Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CVBF | |
Entity Registrant Name | CVB FINANCIAL CORP | |
Entity Central Index Key | 354,647 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 110,301,160 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks | $ 119,495 | $ 119,841 |
Interest-earning balances due from Federal Reserve | 61,994 | 24,536 |
Total cash and cash equivalents | 181,489 | 144,377 |
Interest-earning balances due from depository institutions | 7,150 | 17,952 |
Investment securities available-for-sale, at fair value (with amortized cost of $1,964,251 at June 30, 2018, and $2,078,131 at December 31, 2017) | 1,929,994 | 2,080,985 |
Investment securities held-to-maturity (with fair value of $747,589 at June 30, 2018, and $819,215 at December 31, 2017) | 772,469 | 829,890 |
Total investment securities | 2,702,463 | 2,910,875 |
Investment in stock of Federal Home Loan Bank (FHLB) | 17,688 | 17,688 |
Loans and lease finance receivables | 4,816,956 | 4,830,631 |
Allowance for loan losses | (59,583) | (59,585) |
Net loans and lease finance receivables | 4,757,373 | 4,771,046 |
Premises and equipment, net | 44,691 | 46,166 |
Bank owned life insurance (BOLI) | 147,419 | 146,486 |
Accrued interest receivable | 21,778 | 22,704 |
Intangibles | 6,179 | 6,838 |
Goodwill | 116,564 | 116,564 |
Other real estate owned (OREO) | 4,527 | |
Income taxes | 50,288 | 40,046 |
Other assets | 40,781 | 25,317 |
Total assets | 8,093,863 | 8,270,586 |
Deposits: | ||
Noninterest-bearing | 3,980,666 | 3,846,436 |
Interest-bearing | 2,554,640 | 2,700,417 |
Total deposits | 6,535,306 | 6,546,853 |
Customer repurchase agreements | 384,054 | 553,773 |
Deferred compensation | 19,012 | 18,223 |
Junior subordinated debentures | 25,774 | 25,774 |
Other liabilities | 46,300 | 56,697 |
Total liabilities | 7,010,446 | 7,201,320 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock, authorized, 225,000,000 shares without par; issued and outstanding 110,302,468 at June 30, 2018, and 110,184,922 at December 31, 2017 | 575,502 | 573,453 |
Retained earnings | 533,413 | 494,361 |
Accumulated other comprehensive (loss) income, net of tax | (25,498) | 1,452 |
Total stockholders' equity | 1,083,417 | 1,069,266 |
Total liabilities and stockholders' equity | $ 8,093,863 | $ 8,270,586 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Amortized cost | $ 1,964,251 | $ 2,078,131 |
Fair Value, Held-to-maturity | $ 747,589 | $ 819,215 |
Common stock, par value | ||
Common stock, authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 110,302,468 | 110,184,922 |
Common stock, shares outstanding | 110,302,468 | 110,184,922 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Interest income: | ||||
Loans and leases, including fees | $ 57,368 | $ 53,614 | $ 112,564 | $ 102,255 |
Investment securities: | ||||
Investment securities available-for-sale | 11,697 | 13,007 | 23,565 | 25,647 |
Investment securities held-to-maturity | 4,807 | 5,323 | 9,572 | 10,830 |
Total investment income | 16,504 | 18,330 | 33,137 | 36,477 |
Dividends from FHLB stock | 298 | 359 | 630 | 752 |
Interest-earning deposits with other institutions and federal funds sold | 635 | 286 | 1,171 | 553 |
Total interest income | 74,805 | 72,589 | 147,502 | 140,037 |
Interest expense: | ||||
Deposits | 1,549 | 1,559 | 3,074 | 2,992 |
Borrowings and customer repurchase agreements | 337 | 382 | 790 | 811 |
Junior subordinated debentures | 231 | 165 | 429 | 318 |
Total interest expense | 2,117 | 2,106 | 4,293 | 4,121 |
Net interest income before recapture of provision for loan losses | 72,688 | 70,483 | 143,209 | 135,916 |
Recapture of provision for loan losses | (1,000) | (1,000) | (2,000) | (5,500) |
Net interest income after recapture of provision for loan losses | 73,688 | 71,483 | 145,209 | 141,416 |
Noninterest income: | ||||
BOLI income | 1,069 | 1,497 | 2,048 | 2,212 |
Gain on OREO, net | 2 | 3,540 | 2 | |
Other | 1,178 | 1,811 | 2,569 | 3,030 |
Total noninterest income | 9,695 | 10,776 | 22,611 | 19,498 |
Noninterest expense: | ||||
Salaries and employee benefits | 21,051 | 21,706 | 43,365 | 43,281 |
Occupancy and equipment | 4,318 | 4,554 | 8,510 | 8,238 |
Professional services | 1,690 | 1,843 | 3,220 | 3,100 |
Software licenses and maintenance | 1,759 | 1,627 | 3,519 | 3,188 |
Marketing and promotion | 1,148 | 1,190 | 2,504 | 2,429 |
Acquisition related expenses | 494 | 1,250 | 1,297 | 1,926 |
Other | 3,794 | 4,703 | 7,785 | 8,828 |
Total noninterest expense | 34,254 | 36,873 | 70,200 | 70,990 |
Earnings before income taxes | 49,129 | 45,386 | 97,620 | 89,924 |
Income taxes | 13,756 | 17,013 | 27,334 | 33,047 |
Net earnings | 35,373 | 28,373 | 70,286 | 56,877 |
Other comprehensive income (loss): | ||||
Unrealized (loss) gain on securities arising during the period, before tax | (6,598) | 1,642 | (38,768) | 2,066 |
Less: Reclassification adjustment for net gain on securities included in net income | 0 | (402) | 0 | (402) |
Other comprehensive (loss) income, before tax | (6,598) | 1,240 | (38,768) | 1,664 |
Less: Income tax benefit (expense) related to items of other comprehensive income | 1,951 | (521) | 11,462 | (699) |
Other comprehensive (loss) income, net of tax | (4,647) | 719 | (27,306) | 965 |
Comprehensive income | $ 30,726 | $ 29,092 | $ 42,980 | $ 57,842 |
Basic earnings per common share | $ 0.32 | $ 0.26 | $ 0.64 | $ 0.52 |
Diluted earnings per common share | 0.32 | 0.26 | 0.64 | 0.52 |
Cash dividends declared per common share | $ 0.14 | $ 0.14 | $ 0.28 | $ 0.26 |
Service Charges on Deposit Accounts [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer, including assessed tax | $ 4,091 | $ 3,982 | $ 8,136 | $ 7,709 |
Trust and Investment Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer, including assessed tax | 2,399 | 2,613 | 4,556 | 4,909 |
Bankcard Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer, including assessed tax | $ 958 | $ 871 | $ 1,762 | $ 1,636 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Valley Commerce Bancorp [Member] | Common Stock [Member] | Common Stock [Member]Valley Commerce Bancorp [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income [Member] |
Beginning balance at Dec. 31, 2016 | $ 990,862 | $ 531,192 | $ 449,499 | $ 10,171 | ||
Beginning balance, shares at Dec. 31, 2016 | 108,252 | |||||
Cumulative adjustment upon adoption of ASU 2016-09 | 50 | $ 116 | (66) | |||
Repurchase of common stock | (833) | $ (833) | ||||
Repurchase of common stock, shares | (37) | |||||
Issuance of common stock for acquisition | $ 37,637 | $ 37,637 | ||||
Issuance of common stock for acquisition, shares | 1,634 | |||||
Exercise of stock options | 2,389 | $ 2,389 | ||||
Exercise of stock options, shares | 257 | |||||
Shares issued pursuant to stock-based compensation plan | 1,457 | $ 1,457 | ||||
Shares issued pursuant to stock-based compensation plan, shares | 43 | |||||
Cash dividends declared on common stock | (28,635) | (28,635) | ||||
Net earnings | 56,877 | 56,877 | ||||
Other comprehensive income | 965 | 965 | ||||
Ending balance at Jun. 30, 2017 | 1,060,769 | $ 571,958 | 477,675 | 11,136 | ||
Ending balance, shares at Jun. 30, 2017 | 110,149 | |||||
Beginning balance at Dec. 31, 2017 | 1,069,266 | $ 573,453 | 494,361 | 1,452 | ||
Beginning balance, shares at Dec. 31, 2017 | 110,185 | |||||
Cumulative adjustment upon adoption of ASU 2018-02 | (356) | 356 | ||||
Repurchase of common stock | (837) | $ (837) | ||||
Repurchase of common stock, shares | (36) | |||||
Exercise of stock options | 1,417 | $ 1,417 | ||||
Exercise of stock options, shares | 138 | |||||
Shares issued pursuant to stock-based compensation plan | 1,469 | $ 1,469 | ||||
Shares issued pursuant to stock-based compensation plan, shares | 15 | |||||
Cash dividends declared on common stock | (30,878) | (30,878) | ||||
Net earnings | 70,286 | 70,286 | ||||
Other comprehensive income | (27,306) | (27,306) | ||||
Ending balance at Jun. 30, 2018 | $ 1,083,417 | $ 575,502 | $ 533,413 | $ (25,498) | ||
Ending balance, shares at Jun. 30, 2018 | 110,302 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends per common share | $ 0.14 | $ 0.14 | $ 0.28 | $ 0.26 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash Flows from Operating Activities | ||
Interest and dividends received | $ 150,590 | $ 145,978 |
Service charges and other fees received | 17,032 | 17,456 |
Interest paid | (4,288) | (4,168) |
Net cash paid to vendors, employees and others | (68,564) | (54,185) |
Income taxes | (26,379) | (40,097) |
Payments to FDIC, loss share agreement | (65) | (474) |
Net cash provided by operating activities | 68,326 | 64,510 |
Cash Flows from Investing Activities | ||
Proceeds from redemption of FHLB stock | 1,952 | |
Net change in interest-earning balances from depository institutions | 10,802 | 23,277 |
Proceeds from sale of investment securities held-for-sale | 5,403 | |
Proceeds from repayment of investment securities available-for-sale | 195,715 | 201,546 |
Proceeds from maturity of investment securities available-for-sale | 10,806 | 16,615 |
Purchases of investment securities available-for-sale | (98,709) | (235,061) |
Proceeds from repayment and maturity of investment securities held-to-maturity | 55,021 | 70,949 |
Purchases of investment securities held-to-maturity | (30,112) | |
Net increase in equity investments | (21,827) | (601) |
Net decrease in loan and lease finance receivables | 20,802 | 25,211 |
Proceeds from BOLI death benefit | 882 | 2,457 |
Purchase of premises and equipment | (1,225) | (2,469) |
Proceeds from sales of other real estate owned | 8,067 | |
Cash acquired from acquisition, net of cash paid | 28,325 | |
Net cash provided by investing activities | 180,334 | 107,492 |
Cash Flows from Financing Activities | ||
Net increase in other deposits | 11,299 | 58,901 |
Net decrease in time deposits | (22,846) | (33,197) |
Net decrease in other borrowings | (53,000) | |
Net decrease in customer repurchase agreements | (169,719) | (56,943) |
Cash dividends on common stock | (30,862) | (26,205) |
Repurchase of common stock | (837) | (833) |
Proceeds from exercise of stock options | 1,417 | 2,389 |
Net cash used in financing activities | (211,548) | (108,888) |
Net increase in cash and cash equivalents | 37,112 | 63,114 |
Cash and cash equivalents, beginning of period | 144,377 | 121,633 |
Cash and cash equivalents, end of period | 181,489 | 184,747 |
Reconciliation of Net Earnings to Net Cash Provided by Operating Activities | ||
Net earnings | 70,286 | 56,877 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Gain loss on sale of investment securities | (402) | |
Gain on sale of other real estate owned | (3,540) | (2) |
Increase in BOLI | (1,815) | (3,691) |
Net amortization of premiums and discounts on investment securities | 7,302 | 8,989 |
Accretion of PCI discount | (2,137) | (505) |
Recapture of provision for loan losses | (2,000) | (5,500) |
Payments to FDIC, loss share agreement | (65) | (474) |
Stock-based compensation | 1,469 | 1,457 |
Depreciation and amortization, net | 354 | (402) |
Change in other assets and liabilities | (1,528) | 8,161 |
Total adjustments | (1,960) | 7,633 |
Net cash provided by operating activities | $ 68,326 | 64,510 |
Supplemental Disclosure of Non-cash Investing Activities | ||
Securities purchased and not settled | 16,346 | |
Issuance of common stock for acquisition | $ 37,637 |
Business
Business | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | 1. BUSINESS The condensed consolidated financial statements include CVB Financial Corp. (referred to herein on an unconsolidated basis as “CVB” and on a consolidated basis as “we,” “our” or the “Company”) and its wholly owned subsidiary, Citizens Business Bank (the “Bank” or “CBB”), after elimination of all intercompany transactions and balances. The Company has one inactive subsidiary, Chino Valley Bancorp. The Company is also the common stockholder of CVB Statutory Trust III. CVB Statutory Trust III was created in January 2006 to issue trust preferred securities in order to raise capital for the Company. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation, this trust does not meet the criteria for consolidation. The Company’s primary operations are related to traditional banking activities. This includes the acceptance of deposits and the lending and investing of money through the operations of the Bank. The Bank also provides trust and investment-related services to customers through CitizensTrust. The Bank’s customers consist primarily of small to mid-sized On February 26, 2018, we entered into a definitive agreement to merge Community Bank with and into Citizens Business Bank. As of June 30, 2018, Community Bank had approximately $3.71 billion in total assets, $2.79 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 $885.2 million based on CVB’s closing stock price of $23.60 on February 26, 2018. The shareholders of both Companies approved the merger on June 21, 2018. All regulatory approvals have been received and the merger is expected to close on August 10, 2018. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 2. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements and notes thereto have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-Q 10-K Reclassification |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Except as discussed below, our accounting policies are described in Note 3—Summary of Significant Accounting Policies, of our audited consolidated financial statements included in our Annual Report on Form 10-K 10-K”). Use of Estimates in the Preparation of Financial Statements Adoption of New Accounting Standards No. 2014-09, No. 2015-14, No. 2014-09 Revenue Recognition In January 2016, the FASB issued ASU No. 2016-01, 825-10): available-for-sale 2016-01 Fair Value Information In August 2016, the FASB issued ASU No. 2016-15, zero-coupon In May 2017, the FASB issued ASU No. 2017-09, 2017-09 No. 2017-09 In February 2018, the FASB issued ASU No. 2018-02, 2018-02 2018-02 Recent Accounting Pronouncements 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 January 2017, the FASB issued ASU No. 2017-04, 2017-04 In August 2017, the FASB issued ASU No. 2017-12, 2017-12 non-financial No. 2017-12 In June 2018, the FASB issued ASU No. 2018-07, 2018-07 2018-07 |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Business Combinations | 4. BUSINESS COMBINATIONS Valley Commerce Bancorp Acquisition On March 10, 2017, the Company completed the acquisition of Valley Commerce Bancorp (“VCBP”), the holding company for Valley Business Bank (“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 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 of 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 six months ended June 30, 2018, the Company did not incur any merger related expenses associated with the VCBP acquisition and incurred $1.3 million and $1.9 million for the three and six months ended June 30, 2017, respectively. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2018 | |
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 available-for-sale June 30, 2018 Amortized Gross Gross Fair Value Total (Dollars in thousands) Investment securities available-for-sale: Residential mortgage-backed securities $ 1,665,717 $ 1,489 $ (30,322 ) $ 1,636,884 84.81 % CMO/REMIC - residential 244,227 357 (5,073 ) 239,511 12.41 % Municipal bonds 53,557 400 (1,108 ) 52,849 2.74 % Other securities 750 - - 750 0.04 % Total available-for-sale securities $ 1,964,251 $ 2,246 $ (36,503 ) $ 1,929,994 100.00 % Investment securities held-to-maturity: Government agency/GSE $ 149,693 $ 406 $ (2,948 ) $ 147,151 19.38 % Residential mortgage-backed securities 164,914 - (4,020 ) 160,894 21.35 % CMO 219,159 - (12,773 ) 206,386 28.37 % Municipal bonds 238,703 574 (6,119 ) 233,158 30.90 % Total held-to-maturity securities $ 772,469 $ 980 $ (25,860 ) $ 747,589 100.00 % December 31, 2017 Amortized Gross Gross Fair Value Total (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 % The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax. For the Three Months Ended June 30, For the Six Months Ended 2018 2017 2018 2017 (Dollars in thousands) Investment securities available-for-sale: Taxable $ 11,290 $ 12,420 $ 22,735 $ 24,346 Tax-advantaged 407 587 830 1,301 Total interest income from available-for-sale 11,697 13,007 23,565 25,647 Investment securities held-to-maturity: Taxable 3,048 3,203 5,926 6,480 Tax-advantaged 1,759 2,120 3,646 4,350 Total interest income from held-to-maturity 4,807 5,323 9,572 10,830 Total interest income from investment securities $ 16,504 $ 18,330 $ 33,137 $ 36,477 Approximately 89% of the total investment securities portfolio at June 30, 2018 represents securities issued by the U.S government or U.S. government-sponsored enterprises, with the implied guarantee of payment of principal and interest. The tables below show the Company’s investment securities’ gross unrealized losses and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2018 and December 31, 2017. Management has reviewed individual securities to determine whether a decline in fair value below the amortized cost basis is other-than-temporary. June 30, 2018 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 $ 1,253,569 $ (18,601 ) $ 272,657 $ (11,721 ) $ 1,526,226 $ (30,322 ) CMO/REMIC - residential 130,072 (2,291 ) 64,326 (2,782 ) 194,398 (5,073 ) Municipal bonds 9,294 (221 ) 13,304 (887 ) 22,598 (1,108 ) Total available-for-sale $ 1,392,935 $ (21,113 ) $ 350,287 $ (15,390 ) $ 1,743,222 $ (36,503 ) Investment securities held-to-maturity: Government agency/GSE $ 53,518 $ (437 ) $ 41,567 $ (2,511 ) $ 95,085 $ (2,948 ) Residential mortgage-backed securities 106,204 (2,225 ) 54,691 (1,795 ) 160,895 (4,020 ) CMO - - 206,386 (12,773 ) 206,386 (12,773 ) Municipal bonds 91,541 (1,499 ) 61,207 (4,620 ) 152,748 (6,119 ) Total held-to-maturity $ 251,263 $ (4,161 ) $ 363,851 $ (21,699 ) $ 615,114 $ (25,860 ) 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 ) At June 30, 2018 and December 31, 2017, investment securities having a carrying value of approximately $1.74 billion and $1.91 billion, respectively, were pledged to secure public deposits, short and long-term borrowings, and for other purposes as required or permitted by law. The amortized cost and fair value of debt securities at June 30, 2018, by contractual maturity, are shown in the table below. Although mortgage-backed and CMO/REMIC securities 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. June 30, 2018 Available-for-sale Held-to-maturity Amortized Amortized Cost Fair Value Cost Fair Value (Dollars in thousands) Due in one year or less $ 26,487 $ 26,762 $ - $ - Due after one year through five years 1,711,078 1,682,200 283,278 270,230 Due after five years through ten years 197,590 192,738 209,623 205,138 Due after ten years 29,096 28,294 279,568 272,221 Total investment securities $ 1,964,251 $ 1,929,994 $ 772,469 $ 747,589 The investment in FHLB stock is periodically evaluated for impairment based on, among other things, the capital adequacy of the FHLB and its overall financial condition. No impairment losses have been recorded through June 30, 2018. |
Acquired SJB Assets and FDIC Lo
Acquired SJB Assets and FDIC Loss Sharing Asset | 6 Months Ended |
Jun. 30, 2018 | |
Text Block [Abstract] | |
Acquired SJB Assets and FDIC Loss Sharing Asset | 6. ACQUIRED SJB ASSETS AND FDIC LOSS SHARING ASSET FDIC Assisted Acquisition On October 16, 2009, the Bank acquired San Joaquin Bank (“SJB”) and entered into loss sharing agreements with the Federal Deposit Insurance Corporation (“FDIC”) that is more fully discussed in Note 3 – Summary of Significant Accounting Policies 10-K At June 30, 2018, the remaining discount associated with the PCI loans was zero. The loss sharing agreement for commercial loans expired October 16, 2014. The loss sharing agreement with the FDIC for single-family residential loans, which would have expired on October 16, 2019, was terminated by the Bank on July 20, 2018. The following table provides a summary of PCI loans and lease finance receivables by type and by internal risk ratings (credit quality indicators) for the periods indicated. June 30, 2018 December 31, 2017 (Dollars in thousands) Commercial and industrial $ 562 $ 934 SBA 1,311 1,383 Real estate: Commercial real estate 17,214 27,431 Construction - - SFR mortgage 154 162 Dairy & livestock and agribusiness - 770 Municipal lease finance receivables - - Consumer and other loans 185 228 Gross PCI loans 19,426 30,908 Less: Purchase accounting discount - (2,026 ) Gross PCI loans, net of discount 19,426 28,882 Less: Allowance for PCI loan losses (216 ) (367 ) Net PCI loans $ 19,210 $ 28,515 Credit Quality Indicators The following table summarizes gross PCI loans by internal risk ratings for the periods indicated. June 30, 2018 December 31, 2017 (Dollars in thousands) Pass $ 18,137 $ 26,439 Special mention 1,044 1,088 Substandard 245 3,381 Doubtful & loss - - Total gross PCI loans $ 19,426 $ 30,908 |
Loans and Lease Finance Receiva
Loans and Lease Finance Receivables and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2018 | |
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 the Company’s total loans and lease finance receivables, excluding PCI loans, by type. June 30, 2018 December 31, 2017 (Dollars in thousands) Commercial and industrial $ 509,188 $ 513,325 SBA 121,048 122,055 Real estate: Commercial real estate 3,454,030 3,376,713 Construction 84,400 77,982 SFR mortgage 237,154 236,202 Dairy & livestock and agribusiness 268,489 347,289 Municipal lease finance receivables 67,721 70,243 Consumer and other loans 60,875 64,229 Gross loans, excluding PCI loans 4,802,905 4,808,038 Less: Deferred loan fees, net (5,375 ) (6,289 ) Gross loans, excluding PCI loans, net of deferred loan fees 4,797,530 4,801,749 Less: Allowance for loan losses (59,367 ) (59,218 ) Net loans, excluding PCI loans 4,738,163 4,742,531 PCI Loans 19,426 30,908 Discount on PCI loans - (2,026 ) Less: Allowance for loan losses (216 ) (367 ) PCI loans, net 19,210 28,515 Total loans and lease finance receivables $ 4,757,373 $ 4,771,046 As of June 30, 2018, 78.61% of the Company’s total gross loan portfolio (excluding PCI loans) consisted of real estate loans, 71.92% 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 June 30, 2018, $212.5 million, or 6.15% of the total commercial real estate loans included loans secured by farmland, compared to $206.1 million, or 6.10%, at December 31, 2017. The loans secured by farmland included $123.7 million for loans secured by dairy & livestock land and $88.8 million for loans secured by agricultural land at June 30, 2018, compared to $118.2 million for loans secured by dairy & livestock land and $87.9 million for loans secured by agricultural land at December 31, 2017. As of June 30, 2018, dairy & livestock and agribusiness loans of $268.5 million were comprised of $231.5 million for dairy & livestock loans and $37.0 million for agribusiness loans, compared to $310.6 million for dairy & livestock loans and $36.7 million for agribusiness loans at December 31, 2017. At June 30, 2018, the Company held approximately $2.20 billion of total fixed rate loans, including PCI loans. At June 30, 2018 and December 31, 2017, loans totaling $3.73 billion and $3.68 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 An important element of our approach to 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 or improvement 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. June 30, 2018 Pass Special Mention Substandard Doubtful & Loss Total (Dollars in thousands) Commercial and industrial $ 490,231 $ 16,415 $ 2,542 $ - $ 509,188 SBA 111,616 6,686 2,746 - 121,048 Real estate: Commercial real estate Owner occupied 1,063,163 61,509 19,102 - 1,143,774 Non-owner 2,290,652 13,880 5,724 - 2,310,256 Construction Speculative 74,785 - - - 74,785 Non-speculative 9,615 - - - 9,615 SFR mortgage 229,831 3,070 4,253 - 237,154 Dairy & livestock and agribusiness 244,408 19,581 4,500 - 268,489 Municipal lease finance receivables 67,153 568 - - 67,721 Consumer and other loans 59,076 921 878 - 60,875 Total gross loans, excluding PCI loans $ 4,640,530 $ 122,630 $ 39,745 $ - $ 4,802,905 December 31, 2017 Pass Special Mention Substandard Doubtful & Loss 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 Allowance for Loan Losses (“ALLL”) The Bank’s Audit and Director Loan Committees provide Board oversight of the ALLL process and approves the ALLL 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 10-K Management believes that the ALLL was appropriate at June 30, 2018 and December 31, 2017. 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 Three Months Ended June 30, 2018 Ending Balance Charge-offs Recoveries (Recapture of) Ending Balance (Dollars in thousands) Commercial and industrial $ 7,499 $ - $ 27 $ (556 ) $ 6,970 SBA 884 - 5 (48 ) 841 Real estate: Commercial real estate 41,863 - - 734 42,597 Construction 987 - 596 (580 ) 1,003 SFR mortgage 2,202 - - (47 ) 2,155 Dairy & livestock and agribusiness 4,666 - 19 (334 ) 4,351 Municipal lease finance receivables 834 - - (26 ) 808 Consumer and other loans 688 (2 ) 3 (47 ) 642 PCI loans 312 - - (96 ) 216 Total allowance for loan losses $ 59,935 $ (2 ) $ 650 $ (1,000 ) $ 59,583 For the Three Months Ended June 30, 2017 Ending Balance Charge-offs Recoveries (Recapture of) Ending Balance (Dollars in thousands) Commercial and industrial $ 7,956 $ - $ 42 $ 62 $ 8,060 SBA 871 - 38 4 913 Real estate: Commercial real estate 38,986 - 154 787 39,927 Construction 820 - 1,694 (1,455 ) 1,059 SFR mortgage 2,186 - - 183 2,369 Dairy & livestock and agribusiness 5,842 - 19 (421 ) 5,440 Municipal lease finance receivables 889 - - (37 ) 852 Consumer and other loans 937 - 42 (57 ) 922 PCI loans 725 - - (66 ) 659 Total allowance for loan losses $ 59,212 $ - $ 1,989 $ (1,000 ) $ 60,201 For the Six Months Ended June 30, 2018 Ending Balance Charge-offs Recoveries (Recapture of) Ending Balance (Dollars in thousands) Commercial and industrial $ 7,280 $ - $ 37 $ (347 ) $ 6,970 SBA 869 - 10 (38 ) 841 Real estate: Commercial real estate 41,722 - - 875 42,597 Construction 984 - 1,930 (1,911 ) 1,003 SFR mortgage 2,112 - - 43 2,155 Dairy & livestock and agribusiness 4,647 - 19 (315 ) 4,351 Municipal lease finance receivables 851 - - (43 ) 808 Consumer and other loans 753 (9 ) 11 (113 ) 642 PCI loans 367 - - (151 ) 216 Total allowance for loan losses $ 59,585 $ (9 ) $ 2,007 $ (2,000 ) $ 59,583 For the Six Months Ended June 30, 2017 Ending Balance Charge-offs Recoveries (Recapture of) Ending Balance (Dollars in thousands) Commercial and industrial $ 8,154 $ - $ 94 $ (188 ) $ 8,060 SBA 871 - 42 - 913 Real estate: Commercial real estate 37,443 - 154 2,330 39,927 Construction 1,096 - 3,719 (3,756 ) 1,059 SFR mortgage 2,287 - 64 18 2,369 Dairy & livestock and agribusiness 8,541 - 19 (3,120 ) 5,440 Municipal lease finance receivables 941 - - (89 ) 852 Consumer and other loans 988 (2 ) 71 (135 ) 922 PCI loans 1,219 - - (560 ) 659 Total allowance for loan losses $ 61,540 $ (2 ) $ 4,163 $ (5,500 ) $ 60,201 The following tables present the recorded investment in loans held-for-investment June 30, 2018 Recorded Investment in Loans Allowance for Loan Losses Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deterioriated Credit Quality Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deterioriated Credit Quality (Dollars in thousands) Commercial and industrial $ 355 $ 508,833 $ - $ - $ 6,970 $ - SBA 1,174 119,874 - - 841 - Real estate: Commercial real estate 7,741 3,446,289 - - 42,597 - Construction - 84,400 - - 1,003 - SFR mortgage 4,133 233,021 - 13 2,142 - Dairy & livestock and agribusiness 800 267,689 - - 4,351 - Municipal lease finance receivables - 67,721 - - 808 - Consumer and other loans 509 60,366 - 3 639 - PCI loans - - 19,426 - - 216 Total $ 14,712 $ 4,788,193 $ 19,426 $ 16 $ 59,351 $ 216 June 30, 2017 Recorded Investment in Loans Allowance for Loan Losses Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deterioriated Credit Quality Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deterioriated Credit Quality (Dollars in thousands) Commercial and industrial $ 1,605 $ 535,742 $ - $ 13 $ 8,047 $ - SBA 2,478 126,805 - 6 907 - Real estate: Commercial real estate 18,558 3,247,300 - - 39,927 - Construction - 77,294 - - 1,059 - SFR mortgage 4,195 245,738 - - 2,369 - Dairy & livestock and agribusiness 829 244,426 - - 5,440 - Municipal lease finance receivables - 66,048 - - 852 - Consumer and other loans 1,131 72,778 - 94 828 - PCI loans - - 49,869 - - 659 Total $ 28,796 $ 4,616,131 $ 49,869 $ 113 $ 59,429 $ 659 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 10-K A loan is reported as a Troubled Debt Restructuring (“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 one or more 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. June 30, 2018 30-59 Days Past Due 60-89 Days Past Due Total Past Due and Accruing Nonaccrual Current Total Loans and Financing Receivables (Dollars in thousands) Commercial and industrial $ - $ - $ - $ 204 $ 508,984 $ 509,188 SBA - - - 574 120,474 121,048 Real estate: Commercial real estate Owner occupied - - - 4,294 1,134,706 1,139,000 Non-owner - - - 2,223 2,312,807 2,315,030 Construction Speculative (2) - - - - 74,785 74,785 Non-speculative - - - - 9,615 9,615 SFR mortgage - - - 1,578 235,576 237,154 Dairy & livestock and agribusiness - - - 800 267,689 268,489 Municipal lease finance receivables - - - - 67,721 67,721 Consumer and other loans 47 - 47 509 60,319 60,875 Total gross loans, excluding PCI loans $ 47 $ - $ 47 $ 10,182 $ 4,792,676 $ 4,802,905 (1) As of June 30, 2018, $3.2 million of nonaccruing loans were current, $164,000 were 30-59 60-89 (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. December 31, 2017 30-59 Days Past Due 60-89 Days Past Due Total Past Due and Accruing Nonaccrual Current Total Loans and Financing Receivables (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. Impaired Loans At June 30, 2018, the Company had impaired loans, excluding PCI loans, of $14.7 million. Impaired loans included $6.5 million of nonaccrual commercial real estate loans, $1.6 million of nonaccrual single-family residential (“SFR”) mortgage loans, $800,000 of nonaccrual dairy & livestock and agribusiness loans, $574,000 of nonaccrual Small Business Administration (“SBA”) loans, $509,000 of nonaccrual consumer and other loans, and $204,000 of nonaccrual commercial and industrial loans. These impaired loans included $8.4 million of loans whose terms were modified in a troubled debt restructuring, of which $3.9 million were classified as nonaccrual. The remaining balance of $4.5 million consisted of 15 loans performing according to the restructured terms. The impaired loans had a specific allowance of $16,000 at June 30, 2018. At December 31, 2017, the Company had classified as impaired, loans, excluding PCI loans, with a balance of $15.5 million with a related allowance of $75,000. The following tables present information for held-for-investment As of and For the Six Months Ended June 30, 2018 Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 355 $ 864 $ - $ 378 $ 4 SBA 1,174 1,302 - 1,204 23 Real estate: Commercial real estate Owner occupied 4,294 4,747 - 4,331 - Non-owner 3,447 4,894 - 3,565 44 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 4,120 4,860 - 4,159 55 Dairy & livestock and agribusiness 800 1,091 - 819 - Municipal lease finance receivables - - - - - Consumer and other loans 506 716 - 568 - Total 14,696 18,474 - 15,024 126 With a related allowance recorded: Commercial and industrial - - - - - SBA - - - - - Real estate: Commercial real estate Owner occupied - - - - - Non-owner - - - - - Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 13 13 13 13 - Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 3 3 3 3 - Total 16 16 16 16 - Total impaired loans $ 14,712 $ 18,490 $ 16 $ 15,040 $ 126 As of and For the Six Months Ended June 30, 2017 Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 1,465 $ 1,939 $ - $ 1,572 $ 13 SBA 2,472 2,750 - 2,538 32 Real estate: Commercial real estate Owner occupied 5,541 5,866 - 5,240 69 Non-owner 13,017 15,469 - 12,908 798 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 4,195 4,983 - 4,242 73 Dairy & livestock and agribusiness 829 1,091 - 1,123 1 Municipal lease finance receivables - - - - - Consumer and other loans 734 941 - 752 9 Total 28,253 33,039 - 28,375 995 With a related allowance recorded: Commercial and industrial 140 187 13 157 1 SBA 6 23 6 9 - 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 397 402 94 399 - Total 543 612 113 565 1 Total impaired loans $ 28,796 $ 33,651 $ 113 $ 28,940 $ 996 As of December 31, 2017 Recorded Unpaid Related (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 440 $ 980 $ - SBA 1,530 1,699 - Real estate: Commercial real estate Owner occupied 4,365 4,763 - Non-owner 3,768 5,107 - Construction Speculative - - - Non-speculative - - - SFR mortgage 4,040 4,692 - Dairy & livestock and agribusiness 829 1,091 - Municipal lease finance receivables - - - Consumer and other loans 174 370 - Total 15,146 18,702 - With a related allowance recorded: Commercial and industrial - - - SBA 1 18 1 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 Total 379 409 75 Total impaired loans $ 15,525 $ 19,111 $ 75 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 (“TDRs”) Loans that are reported as TDRs are considered impaired and charge-off Summary of Significant Accounting Policies 10-K As of June 30, 2018, there were $8.4 million of loans classified as a TDR, of which $3.9 million were nonperforming and $4.5 million were performing. TDRs on accrual status are comprised of loans that were accruing interest at the time of restructuring or have demonstrated repayment performance in compliance with the restructured terms for a sustained period and for which the Company anticipates full repayment of both principal and interest. At June 30, 2018, performing TDRs were comprised of 10 SFR mortgage loans of $2.6 million, two commercial real estate loans of $1.2 million, one SBA loan of $600,000, and two commercial and industrial loans of $151,000. 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 zero and $1,000 of specific allowance to TDRs as of June 30, 2018 and December 31, 2017, respectively. The following table provides a summary of the activity related to TDRs for the periods presented. For the Three Months Ended For the Six Months Ended June 30, June 30, 2018 2017 2018 2017 (Dollars in thousands) Performing TDRs: Beginning balance $ 4,285 $ 19,702 $ 4,809 $ 19,233 New modifications 311 - 311 3,143 Payoffs/payments, net and other (66 ) 16 (590 ) (2,987 ) TDRs returned to accrual status - - - 329 TDRs placed on nonaccrual status - (3,144 ) - (3,144 ) Ending balance $ 4,530 $ 16,574 $ 4,530 $ 16,574 Nonperforming TDRs: Beginning balance $ 3,909 $ 1,407 $ 4,200 $ 1,626 New modifications 38 - 38 2,066 Charge-offs - - - - Payoffs/payments, net and other (55 ) (160 ) (346 ) (2,116 ) TDRs returned to accrual status - - - (329 ) TDRs placed on nonaccrual status - 3,144 - 3,144 Ending balance $ 3,892 $ 4,391 $ 3,892 $ 4,391 Total TDRs $ 8,422 $ 20,965 $ 8,422 $ 20,965 The following table summarizes loans modified as troubled debt restructurings for the period presented. Modifications (1) For the Three Months Ended June 30, 2018 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Outstanding Recorded Investment at June 30, 2018 Financial Effect Resulting From Modifications (2) (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity 1 38 38 31 - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner Interest rate reduction - - - - - Change in amortization period or maturity - - - - - SFR mortgage: Interest rate reduction 1 311 311 307 - 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 - - - - - Total loans 2 $ 349 $ 349 $ 338 $ - For the Three Months Ended June 30, 2017 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Outstanding Recorded Investment at Financial Effect Resulting From Modifications (2) (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity - - - - - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner Interest rate reduction - - - - - Change in amortization period or maturity - - - - - SFR mortgage: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Dairy & livestock and agribusiness: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Total loans - $ - $ - $ - $ - For the Six Months Ended June 30, 2018 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Outstanding Recorded Investment at June 30, 2018 Financial Effect Resulting From Modifications (2) (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity 1 38 38 31 - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner Interest rate reduction - - - - - Change in amortization period or maturity - - - - - SFR mortgage: Interest rate reduction - - - - - Change in amortization period or maturity 1 311 311 307 - Dairy & livestock and agribusiness: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Total loans 2 $ 349 $ 349 $ 338 $ - For the Six Months Ended June 30, 2017 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Outstanding Recorded Investment at June 30, 2017 Financial Effect Resulting From Modifications (2) (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity - - - - - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity 1 3,143 3,143 3,143 - Non-owner Interest rate reduction - - - - - Change in amortization period or maturity - - - - - SFR mortgage: 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 1 82 82 78 - Total loans 3 $ 5,209 $ 5,209 $ 3,299 $ - (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 June 30, 2018, there were no loans that were previously modified as a TDR within the previous 12 months that subsequently defaulted during the three and six months ended June 30, 2018. As of June 30, 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 during the three and six months ended June 30, 2017. |
Earnings Per Share Reconciliati
Earnings Per Share Reconciliation | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Reconciliation | 8. EARNINGS PER SHARE RECONCILIATION Basic earnings per common share are computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding during each period. The computation of diluted earnings per common share considers the number of shares issuable upon the assumed exercise of outstanding common stock options. Antidilutive common shares are not included in the calculation of diluted earnings per common share. For the three and six months ended June 30, 2018, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share were 14,000 and 13,000, respectively. For the three and six months ended June 30, 2017, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share were 11,000 and 8,000, respectively. The table below shows earnings per common share and diluted earnings per common share, and reconciles the numerator and denominator of both earnings per common share calculations. For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 35,373 $ 28,373 $ 70,286 $ 56,877 Less: Net earnings allocated to restricted stock 94 105 202 217 Net earnings allocated to common shareholders $ 35,279 $ 28,268 $ 70,084 $ 56,660 Weighted average shares outstanding 109,983 109,730 109,921 109,039 Basic earnings per common share $ 0.32 $ 0.26 $ 0.64 $ 0.52 Diluted earnings per common share: Net income allocated to common shareholders 35,279 28,268 70,084 56,660 Weighted average shares outstanding 109,983 109,730 109,921 109,039 Incremental shares from assumed exercise of outstanding options 372 348 418 406 Diluted weighted average shares outstanding 110,355 110,078 110,339 109,445 Diluted earnings per common share $ 0.32 $ 0.26 $ 0.64 $ 0.52 |
Fair Value Information
Fair Value Information | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Information | 9. FAIR VALUE INFORMATION Fair Value Hierarchy Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following disclosure provides the fair value information for financial assets and liabilities as of June 30, 2018. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels (Level 1, Level 2 and Level 3). · Level 1 · Level 2 · Level 3 There were no transfers in and out of Level 1 and Level 2 during the six months ended June 30, 2018 and 2017. 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 June 30, 2018 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Description of assets Investment securities - AFS: Residential mortgage-backed securities $ 1,636,884 $ - $ 1,636,884 $ - CMO/REMIC - residential 239,511 - 239,511 - Municipal bonds 52,849 - 52,849 - Other securities 750 - 750 - Total investment securities - AFS 1,929,994 - 1,929,994 - Interest rate swaps 1,405 - 1,405 - Total assets $ 1,931,399 $ - $ 1,931,399 $ - Description of liability Interest rate swaps $ 1,405 $ - $ 1,405 $ - Total liabilities $ 1,405 $ - $ 1,405 $ - Carrying Value at Quoted Prices in Significant Other Significant December 31, 2017 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Description of assets Investment securities - AFS: 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 $ - 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 For assets measured at fair value on a non-recurring Carrying Value at June 30, 2018 Quoted Prices in Identical Assets Significant Other Significant Total Losses Ended June 30, 2018 (Dollars in thousands) Description of assets Impaired loans, excluding PCI loans: Commercial and industrial $ - $ - $ - $ - $ - SBA - - - - - Real estate: Commercial real estate - - - - - Construction - - - - - SFR mortgage 13 - - 13 13 Dairy & livestock and agribusiness - - - - - Consumer and other loans 3 - - 3 3 Other real estate owned - - - - - Asset held-for-sale - - - - - Total assets $ 16 $ - $ - $ 16 $ 16 Carrying Value at Quoted Prices in Significant Other Significant Total Losses (Dollars in thousands) Description of assets Impaired loans, excluding PCI loans: Commercial and industrial $ - $ - $ - $ - $ - 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 Fair Value of Financial Instruments The following disclosure presents estimated fair value of our financial instruments. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to develop the estimates of fair value. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company may realize in a current market exchange as of June 30, 2018 and December 31, 2017, respectively. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. June 30, 2018 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 181,489 $ 181,489 $ - $ - $ 181,489 Interest-earning balances due from depository institutions 7,150 - 7,086 - 7,086 Investment securities available-for-sale 1,929,994 - 1,929,994 - 1,929,994 Investment securities held-to-maturity 772,469 - 747,589 - 747,589 Total loans, net of allowance for loan losses (1) 4,757,373 - - 4,634,939 4,634,939 Swaps 1,405 - 1,405 - 1,405 Liabilities Deposits: Interest-bearing $ 2,554,640 $ - $ 2,551,285 $ - $ 2,551,285 Borrowings 384,054 - 383,725 - 383,725 Junior subordinated debentures 25,774 - - 20,910 20,910 Swaps 1,405 - 1,405 - 1,405 (1) The fair value of loans as of June 30, 2018 was measured using an exit price notion. December 31, 2017 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and due from banks $ 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 The fair value estimates presented herein are based on pertinent information available to management as of June 30, 2018 and December 31, 2017. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date, and therefore, current estimates of fair value may differ significantly from the amounts presented above. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Business Segments | 10. 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 51 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 reporting 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 represent the selected financial information for these two business segments. GAAP does not have an authoritative body of knowledge regarding the management accounting used in presenting segment financial information. The accounting policies for each of the business units is the same as those policies identified for the consolidated Company and disclosed in Note 3 – Summary of Significant Accounting Policies 10-K The following tables present the operating results and other key financial measures for the individual operating segments for the periods presented. For the Three Months Ended June 30, 2018 Centers Dairy & livestock and agribusiness Other (1) Total (Dollars in thousands) Net interest income $ 52,271 $ 3,467 $ 16,950 $ 72,688 Recapture of provision for loan losses (70 ) (334 ) (596 ) (1,000 ) Net interest income after recapture of provision for loan losses 52,341 3,801 17,546 73,688 Noninterest income 5,637 47 4,011 9,695 Noninterest expense 12,779 472 21,003 34,254 Segment pre-tax $ 45,199 $ 3,376 $ 554 $ 49,129 Goodwill $ 116,564 $ - $ - $ 116,564 Segment assets as of June 30, 2018 $ 6,996,216 $ 404,236 $ 693,411 $ 8,093,863 (1) Includes treasury and administration, as well as 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 Three Months Ended June 30, 2017 Centers Dairy & Other (1) Total (Dollars in thousands) Net interest income $ 48,762 $ 2,369 $ 19,352 $ 70,483 (Recapture of) provision for loan losses 875 (421 ) (1,454 ) (1,000 ) Net interest income after (recapture of) provision for loan losses 47,887 2,790 20,806 71,483 Noninterest income 5,303 49 5,424 10,776 Noninterest expense 13,206 504 23,163 36,873 Debt termination expense - - - - Segment pre-tax $ 39,984 $ 2,335 $ 3,067 $ 45,386 Goodwill $ 119,193 $ - $ - $ 119,193 Segment assets as of June 30, 2017 $ 7,314,110 $ 348,570 $ 755,523 $ 8,418,203 (1) Includes treasury and administration, as well as 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 Six Months Ended June 30, 2018 Centers Dairy & livestock and agribusiness Other (1) Total (Dollars in thousands) Net interest income $ 101,854 $ 7,318 $ 34,037 $ 143,209 (Recapture of) provision for loan losses 259 (315 ) (1,944 ) (2,000 ) Net interest income after (recapture of) provision for loan losses 101,595 7,633 35,981 145,209 Noninterest income 10,938 92 11,581 22,611 Noninterest expense 26,004 989 43,207 70,200 Debt termination expense - - - - Segment pre-tax $ 86,529 $ 6,736 $ 4,355 $ 97,620 Goodwill $ 116,564 $ - $ - $ 116,564 Segment assets as of June 30, 2018 $ 6,996,216 $ 404,236 $ 693,411 $ 8,093,863 (1) Includes treasury and administration, as well as 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 Six Months Ended June 30, 2017 Centers Dairy & Other (1) Total (Dollars in thousands) Net interest income $ 94,340 $ 4,513 $ 37,063 $ 135,916 (Recapture of) provision for loan losses 1,386 (3,120 ) (3,766 ) (5,500 ) Net interest income after (recapture of) provision for loan losses 92,954 7,633 40,829 141,416 Noninterest income 10,510 104 8,884 19,498 Noninterest expense 25,644 1,005 44,341 70,990 Debt termination expense - - - - Segment pre-tax $ 77,820 $ 6,732 $ 5,372 $ 89,924 Goodwill $ 119,193 $ - $ - $ 119,193 Segment assets as of June 30, 2017 $ 7,314,110 $ 348,570 $ 755,523 $ 8,418,203 (1) Includes treasury and administration, as well as 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 | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 11. DERIVATIVE FINANCIAL INSTRUMENTS The Bank is exposed to certain risks relating to its ongoing business operations and utilizes interest rate swap agreements (“swaps”) as part of its asset/liability management strategy to help manage its interest rate risk position. As of June 30, 2018, the Bank has entered into 75 interest-rate swap agreements with customers. The Bank then entered into identical offsetting swaps with a counterparty bank. The swap agreements are not designated as hedging instruments. The purpose of entering into offsetting derivatives not designated as a hedging instrument is to provide the Bank a variable-rate loan receivable and to provide the customer the financial effects of a fixed-rate loan without creating significant volatility in the Bank’s earnings. The structure of the swaps is as follows. The Bank enters into an interest rate swap with its customers in which the Bank pays the customer a variable rate and the customer pays the Bank a fixed rate, therefore allowing customers to convert variable rate loans to fixed rate loans. At the same time, the Bank enters into a swap with the counterparty bank in which the Bank pays the counterparty a fixed rate and the counterparty in return pays the Bank a variable rate, which has the effect of passing on the interest-rate risk associated with the customer’s fixed rate swap to the counterparty bank. The net effect of the transaction allows the Bank to receive interest on the loan from the customer at a variable rate based on LIBOR plus a spread. The changes in the fair value of the swaps primarily offset each other and therefore should not have a significant impact on the Company’s results of operations, although the Company does incur credit and counterparty risk with respect to performance on the swap agreements by the Bank’s customer and counterparty, respectively. Our interest rate swap derivatives are subject to a master netting arrangement with one counterparty bank. None of our derivative assets and liabilities are offset in the balance sheet. We believe our risk of loss associated with our counterparty borrowers related to interest rate swaps is mitigated as the loans with swaps are underwritten to take into account potential additional exposure, although there can be no assurances in this regard since the performance of our swaps is subject to market and counterparty risk. Balance Sheet Classification of Derivative Financial Instruments As of June 30, 2018 and December 31, 2017, the total notional amount of the Company’s swaps was $186.8 million, and $198.5 million, respectively. The location of the asset and liability, and their respective fair values are summarized in the tables below. June 30, 2018 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 1,405 Other liabilities $ 1,405 Total derivatives $ 1,405 $ 1,405 December 31, 2017 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location 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 The Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of Earnings The following table summarizes the effect of derivative financial instruments on the condensed consolidated statement of earnings for the periods presented. Derivatives Not Designated as Hedging Instruments Location of Gain Recognized in Amount of Gain Recognized in Income on For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 (Dollars in thousands) Interest rate swaps Other income $ 151 $ 71 $ 267 $ 394 Total $ 151 $ 71 $ 267 $ 394 |
Other Comprehensive Income
Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Other Comprehensive Income | 12. OTHER COMPREHENSIVE INCOME The table below provides a summary of the components of other comprehensive income (“OCI”) for the periods presented. For the Three Months Ended June 30, 2018 2017 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 $ (5,773 ) $ 1,707 $ (4,066 ) $ 2,838 $ (1,192 ) $ 1,646 Amortization of unrealized (gains) losses on securities transferred from available-for-sale held-to-maturity (825 ) 244 (581 ) (1,196 ) 502 (694 ) Net realized gain reclassified into earnings (1) - - - (402 ) 169 (233 ) Net change $ (6,598 ) $ 1,951 $ (4,647 ) $ 1,240 $ (521 ) $ 719 For the Six Months Ended June 30, 2018 2017 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 $ (37,111 ) $ 10,972 $ (26,139 ) $ 4,045 $ (1,699 ) $ 2,346 Amortization of unrealized (gains) losses on securities transferred from available-for-sale held-to-maturity (1,657 ) 490 (1,167 ) (1,979 ) 831 (1,148 ) Net realized gain reclassified into earnings (1) - - - (402 ) 169 (233 ) Net change $ (38,768 ) $ 11,462 $ (27,306 ) $ 1,664 $ (699 ) $ 965 (1) Included in other noninterest income. |
Balance Sheet Offsetting
Balance Sheet Offsetting | 6 Months Ended |
Jun. 30, 2018 | |
Text Block [Abstract] | |
Balance Sheet Offsetting | 13. BALANCE SHEET OFFSETTING Assets and liabilities relating to certain financial instruments, including, derivatives and securities sold under repurchase agreements (“repurchase agreements”), may be eligible for offset in the condensed consolidated balance sheets as permitted under accounting guidance. As noted above, our interest rate swap derivatives are subject to a master netting arrangement with one counterparty bank. Our interest rate swap derivatives require the Company to pledge investment securities as collateral based on certain risk thresholds. Investment securities that have been pledged by the Company to the counterparty bank continue to be reported in the Company’s condensed consolidated balance sheets unless the Company defaults. We offer a repurchase agreement product to our customers, which include master netting agreements that allow for the netting of collateral positions. This product, known as Citizens Sweep Manager, sells certain of our securities overnight to our customers under an agreement to repurchase them the next day. The repurchase agreements are not offset in the condensed consolidated balances. Gross Amounts Gross Amounts Net Amounts of Assets Presented in the Condensed Gross Amounts Not Offset in the Net Amount Financial Collateral (Dollars in thousands) June 30, 2018 Financial assets: Derivatives not designated as hedging instruments $ 1,405 $ - $ - $ 1,405 $ - $ 1,405 Total $ 1,405 $ - $ - $ 1,405 $ - $ 1,405 Financial liabilities: Derivatives not designated as hedging instruments $ 5,291 $ (3,886 ) $ 1,405 $ 3,886 $ - $ 5,291 Repurchase agreements 384,054 - 384,054 - (485,522 ) (101,468 ) Total $ 389,345 $ (3,886 ) $ 385,459 $ 3,886 $ (485,522 ) $ (96,177 ) 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 ) |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 14. REVENUE RECOGNITION On January 1, 2018, the Company adopted ASU No. 2014-09 Summary of Significant Accounting Policies Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities. In addition, certain noninterest income streams such as fees associated with mortgage servicing rights, financial guarantees, derivatives, and certain credit card fees are also not in scope of the new guidance. Topic 606 is applicable to noninterest revenue streams such as trust and asset management income, deposit related fees, interchange fees, and merchant income. However, the recognition of these revenue streams did not change significantly upon adoption of Topic 606. Substantially all of the Company’s revenue is generated from contracts with customers. Noninterest revenue streams in-scope Trust and Investment Services Trust and asset management income is primarily comprised of fees earned from the management and administration of trusts and customer assets. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the monthly market value of the assets under management and the applicable fee rate. Payment is generally received at month end through a direct charge to customers’ accounts. The Company does not earn performance-based incentives. Other services related to real estate and tax return preparation services are also provided to existing trust and asset management customers. The Company’s performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered. Wealth Management contracts with customers have no clauses that would entitle customers to additional services. Fees are generally earned based on market value of assets under management (AUM) and miscellaneous fees are transaction driven and are charged based on an agreed upon fee schedule. Performance obligation is satisfied upon execution of the transaction and there is no need to allocate transaction price to the performance obligation(s) in the contract. Wealth Management customers can also terminate the contract at will. Based on our review, we did not find provisions in the contracts that will require changes to the current accounting under Topic 606. For Investment Services, the fees are earned based on services performed for customers as provided through an affiliated broker-dealer. Fees are earned from gross dealer commission based on trade date. Performance obligation is satisfied upon execution of the transaction and there is no need to allocate transaction price to the performance obligation(s) in the contract. Based on our review, we did not find provisions in the contracts that will require changes to the current accounting under Topic 606. Deposit-related Fees Service charges on deposit accounts consist of account analysis fees earned on analyzed business checking accounts, monthly service fees, and other deposit account related fees. The Company’s performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Other deposit account related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts. Bankcard Services The Bank generates revenues from merchant servicing to its clients. A fee schedule is part of the contract and is calculated based on sales of merchants on a monthly basis. There is no future promise or claim to deliver services as merchant fees are based on monthly merchant transactions. The Company’s performance obligations are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month. Therefore, the new revenue standard has no impact on revenues generated from bankcard services. The following presents noninterest income, segregated by revenue streams in-scope out-of-scope For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 (Dollars in thousands) Noninterest income: In-scope Service charges on deposit accounts $ 4,091 $ 3,982 $ 8,136 $ 7,709 Trust and investment services 2,399 2,613 4,556 4,909 Bankcard services 958 871 1,762 1,636 Other 1,178 1,409 2,569 2,628 Noninterest Income (in-scope 8,626 8,875 17,023 16,882 Noninterest Income (out-of-scope 1,069 1,901 5,588 2,616 Total noninterest income $ 9,695 $ 10,776 $ 22,611 $ 19,498 Contract Balances A contract asset balance occurs when an entity performs a service for a customer before the customer pays consideration (resulting in a contract receivable) or before payment is due (resulting in a contract asset). A contract liability balance is an entity’s obligation to transfer a service to a customer for which the entity has already received payment (or payment is due) from the customer. The Company’s noninterest revenue streams are largely based on transactional activity, or standard month-end month-end Contract Acquisition Costs In connection with the adoption of Topic 606, an entity is required to capitalize, and subsequently amortize into expense, certain incremental costs of obtaining a contract with a customer if these costs are expected to be recovered. The incremental costs of obtaining a contract are those costs that an entity incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, sales commission). The Company utilizes the practical expedient, which allows entities to immediately expense contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been amortized in one year or less. Upon adoption of Topic 606, the Company did not capitalize any contract acquisition costs. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Reclassification | Reclassification |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements |
Adoption of New Accounting Standards and Recent Accounting Pronouncements | Adoption of New Accounting Standards No. 2014-09, No. 2015-14, No. 2014-09 Revenue Recognition In January 2016, the FASB issued ASU No. 2016-01, 825-10): available-for-sale 2016-01 Fair Value Information In August 2016, the FASB issued ASU No. 2016-15, zero-coupon In May 2017, the FASB issued ASU No. 2017-09, 2017-09 No. 2017-09 In February 2018, the FASB issued ASU No. 2018-02, 2018-02 2018-02 Recent Accounting Pronouncements 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 January 2017, the FASB issued ASU No. 2017-04, 2017-04 In August 2017, the FASB issued ASU No. 2017-12, 2017-12 non-financial No. 2017-12 In June 2018, the FASB issued ASU No. 2018-07, 2018-07 2018-07 |
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 June 30, 2018. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels (Level 1, Level 2 and Level 3). · Level 1 · Level 2 · Level 3 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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 available-for-sale June 30, 2018 Amortized Gross Gross Fair Value Total (Dollars in thousands) Investment securities available-for-sale: Residential mortgage-backed securities $ 1,665,717 $ 1,489 $ (30,322 ) $ 1,636,884 84.81 % CMO/REMIC - residential 244,227 357 (5,073 ) 239,511 12.41 % Municipal bonds 53,557 400 (1,108 ) 52,849 2.74 % Other securities 750 - - 750 0.04 % Total available-for-sale securities $ 1,964,251 $ 2,246 $ (36,503 ) $ 1,929,994 100.00 % Investment securities held-to-maturity: Government agency/GSE $ 149,693 $ 406 $ (2,948 ) $ 147,151 19.38 % Residential mortgage-backed securities 164,914 - (4,020 ) 160,894 21.35 % CMO 219,159 - (12,773 ) 206,386 28.37 % Municipal bonds 238,703 574 (6,119 ) 233,158 30.90 % Total held-to-maturity securities $ 772,469 $ 980 $ (25,860 ) $ 747,589 100.00 % December 31, 2017 Amortized Gross Gross Fair Value Total (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 % |
Summary of Interest Income Earned on Investment Securities | The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax. For the Three Months Ended June 30, For the Six Months Ended 2018 2017 2018 2017 (Dollars in thousands) Investment securities available-for-sale: Taxable $ 11,290 $ 12,420 $ 22,735 $ 24,346 Tax-advantaged 407 587 830 1,301 Total interest income from available-for-sale 11,697 13,007 23,565 25,647 Investment securities held-to-maturity: Taxable 3,048 3,203 5,926 6,480 Tax-advantaged 1,759 2,120 3,646 4,350 Total interest income from held-to-maturity 4,807 5,323 9,572 10,830 Total interest income from investment securities $ 16,504 $ 18,330 $ 33,137 $ 36,477 |
Summary of Continuous Unrealized Loss Position of Securities | The tables below show the Company’s investment securities’ gross unrealized losses and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2018 and December 31, 2017. Management has reviewed individual securities to determine whether a decline in fair value below the amortized cost basis is other-than-temporary. June 30, 2018 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 $ 1,253,569 $ (18,601 ) $ 272,657 $ (11,721 ) $ 1,526,226 $ (30,322 ) CMO/REMIC - residential 130,072 (2,291 ) 64,326 (2,782 ) 194,398 (5,073 ) Municipal bonds 9,294 (221 ) 13,304 (887 ) 22,598 (1,108 ) Total available-for-sale $ 1,392,935 $ (21,113 ) $ 350,287 $ (15,390 ) $ 1,743,222 $ (36,503 ) Investment securities held-to-maturity: Government agency/GSE $ 53,518 $ (437 ) $ 41,567 $ (2,511 ) $ 95,085 $ (2,948 ) Residential mortgage-backed securities 106,204 (2,225 ) 54,691 (1,795 ) 160,895 (4,020 ) CMO - - 206,386 (12,773 ) 206,386 (12,773 ) Municipal bonds 91,541 (1,499 ) 61,207 (4,620 ) 152,748 (6,119 ) Total held-to-maturity $ 251,263 $ (4,161 ) $ 363,851 $ (21,699 ) $ 615,114 $ (25,860 ) 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 ) |
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. June 30, 2018 Available-for-sale Held-to-maturity Amortized Amortized Cost Fair Value Cost Fair Value (Dollars in thousands) Due in one year or less $ 26,487 $ 26,762 $ - $ - Due after one year through five years 1,711,078 1,682,200 283,278 270,230 Due after five years through ten years 197,590 192,738 209,623 205,138 Due after ten years 29,096 28,294 279,568 272,221 Total investment securities $ 1,964,251 $ 1,929,994 $ 772,469 $ 747,589 |
Acquired SJB Assets and FDIC 24
Acquired SJB Assets and FDIC Loss Sharing Asset (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Text Block [Abstract] | |
Summary of PCI Loans and Lease Finance Receivables | The following table provides a summary of PCI loans and lease finance receivables by type and by internal risk ratings (credit quality indicators) for the periods indicated. June 30, 2018 December 31, 2017 (Dollars in thousands) Commercial and industrial $ 562 $ 934 SBA 1,311 1,383 Real estate: Commercial real estate 17,214 27,431 Construction - - SFR mortgage 154 162 Dairy & livestock and agribusiness - 770 Municipal lease finance receivables - - Consumer and other loans 185 228 Gross PCI loans 19,426 30,908 Less: Purchase accounting discount - (2,026 ) Gross PCI loans, net of discount 19,426 28,882 Less: Allowance for PCI loan losses (216 ) (367 ) Net PCI loans $ 19,210 $ 28,515 |
Summary of Gross PCI Loans by Internal Risk Ratings by Loans | The following table summarizes gross PCI loans by internal risk ratings for the periods indicated. June 30, 2018 December 31, 2017 (Dollars in thousands) Pass $ 18,137 $ 26,439 Special mention 1,044 1,088 Substandard 245 3,381 Doubtful & loss - - Total gross PCI loans $ 19,426 $ 30,908 |
Loans and Lease Finance Recei25
Loans and Lease Finance Receivables and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Summary of Components of Loans and Lease Finance Receivables, Excluding PCI Loans | The following table provides a summary of the Company’s total loans and lease finance receivables, excluding PCI loans, by type. June 30, 2018 December 31, 2017 (Dollars in thousands) Commercial and industrial $ 509,188 $ 513,325 SBA 121,048 122,055 Real estate: Commercial real estate 3,454,030 3,376,713 Construction 84,400 77,982 SFR mortgage 237,154 236,202 Dairy & livestock and agribusiness 268,489 347,289 Municipal lease finance receivables 67,721 70,243 Consumer and other loans 60,875 64,229 Gross loans, excluding PCI loans 4,802,905 4,808,038 Less: Deferred loan fees, net (5,375 ) (6,289 ) Gross loans, excluding PCI loans, net of deferred loan fees 4,797,530 4,801,749 Less: Allowance for loan losses (59,367 ) (59,218 ) Net loans, excluding PCI loans 4,738,163 4,742,531 PCI Loans 19,426 30,908 Discount on PCI loans - (2,026 ) Less: Allowance for loan losses (216 ) (367 ) PCI loans, net 19,210 28,515 Total loans and lease finance receivables $ 4,757,373 $ 4,771,046 |
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. June 30, 2018 Pass Special Mention Substandard Doubtful & Loss Total (Dollars in thousands) Commercial and industrial $ 490,231 $ 16,415 $ 2,542 $ - $ 509,188 SBA 111,616 6,686 2,746 - 121,048 Real estate: Commercial real estate Owner occupied 1,063,163 61,509 19,102 - 1,143,774 Non-owner 2,290,652 13,880 5,724 - 2,310,256 Construction Speculative 74,785 - - - 74,785 Non-speculative 9,615 - - - 9,615 SFR mortgage 229,831 3,070 4,253 - 237,154 Dairy & livestock and agribusiness 244,408 19,581 4,500 - 268,489 Municipal lease finance receivables 67,153 568 - - 67,721 Consumer and other loans 59,076 921 878 - 60,875 Total gross loans, excluding PCI loans $ 4,640,530 $ 122,630 $ 39,745 $ - $ 4,802,905 December 31, 2017 Pass Special Mention Substandard Doubtful & Loss 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 |
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 Three Months Ended June 30, 2018 Ending Balance Charge-offs Recoveries (Recapture of) Ending Balance (Dollars in thousands) Commercial and industrial $ 7,499 $ - $ 27 $ (556 ) $ 6,970 SBA 884 - 5 (48 ) 841 Real estate: Commercial real estate 41,863 - - 734 42,597 Construction 987 - 596 (580 ) 1,003 SFR mortgage 2,202 - - (47 ) 2,155 Dairy & livestock and agribusiness 4,666 - 19 (334 ) 4,351 Municipal lease finance receivables 834 - - (26 ) 808 Consumer and other loans 688 (2 ) 3 (47 ) 642 PCI loans 312 - - (96 ) 216 Total allowance for loan losses $ 59,935 $ (2 ) $ 650 $ (1,000 ) $ 59,583 For the Three Months Ended June 30, 2017 Ending Balance Charge-offs Recoveries (Recapture of) Ending Balance (Dollars in thousands) Commercial and industrial $ 7,956 $ - $ 42 $ 62 $ 8,060 SBA 871 - 38 4 913 Real estate: Commercial real estate 38,986 - 154 787 39,927 Construction 820 - 1,694 (1,455 ) 1,059 SFR mortgage 2,186 - - 183 2,369 Dairy & livestock and agribusiness 5,842 - 19 (421 ) 5,440 Municipal lease finance receivables 889 - - (37 ) 852 Consumer and other loans 937 - 42 (57 ) 922 PCI loans 725 - - (66 ) 659 Total allowance for loan losses $ 59,212 $ - $ 1,989 $ (1,000 ) $ 60,201 For the Six Months Ended June 30, 2018 Ending Balance Charge-offs Recoveries (Recapture of) Ending Balance (Dollars in thousands) Commercial and industrial $ 7,280 $ - $ 37 $ (347 ) $ 6,970 SBA 869 - 10 (38 ) 841 Real estate: Commercial real estate 41,722 - - 875 42,597 Construction 984 - 1,930 (1,911 ) 1,003 SFR mortgage 2,112 - - 43 2,155 Dairy & livestock and agribusiness 4,647 - 19 (315 ) 4,351 Municipal lease finance receivables 851 - - (43 ) 808 Consumer and other loans 753 (9 ) 11 (113 ) 642 PCI loans 367 - - (151 ) 216 Total allowance for loan losses $ 59,585 $ (9 ) $ 2,007 $ (2,000 ) $ 59,583 For the Six Months Ended June 30, 2017 Ending Balance Charge-offs Recoveries (Recapture of) Ending Balance (Dollars in thousands) Commercial and industrial $ 8,154 $ - $ 94 $ (188 ) $ 8,060 SBA 871 - 42 - 913 Real estate: Commercial real estate 37,443 - 154 2,330 39,927 Construction 1,096 - 3,719 (3,756 ) 1,059 SFR mortgage 2,287 - 64 18 2,369 Dairy & livestock and agribusiness 8,541 - 19 (3,120 ) 5,440 Municipal lease finance receivables 941 - - (89 ) 852 Consumer and other loans 988 (2 ) 71 (135 ) 922 PCI loans 1,219 - - (560 ) 659 Total allowance for loan losses $ 61,540 $ (2 ) $ 4,163 $ (5,500 ) $ 60,201 |
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 June 30, 2018 Recorded Investment in Loans Allowance for Loan Losses Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deterioriated Credit Quality Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deterioriated Credit Quality (Dollars in thousands) Commercial and industrial $ 355 $ 508,833 $ - $ - $ 6,970 $ - SBA 1,174 119,874 - - 841 - Real estate: Commercial real estate 7,741 3,446,289 - - 42,597 - Construction - 84,400 - - 1,003 - SFR mortgage 4,133 233,021 - 13 2,142 - Dairy & livestock and agribusiness 800 267,689 - - 4,351 - Municipal lease finance receivables - 67,721 - - 808 - Consumer and other loans 509 60,366 - 3 639 - PCI loans - - 19,426 - - 216 Total $ 14,712 $ 4,788,193 $ 19,426 $ 16 $ 59,351 $ 216 June 30, 2017 Recorded Investment in Loans Allowance for Loan Losses Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deterioriated Credit Quality Individually Evaluated for Impairment Collectively Evaluated for Impairment Acquired with Deterioriated Credit Quality (Dollars in thousands) Commercial and industrial $ 1,605 $ 535,742 $ - $ 13 $ 8,047 $ - SBA 2,478 126,805 - 6 907 - Real estate: Commercial real estate 18,558 3,247,300 - - 39,927 - Construction - 77,294 - - 1,059 - SFR mortgage 4,195 245,738 - - 2,369 - Dairy & livestock and agribusiness 829 244,426 - - 5,440 - Municipal lease finance receivables - 66,048 - - 852 - Consumer and other loans 1,131 72,778 - 94 828 - PCI loans - - 49,869 - - 659 Total $ 28,796 $ 4,616,131 $ 49,869 $ 113 $ 59,429 $ 659 |
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. June 30, 2018 30-59 Days Past Due 60-89 Days Past Due Total Past Due and Accruing Nonaccrual Current Total Loans and Financing Receivables (Dollars in thousands) Commercial and industrial $ - $ - $ - $ 204 $ 508,984 $ 509,188 SBA - - - 574 120,474 121,048 Real estate: Commercial real estate Owner occupied - - - 4,294 1,134,706 1,139,000 Non-owner - - - 2,223 2,312,807 2,315,030 Construction Speculative (2) - - - - 74,785 74,785 Non-speculative - - - - 9,615 9,615 SFR mortgage - - - 1,578 235,576 237,154 Dairy & livestock and agribusiness - - - 800 267,689 268,489 Municipal lease finance receivables - - - - 67,721 67,721 Consumer and other loans 47 - 47 509 60,319 60,875 Total gross loans, excluding PCI loans $ 47 $ - $ 47 $ 10,182 $ 4,792,676 $ 4,802,905 (1) As of June 30, 2018, $3.2 million of nonaccruing loans were current, $164,000 were 30-59 60-89 (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. December 31, 2017 30-59 Days Past Due 60-89 Days Past Due Total Past Due and Accruing Nonaccrual Current Total Loans and Financing Receivables (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. |
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 Six Months Ended June 30, 2018 Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 355 $ 864 $ - $ 378 $ 4 SBA 1,174 1,302 - 1,204 23 Real estate: Commercial real estate Owner occupied 4,294 4,747 - 4,331 - Non-owner 3,447 4,894 - 3,565 44 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 4,120 4,860 - 4,159 55 Dairy & livestock and agribusiness 800 1,091 - 819 - Municipal lease finance receivables - - - - - Consumer and other loans 506 716 - 568 - Total 14,696 18,474 - 15,024 126 With a related allowance recorded: Commercial and industrial - - - - - SBA - - - - - Real estate: Commercial real estate Owner occupied - - - - - Non-owner - - - - - Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 13 13 13 13 - Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 3 3 3 3 - Total 16 16 16 16 - Total impaired loans $ 14,712 $ 18,490 $ 16 $ 15,040 $ 126 As of and For the Six Months Ended June 30, 2017 Recorded Unpaid Related Average Interest (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 1,465 $ 1,939 $ - $ 1,572 $ 13 SBA 2,472 2,750 - 2,538 32 Real estate: Commercial real estate Owner occupied 5,541 5,866 - 5,240 69 Non-owner 13,017 15,469 - 12,908 798 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 4,195 4,983 - 4,242 73 Dairy & livestock and agribusiness 829 1,091 - 1,123 1 Municipal lease finance receivables - - - - - Consumer and other loans 734 941 - 752 9 Total 28,253 33,039 - 28,375 995 With a related allowance recorded: Commercial and industrial 140 187 13 157 1 SBA 6 23 6 9 - 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 397 402 94 399 - Total 543 612 113 565 1 Total impaired loans $ 28,796 $ 33,651 $ 113 $ 28,940 $ 996 As of December 31, 2017 Recorded Unpaid Related (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 440 $ 980 $ - SBA 1,530 1,699 - Real estate: Commercial real estate Owner occupied 4,365 4,763 - Non-owner 3,768 5,107 - Construction Speculative - - - Non-speculative - - - SFR mortgage 4,040 4,692 - Dairy & livestock and agribusiness 829 1,091 - Municipal lease finance receivables - - - Consumer and other loans 174 370 - Total 15,146 18,702 - With a related allowance recorded: Commercial and industrial - - - SBA 1 18 1 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 Total 379 409 75 Total impaired loans $ 15,525 $ 19,111 $ 75 |
Summary of Activity Related to Troubled Debt Restructurings | The following table provides a summary of the activity related to TDRs for the periods presented. For the Three Months Ended For the Six Months Ended June 30, June 30, 2018 2017 2018 2017 (Dollars in thousands) Performing TDRs: Beginning balance $ 4,285 $ 19,702 $ 4,809 $ 19,233 New modifications 311 - 311 3,143 Payoffs/payments, net and other (66 ) 16 (590 ) (2,987 ) TDRs returned to accrual status - - - 329 TDRs placed on nonaccrual status - (3,144 ) - (3,144 ) Ending balance $ 4,530 $ 16,574 $ 4,530 $ 16,574 Nonperforming TDRs: Beginning balance $ 3,909 $ 1,407 $ 4,200 $ 1,626 New modifications 38 - 38 2,066 Charge-offs - - - - Payoffs/payments, net and other (55 ) (160 ) (346 ) (2,116 ) TDRs returned to accrual status - - - (329 ) TDRs placed on nonaccrual status - 3,144 - 3,144 Ending balance $ 3,892 $ 4,391 $ 3,892 $ 4,391 Total TDRs $ 8,422 $ 20,965 $ 8,422 $ 20,965 |
Summary of Loans Modified as Troubled Debt Restructurings | The following table summarizes loans modified as troubled debt restructurings for the period presented. Modifications (1) For the Three Months Ended June 30, 2018 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Outstanding Recorded Investment at June 30, 2018 Financial Effect Resulting From Modifications (2) (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity 1 38 38 31 - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner Interest rate reduction - - - - - Change in amortization period or maturity - - - - - SFR mortgage: Interest rate reduction 1 311 311 307 - 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 - - - - - Total loans 2 $ 349 $ 349 $ 338 $ - For the Three Months Ended June 30, 2017 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Outstanding Recorded Investment at Financial Effect Resulting From Modifications (2) (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity - - - - - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner Interest rate reduction - - - - - Change in amortization period or maturity - - - - - SFR mortgage: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Dairy & livestock and agribusiness: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Total loans - $ - $ - $ - $ - For the Six Months Ended June 30, 2018 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Outstanding Recorded Investment at June 30, 2018 Financial Effect Resulting From Modifications (2) (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity 1 38 38 31 - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner Interest rate reduction - - - - - Change in amortization period or maturity - - - - - SFR mortgage: Interest rate reduction - - - - - Change in amortization period or maturity 1 311 311 307 - Dairy & livestock and agribusiness: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Total loans 2 $ 349 $ 349 $ 338 $ - For the Six Months Ended June 30, 2017 Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Outstanding Recorded Investment at June 30, 2017 Financial Effect Resulting From Modifications (2) (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity - - - - - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity 1 3,143 3,143 3,143 - Non-owner Interest rate reduction - - - - - Change in amortization period or maturity - - - - - SFR mortgage: 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 1 82 82 78 - Total loans 3 $ 5,209 $ 5,209 $ 3,299 $ - (1) The tables above exclude modified loans that were paid off prior to the end of the period. (2) Financial effects resulting from modifications represent charge-offs and specific allowance recorded at modification date. |
Earnings Per Share Reconcilia26
Earnings Per Share Reconciliation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Common Share Reconciliation | The table below shows earnings per common share and diluted earnings per common share, and reconciles the numerator and denominator of both earnings per common share calculations. For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 35,373 $ 28,373 $ 70,286 $ 56,877 Less: Net earnings allocated to restricted stock 94 105 202 217 Net earnings allocated to common shareholders $ 35,279 $ 28,268 $ 70,084 $ 56,660 Weighted average shares outstanding 109,983 109,730 109,921 109,039 Basic earnings per common share $ 0.32 $ 0.26 $ 0.64 $ 0.52 Diluted earnings per common share: Net income allocated to common shareholders 35,279 28,268 70,084 56,660 Weighted average shares outstanding 109,983 109,730 109,921 109,039 Incremental shares from assumed exercise of outstanding options 372 348 418 406 Diluted weighted average shares outstanding 110,355 110,078 110,339 109,445 Diluted earnings per common share $ 0.32 $ 0.26 $ 0.64 $ 0.52 |
Fair Value Information (Tables)
Fair Value Information (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | 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 June 30, 2018 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Description of assets Investment securities - AFS: Residential mortgage-backed securities $ 1,636,884 $ - $ 1,636,884 $ - CMO/REMIC - residential 239,511 - 239,511 - Municipal bonds 52,849 - 52,849 - Other securities 750 - 750 - Total investment securities - AFS 1,929,994 - 1,929,994 - Interest rate swaps 1,405 - 1,405 - Total assets $ 1,931,399 $ - $ 1,931,399 $ - Description of liability Interest rate swaps $ 1,405 $ - $ 1,405 $ - Total liabilities $ 1,405 $ - $ 1,405 $ - Carrying Value at Quoted Prices in Significant Other Significant December 31, 2017 (Level 1) (Level 2) (Level 3) (Dollars in thousands) Description of assets Investment securities - AFS: 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 $ - |
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 June 30, 2018 Quoted Prices in Identical Assets Significant Other Significant Total Losses Ended June 30, 2018 (Dollars in thousands) Description of assets Impaired loans, excluding PCI loans: Commercial and industrial $ - $ - $ - $ - $ - SBA - - - - - Real estate: Commercial real estate - - - - - Construction - - - - - SFR mortgage 13 - - 13 13 Dairy & livestock and agribusiness - - - - - Consumer and other loans 3 - - 3 3 Other real estate owned - - - - - Asset held-for-sale - - - - - Total assets $ 16 $ - $ - $ 16 $ 16 Carrying Value at Quoted Prices in Significant Other Significant Total Losses (Dollars in thousands) Description of assets Impaired loans, excluding PCI loans: Commercial and industrial $ - $ - $ - $ - $ - 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 |
Estimated Fair Value of Financial Instruments | The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. June 30, 2018 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 181,489 $ 181,489 $ - $ - $ 181,489 Interest-earning balances due from depository institutions 7,150 - 7,086 - 7,086 Investment securities available-for-sale 1,929,994 - 1,929,994 - 1,929,994 Investment securities held-to-maturity 772,469 - 747,589 - 747,589 Total loans, net of allowance for loan losses (1) 4,757,373 - - 4,634,939 4,634,939 Swaps 1,405 - 1,405 - 1,405 Liabilities Deposits: Interest-bearing $ 2,554,640 $ - $ 2,551,285 $ - $ 2,551,285 Borrowings 384,054 - 383,725 - 383,725 Junior subordinated debentures 25,774 - - 20,910 20,910 Swaps 1,405 - 1,405 - 1,405 (1) The fair value of loans as of June 30, 2018 was measured using an exit price notion. December 31, 2017 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and due from banks $ 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 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | The following tables present the operating results and other key financial measures for the individual operating segments for the periods presented. For the Three Months Ended June 30, 2018 Centers Dairy & livestock and agribusiness Other (1) Total (Dollars in thousands) Net interest income $ 52,271 $ 3,467 $ 16,950 $ 72,688 Recapture of provision for loan losses (70 ) (334 ) (596 ) (1,000 ) Net interest income after recapture of provision for loan losses 52,341 3,801 17,546 73,688 Noninterest income 5,637 47 4,011 9,695 Noninterest expense 12,779 472 21,003 34,254 Segment pre-tax $ 45,199 $ 3,376 $ 554 $ 49,129 Goodwill $ 116,564 $ - $ - $ 116,564 Segment assets as of June 30, 2018 $ 6,996,216 $ 404,236 $ 693,411 $ 8,093,863 (1) Includes treasury and administration, as well as 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 Three Months Ended June 30, 2017 Centers Dairy & Other (1) Total (Dollars in thousands) Net interest income $ 48,762 $ 2,369 $ 19,352 $ 70,483 (Recapture of) provision for loan losses 875 (421 ) (1,454 ) (1,000 ) Net interest income after (recapture of) provision for loan losses 47,887 2,790 20,806 71,483 Noninterest income 5,303 49 5,424 10,776 Noninterest expense 13,206 504 23,163 36,873 Debt termination expense - - - - Segment pre-tax $ 39,984 $ 2,335 $ 3,067 $ 45,386 Goodwill $ 119,193 $ - $ - $ 119,193 Segment assets as of June 30, 2017 $ 7,314,110 $ 348,570 $ 755,523 $ 8,418,203 (1) Includes treasury and administration, as well as 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 Six Months Ended June 30, 2018 Centers Dairy & livestock and agribusiness Other (1) Total (Dollars in thousands) Net interest income $ 101,854 $ 7,318 $ 34,037 $ 143,209 (Recapture of) provision for loan losses 259 (315 ) (1,944 ) (2,000 ) Net interest income after (recapture of) provision for loan losses 101,595 7,633 35,981 145,209 Noninterest income 10,938 92 11,581 22,611 Noninterest expense 26,004 989 43,207 70,200 Debt termination expense - - - - Segment pre-tax $ 86,529 $ 6,736 $ 4,355 $ 97,620 Goodwill $ 116,564 $ - $ - $ 116,564 Segment assets as of June 30, 2018 $ 6,996,216 $ 404,236 $ 693,411 $ 8,093,863 (1) Includes treasury and administration, as well as 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 Six Months Ended June 30, 2017 Centers Dairy & Other (1) Total (Dollars in thousands) Net interest income $ 94,340 $ 4,513 $ 37,063 $ 135,916 (Recapture of) provision for loan losses 1,386 (3,120 ) (3,766 ) (5,500 ) Net interest income after (recapture of) provision for loan losses 92,954 7,633 40,829 141,416 Noninterest income 10,510 104 8,884 19,498 Noninterest expense 25,644 1,005 44,341 70,990 Debt termination expense - - - - Segment pre-tax $ 77,820 $ 6,732 $ 5,372 $ 89,924 Goodwill $ 119,193 $ - $ - $ 119,193 Segment assets as of June 30, 2017 $ 7,314,110 $ 348,570 $ 755,523 $ 8,418,203 (1) Includes treasury and administration, as well as 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 Instrume29
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Instruments | As of June 30, 2018 and December 31, 2017, the total notional amount of the Company’s swaps was $186.8 million, and $198.5 million, respectively. The location of the asset and liability, and their respective fair values are summarized in the tables below. June 30, 2018 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 1,405 Other liabilities $ 1,405 Total derivatives $ 1,405 $ 1,405 December 31, 2017 Asset Derivatives Liability Derivatives Balance Sheet Location Fair Value Balance Sheet Location 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 |
Effect of Derivative Instruments on Consolidated Statement of Earnings | The following table summarizes the effect of derivative financial instruments on the condensed consolidated statement of earnings for the periods presented. Derivatives Not Designated as Hedging Instruments Location of Gain Recognized in Amount of Gain Recognized in Income on For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 (Dollars in thousands) Interest rate swaps Other income $ 151 $ 71 $ 267 $ 394 Total $ 151 $ 71 $ 267 $ 394 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Summary of Components of Other Comprehensive Income | The table below provides a summary of the components of other comprehensive income (“OCI”) for the periods presented. For the Three Months Ended June 30, 2018 2017 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 $ (5,773 ) $ 1,707 $ (4,066 ) $ 2,838 $ (1,192 ) $ 1,646 Amortization of unrealized (gains) losses on securities transferred from available-for-sale held-to-maturity (825 ) 244 (581 ) (1,196 ) 502 (694 ) Net realized gain reclassified into earnings (1) - - - (402 ) 169 (233 ) Net change $ (6,598 ) $ 1,951 $ (4,647 ) $ 1,240 $ (521 ) $ 719 For the Six Months Ended June 30, 2018 2017 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 $ (37,111 ) $ 10,972 $ (26,139 ) $ 4,045 $ (1,699 ) $ 2,346 Amortization of unrealized (gains) losses on securities transferred from available-for-sale held-to-maturity (1,657 ) 490 (1,167 ) (1,979 ) 831 (1,148 ) Net realized gain reclassified into earnings (1) - - - (402 ) 169 (233 ) Net change $ (38,768 ) $ 11,462 $ (27,306 ) $ 1,664 $ (699 ) $ 965 (1) Included in other noninterest income. |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Text Block [Abstract] | |
Schedule of Balance Sheet Offsetting | The repurchase agreements are not offset in the condensed consolidated balances. Gross Amounts Gross Amounts Net Amounts of Assets Presented in the Condensed Gross Amounts Not Offset in the Net Amount Financial Collateral (Dollars in thousands) June 30, 2018 Financial assets: Derivatives not designated as hedging instruments $ 1,405 $ - $ - $ 1,405 $ - $ 1,405 Total $ 1,405 $ - $ - $ 1,405 $ - $ 1,405 Financial liabilities: Derivatives not designated as hedging instruments $ 5,291 $ (3,886 ) $ 1,405 $ 3,886 $ - $ 5,291 Repurchase agreements 384,054 - 384,054 - (485,522 ) (101,468 ) Total $ 389,345 $ (3,886 ) $ 385,459 $ 3,886 $ (485,522 ) $ (96,177 ) 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 ) |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Non Interest Income, Segregated by Revenue Streams in-Scope and Out-of-Scope of Topic 606 | The following presents noninterest income, segregated by revenue streams in-scope out-of-scope For the Three Months Ended For the Six Months Ended 2018 2017 2018 2017 (Dollars in thousands) Noninterest income: In-scope Service charges on deposit accounts $ 4,091 $ 3,982 $ 8,136 $ 7,709 Trust and investment services 2,399 2,613 4,556 4,909 Bankcard services 958 871 1,762 1,636 Other 1,178 1,409 2,569 2,628 Noninterest Income (in-scope 8,626 8,875 17,023 16,882 Noninterest Income (out-of-scope 1,069 1,901 5,588 2,616 Total noninterest income $ 9,695 $ 10,776 $ 22,611 $ 19,498 |
Business - Additional Informati
Business - Additional Information (Detail) $ / shares in Units, $ in Millions | Feb. 26, 2018USD ($)$ / shares | Jun. 30, 2018USD ($)LocationSubsidiary |
Schedule Of Description Of Company [Line Items] | ||
Number of inactive subsidiaries | Subsidiary | 1 | |
Bank operated banking centers, number | Location | 51 | |
Bank operated trust office locations, number | Location | 3 | |
Stock price | $ / shares | $ 23.60 | |
Community Bank [Member] | ||
Schedule Of Description Of Company [Line Items] | ||
Total assets | $ 3,710 | |
Gross loans | 2,790 | |
Total deposits | $ 2,860 | |
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 | $ 885.2 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Mar. 31, 2018 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Cumulative adjustment upon adoption of ASU 2018-02 | $ 356 | $ 356 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Thousands | Mar. 10, 2017USD ($)Branch | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | ||||||
Acquisition date | Oct. 16, 2009 | |||||
Goodwill | $ 116,564 | $ 119,193 | $ 116,564 | $ 119,193 | $ 116,564 | |
Merger related expenses | $ 494 | 1,250 | $ 1,297 | 1,926 | ||
Valley Commerce Bancorp [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition date | Mar. 10, 2017 | |||||
Acquired assets and assumed liabilities for cash | $ 23,200 | |||||
Assets and assumed all of the liabilities, stock | 37,600 | |||||
Goodwill | 27,000 | |||||
Total fair value of assets acquired | 405,900 | |||||
Cash and cash equivalents | 28,300 | |||||
FHLB stock | 2,000 | |||||
Loans and lease finance receivables | 309,700 | |||||
Fixed assets | 5,300 | |||||
Bank-Owned Life Insurance | 9,400 | |||||
Core deposit intangible assets | 3,200 | |||||
Other assets | 21,000 | |||||
Total fair value of liabilities assumed | 368,300 | |||||
Deposits | 361,800 | |||||
Other liabilities | $ 6,500 | |||||
Merger related expenses | $ 1,300 | $ 1,300 | $ 1,900 | |||
Valley Business Bank [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches owned by merger company | Branch | 4 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 1,964,251 | $ 2,078,131 |
Gross Unrealized Holding Gain, Available-for-sale | 2,246 | 13,282 |
Gross Unrealized Holding Loss, Available-for-sale | (36,503) | (10,428) |
Fair Value, Available-for-sale | $ 1,929,994 | $ 2,080,985 |
Total Percent, Available-for-sale | 100.00% | 100.00% |
Amortized Cost, Held-to-maturity | $ 772,469 | $ 829,890 |
Gross Unrealized Holding Gain, Held-to-maturity | 980 | 4,272 |
Gross Unrealized Holding Loss, Held-to-maturity | (25,860) | (14,947) |
Fair Value, Held-to-maturity | $ 747,589 | $ 819,215 |
Total Percent, Held-to-maturity | 100.00% | 100.00% |
CMO/REMIC - Residential [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 244,227 | $ 274,634 |
Gross Unrealized Holding Gain, Available-for-sale | 357 | 1,277 |
Gross Unrealized Holding Loss, Available-for-sale | (5,073) | (2,082) |
Fair Value, Available-for-sale | $ 239,511 | $ 273,829 |
Total Percent, Available-for-sale | 12.41% | 13.16% |
Amortized Cost, Held-to-maturity | $ 219,159 | $ 225,072 |
Gross Unrealized Holding Gain, Held-to-maturity | 0 | 0 |
Gross Unrealized Holding Loss, Held-to-maturity | (12,773) | (8,641) |
Fair Value, Held-to-maturity | $ 206,386 | $ 216,431 |
Total Percent, Held-to-maturity | 28.37% | 27.12% |
Government Agency/GSE [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Held-to-maturity | $ 149,693 | $ 159,716 |
Gross Unrealized Holding Gain, Held-to-maturity | 406 | 854 |
Gross Unrealized Holding Loss, Held-to-maturity | (2,948) | (2,134) |
Fair Value, Held-to-maturity | $ 147,151 | $ 158,436 |
Total Percent, Held-to-maturity | 19.38% | 19.25% |
Residential Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 1,665,717 | $ 1,747,780 |
Gross Unrealized Holding Gain, Available-for-sale | 1,489 | 11,231 |
Gross Unrealized Holding Loss, Available-for-sale | (30,322) | (8,102) |
Fair Value, Available-for-sale | $ 1,636,884 | $ 1,750,909 |
Total Percent, Available-for-sale | 84.81% | 84.14% |
Amortized Cost, Held-to-maturity | $ 164,914 | $ 176,427 |
Gross Unrealized Holding Gain, Held-to-maturity | 0 | 667 |
Gross Unrealized Holding Loss, Held-to-maturity | (4,020) | (382) |
Fair Value, Held-to-maturity | $ 160,894 | $ 176,712 |
Total Percent, Held-to-maturity | 21.35% | 21.26% |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 53,557 | $ 54,966 |
Gross Unrealized Holding Gain, Available-for-sale | 400 | 774 |
Gross Unrealized Holding Loss, Available-for-sale | (1,108) | (244) |
Fair Value, Available-for-sale | $ 52,849 | $ 55,496 |
Total Percent, Available-for-sale | 2.74% | 2.66% |
Amortized Cost, Held-to-maturity | $ 238,703 | $ 268,675 |
Gross Unrealized Holding Gain, Held-to-maturity | 574 | 2,751 |
Gross Unrealized Holding Loss, Held-to-maturity | (6,119) | (3,790) |
Fair Value, Held-to-maturity | $ 233,158 | $ 267,636 |
Total Percent, Held-to-maturity | 30.90% | 32.37% |
Other Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 750 | $ 751 |
Gross Unrealized Holding Gain, Available-for-sale | 0 | 0 |
Gross Unrealized Holding Loss, Available-for-sale | 0 | 0 |
Fair Value, Available-for-sale | $ 750 | $ 751 |
Total Percent, Available-for-sale | 0.04% | 0.04% |
Investment Securities - Summa37
Investment Securities - Summary of Interest Income Earned on Investment Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net Investment Income [Line Items] | ||||
Total interest income from available-for-sale securities | $ 11,697 | $ 13,007 | $ 23,565 | $ 25,647 |
Total interest income from held-to-maturity securities | 4,807 | 5,323 | 9,572 | 10,830 |
Total investment income | 16,504 | 18,330 | 33,137 | 36,477 |
Investment securities available-for-sale [Member] | ||||
Net Investment Income [Line Items] | ||||
Taxable | 11,290 | 12,420 | 22,735 | 24,346 |
Tax-advantaged | 407 | 587 | 830 | 1,301 |
Investment securities held-to-maturity [Member] | ||||
Net Investment Income [Line Items] | ||||
Taxable | 3,048 | 3,203 | 5,926 | 6,480 |
Tax-advantaged | $ 1,759 | $ 2,120 | $ 3,646 | $ 4,350 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Securities, Available-for-sale [Line Items] | ||
Investment securities pledged as collateral | $ 1,740,000,000 | $ 1,910,000,000 |
Investment in FHLB stock, impairment losses | $ 0 | |
United States [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities issued by U.S. government percentage | 89.00% |
Investment Securities - Summa39
Investment Securities - Summary of Continuous Unrealized Loss Position of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | $ 1,392,935 | $ 510,174 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (21,113) | (2,319) |
Fair Value, 12 Months or Longer, Available-for-sale | 350,287 | 388,925 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (15,390) | (8,109) |
Fair Value, Available-for-sale | 1,743,222 | 899,099 |
Gross Unrealized Holding Losses, Available-for-sale | (36,503) | (10,428) |
Fair Value, Less Than 12 Months, Held-to-maturity | 251,263 | 102,316 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (4,161) | (707) |
Fair Value, 12 Months or Longer, Held-to-maturity | 363,851 | 381,449 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (21,699) | (14,240) |
Fair Value, Held-to-maturity | 615,114 | 483,765 |
Gross Unrealized Holding Losses, Held-to-maturity | (25,860) | (14,947) |
CMO/REMIC - Residential [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 130,072 | 95,137 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (2,291) | (487) |
Fair Value, 12 Months or Longer, Available-for-sale | 64,326 | 71,223 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (2,782) | (1,595) |
Fair Value, Available-for-sale | 194,398 | 166,360 |
Gross Unrealized Holding Losses, Available-for-sale | (5,073) | (2,082) |
Fair Value, Less Than 12 Months, Held-to-maturity | 0 | 0 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | 0 | 0 |
Fair Value, 12 Months or Longer, Held-to-maturity | 206,386 | 216,431 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (12,773) | (8,641) |
Fair Value, Held-to-maturity | 206,386 | 216,431 |
Gross Unrealized Holding Losses, Held-to-maturity | (12,773) | (8,641) |
Government Agency/GSE [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Held-to-maturity | 53,518 | 18,950 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (437) | (27) |
Fair Value, 12 Months or Longer, Held-to-maturity | 41,567 | 43,495 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (2,511) | (2,107) |
Fair Value, Held-to-maturity | 95,085 | 62,445 |
Gross Unrealized Holding Losses, Held-to-maturity | (2,948) | (2,134) |
Residential Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 1,253,569 | 414,091 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (18,601) | (1,828) |
Fair Value, 12 Months or Longer, Available-for-sale | 272,657 | 303,746 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (11,721) | (6,274) |
Fair Value, Available-for-sale | 1,526,226 | 717,837 |
Gross Unrealized Holding Losses, Available-for-sale | (30,322) | (8,102) |
Fair Value, Less Than 12 Months, Held-to-maturity | 106,204 | 51,297 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (2,225) | (188) |
Fair Value, 12 Months or Longer, Held-to-maturity | 54,691 | 55,306 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (1,795) | (194) |
Fair Value, Held-to-maturity | 160,895 | 106,603 |
Gross Unrealized Holding Losses, Held-to-maturity | (4,020) | (382) |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 9,294 | 946 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (221) | (4) |
Fair Value, 12 Months or Longer, Available-for-sale | 13,304 | 13,956 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (887) | (240) |
Fair Value, Available-for-sale | 22,598 | 14,902 |
Gross Unrealized Holding Losses, Available-for-sale | (1,108) | (244) |
Fair Value, Less Than 12 Months, Held-to-maturity | 91,541 | 32,069 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (1,499) | (492) |
Fair Value, 12 Months or Longer, Held-to-maturity | 61,207 | 66,217 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (4,620) | (3,298) |
Fair Value, Held-to-maturity | 152,748 | 98,286 |
Gross Unrealized Holding Losses, Held-to-maturity | $ (6,119) | $ (3,790) |
Investment Securities - Summa40
Investment Securities - Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost, Held-to-maturity | $ 0 | |
Due after one year through five years, Amortized Cost, Held-to-maturity | 283,278 | |
Due after five years through ten years, Amortized Cost, Held-to-maturity | 209,623 | |
Due after ten years, Amortized Cost, Held-to-maturity | 279,568 | |
Total Held-to-maturity, Debt Maturities, Amortized Cost Basis | 772,469 | |
Due in one year or less, Fair Value, Held-to-maturity | 0 | |
Due after one year through five years, Fair Value, Held-to-maturity | 270,230 | |
Due after five years through ten years, Fair Value, Held-to-maturity | 205,138 | |
Due after ten years, Fair Value, Held-to-maturity | 272,221 | |
Total, Held-to-maturity, Fair Value | 747,589 | |
Due in one year or less, Amortized Cost, Available-for-sale | 26,487 | |
Due after one year through five years, Amortized Cost, Available-for-sale | 1,711,078 | |
Due after five years through ten years, Amortized Cost, Available-for-sale | 197,590 | |
Due after ten years, Amortized Cost, Available-for-sale | 29,096 | |
Amortized Cost, Available-for-sale | 1,964,251 | $ 2,078,131 |
Due in one year or less, Fair Value, Available-for-sale | 26,762 | |
Due after one year through five years, Fair Value, Available-for-sale | 1,682,200 | |
Due after five years through ten years, Fair Value, Available-for-sale | 192,738 | |
Due after ten years, Fair Value, Available-for-sale | 28,294 | |
Total Available-for-sale Securities, Debt Maturities, Available-for-sale, Fair Value | $ 1,929,994 | $ 2,080,985 |
Acquired SJB Assets and FDIC 41
Acquired SJB Assets and FDIC Loss Sharing Asset - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Business Combinations [Abstract] | |
Acquisition date | Oct. 16, 2009 |
Remaining discount associated with SJB loans | $ 0 |
Acquired SJB Assets and FDIC 42
Acquired SJB Assets and FDIC Loss Sharing Asset - Summary of PCI Loans and Lease Finance Receivables (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Real estate: | |||
Less: Purchase accounting discount | $ 0 | ||
Gross PCI loans, net of discount | 19,426 | $ 49,869 | |
Less: Allowance for PCI loan losses | (216) | (659) | |
PCI Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 562 | $ 934 | |
SBA | 1,311 | 1,383 | |
Real estate: | |||
Commercial real estate | 17,214 | 27,431 | |
Construction | 0 | 0 | |
SFR mortgage | 154 | 162 | |
Dairy & livestock and agribusiness | 0 | 770 | |
Municipal lease finance receivables | 0 | 0 | |
Consumer and other loans | 185 | 228 | |
Gross PCI loans | 19,426 | 30,908 | |
Less: Purchase accounting discount | 0 | (2,026) | |
Gross PCI loans, net of discount | 19,426 | 28,882 | 49,869 |
Less: Allowance for PCI loan losses | (216) | (367) | $ (659) |
Net loans | $ 19,210 | $ 28,515 |
Acquired SJB Assets and FDIC 43
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 | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross PCI loans | $ 19,426 | $ 30,908 |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross PCI loans | 18,137 | 26,439 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross PCI loans | 1,044 | 1,088 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross PCI loans | 245 | 3,381 |
Doubtful & Loss [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross PCI loans | $ 0 | $ 0 |
Loans and Lease Finance Recei44
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Components of Loans and Lease Finance Receivables, Excluding PCI Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans, excluding PCI loans, net of deferred loan fees | $ 4,816,956 | $ 4,830,631 | ||||
Less: Allowance for loan losses | (59,583) | $ (59,935) | (59,585) | $ (60,201) | $ (59,212) | $ (61,540) |
Total loans and lease finance receivables | 4,757,373 | 4,771,046 | ||||
PCI Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial and industrial | 562 | 934 | ||||
PCI Loans | 19,426 | 30,908 | ||||
SBA | 1,311 | 1,383 | ||||
Discount on PCI loans | 0 | (2,026) | ||||
Commercial real estate | 17,214 | 27,431 | ||||
Construction | 0 | 0 | ||||
SFR mortgage | 154 | 162 | ||||
Dairy & livestock and agribusiness | 0 | 770 | ||||
Municipal lease finance receivables | 0 | 0 | ||||
Consumer and other loans | 185 | 228 | ||||
Less: Allowance for loan losses | (216) | $ (312) | (367) | $ (659) | $ (725) | $ (1,219) |
Net loans | 19,210 | 28,515 | ||||
Loans, Excluding PCI Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial and industrial | 509,188 | 513,325 | ||||
SBA | 121,048 | 122,055 | ||||
Commercial real estate | 3,454,030 | 3,376,713 | ||||
Construction | 84,400 | 77,982 | ||||
SFR mortgage | 237,154 | 236,202 | ||||
Dairy & livestock and agribusiness | 268,489 | 347,289 | ||||
Municipal lease finance receivables | 67,721 | 70,243 | ||||
Consumer and other loans | 60,875 | 64,229 | ||||
Total gross loans, excluding PCI loans | 4,802,905 | 4,808,038 | ||||
Less: Deferred loan fees, net | (5,375) | (6,289) | ||||
Gross loans, excluding PCI loans, net of deferred loan fees | 4,797,530 | 4,801,749 | ||||
Less: Allowance for loan losses | (59,367) | (59,218) | ||||
Net loans | $ 4,738,163 | $ 4,742,531 |
Loans and Lease Finance Recei45
Loans and Lease Finance Receivables and Allowance for Loan Losses - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($)Contract | Jun. 30, 2017USD ($)Contract | Jun. 30, 2018USD ($)ContractSecurityLoan | Jun. 30, 2017USD ($)Contract | Dec. 31, 2017USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total fixed rate loans held | $ 2,200,000,000 | $ 2,200,000,000 | |||
Secure borrowings and available lines of credit from FHLB and Federal Reserve Bank | 3,730,000,000 | 3,730,000,000 | $ 3,680,000,000 | ||
Loans held-for-sale | 0 | 0 | 0 | ||
Impaired, at carrying value | 14,712,000 | $ 28,796,000 | 14,712,000 | $ 28,796,000 | 15,525,000 |
Loans classified as troubled debt restructured | 8,400,000 | 8,400,000 | |||
Impaired, at carrying value | 16,000 | 113,000 | 16,000 | 113,000 | 75,000 |
Provision for unfunded loan commitments | 0 | $ 0 | 0 | $ 0 | |
Reserve for credit risk for undisbursed commitments | 6,300,000 | 6,300,000 | 6,300,000 | ||
Allocation of allowance to troubled debt restructuring | $ 0 | $ 0 | 1,000 | ||
Number of loans modified as a TDR within the previous 12 months that subsequently defaulted | Contract | 0 | 0 | |||
Commercial Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of total gross loan portfolio (excluding PCI loans) | 78.61% | 78.61% | |||
Construction [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of total gross loan portfolio (excluding PCI loans) | 71.92% | 71.92% | |||
Nonaccrual Small Business Administration Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | $ 574,000 | $ 574,000 | |||
Dairy & Livestock and Agribusiness [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 800,000 | 800,000 | |||
Impaired Loans Modified in Troubled Debt Restructure [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired, at carrying value | 8,400,000 | 8,400,000 | |||
Commercial Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of loans modified as a TDR within the previous 12 months that subsequently defaulted | Contract | 1 | 1 | |||
Amount of Loan Outstanding | $ 3,100,000 | $ 3,100,000 | |||
Nonaccrual Single Family Mortgage Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 1,600,000 | 1,600,000 | |||
Commercial Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 6,500,000 | 6,500,000 | |||
Consumer and Other Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 509,000 | 509,000 | |||
Performing Financing Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired, at carrying value | 14,700,000 | 14,700,000 | |||
Loans classified as troubled debt restructured | 4,500,000 | $ 4,500,000 | |||
Number of performing loans | SecurityLoan | 15 | ||||
Performing Financing Receivable [Member] | Commercial Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans classified as troubled debt restructured | 1,200,000 | $ 1,200,000 | |||
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 | 2,600,000 | $ 2,600,000 | |||
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 | 151,000 | $ 151,000 | |||
Number of loans | SecurityLoan | 2 | ||||
Performing Financing Receivable [Member] | Small Business Administration [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans classified as troubled debt restructured | 600,000 | $ 600,000 | |||
Number of loans | SecurityLoan | 1 | ||||
Nonperforming Financing Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired, at carrying value | 3,900,000 | $ 3,900,000 | |||
Loans classified as troubled debt restructured | 3,900,000 | 3,900,000 | |||
Allowance Impaired Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans classified as troubled debt restructured | 16,000 | 16,000 | |||
Loans, Excluding PCI Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial real estate loans | 3,454,030,000 | 3,454,030,000 | 3,376,713,000 | ||
Dairy & livestock and agribusiness | 268,489,000 | 268,489,000 | 347,289,000 | ||
Impaired, at carrying value | 15,500,000 | ||||
Outstanding balance | 10,182,000 | 10,182,000 | 10,716,000 | ||
Loans, Excluding PCI Loans [Member] | Dairy & Livestock Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Dairy & livestock and agribusiness | 231,500,000 | 231,500,000 | 310,600,000 | ||
Loans, Excluding PCI Loans [Member] | Agribusiness Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Dairy & livestock and agribusiness | 37,000,000 | 37,000,000 | 36,700,000 | ||
Loans, Excluding PCI Loans [Member] | Nonaccrual Commercial and Industrial Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 204,000 | 204,000 | |||
Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 800,000 | 800,000 | 829,000 | ||
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 204,000 | 204,000 | 250,000 | ||
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | $ 574,000 | $ 574,000 | $ 906,000 | ||
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) | 6.15% | 6.15% | 6.10% | ||
Commercial real estate loans | $ 212,500,000 | $ 212,500,000 | $ 206,100,000 | ||
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 | 123,700,000 | 123,700,000 | 118,200,000 | ||
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 | $ 88,800,000 | $ 88,800,000 | $ 87,900,000 |
Loans and Lease Finance Recei46
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Loan, Excluding PCI Loans by Internal Risk Ratings (Detail) - Loans, Excluding PCI Loans [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | $ 509,188 | $ 513,325 |
SBA | 121,048 | 122,055 |
Commercial real estate, Owner occupied | 1,143,774 | 1,096,280 |
Commercial real estate, Non-owner occupied | 2,310,256 | 2,280,433 |
Construction, Speculative | 74,785 | 60,042 |
Construction, Non-speculative | 9,615 | 17,940 |
SFR mortgage | 237,154 | 236,202 |
Dairy & livestock and agribusiness | 268,489 | 347,289 |
Municipal lease finance receivables | 67,721 | 70,243 |
Consumer and other loans | 60,875 | 64,229 |
Total gross loans, excluding PCI loans | 4,802,905 | 4,808,038 |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 490,231 | 483,641 |
SBA | 111,616 | 112,835 |
Commercial real estate, Owner occupied | 1,063,163 | 1,009,199 |
Commercial real estate, Non-owner occupied | 2,290,652 | 2,257,130 |
Construction, Speculative | 74,785 | 60,042 |
Construction, Non-speculative | 9,615 | 17,940 |
SFR mortgage | 229,831 | 229,032 |
Dairy & livestock and agribusiness | 244,408 | 321,413 |
Municipal lease finance receivables | 67,153 | 69,644 |
Consumer and other loans | 59,076 | 61,715 |
Total gross loans, excluding PCI loans | 4,640,530 | 4,622,591 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 16,415 | 19,566 |
SBA | 6,686 | 5,358 |
Commercial real estate, Owner occupied | 61,509 | 76,111 |
Commercial real estate, Non-owner occupied | 13,880 | 16,434 |
Construction, Speculative | 0 | 0 |
Construction, Non-speculative | 0 | 0 |
SFR mortgage | 3,070 | 3,124 |
Dairy & livestock and agribusiness | 19,581 | 9,047 |
Municipal lease finance receivables | 568 | 599 |
Consumer and other loans | 921 | 1,255 |
Total gross loans, excluding PCI loans | 122,630 | 131,494 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 2,542 | 10,118 |
SBA | 2,746 | 3,862 |
Commercial real estate, Owner occupied | 19,102 | 10,970 |
Commercial real estate, Non-owner occupied | 5,724 | 6,869 |
Construction, Speculative | 0 | 0 |
Construction, Non-speculative | 0 | 0 |
SFR mortgage | 4,253 | 4,046 |
Dairy & livestock and agribusiness | 4,500 | 16,829 |
Municipal lease finance receivables | 0 | 0 |
Consumer and other loans | 878 | 1,259 |
Total gross loans, excluding PCI loans | 39,745 | 53,953 |
Doubtful & Loss [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 0 | 0 |
SBA | 0 | 0 |
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 | 0 |
Total gross loans, excluding PCI loans | $ 0 | $ 0 |
Loans and Lease Finance Recei47
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Balance and Activity Related to Allowance for Loan Losses for Held-for-Investment Loans by Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | $ 59,935 | $ 59,212 | $ 59,585 | $ 61,540 |
Charge-offs | (2) | 0 | (9) | (2) |
Recoveries | 650 | 1,989 | 2,007 | 4,163 |
(Recapture of) provision for loan losses | (1,000) | (1,000) | (2,000) | (5,500) |
Ending Balance | 59,583 | 60,201 | 59,583 | 60,201 |
PCI Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 312 | 725 | 367 | 1,219 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
(Recapture of) provision for loan losses | (96) | (66) | (151) | (560) |
Ending Balance | 216 | 659 | 216 | 659 |
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 7,499 | 7,956 | 7,280 | 8,154 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 27 | 42 | 37 | 94 |
(Recapture of) provision for loan losses | (556) | 62 | (347) | (188) |
Ending Balance | 6,970 | 8,060 | 6,970 | 8,060 |
Small Business Administration [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 884 | 871 | 869 | 871 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 5 | 38 | 10 | 42 |
(Recapture of) provision for loan losses | (48) | 4 | (38) | 0 |
Ending Balance | 841 | 913 | 841 | 913 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 41,863 | 38,986 | 41,722 | 37,443 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 154 | 0 | 154 |
(Recapture of) provision for loan losses | 734 | 787 | 875 | 2,330 |
Ending Balance | 42,597 | 39,927 | 42,597 | 39,927 |
Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 987 | 820 | 984 | 1,096 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 596 | 1,694 | 1,930 | 3,719 |
(Recapture of) provision for loan losses | (580) | (1,455) | (1,911) | (3,756) |
Ending Balance | 1,003 | 1,059 | 1,003 | 1,059 |
SFR Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 2,202 | 2,186 | 2,112 | 2,287 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 64 |
(Recapture of) provision for loan losses | (47) | 183 | 43 | 18 |
Ending Balance | 2,155 | 2,369 | 2,155 | 2,369 |
Dairy & Livestock and Agribusiness [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 4,666 | 5,842 | 4,647 | 8,541 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 19 | 19 | 19 | 19 |
(Recapture of) provision for loan losses | (334) | (421) | (315) | (3,120) |
Ending Balance | 4,351 | 5,440 | 4,351 | 5,440 |
Municipal Lease Finance Receivables [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 834 | 889 | 851 | 941 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
(Recapture of) provision for loan losses | (26) | (37) | (43) | (89) |
Ending Balance | 808 | 852 | 808 | 852 |
Consumer and Other Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 688 | 937 | 753 | 988 |
Charge-offs | (2) | 0 | (9) | (2) |
Recoveries | 3 | 42 | 11 | 71 |
(Recapture of) provision for loan losses | (47) | (57) | (113) | (135) |
Ending Balance | $ 642 | $ 922 | $ 642 | $ 922 |
Loans and Lease Finance Recei48
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 | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | $ 14,712 | $ 28,796 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 4,788,193 | 4,616,131 | |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 19,426 | 49,869 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 16 | 113 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 59,351 | 59,429 | |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 216 | 659 | |
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 | 19,426 | $ 28,882 | 49,869 |
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 | 216 | $ 367 | 659 |
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 355 | 1,605 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 508,833 | 535,742 | |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 13 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 6,970 | 8,047 | |
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 | 1,174 | 2,478 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 119,874 | 126,805 | |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 6 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 841 | 907 | |
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 | 7,741 | 18,558 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 3,446,289 | 3,247,300 | |
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 | 42,597 | 39,927 | |
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 | 84,400 | 77,294 | |
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 | 1,003 | 1,059 | |
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 | 4,133 | 4,195 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 233,021 | 245,738 | |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 13 | 0 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 2,142 | 2,369 | |
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 | 800 | 829 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 267,689 | 244,426 | |
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 | 4,351 | 5,440 | |
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 | 67,721 | 66,048 | |
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 | 808 | 852 | |
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 | 509 | 1,131 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 60,366 | 72,778 | |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 3 | 94 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 639 | 828 | |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | $ 0 | $ 0 |
Loans and Lease Finance Recei49
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 | Jun. 30, 2018 | Dec. 31, 2017 |
30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | $ 164 | |
60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 129 | $ 376 |
Dairy & Livestock and Agribusiness [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 800 | |
Loans, Excluding PCI Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 47 | 1,172 |
Nonaccrual | 10,182 | 10,716 |
Current | 4,792,676 | 4,796,150 |
Total gross loans, excluding PCI loans | 4,802,905 | 4,808,038 |
Loans, Excluding PCI Loans [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 47 | 1,172 |
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 | 0 | 768 |
Nonaccrual | 204 | 250 |
Current | 508,984 | 512,307 |
Total gross loans, excluding PCI loans | 509,188 | 513,325 |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 768 |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 403 |
Nonaccrual | 574 | 906 |
Current | 120,474 | 120,746 |
Total gross loans, excluding PCI loans | 121,048 | 122,055 |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 403 |
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 | 4,294 | 4,365 |
Current | 1,134,706 | 1,091,915 |
Total gross loans, excluding PCI loans | 1,139,000 | 1,096,280 |
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 | 2,223 | 2,477 |
Current | 2,312,807 | 2,277,956 |
Total gross loans, excluding PCI loans | 2,315,030 | 2,280,433 |
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 | 74,785 | 60,042 |
Total gross loans, excluding PCI loans | 74,785 | 60,042 |
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 | 9,615 | 17,940 |
Total gross loans, excluding PCI loans | 9,615 | 17,940 |
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 | 1,578 | 1,337 |
Current | 235,576 | 234,865 |
Total gross loans, excluding PCI loans | 237,154 | 236,202 |
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 | 800 | 829 |
Current | 267,689 | 346,460 |
Total gross loans, excluding PCI loans | 268,489 | 347,289 |
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 | 67,721 | 70,243 |
Total gross loans, excluding PCI loans | 67,721 | 70,243 |
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 | 47 | 1 |
Nonaccrual | 509 | 552 |
Current | 60,319 | 63,676 |
Total gross loans, excluding PCI loans | 60,875 | 64,229 |
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 | 47 | 1 |
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 Recei50
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 | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing loans, current | $ 3,200 | $ 3,600 |
30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 164 | |
60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 129 | 376 |
90+ Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | $ 6,700 | $ 6,800 |
Loans and Lease Finance Recei51
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Held-for-Investment Loans, Excluding PCI Loans, Individually Evaluated for Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | $ 14,696 | $ 28,253 | $ 15,146 |
Recorded Investment, With a related allowance recorded | 16 | 543 | 379 |
Recorded Investment, Total impaired loans | 14,712 | 28,796 | 15,525 |
Unpaid Principal Balance, With no related allowance recorded | 18,474 | 33,039 | 18,702 |
Unpaid Principal Balance, With a related allowance recorded | 16 | 612 | 409 |
Unpaid Principal Balance, Total impaired loans | 18,490 | 33,651 | 19,111 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 16 | 113 | 75 |
Related Allowance, Total impaired loans | 16 | 113 | 75 |
Average Recorded Investment, With no related allowance recorded | 15,024 | 28,375 | |
Average Recorded Investment, With a related allowance recorded | 16 | 565 | |
Average Recorded Investment, Total impaired loans | 15,040 | 28,940 | |
Interest Income Recognized, With no related allowance recorded | 126 | 995 | |
Interest Income Recognized, With a related allowance recorded | 0 | 1 | |
Interest Income Recognized, Total impaired loans | 126 | 996 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 355 | 1,465 | 440 |
Recorded Investment, With a related allowance recorded | 0 | 140 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 864 | 1,939 | 980 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 187 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 13 | 0 |
Average Recorded Investment, With no related allowance recorded | 378 | 1,572 | |
Average Recorded Investment, With a related allowance recorded | 0 | 157 | |
Interest Income Recognized, With no related allowance recorded | 4 | 13 | |
Interest Income Recognized, With a related allowance recorded | 0 | 1 | |
Small Business Administration [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 1,174 | 2,472 | 1,530 |
Recorded Investment, With a related allowance recorded | 0 | 6 | 1 |
Unpaid Principal Balance, With no related allowance recorded | 1,302 | 2,750 | 1,699 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 23 | 18 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 6 | 1 |
Average Recorded Investment, With no related allowance recorded | 1,204 | 2,538 | |
Average Recorded Investment, With a related allowance recorded | 0 | 9 | |
Interest Income Recognized, With no related allowance recorded | 23 | 32 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Commercial Real Estate Owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 4,294 | 5,541 | 4,365 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 4,747 | 5,866 | 4,763 |
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 | 4,331 | 5,240 | |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 0 | 69 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Commercial Real Estate Non-owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 3,447 | 13,017 | 3,768 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 4,894 | 15,469 | 5,107 |
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 | 3,565 | 12,908 | |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 44 | 798 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Construction Speculative [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Construction Non-speculative [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
SFR Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 4,120 | 4,195 | 4,040 |
Recorded Investment, With a related allowance recorded | 13 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 4,860 | 4,983 | 4,692 |
Unpaid Principal Balance, With a related allowance recorded | 13 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 13 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 4,159 | 4,242 | |
Average Recorded Investment, With a related allowance recorded | 13 | 0 | |
Interest Income Recognized, With no related allowance recorded | 55 | 73 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Dairy & Livestock and Agribusiness [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 800 | 829 | 829 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 1,091 | 1,091 | 1,091 |
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 | 819 | 1,123 | |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 0 | 1 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Municipal Lease Finance Receivables [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Consumer and Other Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 506 | 734 | 174 |
Recorded Investment, With a related allowance recorded | 3 | 397 | 378 |
Unpaid Principal Balance, With no related allowance recorded | 716 | 941 | 370 |
Unpaid Principal Balance, With a related allowance recorded | 3 | 402 | 391 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 3 | 94 | $ 74 |
Average Recorded Investment, With no related allowance recorded | 568 | 752 | |
Average Recorded Investment, With a related allowance recorded | 3 | 399 | |
Interest Income Recognized, With no related allowance recorded | 0 | 9 | |
Interest Income Recognized, With a related allowance recorded | $ 0 | $ 0 |
Loans and Lease Finance Recei52
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Activity Related to Troubled Debt Restructurings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Financing Receivable, Modifications [Line Items] | ||||
Total TDRs | $ 8,422 | $ 20,965 | $ 8,422 | $ 20,965 |
Performing TDRs [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Beginning balance | 4,285 | 19,702 | 4,809 | 19,233 |
New modifications | 311 | 0 | 311 | 3,143 |
Payoffs/payments, net and other | (66) | 16 | (590) | (2,987) |
TDRs returned to accrual status | 0 | 0 | 0 | 329 |
TDRs placed on nonaccrual status | 0 | (3,144) | 0 | (3,144) |
Ending balance | 4,530 | 16,574 | 4,530 | 16,574 |
Nonperforming TDRs [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Beginning balance | 3,909 | 1,407 | 4,200 | 1,626 |
New modifications | 38 | 0 | 38 | 2,066 |
Charge-offs | 0 | 0 | 0 | 0 |
Payoffs/payments, net and other | (55) | (160) | (346) | (2,116) |
TDRs returned to accrual status | 0 | 0 | 0 | (329) |
TDRs placed on nonaccrual status | 0 | 3,144 | 0 | 3,144 |
Ending balance | $ 3,892 | $ 4,391 | $ 3,892 | $ 4,391 |
Loans and Lease Finance Recei53
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Loans Modified as Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($)Contract | Jun. 30, 2017USD ($)Contract | Jun. 30, 2018USD ($)Contract | Jun. 30, 2017USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 2 | 0 | 2 | 3 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 349 | $ 0 | $ 349 | $ 5,209 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 349 | 0 | 349 | 5,209 |
Troubled debt restructurings, Outstanding Recorded Investment | 338 | 0 | 338 | 3,299 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial and Industrial [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial and Industrial [Member] | Change in Amortization Period or Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 1 | 0 | 1 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 38 | $ 0 | $ 38 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 38 | 0 | 38 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 31 | 0 | 31 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Real Estate Owner Occupied [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Real Estate Owner Occupied [Member] | Change in Amortization Period or Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 1 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 3,143 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 3,143 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 3,143 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Real Estate Non-owner Occupied [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Real Estate Non-owner Occupied [Member] | Change in Amortization Period or Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
SFR Mortgage [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 1 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 311 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 311 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 307 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
SFR Mortgage [Member] | Change in Amortization Period or Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 1 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 311 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 311 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 307 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Dairy & Livestock and Agribusiness [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Dairy & Livestock and Agribusiness [Member] | Change in Amortization Period or Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 1 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 1,984 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 1,984 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 78 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer [Member] | Change in Amortization Period or Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 1 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 82 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 82 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 78 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings Per Share Reconcilia54
Earnings Per Share Reconciliation - Additional Information (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per common share | 14 | 11 | 13 | 8 |
Earnings Per Share Reconcilia55
Earnings Per Share Reconciliation - Schedule of Earnings Per Common Share Reconciliation (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings per common share: | ||||
Net earnings | $ 35,373 | $ 28,373 | $ 70,286 | $ 56,877 |
Less: Net earnings allocated to restricted stock | 94 | 105 | 202 | 217 |
Net earnings allocated to common shareholders | $ 35,279 | $ 28,268 | $ 70,084 | $ 56,660 |
Weighted average shares outstanding | 109,983 | 109,730 | 109,921 | 109,039 |
Basic earnings per common share | $ 0.32 | $ 0.26 | $ 0.64 | $ 0.52 |
Diluted earnings per common share: | ||||
Net income allocated to common shareholders | $ 35,279 | $ 28,268 | $ 70,084 | $ 56,660 |
Weighted average shares outstanding | 109,983 | 109,730 | 109,921 | 109,039 |
Incremental shares from assumed exercise of outstanding options | 372 | 348 | 418 | 406 |
Diluted weighted average shares outstanding | 110,355 | 110,078 | 110,339 | 109,445 |
Diluted earnings per common share | $ 0.32 | $ 0.26 | $ 0.64 | $ 0.52 |
Fair Value Information - Additi
Fair Value Information - Additional Information (Detail) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Fair Value Disclosures [Abstract] | ||
Fair value assets transfers from Level 1 to Level 2 | $ 0 | $ 0 |
Fair value assets transfers from Level 2 to Level 1 | 0 | 0 |
Fair value liabilities transfers from Level 1 to Level 2 | 0 | 0 |
Fair value liabilities transfers from Level 2 to Level 1 | $ 0 | $ 0 |
Fair Value Information - Assets
Fair Value Information - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, liabilities | $ 385,459 | $ 556,984 |
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 | 1,405 | 3,211 |
Interest rate swaps, liabilities | 1,405 | 3,211 |
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 | 1,931,399 | 2,084,196 |
Total liabilities | 1,405 | 3,211 |
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 | 52,849 | 55,496 |
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] | 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 | 1,636,884 | 1,750,909 |
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 | 239,511 | 273,829 |
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 | 750 | 751 |
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 | 1,929,994 | 2,080,985 |
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 | 1,405 | 3,211 |
Interest rate swaps, liabilities | 1,405 | 3,211 |
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 | 1,931,399 | 2,084,196 |
Total liabilities | 1,405 | 3,211 |
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 | 52,849 | 55,496 |
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 | 1,636,884 | 1,750,909 |
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 | 239,511 | 273,829 |
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 | 750 | 751 |
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 | 1,929,994 | 2,080,985 |
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 | 1,405 | 3,211 |
Interest rate swaps, liabilities | $ 1,405 | $ 3,211 |
Fair Value Information - Asse58
Fair Value Information - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value on Non-Recurring Basis [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Description of assets | ||
Total assets | $ 16 | $ 74 |
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 | 0 |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
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 | 13 | 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 | 3 | 74 |
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] | Asset Held-for-Sale [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] | Asset Held-for-Sale [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 | 16 | 378 |
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 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
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 | 13 | 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 | 3 | 378 |
Carrying Value [Member] | ||
Description of assets | ||
Total assets | 16 | 378 |
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 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
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 | 13 | 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 | $ 3 | $ 378 |
Fair Value Information - Estima
Fair Value Information - Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||||
Total cash and cash equivalents | $ 181,489 | $ 144,377 | $ 184,747 | $ 121,633 |
Interest-earning balances due from depository institutions | 7,150 | 17,952 | ||
FHLB stock | 17,688 | 17,688 | ||
Investment securities available-for-sale | 1,929,994 | 2,080,985 | ||
Investment securities held-to-maturity | 772,469 | 829,890 | ||
Total loans, net of allowance for loan losses | 4,757,373 | 4,771,046 | ||
Deposits: | ||||
Noninterest-bearing | 3,980,666 | 3,846,436 | ||
Interest-bearing | 2,554,640 | 2,700,417 | ||
Junior subordinated debentures | 25,774 | 25,774 | ||
Swaps | 385,459 | 556,984 | ||
Carrying Value [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 181,489 | 144,377 | ||
Interest-earning balances due from depository institutions | 7,150 | 17,952 | ||
FHLB stock | 17,688 | |||
Investment securities available-for-sale | 1,929,994 | 2,080,985 | ||
Investment securities held-to-maturity | 772,469 | 829,890 | ||
Total loans, net of allowance for loan losses | 4,757,373 | 4,771,046 | ||
Swaps | 1,405 | 3,211 | ||
Deposits: | ||||
Noninterest-bearing | 3,846,436 | |||
Interest-bearing | 2,554,640 | 2,700,417 | ||
Borrowings | 384,054 | 553,773 | ||
Junior subordinated debentures | 25,774 | 25,774 | ||
Swaps | 1,405 | 3,211 | ||
Estimated Fair Value [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 181,489 | 144,377 | ||
Interest-earning balances due from depository institutions | 7,086 | 17,951 | ||
FHLB stock | 17,688 | |||
Investment securities available-for-sale | 1,929,994 | 2,080,985 | ||
Investment securities held-to-maturity | 747,589 | 819,215 | ||
Total loans, net of allowance for loan losses | 4,634,939 | 4,678,402 | ||
Swaps | 1,405 | 3,211 | ||
Deposits: | ||||
Noninterest-bearing | 3,846,436 | |||
Interest-bearing | 2,551,285 | 2,697,781 | ||
Borrowings | 383,725 | 553,416 | ||
Junior subordinated debentures | 20,910 | 18,070 | ||
Swaps | 1,405 | 3,211 | ||
Estimated Fair Value [Member] | Level 1 [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 181,489 | 144,377 | ||
Interest-earning balances due from depository institutions | 0 | 0 | ||
FHLB stock | 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 | |||
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 | 7,086 | 17,951 | ||
FHLB stock | 17,688 | |||
Investment securities available-for-sale | 1,929,994 | 2,080,985 | ||
Investment securities held-to-maturity | 747,589 | 819,215 | ||
Total loans, net of allowance for loan losses | 0 | 0 | ||
Swaps | 1,405 | 3,211 | ||
Deposits: | ||||
Noninterest-bearing | 0 | |||
Interest-bearing | 2,551,285 | 2,697,781 | ||
Borrowings | 383,725 | 553,416 | ||
Junior subordinated debentures | 0 | 0 | ||
Swaps | 1,405 | 3,211 | ||
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 | |||
Investment securities available-for-sale | 0 | 0 | ||
Investment securities held-to-maturity | 0 | 0 | ||
Total loans, net of allowance for loan losses | 4,634,939 | 4,678,402 | ||
Swaps | 0 | 0 | ||
Deposits: | ||||
Noninterest-bearing | 0 | |||
Interest-bearing | 0 | 0 | ||
Borrowings | 0 | 0 | ||
Junior subordinated debentures | 20,910 | 18,070 | ||
Swaps | $ 0 | $ 0 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2018LocationSegment | |
Segment Reporting [Abstract] | |
Number of principal reporting segments | Segment | 2 |
Bank operated banking centers, number | Location | 51 |
Business Segments - Schedule of
Business Segments - Schedule of Segment Reporting Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||
Net interest income | $ 72,688 | $ 70,483 | $ 143,209 | $ 135,916 | |
(Recapture of) provision for loan losses | (1,000) | (1,000) | (2,000) | (5,500) | |
Net interest income after (recapture of) provision for loan losses | 73,688 | 71,483 | 145,209 | 141,416 | |
Noninterest income | 9,695 | 10,776 | 22,611 | 19,498 | |
Noninterest expense | 34,254 | 36,873 | 70,200 | 70,990 | |
Debt termination expense | 0 | 0 | 0 | ||
Earnings before income taxes | 49,129 | 45,386 | 97,620 | 89,924 | |
Goodwill | 116,564 | 119,193 | 116,564 | 119,193 | $ 116,564 |
Segment assets | 8,093,863 | 8,418,203 | 8,093,863 | 8,418,203 | $ 8,270,586 |
Operating Segments [Member] | Centers [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 52,271 | 48,762 | 101,854 | 94,340 | |
(Recapture of) provision for loan losses | (70) | 875 | 259 | 1,386 | |
Net interest income after (recapture of) provision for loan losses | 52,341 | 47,887 | 101,595 | 92,954 | |
Noninterest income | 5,637 | 5,303 | 10,938 | 10,510 | |
Noninterest expense | 12,779 | 13,206 | 26,004 | 25,644 | |
Debt termination expense | 0 | 0 | 0 | ||
Earnings before income taxes | 45,199 | 39,984 | 86,529 | 77,820 | |
Goodwill | 116,564 | 119,193 | 116,564 | 119,193 | |
Segment assets | 6,996,216 | 7,314,110 | 6,996,216 | 7,314,110 | |
Operating Segments [Member] | Dairy & Livestock and Agribusiness [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 3,467 | 2,369 | 7,318 | 4,513 | |
(Recapture of) provision for loan losses | (334) | (421) | (315) | (3,120) | |
Net interest income after (recapture of) provision for loan losses | 3,801 | 2,790 | 7,633 | 7,633 | |
Noninterest income | 47 | 49 | 92 | 104 | |
Noninterest expense | 472 | 504 | 989 | 1,005 | |
Debt termination expense | 0 | 0 | 0 | ||
Earnings before income taxes | 3,376 | 2,335 | 6,736 | 6,732 | |
Goodwill | 0 | 0 | 0 | 0 | |
Segment assets | 404,236 | 348,570 | 404,236 | 348,570 | |
Operating Segments [Member] | Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 16,950 | 19,352 | 34,037 | 37,063 | |
(Recapture of) provision for loan losses | (596) | (1,454) | (1,944) | (3,766) | |
Net interest income after (recapture of) provision for loan losses | 17,546 | 20,806 | 35,981 | 40,829 | |
Noninterest income | 4,011 | 5,424 | 11,581 | 8,884 | |
Noninterest expense | 21,003 | 23,163 | 43,207 | 44,341 | |
Debt termination expense | 0 | 0 | 0 | ||
Earnings before income taxes | 554 | 3,067 | 4,355 | 5,372 | |
Goodwill | 0 | 0 | 0 | 0 | |
Segment assets | $ 693,411 | $ 755,523 | $ 693,411 | $ 755,523 |
Derivative Financial Instrume62
Derivative Financial Instruments - Additional Information (Detail) | Jun. 30, 2018USD ($)Agreement | Dec. 31, 2017USD ($) |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative assets and liabilities offset in balance sheet | $ 0 | |
Total notional amount of the Company's swaps | $ 186,800,000 | $ 198,500,000 |
Interest-rate Swap Agreements with Customers [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of interest-rate swap agreements | Agreement | 75 |
Derivative Financial Instrume63
Derivative Financial Instruments - Fair Value of Derivative Instruments (Detail) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 1,405 | $ 3,211 |
Other Assets [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 1,405 | 3,211 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 1,405 | 3,211 |
Other Liabilities [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 1,405 | $ 3,211 |
Derivative Financial Instrume64
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statement of Earnings (Detail) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain Recognized in Income on Derivative Instruments | $ 151 | $ 71 | $ 267 | $ 394 |
Interest Rate Swaps [Member] | Other Income [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain Recognized in Income on Derivative Instruments | $ 151 | $ 71 | $ 267 | $ 394 |
Other Comprehensive Income - Su
Other Comprehensive Income - Summary of Components of Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Equity [Abstract] | ||||
Net change in fair value recorded in accumulated OCI, Before-tax | $ (5,773) | $ 2,838 | $ (37,111) | $ 4,045 |
Net change in fair value recorded in accumulated OCI, Tax effect | 1,707 | (1,192) | 10,972 | (1,699) |
Net change in fair value recorded in accumulated OCI, After-tax | (4,066) | 1,646 | (26,139) | 2,346 |
Amortization of unrealized (gains) losses on securities transferred from available-for-sale to held-to-maturity, Before-tax | (825) | (1,196) | (1,657) | (1,979) |
Amortization of unrealized (gains) losses on securities transferred from available-for-sale to held-to-maturity, Tax effect | 244 | 502 | 490 | 831 |
Amortization of unrealized (gains) losses on securities transferred from available-for-sale to held-to-maturity, After-tax | (581) | (694) | (1,167) | (1,148) |
Net realized gain reclassified into earnings, Before-tax | 0 | (402) | 0 | (402) |
Net realized gain reclassified into earnings, Tax Effect | 0 | 169 | 0 | 169 |
Net realized gain reclassified into earnings, After-Tax | 0 | (233) | 0 | (233) |
Net change, Before-tax | (6,598) | 1,240 | (38,768) | 1,664 |
Net change, Tax effect | 1,951 | (521) | 11,462 | (699) |
Other comprehensive income (loss), net of tax | $ (4,647) | $ 719 | $ (27,306) | $ 965 |
Balance Sheet Offsetting - Sche
Balance Sheet Offsetting - Schedule of Balance Sheet Offsetting (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Offsetting Assets Liabilities [Line Items] | ||
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | $ 389,345 | $ 558,268 |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | (3,886) | (1,284) |
Financial liabilities, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 385,459 | 556,984 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 3,886 | 1,284 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | (485,522) | (586,519) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | (96,177) | (28,251) |
Repurchase Agreements [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 384,054 | 553,773 |
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 | 384,054 | 553,773 |
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 | (485,522) | (573,759) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | (101,468) | (19,986) |
Interest Rate Swaps [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 1,405 | 3,211 |
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 | 1,405 | 3,211 |
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 | 1,405 | 3,211 |
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 | 1,405 | 3,211 |
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 | 1,405 | 3,211 |
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 | 1,405 | 3,211 |
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 5,291 | 4,495 |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | (3,886) | (1,284) |
Financial liabilities, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 1,405 | 3,211 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 3,886 | 1,284 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | 0 | (12,760) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | $ 5,291 | $ (8,265) |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Non Interest Income, Segregated by Revenue Streams in-Scope and Out-of-Scope of Topic 606 (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Noninterest income: | ||||
Other | $ 1,178 | $ 1,811 | $ 2,569 | $ 3,030 |
Total noninterest income | 9,695 | 10,776 | 22,611 | 19,498 |
Service Charges on Deposit Accounts [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 4,091 | 3,982 | 8,136 | 7,709 |
Trust and Investment Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 2,399 | 2,613 | 4,556 | 4,909 |
Bankcard Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 958 | 871 | 1,762 | 1,636 |
Accounting Standards Update 2014-09 [Member] | ||||
Noninterest income: | ||||
Other | 1,178 | 1,409 | 2,569 | 2,628 |
Total noninterest income | 8,626 | 8,875 | 17,023 | 16,882 |
Accounting Standards Update 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 4,091 | 3,982 | 8,136 | 7,709 |
Accounting Standards Update 2014-09 [Member] | Trust and Investment Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 2,399 | 2,613 | 4,556 | 4,909 |
Accounting Standards Update 2014-09 [Member] | Bankcard Services [Member] | ||||
Noninterest income: | ||||
Revenue from contract with customer | 958 | 871 | 1,762 | 1,636 |
Accounting Standards Update 2014-09 Not Adopted [Member] | ||||
Noninterest income: | ||||
Total noninterest income | $ 1,069 | $ 1,901 | $ 5,588 | $ 2,616 |