Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 15, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CVBF | ||
Entity Registrant Name | CVB FINANCIAL CORP | ||
Entity Central Index Key | 354,647 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 110,159,857 | ||
Entity Public Float | $ 2,303,271,765 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 119,841 | $ 119,445 |
Interest-earning balances due from Federal Reserve | 24,536 | 2,188 |
Total cash and cash equivalents | 144,377 | 121,633 |
Interest-earning balances due from depository institutions | 17,952 | 47,848 |
Investment securities available-for-sale, at fair value (with amortized cost of $2,078,131 at December 31, 2017, and $2,255,874 at December 31, 2016) | 2,080,985 | 2,270,466 |
Investment securities held-to-maturity (with fair value of $819,215 at December 31, 2017, and $897,374 at December 31, 2016) | 829,890 | 911,676 |
Total investment securities | 2,910,875 | 3,182,142 |
Investment in stock of Federal Home Loan Bank (FHLB) | 17,688 | 17,688 |
Loans and lease finance receivables | 4,830,631 | 4,395,064 |
Allowance for loan losses | (59,585) | (61,540) |
Net loans and lease finance receivables | 4,771,046 | 4,333,524 |
Premises and equipment, net | 46,166 | 42,086 |
Bank owned life insurance (BOLI) | 146,486 | 134,785 |
Accrued interest receivable | 22,704 | 22,259 |
Intangibles | 6,838 | 5,010 |
Goodwill | 116,564 | 89,533 |
Other real estate owned (OREO) | 4,527 | 4,527 |
Income taxes | 40,046 | 45,429 |
Asset held-for-sale | 3,411 | |
Other assets | 25,317 | 23,832 |
Total assets | 8,270,586 | 8,073,707 |
Deposits: | ||
Noninterest-bearing | 3,846,436 | 3,673,541 |
Interest-bearing | 2,700,417 | 2,636,139 |
Total deposits | 6,546,853 | 6,309,680 |
Customer repurchase agreements | 553,773 | 603,028 |
Other borrowings | 0 | 53,000 |
Deferred compensation | 18,223 | 12,361 |
Junior subordinated debentures | 25,774 | 25,774 |
Payable for securities purchased | 0 | 23,777 |
Other liabilities | 56,697 | 55,225 |
Total liabilities | 7,201,320 | 7,082,845 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock, authorized, 225,000,000 shares without par; issued and outstanding 110,184,922 at December 31, 2017, and 108,251,981 at December 31, 2016 | 573,453 | 531,192 |
Retained earnings | 494,361 | 449,499 |
Accumulated other comprehensive income, net of tax | 1,452 | 10,171 |
Total stockholders' equity | 1,069,266 | 990,862 |
Total liabilities and stockholders' equity | $ 8,270,586 | $ 8,073,707 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Amortized cost | $ 2,078,131 | $ 2,255,874 |
Fair Value, Held-to-maturity | $ 819,215 | $ 897,374 |
Common stock, par value | ||
Common stock, authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 110,184,922 | 108,251,981 |
Common stock, shares outstanding | 110,184,922 | 108,251,981 |
Consolidated Statements of Earn
Consolidated Statements of Earnings and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest income: | |||
Loans and leases, including fees | $ 214,126 | $ 192,992 | $ 185,663 |
Investment securities: | |||
Investment securities available-for-sale | 49,778 | 47,702 | 63,190 |
Investment securities held-to-maturity | 21,015 | 20,227 | 9,018 |
Total investment income | 70,793 | 67,929 | 72,208 |
Dividends from FHLB stock | 1,375 | 2,224 | 2,774 |
Interest-earning deposits with other institutions and federal funds sold | 932 | 1,905 | 868 |
Total interest income | 287,226 | 265,050 | 261,513 |
Interest expense: | |||
Deposits | 6,044 | 5,957 | 5,266 |
Borrowings and customer repurchase agreements | 1,579 | 1,478 | 2,867 |
Junior subordinated debentures | 673 | 541 | 438 |
Total interest expense | 8,296 | 7,976 | 8,571 |
Net interest income before recapture of provision for loan losses | 278,930 | 257,074 | 252,942 |
Recapture of provision for loan losses | (8,500) | (6,400) | (5,600) |
Net interest income after recapture of provision for loan losses | 287,430 | 263,474 | 258,542 |
Noninterest income: | |||
Service charges on deposit accounts | 15,809 | 15,066 | 15,567 |
Trust and investment services | 9,845 | 9,595 | 8,642 |
Bankcard services | 3,406 | 2,921 | 3,094 |
BOLI income | 3,420 | 2,612 | 2,561 |
Gain on sale of loans | 0 | 1,101 | 732 |
Other | 9,638 | 4,257 | 2,887 |
Total noninterest income | 42,118 | 35,552 | 33,483 |
Noninterest expense: | |||
Salaries and employee benefits | 87,065 | 82,630 | 78,618 |
Occupancy and equipment | 16,756 | 15,641 | 14,892 |
Professional services | 5,940 | 5,054 | 5,757 |
Software licenses and maintenance | 6,385 | 5,465 | 5,368 |
Marketing and promotion | 4,839 | 5,027 | 5,015 |
Recapture of provision for unfunded loan commitments | (400) | (450) | (500) |
Debt termination expense | 0 | 16 | 13,870 |
Acquisition related expenses | 2,251 | 1,897 | 475 |
Impairment loss on asset held-for-sale | 0 | 2,558 | 0 |
Legal settlement | 0 | 1,500 | 0 |
Other | 17,917 | 17,402 | 17,164 |
Total noninterest expense | 140,753 | 136,740 | 140,659 |
Earnings before income taxes | 188,795 | 162,286 | 151,366 |
Income taxes | 84,384 | 60,857 | 52,221 |
Net earnings | 104,411 | 101,429 | 99,145 |
Other comprehensive loss: | |||
Unrealized loss on securities arising during the period, before tax | (14,629) | (17,966) | (17,550) |
Less: Reclassification adjustment for net (gain) loss on securities included in net income | (402) | (548) | 22 |
Other comprehensive loss, before tax | (15,031) | (18,514) | (17,528) |
Less: Income tax benefit related to items of other comprehensive loss | 6,312 | 7,776 | 7,362 |
Other comprehensive loss, net of tax | (8,719) | (10,738) | (10,166) |
Comprehensive income | $ 95,692 | $ 90,691 | $ 88,979 |
Basic earnings per common share | $ 0.95 | $ 0.94 | $ 0.93 |
Diluted earnings per common share | 0.95 | 0.94 | 0.93 |
Cash dividends declared per common share | $ 0.54 | $ 0.48 | $ 0.48 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | County Commerce Bank [Member] | Valley Commerce Bancorp [Member] | Common Stock [Member] | Common Stock [Member]County Commerce Bank [Member] | Common Stock [Member]Valley Commerce Bancorp [Member] | Retained Earnings [Member] | Retained Earnings [Member]County Commerce Bank [Member] | Retained Earnings [Member]Valley Commerce Bancorp [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]County Commerce Bank [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Valley Commerce Bancorp [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 | (834) | $ (834) | 0 | 0 | ||||||||
Repurchase of common stock, shares | (54) | |||||||||||
Exercise of stock options | 5,144 | $ 5,144 | 0 | 0 | ||||||||
Exercise of stock options, shares | 449 | |||||||||||
Tax benefit from exercise of stock options | 308 | $ 308 | 0 | 0 | ||||||||
Shares issued pursuant to stock-based compensation plan | 2,733 | $ 2,733 | 0 | 0 | ||||||||
Shares issued pursuant to stock-based compensation plan, shares | 97 | |||||||||||
Cash dividends declared on common stock | (51,040) | $ 0 | (51,040) | 0 | ||||||||
Net earnings | 99,145 | 0 | 99,145 | 0 | ||||||||
Other comprehensive loss | (10,166) | 0 | 0 | (10,166) | ||||||||
Ending balance at Dec. 31, 2015 | 923,399 | $ 502,571 | 399,919 | 20,909 | ||||||||
Ending balance, shares at Dec. 31, 2015 | 106,385 | |||||||||||
Repurchase of common stock | (1,907) | $ (1,907) | 0 | 0 | ||||||||
Repurchase of common stock, shares | (116) | |||||||||||
Issuance of common stock for acquisition | $ 21,642 | $ 21,642 | $ 0 | $ 0 | ||||||||
Issuance of common stock for acquisition, shares | 1,394 | |||||||||||
Exercise of stock options | 5,151 | $ 5,151 | 0 | 0 | ||||||||
Exercise of stock options, shares | 483 | |||||||||||
Tax benefit from exercise of stock options | 932 | $ 932 | 0 | 0 | ||||||||
Shares issued pursuant to stock-based compensation plan | 2,803 | $ 2,803 | 0 | 0 | ||||||||
Shares issued pursuant to stock-based compensation plan, shares | 106 | |||||||||||
Cash dividends declared on common stock | (51,849) | $ 0 | (51,849) | 0 | ||||||||
Net earnings | 101,429 | 0 | 101,429 | 0 | ||||||||
Other comprehensive loss | (10,738) | 0 | 0 | (10,738) | ||||||||
Ending balance at Dec. 31, 2016 | 990,862 | $ 531,192 | 449,499 | 10,171 | ||||||||
Ending balance, shares at Dec. 31, 2016 | 108,252 | |||||||||||
Cumulative adjustment upon adoption of ASU 2016-09 | 50 | $ 116 | (66) | 0 | ||||||||
Repurchase of common stock | (1,128) | $ (1,128) | 0 | 0 | ||||||||
Repurchase of common stock, shares | (50) | |||||||||||
Issuance of common stock for acquisition | $ 37,637 | $ 37,637 | $ 0 | $ 0 | ||||||||
Issuance of common stock for acquisition, shares | 1,634 | |||||||||||
Exercise of stock options | $ 2,683 | $ 2,683 | 0 | 0 | ||||||||
Exercise of stock options, shares | 283 | 283 | ||||||||||
Shares issued pursuant to stock-based compensation plan | $ 2,953 | $ 2,953 | 0 | 0 | ||||||||
Shares issued pursuant to stock-based compensation plan, shares | 66 | |||||||||||
Cash dividends declared on common stock | (59,483) | $ 0 | (59,483) | 0 | ||||||||
Net earnings | 104,411 | 0 | 104,411 | 0 | ||||||||
Other comprehensive loss | (8,719) | 0 | 0 | (8,719) | ||||||||
Ending balance at Dec. 31, 2017 | $ 1,069,266 | $ 573,453 | $ 494,361 | $ 1,452 | ||||||||
Ending balance, shares at Dec. 31, 2017 | 110,185 |
Consolidated Statements of Sto6
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends per common share | $ 0.54 | $ 0.48 | $ 0.48 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities | |||
Interest and dividends received | $ 296,885 | $ 279,210 | $ 277,593 |
Service charges and other fees received | 35,003 | 31,044 | 29,604 |
Interest paid | (8,286) | (7,987) | (9,467) |
Net cash paid to vendors, employees and others | (113,241) | (127,003) | (132,499) |
Income taxes | (70,250) | (51,495) | (58,500) |
Payments to FDIC, loss share agreement | (519) | (514) | (1,089) |
Net cash provided by operating activities | 139,592 | 123,255 | 105,642 |
Cash Flows from Investing Activities | |||
Proceeds from redemption of FHLB stock | 1,952 | 1,423 | 7,750 |
Net change in interest-earning balances from depository institutions | 30,375 | 47,179 | (5,573) |
Proceeds from sale of investment securities held-for-sale | 5,403 | 1,957 | 975 |
Proceeds from repayment of investment securities available-for-sale | 425,666 | 448,823 | 395,430 |
Proceeds from maturity of investment securities available-for-sale | 28,620 | 97,603 | 128,709 |
Purchases of investment securities available-for-sale | (319,603) | (461,674) | (694,630) |
Proceeds from repayment and maturity of investment securities held-to-maturity | 118,540 | 281,141 | 51,025 |
Purchases of investment securities held-to-maturity | (42,400) | (346,334) | |
Net increase in loan and lease finance receivables | (111,879) | (203,040) | (189,707) |
Proceeds from sale of loans | 0 | 6,417 | 3,629 |
Proceeds from sale of asset held-for-sale | 4,012 | 0 | 0 |
Proceeds from sales of premises and equipment | 0 | 0 | 926 |
Purchase of premises and equipment | (4,893) | (12,615) | (1,869) |
Proceeds from sales of other real estate owned | 0 | 2,102 | 2,587 |
Cash used in sale of branch, net | (25,266) | (8,217) | 0 |
Cash acquired from acquisition, net of cash paid | 28,325 | (7,504) | 0 |
Net cash provided by (used in) investing activities | 138,852 | (152,739) | (300,748) |
Cash Flows from Financing Activities | |||
Net (decrease) increase in other deposits | (50,611) | 541,210 | 378,321 |
Net decrease in time deposits | (47,342) | (363,486) | (65,719) |
Repayment of FHLB advances | 0 | (5,000) | (200,000) |
Net (decrease) increase in other borrowings | (53,000) | 7,000 | 0 |
Net (decrease) increase in customer repurchase agreements | (49,255) | (87,255) | 127,077 |
Cash dividends on common stock | (57,047) | (51,625) | (48,862) |
Repurchase of common stock | (1,128) | (1,907) | (834) |
Proceeds from exercise of stock options | 2,683 | 5,151 | 5,144 |
Tax benefit related to exercise of stock options | 0 | 932 | 308 |
Net cash (used in) provided by financing activities | (255,700) | 45,020 | 195,435 |
Net increase in cash and cash equivalents | 22,744 | 15,536 | 329 |
Cash and cash equivalents, beginning of period | 121,633 | 106,097 | 105,768 |
Cash and cash equivalents, end of period | 144,377 | 121,633 | 106,097 |
Reconciliation of Net Earnings to Net Cash Provided by Operating Activities | |||
Net earnings | 104,411 | 101,429 | 99,145 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Gain on sale of loans | 0 | (1,101) | (732) |
Gain on sale of branch | (906) | (272) | 0 |
Gain on eminent domain condemnation | (2,894) | 0 | 0 |
(Gain) loss on sale of investment securities | (402) | (548) | 22 |
Impairment loss on asset held-for-sale | 0 | 2,558 | 0 |
Loss (gain) on sale of other real estate owned | 0 | 27 | (384) |
Increase in bank owned life insurance | (2,279) | (3,829) | (4,029) |
Net amortization of premiums and discounts on investment securities | 18,017 | 21,005 | 19,540 |
Accretion of PCI discount | (1,769) | (2,506) | (4,032) |
Recapture of provision for loan losses | (8,500) | (6,400) | (5,600) |
Recapture of provision for unfunded loan commitments | (400) | (450) | (500) |
Valuation adjustment on other real estate owned | 0 | 337 | 162 |
Payments to FDIC, loss share agreement | (519) | (514) | (1,089) |
Stock-based compensation | 2,953 | 2,803 | 2,733 |
Depreciation and amortization, net | (645) | 3,802 | (1,474) |
Change in other assets and liabilities | 32,525 | 6,914 | 1,880 |
Total adjustments | 35,181 | 21,826 | 6,497 |
Net cash provided by operating activities | 139,592 | 123,255 | 105,642 |
Supplemental Disclosure of Non-cash Investing Activities | |||
Securities purchased and not settled | 0 | 23,777 | 1,696 |
Transfer of loans to other real estate owned | 0 | 0 | 3,721 |
Issuance of common stock for acquisition | 37,637 | 21,642 | 0 |
Transfer of AFS securities to HTM securities | $ 0 | $ 0 | $ 898,598 |
Business
Business | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | 1. BUSINESS The 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 On February 29, 2016, we acquired County Commerce Bank (“CCB”), headquartered in Oxnard, CA, 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 consolidated financial statements for 2016 include CCB operations, post-merger. See Note 4 — Business Combinations On March 10, 2017, we completed the acquisition of Valley Commerce Bancorp (“VCBP”), the holding company for Valley Business Bank (“VBB”), headquartered in the Central Valley area of California with four branch locations and total assets of approximately $400 million. This acquisition strengthens our market share in the Central Valley area of California. Our consolidated financial statements for 2017 include VBB operations, post-merger. See Note 4 — Business Combinations |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 2. BASIS OF PRESENTATION The accompanying consolidated financial statements and notes thereto have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-K Reclassification |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Segments Business Segments Net income is determined based on the actual net income of the business unit plus the allocated income or expense based on the sources and uses of funds for each business unit. Noninterest income and noninterest expense are those items directly attributable to a business unit. 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 the “Other” category. Taxes are not included in the segments as this is accounted for at the corporate level. Cash and cash equivalents Investment Securities held-to-maturity available-for-sale held-to-maturity Available-for-sale At each reporting date, securities are assessed to determine whether there is an other-than-temporary impairment (“OTTI”). Other-than-temporary impairment on investment securities is not recognized in earnings when there are credit losses on a debt security for which management does not intend to sell and for which it is more-likely-than-not During the quarter ended September 30, 2015, investment securities were transferred from the available-for-sale held-to-maturity held-to-maturity available-for-sale held-to-maturity after-tax Loans Held-for-Sale held-for-sale held-for-investment charge-off held-for-sale Loans and Lease Finance Receivables Loans and Lease Finance Receivables and Allowance for Loan Losses Acquired SJB Assets and FDIC Loss Sharing Asset In the ordinary course of business, the Company enters into commitments to extend credit to its customers. To the extent that such commitments are unfunded, the related unfunded amounts are not reflected in the accompanying consolidated financial statements. The Company receives collateral to support loans, lease finance receivables, and commitments to extend credit for which collateral is deemed necessary. The most significant categories for which collateral is deemed necessary are real estate, principally commercial and industrial income-producing properties, Small Business Administration (“SBA”) loans, real estate mortgages, assets utilized in dairy & livestock and agribusiness, and various personal property assets utilized in commercial and industrial business governed by the Uniform Commercial Code. Nonrefundable fees and direct costs associated with the origination or purchase of loans are deferred and netted against outstanding loan balances. The deferred net loan fees and costs and purchase price discounts are recognized in interest income over the loan term using the effective-yield method. Interest on loans and lease finance receivables, excluding PCI loans, is credited to income based on the principal amounts of such loans or receivables outstanding. Loans are considered delinquent when principal or interest payments are past due 30 days or more and generally remain on accrual status between 30 and 89 days past due. Interest income is not recognized on loans and lease finance receivables when collection of interest is deemed by management to be doubtful. Loans, excluding PCI loans, on which the accrual of interest has been discontinued are designated as nonaccrual loans. In general, interest shall not accrue on any loan, excluding PCI loans, for which payment in full of principal and interest is not expected, or when the loan becomes 90 days past due, unless the loan is both well secured and in the process of collection. Factors considered in determining that the full collection of principal and interest is no longer probable include cash flow and liquidity of the borrower or property, the financial position of the guarantors and their willingness to support the loan as well as other factors, and this determination involves significant judgment. When an asset is placed on nonaccrual status, previously accrued but unpaid interest is reversed against income. Subsequent collections of cash are applied as reductions to the principal balance unless the loan is returned to accrual status. Interest is not recognized using a cash-basis method. Nonaccrual loans may be restored to accrual status when principal and interest become current and when the borrower is able to demonstrate payment performance for a sustained period, typically for six months. A nonaccrual loan may return to accrual status sooner based on other significant events or mitigating circumstances. This policy is consistently applied to all types of loans and lease finance receivables, excluding PCI loans. Troubled Debt Restructurings When determining whether or not a loan modification is a TDR under ASC 310-40, case-by-case The types of loans subject to modification vary greatly, but during the subject period are concentrated in commercial and industrial loans, dairy & livestock and agribusiness loans, and term loans to commercial real estate investors. Some examples of key features include payment deferrals and delays, interest rate reductions, and extensions or renewals where the contract rate may or may not be below the market rate of interest for debt with similar characteristics as those of the modified debt. The typical length of the modified terms ranges from three (3) to twelve (12) months; however, all actual modified terms will depend on the facts, circumstances and attributes of the specific borrower requesting a modification. In general, after a careful evaluation of all relevant facts and circumstances taken together, including the nature of any concession, certain modification requests will result in troubled debt restructurings while certain other modifications will not, pursuant to the criteria and judgments as discussed throughout this report. In certain cases, modification requests for delays or deferrals of principal were evaluated and determined to be exempt from TDR reporting because they constituted insignificant delays under ASC 310-40-15. In situations where the Company has determined that the borrower is experiencing financial difficulties and is evaluating whether a concession is insignificant, and therefore does not result in a TDR, such analysis is based on an evaluation of both the amount and the timing of the restructured payments, including the following factors: 1. Whether the amount of the restructured payments subject to delay is insignificant relative to the unpaid principal balance or collateral value of the debt and will result in an insignificant shortfall in the contractual amount due; and 2. The delay is insignificant relative to any of the following: • The frequency of payments due; • The debt’s original contractual maturity; or • The debt’s original expected duration. Most modified loans not classified and accounted for as a TDR were performing and paying as agreed under their original terms in the six-month “re-defaults” Impaired Loans The Company’s policy is to record a specific valuation allowance, which is included in the allowance for loan losses, or to charge off that portion of an impaired loan that represents the impairment or shortfall amount as determined utilizing one of the three methods described in ASC 310-10-35-22. non-collateral Appraisals of the collateral for impaired collateral dependent loans are typically ordered at the time the loan is identified as showing signs of inherent weakness. These appraisals are normally updated at least annually, or more frequently, if there are concerns or indications that the value of the collateral may have changed significantly since the previous appraisal. On an exception basis, a specific valuation allowance is recorded on collateral dependent impaired loans when a current appraisal is not yet available, a recent appraisal is still under review or on single-family residential (“SFR”) mortgage loans if the loans are currently under review for a loan modification. Such valuation allowances are generally based on previous appraisals adjusted for current market conditions, based on preliminary appraisal values that are still being reviewed or for SFR mortgage loans under review for modification on an appraisal or indications of comparable home sales from external sources. Charge-offs of unsecured consumer loans are recorded when the loan reaches 120 days past due or sooner as circumstances indicate. Except for the charge-offs of unsecured consumer loans, the charge-off pre-modification Provision and Allowance for Loan Losses There are different qualitative risks for the loans in each portfolio segment. The construction and real estate segments’ predominant risk characteristic is the collateral and the geographic location of the property collateralizing the loan as well as the operating cash flow for commercial real estate properties. The commercial and industrial segment’s predominant risk characteristics are the cash flows of the businesses we lend to, the global cash flows and liquidity of the guarantors, as well as economic and market conditions. The dairy & livestock segment’s predominant risk characteristics are milk and beef prices in the market as well as the cost of feed and cattle. The Agribusiness segment’s predominant risk characteristics are the supply and demand conditions of the product, production seasonality, the scale of operations and ability to control costs, the availability and cost of water, and operator experience. The municipal lease segment’s predominant risk characteristics are the municipality’s general financial condition and tax revenues or if applicable the specific project related financial condition. The consumer, auto and other segment’s predominant risk characteristics are employment and income levels as they relate to consumers and cash flows of the businesses as they relate to equipment and vehicle leases to businesses. The Company’s methodology is consistently applied across all portfolio segments taking into account the applicable historical loss rates and the qualitative factors applicable to each pool of loans. A key factor in the Company’s methodology is the loan risk rating (Pass, Special Mention, Substandard, Doubtful and Loss). Loan risk ratings are updated as facts related to the loan or borrower become available. In addition, all term loans in excess of $1.0 million are subject to an annual internal credit review process where all factors underlying the loan, borrower and guarantors are subject to review which may result in changes to the loan’s risk rating. Periodically, we assess various attributes utilized in adjusting our historical loss factors to reflect our view of current economic conditions. The estimate is reviewed quarterly by the Board of Directors and management and periodically by various regulatory agencies and, as adjustments become necessary, they are reported in earnings in the periods in which they become known. Our methodology for assessing the appropriateness of the allowance is conducted on a regular basis and considers the Bank’s overall loan portfolio. The Bank’s methodology consists of two major phases. In the first phase, individual loans are reviewed to identify loans for impairment. Impairment is measured based on the Company’s policy. If an impaired loan is determined to be a collateral dependent loan, the Company determines the fair value of the loan and if it is less than the recorded investment in the loan, the Company either recognizes an impairment as a specific allowance, or charges off the impaired balance if it determined that such amount represents a confirmed loss. For non-collateral The second phase is conducted by evaluating or segmenting the remainder of the loan portfolio into groups or pools of loans with similar characteristics. In this second phase, groups or pools of homogeneous loans are reviewed to determine a portfolio formula allowance. In the case of the portfolio formula allowance, homogeneous portfolios, such as small business loans, consumer loans, dairy & livestock and agribusiness loans, and real estate loans, are aggregated or pooled in determining the appropriate allowance. The risk assessment process in this case emphasizes trends in the different portfolios for delinquency, loss, and other behavioral characteristics of the subject portfolio over a relevant period. Included in this second phase is our consideration of qualitative factors, including, all known relevant internal and external factors that may affect the collectability of a loan. This includes our estimates of the amounts necessary for concentrations, economic uncertainties, the volatility of the market value of collateral, and other relevant factors. These qualitative factors are used to adjust the historical loan loss rates for each pool of loans to determine the probable loan losses inherent in the portfolio. Periodically, we assess various attributes utilized in adjusting our historical loss factors to reflect current economic conditions. The methodology is consistently applied across all the portfolio segments taking into account the applicable historical loss rates and the qualitative factors applicable to each pool of loans. During the fourth quarter of 2015 the Bank implemented an enhanced ALLL methodology and governance. These enhancements included (i) changes to the look back period, (ii) further aggregation of the loan segments, (iii) updates of the historical loss rates, (iv) updates to the qualitative factors, and (v) updates to the documentation, controls and validation of the ALLL methodology. The look back period was changed from the previous rolling 20-quarters through-the-cycle through-the-cycle Purchase Credit Impaired Loans 310-30, ns and Debt Securities Acquired with Deteriorated Credit Quality non-impaired Acquired SJB Assets and FDIC Loss Sharing Asset Provision for loan losses on the PCI portfolio will be recorded if there is deterioration in the expected cash flows on PCI loans as a result of deteriorated credit quality, compared to those previously. The portion of the loss on SJB loans reimbursable from the FDIC was recorded in noninterest income as a decrease in the FDIC loss sharing asset. Decreases in expected cash flows on the acquired impaired loans as of the measurement date compared to previously estimated are recognized by recording a provision for loan losses on acquired impaired loans. Loans accounted for as part of a pool are measured based on the expected cash flows of the entire pool. FDIC Loss Sharing Asset The FDIC loss sharing asset was initially recorded at fair value which represents the present value of the estimated cash payments from the FDIC for future losses on covered loans. The ultimate collectability of this asset was dependent upon the performance of the underlying covered loans, the passage of time and claims paid by the FDIC. The loss estimates used in calculating the FDIC loss sharing asset were determined on the same basis as the loss estimates on the related covered loans and was the present value of the cash flows the Company expected to collect from the FDIC under the loss sharing agreement. The difference between the present value and the undiscounted cash flows the Company expected to collect from the FDIC was accreted (or amortized) into noninterest income over the life of the FDIC indemnification asset. The FDIC indemnification asset was adjusted for any changes in expected cash flows based on covered loan performance. Any increases in the cash flows of covered loans over those expected reduced the FDIC indemnification asset and any decreases in the cash flows of covered loans over those acquired decreased the FDIC indemnification asset, with the remaining balance amortized on the same basis as the discount, not to exceed its remaining contract life. These increases and decreases to the FDIC indemnification asset were recorded as adjustments to noninterest income. As the loss sharing agreement for commercial loans expired on October 16, 2014 and will expire for single-family residential loans on October 16, 2019, the expected reimbursement from the FDIC under the shared-loss agreements has decreased and a net payable to the FDIC was included in other liabilities December 31, 2017. Other Real Estate Owned Premises and Equipment Bank premises 15 – 39 years Leasehold improvements Shorter of estimated economic lives of 15 years or term of the lease. Computer equipment 3 – 5 years Furniture, fixtures and equipment 5 – 7 years Long-lived assets are reviewed periodically for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. The existence of impairment is based on undiscounted cash flows. To the extent impairment exists, the impairment is calculated as the difference in fair value of assets and their carrying value. The impairment loss, if any, would be recorded in noninterest expense. Long-lived assets classified as held-for-sale Assets-held-for “held-and-used” • Management, having the authority to approve the action, commits to a plan to sell the asset. • The asset is available for immediate sale, an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. • The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year. • The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. • Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Goodwill and Intangible Assets non-controlling Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on our balance sheets. Based on the Company’s annual impairment test, there was zero recorded impairment as of December 31, 2017. Other intangible assets consist of core deposit intangible assets arising from business combinations and are amortized using an accelerated method over their estimated useful lives. Use of Fair Value available-for-sale non-recurring non-recurring lower-of-cost-or-market Fair Value Information Bank Owned Life Insurance Income Taxes The tax effects from an uncertain tax position are recognized in the financial statements only if, based on its merits, the position is more likely than not to be sustained on audit by the taxing authorities. Interest and penalties related to uncertain tax positions are recorded as part of other operating expense. Earnings per Common Share two-class two-class non-forfeitable Earnings Per Share Reconciliation Stock-Based Compensation Stock Compensation non-employee The fair value of each stock option grant is estimated as of the grant date using the Black-Scholes option-pricing model. Management assumptions used at the time of grant impact the fair value of the option calculated under the Black-Scholes option-pricing model, and ultimately, the expense that will be recognized over the life of the option. The grant date fair value of restricted stock awards is measured at the fair value of the Company’s common stock as if the restricted share was vested and issued on the date of grant. Additional information is included in Note 18 — Stock Option Plans and Restricted Stock Awards Derivative Financial Instruments Statement of Cash Flows CitizensTrust Use of Estimates in the Preparation of Financial Statements Other Contingencies Commitments and Contingencies Adoption of New Accounting Standard No. 2016-09, tax-withholding 2016-09 paid-in In March 2017, the FASB issued ASU No. 2017-08, 310-20): 2017-08 No. 2017-08 Recent Accounting Pronouncements No. 2014-09, No. 2015-14, No. 2014-09 In January 2016, the FASB issued ASU No. 2016-01, (Subtopic 825-10): In February 2016, FASB issued ASU No. 2016-02, 2016-02 right-of-use In June 2016, the FASB issued ASU No. 2016-13, off-balance held-to-maturity available-for-sale No. 2016-13 In August 2016, the FASB issued ASU No. 2016-15, zero-coupon In January 2017, the FASB issued ASU No. 2017-04, 2017-04 In May 2017, the FASB issued ASU No. 2017-09, 2017-09 No. 2017-09 In August 2017, the FASB issued ASU No. 2017-12, 2017-12 non-financial No. 2017-12 In February 2018, the FASB issued ASU No. 2018-02, 2018-02 |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combinations | 4. BUSINESS COMBINATIONS Valley Commerce Bancorp Acquisition On March 10, 2017, the Company completed the acquisition of VCBP, the holding company for VBB, headquartered in the Central Valley area of California. The Company acquired all of the assets and assumed all of the liabilities of VCBP for $23.2 million in cash and $37.6 million in stock. As a result, VBB was merged with the Bank, the principal subsidiary of CVB. The Company believes this transaction serves to further strengthen its presence in the Central Valley area of California. At close, VBB had four branches located in Visalia, Tulare, Fresno, and Woodlake. The systems integration of VCBP and CBB was completed in May 2017. Three of these center locations were consolidated with nearby CBB locations in the third quarter of 2017 and the Company sold the Woodlake branch in the fourth quarter of 2017. Goodwill of $27.0 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 $405.9 million, which included $28.3 million in cash and cash equivalents net of cash paid, $2.0 million in FHLB stock, $309.7 million in loans and lease finance receivables, $5.3 million in fixed assets, $9.4 million in Bank-Owned Life Insurance (“BOLI”), $3.2 million in core deposit intangible assets acquired and $21.0 million in other assets. The total fair value of liabilities assumed was $368.3 million, which included $361.8 million in deposits, and $6.5 million in other liabilities. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of March 10, 2017. The assets acquired and liabilities assumed have been accounted for under the acquisition method accounting. The purchase price allocation was finalized in the third quarter of 2017. 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 year ended December 31, 2017, the Company incurred merger related expenses associated with the VCBP acquisition of $2.1 million. 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. Goodwill of $15.3 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 net of cash paid, $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 $289,000 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. The purchase price allocation was finalized in the fourth quarter of 2016. 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 year ended December 31, 2017 and 2016, the Company incurred merger related expenses associated with the CCB acquisition of $145,000 and $1.4 million, respectively. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2017 | |
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. December 31, 2017 Amortized Gross Gain Gross Loss Fair Value Total Percent (Dollars in thousands) Investment securities available-for-sale: Residential mortgage-backed securities $ 1,747,780 $ 11,231 $ (8,102) $ 1,750,909 84.14% CMO/REMIC - residential 274,634 1,277 (2,082) 273,829 13.16% Municipal bonds 54,966 774 (244) 55,496 2.66% Other securities 751 - - 751 0.04% Total available-for-sale $ 2,078,131 $ 13,282 $ (10,428) $ 2,080,985 100.00% Investment securities held-to-maturity: Government agency/GSE $ 159,716 $ 854 $ (2,134) $ 158,436 19.25% Residential mortgage-backed securities 176,427 667 (382) 176,712 21.26% CMO 225,072 - (8,641) 216,431 27.12% Municipal bonds 268,675 2,751 (3,790) 267,636 32.37% Total held-to-maturity $ 829,890 $ 4,272 $ (14,947) $ 819,215 100.00% December 31, 2016 Amortized Gross Gain Gross Loss Fair Value Total Percent (Dollars in thousands) Investment securities available-for-sale: Government agency/GSE $ 2,750 $ 2 $ - $ 2,752 0.12% Residential mortgage-backed securities 1,822,168 18,812 (6,232) 1,834,748 80.81% CMO/REMIC - residential 345,313 3,361 (1,485) 347,189 15.29% Municipal bonds 80,137 889 (955) 80,071 3.53% Other securities 5,506 200 - 5,706 0.25% Total available-for-sale $ 2,255,874 $ 23,264 $ (8,672) $ 2,270,466 100.00% Investment securities held-to-maturity: Government agency/GSE $ 182,648 $ 362 $ (1,972) $ 181,038 20.03% Residential mortgage-backed securities 193,699 - (1,892) 191,807 21.25% CMO 244,419 - (6,808) 237,611 26.81% Municipal bonds 290,910 776 (4,768) 286,918 31.91% Total held-to-maturity $ 911,676 $ 1,138 $ (15,440) $ 897,374 100.00% The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax. For the Year Ended December 31, 2017 2016 2015 (Dollars in thousands) Investment securities available-for-sale: Taxable $ 47,596 $ 43,538 $ 48,854 Tax-advantaged 2,182 4,164 14,336 Total interest income from available-for-sale 49,778 47,702 63,190 Investment securities held-to-maturity: Taxable 12,558 10,183 4,451 Tax-advantaged 8,457 10,044 4,567 Total interest income from held-to-maturity 21,015 20,227 9,018 Total interest income from investment securities $ 70,793 $ 67,929 $ 72,208 Approximately 89% of the total investment securities portfolio at December 31, 2017 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 The tables below show the Company’s investment securities’ gross unrealized losses and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2017 and 2016. 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 OTTI. December 31, 2017 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: Residential mortgage-backed securities $ 414,091 $ (1,828) $ 303,746 $ (6,274) $ 717,837 $ (8,102) CMO/REMIC - residential 95,137 (487) 71,223 (1,595) 166,360 (2,082) Municipal bonds 946 (4) 13,956 (240) 14,902 (244) Total available-for-sale $ 510,174 $ (2,319) $ 388,925 $ (8,109) $ 899,099 $ (10,428) Investment securities held-to-maturity: Government agency/GSE $ 18,950 $ (27) $ 43,495 $ (2,107) $ 62,445 $ (2,134) Residential mortgage-backed securities 51,297 (188) 55,306 (194) 106,603 (382) CMO - - 216,431 (8,641) 216,431 (8,641) Municipal bonds 32,069 (492) 66,217 (3,298) 98,286 (3,790) Total held-to-maturity $ 102,316 $ (707) $ 381,449 $ (14,240) $ 483,765 $ (14,947) December 31, 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: Residential mortgage-backed securities $ 583,143 $ (6,232) $ - $ - $ 583,143 $ (6,232) CMO/REMIC - residential 128,595 (1,485) - - 128,595 (1,485) Municipal bonds 23,255 (954) 5,981 (1) 29,236 (955) Total available-for-sale $ 734,993 $ (8,671) $ 5,981 $ (1) $ 740,974 $ (8,672) Investment securities held-to-maturity: Government agency/GSE $ 76,854 $ (1,972) $ - $ - $ 76,854 $ (1,972) Residential mortgage-backed securities 191,807 (1,892) - - 191,807 (1,892) CMO 237,611 (6,808) - - 237,611 (6,808) Municipal bonds 145,804 (3,711) 36,971 (1,057) 182,775 (4,768) Total held-to-maturity $ 652,076 $ (14,383) $ 36,971 $ (1,057) $ 689,047 $ (15,440) The following summarizes our analysis of these securities and the unrealized losses. This assessment was based on the following factors: i) the length of the time and the extent to which the fair value has been less than amortized cost; ii) adverse condition specifically related to the security, an industry, or a geographic area and whether or not the Company expects to recover the entire amortized cost, iii) historical and implied volatility of the fair value of the security; iv) the payment structure of the security and the likelihood of the issuer being able to make payments in the future; v) failure of the issuer of the security to make scheduled interest or principal payments, vi) any changes to the rating of the security by a rating agency, and vii) recoveries or additional declines in fair value subsequent to the balance sheet date. Government Agency & Government-Sponsored Enterprise (“GSE”) — The government agency bonds are backed by the full faith and credit of agencies of the U.S. Government. While the Government-Sponsored Enterprise bonds are not expressly guaranteed by the U.S. Government, they are currently being supported by the U.S. Government under a conservatorship arrangement. As of December 31, 2017, approximately $101.3 million in U.S. government agency bonds were callable. These securities are bullet securities, that is, they have a defined maturity date on which the principal is paid. The contractual term of these investments provides that the Company will receive the face value of the bond at maturity which will equal the amortized cost of the bond. Interest is received throughout the life of the security. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost of the bonds. Mortgage-Backed Securities (“MBS”) and CMO/REMIC — Most of the Company’s mortgage-backed and CMO/REMIC securities are issued by Government Agencies or Government-Sponsored Enterprises such as Ginnie Mae, Fannie Mae and Freddie Mac. These securities are collateralized or backed by the underlying residential or commercial mortgages. All mortgage-backed securities are considered to be rated investment grade with a weighted average life of approximately 4.0 years. Of the total MBS/CMO, 100.00% have the implied guarantee of U.S. Government-Sponsored Agencies and Enterprises. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost of the bonds. There were no credit-related OTTI recognized in earnings for the years ended December 31, 2017 and 2016. Municipal Bonds — The majority of the Company’s municipal bonds, with maturities of approximately 9.9 years, are insured by the largest U.S. bond insurance companies. The Company diversifies its holdings by owning selections of securities from different issuers and by holding securities from geographically diversified municipal issuers, thus reducing the Company’s exposure to any single adverse event. The decline in fair value is primarily due to the changes in interest rates. Since the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized costs, these investments are not considered OTTI at December 31, 2017. At December 31, 2017 and 2016, investment securities having a carrying value of approximately $1.91 billion and $2.19 billion, respectively, were pledged to secure public deposits, short and long-term borrowings, and for other purposes as required or permitted by law. The amortized cost and fair value of debt securities at December 31, 2017, 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 and CMO/REMIC securities are included in maturity categories based upon estimated average lives which incorporate estimated prepayment speeds. December 31, 2017 Available-for-sale Held-to-maturity Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 17,864 $ 18,089 $ 885 $ 882 Due after one year through five years 1,929,815 1,932,602 175,899 173,251 Due after five years through ten years 96,678 96,200 271,579 268,426 Due after ten years 33,774 34,094 381,527 376,656 Total investment securities $ 2,078,131 $ 2,080,985 $ 829,890 $ 819,215 The investment in FHLB stock is periodically evaluated for impairment based on, among other things, the capital adequacy of the FHLB and its overall financial condition. No impairment losses have been recorded through December 31, 2017. |
Acquired SJB Assets and FDIC Lo
Acquired SJB Assets and FDIC Loss Sharing Asset | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Acquired SJB Assets and FDIC Loss Sharing Asset | 6. ACQUIRED SJB ASSETS AND FDIC LOSS SHARING ASSET FDIC Assisted Acquisition On October 16, 2009, the Bank acquired SJB and entered into a loss sharing agreements with the FDIC that is more fully discussed in Note 3 — Summary of Significant Accounting Policies At December 31, 2017, the remaining discount associated with the PCI loans approximated $2.0 million. The loss sharing agreement for commercial loans expired October 16, 2014 and will expire for single family residential loans on October 16, 2019. 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 presented. December 31, 2017 2016 (Dollars in thousands) Commercial and industrial $ 934 $ 2,309 SBA 1,383 327 Real estate: Commercial real estate 27,431 67,594 Construction - - SFR mortgage 162 178 Dairy & livestock and agribusiness 770 1,216 Municipal lease finance receivables - - Consumer and other loans 228 1,469 Gross PCI loans 30,908 73,093 Less: Purchase accounting discount (2,026) (1,508) Gross PCI loans, net of discount 28,882 71,585 Less: Allowance for PCI loan losses (367) (1,219) Net PCI loans $ 28,515 $ 70,366 Credit Quality Indicators The following table summarizes gross PCI loans by internal risk ratings for the periods presented. December 31, 2017 2016 (Dollars in thousands) Pass $ 26,439 $ 59,409 Special mention 1,088 1,162 Substandard 3,381 12,522 Doubtful & loss - - Total gross PCI loans $ 30,908 $ 73,093 FDIC Loss Sharing Liability The following table summarizes the activity related to the FDIC loss sharing liability for the periods presented. For the Year Ended December 31, 2017 2016 (Dollars in thousands) Balance, beginning of period $ (502) $ (229) FDIC share of recoveries, net of charge-offs - (5) Cash paid to FDIC, net 519 514 Other (124) (782) Balance, end of period $ (107) $ (502) Through December 31, 2017, the Bank has submitted claims to the FDIC for net losses on PCI loans totaling $118.9 million. |
Loans and Lease Finance Receiva
Loans and Lease Finance Receivables and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Loans and Lease Finance Receivables and Allowance for Loan Losses | 7. LOANS AND LEASE FINANCE RECEIVABLES AND ALLOWANCE FOR LOAN LOSSES The following table provides a summary of total loans and lease finance receivables, excluding PCI loans, by type. December 31, 2017 2016 (Dollars in thousands) Commercial and industrial $ 513,325 $ 485,078 SBA 122,055 97,184 Real estate: Commercial real estate 3,376,713 2,930,141 Construction 77,982 85,879 SFR mortgage 236,202 250,605 Dairy & livestock and agribusiness 347,289 338,631 Municipal lease finance receivables 70,243 64,639 Consumer and other loans 64,229 78,274 Gross loans, excluding PCI loans 4,808,038 4,330,431 Less: Deferred loan fees, net (6,289) (6,952) Gross loans, excluding PCI loans, net of deferred loan fees 4,801,749 4,323,479 Less: Allowance for loan losses (59,218) (60,321) Net loans, excluding PCI loans 4,742,531 4,263,158 PCI Loans 30,908 73,093 Discount on PCI loans (2,026) (1,508) Less: Allowance for loan losses (367) (1,219) PCI loans, net 28,515 70,366 Total loans and lease finance receivables $ 4,771,046 $ 4,333,524 As of December 31, 2017, 76.77% of the total gross loan portfolio (excluding PCI loans) consisted of real estate loans, 70.23% 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 December 31, 2017, $206.1 million, or 6.10% of the total commercial real estate loans included loans secured by farmland, compared to $180.6 million, or 6.16%, at December 31, 2016. The loans secured by farmland included $118.2 million for loans secured by dairy & livestock land and $87.9 million for loans secured by agricultural land at December 31, 2017, compared to $127.1 million for loans secured by dairy & livestock land and $53.6 million for loans secured by agricultural land at December 31, 2016. As of December 31, 2017, dairy & livestock and agribusiness loans of $347.3 million were comprised of $310.6 million for dairy & livestock loans and $36.7 million for agribusiness loans, compared to $317.9 million for dairy & livestock loans and $20.7 million for agribusiness loans at December 31, 2016. At December 31, 2017, the Company held approximately $2.17 billion of total fixed rate loans, including PCI loans. At December 31, 2017 and 2016, loans totaling $3.68 billion and $3.11 billion, respectively, were pledged to secure the borrowings and available lines of credit from the FHLB and the Federal Reserve Bank. There were no outstanding loans held-for-sale 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 affected in the future. The following table summarizes loans by type, excluding PCI loans, according to our internal risk ratings for the periods presented. December 31, 2017 Pass Special Mention Substandard Doubtful & Total (Dollars in thousands) Commercial and industrial $ 483,641 $ 19,566 $ 10,118 $ - $ 513,325 SBA 112,835 5,358 3,862 - 122,055 Real estate: Commercial real estate Owner occupied 1,009,199 76,111 10,970 - 1,096,280 Non-owner 2,257,130 16,434 6,869 - 2,280,433 Construction Speculative 60,042 - - - 60,042 Non-speculative 17,940 - - - 17,940 SFR mortgage 229,032 3,124 4,046 - 236,202 Dairy & livestock and agribusiness 321,413 9,047 16,829 - 347,289 Municipal lease finance receivables 69,644 599 - - 70,243 Consumer and other loans 61,715 1,255 1,259 - 64,229 Total gross loans, excluding PCI loans $ 4,622,591 $ 131,494 $ 53,953 $ - $ 4,808,038 December 31, 2016 Pass Special Mention Substandard Doubtful & Total (Dollars in thousands) Commercial and industrial $ 449,658 $ 21,610 $ 13,809 $ 1 $ 485,078 SBA 80,138 10,553 6,482 11 97,184 Real estate: Commercial real estate Owner occupied 842,992 87,781 19,046 - 949,819 Non-owner 1,941,203 23,534 15,585 - 1,980,322 Construction Speculative 48,841 - - - 48,841 Non-speculative 37,038 - - - 37,038 SFR mortgage 243,374 4,930 2,301 - 250,605 Dairy & livestock and agribusiness 187,819 114,106 36,706 - 338,631 Municipal lease finance receivables 60,102 4,537 - - 64,639 Consumer and other loans 74,328 2,123 1,819 4 78,274 Total gross loans, excluding PCI loans $ 3,965,493 $ 269,174 $ 95,748 $ 16 $ 4,330,431 Allowance for Loan Losses The Bank’s Audit and Director Loan Committee provide Board oversight of the ALLL process and approves the ALLL methodology on a quarterly basis. Our methodology for assessing the appropriateness of the allowance is conducted on a regular basis and considers the Bank’s overall loan portfolio. Refer to Note 3 — Summary of Significant Accounting Policies Management believes that the ALLL was appropriate at December 31, 2017 and 2016. 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 For the Year Ended December 31, 2017 Ending Balance Charge-offs Recoveries (Recapture of) Ending Balance (Dollars in thousands) Commercial and industrial $ 8,154 $ (138) $ 118 $ (854) $ 7,280 SBA 871 - 78 (80) 869 Real estate: Commercial real estate 37,443 - 154 4,125 41,722 Construction 1,096 - 6,036 (6,148) 984 SFR mortgage 2,287 - 212 (387) 2,112 Dairy & livestock and agribusiness 8,541 - 19 (3,913) 4,647 Municipal lease finance receivables 941 - - (90) 851 Consumer and other loans 988 (13) 79 (301) 753 PCI loans 1,219 - - (852) 367 Total allowance for loan losses $ 61,540 $ (151) $ 6,696 $ (8,500) $ 59,585 For the Year Ended December 31, 2016 Ending Balance Charge-offs Recoveries (Recapture of) Ending Balance (Dollars in thousands) Commercial and industrial $ 8,588 $ (120) $ 630 $ (944) $ 8,154 SBA 993 - 40 (162) 871 Real estate: Commercial real estate 36,995 - 792 (344) 37,443 Construction 2,389 - 7,174 (8,467) 1,096 SFR mortgage 2,103 (102) - 286 2,287 Dairy & livestock and agribusiness 6,029 - 216 2,296 8,541 Municipal lease finance receivables 1,153 - - (212) 941 Consumer and other loans 906 (16) 170 (72) 988 PCI loans - - - 1,219 1,219 Total allowance for loan losses $ 59,156 $ (238) $ 9,022 $ (6,400) $ 61,540 For the Year Ended December 31, 2015 Ending Balance Charge-offs Recoveries (Recapture of) Ending Balance (Dollars in thousands) Commercial and industrial $ 7,074 $ (411) $ 319 $ 1,606 $ 8,588 SBA 2,557 (37) 41 (1,568) 993 Real estate: Commercial real estate 33,373 (117) 4,330 (591) 36,995 Construction 988 - 581 820 2,389 SFR mortgage 2,344 (215) 186 (212) 2,103 Dairy & livestock and agribusiness 5,479 - 407 143 6,029 Municipal lease finance receivables 1,412 - - (259) 1,153 Consumer and other loans 1,262 (229) 76 (203) 906 Unallocated (1) 5,336 - - (5,336) - Total allowance for loan losses $ 59,825 $ (1,009) $ 5,940 $ (5,600) $ 59,156 (1) Based upon changes to our ALLL methodology, as described earlier in this document, beginning with the fourth quarter of 2015 and coinciding with the implementation of the new ALLL methodology, the Bank’s previous “unallocated reserve” was absorbed into the qualitative component of the allowance. The following tables present the recorded investment in loans held-for-investment December 31, 2017 Recorded Investment in Loans Allowance for Loan Losses Individually Collectively Acquired with Individually Collectively Acquired with (Dollars in thousands) Commercial and industrial $ 440 $ 512,885 $ - $ - $ 7,280 $ - SBA 1,531 120,524 - 1 868 - Real estate: Commercial real estate 8,133 3,368,580 - - 41,722 - Construction - 77,982 - - 984 - SFR mortgage 4,040 232,162 - - 2,112 - Dairy & livestock and agribusiness 829 346,460 - - 4,647 - Municipal lease finance receivables - 70,243 - - 851 - Consumer and other loans 552 63,677 - 74 679 - PCI loans - - 28,882 - - 367 Total $ 15,525 $ 4,792,513 $ 28,882 $ 75 $ 59,143 $ 367 December 31, 2016 Recorded Investment in Loans Allowance for Loan Losses Individually Collectively Acquired with Individually Collectively Acquired (Dollars in thousands) Commercial and industrial $ 901 $ 484,177 $ - $ 114 $ 8,040 $ - SBA 3,582 93,602 - 27 844 - Real estate: Commercial real estate 15,128 2,915,013 - - 37,443 - Construction - 85,879 - - 1,096 - SFR mortgage 5,174 245,431 - - 2,287 - Dairy & livestock and agribusiness 747 337,884 - - 8,541 - Municipal lease finance receivables - 64,639 - - 941 - Consumer and other loans 853 77,421 - - 988 - PCI loans - - 71,585 - - 1,219 Total $ 26,385 $ 4,304,046 $ 71,585 $ 141 $ 60,180 $ 1,219 Past Due and Nonperforming Loans We seek to manage asset quality and control credit risk through diversification of the loan portfolio and the application of policies designed to promote sound underwriting and loan monitoring practices. The Bank’s Credit Management Division is in charge of monitoring asset quality, establishing credit policies and procedures and enforcing the consistent application of these policies and procedures across the Bank. Reviews of nonperforming, past due loans and larger credits, designed to identify potential charges to the allowance for loan losses, and to determine the adequacy of the allowance, are conducted on an ongoing basis. These reviews consider such factors as the financial strength of borrowers and any guarantors, the value of the applicable collateral, loan loss experience, estimated loan losses, growth in the loan portfolio, prevailing economic conditions and other factors. Refer to Note 3 — Summary of Significant Accounting Policies A loan is reported as a TDR when the Bank grants a concession(s) to a borrower experiencing financial difficulties that the Bank would not otherwise consider. Examples of such concessions include a reduction in the interest rate, deferral of principal or accrued interest, extending the payment due dates or loan maturity date(s), or providing a lower interest rate than would be normally available for new debt of similar risk. As a result of these concessions, restructured loans are classified as impaired. Impairment reserves on non-collateral Generally, when loans are identified as impaired they are moved to our Special Assets Department. When we identify a loan as impaired, we measure the loan for potential impairment using discounted cash flows, unless the loan is determined to be collateral dependent. In these cases, we use the current fair value of collateral, less selling costs. Generally, the determination of fair value is established through obtaining external appraisals of the collateral. The following tables present the recorded investment in, and the aging of, past due and nonaccrual loans, excluding PCI loans, by type of loans for the periods presented. December 31, 2017 30-59 60-89 Total Past Due and Nonaccrual (1) Current Total Loans (Dollars in thousands) Commercial and industrial $ 768 $ - $ 768 $ 250 $ 512,307 $ 513,325 SBA 403 - 403 906 120,746 122,055 Real estate: Commercial real estate Owner occupied - - - 4,365 1,091,915 1,096,280 Non-owner - - - 2,477 2,277,956 2,280,433 Construction Speculative (2) - - - - 60,042 60,042 Non-speculative - - - - 17,940 17,940 SFR mortgage - - - 1,337 234,865 236,202 Dairy & livestock and agribusiness - - - 829 346,460 347,289 Municipal lease finance receivables - - - - 70,243 70,243 Consumer and other loans 1 - 1 552 63,676 64,229 Total gross loans, excluding PCI loans $ 1,172 $ - $ 1,172 $ 10,716 $ 4,796,150 $ 4,808,038 (1) As of December 31, 2017, $3.6 million of nonaccruing loans were current, $376,000 were 60-89 (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. December 31, 2016 30-59 60-89 Total Past Due Nonaccrual (1) Current Total Loans (Dollars in thousands) Commercial and industrial $ - $ - $ - $ 156 $ 484,922 $ 485,078 SBA 352 - 352 2,737 94,095 97,184 Real estate: Commercial real estate Owner occupied - - - 635 949,184 949,819 Non-owner - - - 1,048 1,979,274 1,980,322 Construction Speculative (2) - - - - 48,841 48,841 Non-speculative - - - - 37,038 37,038 SFR mortgage - - - 2,207 248,398 250,605 Dairy & livestock and agribusiness - - - - 338,631 338,631 Municipal lease finance receivables - - - - 64,639 64,639 Consumer and other loans 84 - 84 369 77,821 78,274 Total gross loans, excluding PCI loans $ 436 $ - $ 436 $ 7,152 $ 4,322,843 $ 4,330,431 (1) As of December 31, 2016, $4.7 million of nonaccruing loans were current, $514,000 were 30-59 60-89 (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. Impaired Loans At December 31, 2017, the Company had impaired loans, excluding PCI loans, of $15.5 million and included $3.7 million of loans acquired from VBB in the first quarter of 2017. Impaired loans included $6.8 million of nonaccrual commercial real estate loans, $1.3 million of nonaccrual SFR mortgage loans, $906,000 million of nonaccrual SBA loans, $829,000 of nonaccrual dairy & livestock and agribusiness loans, $552,000 of nonaccrual consumer and other loans, and $250,000 of nonaccrual commercial and industrial loans. These impaired loans included $9.0 million of loans whose terms were modified in a troubled debt restructuring, of which $4.2 million are classified as nonaccrual. The remaining balance of $4.8 million consisted of 16 loans performing according to the restructured terms. The impaired loans had a specific allowance of $75,000 at December 31, 2017. At December 31, 2016, the Company had classified as impaired, loans, excluding PCI loans, with a balance of $26.4 million with a related allowance of $141,000. The following tables present information for held-for-investment As of and For the Year Ended December 31, 2017 Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 440 $ 980 $ - $ 548 $ 10 SBA 1,530 1,699 - 1,598 47 Real estate: Commercial real estate Owner occupied 4,365 4,763 - 4,414 36 Non-owner 3,768 5,107 - 3,951 94 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 4,040 4,692 - 4,119 118 Dairy & livestock and agribusiness 829 1,091 - 988 1 Municipal lease finance receivables - - - - - Consumer and other loans 174 370 - 202 - Total 15,146 18,702 - 15,820 306 With a related allowance recorded: Commercial and industrial - - - - - SBA 1 18 1 6 - Real estate: Commercial real estate Owner occupied - - - - - Non-owner - - - - - Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 378 391 74 385 - Total 379 409 75 391 - Total impaired loans $ 15,525 $ 19,111 $ 75 $ 16,211 $ 306 As of and For the Year Ended December 31, 2016 Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 730 $ 1,646 $ - $ 832 $ 26 SBA 3,386 4,189 - 3,709 50 Real estate: Commercial real estate Owner occupied 1,797 2,276 - 1,410 70 Non-owner 13,331 15,842 - 13,517 592 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 5,174 6,075 - 5,327 135 Dairy & livestock and agribusiness 747 747 - 692 47 Municipal lease finance receivables - - - - - Consumer and other loans 853 1,423 - 919 18 Total 26,018 32,198 - 26,406 938 With a related allowance recorded: Commercial and industrial 171 171 114 233 9 SBA 196 212 27 206 14 Real estate: Commercial real estate Owner occupied - - - - - Non-owner - - - - - Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans - - - - - Total 367 383 141 439 23 Total impaired loans $ 26,385 $ 32,581 $ 141 $ 26,845 $ 961 As of and For the Year Ended December 31, 2015 Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 1,017 $ 1,894 $ - $ 1,122 $ 38 SBA 3,207 3,877 - 3,333 51 Real estate: Commercial real estate Owner occupied 6,252 7,445 - 6,718 97 Non-owner 34,041 37,177 - 34,639 1,787 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 5,665 6,453 - 5,771 109 Dairy & livestock and agribusiness 3,685 3,684 - 3,687 177 Municipal lease finance receivables - - - - - Consumer and other loans 890 1,454 - 922 17 Total 54,757 61,984 - 56,192 2,276 With a related allowance recorded: Commercial and industrial 626 695 626 637 - SBA 41 47 10 45 - Real estate: Commercial real estate Owner occupied - - - - - Non-owner - - - - - Construction Speculative 7,651 7,651 13 7,651 388 Non-speculative - - - - - SFR mortgage 588 640 20 607 12 Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 43 45 - 45 - Total 8,949 9,078 669 8,985 400 Total impaired loans $ 63,706 $ 71,062 $ 669 $ 65,177 $ 2,676 The Company recognizes the charge-off charge-off non-collateral Reserve for Unfunded Loan Commitments The allowance for off-balance off-balance Troubled Debt Restructurings Loans that are reported as TDRs are considered impaired and charge-off Summary of Significant Accounting Policies, Troubled Debt Restructurings As of December 31, 2017, there were $9.0 million of loans classified as a TDR, of which $4.2 million were nonperforming and $4.8 million were performing. TDRs on accrual status are comprised of loans that were accruing interest at the time of restructuring or have demonstrated repayment performance in compliance with the restructured terms for a sustained period and for which the Company anticipates full repayment of both principal and interest. At December 31, 2017, performing TDRs were comprised of 10 SFR mortgage loans of $2.7 million, two commercial real estate loans of $1.3 million, one SBA loan of $625,000, and three commercial and industrial loans of $190,000. 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 $1,000 and $141,000 of specific allowance to TDRs as of December 31, 2017 and December 31, 2016, respectively. The following table provides a summary of the activity related to TDRs for the periods presented. For the Year Ended December 31, 2017 2016 (Dollars in thousands) Performing TDRs: Beginning balance $ 19,233 $ 42,687 New modifications 3,143 1,996 Payoffs/payments, net and other (14,752) (34,001) TDRs returned to accrual status 329 8,551 TDRs placed on nonaccrual status (3,144) - Ending balance $ 4,809 $ 19,233 Nonperforming TDRs: Beginning balance $ 1,626 $ 12,622 New modifications 2,066 102 Charge-offs - (38) Payoffs/payments, net and other (2,307) (2,509) TDRs returned to accrual status (329) (8,551) TDRs placed on nonaccrual status 3,144 - Ending balance $ 4,200 $ 1,626 Total TDRs $ 9,009 $ 20,859 The following tables summarize loans modified as troubled debt restructurings for the periods presented. Modifications (1) For the Year Ended December 31, 2017 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 1 3,143 3,143 3,143 - Non-owner Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Dairy & livestock and agribusiness: Interest rate reduction - - - - - Change in amortization period or maturity 1 1,984 1,984 78 - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Total loans 2 $ 5,127 $ 5,127 $ 3,221 $ - For the Year Ended December 31, 2016 Number of Pre-Modification Post-Modification Outstanding Financial Effect (Dollars in thousands) Commercial and industrial: Interest rate reduction 1 $ 112 $ 112 $ 103 $ - Change in amortization period or maturity - - - - - SBA: Interest rate reduction - - - - - Change in amortization period or maturity 2 214 214 196 28 Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner Interest rate reduction 1 759 759 756 - Change in amortization period or maturity - - - - - Dairy & livestock and agribusiness: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity 3 201 201 185 - Total loans 7 $ 1,286 $ 1,286 $ 1,240 $ 28 For the Year Ended December 31, 2015 Number of Pre-Modification Post-Modification Outstanding Financial Effect (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity 1 203 203 203 203 SBA: Interest rate reduction - - - - - Change in amortization period or maturity 1 330 330 320 - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity 2 823 823 821 - Non-owner Interest rate reduction 1 2,376 2,376 2,316 - Change in amortization period or maturity 1 280 280 280 - Dairy & livestock and agribusiness: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - SFR mortgage: Interest rate reduction 1 322 322 326 - Change in amortization period or maturity - - - - - Total loans 7 $ 4,334 $ 4,334 $ 4,266 $ 203 (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 December 31, 2017, there was one commercial real estate loan with an outstanding balance of $3.1 million that was modified as a TDR within the previous 12 months that subsequently defaulted. As of December 31, 2016 and 2015, there were no loans that were previously modified as a troubled debt restructuring within the previous 12 months that subsequently defaulted during each of the years ended December 31, 2016 and 2015, respectively. |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Other Real Estate Owned | 8. OTHER REAL ESTATE OWNED The following table summarizes the activity related to total OREO for the periods presented. For the Year Ended December 31, 2017 2016 (Dollars in thousands) Balance, beginning of period $ 4,527 $ 6,993 Additions - - Dispositions - (2,129) Valuation adjustments - (337) Balance, end of period $ 4,527 $ 4,527 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 9. GOODWILL AND OTHER INTANGIBLE ASSETS The following table presents the changes in the carrying amount of goodwill for the periods presented. As of and for the Year Ended December 31, 2017 2016 (Dollars in thousands) Balance, beginning of period $ 89,533 $ 74,244 Additions due to acquisitions 27,031 15,289 Balance, end of period $ 116,564 $ 89,533 The following summarizes activity of amortizable core deposit intangible (“CDI”) assets for the periods presented. As of and For the Year Ended December 31, 2017 2016 Gross CDI Accumulated Net CDI Gross CDI Accumulated Net CDI Amount Amortization Amount Amount Amortization Amount (Dollars in thousands) Balance of intangible assets, beginning of period $ 37,940 $ (32,930) $ 5,010 $ 34,089 $ (31,824) $ 2,265 Additions due to acquisitions 3,157 3,851 Balance of intangible assets, end of period $ 41,097 $ (34,259) $ 6,838 $ 37,940 $ (32,930) $ 5,010 Aggregate amortization expense: For year ended December 31, $ 1,329 $ 1,106 Estimated Amortization Expense: For the year ending December 31, 2018 1,304 For the year ending December 31, 2019 1,067 For the year ending December 31, 2020 718 For the year ending December 31, 2021 703 Thereafter 3,046 At December 31, 2017 the weighted average remaining life of intangible assets is approximately 3.80 years. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | 10. PREMISES AND EQUIPMENT Premises and equipment were comprised of the following for the periods presented. As of December 31, 2017 2016 (Dollars in thousands) Land $ 14,489 $ 13,119 Bank premises 65,215 62,154 Furniture and equipment 25,610 28,759 Premises and equipment, gross 105,314 104,032 Accumulated depreciation and amortization (59,148) (61,946) Premises and equipment, net $ 46,166 $ 42,086 In 2016, a decision was made to relocate our operations and technology center to a new location to allow for future growth. A new location was identified and acquired in 2016 with a plan of relocation in the second quarter of 2017. In conjunction with the purchase of this new building, management pursued a plan to sell the existing building. In accordance with GAAP, this building was transferred from our long-lived asset portfolio to held-for-sale held-for-sale Leases The Company leases land and buildings under operating leases for varying periods extending to 2026, at which time the Company can exercise options that could extend certain leases through 2036. The future minimum annual rental payments required for leases that have initial or remaining noncancelable lease terms in excess of one year as of December 31, 2017, excluding property taxes and insurance, are as follows: As of December 31, 2017 Year: (Dollars in thousands) 2018 $ 4,958 2019 3,307 2020 1,758 2021 1,204 2022 971 Thereafter 299 Total $ 12,497 Total rental expense for the Company was approximately $5.9 million, $5.6 million and $5.5 million for the years ended December 31, 2017, 2016 and 2015, respectively. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | 11. OTHER ASSETS Other assets were comprised of the following for the periods presented. As of December 31, 2017 2016 (Dollars in thousands) Prepaid expenses $ 4,538 $ 4,338 Interest rate swaps 3,211 5,783 Other investments 6,778 7,221 Other assets 10,790 6,490 Total $ 25,317 $ 23,832 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. INCOME TAXES New tax legislation, referred to as the Tax Reform Act, was enacted on December 22, 2017. ASC 740, Accounting for Income Taxes, requires companies to recognize the effect of tax law changes in the period of enactment. Beginning in 2018, the Tax Reform Act reduces the federal tax rate for corporations from 35% to 21% and changes or limits certain tax deductions. During the fourth quarter of 2017, a $13.2 million one-time re-measurement The current and deferred amounts of income tax expense (benefit) consist of the following. For the Year Ended December 31, 2017 2016 2015 (Dollars in thousands) Current provision: Federal $ 44,153 $ 41,195 $ 40,021 State 17,151 17,944 17,040 61,304 59,139 57,061 Deferred provision/(benefit): Federal 20,926 1,208 (3,443) State 2,154 510 (1,397) 23,080 1,718 (4,840) Total $ 84,384 $ 60,857 $ 52,221 Income tax asset consists of the following. As of December 31, 2017 2016 (Dollars in thousands) Current: Federal $ 11,713 $ 4,399 State 2,946 538 14,659 4,937 Deferred: Federal 16,557 31,566 State 8,830 8,926 25,387 40,492 Total $ 40,046 $ 45,429 Temporary differences between the amounts reported in the financial statements and the tax bases of assets and liabilities resulted in deferred taxes. The components of the net deferred tax asset are as follows. As of December 31, 2017 2016 (Dollars in thousands) Deferred tax assets: Bad debt and credit loss deduction $ 19,911 $ 31,284 Net operating loss carryforward 207 453 Deferred compensation 5,501 5,296 PCI loans 3,098 12,147 California franchise tax 1,618 3,269 Accrued expense 1,365 5,299 Other, net 3,353 2,110 Gross deferred tax asset 35,053 59,858 Deferred tax liabilities: Depreciation 975 2,168 Intangibles - acquisitions 3,404 3,543 FHLB Stock 2,400 3,421 Deferred income 2,112 4,099 Unrealized gain on investment securities, net 775 6,135 Gross deferred tax liability 9,666 19,366 Net deferred tax asset $ 25,387 $ 40,492 Annual Effective Tax Rate The annual consolidated effective tax rate for the periods presented, is reconciled to the U.S. statutory income rate as follows. For the Year Ended December 31, 2017 2016 2015 Amount Percent Amount Percent Amount Percent (Dollars in thousands) Federal income tax at statutory rate $ 66,078 35.0% $ 56,800 35.0% $ 52,978 35.0% State franchise taxes, net of federal benefit 12,903 6.9% 11,299 7.0% 10,457 6.9% Tax-exempt (4,450) (2.4%) (5,848) (3.6%) (7,619) (5.0%) Tax credits (1,096) (0.6%) (846) (0.5%) (1,014) (0.7%) Deferred tax asset revalution adjustment 13,208 7.0% - 0.0% - 0.0% Other, net (2,259) (1.2%) (548) (0.4%) (2,581) (1.7%) Provision for income taxes $ 84,384 44.7% $ 60,857 37.5% $ 52,221 34.5% The change in unrecognized tax benefits in 2017 and 2016 follows. For the Year Ended December 31, 2017 2016 (Dollars in thousands) Balance, beginning of period $ 1,675 $ 1,675 Additions for tax positions related to prior years - - Reductions due to lapse of statue of limitations (716) - Settlement with tax authorities (959) - Balance, end of period $ - $ 1,675 There were no unrecognized tax benefits at December 31, 2017. The Company records interest and penalties related to uncertain tax positions as part of other operating expense. We do not expect the total amount of unrecognized tax benefits to significantly increase or decrease within the next twelve months. The Company is subject to federal income tax and franchise tax of the state of California. Our federal income tax returns for the years ended December 31, 2014 through 2016 are open to audit by the federal authorities and our California state tax returns for the years ended December 31, 2012 through 2016 are open to audit by state authorities. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Deposits | 13. DEPOSITS The composition of deposits is summarized for the periods presented in the table below. As of December 31, 2017 2016 Amount Percent Amount Percent (Dollars in thousands) Noninterest-bearing deposits $ 3,846,436 58.75% $ 3,673,541 58.22% Interest-bearing deposits: Investment checking 433,971 6.63% 407,058 6.45% Money market 1,517,050 23.17% 1,504,021 23.84% Savings 364,049 5.56% 342,236 5.42% Time deposits 385,347 5.89% 382,824 6.07% Total deposits $ 6,546,853 100.00% $ 6,309,680 100.00% Time deposits with balances of $250,000 or more amounted to approximately $108.5 million and $104.7 million at December 31, 2017 and 2016, respectively. Interest expense on such deposits amounted to approximately $545,000, $444,000 and $787,000, for the years ended December 31, 2017, 2016 and 2015, respectively. At December 31, 2017, the scheduled maturities of time certificates of deposit are as follows. December 31, 2017 Year of maturity: (Dollars in thousands) 2018 $ 354,055 2019 14,173 2020 7,196 2021 1,562 2022 and thereafter 8,361 Total $ 385,347 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Borrowings | 14. BORROWINGS Customer Repurchase Agreements In November 2006, the Bank began a repurchase agreement product with its customers. This product, known as Citizens Sweep Manager, sells the Bank’s securities overnight to its customers under an agreement to repurchase them the next day. As of December 31, 2017, total funds borrowed under these agreements were $553.8 million with a weighted average interest rate of 0.30%, compared to $603.0 million with a weighted average rate of 0.26%. Federal Home Loan Bank Advances On February 23, 2015 we repaid our last outstanding FHLB advance which carried a fixed interest rate of 4.52%. At December 31, 2017, $3.68 billion of loans and $1.91 billion of investment securities, at carrying value, were pledged to secure public deposits, short and long-term borrowings, and for other purposes as required or permitted by law. There were no prepayment penalties on borrowings in 2017, compared to $16,000 for 2016 and $13.9 million for 2015. Other Borrowings At December 31, 2017, the Bank had no short-term borrowings, compared to $53.0 million in short-term borrowings with the FHLB at a cost of 55 basis points at December 31, 2016. Junior Subordinated Debentures On January 31, 2006, CVB Statutory Trust III completed a $25,000,000 offering of Trust Preferred Securities and used the gross proceeds from the offering and other cash totaling $25,774,000 to purchase a like amount of junior subordinated debentures of the Company. The junior subordinated debentures were issued concurrent with the issuance of the Trust Preferred Securities. The interest on junior subordinated debentures, paid by the Company to CVB Statutory Trust III, represents the sole revenues of CVB Statutory Trust III and the sole source of dividend distributions to the holders of the Trust Preferred Securities. The Company has fully and conditionally guaranteed all of CVB Statutory Trust III’s obligations under the Trust Preferred Securities. The Company has the right, assuming no default has occurred, to defer payments of interest on the junior subordinated debenture at any time for a period not to exceed 20 consecutive quarters. The Trust Preferred Securities will mature on March 15, 2036, but became callable in part or in total on March 15, 2011 by CVB Statutory Trust III. The Trust Preferred Securities have a variable per annum rate equal to LIBOR (as defined in the indenture dated as of January 31, 2006 (“Indenture”) between the Company and U.S. Bank National Association, as debenture trustee) plus 1.38% (the “Variable Rate”). As of December 31, 2017, these securities continue to be outstanding. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. COMMITMENTS AND CONTINGENCIES Commitments At December 31, 2017 and 2016, the Bank had commitments to extend credit of approximately $924.5 million and $844.3 million, respectively, and obligations under letters of credit of $37.6 million and $36.5 million, respectively. Commitments to extend credit are agreements to lend to customers, provided there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Commitments are generally variable rate, and many of these commitments are expected to expire without being drawn upon. As such, the total commitment amounts do not necessarily represent future cash requirements. The Bank uses the same credit underwriting policies in granting or accepting such commitments or contingent obligations as it does for on-balance-sheet Standby letters of credit are conditional commitments issued by the Bank to guarantee the financial performance of a customer to a third party. Those guarantees are primarily issued to support private borrowing or purchase arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. When deemed necessary, the Bank holds appropriate collateral supporting those commitments. Management does not anticipate any material losses as a result of these transactions. At December 31, 2017, the Bank has available lines of credit totaling $3.35 billion from correspondent banks, FHLB and Federal Reserve Bank of which $3.02 billion were secured. Other Contingencies The Company and its subsidiaries are parties to various lawsuits and threatened lawsuits in the ordinary and non-ordinary The Company has been involved in several related actions entitled Glenda Morgan v. Citizens Business Bank, et al. Jessica Osuna v. Citizens Business Bank, et al. “non-exempt” On November 28, 2016, the parties reached an agreement in principle to settle all of the related wage and hour class action lawsuits (“Wage-Hour Settlement”). Plaintiffs will dismiss all their lawsuits with prejudice in exchange for the payment of $1.5 million to the putative class members, including attorneys’ fees and costs, but not including credit for monies previously paid to certain employees in exchange for releases and arbitration agreements. The Wage-Hour Settlement received preliminary Court approval at a hearing on September 28, 2017, and the hearing for final Court approval is presently scheduled to take place on March 6, 2018. In the interim, a settlement administrator is handling certain administrative matters related to the settlement, including notification to eligible class members, the filing of claims and any objections, and the reconciliation of amounts to be paid to individual claimants. We anticipate that the Wage-Hour Settlement will be finally concluded sometime in the second or third quarter of 2018. As of December 31, 2017, the Company maintained a litigation accrual of $1.5 million for the Wage-Hour Settlement, and at this time no further accrual is expected to be necessary. For lawsuits where the Company has determined that a loss is both probable and reasonably estimable, a liability representing the best estimate of the Company’s financial exposure based on known facts has been recorded in accordance with FASB guidance over loss contingencies (ASC 450). However, as a result of ambiguities and inconsistencies in the myriad laws applicable to the Company’s business, and the unique, complex factual issues presented in any given lawsuit, the Company often cannot determine the probability of loss or estimate the amount of damages which a plaintiff might successfully prove if the Company were found to be liable. For lawsuits or threatened lawsuits where a claim has been asserted or the Company has determined that it is probable that a claim will be asserted, and there is a reasonable possibility that the outcome will be unfavorable, the Company will disclose the existence of the loss contingency, even if the Company is not able to make an estimate of the possible loss or range of possible loss with respect to the action or potential action in question, unless the Company believes that the nature, potential magnitude or potential timing (if known) of the loss contingency is not reasonably likely to be material to the Company’s liquidity, consolidated financial position, and/or results of operations. Our accruals and disclosures for loss contingencies are reviewed quarterly and adjusted as additional information becomes available. We disclose the loss contingency and/or the amount accrued if we believe it is reasonably likely to be material or if we believe such disclosure is necessary for our financial statements to not be misleading. If we determine that an exposure to loss exists in excess of an amount previously accrued or disclosed, we assess whether there is at least a reasonable possibility that a loss, or additional loss, may have been incurred, and we adjust our accruals and disclosures accordingly. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | 16. EMPLOYEE BENEFIT PLANS Deferred Compensation Plans As of December 31, 2017, the Company has various deferred compensation plans, and severance arrangements it assumed through the acquisition of other banks in prior years. These plans require the Company to make periodic payments to former employees upon retirement, upon a change in control, and in certain instances, to beneficiaries of former employees upon death. Payments made by the Company under these agreements totaled approximately $1.6 million, $610,000 and $751,000 for each of the years ended December 31, 2017, 2016 and 2015, respectively. The total expense recorded by the Company for these deferred compensation agreements was approximately $1.2 million, $684,000 and $600,000 for each of the years ended December 31, 2017, 2016 and 2015, respectively. On December 22, 2006, the Company approved a deferred compensation plan for its President and Chief Executive Officer, Christopher D. Myers. Under the plan, which became effective on January 1, 2007, Mr. Myers may defer up to 75% of his base salary and up to 100% of his bonus for each calendar year in which the Plan is effective. The Company has the discretion to make additional contributions to the Plan for the benefit of Mr. Myers. No discretionary payments were made by the Company during the years ended December 31, 2017, 2016 and 2015. On March 31, 2007, the Company approved the Executive Non-qualified 401(k) and Profit Sharing Plan The Bank sponsors a 401(k) and profit-sharing plan for the benefit of its employees. Employees are eligible to participate in the plan immediately upon hire. Employees may make contributions to the plan under the plan’s 401(k) component. The Bank contributes 3%, non-matching, |
Earnings Per Share Reconciliati
Earnings Per Share Reconciliation | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Reconciliation | 17. EARNINGS PER SHARE RECONCILIATION Basic earnings per common share are computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding during each period. The computation of diluted earnings per common share considers the number of shares issuable upon the assumed exercise of outstanding common stock options. Antidilutive common shares are not included in the calculation of diluted earnings per common share. For the years ended December 31, 2017, 2016 and 2015, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share were 9,000, 291,000 and 238,000, 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 Year Ended December 31, 2017 2016 2015 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 104,411 $ 101,429 $ 99,145 Less: Net earnings allocated to restricted stock 382 421 515 Net earnings allocated to common shareholders $ 104,029 $ 101,008 $ 98,630 Weighted average shares outstanding 109,409 107,282 105,715 Basic earnings per common share $ 0.95 $ 0.94 $ 0.93 Diluted earnings per common share: Net income allocated to common shareholders $ 104,029 $ 101,008 $ 98,630 Weighted average shares outstanding 109,409 107,282 105,715 Incremental shares from assumed exercise of 398 405 477 Diluted weighted average shares outstanding 109,807 107,687 106,192 Diluted earnings per common share $ 0.95 $ 0.94 $ 0.93 |
Stock Option Plans and Restrict
Stock Option Plans and Restricted Stock Awards | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Plans and Restricted Stock Awards | 18. STOCK OPTION PLANS AND RESTRICTED STOCK AWARDS In May 2008, the shareholders approved the 2008 Equity Incentive Plan which authorizes the issuance of up to 3,949,891 shares of Company common stock for grants of stock options and restricted stock to employees, officers, consultants and directors of the Company and its subsidiaries, and expires in 2018. The plan authorizes the issuance of incentive and non-qualified Stock Options The Company expensed $399,000, $485,000, and $549,000, for the years ended December 31, 2017, 2016 and 2015, respectively. The estimated fair value of the options granted during 2017 and prior years was calculated using the Black-Scholes options pricing model. There were 11,500, 121,500 and 83,000 options granted during 2017, 2016 and 2015, respectively. The options will vest, in equal installments, over a five-year period. The fair value of each stock option granted in 2017, 2016 and 2015, was estimated on the date of grant using the following weighted-average assumptions. For the Year Ended December 31, 2017 2016 2015 Dividend yield 2.2% 2.9% 2.5% Volatility 29.6% 33.1% 47.7% Risk-free interest rate 1.8% 1.2% 1.5% Expected life 5.6 years 5.6 years 6.1 years Weighted average grant date fair value $5.17 $3.96 $5.83 The expected volatility is solely based on the daily historical stock price volatility over the expected option life. The expected life of options granted is derived from the output of the option valuation model and represents the period of time an optionee will hold an option before exercising it. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury five-year constant maturity yield curve in effect at the time of the grant. In connection with the adoption of ASU 2016-09, The following table presents option activity under the Company’s stock option plans as of and for the year ended December 31, 2017. Number of Weighted Weighted Aggregate (In thousands) (In years) (In thousands) Outstanding at January 1, 2017 876 $ 11.88 Granted 12 21.99 Exercised (283) 9.48 Forfeited or expired (17) 15.69 Outstanding at December 31, 2017 588 $ 13.12 5.17 $ 6,137 Vested or expected to vest at December 31, 2017 560 $ 12.96 5.03 $ 5,942 Exercisable at December 31, 2017 383 $ 11.46 3.90 $ 4,640 The total intrinsic value of options exercised during the years ended December 31, 2017, 2016 and 2015 was $3.8 million, $3.9 million and $2.1 million, respectively. As of December 31, 2017, there was a total of $736,000 in unrecognized compensation cost related to nonvested options granted under the Plan. That cost is expected to be recognized over a weighted-average period of approximately 2.6 years. The total fair value of options vested was $505,000, $489,000 and $524,000 during 2017, 2016 and 2015, respectively. Cash received from stock option exercises was $2.7 million, $5.2 million and $5.1 million, in 2017, 2016 and 2015, respectively. At December 31, 2017, options for the purchase of 587,915 shares of the Company’s common stock were outstanding under the above plans, of which options to purchase 383,315 shares were exercisable at prices ranging from $7.68 to $18.14. The Company has a policy of issuing new shares to satisfy share option exercises. Restricted Stock Under the 2008 Equity Incentive Plan, the Company granted 73,000, 166,500 and 97,000 restricted stock awards during 2017, 2016 and 2015 respectively. The weighted average grant date fair value of restricted stock awards granted in 2017, 2016 and 2015 was $21.59 per share, $16.89 per share and $16.07 per share, respectively. These awards will vest, in equal installments, over a period of three or five years. Compensation cost is recognized over the requisite service period, which is five years, and amounted to $2.6 million, $2.3 million and $2.2 million during the years ended December 31, 2017, 2016 and 2015, respectively. Total unrecognized compensation cost related to restricted stock awards was $4.6 million at December 31, 2017. The table below summarizes activity related to the Company’s non-vested Shares Weighted Value (In thousands) Nonvested at January 1, 2017 460 $ 15.43 Granted 73 21.59 Vested (150) 14.98 Forfeited (7) 14.49 Nonvested at December 31, 2017 376 $ 16.82 Under the 2008 Equity Incentive Plan, 583,192 shares of common stock were available for the granting of future options and restricted stock awards as of December 31, 2017. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | 19. REGULATORY MATTERS The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking regulatory agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct, material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance-sheet Effective January 1, 2015, the Company and the Bank became subject to a new regulatory capital measure called Common Equity Tier 1 (“CET1”) to risk-weighted assets which was implemented as a result of the “Basel III” regulatory capital reforms and changes required by the Dodd-Frank Act. Basel III also introduces a new “capital conservation buffer,” composed entirely of CET1, on top of minimum risk-weighted asset ratios. The capital conservation buffer is designed to absorb losses during periods of economic stress. Banking institutions with a ratio of CET1 to risk-weighted assets above the minimum requirement but below the capital conservation buffer will face constraints on dividends, equity repurchases and payment of discretionary bonuses based on the amount of the shortfall. The implementation of the capital conservation buffer began on January 1, 2016 at 0.625% and will be phased in over a four-year period (increasing by that amount on each subsequent January 1, until it reaches 2.5% on January 1, 2019). Thus, when fully phased in on January 1, 2019, the Bank will be required to maintain this additional capital conservation buffer of 2.5% of CET1. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of total capital, Tier 1 capital and CET1 capital to risk-weighted assets, and of Tier 1 capital to average assets. Management believes that, as of December 31, 2017 and 2016, the Company and the Bank meet all capital adequacy requirements to which they are subject. As of December 31, 2017 and 2016, the most recent notifications from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the minimum total risk-based, Tier 1 risk-based, CET1 risk-based, and Tier 1 leverage (tangible Tier 1 capital divided by average total assets) ratios as set forth in the table below must be maintained. There are no conditions or events since said notification that management believes have changed the Bank’s category. As of December 31, 2017 and 2016, the Company had $25.0 million of trust-preferred securities, which were included in Tier 1 capital for regulatory purposes, respectively. The following table summarizes regulatory capital amounts and ratios for the Company and the Bank as of December 31, 2017 and 2016. Actual For Capital Adequacy Purposes To Be Well Capitalized under Prompt Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2017: Total Capital (to Risk-Weighted Assets) Company $ 1,039,060 18.01% $ 461,574 ³ 8.00% N/A Bank $ 1,029,126 17.86% $ 461,037 ³ 8.00% $ 576,296 ³ 10.00% Tier 1 Capital (to Risk-Weighted Assets) Company $ 973,169 16.87% $ 346,180 ³ 6.00% N/A Bank $ 963,235 16.71% $ 345,778 ³ 6.00% $ 461,037 ³ 8.00% Common equity Tier 1 capital ratio Company $ 948,210 16.43% $ 259,635 ³ 4.50% N/A Bank $ 963,235 16.71% $ 259,333 ³ 4.50% $ 374,592 ³ 6.50% Tier 1 Capital (to Average-Assets) Company $ 973,169 11.88% $ 327,680 ³ 4.00% N/A Bank $ 963,235 11.77% $ 327,397 ³ 4.00% $ 409,246 ³ 5.00% As of December 31, 2016: Total Capital (to Risk-Weighted Assets) Company $ 982,461 18.19% $ 432,081 ³ 8.00% N/A Bank $ 971,681 18.01% $ 431,576 ³ 8.00% $ 539,471 ³ 10.00% Tier 1 Capital (to Risk-Weighted Assets) Company $ 914,937 16.94% $ 324,061 ³ 6.00% N/A Bank $ 904,236 16.76% $ 323,682 ³ 6.00% $ 431,576 ³ 8.00% Common equity Tier 1 capital ratio Company $ 890,118 16.48% $ 243,046 ³ 4.50% N/A Bank $ 904,236 16.76% $ 242,762 ³ 4.50% $ 350,656 ³ 6.50% Tier 1 Capital (to Average-Assets) Company $ 914,937 11.49% $ 318,552 ³ 4.00% N/A Bank $ 904,236 11.36% $ 318,305 ³ 4.00% $ 397,882 ³ 5.00% In addition, California Banking Law limits the amount of dividends a bank can pay without obtaining prior approval from bank regulators. Under this law, the Bank could, as of December 31, 2017, declare and pay additional dividends of approximately $158.7 million. |
Fair Value Information
Fair Value Information | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Information | 20. FAIR VALUE INFORMATION Fair Value Hierarchy Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following disclosure provides the fair value information for financial assets and liabilities as of December 31, 2017. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels (Level 1, Level 2 and Level 3). • Level 1 • Level 2 • Level 3 Observable and unobservable inputs are the key elements that separate the levels in the fair value hierarchy. Inputs here refer explicitly to the types of information used to obtain the fair value of the asset or liability. Observable inputs include data sources and market prices available and visible outside of the entity. While there will continue to be judgments required when an active market price is not available, these inputs are external to the entity and observable outside the entity; they are consequently considered more objective than internal unobservable inputs used for Level 3 fair value. Unobservable inputs are data and analyses that are developed within the entity to assess the fair value, such as management estimates of future benefits from use of assets. There were no transfers in and out of Level 1 and Level 2 during the years ended December 31, 2017 and 2016. Determination of Fair Value The following is a description of valuation methodologies used for assets and liabilities recorded at fair value and for estimating fair value for financial instruments not recorded at fair value. Cash and Cash Equivalents Interest-Bearing Balances Due from Depository Institutions FHLB Stock Investment Securities (Available-for-sale Held-to-Maturity) two-sided Loans The fair value of loans, other than loans on nonaccrual status, was estimated by discounting the remaining contractual cash flows using the estimated current rate at which similar loans would be made to borrowers with similar credit risk characteristics and for the same remaining maturities, reduced by deferred net loan origination fees and the allocable portion of the allowance for loan losses. Accordingly, in determining the estimated current rate for discounting purposes, no adjustment has been made for any change in borrowers’ specific credit risks since the origination or purchase of such loans. Rather, the allocable portion of the allowance for loan losses and the purchase price discounts are considered to provide for such changes in estimating fair value. As a result, this fair value is not necessarily the value which would be derived using an exit price. These loans are included within Level 3 of the fair value hierarchy. Impaired loans and OREO are generally measured using the fair value of the underlying collateral, which is determined based on the most recent appraisal information received, less costs to sell. Appraised values may be adjusted based on factors such as the changes in market conditions from the time of valuation or discounted cash flows of the property. As such, these loans and OREO fall within Level 3 of the fair value hierarchy. The majority of our commitments to extend credit carry current market interest rates if converted to loans. Because these commitments are generally unassignable by either the borrower or us, they only have value to the borrower and us. The estimated fair value approximates the recorded deferred fee amounts and is excluded from the following table because it is not material. Swaps 3-year 30-year Asset held-for-sale held-for-sale held-for-sale held-for-sale Deposits & Borrowings Assets and Liabilities Measured at Fair Value on a Recurring Basis The tables below present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented. Carrying Value at Quoted Prices in Significant Other Significant (Level 3) (Dollars in thousands) Description of assets Investment securities - AFS: Government agency/GSE $ - $ - $ - $ - Residential mortgage-backed securities 1,750,909 - 1,750,909 - CMO/REMIC - residential 273,829 - 273,829 - Municipal bonds 55,496 - 55,496 - Other securities 751 - 751 - Total investment securities - AFS 2,080,985 - 2,080,985 - Interest rate swaps 3,211 - 3,211 - Total assets $ 2,084,196 $ - $ 2,084,196 $ - Description of liability Interest rate swaps $ 3,211 $ - $ 3,211 $ - Total liabilities $ 3,211 $ - $ 3,211 $ - Carrying Value at Quoted Prices in Significant Other Significant (Level 3) (Dollars in thousands) Description of assets Investment securities - AFS: Government agency/GSE $ 2,752 $ - $ 2,752 $ - Residential mortgage-backed securities 1,834,748 - 1,834,748 - CMO/REMIC - residential 347,189 - 347,189 - Municipal bonds 80,071 - 80,071 - Other securities 5,706 - 5,706 - Total investment securities - AFS 2,270,466 - 2,270,466 - Interest rate swaps 5,783 - 5,783 - Total assets $ 2,276,249 $ - $ 2,276,249 $ - Description of liability Interest rate swaps $ 5,783 $ - $ 5,783 $ - Total liabilities $ 5,783 $ - $ 5,783 $ - Assets and Liabilities Measured at Fair Value on a Non-Recurring We may be required to measure certain assets at fair value on a non-recurring non-recurring Carrying Value at Quoted Prices in (Level 1) Significant Other Significant Total Losses (Dollars in thousands) Description of assets Impaired loans, excluding PCI loans: Commercial and industrial $ - $ - $ - $ - $ - SBA - - - - - Real estate: Commercial real estate - - - - - Construction - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Consumer and other loans 378 - - 378 74 Other real estate owned - - - - - Asset held-for-sale - - - Total assets $ 378 $ - $ - $ 378 $ 74 Carrying Value at Quoted Prices in (Level 1) Significant Other (Level 2) Significant (Level 3) Total Losses (Dollars in thousands) Description of assets Impaired loans, excluding PCI loans: Commercial and industrial $ 65 $ - $ - $ 65 $ 8 SBA 196 - - 196 27 Real estate: Commercial real estate - - - - - Construction - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Consumer and other loans - - - - - Other real estate owned - - - - - Asset held-for-sale 3,411 3,411 2,558 Total assets $ 3,672 $ - $ - $ 3,672 $ 2,593 Fair Value of Financial Instruments The following disclosure presents estimated fair value of financial instruments. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to develop the estimates of fair value. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company may realize in a current market exchange as of December 31, 2017 and 2016, respectively. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. December 31, 2017 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 144,377 $ 144,377 $ - $ - $ 144,377 Interest-earning balances due from depository institutions 17,952 - 17,951 - 17,951 FHLB stock 17,688 - 17,688 - 17,688 Investment securities available-for-sale 2,080,985 - 2,080,985 - 2,080,985 Investment securities held-to-maturity 829,890 - 819,215 - 819,215 Total loans, net of allowance for loan losses 4,771,046 - - 4,678,402 4,678,402 Swaps 3,211 - 3,211 - 3,211 Liabilities Deposits: Noninterest-bearing $ 3,846,436 $ 3,846,436 $ - $ - $ 3,846,436 Interest-bearing 2,700,417 - 2,697,781 - 2,697,781 Borrowings 553,773 - 553,416 - 553,416 Junior subordinated debentures 25,774 - - 18,070 18,070 Swaps 3,211 - 3,211 - 3,211 December 31, 2016 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and due from banks $ 121,633 $ 121,633 $ - $ - $ 121,633 Interest-earning balances due from depository institutions 47,848 - 47,848 - 47,848 FHLB stock 17,688 - 17,688 - 17,688 Investment securities available-for-sale 2,270,466 - 2,270,466 - 2,270,466 Investment securities held-to-maturity 911,676 - 897,374 - 897,374 Total loans, net of allowance for loan losses 4,333,524 - - 4,306,225 4,306,225 Swaps 5,783 - 5,783 - 5,783 Liabilities Deposits: Noninterest-bearing $ 3,673,541 $ 3,673,541 $ - $ - $ 3,673,541 Interest-bearing 2,636,139 - 2,634,443 - 2,634,443 Borrowings 656,028 - 655,820 - 655,820 Junior subordinated debentures 25,774 - - 18,463 18,463 Swaps 5,783 - 5,783 - 5,783 The fair value estimates presented herein are based on pertinent information available to management as of December 31, 2017 and 2016. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date, and therefore, current estimates of fair value may differ significantly from the amounts presented above. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Business Segments | 21. BUSINESS SEGMENTS The Company has identified two principal reportable segments: Banking Centers (“Centers”) and Dairy & Livestock and Agribusiness. All other operations have been aggregated in “Other”. The Bank has 50 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 departments 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 two segments in deciding how to allocate resources and to assess performance. Our two principal reporting segments, Centers and Dairy & Livestock and Agribusiness, are aggregated into separate operating segments 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. All other operating departments have been aggregated and included in “Other” for reporting purposes. Recapture of provision for loan losses was allocated by segment based on loan type. 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 the ”Other” category. The following tables present the selected financial information for these two business segments. GAAP does not have an authoritative body of knowledge regarding the management accounting used in presenting segment financial information. The accounting policies for each of the business units is the same as those policies identified for the consolidated Company and disclosed in Note 3 — Summary of Significant Accounting Policies The following tables present the operating results and other key financial measures for the individual operating segments for the periods presented. For the Year Ended December 31, 2017 Centers Dairy & Other (1) Total (Dollars in thousands) Net interest income $ 195,377 $ 10,798 $ 72,755 $ 278,930 (Recapture of) provision for loan losses 1,712 (3,913) (6,299) (8,500) Net interest income after (recapture of) provision for loan losses 193,665 14,711 79,054 287,430 Noninterest income 21,674 232 20,212 42,118 Noninterest expense 51,337 1,963 87,453 140,753 Segment pre-tax $ 164,002 $ 12,980 $ 11,813 $ 188,795 Goodwill $ 116,564 $ - $ - $ 116,564 Segment assets as of December 31, 2017 $ 7,235,549 $ 474,292 $ 560,745 $ 8,270,586 (1) Includes the elimination of certain items that are included in more than one department, most of which represents products and services for Centers’ customers. For the Year Ended December 31, 2016 Centers Dairy & Other (1) Total (Dollars in thousands) Net interest income $ 178,183 $ 7,973 $ 70,918 $ 257,074 (Recapture of) provision for loan losses (172) 2,296 (8,524) (6,400) Net interest income after (recapture of) provision for loan losses 178,355 5,677 79,442 263,474 Noninterest income 20,179 223 15,150 35,552 Noninterest expense 50,110 1,958 84,656 136,724 Debt termination expense - - 16 16 Segment pre-tax $ 148,424 $ 3,942 $ 9,920 $ 162,286 Goodwill $ 89,533 $ - $ - $ 89,533 Segment assets as of December 31, 2016 $ 7,024,986 $ 473,670 $ 575,051 $ 8,073,707 (1) Includes the elimination of certain items that are included in more than one department, most of which represents products and services for Centers’ customers. For the Year Ended December 31, 2015 Centers Dairy & Other (1) Total (Dollars in thousands) Net interest income $ 167,633 $ 7,558 $ 77,751 $ 252,942 (Recapture of) provision for loan losses (6,711) 143 968 (5,600) Net interest income after (recapture of) provision for loan losses 174,344 7,415 76,783 258,542 Noninterest income 20,677 261 12,545 33,483 Noninterest expense 48,568 1,844 76,377 126,789 Debt termination expense - - 13,870 13,870 Segment pre-tax $ 146,453 $ 5,832 $ (919) $ 151,366 Goodwill $ 74,244 $ - $ - $ 74,244 Segment assets as of December 31, 2015 $ 6,441,751 $ 458,214 $ 771,235 $ 7,671,200 (1) Includes the elimination of certain items that are included in more than one department, most of which represents products and services for Centers’ customers. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 22. DERIVATIVE FINANCIAL INSTRUMENTS The Bank is exposed to certain risks relating to its ongoing business operations and utilizes interest rate swap agreements (“swaps”) as part of its asset/liability management strategy to help manage its interest rate risk position. As of December 31, 2017, the Bank has entered into 77 interest-rate swap agreements with customers. The Bank then entered into identical offsetting swaps with a counterparty bank. The swap agreements are not designated as hedging instruments. The purpose of entering into offsetting derivatives not designated as a hedging instrument is to provide the Bank a variable-rate loan receivable and to provide the customer the financial effects of a fixed-rate loan without creating significant volatility in the Bank’s earnings. The structure of the swaps is as follows. The Bank enters into a swap with its customers to allow them to convert variable rate loans to fixed rate loans, and at the same time, the Bank enters into a swap with the counterparty bank to allow the Bank to pass on the interest-rate risk associated with fixed rate loans. The net effect of the transaction allows the Bank to receive interest on the loan from the customer at a variable rate based on LIBOR plus a spread. The changes in the fair value of the swaps primarily offset each other and therefore should not have a significant impact on the Company’s results of operations, although the Company does incur credit and counterparty risk with respect to performance on the swap agreements by the Bank’s customer and counterparty, respectively. Our interest rate swap derivatives are subject to a master netting arrangement with one counterparty bank. None of our derivative assets and liabilities are offset in the balance sheet. We believe our risk of loss associated with our counterparty borrowers related to interest rate swaps is mitigated as the loans with swaps are underwritten to take into account potential additional exposure, although there can be no assurances in this regard since the performance of our swaps is subject to market and counterparty risk. Balance Sheet Classification of Derivative Financial Instruments As of December 31, 2017 and 2016, the total notional amount of the Company’s swaps was $198.5 million and $202.7 million, respectively. The location of the asset and liability, and their respective fair values are summarized in the tables below. December 31, 2017 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 3,211 Other liabilities $ 3,211 Total derivatives $ 3,211 $ 3,211 December 31, 2016 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 5,783 Other liabilities $ 5,783 Total derivatives $ 5,783 $ 5,783 The Effect of Derivative Financial Instruments on the Consolidated Statements of Earnings The following table summarizes the effect of derivative financial instruments on the consolidated statements of earnings for the periods presented. Derivatives Not Location of Gain Recognized in Income on Derivative Instruments Amount of Gain Recognized in Income on Derivative For the Year Ended December 31, 2017 2016 2015 (Dollars in thousands) Interest rate swaps Other income $ 615 $ 691 $ 333 Total $ 615 $ 691 $ 333 |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | 23. OTHER COMPREHENSIVE INCOME (LOSS) The tables below provide a summary of the components of OCI for the periods presented. For the Year Ended December 31, 2017 2016 2015 Before-tax Tax effect After-tax Before-tax Tax effect After-tax Before-tax Tax effect After-tax (Dollars in thousands) Investment securities: Net change in fair value recorded in accumulated OCI $ (11,336) $ (4,760) $ (6,576) $ (15,792) $ (6,633) $ (9,159) $ (22,667) $ (9,519) $ (13,148) Cumulative-effect adjustment for unrealized gains on securities transferred from available-for-sale held-to-maturity - - - - - - 6,690 2,808 3,882 Amortization of unrealized (gains)/losses on securities transferred from available-for-sale held-to-maturity (3,293) (1,383) (1,910) (2,174) (913) (1,261) (1,573) (660) (913) Net realized (gain)/loss reclassified into earnings (1) (402) (169) (233) (548) (230) (318) 22 9 13 Net change $ (15,031) $ (6,312) $ (8,719) $ (18,514) $ (7,776) $ (10,738) $ (17,528) $ (7,362) $ (10,166) (1) Included in other noninterest income. |
Balance Sheet Offsetting
Balance Sheet Offsetting | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Balance Sheet Offsetting | 24. BALANCE SHEET OFFSETTING Assets and liabilities relating to certain financial instruments, including, derivatives and securities sold under repurchase agreements (“repurchase agreements”), may be eligible for offset in the consolidated balance sheets as permitted under accounting guidance. As noted above, our interest rate swap derivatives are subject to a master netting arrangement with one counterparty bank. Our interest rate swap derivatives require the Company to pledge investment securities as collateral based on certain risk thresholds. Investment securities that have been pledged by the Company to the counterparty bank continue to be reported in the Company’s consolidated balance sheets unless the Company defaults. We offer a repurchase agreement product to our customers, which include master netting agreements that allow for the netting of collateral positions. This product, known as Citizens Sweep Manager, sells certain of our securities overnight to our customers under an agreement to repurchase them the next day. The repurchase agreements are not offset in the consolidated balances. Gross Amounts Gross Amounts Net Amounts of Gross Amounts Not Offset Net Amount Financial Collateral (Dollars in thousands) December 31, 2017 Financial assets: Derivatives not designated as hedging instruments $ 3,211 $ - $ - $ 3,211 $ - $ 3,211 Total $ 3,211 $ - $ - $ 3,211 $ - $ 3,211 Financial liabilities: Derivatives not designated as hedging instruments $ 4,495 $ (1,284) $ 3,211 $ 1,284 $ (12,760) $ (8,265) Repurchase agreements 553,773 - 553,773 - (573,759) (19,986) Total $ 558,268 $ (1,284) $ 556,984 $ 1,284 $ (586,519) $ (28,251) December 31, 2016 Financial assets: Derivatives not designated as hedging instruments $ 5,783 $ - $ - $ 5,783 $ - $ 5,783 Total $ 5,783 $ - $ - $ 5,783 $ - $ 5,783 Financial liabilities: Derivatives not designated as hedging instruments $ 6,855 $ (1,072) $ 5,783 $ 1,072 $ (12,800) $ (5,945) Repurchase agreements 603,028 - 603,028 - (683,413) (80,385) Total $ 609,883 $ (1,072) $ 608,811 $ 1,072 $ (696,213) $ (86,330) |
Condensed Financial Information
Condensed Financial Information of Parent Company | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company | 25. CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY The following tables provide the parent company only condensed balance sheets, condensed statements of earnings and condensed statements of cash flows for the periods presented. CVB FINANCIAL CORP. CONDENSED BALANCE SHEETS As of December 31, 2017 2016 (Dollars in thousands) Assets Investment in subsidiaries $ 1,084,332 $ 1,005,160 Other assets, net 26,703 24,754 Total assets $ 1,111,035 $ 1,029,914 Liabilities $ 41,769 $ 39,052 Stockholders’ equity 1,069,266 990,862 Total liabilities and stockholders’ equity $ 1,111,035 $ 1,029,914 CVB FINANCIAL CORP. CONDENSED STATEMENTS OF EARNINGS For the Year Ended December 31, 2017 2016 2015 (Dollars in thousands) Excess in net earnings of subsidiaries $ 50,253 $ 55,192 $ 53,259 Dividends from the Bank 57,000 49,000 49,000 Other expense, net (2,842) (2,763) (3,114) Net earnings $ 104,411 $ 101,429 $ 99,145 CVB FINANCIAL CORP. CONDENSED STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2017 2016 2015 (Dollars in thousands) Cash Flows from Operating Activities Net earnings $ 104,411 $ 101,429 $ 99,145 Adjustments to reconcile net earnings to cash used in operating activities: Earnings of subsidiaries (107,253) (104,192) (102,259) Tax settlement received from the Bank 1,577 2,557 1,233 Stock-based compensation 2,953 2,803 2,733 Other operating activities, net (1,725) (3,362) (2,180) Total adjustments (104,448) (102,194) (100,473) Net cash used in operating activities (37) (765) (1,328) Cash Flows from Investing Activities Dividends received from the Bank 57,000 49,000 49,000 Net cash provided by investing activities 57,000 49,000 49,000 Cash Flows from Financing Activities Cash dividends on common stock (57,047) (51,625) (48,862) Proceeds from exercise of stock options 2,683 5,151 5,144 Tax benefit related to exercise of stock options - 932 308 Repurchase of common stock (1,128) (1,907) (834) Net cash used in financing activities (55,492) (47,449) (44,244) Net increase in cash and cash equivalents 1,471 786 3,428 Cash and cash equivalents, beginning of period 17,746 16,960 13,532 Cash and cash equivalents, end of period $ 19,217 $ 17,746 $ 16,960 |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | 26. QUARTERLY FINANCIAL DATA (UNAUDITED) The following table sets forth our unaudited, quarterly results for the periods indicated. For the Three Months Ended December 31, September 30, June 30, March 31, (Dollars in thousands, except per share amounts) 2017 Net interest income $ 71,275 $ 71,739 $ 70,483 $ 65,433 Recapture of provision for loan losses (1,500) (1,500) (1,000) (4,500) Net earnings 17,851 29,683 28,373 28,504 Basic earnings per common share 0.16 0.27 0.26 0.26 Diluted earnings per common share 0.16 0.27 0.26 0.26 2016 Net interest income $ 65,441 $ 63,161 $ 65,956 $ 62,516 Recapture of provision for loan losses (4,400) (2,000) - - Net earnings 27,076 25,448 25,514 23,391 Basic earnings per common share 0.25 0.23 0.23 0.22 Diluted earnings per common share 0.25 0.23 0.23 0.22 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | 27. SUBSEQUENT EVENT On February 26, 2018, we entered into a definitive agreement to merge Community Bank with and into Citizens Business Bank. As of December 31, 2017, Community Bank had approximately $3.75 billion in total assets, $2.74 billion in gross loans and $2.86 billion in total deposits. Under the terms of the merger, Community Bank shareholders will have the right to receive, in respect of each share of common stock of Community Bank, 9.4595 shares of CVB common stock and $56.00 per share in cash, subject to any adjustments set forth in the Merger Agreement. The merger transaction is valued at approximately $878.3 million based on CVB’s closing stock price of $23.37 on February 23, 2018. Consummation of the merger is subject to customary closing conditions, including, among others, shareholder and regulatory approval. The merger is expected to close in the third quarter of 2018. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassification | Reclassification |
Segments | Segments Business Segments Net income is determined based on the actual net income of the business unit plus the allocated income or expense based on the sources and uses of funds for each business unit. Noninterest income and noninterest expense are those items directly attributable to a business unit. 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 the “Other” category. Taxes are not included in the segments as this is accounted for at the corporate level. |
Cash and cash equivalents | Cash and cash equivalents |
Investment Securities | Investment Securities held-to-maturity available-for-sale held-to-maturity Available-for-sale At each reporting date, securities are assessed to determine whether there is an other-than-temporary impairment (“OTTI”). Other-than-temporary impairment on investment securities is not recognized in earnings when there are credit losses on a debt security for which management does not intend to sell and for which it is more-likely-than-not During the quarter ended September 30, 2015, investment securities were transferred from the available-for-sale held-to-maturity held-to-maturity available-for-sale held-to-maturity after-tax |
Loans Held-for-Sale | Loans Held-for-Sale held-for-sale held-for-investment charge-off held-for-sale |
Loans and Lease Finance Receivables | Loans and Lease Finance Receivables Loans and Lease Finance Receivables and Allowance for Loan Losses Acquired SJB Assets and FDIC Loss Sharing Asset In the ordinary course of business, the Company enters into commitments to extend credit to its customers. To the extent that such commitments are unfunded, the related unfunded amounts are not reflected in the accompanying consolidated financial statements. The Company receives collateral to support loans, lease finance receivables, and commitments to extend credit for which collateral is deemed necessary. The most significant categories for which collateral is deemed necessary are real estate, principally commercial and industrial income-producing properties, Small Business Administration (“SBA”) loans, real estate mortgages, assets utilized in dairy & livestock and agribusiness, and various personal property assets utilized in commercial and industrial business governed by the Uniform Commercial Code. Nonrefundable fees and direct costs associated with the origination or purchase of loans are deferred and netted against outstanding loan balances. The deferred net loan fees and costs and purchase price discounts are recognized in interest income over the loan term using the effective-yield method. Interest on loans and lease finance receivables, excluding PCI loans, is credited to income based on the principal amounts of such loans or receivables outstanding. Loans are considered delinquent when principal or interest payments are past due 30 days or more and generally remain on accrual status between 30 and 89 days past due. Interest income is not recognized on loans and lease finance receivables when collection of interest is deemed by management to be doubtful. Loans, excluding PCI loans, on which the accrual of interest has been discontinued are designated as nonaccrual loans. In general, interest shall not accrue on any loan, excluding PCI loans, for which payment in full of principal and interest is not expected, or when the loan becomes 90 days past due, unless the loan is both well secured and in the process of collection. Factors considered in determining that the full collection of principal and interest is no longer probable include cash flow and liquidity of the borrower or property, the financial position of the guarantors and their willingness to support the loan as well as other factors, and this determination involves significant judgment. When an asset is placed on nonaccrual status, previously accrued but unpaid interest is reversed against income. Subsequent collections of cash are applied as reductions to the principal balance unless the loan is returned to accrual status. Interest is not recognized using a cash-basis method. Nonaccrual loans may be restored to accrual status when principal and interest become current and when the borrower is able to demonstrate payment performance for a sustained period, typically for six months. A nonaccrual loan may return to accrual status sooner based on other significant events or mitigating circumstances. This policy is consistently applied to all types of loans and lease finance receivables, excluding PCI loans. |
Troubled Debt Restructurings | Troubled Debt Restructurings When determining whether or not a loan modification is a TDR under ASC 310-40, case-by-case The types of loans subject to modification vary greatly, but during the subject period are concentrated in commercial and industrial loans, dairy & livestock and agribusiness loans, and term loans to commercial real estate investors. Some examples of key features include payment deferrals and delays, interest rate reductions, and extensions or renewals where the contract rate may or may not be below the market rate of interest for debt with similar characteristics as those of the modified debt. The typical length of the modified terms ranges from three (3) to twelve (12) months; however, all actual modified terms will depend on the facts, circumstances and attributes of the specific borrower requesting a modification. In general, after a careful evaluation of all relevant facts and circumstances taken together, including the nature of any concession, certain modification requests will result in troubled debt restructurings while certain other modifications will not, pursuant to the criteria and judgments as discussed throughout this report. In certain cases, modification requests for delays or deferrals of principal were evaluated and determined to be exempt from TDR reporting because they constituted insignificant delays under ASC 310-40-15. In situations where the Company has determined that the borrower is experiencing financial difficulties and is evaluating whether a concession is insignificant, and therefore does not result in a TDR, such analysis is based on an evaluation of both the amount and the timing of the restructured payments, including the following factors: 1. Whether the amount of the restructured payments subject to delay is insignificant relative to the unpaid principal balance or collateral value of the debt and will result in an insignificant shortfall in the contractual amount due; and 2. The delay is insignificant relative to any of the following: • The frequency of payments due; • The debt’s original contractual maturity; or • The debt’s original expected duration. Most modified loans not classified and accounted for as a TDR were performing and paying as agreed under their original terms in the six-month “re-defaults” |
Impaired Loans | Impaired Loans The Company’s policy is to record a specific valuation allowance, which is included in the allowance for loan losses, or to charge off that portion of an impaired loan that represents the impairment or shortfall amount as determined utilizing one of the three methods described in ASC 310-10-35-22. non-collateral Appraisals of the collateral for impaired collateral dependent loans are typically ordered at the time the loan is identified as showing signs of inherent weakness. These appraisals are normally updated at least annually, or more frequently, if there are concerns or indications that the value of the collateral may have changed significantly since the previous appraisal. On an exception basis, a specific valuation allowance is recorded on collateral dependent impaired loans when a current appraisal is not yet available, a recent appraisal is still under review or on single-family residential (“SFR”) mortgage loans if the loans are currently under review for a loan modification. Such valuation allowances are generally based on previous appraisals adjusted for current market conditions, based on preliminary appraisal values that are still being reviewed or for SFR mortgage loans under review for modification on an appraisal or indications of comparable home sales from external sources. Charge-offs of unsecured consumer loans are recorded when the loan reaches 120 days past due or sooner as circumstances indicate. Except for the charge-offs of unsecured consumer loans, the charge-off pre-modification |
Provision and Allowance for Loan Losses | Provision and Allowance for Loan Losses There are different qualitative risks for the loans in each portfolio segment. The construction and real estate segments’ predominant risk characteristic is the collateral and the geographic location of the property collateralizing the loan as well as the operating cash flow for commercial real estate properties. The commercial and industrial segment’s predominant risk characteristics are the cash flows of the businesses we lend to, the global cash flows and liquidity of the guarantors, as well as economic and market conditions. The dairy & livestock segment’s predominant risk characteristics are milk and beef prices in the market as well as the cost of feed and cattle. The Agribusiness segment’s predominant risk characteristics are the supply and demand conditions of the product, production seasonality, the scale of operations and ability to control costs, the availability and cost of water, and operator experience. The municipal lease segment’s predominant risk characteristics are the municipality’s general financial condition and tax revenues or if applicable the specific project related financial condition. The consumer, auto and other segment’s predominant risk characteristics are employment and income levels as they relate to consumers and cash flows of the businesses as they relate to equipment and vehicle leases to businesses. The Company’s methodology is consistently applied across all portfolio segments taking into account the applicable historical loss rates and the qualitative factors applicable to each pool of loans. A key factor in the Company’s methodology is the loan risk rating (Pass, Special Mention, Substandard, Doubtful and Loss). Loan risk ratings are updated as facts related to the loan or borrower become available. In addition, all term loans in excess of $1.0 million are subject to an annual internal credit review process where all factors underlying the loan, borrower and guarantors are subject to review which may result in changes to the loan’s risk rating. Periodically, we assess various attributes utilized in adjusting our historical loss factors to reflect our view of current economic conditions. The estimate is reviewed quarterly by the Board of Directors and management and periodically by various regulatory agencies and, as adjustments become necessary, they are reported in earnings in the periods in which they become known. Our methodology for assessing the appropriateness of the allowance is conducted on a regular basis and considers the Bank’s overall loan portfolio. The Bank’s methodology consists of two major phases. In the first phase, individual loans are reviewed to identify loans for impairment. Impairment is measured based on the Company’s policy. If an impaired loan is determined to be a collateral dependent loan, the Company determines the fair value of the loan and if it is less than the recorded investment in the loan, the Company either recognizes an impairment as a specific allowance, or charges off the impaired balance if it determined that such amount represents a confirmed loss. For non-collateral The second phase is conducted by evaluating or segmenting the remainder of the loan portfolio into groups or pools of loans with similar characteristics. In this second phase, groups or pools of homogeneous loans are reviewed to determine a portfolio formula allowance. In the case of the portfolio formula allowance, homogeneous portfolios, such as small business loans, consumer loans, dairy & livestock and agribusiness loans, and real estate loans, are aggregated or pooled in determining the appropriate allowance. The risk assessment process in this case emphasizes trends in the different portfolios for delinquency, loss, and other behavioral characteristics of the subject portfolio over a relevant period. Included in this second phase is our consideration of qualitative factors, including, all known relevant internal and external factors that may affect the collectability of a loan. This includes our estimates of the amounts necessary for concentrations, economic uncertainties, the volatility of the market value of collateral, and other relevant factors. These qualitative factors are used to adjust the historical loan loss rates for each pool of loans to determine the probable loan losses inherent in the portfolio. Periodically, we assess various attributes utilized in adjusting our historical loss factors to reflect current economic conditions. The methodology is consistently applied across all the portfolio segments taking into account the applicable historical loss rates and the qualitative factors applicable to each pool of loans. During the fourth quarter of 2015 the Bank implemented an enhanced ALLL methodology and governance. These enhancements included (i) changes to the look back period, (ii) further aggregation of the loan segments, (iii) updates of the historical loss rates, (iv) updates to the qualitative factors, and (v) updates to the documentation, controls and validation of the ALLL methodology. The look back period was changed from the previous rolling 20-quarters through-the-cycle through-the-cycle |
Purchase Credit Impaired Loans | Purchase Credit Impaired Loans 310-30, ns and Debt Securities Acquired with Deteriorated Credit Quality non-impaired Acquired SJB Assets and FDIC Loss Sharing Asset Provision for loan losses on the PCI portfolio will be recorded if there is deterioration in the expected cash flows on PCI loans as a result of deteriorated credit quality, compared to those previously. The portion of the loss on SJB loans reimbursable from the FDIC was recorded in noninterest income as a decrease in the FDIC loss sharing asset. Decreases in expected cash flows on the acquired impaired loans as of the measurement date compared to previously estimated are recognized by recording a provision for loan losses on acquired impaired loans. Loans accounted for as part of a pool are measured based on the expected cash flows of the entire pool. |
FDIC Loss Sharing Asset | FDIC Loss Sharing Asset The FDIC loss sharing asset was initially recorded at fair value which represents the present value of the estimated cash payments from the FDIC for future losses on covered loans. The ultimate collectability of this asset was dependent upon the performance of the underlying covered loans, the passage of time and claims paid by the FDIC. The loss estimates used in calculating the FDIC loss sharing asset were determined on the same basis as the loss estimates on the related covered loans and was the present value of the cash flows the Company expected to collect from the FDIC under the loss sharing agreement. The difference between the present value and the undiscounted cash flows the Company expected to collect from the FDIC was accreted (or amortized) into noninterest income over the life of the FDIC indemnification asset. The FDIC indemnification asset was adjusted for any changes in expected cash flows based on covered loan performance. Any increases in the cash flows of covered loans over those expected reduced the FDIC indemnification asset and any decreases in the cash flows of covered loans over those acquired decreased the FDIC indemnification asset, with the remaining balance amortized on the same basis as the discount, not to exceed its remaining contract life. These increases and decreases to the FDIC indemnification asset were recorded as adjustments to noninterest income. As the loss sharing agreement for commercial loans expired on October 16, 2014 and will expire for single-family residential loans on October 16, 2019, the expected reimbursement from the FDIC under the shared-loss agreements has decreased and a net payable to the FDIC was included in other liabilities December 31, 2017. |
Other Real Estate Owned | Other Real Estate Owned |
Premises and Equipment | Premises and Equipment Bank premises 15 – 39 years Leasehold improvements Shorter of estimated economic lives of 15 years or term of the lease. Computer equipment 3 – 5 years Furniture, fixtures and equipment 5 – 7 years Long-lived assets are reviewed periodically for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. The existence of impairment is based on undiscounted cash flows. To the extent impairment exists, the impairment is calculated as the difference in fair value of assets and their carrying value. The impairment loss, if any, would be recorded in noninterest expense. Long-lived assets classified as held-for-sale Assets-held-for “held-and-used” • Management, having the authority to approve the action, commits to a plan to sell the asset. • The asset is available for immediate sale, an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated. • The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year. • The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value. • Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets non-controlling Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on our balance sheets. Based on the Company’s annual impairment test, there was zero recorded impairment as of December 31, 2017. Other intangible assets consist of core deposit intangible assets arising from business combinations and are amortized using an accelerated method over their estimated useful lives. |
Use of Fair Value | Use of Fair Value available-for-sale non-recurring non-recurring lower-of-cost-or-market Fair Value Information |
Bank Owned Life Insurance | Bank Owned Life Insurance |
Income Taxes | Income Taxes The tax effects from an uncertain tax position are recognized in the financial statements only if, based on its merits, the position is more likely than not to be sustained on audit by the taxing authorities. Interest and penalties related to uncertain tax positions are recorded as part of other operating expense. |
Earnings per Common Share | Earnings per Common Share two-class two-class non-forfeitable Earnings Per Share Reconciliation |
Stock-Based Compensation | Stock-Based Compensation Stock Compensation non-employee The fair value of each stock option grant is estimated as of the grant date using the Black-Scholes option-pricing model. Management assumptions used at the time of grant impact the fair value of the option calculated under the Black-Scholes option-pricing model, and ultimately, the expense that will be recognized over the life of the option. The grant date fair value of restricted stock awards is measured at the fair value of the Company’s common stock as if the restricted share was vested and issued on the date of grant. Additional information is included in Note 18 — Stock Option Plans and Restricted Stock Awards |
Derivative Financial Instruments | Derivative Financial Instruments |
Statement of Cash Flows | Statement of Cash Flows |
CitizensTrust | CitizensTrust |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements |
Other Contingencies | Other Contingencies Commitments and Contingencies |
Adoption of New Accounting Standard and Recent Accounting Pronouncements | Adoption of New Accounting Standard No. 2016-09, tax-withholding 2016-09 paid-in In March 2017, the FASB issued ASU No. 2017-08, 310-20): 2017-08 No. 2017-08 Recent Accounting Pronouncements No. 2014-09, No. 2015-14, No. 2014-09 In January 2016, the FASB issued ASU No. 2016-01, (Subtopic 825-10): In February 2016, FASB issued ASU No. 2016-02, 2016-02 right-of-use In June 2016, the FASB issued ASU No. 2016-13, off-balance held-to-maturity available-for-sale No. 2016-13 In August 2016, the FASB issued ASU No. 2016-15, zero-coupon In January 2017, the FASB issued ASU No. 2017-04, 2017-04 In May 2017, the FASB issued ASU No. 2017-09, 2017-09 No. 2017-09 In August 2017, the FASB issued ASU No. 2017-12, 2017-12 non-financial No. 2017-12 In February 2018, the FASB issued ASU No. 2018-02, 2018-02 |
Fair Value Hierarchy | Fair Value Hierarchy Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following disclosure provides the fair value information for financial assets and liabilities as of December 31, 2017. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels (Level 1, Level 2 and Level 3). • Level 1 • Level 2 • Level 3 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Useful Lives of Principal Classes of Assets | The ranges of useful lives of the principal classes of assets are as follows: Bank premises 15 – 39 years Leasehold improvements Shorter of estimated economic lives of 15 years or term of the lease. Computer equipment 3 – 5 years Furniture, fixtures and equipment 5 – 7 years |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Estimated Fair Value of 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. December 31, 2017 Amortized Gross Gain Gross Loss Fair Value Total Percent (Dollars in thousands) Investment securities available-for-sale: Residential mortgage-backed securities $ 1,747,780 $ 11,231 $ (8,102) $ 1,750,909 84.14% CMO/REMIC - residential 274,634 1,277 (2,082) 273,829 13.16% Municipal bonds 54,966 774 (244) 55,496 2.66% Other securities 751 - - 751 0.04% Total available-for-sale $ 2,078,131 $ 13,282 $ (10,428) $ 2,080,985 100.00% Investment securities held-to-maturity: Government agency/GSE $ 159,716 $ 854 $ (2,134) $ 158,436 19.25% Residential mortgage-backed securities 176,427 667 (382) 176,712 21.26% CMO 225,072 - (8,641) 216,431 27.12% Municipal bonds 268,675 2,751 (3,790) 267,636 32.37% Total held-to-maturity $ 829,890 $ 4,272 $ (14,947) $ 819,215 100.00% December 31, 2016 Amortized Gross Gain Gross Loss Fair Value Total Percent (Dollars in thousands) Investment securities available-for-sale: Government agency/GSE $ 2,750 $ 2 $ - $ 2,752 0.12% Residential mortgage-backed securities 1,822,168 18,812 (6,232) 1,834,748 80.81% CMO/REMIC - residential 345,313 3,361 (1,485) 347,189 15.29% Municipal bonds 80,137 889 (955) 80,071 3.53% Other securities 5,506 200 - 5,706 0.25% Total available-for-sale $ 2,255,874 $ 23,264 $ (8,672) $ 2,270,466 100.00% Investment securities held-to-maturity: Government agency/GSE $ 182,648 $ 362 $ (1,972) $ 181,038 20.03% Residential mortgage-backed securities 193,699 - (1,892) 191,807 21.25% CMO 244,419 - (6,808) 237,611 26.81% Municipal bonds 290,910 776 (4,768) 286,918 31.91% Total held-to-maturity $ 911,676 $ 1,138 $ (15,440) $ 897,374 100.00% |
Summary of Interest Income Earned on Investment Securities | The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax. For the Year Ended December 31, 2017 2016 2015 (Dollars in thousands) Investment securities available-for-sale: Taxable $ 47,596 $ 43,538 $ 48,854 Tax-advantaged 2,182 4,164 14,336 Total interest income from available-for-sale 49,778 47,702 63,190 Investment securities held-to-maturity: Taxable 12,558 10,183 4,451 Tax-advantaged 8,457 10,044 4,567 Total interest income from held-to-maturity 21,015 20,227 9,018 Total interest income from investment securities $ 70,793 $ 67,929 $ 72,208 |
Summary of Continuous Unrealized Loss Position of Securities | The tables below show the Company’s investment securities’ gross unrealized losses and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2017 and 2016. 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 OTTI. December 31, 2017 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: Residential mortgage-backed securities $ 414,091 $ (1,828) $ 303,746 $ (6,274) $ 717,837 $ (8,102) CMO/REMIC - residential 95,137 (487) 71,223 (1,595) 166,360 (2,082) Municipal bonds 946 (4) 13,956 (240) 14,902 (244) Total available-for-sale $ 510,174 $ (2,319) $ 388,925 $ (8,109) $ 899,099 $ (10,428) Investment securities held-to-maturity: Government agency/GSE $ 18,950 $ (27) $ 43,495 $ (2,107) $ 62,445 $ (2,134) Residential mortgage-backed securities 51,297 (188) 55,306 (194) 106,603 (382) CMO - - 216,431 (8,641) 216,431 (8,641) Municipal bonds 32,069 (492) 66,217 (3,298) 98,286 (3,790) Total held-to-maturity $ 102,316 $ (707) $ 381,449 $ (14,240) $ 483,765 $ (14,947) December 31, 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: Residential mortgage-backed securities $ 583,143 $ (6,232) $ - $ - $ 583,143 $ (6,232) CMO/REMIC - residential 128,595 (1,485) - - 128,595 (1,485) Municipal bonds 23,255 (954) 5,981 (1) 29,236 (955) Total available-for-sale $ 734,993 $ (8,671) $ 5,981 $ (1) $ 740,974 $ (8,672) Investment securities held-to-maturity: Government agency/GSE $ 76,854 $ (1,972) $ - $ - $ 76,854 $ (1,972) Residential mortgage-backed securities 191,807 (1,892) - - 191,807 (1,892) CMO 237,611 (6,808) - - 237,611 (6,808) Municipal bonds 145,804 (3,711) 36,971 (1,057) 182,775 (4,768) Total held-to-maturity $ 652,076 $ (14,383) $ 36,971 $ (1,057) $ 689,047 $ (15,440) |
Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | Mortgage-backed and CMO/REMIC securities are included in maturity categories based upon estimated average lives which incorporate estimated prepayment speeds. December 31, 2017 Available-for-sale Held-to-maturity Amortized Cost Fair Value Amortized Cost Fair Value (Dollars in thousands) Due in one year or less $ 17,864 $ 18,089 $ 885 $ 882 Due after one year through five years 1,929,815 1,932,602 175,899 173,251 Due after five years through ten years 96,678 96,200 271,579 268,426 Due after ten years 33,774 34,094 381,527 376,656 Total investment securities $ 2,078,131 $ 2,080,985 $ 829,890 $ 819,215 |
Acquired SJB Assets and FDIC 38
Acquired SJB Assets and FDIC Loss Sharing Asset (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 presented. December 31, 2017 2016 (Dollars in thousands) Commercial and industrial $ 934 $ 2,309 SBA 1,383 327 Real estate: Commercial real estate 27,431 67,594 Construction - - SFR mortgage 162 178 Dairy & livestock and agribusiness 770 1,216 Municipal lease finance receivables - - Consumer and other loans 228 1,469 Gross PCI loans 30,908 73,093 Less: Purchase accounting discount (2,026) (1,508) Gross PCI loans, net of discount 28,882 71,585 Less: Allowance for PCI loan losses (367) (1,219) Net PCI loans $ 28,515 $ 70,366 |
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 presented. December 31, 2017 2016 (Dollars in thousands) Pass $ 26,439 $ 59,409 Special mention 1,088 1,162 Substandard 3,381 12,522 Doubtful & loss - - Total gross PCI loans $ 30,908 $ 73,093 |
Summary of Activity Related to FDIC Loss Sharing Liability | The following table summarizes the activity related to the FDIC loss sharing liability for the periods presented. For the Year Ended December 31, 2017 2016 (Dollars in thousands) Balance, beginning of period $ (502) $ (229) FDIC share of recoveries, net of charge-offs - (5) Cash paid to FDIC, net 519 514 Other (124) (782) Balance, end of period $ (107) $ (502) |
Loans and Lease Finance Recei39
Loans and Lease Finance Receivables and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Summary of Components of Loans and Lease Finance Receivables, Excluding PCI Loans | The following table provides a summary of total loans and lease finance receivables, excluding PCI loans, by type. December 31, 2017 2016 (Dollars in thousands) Commercial and industrial $ 513,325 $ 485,078 SBA 122,055 97,184 Real estate: Commercial real estate 3,376,713 2,930,141 Construction 77,982 85,879 SFR mortgage 236,202 250,605 Dairy & livestock and agribusiness 347,289 338,631 Municipal lease finance receivables 70,243 64,639 Consumer and other loans 64,229 78,274 Gross loans, excluding PCI loans 4,808,038 4,330,431 Less: Deferred loan fees, net (6,289) (6,952) Gross loans, excluding PCI loans, net of deferred loan fees 4,801,749 4,323,479 Less: Allowance for loan losses (59,218) (60,321) Net loans, excluding PCI loans 4,742,531 4,263,158 PCI Loans 30,908 73,093 Discount on PCI loans (2,026) (1,508) Less: Allowance for loan losses (367) (1,219) PCI loans, net 28,515 70,366 Total loans and lease finance receivables $ 4,771,046 $ 4,333,524 |
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. December 31, 2017 Pass Special Mention Substandard Doubtful & Total (Dollars in thousands) Commercial and industrial $ 483,641 $ 19,566 $ 10,118 $ - $ 513,325 SBA 112,835 5,358 3,862 - 122,055 Real estate: Commercial real estate Owner occupied 1,009,199 76,111 10,970 - 1,096,280 Non-owner 2,257,130 16,434 6,869 - 2,280,433 Construction Speculative 60,042 - - - 60,042 Non-speculative 17,940 - - - 17,940 SFR mortgage 229,032 3,124 4,046 - 236,202 Dairy & livestock and agribusiness 321,413 9,047 16,829 - 347,289 Municipal lease finance receivables 69,644 599 - - 70,243 Consumer and other loans 61,715 1,255 1,259 - 64,229 Total gross loans, excluding PCI loans $ 4,622,591 $ 131,494 $ 53,953 $ - $ 4,808,038 December 31, 2016 Pass Special Mention Substandard Doubtful & Total (Dollars in thousands) Commercial and industrial $ 449,658 $ 21,610 $ 13,809 $ 1 $ 485,078 SBA 80,138 10,553 6,482 11 97,184 Real estate: Commercial real estate Owner occupied 842,992 87,781 19,046 - 949,819 Non-owner 1,941,203 23,534 15,585 - 1,980,322 Construction Speculative 48,841 - - - 48,841 Non-speculative 37,038 - - - 37,038 SFR mortgage 243,374 4,930 2,301 - 250,605 Dairy & livestock and agribusiness 187,819 114,106 36,706 - 338,631 Municipal lease finance receivables 60,102 4,537 - - 64,639 Consumer and other loans 74,328 2,123 1,819 4 78,274 Total gross loans, excluding PCI loans $ 3,965,493 $ 269,174 $ 95,748 $ 16 $ 4,330,431 |
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 For the Year Ended December 31, 2017 Ending Balance Charge-offs Recoveries (Recapture of) Ending Balance (Dollars in thousands) Commercial and industrial $ 8,154 $ (138) $ 118 $ (854) $ 7,280 SBA 871 - 78 (80) 869 Real estate: Commercial real estate 37,443 - 154 4,125 41,722 Construction 1,096 - 6,036 (6,148) 984 SFR mortgage 2,287 - 212 (387) 2,112 Dairy & livestock and agribusiness 8,541 - 19 (3,913) 4,647 Municipal lease finance receivables 941 - - (90) 851 Consumer and other loans 988 (13) 79 (301) 753 PCI loans 1,219 - - (852) 367 Total allowance for loan losses $ 61,540 $ (151) $ 6,696 $ (8,500) $ 59,585 For the Year Ended December 31, 2016 Ending Balance Charge-offs Recoveries (Recapture of) Ending Balance (Dollars in thousands) Commercial and industrial $ 8,588 $ (120) $ 630 $ (944) $ 8,154 SBA 993 - 40 (162) 871 Real estate: Commercial real estate 36,995 - 792 (344) 37,443 Construction 2,389 - 7,174 (8,467) 1,096 SFR mortgage 2,103 (102) - 286 2,287 Dairy & livestock and agribusiness 6,029 - 216 2,296 8,541 Municipal lease finance receivables 1,153 - - (212) 941 Consumer and other loans 906 (16) 170 (72) 988 PCI loans - - - 1,219 1,219 Total allowance for loan losses $ 59,156 $ (238) $ 9,022 $ (6,400) $ 61,540 For the Year Ended December 31, 2015 Ending Balance Charge-offs Recoveries (Recapture of) Ending Balance (Dollars in thousands) Commercial and industrial $ 7,074 $ (411) $ 319 $ 1,606 $ 8,588 SBA 2,557 (37) 41 (1,568) 993 Real estate: Commercial real estate 33,373 (117) 4,330 (591) 36,995 Construction 988 - 581 820 2,389 SFR mortgage 2,344 (215) 186 (212) 2,103 Dairy & livestock and agribusiness 5,479 - 407 143 6,029 Municipal lease finance receivables 1,412 - - (259) 1,153 Consumer and other loans 1,262 (229) 76 (203) 906 Unallocated (1) 5,336 - - (5,336) - Total allowance for loan losses $ 59,825 $ (1,009) $ 5,940 $ (5,600) $ 59,156 (1) Based upon changes to our ALLL methodology, as described earlier in this document, beginning with the fourth quarter of 2015 and coinciding with the implementation of the new ALLL methodology, the Bank’s previous “unallocated reserve” was absorbed into the qualitative component of the allowance. |
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 December 31, 2017 Recorded Investment in Loans Allowance for Loan Losses Individually Collectively Acquired with Individually Collectively Acquired with (Dollars in thousands) Commercial and industrial $ 440 $ 512,885 $ - $ - $ 7,280 $ - SBA 1,531 120,524 - 1 868 - Real estate: Commercial real estate 8,133 3,368,580 - - 41,722 - Construction - 77,982 - - 984 - SFR mortgage 4,040 232,162 - - 2,112 - Dairy & livestock and agribusiness 829 346,460 - - 4,647 - Municipal lease finance receivables - 70,243 - - 851 - Consumer and other loans 552 63,677 - 74 679 - PCI loans - - 28,882 - - 367 Total $ 15,525 $ 4,792,513 $ 28,882 $ 75 $ 59,143 $ 367 December 31, 2016 Recorded Investment in Loans Allowance for Loan Losses Individually Collectively Acquired with Individually Collectively Acquired (Dollars in thousands) Commercial and industrial $ 901 $ 484,177 $ - $ 114 $ 8,040 $ - SBA 3,582 93,602 - 27 844 - Real estate: Commercial real estate 15,128 2,915,013 - - 37,443 - Construction - 85,879 - - 1,096 - SFR mortgage 5,174 245,431 - - 2,287 - Dairy & livestock and agribusiness 747 337,884 - - 8,541 - Municipal lease finance receivables - 64,639 - - 941 - Consumer and other loans 853 77,421 - - 988 - PCI loans - - 71,585 - - 1,219 Total $ 26,385 $ 4,304,046 $ 71,585 $ 141 $ 60,180 $ 1,219 |
Schedule of Recorded Investment in, and Aging of, Past Due and Nonaccrual Loans, Excluding PCI Loans by Class of Loans | The following tables present the recorded investment in, and the aging of, past due and nonaccrual loans, excluding PCI loans, by type of loans for the periods presented. December 31, 2017 30-59 60-89 Total Past Due and Nonaccrual (1) Current Total Loans (Dollars in thousands) Commercial and industrial $ 768 $ - $ 768 $ 250 $ 512,307 $ 513,325 SBA 403 - 403 906 120,746 122,055 Real estate: Commercial real estate Owner occupied - - - 4,365 1,091,915 1,096,280 Non-owner - - - 2,477 2,277,956 2,280,433 Construction Speculative (2) - - - - 60,042 60,042 Non-speculative - - - - 17,940 17,940 SFR mortgage - - - 1,337 234,865 236,202 Dairy & livestock and agribusiness - - - 829 346,460 347,289 Municipal lease finance receivables - - - - 70,243 70,243 Consumer and other loans 1 - 1 552 63,676 64,229 Total gross loans, excluding PCI loans $ 1,172 $ - $ 1,172 $ 10,716 $ 4,796,150 $ 4,808,038 (1) As of December 31, 2017, $3.6 million of nonaccruing loans were current, $376,000 were 60-89 (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. December 31, 2016 30-59 60-89 Total Past Due Nonaccrual (1) Current Total Loans (Dollars in thousands) Commercial and industrial $ - $ - $ - $ 156 $ 484,922 $ 485,078 SBA 352 - 352 2,737 94,095 97,184 Real estate: Commercial real estate Owner occupied - - - 635 949,184 949,819 Non-owner - - - 1,048 1,979,274 1,980,322 Construction Speculative (2) - - - - 48,841 48,841 Non-speculative - - - - 37,038 37,038 SFR mortgage - - - 2,207 248,398 250,605 Dairy & livestock and agribusiness - - - - 338,631 338,631 Municipal lease finance receivables - - - - 64,639 64,639 Consumer and other loans 84 - 84 369 77,821 78,274 Total gross loans, excluding PCI loans $ 436 $ - $ 436 $ 7,152 $ 4,322,843 $ 4,330,431 (1) As of December 31, 2016, $4.7 million of nonaccruing loans were current, $514,000 were 30-59 60-89 (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 As of and For the Year Ended December 31, 2017 Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 440 $ 980 $ - $ 548 $ 10 SBA 1,530 1,699 - 1,598 47 Real estate: Commercial real estate Owner occupied 4,365 4,763 - 4,414 36 Non-owner 3,768 5,107 - 3,951 94 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 4,040 4,692 - 4,119 118 Dairy & livestock and agribusiness 829 1,091 - 988 1 Municipal lease finance receivables - - - - - Consumer and other loans 174 370 - 202 - Total 15,146 18,702 - 15,820 306 With a related allowance recorded: Commercial and industrial - - - - - SBA 1 18 1 6 - Real estate: Commercial real estate Owner occupied - - - - - Non-owner - - - - - Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 378 391 74 385 - Total 379 409 75 391 - Total impaired loans $ 15,525 $ 19,111 $ 75 $ 16,211 $ 306 As of and For the Year Ended December 31, 2016 Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 730 $ 1,646 $ - $ 832 $ 26 SBA 3,386 4,189 - 3,709 50 Real estate: Commercial real estate Owner occupied 1,797 2,276 - 1,410 70 Non-owner 13,331 15,842 - 13,517 592 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 5,174 6,075 - 5,327 135 Dairy & livestock and agribusiness 747 747 - 692 47 Municipal lease finance receivables - - - - - Consumer and other loans 853 1,423 - 919 18 Total 26,018 32,198 - 26,406 938 With a related allowance recorded: Commercial and industrial 171 171 114 233 9 SBA 196 212 27 206 14 Real estate: Commercial real estate Owner occupied - - - - - Non-owner - - - - - Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans - - - - - Total 367 383 141 439 23 Total impaired loans $ 26,385 $ 32,581 $ 141 $ 26,845 $ 961 As of and For the Year Ended December 31, 2015 Recorded Investment Unpaid Principal Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 1,017 $ 1,894 $ - $ 1,122 $ 38 SBA 3,207 3,877 - 3,333 51 Real estate: Commercial real estate Owner occupied 6,252 7,445 - 6,718 97 Non-owner 34,041 37,177 - 34,639 1,787 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 5,665 6,453 - 5,771 109 Dairy & livestock and agribusiness 3,685 3,684 - 3,687 177 Municipal lease finance receivables - - - - - Consumer and other loans 890 1,454 - 922 17 Total 54,757 61,984 - 56,192 2,276 With a related allowance recorded: Commercial and industrial 626 695 626 637 - SBA 41 47 10 45 - Real estate: Commercial real estate Owner occupied - - - - - Non-owner - - - - - Construction Speculative 7,651 7,651 13 7,651 388 Non-speculative - - - - - SFR mortgage 588 640 20 607 12 Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 43 45 - 45 - Total 8,949 9,078 669 8,985 400 Total impaired loans $ 63,706 $ 71,062 $ 669 $ 65,177 $ 2,676 |
Summary of Activity Related to Troubled Debt Restructurings | The following table provides a summary of the activity related to TDRs for the periods presented. For the Year Ended December 31, 2017 2016 (Dollars in thousands) Performing TDRs: Beginning balance $ 19,233 $ 42,687 New modifications 3,143 1,996 Payoffs/payments, net and other (14,752) (34,001) TDRs returned to accrual status 329 8,551 TDRs placed on nonaccrual status (3,144) - Ending balance $ 4,809 $ 19,233 Nonperforming TDRs: Beginning balance $ 1,626 $ 12,622 New modifications 2,066 102 Charge-offs - (38) Payoffs/payments, net and other (2,307) (2,509) TDRs returned to accrual status (329) (8,551) TDRs placed on nonaccrual status 3,144 - Ending balance $ 4,200 $ 1,626 Total TDRs $ 9,009 $ 20,859 |
Summary of Loans Modified as Troubled Debt Restructurings | The following tables summarize loans modified as troubled debt restructurings for the periods presented. Modifications (1) For the Year Ended December 31, 2017 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 1 3,143 3,143 3,143 - Non-owner Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Dairy & livestock and agribusiness: Interest rate reduction - - - - - Change in amortization period or maturity 1 1,984 1,984 78 - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Total loans 2 $ 5,127 $ 5,127 $ 3,221 $ - For the Year Ended December 31, 2016 Number of Pre-Modification Post-Modification Outstanding Financial Effect (Dollars in thousands) Commercial and industrial: Interest rate reduction 1 $ 112 $ 112 $ 103 $ - Change in amortization period or maturity - - - - - SBA: Interest rate reduction - - - - - Change in amortization period or maturity 2 214 214 196 28 Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner Interest rate reduction 1 759 759 756 - Change in amortization period or maturity - - - - - Dairy & livestock and agribusiness: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity 3 201 201 185 - Total loans 7 $ 1,286 $ 1,286 $ 1,240 $ 28 For the Year Ended December 31, 2015 Number of Pre-Modification Post-Modification Outstanding Financial Effect (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity 1 203 203 203 203 SBA: Interest rate reduction - - - - - Change in amortization period or maturity 1 330 330 320 - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity 2 823 823 821 - Non-owner Interest rate reduction 1 2,376 2,376 2,316 - Change in amortization period or maturity 1 280 280 280 - Dairy & livestock and agribusiness: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - SFR mortgage: Interest rate reduction 1 322 322 326 - Change in amortization period or maturity - - - - - Total loans 7 $ 4,334 $ 4,334 $ 4,266 $ 203 (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. |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Summary of Activity Related to Total OREO | The following table summarizes the activity related to total OREO for the periods presented. For the Year Ended December 31, 2017 2016 (Dollars in thousands) Balance, beginning of period $ 4,527 $ 6,993 Additions - - Dispositions - (2,129) Valuation adjustments - (337) Balance, end of period $ 4,527 $ 4,527 |
Goodwill and Other Intangible41
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The following table presents the changes in the carrying amount of goodwill for the periods presented. As of and for the Year Ended December 31, 2017 2016 (Dollars in thousands) Balance, beginning of period $ 89,533 $ 74,244 Additions due to acquisitions 27,031 15,289 Balance, end of period $ 116,564 $ 89,533 |
Summary of Amortizable Intangible Assets | The following summarizes activity of amortizable core deposit intangible (“CDI”) assets for the periods presented. As of and For the Year Ended December 31, 2017 2016 Gross CDI Accumulated Net CDI Gross CDI Accumulated Net CDI Amount Amortization Amount Amount Amortization Amount (Dollars in thousands) Balance of intangible assets, beginning of period $ 37,940 $ (32,930) $ 5,010 $ 34,089 $ (31,824) $ 2,265 Additions due to acquisitions 3,157 3,851 Balance of intangible assets, end of period $ 41,097 $ (34,259) $ 6,838 $ 37,940 $ (32,930) $ 5,010 Aggregate amortization expense: For year ended December 31, $ 1,329 $ 1,106 Estimated Amortization Expense: For the year ending December 31, 2018 1,304 For the year ending December 31, 2019 1,067 For the year ending December 31, 2020 718 For the year ending December 31, 2021 703 Thereafter 3,046 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Premises and equipment were comprised of the following for the periods presented. As of December 31, 2017 2016 (Dollars in thousands) Land $ 14,489 $ 13,119 Bank premises 65,215 62,154 Furniture and equipment 25,610 28,759 Premises and equipment, gross 105,314 104,032 Accumulated depreciation and amortization (59,148) (61,946) Premises and equipment, net $ 46,166 $ 42,086 |
Future Minimum Annual Rental Payments for Noncancelable Leases | The future minimum annual rental payments required for leases that have initial or remaining noncancelable lease terms in excess of one year as of December 31, 2017, excluding property taxes and insurance, are as follows: As of December 31, 2017 Year: (Dollars in thousands) 2018 $ 4,958 2019 3,307 2020 1,758 2021 1,204 2022 971 Thereafter 299 Total $ 12,497 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Other Assets | Other assets were comprised of the following for the periods presented. As of December 31, 2017 2016 (Dollars in thousands) Prepaid expenses $ 4,538 $ 4,338 Interest rate swaps 3,211 5,783 Other investments 6,778 7,221 Other assets 10,790 6,490 Total $ 25,317 $ 23,832 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Current and Deferred Amounts of Income Tax Expense (Benefit) | The current and deferred amounts of income tax expense (benefit) consist of the following. For the Year Ended December 31, 2017 2016 2015 (Dollars in thousands) Current provision: Federal $ 44,153 $ 41,195 $ 40,021 State 17,151 17,944 17,040 61,304 59,139 57,061 Deferred provision/(benefit): Federal 20,926 1,208 (3,443) State 2,154 510 (1,397) 23,080 1,718 (4,840) Total $ 84,384 $ 60,857 $ 52,221 |
Schedule of Income Tax Asset | Income tax asset consists of the following. As of December 31, 2017 2016 (Dollars in thousands) Current: Federal $ 11,713 $ 4,399 State 2,946 538 14,659 4,937 Deferred: Federal 16,557 31,566 State 8,830 8,926 25,387 40,492 Total $ 40,046 $ 45,429 |
Components of Net Deferred Tax Asset | The components of the net deferred tax asset are as follows. As of December 31, 2017 2016 (Dollars in thousands) Deferred tax assets: Bad debt and credit loss deduction $ 19,911 $ 31,284 Net operating loss carryforward 207 453 Deferred compensation 5,501 5,296 PCI loans 3,098 12,147 California franchise tax 1,618 3,269 Accrued expense 1,365 5,299 Other, net 3,353 2,110 Gross deferred tax asset 35,053 59,858 Deferred tax liabilities: Depreciation 975 2,168 Intangibles - acquisitions 3,404 3,543 FHLB Stock 2,400 3,421 Deferred income 2,112 4,099 Unrealized gain on investment securities, net 775 6,135 Gross deferred tax liability 9,666 19,366 Net deferred tax asset $ 25,387 $ 40,492 |
Reconciliation of Statutory Income Tax Rate to Consolidated Effective Income Tax Rate | The annual consolidated effective tax rate for the periods presented, is reconciled to the U.S. statutory income rate as follows. For the Year Ended December 31, 2017 2016 2015 Amount Percent Amount Percent Amount Percent (Dollars in thousands) Federal income tax at statutory rate $ 66,078 35.0% $ 56,800 35.0% $ 52,978 35.0% State franchise taxes, net of federal benefit 12,903 6.9% 11,299 7.0% 10,457 6.9% Tax-exempt (4,450) (2.4%) (5,848) (3.6%) (7,619) (5.0%) Tax credits (1,096) (0.6%) (846) (0.5%) (1,014) (0.7%) Deferred tax asset revalution adjustment 13,208 7.0% - 0.0% - 0.0% Other, net (2,259) (1.2%) (548) (0.4%) (2,581) (1.7%) Provision for income taxes $ 84,384 44.7% $ 60,857 37.5% $ 52,221 34.5% |
Change in Unrecognized Tax Benefits | The change in unrecognized tax benefits in 2017 and 2016 follows. For the Year Ended December 31, 2017 2016 (Dollars in thousands) Balance, beginning of period $ 1,675 $ 1,675 Additions for tax positions related to prior years - - Reductions due to lapse of statue of limitations (716) - Settlement with tax authorities (959) - Balance, end of period $ - $ 1,675 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Composition of Deposits | The composition of deposits is summarized for the periods presented in the table below. As of December 31, 2017 2016 Amount Percent Amount Percent (Dollars in thousands) Noninterest-bearing deposits $ 3,846,436 58.75% $ 3,673,541 58.22% Interest-bearing deposits: Investment checking 433,971 6.63% 407,058 6.45% Money market 1,517,050 23.17% 1,504,021 23.84% Savings 364,049 5.56% 342,236 5.42% Time deposits 385,347 5.89% 382,824 6.07% Total deposits $ 6,546,853 100.00% $ 6,309,680 100.00% |
Scheduled Maturities of Time Certificates of Deposit | At December 31, 2017, the scheduled maturities of time certificates of deposit are as follows. December 31, 2017 Year of maturity: (Dollars in thousands) 2018 $ 354,055 2019 14,173 2020 7,196 2021 1,562 2022 and thereafter 8,361 Total $ 385,347 |
Earnings Per Share Reconcilia46
Earnings Per Share Reconciliation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Common Share Reconciliation | The table below shows earnings per common share and diluted earnings per common share, and reconciles the numerator and denominator of both earnings per common share calculations. For the Year Ended December 31, 2017 2016 2015 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 104,411 $ 101,429 $ 99,145 Less: Net earnings allocated to restricted stock 382 421 515 Net earnings allocated to common shareholders $ 104,029 $ 101,008 $ 98,630 Weighted average shares outstanding 109,409 107,282 105,715 Basic earnings per common share $ 0.95 $ 0.94 $ 0.93 Diluted earnings per common share: Net income allocated to common shareholders $ 104,029 $ 101,008 $ 98,630 Weighted average shares outstanding 109,409 107,282 105,715 Incremental shares from assumed exercise of 398 405 477 Diluted weighted average shares outstanding 109,807 107,687 106,192 Diluted earnings per common share $ 0.95 $ 0.94 $ 0.93 |
Stock Option Plans and Restri47
Stock Option Plans and Restricted Stock Awards (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Estimated Fair Value of Stock Options | The fair value of each stock option granted in 2017, 2016 and 2015, was estimated on the date of grant using the following weighted-average assumptions. For the Year Ended December 31, 2017 2016 2015 Dividend yield 2.2% 2.9% 2.5% Volatility 29.6% 33.1% 47.7% Risk-free interest rate 1.8% 1.2% 1.5% Expected life 5.6 years 5.6 years 6.1 years Weighted average grant date fair value $5.17 $3.96 $5.83 |
Option Activity under Company's Stock Option Plans | The following table presents option activity under the Company’s stock option plans as of and for the year ended December 31, 2017. Number of Weighted Weighted Aggregate (In thousands) (In years) (In thousands) Outstanding at January 1, 2017 876 $ 11.88 Granted 12 21.99 Exercised (283) 9.48 Forfeited or expired (17) 15.69 Outstanding at December 31, 2017 588 $ 13.12 5.17 $ 6,137 Vested or expected to vest at December 31, 2017 560 $ 12.96 5.03 $ 5,942 Exercisable at December 31, 2017 383 $ 11.46 3.90 $ 4,640 |
Summary of Status of Company's Non-Vested Restricted Shares | The table below summarizes activity related to the Company’s non-vested Shares Weighted Value (In thousands) Nonvested at January 1, 2017 460 $ 15.43 Granted 73 21.59 Vested (150) 14.98 Forfeited (7) 14.49 Nonvested at December 31, 2017 376 $ 16.82 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Banking and Thrift [Abstract] | |
Regulatory Capital Amounts and Ratios for Company and Bank | As of December 31, 2017 and 2016, the Company had $25.0 million of trust-preferred securities, which were included in Tier 1 capital for regulatory purposes, respectively. The following table summarizes regulatory capital amounts and ratios for the Company and the Bank as of December 31, 2017 and 2016. Actual For Capital Adequacy Purposes To Be Well Capitalized under Prompt Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2017: Total Capital (to Risk-Weighted Assets) Company $ 1,039,060 18.01% $ 461,574 ³ 8.00% N/A Bank $ 1,029,126 17.86% $ 461,037 ³ 8.00% $ 576,296 ³ 10.00% Tier 1 Capital (to Risk-Weighted Assets) Company $ 973,169 16.87% $ 346,180 ³ 6.00% N/A Bank $ 963,235 16.71% $ 345,778 ³ 6.00% $ 461,037 ³ 8.00% Common equity Tier 1 capital ratio Company $ 948,210 16.43% $ 259,635 ³ 4.50% N/A Bank $ 963,235 16.71% $ 259,333 ³ 4.50% $ 374,592 ³ 6.50% Tier 1 Capital (to Average-Assets) Company $ 973,169 11.88% $ 327,680 ³ 4.00% N/A Bank $ 963,235 11.77% $ 327,397 ³ 4.00% $ 409,246 ³ 5.00% As of December 31, 2016: Total Capital (to Risk-Weighted Assets) Company $ 982,461 18.19% $ 432,081 ³ 8.00% N/A Bank $ 971,681 18.01% $ 431,576 ³ 8.00% $ 539,471 ³ 10.00% Tier 1 Capital (to Risk-Weighted Assets) Company $ 914,937 16.94% $ 324,061 ³ 6.00% N/A Bank $ 904,236 16.76% $ 323,682 ³ 6.00% $ 431,576 ³ 8.00% Common equity Tier 1 capital ratio Company $ 890,118 16.48% $ 243,046 ³ 4.50% N/A Bank $ 904,236 16.76% $ 242,762 ³ 4.50% $ 350,656 ³ 6.50% Tier 1 Capital (to Average-Assets) Company $ 914,937 11.49% $ 318,552 ³ 4.00% N/A Bank $ 904,236 11.36% $ 318,305 ³ 4.00% $ 397,882 ³ 5.00% |
Fair Value Information (Tables)
Fair Value Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The tables below present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented. Carrying Value at Quoted Prices in Significant Other Significant (Level 3) (Dollars in thousands) Description of assets Investment securities - AFS: Government agency/GSE $ - $ - $ - $ - Residential mortgage-backed securities 1,750,909 - 1,750,909 - CMO/REMIC - residential 273,829 - 273,829 - Municipal bonds 55,496 - 55,496 - Other securities 751 - 751 - Total investment securities - AFS 2,080,985 - 2,080,985 - Interest rate swaps 3,211 - 3,211 - Total assets $ 2,084,196 $ - $ 2,084,196 $ - Description of liability Interest rate swaps $ 3,211 $ - $ 3,211 $ - Total liabilities $ 3,211 $ - $ 3,211 $ - Carrying Value at Quoted Prices in Significant Other Significant (Level 3) (Dollars in thousands) Description of assets Investment securities - AFS: Government agency/GSE $ 2,752 $ - $ 2,752 $ - Residential mortgage-backed securities 1,834,748 - 1,834,748 - CMO/REMIC - residential 347,189 - 347,189 - Municipal bonds 80,071 - 80,071 - Other securities 5,706 - 5,706 - Total investment securities - AFS 2,270,466 - 2,270,466 - Interest rate swaps 5,783 - 5,783 - Total assets $ 2,276,249 $ - $ 2,276,249 $ - Description of liability Interest rate swaps $ 5,783 $ - $ 5,783 $ - Total liabilities $ 5,783 $ - $ 5,783 $ - |
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 (Level 1) Significant Other Significant Total Losses (Dollars in thousands) Description of assets Impaired loans, excluding PCI loans: Commercial and industrial $ - $ - $ - $ - $ - SBA - - - - - Real estate: Commercial real estate - - - - - Construction - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Consumer and other loans 378 - - 378 74 Other real estate owned - - - - - Asset held-for-sale - - - Total assets $ 378 $ - $ - $ 378 $ 74 Carrying Value at Quoted Prices in (Level 1) Significant Other (Level 2) Significant (Level 3) Total Losses (Dollars in thousands) Description of assets Impaired loans, excluding PCI loans: Commercial and industrial $ 65 $ - $ - $ 65 $ 8 SBA 196 - - 196 27 Real estate: Commercial real estate - - - - - Construction - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Consumer and other loans - - - - - Other real estate owned - - - - - Asset held-for-sale 3,411 3,411 2,558 Total assets $ 3,672 $ - $ - $ 3,672 $ 2,593 |
Estimated Fair Value of Financial Instruments | The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. December 31, 2017 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 144,377 $ 144,377 $ - $ - $ 144,377 Interest-earning balances due from depository institutions 17,952 - 17,951 - 17,951 FHLB stock 17,688 - 17,688 - 17,688 Investment securities available-for-sale 2,080,985 - 2,080,985 - 2,080,985 Investment securities held-to-maturity 829,890 - 819,215 - 819,215 Total loans, net of allowance for loan losses 4,771,046 - - 4,678,402 4,678,402 Swaps 3,211 - 3,211 - 3,211 Liabilities Deposits: Noninterest-bearing $ 3,846,436 $ 3,846,436 $ - $ - $ 3,846,436 Interest-bearing 2,700,417 - 2,697,781 - 2,697,781 Borrowings 553,773 - 553,416 - 553,416 Junior subordinated debentures 25,774 - - 18,070 18,070 Swaps 3,211 - 3,211 - 3,211 December 31, 2016 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and due from banks $ 121,633 $ 121,633 $ - $ - $ 121,633 Interest-earning balances due from depository institutions 47,848 - 47,848 - 47,848 FHLB stock 17,688 - 17,688 - 17,688 Investment securities available-for-sale 2,270,466 - 2,270,466 - 2,270,466 Investment securities held-to-maturity 911,676 - 897,374 - 897,374 Total loans, net of allowance for loan losses 4,333,524 - - 4,306,225 4,306,225 Swaps 5,783 - 5,783 - 5,783 Liabilities Deposits: Noninterest-bearing $ 3,673,541 $ 3,673,541 $ - $ - $ 3,673,541 Interest-bearing 2,636,139 - 2,634,443 - 2,634,443 Borrowings 656,028 - 655,820 - 655,820 Junior subordinated debentures 25,774 - - 18,463 18,463 Swaps 5,783 - 5,783 - 5,783 |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | The following tables present the operating results and other key financial measures for the individual operating segments for the periods presented. For the Year Ended December 31, 2017 Centers Dairy & Other (1) Total (Dollars in thousands) Net interest income $ 195,377 $ 10,798 $ 72,755 $ 278,930 (Recapture of) provision for loan losses 1,712 (3,913) (6,299) (8,500) Net interest income after (recapture of) provision for loan losses 193,665 14,711 79,054 287,430 Noninterest income 21,674 232 20,212 42,118 Noninterest expense 51,337 1,963 87,453 140,753 Segment pre-tax $ 164,002 $ 12,980 $ 11,813 $ 188,795 Goodwill $ 116,564 $ - $ - $ 116,564 Segment assets as of December 31, 2017 $ 7,235,549 $ 474,292 $ 560,745 $ 8,270,586 (1) Includes the elimination of certain items that are included in more than one department, most of which represents products and services for Centers’ customers. For the Year Ended December 31, 2016 Centers Dairy & Other (1) Total (Dollars in thousands) Net interest income $ 178,183 $ 7,973 $ 70,918 $ 257,074 (Recapture of) provision for loan losses (172) 2,296 (8,524) (6,400) Net interest income after (recapture of) provision for loan losses 178,355 5,677 79,442 263,474 Noninterest income 20,179 223 15,150 35,552 Noninterest expense 50,110 1,958 84,656 136,724 Debt termination expense - - 16 16 Segment pre-tax $ 148,424 $ 3,942 $ 9,920 $ 162,286 Goodwill $ 89,533 $ - $ - $ 89,533 Segment assets as of December 31, 2016 $ 7,024,986 $ 473,670 $ 575,051 $ 8,073,707 (1) Includes the elimination of certain items that are included in more than one department, most of which represents products and services for Centers’ customers. For the Year Ended December 31, 2015 Centers Dairy & Other (1) Total (Dollars in thousands) Net interest income $ 167,633 $ 7,558 $ 77,751 $ 252,942 (Recapture of) provision for loan losses (6,711) 143 968 (5,600) Net interest income after (recapture of) provision for loan losses 174,344 7,415 76,783 258,542 Noninterest income 20,677 261 12,545 33,483 Noninterest expense 48,568 1,844 76,377 126,789 Debt termination expense - - 13,870 13,870 Segment pre-tax $ 146,453 $ 5,832 $ (919) $ 151,366 Goodwill $ 74,244 $ - $ - $ 74,244 Segment assets as of December 31, 2015 $ 6,441,751 $ 458,214 $ 771,235 $ 7,671,200 (1) Includes the elimination of certain items that are included in more than one department, most of which represents products and services for Centers’ customers. |
Derivative Financial Instrume51
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Instruments | As of December 31, 2017 and 2016, the total notional amount of the Company’s swaps was $198.5 million and $202.7 million, respectively. The location of the asset and liability, and their respective fair values are summarized in the tables below. December 31, 2017 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 3,211 Other liabilities $ 3,211 Total derivatives $ 3,211 $ 3,211 December 31, 2016 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 5,783 Other liabilities $ 5,783 Total derivatives $ 5,783 $ 5,783 |
Effect of Derivative Instruments on Consolidated Statement of Earnings | The following table summarizes the effect of derivative financial instruments on the consolidated statements of earnings for the periods presented. Derivatives Not Location of Gain Recognized in Income on Derivative Instruments Amount of Gain Recognized in Income on Derivative For the Year Ended December 31, 2017 2016 2015 (Dollars in thousands) Interest rate swaps Other income $ 615 $ 691 $ 333 Total $ 615 $ 691 $ 333 |
Other Comprehensive Income (L52
Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Summary of Components of Other Comprehensive Income | The tables below provide a summary of the components of OCI for the periods presented. For the Year Ended December 31, 2017 2016 2015 Before-tax Tax effect After-tax Before-tax Tax effect After-tax Before-tax Tax effect After-tax (Dollars in thousands) Investment securities: Net change in fair value recorded in accumulated OCI $ (11,336) $ (4,760) $ (6,576) $ (15,792) $ (6,633) $ (9,159) $ (22,667) $ (9,519) $ (13,148) Cumulative-effect adjustment for unrealized gains on securities transferred from available-for-sale held-to-maturity - - - - - - 6,690 2,808 3,882 Amortization of unrealized (gains)/losses on securities transferred from available-for-sale held-to-maturity (3,293) (1,383) (1,910) (2,174) (913) (1,261) (1,573) (660) (913) Net realized (gain)/loss reclassified into earnings (1) (402) (169) (233) (548) (230) (318) 22 9 13 Net change $ (15,031) $ (6,312) $ (8,719) $ (18,514) $ (7,776) $ (10,738) $ (17,528) $ (7,362) $ (10,166) (1) Included in other noninterest income. |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Schedule of Balance Sheet Offsetting | The repurchase agreements are not offset in the consolidated balances. Gross Amounts Gross Amounts Net Amounts of Gross Amounts Not Offset Net Amount Financial Collateral (Dollars in thousands) December 31, 2017 Financial assets: Derivatives not designated as hedging instruments $ 3,211 $ - $ - $ 3,211 $ - $ 3,211 Total $ 3,211 $ - $ - $ 3,211 $ - $ 3,211 Financial liabilities: Derivatives not designated as hedging instruments $ 4,495 $ (1,284) $ 3,211 $ 1,284 $ (12,760) $ (8,265) Repurchase agreements 553,773 - 553,773 - (573,759) (19,986) Total $ 558,268 $ (1,284) $ 556,984 $ 1,284 $ (586,519) $ (28,251) December 31, 2016 Financial assets: Derivatives not designated as hedging instruments $ 5,783 $ - $ - $ 5,783 $ - $ 5,783 Total $ 5,783 $ - $ - $ 5,783 $ - $ 5,783 Financial liabilities: Derivatives not designated as hedging instruments $ 6,855 $ (1,072) $ 5,783 $ 1,072 $ (12,800) $ (5,945) Repurchase agreements 603,028 - 603,028 - (683,413) (80,385) Total $ 609,883 $ (1,072) $ 608,811 $ 1,072 $ (696,213) $ (86,330) |
Condensed Financial Informati54
Condensed Financial Information of Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | CONDENSED BALANCE SHEETS As of December 31, 2017 2016 (Dollars in thousands) Assets Investment in subsidiaries $ 1,084,332 $ 1,005,160 Other assets, net 26,703 24,754 Total assets $ 1,111,035 $ 1,029,914 Liabilities $ 41,769 $ 39,052 Stockholders’ equity 1,069,266 990,862 Total liabilities and stockholders’ equity $ 1,111,035 $ 1,029,914 |
Condensed Statements of Earnings | CONDENSED STATEMENTS OF EARNINGS For the Year Ended December 31, 2017 2016 2015 (Dollars in thousands) Excess in net earnings of subsidiaries $ 50,253 $ 55,192 $ 53,259 Dividends from the Bank 57,000 49,000 49,000 Other expense, net (2,842) (2,763) (3,114) Net earnings $ 104,411 $ 101,429 $ 99,145 |
Condensed Statements of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS For the Year Ended December 31, 2017 2016 2015 (Dollars in thousands) Cash Flows from Operating Activities Net earnings $ 104,411 $ 101,429 $ 99,145 Adjustments to reconcile net earnings to cash used in operating activities: Earnings of subsidiaries (107,253) (104,192) (102,259) Tax settlement received from the Bank 1,577 2,557 1,233 Stock-based compensation 2,953 2,803 2,733 Other operating activities, net (1,725) (3,362) (2,180) Total adjustments (104,448) (102,194) (100,473) Net cash used in operating activities (37) (765) (1,328) Cash Flows from Investing Activities Dividends received from the Bank 57,000 49,000 49,000 Net cash provided by investing activities 57,000 49,000 49,000 Cash Flows from Financing Activities Cash dividends on common stock (57,047) (51,625) (48,862) Proceeds from exercise of stock options 2,683 5,151 5,144 Tax benefit related to exercise of stock options - 932 308 Repurchase of common stock (1,128) (1,907) (834) Net cash used in financing activities (55,492) (47,449) (44,244) Net increase in cash and cash equivalents 1,471 786 3,428 Cash and cash equivalents, beginning of period 17,746 16,960 13,532 Cash and cash equivalents, end of period $ 19,217 $ 17,746 $ 16,960 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Financial Data | The following table sets forth our unaudited, quarterly results for the periods indicated. For the Three Months Ended December 31, September 30, June 30, March 31, (Dollars in thousands, except per share amounts) 2017 Net interest income $ 71,275 $ 71,739 $ 70,483 $ 65,433 Recapture of provision for loan losses (1,500) (1,500) (1,000) (4,500) Net earnings 17,851 29,683 28,373 28,504 Basic earnings per common share 0.16 0.27 0.26 0.26 Diluted earnings per common share 0.16 0.27 0.26 0.26 2016 Net interest income $ 65,441 $ 63,161 $ 65,956 $ 62,516 Recapture of provision for loan losses (4,400) (2,000) - - Net earnings 27,076 25,448 25,514 23,391 Basic earnings per common share 0.25 0.23 0.23 0.22 Diluted earnings per common share 0.25 0.23 0.23 0.22 |
Business - Additional Informati
Business - Additional Information (Detail) $ in Millions | Mar. 10, 2017USD ($)Branch | Feb. 29, 2016USD ($)Branch | Dec. 31, 2017LocationSubsidiary |
Schedule Of Description Of Company [Line Items] | |||
Number of inactive subsidiaries | Subsidiary | 1 | ||
Bank operated banking centers, number | Location | 50 | ||
Bank operated trust office locations, number | Location | 3 | ||
Valley Commerce Bancorp [Member] | |||
Schedule Of Description Of Company [Line Items] | |||
Total assets of acquired/merger company | $ | $ 400 | ||
Number of bank branches acquired | Branch | 4 | ||
County Commerce Bank [Member] | |||
Schedule Of Description Of Company [Line Items] | |||
Total assets of acquired/merger company | $ | $ 253 | ||
Number of bank branches acquired | Branch | 4 |
Summary of Significant Accoun57
Summary of Significant Accounting Policies - Additional Information (Detail) | Oct. 16, 2009USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2017USD ($)SegmentOfficePortfolios |
Summary Of Significant Accounting Policies [Line Items] | |||
Number of operating business segments | Segment | 2 | ||
Fair value of securities | $ 898,600,000 | ||
Net unrealized holding gain after tax | $ 3,900,000 | ||
Number of days on which collection of interest on principal is no longer probable | 90 days | ||
Period over which borrower has to demonstrate repayment performance in compliance with restructured terms to take loan out of nonaccrual status | 6 months | ||
Original terms of modified loans | 6 months | ||
Number of days on which charge-offs unsecured consumer loans are recorded | 120 days | ||
Minimum loan amount for credit review process | $ 1,000,000 | ||
Allowance for loan losses look-back period, revised | Rolling 20-quarters | ||
Number of loan segments with similar risk characteristics | Portfolios | 8 | ||
Agreed percentage of losses in loss sharing agreement | 80.00% | ||
Loss amount with respect to covered assets | $ 26,700,000 | ||
Agreed percentage of reimbursement in loss sharing agreement | 95.00% | ||
Commercial loans expiration date | Oct. 16, 2014 | ||
Goodwill impairment | $ 0 | ||
Number of offices providing services, CitizensTrust | Office | 3 | ||
Assets under administration, CitizensTrust | $ 2,880,000,000 | ||
Assets under management, CitizensTrust | 2,150,000,000 | ||
Accounting Standards Update 2016-09 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Excess tax benefits recognized in provision for income taxes | $ 1,600,000 | ||
Commercial Loans [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Loss sharing agreement term | 5 years | ||
Loss recovery provisions term | 8 years | ||
Single-family Residential Loans [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Loss sharing agreement term | 10 years | ||
Loss recovery provisions term | 10 years | ||
Commercial loans expiration date | Oct. 16, 2019 | ||
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of days over which principal or interest payments are past due to consider loans, excluding PCI loans | 30 days | ||
Number of days for which principal or interest payments on loans, excluding PCI loans remain accrual | 30 days | ||
Length of modified debt term | 3 months | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Number of days for which principal or interest payments on loans, excluding PCI loans remain accrual | 89 days | ||
Length of modified debt term | 12 months | ||
Loss recoveries on covered assets | $ 144,000,000 |
Summary of Significant Accoun58
Summary of Significant Accounting Policies - Summary of Useful Lives of Principal Classes of Assets (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |
Estimated economic lives of leasehold improvements | Shorter of estimated economic lives of 15 years or term of the lease. |
Minimum [Member] | Bank Premises [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 15 years |
Minimum [Member] | Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 3 years |
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 5 years |
Maximum [Member] | Bank Premises [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 39 years |
Maximum [Member] | Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 5 years |
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 7 years |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) | Mar. 10, 2017USD ($)Branch | Feb. 29, 2016USD ($)Branch | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||||
Acquisition date | Oct. 16, 2009 | ||||
Goodwill | $ 116,564,000 | $ 89,533,000 | $ 74,244,000 | ||
Merger related expenses | $ 2,251,000 | 1,897,000 | $ 475,000 | ||
Valley Commerce Bancorp [Member] | |||||
Business Acquisition [Line Items] | |||||
Acquisition date | Mar. 10, 2017 | ||||
Acquired assets and assumed liabilities for cash | $ 23,200,000 | ||||
Assets and assumed all of the liabilities, stock | 37,600,000 | ||||
Goodwill | 27,000,000 | ||||
Total fair value of assets acquired | 405,900,000 | ||||
Cash and cash equivalents | 28,300,000 | ||||
FHLB stock | 2,000,000 | ||||
Loans and lease finance receivables | 309,700,000 | ||||
Fixed assets | 5,300,000 | ||||
Bank-Owned Life Insurance | 9,400,000 | ||||
Core deposit intangible assets | 3,200,000 | ||||
Other assets | 21,000,000 | ||||
Total fair value of liabilities assumed | 368,300,000 | ||||
Deposits | 361,800,000 | ||||
Other liabilities | $ 6,500,000 | ||||
Merger related expenses | $ 2,100,000 | ||||
Valley Business Bank [Member] | |||||
Business Acquisition [Line Items] | |||||
Number of branches owned by merger company | Branch | 4 | ||||
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 for cash | $ 20,600,000 | ||||
Assets and assumed all of the liabilities, stock | 21,600,000 | ||||
Goodwill | 15,300,000 | ||||
Total fair value of assets acquired | 252,400,000 | ||||
Cash and cash equivalents | 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 | 289,000 | ||||
Total fair value of liabilities assumed | 230,800,000 | ||||
Deposits | 224,200,000 | ||||
Other liabilities | 1,600,000 | ||||
Merger related expenses | $ 145,000 | $ 1,400,000 | |||
FHLB advances | $ 5,000,000 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 2,078,131 | $ 2,255,874 |
Gross Unrealized Holding Gain, Available-for-sale | 13,282 | 23,264 |
Gross Unrealized Holding Loss, Available-for-sale | (10,428) | (8,672) |
Fair Value, Available-for-sale | $ 2,080,985 | $ 2,270,466 |
Total Percent, Available-for-sale | 100.00% | 100.00% |
Amortized Cost, Held-to-maturity | $ 829,890 | $ 911,676 |
Gross Unrealized Holding Gain, Held-to-maturity | 4,272 | 1,138 |
Gross Unrealized Holding Loss, Held-to-maturity | (14,947) | (15,440) |
Fair Value, Held-to-maturity | $ 819,215 | $ 897,374 |
Total Percent, Held-to-maturity | 100.00% | 100.00% |
CMO/REMIC - Residential [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 274,634 | $ 345,313 |
Gross Unrealized Holding Gain, Available-for-sale | 1,277 | 3,361 |
Gross Unrealized Holding Loss, Available-for-sale | (2,082) | (1,485) |
Fair Value, Available-for-sale | $ 273,829 | $ 347,189 |
Total Percent, Available-for-sale | 13.16% | 15.29% |
Amortized Cost, Held-to-maturity | $ 225,072 | $ 244,419 |
Gross Unrealized Holding Gain, Held-to-maturity | 0 | 0 |
Gross Unrealized Holding Loss, Held-to-maturity | (8,641) | (6,808) |
Fair Value, Held-to-maturity | $ 216,431 | $ 237,611 |
Total Percent, Held-to-maturity | 27.12% | 26.81% |
Government Agency/GSE [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 2,750 | |
Gross Unrealized Holding Gain, Available-for-sale | 2 | |
Gross Unrealized Holding Loss, Available-for-sale | 0 | |
Fair Value, Available-for-sale | $ 2,752 | |
Total Percent, Available-for-sale | 0.12% | |
Amortized Cost, Held-to-maturity | $ 159,716 | $ 182,648 |
Gross Unrealized Holding Gain, Held-to-maturity | 854 | 362 |
Gross Unrealized Holding Loss, Held-to-maturity | (2,134) | (1,972) |
Fair Value, Held-to-maturity | $ 158,436 | $ 181,038 |
Total Percent, Held-to-maturity | 19.25% | 20.03% |
Residential Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 1,747,780 | $ 1,822,168 |
Gross Unrealized Holding Gain, Available-for-sale | 11,231 | 18,812 |
Gross Unrealized Holding Loss, Available-for-sale | (8,102) | (6,232) |
Fair Value, Available-for-sale | $ 1,750,909 | $ 1,834,748 |
Total Percent, Available-for-sale | 84.14% | 80.81% |
Amortized Cost, Held-to-maturity | $ 176,427 | $ 193,699 |
Gross Unrealized Holding Gain, Held-to-maturity | 667 | 0 |
Gross Unrealized Holding Loss, Held-to-maturity | (382) | (1,892) |
Fair Value, Held-to-maturity | $ 176,712 | $ 191,807 |
Total Percent, Held-to-maturity | 21.26% | 21.25% |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 54,966 | $ 80,137 |
Gross Unrealized Holding Gain, Available-for-sale | 774 | 889 |
Gross Unrealized Holding Loss, Available-for-sale | (244) | (955) |
Fair Value, Available-for-sale | $ 55,496 | $ 80,071 |
Total Percent, Available-for-sale | 2.66% | 3.53% |
Amortized Cost, Held-to-maturity | $ 268,675 | $ 290,910 |
Gross Unrealized Holding Gain, Held-to-maturity | 2,751 | 776 |
Gross Unrealized Holding Loss, Held-to-maturity | (3,790) | (4,768) |
Fair Value, Held-to-maturity | $ 267,636 | $ 286,918 |
Total Percent, Held-to-maturity | 32.37% | 31.91% |
Other Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 751 | $ 5,506 |
Gross Unrealized Holding Gain, Available-for-sale | 0 | 200 |
Gross Unrealized Holding Loss, Available-for-sale | 0 | 0 |
Fair Value, Available-for-sale | $ 751 | $ 5,706 |
Total Percent, Available-for-sale | 0.04% | 0.25% |
Investment Securities - Summa61
Investment Securities - Summary of Interest Income Earned on Investment Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net Investment Income [Line Items] | |||
Total interest income from available-for-sale securities | $ 49,778 | $ 47,702 | $ 63,190 |
Total interest income from held-to-maturity securities | 21,015 | 20,227 | 9,018 |
Total investment income | 70,793 | 67,929 | 72,208 |
Investment securities available-for-sale [Member] | |||
Net Investment Income [Line Items] | |||
Taxable | 47,596 | 43,538 | 48,854 |
Tax-advantaged | 2,182 | 4,164 | 14,336 |
Investment securities held-to-maturity [Member] | |||
Net Investment Income [Line Items] | |||
Taxable | 12,558 | 10,183 | 4,451 |
Tax-advantaged | $ 8,457 | $ 10,044 | $ 4,567 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Average life of investment grade debt securities, years | 4 years | |
Credit-related impairment loss on investment securities held-to-maturity | $ 0 | $ 0 |
Investment securities pledged as collateral | 1,910,000,000 | $ 2,190,000,000 |
Investment in FHLB stock, impairment losses | $ 0 | |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Average life of investment grade debt securities, years | 9 years 10 months 25 days | |
Government Agency/GSE [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Agency bond callable | $ 101,300,000 | |
United States [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities issued by U.S. government percentage | 89.00% | |
CMO/REMIC - Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment contractual cash flows guaranteed by Government, percentage | 100.00% |
Investment Securities - Summa63
Investment Securities - Summary of Continuous Unrealized Loss Position of Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | $ 510,174 | $ 734,993 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (2,319) | (8,671) |
Fair Value, 12 Months or Longer, Available-for-sale | 388,925 | 5,981 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (8,109) | (1) |
Fair Value, Available-for-sale | 899,099 | 740,974 |
Gross Unrealized Holding Losses, Available-for-sale | (10,428) | (8,672) |
Fair Value, Less Than 12 Months, Held-to-maturity | 102,316 | 652,076 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (707) | (14,383) |
Fair Value, 12 Months or Longer, Held-to-maturity | 381,449 | 36,971 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (14,240) | (1,057) |
Fair Value, Held-to-maturity | 483,765 | 689,047 |
Gross Unrealized Holding Losses, Held-to-maturity | (14,947) | (15,440) |
CMO/REMIC - Residential [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 95,137 | 128,595 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (487) | (1,485) |
Fair Value, 12 Months or Longer, Available-for-sale | 71,223 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (1,595) | 0 |
Fair Value, Available-for-sale | 166,360 | 128,595 |
Gross Unrealized Holding Losses, Available-for-sale | (2,082) | (1,485) |
Fair Value, Less Than 12 Months, Held-to-maturity | 0 | 237,611 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | 0 | (6,808) |
Fair Value, 12 Months or Longer, Held-to-maturity | 216,431 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (8,641) | 0 |
Fair Value, Held-to-maturity | 216,431 | 237,611 |
Gross Unrealized Holding Losses, Held-to-maturity | (8,641) | (6,808) |
Government Agency/GSE [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Held-to-maturity | 18,950 | 76,854 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (27) | (1,972) |
Fair Value, 12 Months or Longer, Held-to-maturity | 43,495 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (2,107) | 0 |
Fair Value, Held-to-maturity | 62,445 | 76,854 |
Gross Unrealized Holding Losses, Held-to-maturity | (2,134) | (1,972) |
Residential Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 414,091 | 583,143 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (1,828) | (6,232) |
Fair Value, 12 Months or Longer, Available-for-sale | 303,746 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (6,274) | 0 |
Fair Value, Available-for-sale | 717,837 | 583,143 |
Gross Unrealized Holding Losses, Available-for-sale | (8,102) | (6,232) |
Fair Value, Less Than 12 Months, Held-to-maturity | 51,297 | 191,807 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (188) | (1,892) |
Fair Value, 12 Months or Longer, Held-to-maturity | 55,306 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (194) | 0 |
Fair Value, Held-to-maturity | 106,603 | 191,807 |
Gross Unrealized Holding Losses, Held-to-maturity | (382) | (1,892) |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 946 | 23,255 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (4) | (954) |
Fair Value, 12 Months or Longer, Available-for-sale | 13,956 | 5,981 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (240) | (1) |
Fair Value, Available-for-sale | 14,902 | 29,236 |
Gross Unrealized Holding Losses, Available-for-sale | (244) | (955) |
Fair Value, Less Than 12 Months, Held-to-maturity | 32,069 | 145,804 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (492) | (3,711) |
Fair Value, 12 Months or Longer, Held-to-maturity | 66,217 | 36,971 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (3,298) | (1,057) |
Fair Value, Held-to-maturity | 98,286 | 182,775 |
Gross Unrealized Holding Losses, Held-to-maturity | $ (3,790) | $ (4,768) |
Investment Securities - Summa64
Investment Securities - Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost, Held-to-maturity | $ 885 | |
Due after one year through five years, Amortized Cost, Held-to-maturity | 175,899 | |
Due after five years through ten years, Amortized Cost, Held-to-maturity | 271,579 | |
Due after ten years, Amortized Cost, Held-to-maturity | 381,527 | |
Total Held-to-maturity, Debt Maturities, Amortized Cost Basis | 829,890 | |
Due in one year or less, Fair Value, Held-to-maturity | 882 | |
Due after one year through five years, Fair Value, Held-to-maturity | 173,251 | |
Due after five years through ten years, Fair Value, Held-to-maturity | 268,426 | |
Due after ten years, Fair Value, Held-to-maturity | 376,656 | |
Total, Held-to-maturity, Fair Value | 819,215 | |
Due in one year or less, Amortized Cost, Available-for-sale | 17,864 | |
Due after one year through five years, Amortized Cost, Available-for-sale | 1,929,815 | |
Due after five years through ten years, Amortized Cost, Available-for-sale | 96,678 | |
Due after ten years, Amortized Cost, Available-for-sale | 33,774 | |
Amortized Cost, Available-for-sale | 2,078,131 | $ 2,255,874 |
Due in one year or less, Fair Value, Available-for-sale | 18,089 | |
Due after one year through five years, Fair Value, Available-for-sale | 1,932,602 | |
Due after five years through ten years, Fair Value, Available-for-sale | 96,200 | |
Due after ten years, Fair Value, Available-for-sale | 34,094 | |
Total Available-for-sale Securities, Debt Maturities, Available-for-sale, Fair Value | $ 2,080,985 | $ 2,270,466 |
Acquired SJB Assets and FDIC 65
Acquired SJB Assets and FDIC Loss Sharing Asset - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Business Combinations [Abstract] | |
Acquisition date | Oct. 16, 2009 |
Remaining discount associated with SJB loans | $ 2 |
Claims submitted for net losses on PCI loans | $ 118.9 |
Acquired SJB Assets and FDIC 66
Acquired SJB Assets and FDIC Loss Sharing Asset - Summary of PCI Loans and Lease Finance Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real estate: | ||
Less: Purchase accounting discount | $ (2,000) | |
Gross PCI loans, net of discount | 28,882 | $ 71,585 |
Less: Allowance for PCI loan losses | (367) | (1,219) |
PCI Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 934 | 2,309 |
SBA | 1,383 | 327 |
Real estate: | ||
Commercial real estate | 27,431 | 67,594 |
Construction | 0 | 0 |
SFR mortgage | 162 | 178 |
Dairy & livestock and agribusiness | 770 | 1,216 |
Municipal lease finance receivables | 0 | 0 |
Consumer and other loans | 228 | 1,469 |
Gross PCI loans | 30,908 | 73,093 |
Less: Purchase accounting discount | (2,026) | (1,508) |
Gross PCI loans, net of discount | 28,882 | 71,585 |
Less: Allowance for PCI loan losses | (367) | (1,219) |
Net loans | $ 28,515 | $ 70,366 |
Acquired SJB Assets and FDIC 67
Acquired SJB Assets and FDIC Loss Sharing Asset - Summary of Gross PCI Loans by Internal Risk Ratings by Loans (Detail) - PCI Loans [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross PCI loans | $ 30,908 | $ 73,093 |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross PCI loans | 26,439 | 59,409 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross PCI loans | 1,088 | 1,162 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross PCI loans | 3,381 | 12,522 |
Doubtful & Loss [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross PCI loans | $ 0 | $ 0 |
Acquired SJB Assets and FDIC 68
Acquired SJB Assets and FDIC Loss Sharing Asset - Summary of Activity Related to FDIC Loss Sharing Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
FDIC Indemnification Asset [Roll Forward] | ||
Balance, beginning of period | $ (502) | $ (229) |
FDIC share of recoveries, net of charge-offs | 0 | (5) |
Cash paid to FDIC, net | 519 | 514 |
Other | (124) | (782) |
Balance, end of period | $ (107) | $ (502) |
Loans and Lease Finance Recei69
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Components of Loans and Lease Finance Receivables, Excluding PCI Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Gross loans, excluding PCI loans, net of deferred loan fees | $ 4,830,631 | $ 4,395,064 | ||
Less: Allowance for loan losses | (59,585) | (61,540) | $ (59,156) | $ (59,825) |
Total loans and lease finance receivables | 4,771,046 | 4,333,524 | ||
PCI Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial and industrial | 934 | 2,309 | ||
PCI Loans | 30,908 | 73,093 | ||
SBA | 1,383 | 327 | ||
Discount on PCI loans | (2,026) | (1,508) | ||
Commercial real estate | 27,431 | 67,594 | ||
Construction | 0 | 0 | ||
SFR mortgage | 162 | 178 | ||
Dairy & livestock and agribusiness | 770 | 1,216 | ||
Municipal lease finance receivables | 0 | 0 | ||
Consumer and other loans | 228 | 1,469 | ||
Less: Allowance for loan losses | (367) | (1,219) | $ 0 | |
Net loans | 28,515 | 70,366 | ||
Loans, Excluding PCI Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial and industrial | 513,325 | 485,078 | ||
SBA | 122,055 | 97,184 | ||
Commercial real estate | 3,376,713 | 2,930,141 | ||
Construction | 77,982 | 85,879 | ||
SFR mortgage | 236,202 | 250,605 | ||
Dairy & livestock and agribusiness | 347,289 | 338,631 | ||
Municipal lease finance receivables | 70,243 | 64,639 | ||
Consumer and other loans | 64,229 | 78,274 | ||
Total gross loans, excluding PCI loans | 4,808,038 | 4,330,431 | ||
Less: Deferred loan fees, net | (6,289) | (6,952) | ||
Gross loans, excluding PCI loans, net of deferred loan fees | 4,801,749 | 4,323,479 | ||
Less: Allowance for loan losses | (59,218) | (60,321) | ||
Net loans | $ 4,742,531 | $ 4,263,158 |
Loans and Lease Finance Recei70
Loans and Lease Finance Receivables and Allowance for Loan Losses - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2017USD ($)ContractSecurityLoan | Dec. 31, 2016USD ($)Contract | Dec. 31, 2015USD ($)Contract | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total fixed rate loans held | $ 2,170,000,000 | ||
Secure borrowings and available lines of credit from FHLB and Federal Reserve Bank | 3,680,000,000 | $ 3,110,000,000 | |
Loans held-for-sale | 0 | 0 | |
Impaired, at carrying value | 15,525,000 | 26,385,000 | $ 63,706,000 |
Loans classified as troubled debt restructured | 9,000,000 | ||
Impaired, at carrying value | 75,000 | 141,000 | 669,000 |
Provision for unfunded loan commitments | 400,000 | 450,000 | $ 500,000 |
Reserve for credit risk for undisbursed commitments | 6,300,000 | 6,700,000 | |
Allocation of allowance to troubled debt restructuring | 1,000 | $ 141,000 | |
Number of loans modified as a TDR within the previous 12 months that subsequently defaulted | Contract | 0 | 0 | |
Valley Business Bank [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired, at carrying value | $ 3,700,000 | ||
Commercial Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of total gross loan portfolio (excluding PCI loans) | 76.77% | ||
Construction [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Percentage of total gross loan portfolio (excluding PCI loans) | 70.23% | ||
Nonaccrual Small Business Administration Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | $ 906,000 | ||
Dairy & Livestock and Agribusiness [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 829,000 | ||
Impaired Loans Modified in Troubled Debt Restructure [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired, at carrying value | 9,000,000 | ||
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loan outstanding balance modified as a TDR within the previous 12 months that subsequently defaulted | $ 3,100,000 | ||
Number of loans modified as a TDR within the previous 12 months that subsequently defaulted | Contract | 1 | ||
Nonaccrual Single Family Mortgage Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | $ 1,300,000 | ||
Commercial Real Estate [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 6,800,000 | ||
Consumer and Other Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 552,000 | ||
Performing Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired, at carrying value | 15,500,000 | ||
Loans classified as troubled debt restructured | $ 4,800,000 | ||
Number of performing loans | SecurityLoan | 16 | ||
Performing Financing Receivable [Member] | Commercial Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructured | $ 1,300,000 | ||
Number of loans | SecurityLoan | 2 | ||
Performing Financing Receivable [Member] | Single-family Residential Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructured | $ 2,700,000 | ||
Number of loans | SecurityLoan | 10 | ||
Performing Financing Receivable [Member] | Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructured | $ 190,000 | ||
Number of loans | SecurityLoan | 3 | ||
Performing Financing Receivable [Member] | Small Business Administration [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructured | $ 625,000 | ||
Number of loans | SecurityLoan | 1 | ||
Nonperforming Financing Receivable [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired, at carrying value | $ 4,200,000 | ||
Loans classified as troubled debt restructured | 4,200,000 | ||
Allowance Impaired Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans classified as troubled debt restructured | 75,000 | ||
Loans, Excluding PCI Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 3,376,713,000 | $ 2,930,141,000 | |
Dairy & livestock and agribusiness | 347,289,000 | 338,631,000 | |
Impaired, at carrying value | 26,400,000 | ||
Outstanding balance | 10,716,000 | 7,152,000 | |
Loans, Excluding PCI Loans [Member] | Dairy & Livestock Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Dairy & livestock and agribusiness | 310,600,000 | 317,900,000 | |
Loans, Excluding PCI Loans [Member] | Agribusiness Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Dairy & livestock and agribusiness | 36,700,000 | 20,700,000 | |
Loans, Excluding PCI Loans [Member] | Nonaccrual Commercial and Industrial Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 250,000 | ||
Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 829,000 | 0 | |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | 250,000 | 156,000 | |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Outstanding balance | $ 906,000 | $ 2,737,000 | |
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) | 6.10% | 6.16% | |
Commercial real estate loans | $ 206,100,000 | $ 180,600,000 | |
Loans, Excluding PCI Loans [Member] | Loans Secured by Farmland [Member] | Loans Secured by Dairy & Livestock Land [Member] | Commercial Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | 118,200,000 | 127,100,000 | |
Loans, Excluding PCI Loans [Member] | Loans Secured by Farmland [Member] | Loans Secured by Agricultural Land [Member] | Commercial Real Estate Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate loans | $ 87,900,000 | $ 53,600,000 |
Loans and Lease Finance Recei71
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 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | $ 513,325 | $ 485,078 |
SBA | 122,055 | 97,184 |
Commercial real estate, Owner occupied | 1,096,280 | 949,819 |
Commercial real estate, Non-owner occupied | 2,280,433 | 1,980,322 |
Construction, Speculative | 60,042 | 48,841 |
Construction, Non-speculative | 17,940 | 37,038 |
SFR mortgage | 236,202 | 250,605 |
Dairy & livestock and agribusiness | 347,289 | 338,631 |
Municipal lease finance receivables | 70,243 | 64,639 |
Consumer and other loans | 64,229 | 78,274 |
Total gross loans, excluding PCI loans | 4,808,038 | 4,330,431 |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 483,641 | 449,658 |
SBA | 112,835 | 80,138 |
Commercial real estate, Owner occupied | 1,009,199 | 842,992 |
Commercial real estate, Non-owner occupied | 2,257,130 | 1,941,203 |
Construction, Speculative | 60,042 | 48,841 |
Construction, Non-speculative | 17,940 | 37,038 |
SFR mortgage | 229,032 | 243,374 |
Dairy & livestock and agribusiness | 321,413 | 187,819 |
Municipal lease finance receivables | 69,644 | 60,102 |
Consumer and other loans | 61,715 | 74,328 |
Total gross loans, excluding PCI loans | 4,622,591 | 3,965,493 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 19,566 | 21,610 |
SBA | 5,358 | 10,553 |
Commercial real estate, Owner occupied | 76,111 | 87,781 |
Commercial real estate, Non-owner occupied | 16,434 | 23,534 |
Construction, Speculative | 0 | 0 |
Construction, Non-speculative | 0 | 0 |
SFR mortgage | 3,124 | 4,930 |
Dairy & livestock and agribusiness | 9,047 | 114,106 |
Municipal lease finance receivables | 599 | 4,537 |
Consumer and other loans | 1,255 | 2,123 |
Total gross loans, excluding PCI loans | 131,494 | 269,174 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 10,118 | 13,809 |
SBA | 3,862 | 6,482 |
Commercial real estate, Owner occupied | 10,970 | 19,046 |
Commercial real estate, Non-owner occupied | 6,869 | 15,585 |
Construction, Speculative | 0 | 0 |
Construction, Non-speculative | 0 | 0 |
SFR mortgage | 4,046 | 2,301 |
Dairy & livestock and agribusiness | 16,829 | 36,706 |
Municipal lease finance receivables | 0 | 0 |
Consumer and other loans | 1,259 | 1,819 |
Total gross loans, excluding PCI loans | 53,953 | 95,748 |
Doubtful & Loss [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 0 | 1 |
SBA | 0 | 11 |
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 | 0 | 4 |
Total gross loans, excluding PCI loans | $ 0 | $ 16 |
Loans and Lease Finance Recei72
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 | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | $ 61,540 | $ 59,156 | $ 59,825 |
Charge-offs | (151) | (238) | (1,009) |
Recoveries | 6,696 | 9,022 | 5,940 |
(Recapture of) provision for loan losses | (8,500) | (6,400) | (5,600) |
Ending Balance | 59,585 | 61,540 | 59,156 |
PCI Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 1,219 | 0 | |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
(Recapture of) provision for loan losses | (852) | 1,219 | |
Ending Balance | 367 | 1,219 | 0 |
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 8,154 | 8,588 | 7,074 |
Charge-offs | (138) | (120) | (411) |
Recoveries | 118 | 630 | 319 |
(Recapture of) provision for loan losses | (854) | (944) | 1,606 |
Ending Balance | 7,280 | 8,154 | 8,588 |
Small Business Administration [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 871 | 993 | 2,557 |
Charge-offs | 0 | 0 | (37) |
Recoveries | 78 | 40 | 41 |
(Recapture of) provision for loan losses | (80) | (162) | (1,568) |
Ending Balance | 869 | 871 | 993 |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 37,443 | 36,995 | 33,373 |
Charge-offs | 0 | 0 | (117) |
Recoveries | 154 | 792 | 4,330 |
(Recapture of) provision for loan losses | 4,125 | (344) | (591) |
Ending Balance | 41,722 | 37,443 | 36,995 |
Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 1,096 | 2,389 | 988 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 6,036 | 7,174 | 581 |
(Recapture of) provision for loan losses | (6,148) | (8,467) | 820 |
Ending Balance | 984 | 1,096 | 2,389 |
SFR Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 2,287 | 2,103 | 2,344 |
Charge-offs | 0 | (102) | (215) |
Recoveries | 212 | 0 | 186 |
(Recapture of) provision for loan losses | (387) | 286 | (212) |
Ending Balance | 2,112 | 2,287 | 2,103 |
Dairy & Livestock and Agribusiness [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 8,541 | 6,029 | 5,479 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 19 | 216 | 407 |
(Recapture of) provision for loan losses | (3,913) | 2,296 | 143 |
Ending Balance | 4,647 | 8,541 | 6,029 |
Municipal Lease Finance Receivables [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 941 | 1,153 | 1,412 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
(Recapture of) provision for loan losses | (90) | (212) | (259) |
Ending Balance | 851 | 941 | 1,153 |
Consumer and Other Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | 988 | 906 | 1,262 |
Charge-offs | (13) | (16) | (229) |
Recoveries | 79 | 170 | 76 |
(Recapture of) provision for loan losses | (301) | (72) | (203) |
Ending Balance | $ 753 | 988 | 906 |
Unallocated [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning Balance | $ 0 | 5,336 | |
Charge-offs | 0 | ||
Recoveries | 0 | ||
(Recapture of) provision for loan losses | (5,336) | ||
Ending Balance | $ 0 |
Loans and Lease Finance Recei73
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 ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | $ 15,525 | $ 26,385 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 4,792,513 | 4,304,046 |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 28,882 | 71,585 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 75 | 141 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 59,143 | 60,180 |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 367 | 1,219 |
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 Deterioriated Credit Quality | 28,882 | 71,585 |
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 Deterioriated Credit Quality | 367 | 1,219 |
Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 440 | 901 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 512,885 | 484,177 |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | 0 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 114 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 7,280 | 8,040 |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 0 | 0 |
Small Business Administration [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 1,531 | 3,582 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 120,524 | 93,602 |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | 0 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 1 | 27 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 868 | 844 |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 0 | 0 |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 8,133 | 15,128 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 3,368,580 | 2,915,013 |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | 0 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 41,722 | 37,443 |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 0 | 0 |
Construction [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 | 77,982 | 85,879 |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | 0 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 984 | 1,096 |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 0 | 0 |
SFR Mortgage [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 4,040 | 5,174 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 232,162 | 245,431 |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | 0 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 2,112 | 2,287 |
Allowance for Loan Losses, Acquired with Deterioriated 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 | 829 | 747 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 346,460 | 337,884 |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | 0 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 4,647 | 8,541 |
Allowance for Loan Losses, Acquired with Deterioriated 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 | 70,243 | 64,639 |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | 0 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 851 | 941 |
Allowance for Loan Losses, Acquired with Deterioriated 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 | 552 | 853 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 63,677 | 77,421 |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | 0 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 74 | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 679 | 988 |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | $ 0 | $ 0 |
Loans and Lease Finance Recei74
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Recorded Investment in, and Aging of, Past Due and Nonaccrual Loans, Excluding PCI Loans by Class of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | $ 514 | |
60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | $ 376 | 435 |
Dairy & Livestock and Agribusiness [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 829 | |
Loans, Excluding PCI Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 1,172 | 436 |
Nonaccrual | 10,716 | 7,152 |
Current | 4,796,150 | 4,322,843 |
Total gross loans, excluding PCI loans | 4,808,038 | 4,330,431 |
Loans, Excluding PCI Loans [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 1,172 | 436 |
Loans, Excluding PCI Loans [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 768 | 0 |
Nonaccrual | 250 | 156 |
Current | 512,307 | 484,922 |
Total gross loans, excluding PCI loans | 513,325 | 485,078 |
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 | 768 | 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 | 403 | 352 |
Nonaccrual | 906 | 2,737 |
Current | 120,746 | 94,095 |
Total gross loans, excluding PCI loans | 122,055 | 97,184 |
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 | 403 | 352 |
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 | 4,365 | 635 |
Current | 1,091,915 | 949,184 |
Total gross loans, excluding PCI loans | 1,096,280 | 949,819 |
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 | 0 | 0 |
Nonaccrual | 2,477 | 1,048 |
Current | 2,277,956 | 1,979,274 |
Total gross loans, excluding PCI loans | 2,280,433 | 1,980,322 |
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 | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate Non-owner Occupied [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Construction Speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Current | 60,042 | 48,841 |
Total gross loans, excluding PCI loans | 60,042 | 48,841 |
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 | 17,940 | 37,038 |
Total gross loans, excluding PCI loans | 17,940 | 37,038 |
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 | 0 |
Nonaccrual | 1,337 | 2,207 |
Current | 234,865 | 248,398 |
Total gross loans, excluding PCI loans | 236,202 | 250,605 |
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 | 0 |
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 | 829 | 0 |
Current | 346,460 | 338,631 |
Total gross loans, excluding PCI loans | 347,289 | 338,631 |
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 | 70,243 | 64,639 |
Total gross loans, excluding PCI loans | 70,243 | 64,639 |
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 | 1 | 84 |
Nonaccrual | 552 | 369 |
Current | 63,676 | 77,821 |
Total gross loans, excluding PCI loans | 64,229 | 78,274 |
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 | 1 | 84 |
Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | $ 0 | $ 0 |
Loans and Lease Finance Recei75
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 ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing loans, current | $ 3,600 | $ 4,700 |
30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 514 | |
60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 376 | 435 |
90+ Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | $ 6,800 | $ 1,500 |
Loans and Lease Finance Recei76
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Held-for-Investment Loans, Excluding PCI Loans, Individually Evaluated for Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | $ 15,146 | $ 26,018 | $ 54,757 |
Recorded Investment, With a related allowance recorded | 379 | 367 | 8,949 |
Recorded Investment, Total impaired loans | 15,525 | 26,385 | 63,706 |
Unpaid Principal Balance, With no related allowance recorded | 18,702 | 32,198 | 61,984 |
Unpaid Principal Balance, With a related allowance recorded | 409 | 383 | 9,078 |
Unpaid Principal Balance, Total impaired loans | 19,111 | 32,581 | 71,062 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 75 | 141 | 669 |
Related Allowance, Total impaired loans | 75 | 141 | 669 |
Average Recorded Investment, With no related allowance recorded | 15,820 | 26,406 | 56,192 |
Average Recorded Investment, With a related allowance recorded | 391 | 439 | 8,985 |
Average Recorded Investment, Total impaired loans | 16,211 | 26,845 | 65,177 |
Interest Income Recognized, With no related allowance recorded | 306 | 938 | 2,276 |
Interest Income Recognized, With a related allowance recorded | 0 | 23 | 400 |
Interest Income Recognized, Total impaired loans | 306 | 961 | 2,676 |
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 440 | 730 | 1,017 |
Recorded Investment, With a related allowance recorded | 0 | 171 | 626 |
Unpaid Principal Balance, With no related allowance recorded | 980 | 1,646 | 1,894 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 171 | 695 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 114 | 626 |
Average Recorded Investment, With no related allowance recorded | 548 | 832 | 1,122 |
Average Recorded Investment, With a related allowance recorded | 0 | 233 | 637 |
Interest Income Recognized, With no related allowance recorded | 10 | 26 | 38 |
Interest Income Recognized, With a related allowance recorded | 0 | 9 | 0 |
Small Business Administration [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 1,530 | 3,386 | 3,207 |
Recorded Investment, With a related allowance recorded | 1 | 196 | 41 |
Unpaid Principal Balance, With no related allowance recorded | 1,699 | 4,189 | 3,877 |
Unpaid Principal Balance, With a related allowance recorded | 18 | 212 | 47 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 1 | 27 | 10 |
Average Recorded Investment, With no related allowance recorded | 1,598 | 3,709 | 3,333 |
Average Recorded Investment, With a related allowance recorded | 6 | 206 | 45 |
Interest Income Recognized, With no related allowance recorded | 47 | 50 | 51 |
Interest Income Recognized, With a related allowance recorded | 0 | 14 | 0 |
Commercial Real Estate Owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 4,365 | 1,797 | 6,252 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 4,763 | 2,276 | 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 | 4,414 | 1,410 | 6,718 |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, With no related allowance recorded | 36 | 70 | 97 |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | 0 |
Commercial Real Estate Non-owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 3,768 | 13,331 | 34,041 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 5,107 | 15,842 | 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 | 3,951 | 13,517 | 34,639 |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, With no related allowance recorded | 94 | 592 | 1,787 |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | 0 |
Construction Speculative [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 7,651 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 7,651 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 13 |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | 7,651 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | 388 |
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 | 0 |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | 0 |
SFR Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 4,040 | 5,174 | 5,665 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 588 |
Unpaid Principal Balance, With no related allowance recorded | 4,692 | 6,075 | 6,453 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 640 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 20 |
Average Recorded Investment, With no related allowance recorded | 4,119 | 5,327 | 5,771 |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | 607 |
Interest Income Recognized, With no related allowance recorded | 118 | 135 | 109 |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | 12 |
Dairy & Livestock and Agribusiness [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 829 | 747 | 3,685 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 1,091 | 747 | 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 | 988 | 692 | 3,687 |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, With no related allowance recorded | 1 | 47 | 177 |
Interest Income Recognized, With a related allowance recorded | 0 | 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 | 0 |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | 0 |
Consumer and Other Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 174 | 853 | 890 |
Recorded Investment, With a related allowance recorded | 378 | 0 | 43 |
Unpaid Principal Balance, With no related allowance recorded | 370 | 1,423 | 1,454 |
Unpaid Principal Balance, With a related allowance recorded | 391 | 0 | 45 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 74 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 202 | 919 | 922 |
Average Recorded Investment, With a related allowance recorded | 385 | 0 | 45 |
Interest Income Recognized, With no related allowance recorded | 0 | 18 | 17 |
Interest Income Recognized, With a related allowance recorded | $ 0 | $ 0 | $ 0 |
Loans and Lease Finance Recei77
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Activity Related to Troubled Debt Restructurings (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Modifications [Line Items] | ||
Total TDRs | $ 9,009 | $ 20,859 |
Performing TDRs [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Beginning balance | 19,233 | 42,687 |
New modifications | 3,143 | 1,996 |
Payoffs and payments, net | (14,752) | (34,001) |
TDRs returned to accrual status | 329 | 8,551 |
TDRs placed on nonaccrual status | (3,144) | 0 |
Ending balance | 4,809 | 19,233 |
Nonperforming TDRs [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Beginning balance | 1,626 | 12,622 |
New modifications | 2,066 | 102 |
Charge-offs | 0 | (38) |
Payoffs and payments, net | (2,307) | (2,509) |
TDRs returned to accrual status | (329) | (8,551) |
TDRs placed on nonaccrual status | 3,144 | 0 |
Ending balance | $ 4,200 | $ 1,626 |
Loans and Lease Finance Recei78
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Loans Modified as Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)Contract | Dec. 31, 2016USD ($)Contract | Dec. 31, 2015USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 2 | 7 | 7 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 5,127 | $ 1,286 | $ 4,334 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 5,127 | 1,286 | 4,334 |
Troubled debt restructurings, Outstanding Recorded Investment | 3,221 | 1,240 | 4,266 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 28 | $ 203 |
Commercial and Industrial [Member] | Interest Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 0 | 1 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 112 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 112 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 103 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 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 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 203 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 203 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 203 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 203 |
Small Business Administration [Member] | Interest Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 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 | 0 | 2 | 1 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 214 | $ 330 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 214 | 330 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 196 | 320 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 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 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 |
Commercial Real Estate Owner Occupied [Member] | Change in Amortization Period or Maturity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 1 | 0 | 2 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 3,143 | $ 0 | $ 823 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 3,143 | 0 | 823 |
Troubled debt restructurings, Outstanding Recorded Investment | 3,143 | 0 | 821 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 |
Commercial Real Estate Non-owner Occupied [Member] | Interest Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 0 | 1 | 1 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 759 | $ 2,376 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 759 | 2,376 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 756 | 2,316 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 |
Commercial Real Estate Non-owner Occupied [Member] | Change in Amortization Period or Maturity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 1 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 280 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 280 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 280 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 |
Dairy & Livestock and Agribusiness [Member] | Interest Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 |
Dairy & Livestock and Agribusiness [Member] | Change in Amortization Period or Maturity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 1 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 1,984 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 1,984 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 78 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 |
Consumer [Member] | Interest Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | |
Consumer [Member] | Change in Amortization Period or Maturity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 0 | 3 | |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 201 | |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 201 | |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 185 | |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | |
SFR Mortgage [Member] | Interest Rate Reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 1 | ||
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 322 | ||
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 322 | ||
Troubled debt restructurings, Outstanding Recorded Investment | 326 | ||
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | ||
SFR Mortgage [Member] | Change in Amortization Period or Maturity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 0 | ||
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | ||
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | ||
Troubled debt restructurings, Outstanding Recorded Investment | 0 | ||
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 |
Other Real Estate Owned - Summa
Other Real Estate Owned - Summary of Activity Related to Total OREO (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||
Balance, beginning of period | $ 4,527 | $ 6,993 |
Additions | 0 | 0 |
Dispositions | 0 | (2,129) |
Valuation adjustments | 0 | (337) |
Balance, end of period | $ 4,527 | $ 4,527 |
Goodwill and Other Intangible80
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Balance, beginning of period | $ 89,533 | $ 74,244 |
Additions due to acquisitions | 27,031 | 15,289 |
Balance, end of period | $ 116,564 | $ 89,533 |
Goodwill and Other Intangible81
Goodwill and Other Intangible Assets - Summary of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Balance of intangible assets, Gross CDI Carrying Amount, Beginning of period | $ 37,940 | $ 34,089 |
Additions due to acquisitions | 3,157 | 3,851 |
Balance of intangible assets, Gross CDI Carrying Amount, End of period | 41,097 | 37,940 |
Aggregate amortization expense, Gross CDI Carrying Amount | 1,329 | 1,106 |
Estimated Amortization Expense: | ||
Estimated Amortization Expense, 2018 | 1,304 | |
Estimated Amortization Expense, 2019 | 1,067 | |
Estimated Amortization Expense, 2020 | 718 | |
Estimated Amortization Expense, 2021 | 703 | |
Estimated Amortization Expense, Thereafter | 3,046 | |
Balance of intangible assets, Accumulated Amortization, Beginning of period | (32,930) | (31,824) |
Balance of intangible assets, Accumulated Amortization, End of period | (34,259) | (32,930) |
Balance of intangible assets, Net CDI Amount, Beginning of period | 5,010 | 2,265 |
Balance of intangible assets, Net CDI Amount, End of period | $ 6,838 | $ 5,010 |
Goodwill and Other Intangible82
Goodwill and Other Intangible Assets - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Approximately weighted average remaining life of intangible assets | 3 years 9 months 18 days |
Premises and Equipment - Schedu
Premises and Equipment - Schedule of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 14,489 | $ 13,119 |
Bank premises | 65,215 | 62,154 |
Furniture and equipment | 25,610 | 28,759 |
Premises and equipment, gross | 105,314 | 104,032 |
Accumulated depreciation and amortization | (59,148) | (61,946) |
Premises and equipment, net | $ 46,166 | $ 42,086 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||||
Impairment loss | $ 2,600,000 | |||
Fair value, net of selling costs, of held-for-sale asset | 3,400,000 | |||
Gain on eminent domain condemnation | $ 2,894,000 | 0 | $ 0 | |
Gain on sale of property plant equipment | $ 542,000 | |||
Premises and equipment, net | 46,166,000 | 42,086,000 | ||
Rental expense | 5,900,000 | $ 5,600,000 | $ 5,500,000 | |
Building [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Premises and equipment, net | $ 450,000 |
Premises and Equipment - Future
Premises and Equipment - Future Minimum Annual Rental Payments for Noncancelable Leases (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
2,018 | $ 4,958 |
2,019 | 3,307 |
2,020 | 1,758 |
2,021 | 1,204 |
2,022 | 971 |
Thereafter | 299 |
Total | $ 12,497 |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 4,538 | $ 4,338 |
Interest rate swaps | 3,211 | 5,783 |
Other investments | 6,778 | 7,221 |
Other assets | 10,790 | 6,490 |
Total | $ 25,317 | $ 23,832 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | |||||
Effective Income Tax Rate | 35.00% | 35.00% | 35.00% | ||
Deferred tax asset revaluation adjustment | $ 13,200 | $ 13,208 | $ 0 | $ 0 | |
Amount of unrecognized tax benefits | $ 0 | $ 0 | $ 1,675 | $ 1,675 | |
Scenario, Forecast [Member] | |||||
Income Taxes [Line Items] | |||||
Effective Income Tax Rate | 21.00% |
Income Taxes - Schedule of Curr
Income Taxes - Schedule of Current and Deferred Amounts of Income Tax Expense (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current provision: | |||
Federal | $ 44,153 | $ 41,195 | $ 40,021 |
State | 17,151 | 17,944 | 17,040 |
Current provision, total | 61,304 | 59,139 | 57,061 |
Deferred provision/(benefit): | |||
Federal | 20,926 | 1,208 | (3,443) |
State | 2,154 | 510 | (1,397) |
Deferred provision (benefit), total | 23,080 | 1,718 | (4,840) |
Provision for income taxes | $ 84,384 | $ 60,857 | $ 52,221 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Asset (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current: | ||
Income tax asset , Current, Total | $ 14,659 | $ 4,937 |
Deferred: | ||
Income tax asset , Deferred, Total | 25,387 | 40,492 |
Income tax asset (liability), Total | 40,046 | 45,429 |
Federal [Member] | ||
Current: | ||
Income tax asset , Current, Total | 11,713 | 4,399 |
Deferred: | ||
Income tax asset , Deferred, Total | 16,557 | 31,566 |
State [Member] | ||
Current: | ||
Income tax asset , Current, Total | 2,946 | 538 |
Deferred: | ||
Income tax asset , Deferred, Total | $ 8,830 | $ 8,926 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Asset (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Bad debt and credit loss deduction | $ 19,911 | $ 31,284 |
Net operating loss carryforward | 207 | 453 |
Deferred compensation | 5,501 | 5,296 |
PCI loans | 3,098 | 12,147 |
California franchise tax | 1,618 | 3,269 |
Accrued expense | 1,365 | 5,299 |
Other, net | 3,353 | 2,110 |
Gross deferred tax asset | 35,053 | 59,858 |
Deferred tax liabilities: | ||
Depreciation | 975 | 2,168 |
Intangibles - acquisitions | 3,404 | 3,543 |
FHLB stock | 2,400 | 3,421 |
Deferred income | 2,112 | 4,099 |
Unrealized gain on investment securities, net | 775 | 6,135 |
Gross deferred tax liability | 9,666 | 19,366 |
Net deferred tax asset | $ 25,387 | $ 40,492 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Statutory Income Tax Rate to Consolidated Effective Income Tax Rate (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Federal income tax at statutory rate, rate | 35.00% | 35.00% | 35.00% | |
State franchise taxes, net of federal benefit, rate | 6.90% | 7.00% | 6.90% | |
Tax-exempt income, rate | (2.40%) | (3.60%) | (5.00%) | |
Tax credits, rate | (0.60%) | (0.50%) | (0.70%) | |
Deferred tax asset revalution adjustment, rate | 7.00% | 0.00% | 0.00% | |
Other, net, rate | (1.20%) | (0.40%) | (1.70%) | |
Provision for income taxes, rate | 44.70% | 37.50% | 34.50% | |
Federal income tax at statutory rate | $ 66,078 | $ 56,800 | $ 52,978 | |
State franchise taxes, net of federal benefit | 12,903 | 11,299 | 10,457 | |
Tax-exempt income | (4,450) | (5,848) | (7,619) | |
Tax credits | (1,096) | (846) | (1,014) | |
Deferred tax asset revalution adjustment | $ 13,200 | 13,208 | 0 | 0 |
Other, net | (2,259) | (548) | (2,581) | |
Provision for income taxes | $ 84,384 | $ 60,857 | $ 52,221 |
Income Taxes - Change in Unreco
Income Taxes - Change in Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Balance, beginning of period | $ 1,675 | $ 1,675 |
Additions for tax positions related to prior years | 0 | 0 |
Reductions due to lapse of statue of limitations | (716) | 0 |
Settlement with tax authorities | (959) | 0 |
Balance, end of period | $ 0 | $ 1,675 |
Deposits - Composition of Depos
Deposits - Composition of Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Noninterest-bearing Deposit Liabilities [Abstract] | ||
Noninterest-bearing deposits | $ 3,846,436 | $ 3,673,541 |
Interest-bearing deposits: | ||
Investment checking | 433,971 | 407,058 |
Money market | 1,517,050 | 1,504,021 |
Savings | 364,049 | 342,236 |
Time deposits | 385,347 | 382,824 |
Total deposits | $ 6,546,853 | $ 6,309,680 |
Noninterest-bearing deposits, percentage of total deposits | 58.75% | 58.22% |
Investment checking, percentage of total deposits | 6.63% | 6.45% |
Money market, percentage of total deposits | 23.17% | 23.84% |
Savings, percentage of total deposits | 5.56% | 5.42% |
Time deposits, percentage of total deposits | 5.89% | 6.07% |
Percentage of deposit, total | 100.00% | 100.00% |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deposits [Abstract] | |||
Balance of accounts with more than $250,000 balance | $ 108,500,000 | $ 104,700,000 | |
Interest expenses on accounts with more than $250,000 balance | $ 545,000 | $ 444,000 | $ 787,000 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Time Certificates of Deposit (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Year of maturity: | ||
2,018 | $ 354,055 | |
2,019 | 14,173 | |
2,020 | 7,196 | |
2,021 | 1,562 | |
2022 and thereafter | 8,361 | |
Total | $ 385,347 | $ 382,824 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | Jan. 31, 2006 | Jan. 31, 2009 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2006 | Feb. 23, 2015 |
Debt Instrument [Line Items] | |||||||
Funds borrowed under repurchase agreement | $ 553,773,000 | $ 603,028,000 | |||||
Weighted average interest rates | 0.30% | 0.26% | |||||
Fixed interest rate | 4.52% | ||||||
Loans at carrying value | $ 3,680,000,000 | $ 3,110,000,000 | |||||
Investment securities at carrying value | 1,910,000,000 | 2,190,000,000 | |||||
Prepayment penalties on borrowings | 0 | 16,000 | $ 13,900,000 | ||||
Overnight borrowings | $ 0 | $ 53,000,000 | |||||
Overnight borrowings with cost basis points | 0.55% | ||||||
CVB Statutory Trust III [Member] | Junior Subordinated Debenture Held by CVB Statutory Trust III [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Trust preferred securities, offered fair value | $ 25,000,000 | ||||||
Proceeds from the offering and other cash | $ 25,774,000 | ||||||
Maximum Period of Deferred payments of interest | 20 consecutive quarters. | ||||||
Trust Preferred Securities, maturity date | Mar. 15, 2036 | ||||||
Trust Preferred Securities, interest rate in excess of LIBOR | 1.38% | ||||||
Trust Preferred Securities callable date | Mar. 15, 2011 | ||||||
Period of LIBOR | 1 year |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Nov. 28, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Contingencies And Commitments [Line Items] | |||
Commitments to extend credit | $ 924,500,000 | $ 844,300,000 | |
Obligations under letters of credit | 37,600,000 | 36,500,000 | |
Reserve for credit risk for undisbursed commitments | 6,300,000 | $ 6,700,000 | |
Available lines of credit | 3,350,000,000 | ||
Litigation settlement payment | $ 1,500,000 | ||
Litigation accrual | 1,500,000 | ||
Secured [Member] | |||
Contingencies And Commitments [Line Items] | |||
Available lines of credit | $ 3,020,000,000 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Severance costs | $ 1,600,000 | $ 610,000 | $ 751,000 |
Deferred compensation agreements expenses | $ 1,200,000 | 684,000 | 600,000 |
Maximum percentage of bonus defer by individual under deferred compensation plan | 100.00% | ||
Deferred compensation plan, discretionary payments | $ 0 | 0 | 0 |
Deferred compensation liability | $ 18,223,000 | 12,361,000 | |
Employer contribution percentage to 401(k) plan | 3.00% | ||
Employer contribution in profit-sharing plan | $ 3,200,000 | 2,800,000 | $ 2,800,000 |
Executive Non-qualified Excess Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred compensation liability | $ 2,100,000 | $ 2,900,000 | |
Maximum [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Maximum percentage of salary defer by individual under deferred compensation plan | 75.00% |
Earnings Per Share Reconcilia99
Earnings Per Share Reconciliation - Additional Information (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per common share | 9 | 291 | 238 |
Earnings Per Share Reconcili100
Earnings Per Share Reconciliation - Schedule of Earnings Per Common Share Reconciliation (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings per common share: | |||||||||||
Net earnings | $ 17,851 | $ 29,683 | $ 28,373 | $ 28,504 | $ 27,076 | $ 25,448 | $ 25,514 | $ 23,391 | $ 104,411 | $ 101,429 | $ 99,145 |
Less: Net earnings allocated to restricted stock | 382 | 421 | 515 | ||||||||
Net earnings allocated to common shareholders | $ 104,029 | $ 101,008 | $ 98,630 | ||||||||
Weighted average shares outstanding | 109,409 | 107,282 | 105,715 | ||||||||
Basic earnings per common share | $ 0.16 | $ 0.27 | $ 0.26 | $ 0.26 | $ 0.25 | $ 0.23 | $ 0.23 | $ 0.22 | $ 0.95 | $ 0.94 | $ 0.93 |
Diluted earnings per common share: | |||||||||||
Net income allocated to common shareholders | $ 104,029 | $ 101,008 | $ 98,630 | ||||||||
Weighted average shares outstanding | 109,409 | 107,282 | 105,715 | ||||||||
Incremental shares from assumed exercise of outstanding options | 398 | 405 | 477 | ||||||||
Diluted weighted average shares outstanding | 109,807 | 107,687 | 106,192 | ||||||||
Diluted earnings per common share | $ 0.16 | $ 0.27 | $ 0.26 | $ 0.26 | $ 0.25 | $ 0.23 | $ 0.23 | $ 0.22 | $ 0.95 | $ 0.94 | $ 0.93 |
Stock Option Plans and Restr101
Stock Option Plans and Restricted Stock Awards - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
May 31, 2008 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option plan, options outstanding | 588,000 | 876,000 | ||
Stock options granted under Black-Scholes options pricing model | 12,000 | |||
Cash received from stock option exercises | $ 2,683,000 | $ 5,151,000 | $ 5,144,000 | |
Common stock, shares outstanding | 110,184,922 | 108,251,981 | ||
Number of common shares, options exercisable | 383,000 | |||
Common stock available for the granting of future options and restricted stock | 583,192 | |||
2008 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Authorized issuance of shares of Company common stock | 3,949,891 | |||
Expiry of equity incentive plan | 2,018 | |||
2008 Stock Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option plan, options outstanding | 0 | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total expenses on stock option | $ 399,000 | $ 485,000 | $ 549,000 | |
Stock options granted under Black-Scholes options pricing model | 11,500 | 121,500 | 83,000 | |
Vesting period | 5 years | |||
Intrinsic value of options exercised | $ 3,800,000 | $ 3,900,000 | $ 2,100,000 | |
Unrecognized compensation cost related to nonvested options granted | $ 736,000 | |||
Weighted-average period for expected cost recognized | 2 years 7 months 6 days | |||
Fair value of options vested | $ 505,000 | 489,000 | 524,000 | |
Cash received from stock option exercises | $ 2,700,000 | 5,200,000 | 5,100,000 | |
Common stock, shares outstanding | 587,915 | |||
Options exercisable lower price range | $ 7.68 | |||
Options exercisable upper price range | $ 18.14 | |||
Stock Options [Member] | Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of common shares, options exercisable | 383,315 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost related to nonvested options granted | $ 4,600,000 | |||
2008 Equity Incentive Plan, granted restricted stock awards | 73,000 | |||
Weighted average fair value of restricted stock | $ 21.59 | |||
Period of compensation cost recognized | 5 years | |||
Amount of compensation cost recognized | $ 2,600,000 | $ 2,300,000 | $ 2,200,000 | |
Restricted Stock [Member] | 2008 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
2008 Equity Incentive Plan, granted restricted stock awards | 73,000 | 166,500 | 97,000 | |
Weighted average fair value of restricted stock | $ 21.59 | $ 16.89 | $ 16.07 | |
Restricted Stock [Member] | 2008 Equity Incentive Plan [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 3 years | 3 years | 3 years | |
Restricted Stock [Member] | 2008 Equity Incentive Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 5 years | 5 years | 5 years |
Stock Option Plans and Restr102
Stock Option Plans and Restricted Stock Awards - Estimated Fair Value of Stock Options (Detail) - Stock Options [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 2.20% | 2.90% | 2.50% |
Volatility | 29.60% | 33.10% | 47.70% |
Risk-free interest rate | 1.80% | 1.20% | 1.50% |
Expected life | 5 years 7 months 6 days | 5 years 7 months 6 days | 6 years 1 month 6 days |
Weighted average grant date fair value | $ 5.17 | $ 3.96 | $ 5.83 |
Stock Option Plans and Restr103
Stock Option Plans and Restricted Stock Awards - Option Activity under Company's Stock Option Plans (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Outstanding, Number of Stock Options, Beginning Balance | shares | 876 |
Granted, Number of Stock Options Outstanding | shares | 12 |
Exercised, Number of Stock Options Outstanding | shares | (283) |
Forfeited or expired, Number of Stock Options Outstanding | shares | (17) |
Outstanding, Number of Stock Options, Ending Balance | shares | 588 |
Vested or expected to vest, Number of Stock Options Outstanding | shares | 560 |
Exercisable, Number of Stock Options Outstanding | shares | 383 |
Outstanding, Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 11.88 |
Granted, Weighted Average Exercise Price | $ / shares | 21.99 |
Exercised, Weighted Average Exercise Price | $ / shares | 9.48 |
Forfeited or expired, Weighted Average Exercise Price | $ / shares | 15.69 |
Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares | 13.12 |
Vested or expected to vest, Weighted Average Exercise Price | $ / shares | 12.96 |
Exercisable, Weighted Average Exercise Price | $ / shares | $ 11.46 |
Outstanding, Weighted Average Remaining Contractual Term | 5 years 2 months 1 day |
Vested or expected to vest, Weighted Average Remaining Contractual Term | 5 years 11 days |
Exercisable, Weighted Average Remaining Contractual Term | 3 years 10 months 25 days |
Outstanding, Aggregate Intrinsic Value | $ | $ 6,137 |
Vested or expected to vest, Aggregate Intrinsic Value | $ | 5,942 |
Exercisable, Aggregate Intrinsic Value | $ | $ 4,640 |
Stock Option Plans and Restr104
Stock Option Plans and Restricted Stock Awards - Summary of Status of Company's Non-Vested Restricted Shares (Detail) - Restricted Stock [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested, Shares, Beginning Balance | shares | 460 |
Granted, Shares | shares | 73 |
Vested, Shares | shares | (150) |
Forfeited, Shares | shares | (7) |
Nonvested, Shares, Ending Balance | shares | 376 |
Nonvested, Weighted Average Fair Value, Beginning Balance | $ / shares | $ 15.43 |
Granted, Weighted Average Fair Value | $ / shares | 21.59 |
Vested, Weighted Average Fair Value | $ / shares | 14.98 |
Forfeited, Weighted Average Fair Value | $ / shares | 14.49 |
Nonvested, Weighted Average Fair Value, Ending Balance | $ / shares | $ 16.82 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Regulated Operations [Abstract] | |||
Capital conservation buffer rate | 0.625% | ||
Capital conservation buffer phase period | 4 years | ||
Capital conservation buffer rate, full implementation | 2.50% | ||
Percentage of required capital conservation buffer rate of CET1 | 2.50% | ||
Capital conservation buffer phase in beginning period | Jan. 1, 2016 | ||
Capital conservation buffer phase in end period | Jan. 1, 2019 | ||
Trust-preferred securities included in Tier 1 capital | $ 25 | $ 25 | |
Additional dividends without obtaining prior approval from bank regulators declared and paid | $ 158.7 |
Regulatory Matters - Regulatory
Regulatory Matters - Regulatory Capital Amounts and Ratios for Company and Bank (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Parent Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets), Actual, Amount | $ 1,039,060 | $ 982,461 |
Total Capital (to Risk-Weighted Assets), Actual, Ratio | 18.01% | 18.19% |
Total Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Amount | $ 461,574 | $ 432,081 |
Tier 1 Capital (to Risk-Weighted Assets), Actual, Amount | $ 973,169 | $ 914,937 |
Tier 1 Capital (to Risk-Weighted Assets), Actual, Ratio | 16.87% | 16.94% |
Tier 1 Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Amount | $ 346,180 | $ 324,061 |
Common equity Tier I capital ratio, Actual, Amount | $ 948,210 | $ 890,118 |
Common equity Tier I capital ratio, Actual, Ratio | 16.43% | 16.48% |
Common equity Tier I capital ratio, For Capital Adequacy Purposes, Amount | $ 259,635 | $ 243,046 |
Tier 1 Capital (to Average-Assets), Actual, Amount | $ 973,169 | $ 914,937 |
Tier 1 Capital (to Average-Assets), Actual, Ratio | 11.88% | 11.49% |
Tier 1 Capital (to Average-Assets), For Capital Adequacy Purposes, Amount | $ 327,680 | $ 318,552 |
Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets), Actual, Amount | $ 1,029,126 | $ 971,681 |
Total Capital (to Risk-Weighted Assets), Actual, Ratio | 17.86% | 18.01% |
Total Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Amount | $ 461,037 | $ 431,576 |
Total Capital (to Risk-Weighted Assets), Required To Be Well Capitalized, Amount | 576,296 | 539,471 |
Tier 1 Capital (to Risk-Weighted Assets), Actual, Amount | $ 963,235 | $ 904,236 |
Tier 1 Capital (to Risk-Weighted Assets), Actual, Ratio | 16.71% | 16.76% |
Tier 1 Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Amount | $ 345,778 | $ 323,682 |
Tier 1 Capital (to Risk-Weighted Assets), Required To Be Well Capitalized, Amount | 461,037 | 431,576 |
Common equity Tier I capital ratio, Actual, Amount | $ 963,235 | $ 904,236 |
Common equity Tier I capital ratio, Actual, Ratio | 16.71% | 16.76% |
Common equity Tier I capital ratio, For Capital Adequacy Purposes, Amount | $ 259,333 | $ 242,762 |
Common equity Tier I capital ratio, To Be Well Capitalized under Prompt Corrective Action Provisions, Amount | 374,592 | 350,656 |
Tier 1 Capital (to Average-Assets), Actual, Amount | $ 963,235 | $ 904,236 |
Tier 1 Capital (to Average-Assets), Actual, Ratio | 11.77% | 11.36% |
Tier 1 Capital (to Average-Assets), For Capital Adequacy Purposes, Amount | $ 327,397 | $ 318,305 |
Tier 1 Capital (to Average-Assets), Required To Be Well Capitalized, Amount | $ 409,246 | $ 397,882 |
Minimum [Member] | Parent Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier 1 Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Common equity Tier I capital ratio, For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Tier 1 Capital (to Average-Assets), For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Minimum [Member] | Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total Capital (to Risk-Weighted Assets), Required To Be Well Capitalized, Ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Tier 1 Capital (to Risk-Weighted Assets), Required To Be Well Capitalized, Ratio | 8.00% | 8.00% |
Common equity Tier I capital ratio, For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Common equity Tier I capital ratio, To Be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Tier 1 Capital (to Average-Assets), For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 Capital (to Average-Assets), Required To Be Well Capitalized, Ratio | 5.00% | 5.00% |
Fair Value Information - Additi
Fair Value Information - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair value assets transfers from Level 1 to Level 2 | $ 0 | $ 0 |
Fair value assets transfers from Level 2 to Level 1 | 0 | 0 |
Fair value liabilities transfers from Level 1 to Level 2 | 0 | 0 |
Fair value liabilities transfers from Level 2 to Level 1 | $ 0 | $ 0 |
Minimum [Member] | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Term of interest rate swap contracts by the counterparty, years | 3 years | |
Maximum [Member] | ||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Term of interest rate swap contracts by the counterparty, years | 30 years |
Fair Value Information - Assets
Fair Value Information - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | $ 3,211 | $ 5,783 |
Interest rate swaps, liabilities | 556,984 | 608,811 |
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 | 3,211 | 5,783 |
Interest rate swaps, liabilities | 3,211 | 5,783 |
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 | 2,084,196 | 2,276,249 |
Total liabilities | 3,211 | 5,783 |
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 | 55,496 | 80,071 |
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 | 0 | 2,752 |
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 | 1,750,909 | 1,834,748 |
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 | 273,829 | 347,189 |
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 | 751 | 5,706 |
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 | 2,080,985 | 2,270,466 |
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 | 3,211 | 5,783 |
Interest rate swaps, liabilities | 3,211 | 5,783 |
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 | 2,084,196 | 2,276,249 |
Total liabilities | 3,211 | 5,783 |
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 | 55,496 | 80,071 |
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 | 0 | 2,752 |
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 | 1,750,909 | 1,834,748 |
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 | 273,829 | 347,189 |
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 | 751 | 5,706 |
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 | 2,080,985 | 2,270,466 |
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 | 3,211 | 5,783 |
Interest rate swaps, liabilities | $ 3,211 | $ 5,783 |
Fair Value Information - Ass109
Fair Value Information - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value on Non-Recurring Basis [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Description of assets | ||
Total assets | $ 74 | $ 2,593 |
Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 2,558 |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 0 | 8 |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 0 | 27 |
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 | 0 |
Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 74 | 0 |
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 | 378 | 3,672 |
Level 3 [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 3,411 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 0 | 65 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 0 | 196 |
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 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 378 | 0 |
Carrying Value [Member] | ||
Description of assets | ||
Total assets | 378 | 3,672 |
Carrying Value [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 3,411 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 0 | 65 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 0 | 196 |
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 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | $ 378 | $ 0 |
Fair Value Information - Estima
Fair Value Information - Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Total cash and cash equivalents | $ 119,841 | $ 119,445 |
Interest-earning balances due from depository institutions | 17,952 | 47,848 |
FHLB stock | 17,688 | 17,688 |
Investment securities available-for-sale | 2,080,985 | 2,270,466 |
Investment securities held-to-maturity | 829,890 | 911,676 |
Total loans, net of allowance for loan losses | 4,771,046 | 4,333,524 |
Swaps | 3,211 | 5,783 |
Deposits: | ||
Noninterest-bearing | 3,846,436 | 3,673,541 |
Interest-bearing | 2,700,417 | 2,636,139 |
Junior subordinated debentures | 25,774 | 25,774 |
Swaps | 556,984 | 608,811 |
Carrying Value [Member] | ||
Assets | ||
Total cash and cash equivalents | 144,377 | 121,633 |
Interest-earning balances due from depository institutions | 17,952 | 47,848 |
FHLB stock | 17,688 | 17,688 |
Investment securities available-for-sale | 2,080,985 | 2,270,466 |
Investment securities held-to-maturity | 829,890 | 911,676 |
Total loans, net of allowance for loan losses | 4,771,046 | 4,333,524 |
Swaps | 3,211 | 5,783 |
Deposits: | ||
Noninterest-bearing | 3,846,436 | 3,673,541 |
Interest-bearing | 2,700,417 | 2,636,139 |
Borrowings | 553,773 | 656,028 |
Junior subordinated debentures | 25,774 | 25,774 |
Swaps | 3,211 | 5,783 |
Estimated Fair Value [Member] | ||
Assets | ||
Total cash and cash equivalents | 144,377 | 121,633 |
Interest-earning balances due from depository institutions | 17,951 | 47,848 |
FHLB stock | 17,688 | 17,688 |
Investment securities available-for-sale | 2,080,985 | 2,270,466 |
Investment securities held-to-maturity | 819,215 | 897,374 |
Total loans, net of allowance for loan losses | 4,678,402 | 4,306,225 |
Swaps | 3,211 | 5,783 |
Deposits: | ||
Noninterest-bearing | 3,846,436 | 3,673,541 |
Interest-bearing | 2,697,781 | 2,634,443 |
Borrowings | 553,416 | 655,820 |
Junior subordinated debentures | 18,070 | 18,463 |
Swaps | 3,211 | 5,783 |
Estimated Fair Value [Member] | Level 1 [Member] | ||
Assets | ||
Total cash and cash equivalents | 144,377 | 121,633 |
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 | 3,846,436 | 3,673,541 |
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 | 17,951 | 47,848 |
FHLB stock | 17,688 | 17,688 |
Investment securities available-for-sale | 2,080,985 | 2,270,466 |
Investment securities held-to-maturity | 819,215 | 897,374 |
Total loans, net of allowance for loan losses | 0 | 0 |
Swaps | 3,211 | 5,783 |
Deposits: | ||
Noninterest-bearing | 0 | 0 |
Interest-bearing | 2,697,781 | 2,634,443 |
Borrowings | 553,416 | 655,820 |
Junior subordinated debentures | 0 | 0 |
Swaps | 3,211 | 5,783 |
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 | 0 |
Total loans, net of allowance for loan losses | 4,678,402 | 4,306,225 |
Swaps | 0 | 0 |
Deposits: | ||
Noninterest-bearing | 0 | 0 |
Interest-bearing | 0 | 0 |
Borrowings | 0 | 0 |
Junior subordinated debentures | 18,070 | 18,463 |
Swaps | $ 0 | $ 0 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017LocationSegment | |
Segment Reporting [Abstract] | |
Number of principal reporting segments | Segment | 2 |
Bank operated banking centers, number | Location | 50 |
Business Segments - Schedule of
Business Segments - Schedule of Segment Reporting Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | $ 71,275 | $ 71,739 | $ 70,483 | $ 65,433 | $ 65,441 | $ 63,161 | $ 65,956 | $ 62,516 | $ 278,930 | $ 257,074 | $ 252,942 |
(Recapture of) provision for loan losses | (8,500) | (6,400) | (5,600) | ||||||||
Net interest income after (recapture of) provision for loan losses | 287,430 | 263,474 | 258,542 | ||||||||
Noninterest income | 42,118 | 35,552 | 33,483 | ||||||||
Noninterest expense | 140,753 | 136,724 | 126,789 | ||||||||
Debt termination expense | 0 | 16 | 13,870 | ||||||||
Earnings before income taxes | 188,795 | 162,286 | 151,366 | ||||||||
Goodwill | 116,564 | 89,533 | 116,564 | 89,533 | 74,244 | ||||||
Segment assets | 8,270,586 | 8,073,707 | 8,270,586 | 8,073,707 | 7,671,200 | ||||||
Operating Segments [Member] | Centers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 195,377 | 178,183 | 167,633 | ||||||||
(Recapture of) provision for loan losses | 1,712 | (172) | (6,711) | ||||||||
Net interest income after (recapture of) provision for loan losses | 193,665 | 178,355 | 174,344 | ||||||||
Noninterest income | 21,674 | 20,179 | 20,677 | ||||||||
Noninterest expense | 51,337 | 50,110 | 48,568 | ||||||||
Debt termination expense | 0 | 0 | |||||||||
Earnings before income taxes | 164,002 | 148,424 | 146,453 | ||||||||
Goodwill | 116,564 | 89,533 | 116,564 | 89,533 | 74,244 | ||||||
Segment assets | 7,235,549 | 7,024,986 | 7,235,549 | 7,024,986 | 6,441,751 | ||||||
Operating Segments [Member] | Dairy & Livestock and Agribusiness [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 10,798 | 7,973 | 7,558 | ||||||||
(Recapture of) provision for loan losses | (3,913) | 2,296 | 143 | ||||||||
Net interest income after (recapture of) provision for loan losses | 14,711 | 5,677 | 7,415 | ||||||||
Noninterest income | 232 | 223 | 261 | ||||||||
Noninterest expense | 1,963 | 1,958 | 1,844 | ||||||||
Debt termination expense | 0 | 0 | |||||||||
Earnings before income taxes | 12,980 | 3,942 | 5,832 | ||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | ||||||
Segment assets | 474,292 | 473,670 | 474,292 | 473,670 | 458,214 | ||||||
Operating Segments [Member] | Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 72,755 | 70,918 | 77,751 | ||||||||
(Recapture of) provision for loan losses | (6,299) | (8,524) | 968 | ||||||||
Net interest income after (recapture of) provision for loan losses | 79,054 | 79,442 | 76,783 | ||||||||
Noninterest income | 20,212 | 15,150 | 12,545 | ||||||||
Noninterest expense | 87,453 | 84,656 | 76,377 | ||||||||
Debt termination expense | 16 | 13,870 | |||||||||
Earnings before income taxes | 11,813 | 9,920 | (919) | ||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | ||||||
Segment assets | $ 560,745 | $ 575,051 | $ 560,745 | $ 575,051 | $ 771,235 |
Derivative Financial Instrum113
Derivative Financial Instruments - Additional Information (Detail) | Dec. 31, 2017USD ($)Agreement | Dec. 31, 2016USD ($) |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative assets and liabilities offset in balance sheet | $ 0 | |
Total notional amount of the Company's swaps | $ 198,500,000 | $ 202,700,000 |
Interest-rate Swap Agreements with Customers [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of interest-rate swap agreements | Agreement | 77 |
Derivative Financial Instrum114
Derivative Financial Instruments - Fair Value of Derivative Instruments (Detail) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 3,211 | $ 5,783 |
Other Liabilities [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 3,211 | 5,783 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 3,211 | 5,783 |
Other Assets [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 3,211 | $ 5,783 |
Derivative Financial Instrum115
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statement of Earnings (Detail) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | |||
Amount of Gain Recognized in Income on Derivative Instruments | $ 615 | $ 691 | $ 333 |
Interest Rate Swaps [Member] | Other Income [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Amount of Gain Recognized in Income on Derivative Instruments | $ 615 | $ 691 | $ 333 |
Other Comprehensive Income (116
Other Comprehensive Income (Loss) - Summary of Components of OCI (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity [Abstract] | |||
Net change in fair value recorded in accumulated OCI, Before-tax | $ (11,336) | $ (15,792) | $ (22,667) |
Net change in fair value recorded in accumulated OCI, Tax effect | (4,760) | (6,633) | (9,519) |
Net change in fair value recorded in accumulated OCI, After-tax | (6,576) | (9,159) | (13,148) |
Cumulative-effect adjustment for unrealized gains on securities transferred from available-for-sale to held-to-maturity, Before-tax | 0 | 0 | 6,690 |
Cumulative-effect adjustment for unrealized gains on securities transferred from available-for-sale to held-to-maturity, Tax effect | 0 | 0 | 2,808 |
Cumulative-effect adjustment for unrealized gains on securities transferred from available-for-sale to held-to-maturity, After-tax | 0 | 0 | 3,882 |
Amortization of unrealized (gains)/losses on securities transferred from available-for-sale to held-to-maturity, Before-tax | (3,293) | (2,174) | (1,573) |
Amortization of unrealized (gains)/losses on securities transferred from available-for-sale to held-to-maturity, Tax effect | (1,383) | (913) | (660) |
Amortization of unrealized (gains)/losses on securities transferred from available-for-sale to held-to-maturity, After-tax | (1,910) | (1,261) | (913) |
Net realized (gain)/loss reclassified into earnings, Before-tax | (402) | (548) | 22 |
Net realized (gain)/loss reclassified into earnings, Tax Effect | (169) | (230) | 9 |
Net realized (gain)/loss reclassified into earnings, After-Tax | (233) | (318) | 13 |
Net change, Before-tax | (15,031) | (18,514) | (17,528) |
Net change, Tax effect | (6,312) | (7,776) | (7,362) |
Net change, After-tax | $ (8,719) | $ (10,738) | $ (10,166) |
Balance Sheet Offsetting - Sche
Balance Sheet Offsetting - Schedule of Balance Sheet Offsetting (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | $ 3,211 | $ 5,783 |
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 558,268 | 609,883 |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | (1,284) | (1,072) |
Financial liabilities, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 556,984 | 608,811 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 1,284 | 1,072 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | (586,519) | (696,213) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | (28,251) | (86,330) |
Repurchase Agreements [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 553,773 | 603,028 |
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 | 553,773 | 603,028 |
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 | (573,759) | (683,413) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | (19,986) | (80,385) |
Interest Rate Swaps [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 3,211 | 5,783 |
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 | 3,211 | 5,783 |
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 | 3,211 | 5,783 |
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 | 3,211 | 5,783 |
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 | 3,211 | 5,783 |
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 | 3,211 | 5,783 |
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 4,495 | 6,855 |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | (1,284) | (1,072) |
Financial liabilities, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 3,211 | 5,783 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 1,284 | 1,072 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | (12,760) | (12,800) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | $ (8,265) | $ (5,945) |
Condensed Financial Informat118
Condensed Financial Information of Parent Company - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets | ||||
Other assets, net | $ 25,317 | $ 23,832 | ||
Total assets | 8,270,586 | 8,073,707 | $ 7,671,200 | |
Liabilities | 7,201,320 | 7,082,845 | ||
Stockholders' equity | 1,069,266 | 990,862 | $ 923,399 | $ 878,109 |
Total liabilities and stockholders' equity | 8,270,586 | 8,073,707 | ||
Parent Company [Member] | ||||
Assets | ||||
Investment in subsidiaries | 1,084,332 | 1,005,160 | ||
Other assets, net | 26,703 | 24,754 | ||
Total assets | 1,111,035 | 1,029,914 | ||
Liabilities | 41,769 | 39,052 | ||
Stockholders' equity | 1,069,266 | 990,862 | ||
Total liabilities and stockholders' equity | $ 1,111,035 | $ 1,029,914 |
Condensed Financial Informat119
Condensed Financial Information of Parent Company - Condensed Statements of Earnings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Other expense, net | $ (140,753) | $ (136,740) | $ (140,659) | ||||||||
Net earnings | $ 17,851 | $ 29,683 | $ 28,373 | $ 28,504 | $ 27,076 | $ 25,448 | $ 25,514 | $ 23,391 | 104,411 | 101,429 | 99,145 |
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Excess in net earnings of subsidiaries | 50,253 | 55,192 | 53,259 | ||||||||
Dividends from the Bank | 57,000 | 49,000 | 49,000 | ||||||||
Other expense, net | (2,842) | (2,763) | (3,114) | ||||||||
Net earnings | $ 104,411 | $ 101,429 | $ 99,145 |
Condensed Financial Informat120
Condensed Financial Information of Parent Company - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities | |||||||||||
Net earnings | $ 17,851 | $ 29,683 | $ 28,373 | $ 28,504 | $ 27,076 | $ 25,448 | $ 25,514 | $ 23,391 | $ 104,411 | $ 101,429 | $ 99,145 |
Adjustments to reconcile net earnings to cash used in operating activities: | |||||||||||
Stock-based compensation | 2,953 | 2,803 | 2,733 | ||||||||
Total adjustments | 35,181 | 21,826 | 6,497 | ||||||||
Cash Flows from Financing Activities | |||||||||||
Cash dividends on common stock | (57,047) | (51,625) | (48,862) | ||||||||
Proceeds from exercise of stock options | 2,683 | 5,151 | 5,144 | ||||||||
Tax benefit related to exercise of stock options | 0 | 932 | 308 | ||||||||
Repurchase of common stock | (1,128) | (1,907) | (834) | ||||||||
Net increase in cash and cash equivalents | 22,744 | 15,536 | 329 | ||||||||
Cash and cash equivalents, beginning of period | 121,633 | 106,097 | 121,633 | 106,097 | 105,768 | ||||||
Cash and cash equivalents, end of period | 144,377 | 121,633 | 144,377 | 121,633 | 106,097 | ||||||
Parent Company [Member] | |||||||||||
Cash Flows from Operating Activities | |||||||||||
Net earnings | 104,411 | 101,429 | 99,145 | ||||||||
Adjustments to reconcile net earnings to cash used in operating activities: | |||||||||||
Earnings of subsidiaries | (107,253) | (104,192) | (102,259) | ||||||||
Tax settlement received from the Bank | 1,577 | 2,557 | 1,233 | ||||||||
Stock-based compensation | 2,953 | 2,803 | 2,733 | ||||||||
Other operating activities, net | (1,725) | (3,362) | (2,180) | ||||||||
Total adjustments | (104,448) | (102,194) | (100,473) | ||||||||
Net cash used in operating activities | (37) | (765) | (1,328) | ||||||||
Cash Flows from Investing Activities | |||||||||||
Dividends received from the Bank | 57,000 | 49,000 | 49,000 | ||||||||
Net cash provided by investing activities | 57,000 | 49,000 | 49,000 | ||||||||
Cash Flows from Financing Activities | |||||||||||
Cash dividends on common stock | (57,047) | (51,625) | (48,862) | ||||||||
Proceeds from exercise of stock options | 2,683 | 5,151 | 5,144 | ||||||||
Tax benefit related to exercise of stock options | 0 | 932 | 308 | ||||||||
Repurchase of common stock | (1,128) | (1,907) | (834) | ||||||||
Net cash used in financing activities | (55,492) | (47,449) | (44,244) | ||||||||
Net increase in cash and cash equivalents | 1,471 | 786 | 3,428 | ||||||||
Cash and cash equivalents, beginning of period | $ 17,746 | $ 16,960 | 17,746 | 16,960 | 13,532 | ||||||
Cash and cash equivalents, end of period | $ 19,217 | $ 17,746 | $ 19,217 | $ 17,746 | $ 16,960 |
Quarterly Financial Data - Summ
Quarterly Financial Data - Summarized Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Selected Quarterly Financial Information [Abstract] | |||||||||||
Net interest income | $ 71,275 | $ 71,739 | $ 70,483 | $ 65,433 | $ 65,441 | $ 63,161 | $ 65,956 | $ 62,516 | $ 278,930 | $ 257,074 | $ 252,942 |
Recapture of provision for loan losses | (1,500) | (1,500) | (1,000) | (4,500) | (4,400) | (2,000) | 0 | 0 | |||
Net earnings | $ 17,851 | $ 29,683 | $ 28,373 | $ 28,504 | $ 27,076 | $ 25,448 | $ 25,514 | $ 23,391 | $ 104,411 | $ 101,429 | $ 99,145 |
Basic earnings per common share | $ 0.16 | $ 0.27 | $ 0.26 | $ 0.26 | $ 0.25 | $ 0.23 | $ 0.23 | $ 0.22 | $ 0.95 | $ 0.94 | $ 0.93 |
Diluted earnings per common share | $ 0.16 | $ 0.27 | $ 0.26 | $ 0.26 | $ 0.25 | $ 0.23 | $ 0.23 | $ 0.22 | $ 0.95 | $ 0.94 | $ 0.93 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) $ / shares in Units, $ in Millions | Feb. 26, 2018USD ($)$ / shares | Feb. 23, 2018$ / shares | Dec. 31, 2017USD ($) |
Community Bank [Member] | |||
Subsequent Event [Line Items] | |||
Total assets | $ 3,750 | ||
Gross loans | 2,740 | ||
Total deposits | $ 2,860 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Stock price | $ / shares | $ 23.37 | ||
Subsequent Event [Member] | Community Bank [Member] | |||
Subsequent Event [Line Items] | |||
Number of share to be received in respect of each share of common stock | 9.4595 | ||
Amount of cash paid per share | $ / shares | $ 56 | ||
Merger transaction value | $ 878.3 |