, Debt Maturities, Available-for-sale, Fair Value | $ 2,227,551 | $ 2,368,646 |
Acquired SJB Assets and FDIC 38
Acquired SJB Assets and FDIC Loss Sharing Asset - Additional Information (Detail) - USD ($) | Oct. 16, 2009 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Business Acquisition [Line Items] | ||||
Acquisition date | Oct. 16, 2009 | |||
After-tax gain included in earnings due to purchase method | $ 12,300,000 | |||
Remaining discount associated with SJB loans | $ 1,900,000 | |||
Expected cash flows | $ 1,200,000 | |||
Remaining average lives of respective pools loans | 3 years | |||
Allowance for PCI loans losses | $ 600,000 | $ 0 | ||
PCI Loans [Member] | ||||
Business Acquisition [Line Items] | ||||
Allowance for PCI loans losses | $ 600,000 | $ 0 | $ 0 |
Acquired SJB Assets and FDIC 39
Acquired SJB Assets and FDIC Loss Sharing Asset - Summary of PCI Loans and Lease Finance Receivables (Detail) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Real estate: | |||
Gross PCI loans | $ 74,929,000 | $ 94,431,000 | |
Less: Allowance for PCI loan losses | (600,000) | 0 | |
PCI Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 2,331,000 | $ 7,473,000 | |
SBA | 336,000 | 393,000 | |
Real estate: | |||
Commercial real estate | 70,094,000 | 81,786,000 | |
Construction | 0 | 0 | |
SFR mortgage | 182,000 | 193,000 | |
Dairy & livestock and agribusiness | 507,000 | 1,429,000 | |
Municipal lease finance receivables | 0 | 0 | |
Consumer and other loans | 1,479,000 | 2,438,000 | |
Gross PCI loans | 74,929,000 | 93,712,000 | 94,431,000 |
Less: Purchase accounting discount | (1,894,000) | (3,872,000) | |
Gross PCI loans, net of discount | 73,035,000 | 89,840,000 | |
Less: Allowance for PCI loan losses | (600,000) | 0 | $ 0 |
Net loans | $ 72,435,000 | $ 89,840,000 |
Acquired SJB Assets and FDIC 40
Acquired SJB Assets and FDIC Loss Sharing Asset - Summary of Gross PCI Loans by Internal Risk Ratings by Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross PCI loans | $ 74,929 | $ 94,431 | |
PCI Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross PCI loans | 74,929 | $ 93,712 | $ 94,431 |
PCI Loans [Member] | Pass [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross PCI loans | 59,642 | 76,401 | |
PCI Loans [Member] | Special Mention [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross PCI loans | 2,478 | 11,142 | |
PCI Loans [Member] | Substandard [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross PCI loans | 12,809 | 6,169 | |
PCI Loans [Member] | Doubtful & Loss [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total gross PCI loans | $ 0 | $ 0 |
Loans and Lease Finance Recei41
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 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
PCI Loans | $ 74,929 | $ 94,431 | ||||
Gross loans, excluding PCI loans, net of deferred loan fees | 4,295,167 | $ 4,016,937 | ||||
Less: Allowance for loan losses | (61,001) | $ (60,938) | (59,156) | (59,149) | $ (59,554) | $ (59,825) |
Total loans and lease finance receivables | 4,234,166 | 3,957,781 | ||||
PCI Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial and industrial | 2,331 | 7,473 | ||||
PCI Loans | 74,929 | 93,712 | $ 94,431 | |||
SBA | 336 | 393 | ||||
Discount on PCI loans | (1,894) | (3,872) | ||||
Commercial real estate | 70,094 | 81,786 | ||||
Construction | 0 | 0 | ||||
SFR mortgage | 182 | 193 | ||||
Dairy & livestock and agribusiness | 507 | 1,429 | ||||
Municipal lease finance receivables | 0 | 0 | ||||
Consumer and other loans | 1,479 | 2,438 | ||||
Less: Allowance for loan losses | (600) | $ (310) | 0 | |||
Net loans | 72,435 | 89,840 | ||||
Loans, Excluding PCI Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial and industrial | 494,483 | 434,099 | ||||
SBA | 104,043 | 106,867 | ||||
Commercial real estate | 2,911,765 | 2,643,184 | ||||
Construction | 90,710 | 68,563 | ||||
SFR mortgage | 241,490 | 233,754 | ||||
Dairy & livestock and agribusiness | 239,242 | 305,509 | ||||
Municipal lease finance receivables | 68,309 | 74,135 | ||||
Consumer and other loans | 79,664 | 69,278 | ||||
Total gross loans, excluding PCI loans | 4,229,706 | 3,935,389 | ||||
Less: Deferred loan fees, net | (7,574) | (8,292) | ||||
Gross loans, excluding PCI loans, net of deferred loan fees | 4,222,132 | 3,927,097 | ||||
Less: Allowance for loan losses | (60,401) | (59,156) | ||||
Net loans | $ 4,161,731 | $ 3,867,941 |
Loans and Lease Finance Recei42
Loans and Lease Finance Receivables and Allowance for Loan Losses - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)SecurityLoan | Sep. 30, 2015USD ($)SecurityLoan | Sep. 30, 2016USD ($)SecurityLoan | Sep. 30, 2015USD ($)SecurityLoan | Dec. 31, 2015USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total fixed rate loans held | $ 2,020,000,000 | $ 2,020,000,000 | |||
Secure borrowings and available lines of credit from FHLB and Federal Reserve Bank | 3,150,000,000 | 3,150,000,000 | $ 2,910,000,000 | ||
Impaired, at carrying value | 35,684,000 | $ 68,861,000 | 35,684,000 | $ 68,861,000 | 63,706,000 |
Loans classified as troubled debt restructured | 30,000,000 | 30,000,000 | |||
Provision for unfunded loan commitments | 0 | $ 0 | 0 | $ 500,000 | |
Reserve for credit risk for undisbursed commitments | 7,200,000 | 7,200,000 | 7,200,000 | ||
Allocation of allowance to troubled debt restructuring | $ 472,000 | $ 472,000 | 607,000 | ||
Commercial Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of total gross loan portfolio (excluding PCI loans) | 76.69% | 76.69% | |||
Construction [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of total gross loan portfolio (excluding PCI loans) | 68.84% | 68.84% | |||
Nonaccrual Small Business Administration Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | $ 3,000,000 | $ 3,000,000 | |||
Impaired Loans Modified in Troubled Debt Restructure [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired, at carrying value | 30,000,000 | 30,000,000 | |||
Nonaccrual Single Family Mortgage Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 2,200,000 | 2,200,000 | |||
Nonaccrual Commercial Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 2,400,000 | 2,400,000 | |||
Nonaccrual Consumer Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 470,000 | 470,000 | |||
Loans, Excluding PCI Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial real estate loans | 2,911,765,000 | 2,911,765,000 | 2,643,184,000 | ||
Dairy & livestock and agribusiness | 239,242,000 | 239,242,000 | 305,509,000 | ||
Impaired, at carrying value | 63,700,000 | ||||
Outstanding balance | 8,666,000 | 8,666,000 | 21,019,000 | ||
Loans, Excluding PCI Loans [Member] | Dairy & Livestock Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Dairy & livestock and agribusiness | 220,800,000 | 220,800,000 | 287,000,000 | ||
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 543,000 | 543,000 | 704,000 | ||
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 3,013,000 | 3,013,000 | 2,567,000 | ||
Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 470,000 | 470,000 | 519,000 | ||
Loans, Excluding PCI Loans [Member] | Agribusiness Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Dairy & livestock and agribusiness | 18,400,000 | 18,400,000 | $ 18,500,000 | ||
Loans, Excluding PCI Loans [Member] | Nonaccrual Commercial and Industrial Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | $ 543,000 | $ 543,000 | |||
Loans, Excluding PCI Loans [Member] | Loans Secured by Farmland [Member] | Commercial Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of total gross loan portfolio (excluding PCI loans) | 6.11% | 6.11% | 6.54% | ||
Commercial real estate loans | $ 178,000,000 | $ 178,000,000 | $ 173,000,000 | ||
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 | 128,800,000 | 128,800,000 | 128,400,000 | ||
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 | 49,200,000 | 49,200,000 | 44,600,000 | ||
Nonperforming Financing Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired, at carrying value | 3,000,000 | 3,000,000 | |||
Loans classified as troubled debt restructured | 3,000,000 | 3,000,000 | |||
Performing Financing Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired, at carrying value | 35,700,000 | 35,700,000 | |||
Loans classified as troubled debt restructured | 27,000,000 | $ 27,000,000 | |||
Number of performing loans | SecurityLoan | 29 | ||||
Performing Financing Receivable [Member] | Commercial Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans classified as troubled debt restructured | 13,400,000 | $ 13,400,000 | |||
Number of loans | SecurityLoan | 8 | ||||
Performing Financing Receivable [Member] | Construction [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans classified as troubled debt restructured | 7,700,000 | $ 7,700,000 | |||
Number of loans | SecurityLoan | 1 | ||||
Performing Financing Receivable [Member] | Dairy & Livestock Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans classified as troubled debt restructured | 659,000 | $ 659,000 | |||
Number of loans | SecurityLoan | 1 | ||||
Performing Financing Receivable [Member] | Single-family Residential Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans classified as troubled debt restructured | 3,300,000 | $ 3,300,000 | |||
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 | 806,000 | $ 806,000 | |||
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 | 854,000 | $ 854,000 | |||
Number of loans | SecurityLoan | 2 | ||||
Performing Financing Receivable [Member] | Consumer and Other Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans classified as troubled debt restructured | $ 380,000 | $ 380,000 | |||
Number of loans | SecurityLoan | 1 | ||||
Number of loans removed from TDR classification | SecurityLoan | 0 | 0 | 0 | 0 | |
Allowance Impaired Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired, at carrying value | $ 669,000 | ||||
Loans classified as troubled debt restructured | $ 548,000 | $ 548,000 |
Loans and Lease Finance Recei43
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Loan, Excluding PCI Loans by Internal Risk Ratings (Detail) - Loans, Excluding PCI Loans [Member] - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | $ 494,483 | $ 434,099 |
SBA | 104,043 | 106,867 |
Commercial real estate, Owner occupied | 938,476 | 838,353 |
Commercial real estate, Non-owner occupied | 1,973,289 | 1,804,831 |
Construction, Speculative | 56,989 | 45,837 |
Construction, Non-speculative | 33,721 | 22,726 |
SFR mortgage | 241,490 | 233,754 |
Dairy & livestock and agribusiness | 239,242 | 305,509 |
Municipal lease finance receivables | 68,309 | 74,135 |
Consumer and other loans | 79,664 | 69,278 |
Total gross loans, excluding PCI loans | 4,229,706 | 3,935,389 |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 458,131 | 398,651 |
SBA | 86,269 | 87,441 |
Commercial real estate, Owner occupied | 828,798 | 772,114 |
Commercial real estate, Non-owner occupied | 1,933,610 | 1,741,615 |
Construction, Speculative | 49,338 | 38,186 |
Construction, Non-speculative | 33,721 | 22,726 |
SFR mortgage | 234,058 | 227,207 |
Dairy & livestock and agribusiness | 127,137 | 285,647 |
Municipal lease finance receivables | 63,743 | 69,194 |
Consumer and other loans | 75,558 | 64,844 |
Total gross loans, excluding PCI loans | 3,890,363 | 3,707,625 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 21,547 | 33,000 |
SBA | 10,641 | 13,169 |
Commercial real estate, Owner occupied | 95,259 | 54,758 |
Commercial real estate, Non-owner occupied | 24,375 | 26,170 |
Construction, Speculative | 0 | 0 |
Construction, Non-speculative | 0 | 0 |
SFR mortgage | 5,093 | 3,556 |
Dairy & livestock and agribusiness | 83,930 | 19,862 |
Municipal lease finance receivables | 4,566 | 4,941 |
Consumer and other loans | 1,770 | 1,618 |
Total gross loans, excluding PCI loans | 247,181 | 157,074 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 14,801 | 2,403 |
SBA | 6,942 | 4,854 |
Commercial real estate, Owner occupied | 14,419 | 11,481 |
Commercial real estate, Non-owner occupied | 15,304 | 37,046 |
Construction, Speculative | 7,651 | 7,651 |
Construction, Non-speculative | 0 | 0 |
SFR mortgage | 2,339 | 2,991 |
Dairy & livestock and agribusiness | 28,175 | 0 |
Municipal lease finance receivables | 0 | 0 |
Consumer and other loans | 2,324 | 2,708 |
Total gross loans, excluding PCI loans | 91,955 | 69,134 |
Doubtful & Loss [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 4 | 45 |
SBA | 191 | 1,403 |
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 | 0 |
Municipal lease finance receivables | 0 | 0 |
Consumer and other loans | 12 | 108 |
Total gross loans, excluding PCI loans | $ 207 | $ 1,556 |
Loans and Lease Finance Recei44
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Balance and Activity Related to Allowance for Loan Losses for Held-for-Investment Loans by Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | $ 60,938 | $ 59,554 | $ 59,156 | $ 59,825 |
Charge-offs | (7) | (92) | (195) | (778) |
Recoveries | 2,070 | 2,187 | 4,040 | 4,602 |
(Recapture of) Provision for Loan Losses | (2,000) | (2,500) | (2,000) | (4,500) |
Ending Balance | 61,001 | 59,149 | 61,001 | 59,149 |
PCI Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 310 | 0 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
(Recapture of) Provision for Loan Losses | 290 | 600 | ||
Ending Balance | 600 | 600 | ||
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 9,387 | 7,185 | 8,588 | 7,074 |
Charge-offs | 0 | (82) | (85) | (216) |
Recoveries | 49 | 50 | 253 | 282 |
(Recapture of) Provision for Loan Losses | (30) | (620) | 710 | (607) |
Ending Balance | 9,466 | 6,533 | 9,466 | 6,533 |
Small Business Administration [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 1,177 | 2,085 | 993 | 2,557 |
Charge-offs | 0 | 0 | 0 | (33) |
Recoveries | 6 | 2 | 9 | 39 |
(Recapture of) Provision for Loan Losses | (179) | (122) | 2 | (598) |
Ending Balance | 1,004 | 1,965 | 1,004 | 1,965 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 39,919 | 35,414 | 36,995 | 33,373 |
Charge-offs | 0 | (10) | 0 | (117) |
Recoveries | 156 | 2,018 | 791 | 3,658 |
(Recapture of) Provision for Loan Losses | (1,267) | (2,811) | 1,022 | (2,303) |
Ending Balance | 38,808 | 34,611 | 38,808 | 34,611 |
Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 1,228 | 746 | 2,389 | 988 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 1,731 | 8 | 2,615 | 58 |
(Recapture of) Provision for Loan Losses | (1,851) | 119 | (3,896) | (173) |
Ending Balance | 1,108 | 873 | 1,108 | 873 |
SFR Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 2,501 | 2,564 | 2,103 | 2,344 |
Charge-offs | 0 | 0 | (102) | (215) |
Recoveries | 0 | 0 | 0 | 185 |
(Recapture of) Provision for Loan Losses | 70 | 75 | 570 | 325 |
Ending Balance | 2,571 | 2,639 | 2,571 | 2,639 |
Dairy & Livestock and Agribusiness [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 4,882 | 3,974 | 6,029 | 5,479 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 98 | 206 | 308 |
(Recapture of) Provision for Loan Losses | 1,089 | 796 | (264) | (919) |
Ending Balance | 5,971 | 4,868 | 5,971 | 4,868 |
Municipal Lease Finance Receivables [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 1,115 | 1,014 | 1,153 | 1,412 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
(Recapture of) Provision for Loan Losses | (82) | 17 | (120) | (381) |
Ending Balance | 1,033 | 1,031 | 1,033 | 1,031 |
Consumer and Other Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 419 | 834 | 906 | 1,262 |
Charge-offs | (7) | 0 | (8) | (197) |
Recoveries | 128 | 11 | 166 | 72 |
(Recapture of) Provision for Loan Losses | (100) | (16) | (624) | (308) |
Ending Balance | 440 | 829 | 440 | 829 |
Unallocated [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 0 | 5,738 | 0 | 5,336 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
(Recapture of) Provision for Loan Losses | 0 | 62 | 0 | 464 |
Ending Balance | $ 0 | $ 5,800 | $ 0 | $ 5,800 |
Loans and Lease Finance Recei45
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Recorded Investment in Loans Held-for-Investment and Related Allowance for Loan Losses by Loan Type (Detail) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | $ 35,684,000 | $ 68,861,000 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 4,194,022,000 | 3,667,515,000 | |
Recorded Investment in Loans, Acquired with Deteriorated Credit Quality | 74,929,000 | 94,431,000 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 548,000 | 662,000 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 59,853,000 | 58,487,000 | |
Allowance for Loan Losses, Acquired with Deteriorated Credit Quality | 600,000 | 0 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 1,349,000 | 1,687,000 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 493,134,000 | 412,022,000 | |
Recorded Investment in Loans, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 493,000 | 607,000 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 8,973,000 | 5,926,000 | |
Allowance for Loan Losses, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Small Business Administration [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 3,867,000 | 3,319,000 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 100,176,000 | 112,807,000 | |
Recorded Investment in Loans, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 33,000 | 4,000 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 971,000 | 1,961,000 | |
Allowance for Loan Losses, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 15,806,000 | 43,647,000 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 2,895,959,000 | 2,525,481,000 | |
Recorded Investment in Loans, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 38,808,000 | 34,611,000 | |
Allowance for Loan Losses, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 7,651,000 | 7,651,000 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 83,059,000 | 49,927,000 | |
Recorded Investment in Loans, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 4,000 | 23,000 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,104,000 | 850,000 | |
Allowance for Loan Losses, Acquired with Deteriorated Credit Quality | 0 | 0 | |
SFR Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 5,502,000 | 6,389,000 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 235,988,000 | 215,307,000 | |
Recorded Investment in Loans, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 6,000 | 22,000 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 2,565,000 | 2,617,000 | |
Allowance for Loan Losses, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Dairy & Livestock and Agribusiness [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 659,000 | 5,262,000 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 238,583,000 | 207,408,000 | |
Recorded Investment in Loans, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 5,971,000 | 4,868,000 | |
Allowance for Loan Losses, Acquired with Deteriorated Credit Quality | 0 | 0 | |
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 | 68,309,000 | 75,839,000 | |
Recorded Investment in Loans, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,033,000 | 1,031,000 | |
Allowance for Loan Losses, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Consumer and Other Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 850,000 | 906,000 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 78,814,000 | 68,724,000 | |
Recorded Investment in Loans, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 12,000 | 6,000 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 428,000 | 823,000 | |
Allowance for Loan Losses, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Unallocated [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 0 | 0 | |
Recorded Investment in Loans, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 0 | 5,800,000 | |
Allowance for Loan Losses, Acquired with Deteriorated Credit Quality | 0 | 0 | |
PCI Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 0 | 0 | |
Recorded Investment in Loans, Acquired with Deteriorated Credit Quality | 74,929,000 | $ 93,712,000 | 94,431,000 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 0 | 0 | |
Allowance for Loan Losses, Acquired with Deteriorated Credit Quality | $ 600,000 | $ 0 | $ 0 |
Loans and Lease Finance Recei46
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 ($) | Sep. 30, 2016 | Dec. 31, 2015 |
30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | $ 1,200,000 | $ 456,000 |
60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 440,000 | 9,100,000 |
Loans, Excluding PCI Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 522,000 | 1,436,000 |
Nonaccrual | 8,666,000 | 21,019,000 |
Current | 4,220,518,000 | 3,912,934,000 |
Total gross loans, excluding PCI loans | 4,229,706,000 | 3,935,389,000 |
Loans, Excluding PCI Loans [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 322,000 | 1,436,000 |
Loans, Excluding PCI Loans [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 200,000 | 0 |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 543,000 | 704,000 |
Current | 493,940,000 | 433,395,000 |
Total gross loans, excluding PCI loans | 494,483,000 | 434,099,000 |
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 | 0 |
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 | 0 |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 3,013,000 | 2,567,000 |
Current | 101,030,000 | 104,300,000 |
Total gross loans, excluding PCI loans | 104,043,000 | 106,867,000 |
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 | 0 |
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 | 0 |
Nonaccrual | 1,502,000 | 4,174,000 |
Current | 936,974,000 | 834,179,000 |
Total gross loans, excluding PCI loans | 938,476,000 | 838,353,000 |
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 | 0 |
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 | 0 |
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 | 228,000 | 354,000 |
Nonaccrual | 894,000 | 10,367,000 |
Current | 1,972,167,000 | 1,794,110,000 |
Total gross loans, excluding PCI loans | 1,973,289,000 | 1,804,831,000 |
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 | 228,000 | 354,000 |
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 | 56,989,000 | 45,837,000 |
Total gross loans, excluding PCI loans | 56,989,000 | 45,837,000 |
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 | 33,721,000 | 22,726,000 |
Total gross loans, excluding PCI loans | 33,721,000 | 22,726,000 |
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 | 0 | 1,082,000 |
Nonaccrual | 2,244,000 | 2,688,000 |
Current | 239,246,000 | 229,984,000 |
Total gross loans, excluding PCI loans | 241,490,000 | 233,754,000 |
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 | 0 | 1,082,000 |
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 | 0 |
Current | 239,242,000 | 305,509,000 |
Total gross loans, excluding PCI loans | 239,242,000 | 305,509,000 |
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 | 68,309,000 | 74,135,000 |
Total gross loans, excluding PCI loans | 68,309,000 | 74,135,000 |
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 | 294,000 | 0 |
Nonaccrual | 470,000 | 519,000 |
Current | 78,900,000 | 68,759,000 |
Total gross loans, excluding PCI loans | 79,664,000 | 69,278,000 |
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 | 94,000 | 0 |
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 | $ 200,000 | $ 0 |
Loans and Lease Finance Recei47
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 ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing loans, current | $ 5,400,000 | $ 7,900,000 |
30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 1,200,000 | 456,000 |
60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 440,000 | 9,100,000 |
90+ Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | $ 1,600,000 | $ 3,500,000 |
Loans and Lease Finance Recei48
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 | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | $ 26,993 | $ 59,889 | $ 54,757 |
Recorded Investment, With a related allowance recorded | 8,691 | 8,972 | 8,949 |
Recorded Investment, Total impaired loans | 35,684 | 68,861 | 63,706 |
Unpaid Principal Balance, With no related allowance recorded | 33,938 | 69,002 | 61,984 |
Unpaid Principal Balance, With a related allowance recorded | 8,768 | 9,104 | 9,078 |
Unpaid Principal Balance, Total impaired loans | 42,706 | 78,106 | 71,062 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 548 | 662 | 669 |
Related Allowance, Total impaired loans | 548 | 662 | 669 |
Average Recorded Investment, With no related allowance recorded | 28,014 | 61,818 | |
Average Recorded Investment, With a related allowance recorded | 8,816 | 9,014 | |
Average Recorded Investment, Total impaired loans | 36,830 | 70,832 | |
Interest Income Recognized, With no related allowance recorded | 379 | 1,852 | |
Interest Income Recognized, With a related allowance recorded | 313 | 299 | |
Interest Income Recognized, Total impaired loans | 692 | 2,151 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 786 | 1,067 | 1,017 |
Recorded Investment, With a related allowance recorded | 563 | 620 | 626 |
Unpaid Principal Balance, With no related allowance recorded | 1,687 | 1,926 | 1,894 |
Unpaid Principal Balance, With a related allowance recorded | 625 | 694 | 695 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 493 | 607 | 626 |
Average Recorded Investment, With no related allowance recorded | 858 | 1,166 | |
Average Recorded Investment, With a related allowance recorded | 671 | 637 | |
Interest Income Recognized, With no related allowance recorded | 20 | 23 | |
Interest Income Recognized, With a related allowance recorded | 8 | 0 | |
Small Business Administration [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 3,665 | 3,273 | 3,207 |
Recorded Investment, With a related allowance recorded | 202 | 46 | 41 |
Unpaid Principal Balance, With no related allowance recorded | 4,452 | 3,911 | 3,877 |
Unpaid Principal Balance, With a related allowance recorded | 217 | 47 | 47 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 33 | 4 | 10 |
Average Recorded Investment, With no related allowance recorded | 3,770 | 3,385 | |
Average Recorded Investment, With a related allowance recorded | 209 | 58 | |
Interest Income Recognized, With no related allowance recorded | 38 | 39 | |
Interest Income Recognized, With a related allowance recorded | 10 | 0 | |
Commercial Real Estate Owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 2,773 | 7,665 | 6,252 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 3,786 | 8,806 | 7,445 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 3,039 | 7,935 | |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 63 | 178 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Commercial Real Estate Non-owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 13,033 | 35,982 | 34,041 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 15,764 | 40,591 | 37,177 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 13,386 | 36,490 | |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 130 | 1,338 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Construction Speculative [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Recorded Investment, With a related allowance recorded | 7,651 | 7,651 | 7,651 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 7,651 | 7,651 | 7,651 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 4 | 23 | 13 |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With a related allowance recorded | 7,651 | 7,651 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With a related allowance recorded | 291 | 290 | |
Construction Non-speculative [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
SFR Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 5,239 | 5,788 | 5,665 |
Recorded Investment, With a related allowance recorded | 263 | 601 | 588 |
Unpaid Principal Balance, With no related allowance recorded | 6,118 | 6,739 | 6,453 |
Unpaid Principal Balance, With a related allowance recorded | 263 | 653 | 640 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 6 | 22 | 20 |
Average Recorded Investment, With no related allowance recorded | 5,370 | 6,392 | |
Average Recorded Investment, With a related allowance recorded | 273 | 612 | |
Interest Income Recognized, With no related allowance recorded | 93 | 82 | |
Interest Income Recognized, With a related allowance recorded | 4 | 9 | |
Dairy & Livestock and Agribusiness [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 659 | 5,262 | 3,685 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 722 | 5,650 | 3,684 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 695 | 5,569 | |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 24 | 180 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Municipal Lease Finance Receivables [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Consumer and Other Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 838 | 852 | 890 |
Recorded Investment, With a related allowance recorded | 12 | 54 | 43 |
Unpaid Principal Balance, With no related allowance recorded | 1,409 | 1,379 | 1,454 |
Unpaid Principal Balance, With a related allowance recorded | 12 | 59 | 45 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 12 | 6 | $ 0 |
Average Recorded Investment, With no related allowance recorded | 896 | 881 | |
Average Recorded Investment, With a related allowance recorded | 12 | 56 | |
Interest Income Recognized, With no related allowance recorded | 11 | 12 | |
Interest Income Recognized, With a related allowance recorded | $ 0 | $ 0 |
Loans and Lease Finance Recei49
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Activity Related to Troubled Debt Restructurings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Financing Receivable, Modifications [Line Items] | ||||
Total TDRs | $ 30,051 | $ 60,361 | $ 30,051 | $ 60,361 |
Performing TDRs [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Beginning balance | 20,292 | 45,166 | 42,687 | 53,589 |
New modifications | 759 | 2,353 | 1,877 | 2,383 |
Payoffs and payments, net | (2,584) | (2,306) | (26,097) | (11,275) |
TDRs returned to accrual status | 8,551 | 0 | 8,551 | 516 |
TDRs placed on nonaccrual status | 0 | 0 | 0 | 0 |
Ending balance | 27,018 | 45,213 | 27,018 | 45,213 |
Nonperforming TDRs [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Beginning balance | 12,029 | 15,167 | 12,622 | 20,285 |
New modifications | 20 | 330 | 102 | 661 |
Charge-offs | 0 | 0 | (38) | 0 |
Transfer to OREO | 0 | 0 | 0 | (842) |
Payoffs and payments, net | (465) | (349) | (1,102) | (4,440) |
TDRs returned to accrual status | (8,551) | 0 | (8,551) | (516) |
TDRs placed on nonaccrual status | 0 | 0 | 0 | 0 |
Ending balance | $ 3,033 | $ 15,148 | $ 3,033 | $ 15,148 |
Loans and Lease Finance Recei50
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Loans Modified as Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($)Contract | Sep. 30, 2015USD ($)Contract | Sep. 30, 2016USD ($)Contract | Sep. 30, 2015USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 2 | 2 | 5 | 4 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 779 | $ 2,698 | $ 1,109 | $ 3,058 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 779 | 2,698 | 1,109 | 3,058 |
Troubled debt restructurings, Outstanding Recorded Investment | 773 | 2,683 | 1,167 | 3,023 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 28 | $ 12 |
Commercial and Industrial [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial and Industrial [Member] | Change in Amortization Period or Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 1 | 1 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 112 | $ 30 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 112 | 30 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 184 | 15 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 12 |
Small Business Administration [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Small Business Administration [Member] | Change in Amortization Period or Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 1 | 0 | 2 | 1 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 20 | $ 0 | $ 214 | $ 330 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 20 | 0 | 214 | 330 |
Troubled debt restructurings, Outstanding Recorded Investment | 14 | 0 | 202 | 325 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 28 | $ 0 |
Commercial Real Estate Owner Occupied [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Real Estate Owner Occupied [Member] | Change in Amortization Period or Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Real Estate Non-owner Occupied [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 1 | 0 | 1 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 2,376 | $ 0 | $ 2,376 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 2,376 | 0 | 2,376 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 2,353 | 0 | 2,353 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Real Estate Non-owner Occupied [Member] | Change in Amortization Period or Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 1 | 0 | 1 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 759 | $ 0 | $ 759 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 759 | 0 | 759 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 759 | 0 | 759 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer [Member] | Change in Amortization Period or Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 1 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 24 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 24 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 22 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
SFR Mortgage [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 1 | 0 | 1 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 322 | $ 0 | $ 322 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 322 | 0 | 322 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 330 | 0 | 330 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
SFR Mortgage [Member] | Change in Amortization Period or Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings Per Share Reconcilia51
Earnings Per Share Reconciliation - Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per common share | 299,000 | 251,000 | 281,000 | 234,000 |
Earnings Per Share Reconcilia52
Earnings Per Share Reconciliation - Schedule of Earnings Per Common Share Reconciliation (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings per common share: | ||||
Net earnings | $ 25,448 | $ 27,886 | $ 74,353 | $ 70,532 |
Less: Net earnings allocated to restricted stock | 98 | 149 | 305 | 371 |
Net earnings allocated to common shareholders | $ 25,350 | $ 27,737 | $ 74,048 | $ 70,161 |
Weighted average shares outstanding | 108,984 | 105,783 | 107,144 | 105,672 |
Basic earnings per common share | $ 0.23 | $ 0.26 | $ 0.69 | $ 0.66 |
Diluted earnings per common share: | ||||
Net income allocated to common shareholders | $ 25,350 | $ 27,737 | $ 74,048 | $ 70,161 |
Weighted average shares outstanding | 108,984 | 105,783 | 107,144 | 105,672 |
Incremental shares from assumed exercise of outstanding options | 386 | 498 | 403 | 467 |
Diluted weighted average shares outstanding | 109,370 | 106,281 | 107,547 | 106,139 |
Diluted earnings per common share | $ 0.23 | $ 0.26 | $ 0.69 | $ 0.66 |
Fair Value Information - Additi
Fair Value Information - Additional Information (Detail) - USD ($) | Sep. 30, 2016 | Sep. 30, 2015 |
Fair Value Disclosures [Abstract] | ||
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 |
Fair Value Information - Assets
Fair Value Information - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, liabilities | $ 591,191 | $ 700,048 |
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 | 13,201 | 9,344 |
Interest rate swaps, liabilities | 13,201 | 9,344 |
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 | 2,240,752 | 2,377,990 |
Total liabilities | 13,201 | 9,344 |
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 | 97,534 | 160,973 |
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/GSE [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/GSE [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 3,757 | 5,745 |
Fair Value on Recurring Basis [Member] | Government Agency/GSE [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 | 1,737,676 | 1,813,097 |
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/REMIC - 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/REMIC - Residential [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 383,096 | 383,781 |
Fair Value on Recurring Basis [Member] | CMO/REMIC - 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 | 5,488 | 5,050 |
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 | 2,227,551 | 2,368,646 |
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 | 13,201 | 9,344 |
Interest rate swaps, liabilities | 13,201 | 9,344 |
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 | 2,240,752 | 2,377,990 |
Total liabilities | 13,201 | 9,344 |
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 | 97,534 | 160,973 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Government Agency/GSE [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 3,757 | 5,745 |
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 | 1,737,676 | 1,813,097 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | CMO/REMIC - Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 383,096 | 383,781 |
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 | 5,488 | 5,050 |
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 | 2,227,551 | 2,368,646 |
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 | 13,201 | 9,344 |
Interest rate swaps, liabilities | $ 13,201 | $ 9,344 |
Fair Value Information - Asse55
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 | Sep. 30, 2016 | Dec. 31, 2015 |
Description of assets | ||
Total assets | $ 152 | $ 539 |
Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 28 | 162 |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 73 | 228 |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 33 | 15 |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 13 |
Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 20 |
Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 18 | 101 |
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 | 678 | 9,714 |
Level 3 [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 313 | 948 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 144 | 228 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 202 | 41 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 7,651 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 588 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 19 | 258 |
Carrying Value [Member] | ||
Description of assets | ||
Total assets | 678 | 9,714 |
Carrying Value [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 313 | 948 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 144 | 228 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 202 | 41 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 7,651 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 588 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | $ 19 | $ 258 |
Fair Value Information - Estima
Fair Value Information - Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Assets | ||||
Total cash and cash equivalents | $ 259,159 | $ 106,097 | $ 308,227 | $ 105,768 |
Interest-earning balances due from depository institutions | 83,178 | 32,691 | ||
FHLB stock | 17,688 | 17,588 | ||
Investment securities available-for-sale | 2,227,551 | 2,368,646 | ||
Investment securities held-to-maturity | 878,953 | 850,989 | ||
Total loans, net of allowance for loan losses | 4,234,166 | 3,957,781 | ||
Deposits: | ||||
Noninterest-bearing | 3,657,610 | 3,250,174 | ||
Interest-bearing | 2,663,385 | 2,667,086 | ||
Junior subordinated debentures | 25,774 | 25,774 | ||
Swaps | 591,191 | 700,048 | ||
Carrying Value [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 119,420 | 106,097 | ||
Interest-earning balances due from depository institutions | 139,739 | 32,691 | ||
FHLB stock | 17,688 | 17,588 | ||
Investment securities available-for-sale | 2,227,551 | 2,368,646 | ||
Investment securities held-to-maturity | 878,953 | 850,989 | ||
Total loans, net of allowance for loan losses | 4,234,166 | 3,957,781 | ||
Swaps | 13,201 | 9,344 | ||
Deposits: | ||||
Noninterest-bearing | 3,657,610 | 3,250,174 | ||
Interest-bearing | 2,663,385 | 2,667,086 | ||
Borrowings | 577,990 | 736,704 | ||
Junior subordinated debentures | 25,774 | 25,774 | ||
Swaps | 13,201 | 9,344 | ||
Estimated Fair Value [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 119,420 | 106,097 | ||
Interest-earning balances due from depository institutions | 139,739 | 32,691 | ||
FHLB stock | 17,688 | 17,588 | ||
Investment securities available-for-sale | 2,227,551 | 2,368,646 | ||
Investment securities held-to-maturity | 893,706 | 853,039 | ||
Total loans, net of allowance for loan losses | 4,280,285 | 3,971,329 | ||
Swaps | 13,201 | 9,344 | ||
Deposits: | ||||
Noninterest-bearing | 3,657,610 | 3,250,174 | ||
Interest-bearing | 2,663,178 | 2,666,186 | ||
Borrowings | 577,872 | 736,575 | ||
Junior subordinated debentures | 18,031 | 27,210 | ||
Swaps | 13,201 | 9,344 | ||
Estimated Fair Value [Member] | Level 1 [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 119,420 | 106,097 | ||
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 | 3,657,610 | 3,250,174 | ||
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 | 139,739 | 32,691 | ||
FHLB stock | 17,688 | 17,588 | ||
Investment securities available-for-sale | 2,227,551 | 2,368,646 | ||
Investment securities held-to-maturity | 893,706 | 851,186 | ||
Total loans, net of allowance for loan losses | 0 | 0 | ||
Swaps | 13,201 | 9,344 | ||
Deposits: | ||||
Noninterest-bearing | 0 | 0 | ||
Interest-bearing | 2,663,178 | 2,666,186 | ||
Borrowings | 577,872 | 736,575 | ||
Junior subordinated debentures | 28,176 | 0 | ||
Swaps | 13,201 | 9,344 | ||
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 | 0 | 1,853 | ||
Total loans, net of allowance for loan losses | 4,280,285 | 3,971,329 | ||
Swaps | 0 | 0 | ||
Deposits: | ||||
Noninterest-bearing | 0 | 0 | ||
Interest-bearing | 0 | 0 | ||
Borrowings | 0 | 0 | ||
Junior subordinated debentures | 18,031 | 27,210 | ||
Swaps | $ 0 | $ 0 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016LocationSegment | |
Segment Reporting [Abstract] | |
Number of principal reporting segments | Segment | 2 |
Bank operated Business Financial Centers, number | Location | 42 |
Bank operated Commercial Banking Centers, number | Location | 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 | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Interest income, including loan fees | $ 65,171 | $ 67,731 | $ 197,686 | $ 196,426 | |
Credit for funds provided | 0 | 0 | 0 | 0 | |
Total interest income | 65,171 | 67,731 | 197,686 | 196,426 | |
Interest expense | 2,010 | 1,814 | 6,053 | 6,742 | |
Charge for funds used | 0 | 0 | 0 | 0 | |
Total interest expense | 2,010 | 1,814 | 6,053 | 6,742 | |
Net interest income | 63,161 | 65,917 | 191,633 | 189,684 | |
Recapture of provision for loan losses | (2,000) | (2,500) | (2,000) | (4,500) | |
Net interest income after recapture of provision for loan losses | 65,161 | 68,417 | 193,633 | 194,184 | |
Noninterest income | 9,183 | 8,413 | 27,140 | 24,769 | |
Noninterest expense | 33,006 | 32,742 | 101,792 | 94,877 | |
Debt termination expense | 16 | 13,870 | |||
Earnings before income taxes | 41,338 | 44,088 | 118,965 | 110,206 | |
Segment assets | 8,044,993 | 7,626,462 | 8,044,993 | 7,626,462 | $ 7,671,200 |
Operating Segments [Member] | Centers [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income, including loan fees | 39,034 | 36,998 | 114,491 | 108,179 | |
Credit for funds provided | 9,576 | 8,977 | 27,093 | 25,718 | |
Total interest income | 48,610 | 45,975 | 141,584 | 133,897 | |
Interest expense | 1,750 | 1,654 | 5,153 | 4,945 | |
Charge for funds used | 1,361 | 1,088 | 4,115 | 3,207 | |
Total interest expense | 3,111 | 2,742 | 9,268 | 8,152 | |
Net interest income | 45,499 | 43,233 | 132,316 | 125,745 | |
Recapture of provision for loan losses | 0 | 0 | 0 | 0 | |
Net interest income after recapture of provision for loan losses | 45,499 | 43,233 | 132,316 | 125,745 | |
Noninterest income | 5,182 | 5,276 | 15,335 | 15,662 | |
Noninterest expense | 12,423 | 12,496 | 37,924 | 36,604 | |
Debt termination expense | 0 | 0 | |||
Earnings before income taxes | 38,258 | 36,013 | 109,727 | 104,803 | |
Segment assets | 6,963,530 | 6,419,264 | 6,963,530 | 6,419,264 | |
Operating Segments [Member] | Treasury [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income, including loan fees | 17,439 | 18,927 | 53,975 | 56,792 | |
Credit for funds provided | 0 | 0 | 0 | 0 | |
Total interest income | 17,439 | 18,927 | 53,975 | 56,792 | |
Interest expense | 123 | 58 | 510 | 1,520 | |
Charge for funds used | 17,153 | 15,983 | 48,131 | 46,230 | |
Total interest expense | 17,276 | 16,041 | 48,641 | 47,750 | |
Net interest income | 163 | 2,886 | 5,334 | 9,042 | |
Recapture of provision for loan losses | 0 | 0 | 0 | 0 | |
Net interest income after recapture of provision for loan losses | 163 | 2,886 | 5,334 | 9,042 | |
Noninterest income | 548 | (22) | 548 | (22) | |
Noninterest expense | 218 | 219 | 652 | 643 | |
Debt termination expense | 16 | 13,870 | |||
Earnings before income taxes | 493 | 2,645 | 5,214 | (5,493) | |
Segment assets | 3,424,605 | 3,505,392 | 3,424,605 | 3,505,392 | |
Operating Segments [Member] | Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income, including loan fees | 8,698 | 11,806 | 29,220 | 31,455 | |
Credit for funds provided | 14,586 | 13,249 | 42,271 | 38,914 | |
Total interest income | 23,284 | 25,055 | 71,491 | 70,369 | |
Interest expense | 137 | 102 | 390 | 277 | |
Charge for funds used | 5,648 | 5,155 | 17,118 | 15,195 | |
Total interest expense | 5,785 | 5,257 | 17,508 | 15,472 | |
Net interest income | 17,499 | 19,798 | 53,983 | 54,897 | |
Recapture of provision for loan losses | (2,000) | (2,500) | (2,000) | (4,500) | |
Net interest income after recapture of provision for loan losses | 19,499 | 22,298 | 55,983 | 59,397 | |
Noninterest income | 3,453 | 3,159 | 11,257 | 9,129 | |
Noninterest expense | 20,365 | 20,027 | 63,216 | 57,630 | |
Debt termination expense | 0 | 0 | |||
Earnings before income taxes | 2,587 | 5,430 | 4,024 | 10,896 | |
Segment assets | 906,344 | 809,514 | 906,344 | 809,514 | |
Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Interest income, including loan fees | 0 | 0 | 0 | 0 | |
Credit for funds provided | (24,162) | (22,226) | (69,364) | (64,632) | |
Total interest income | (24,162) | (22,226) | (69,364) | (64,632) | |
Interest expense | 0 | 0 | 0 | 0 | |
Charge for funds used | (24,162) | (22,226) | (69,364) | (64,632) | |
Total interest expense | (24,162) | (22,226) | (69,364) | (64,632) | |
Net interest income | 0 | 0 | 0 | 0 | |
Recapture of provision for loan losses | 0 | 0 | 0 | 0 | |
Net interest income after recapture of provision for loan losses | 0 | 0 | 0 | 0 | |
Noninterest income | 0 | 0 | 0 | 0 | |
Noninterest expense | 0 | 0 | 0 | 0 | |
Debt termination expense | 0 | 0 | |||
Earnings before income taxes | 0 | 0 | 0 | 0 | |
Segment assets | $ (3,249,486) | $ (3,107,708) | $ (3,249,486) | $ (3,107,708) |
Derivative Financial Instrume59
Derivative Financial Instruments - Additional Information (Detail) | Sep. 30, 2016USD ($)Agreement | Dec. 31, 2015USD ($) |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative assets and liabilities offset in balance sheet | $ 0 | |
Total notional amount of the Company's swaps | $ 199,100,000 | $ 189,000,000 |
Interest-rate Swap Agreements with Customers [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of interest-rate swap agreements | Agreement | 80 |
Derivative Financial Instrume60
Derivative Financial Instruments - Fair Value of Derivative Instruments (Detail) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 13,201 | $ 9,344 |
Other Liabilities [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 13,201 | 9,344 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 13,201 | 9,344 |
Other Assets [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 13,201 | $ 9,344 |
Derivative Financial Instrume61
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statement of Earnings (Detail) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain Recognized in Income on Derivative Instruments | $ 136 | $ 0 | $ 521 | $ 199 |
Interest Rate Swaps [Member] | Other Income [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain Recognized in Income on Derivative Instruments | $ 136 | $ 0 | $ 521 | $ 199 |
Other Comprehensive Income - Su
Other Comprehensive Income - Summary of Components of Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Equity [Abstract] | ||||
Net change in fair value recorded in accumulated OCI, Before-tax | $ (4,006) | $ 12,318 | $ 31,617 | $ (382) |
Net change in fair value recorded in accumulated OCI, Tax effect | (1,683) | 5,175 | 13,279 | (159) |
Net change in fair value recorded in accumulated OCI, After-tax | (2,323) | 7,143 | 18,338 | (223) |
Cumulative-effect adjustment for unrealized gains on securities transferred from available-for-sale to held-to-maturity, Before-tax | 0 | 6,690 | 0 | 6,690 |
Cumulative-effect adjustment for unrealized gains on securities transferred from available-for-sale to held-to-maturity, Tax effect | 0 | 2,808 | 0 | 2,808 |
Cumulative-effect adjustment for unrealized gains on securities transferred from available-for-sale to held-to-maturity, After-tax | 0 | 3,882 | 0 | 3,882 |
Amortization of unrealized (gains)/losses on securities transferred from available-for-sale to held-to-maturity, Before-tax | 297 | (334) | (563) | (334) |
Amortization of unrealized (gains)/losses on securities transferred from available-for-sale to held-to-maturity, Tax effect | 125 | (140) | (237) | (140) |
Amortization of unrealized (gains)/losses on securities transferred from available-for-sale to held-to-maturity, After-tax | 172 | (194) | (326) | (194) |
Net realized (gain)/loss reclassified into earnings, Before-Tax | (548) | 22 | (548) | 22 |
Net realized (gain)/loss reclassified into earnings, Tax Effect | (230) | 9 | (230) | 9 |
Net realized (gain)/loss reclassified into earnings, After-Tax | (318) | 13 | (318) | 13 |
Net change, Before-tax | (4,257) | 18,696 | 30,506 | 5,996 |
Net change, Tax effect | (1,788) | 7,852 | 12,812 | 2,518 |
Net change, After-tax | $ (2,469) | $ 10,844 | $ 17,694 | $ 3,478 |
Balance Sheet Offsetting - Sche
Balance Sheet Offsetting - Schedule of Balance Sheet Offsetting (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Offsetting Assets Liabilities [Line Items] | ||
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | $ 591,191 | $ 700,052 |
Financial liabilities, Gross Amounts offset in the Condensed Consolidated Balance Sheets | 0 | (4) |
Financial liabilities, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 591,191 | 700,048 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 0 | 4 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | (632,339) | (737,674) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | (41,148) | (37,622) |
Repurchase Agreements [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 577,990 | 690,704 |
Financial liabilities, Gross Amounts offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial liabilities, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 577,990 | 690,704 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 0 | 0 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | (615,755) | (721,102) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | (37,765) | (30,398) |
Interest Rate Swaps [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 13,201 | 9,344 |
Financial assets, Gross Amounts offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial assets, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 13,201 | 9,344 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | 13,201 | 9,344 |
Interest Rate Swaps [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 13,201 | 9,344 |
Financial assets, Gross Amounts offset in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial assets, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 13,201 | 9,344 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | 13,201 | 9,344 |
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 13,201 | 9,348 |
Financial liabilities, Gross Amounts offset in the Condensed Consolidated Balance Sheets | 0 | (4) |
Financial liabilities, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 13,201 | 9,344 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 0 | 4 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | (16,584) | (16,572) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | $ (3,383) | $ (7,224) |