Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 28, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | CENTRAL PACIFIC FINANCIAL CORP | |
Entity Central Index Key | 701347 | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -19 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 31,537,681 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $74,743 | $72,316 |
Interest-bearing deposits in other banks | 10,478 | 13,691 |
Investment securities: | ||
Available for sale, at fair value | 1,298,487 | 1,229,018 |
Held to maturity, at amortized cost (fair value of $256,357 at March 31, 2015 and $235,597 at December 31, 2014) | 255,592 | 238,287 |
Total investment securities | 1,554,079 | 1,467,305 |
Loans held for sale | 7,206 | 9,683 |
Loans and leases | 2,967,772 | 2,932,198 |
Allowance for loan and lease losses | -71,433 | -74,040 |
Net loans and leases | 2,896,339 | 2,858,158 |
Premises and equipment, net | 48,768 | 49,214 |
Accrued interest receivable | 13,420 | 13,584 |
Investment in unconsolidated subsidiaries | 6,840 | 7,246 |
Other real estate | 3,349 | 2,948 |
Other intangible assets | 28,230 | 29,697 |
Bank-owned life insurance | 153,251 | 152,283 |
Federal Home Loan Bank stock | 43,442 | 43,932 |
Other assets | 125,780 | 132,930 |
Total assets | 4,965,925 | 4,852,987 |
Deposits: | ||
Noninterest-bearing demand | 1,042,781 | 1,034,146 |
Interest-bearing demand | 806,555 | 788,272 |
Savings and money market | 1,247,266 | 1,242,598 |
Time | 1,092,040 | 1,045,284 |
Total deposits | 4,188,642 | 4,110,300 |
Short-term borrowings | 70,000 | 38,000 |
Long-term debt | 92,785 | 92,785 |
Other liabilities | 41,573 | 43,861 |
Total liabilities | 4,393,000 | 4,284,946 |
Equity: | ||
Preferred stock, no par value, authorized 1,100,000 shares, issued and outstanding none at March 31, 2015 and December 31, 2014, respectively | ||
Common stock, no par value, authorized 185,000,000 shares, issued and outstanding 34,797,133 and 35,233,674 shares at March 31, 2015 and December 31, 2014, | 632,867 | 642,205 |
Surplus | 80,545 | 79,716 |
Accumulated deficit | -150,815 | -157,039 |
Accumulated other comprehensive income | 10,328 | 3,159 |
Total equity | 572,925 | 568,041 |
Total liabilities and equity | $4,965,925 | $4,852,987 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
CONSOLIDATED BALANCE SHEETS | ||
Held to maturity, fair value (in dollars) | $256,357 | $235,597 |
Preferred stock, par value (in dollars per share) | $0 | $0 |
Preferred stock, authorized shares | 1,100,000 | 1,100,000 |
Preferred stock, issued shares | 0 | 0 |
Preferred stock, outstanding shares | 0 | 0 |
Common stock, par value (in dollars per share) | $0 | $0 |
Common stock, authorized shares | 185,000,000 | 185,000,000 |
Common stock, issued shares | 34,797,133 | 35,233,674 |
Common stock, outstanding shares | 34,797,133 | 35,233,674 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Interest income: | ||
Interest and fees on loans and leases | $28,602 | $26,883 |
Interest and dividends on investment securities: | ||
Taxable interest | 8,150 | 9,496 |
Tax-exempt interest | 998 | 994 |
Dividends | 9 | 1 |
Interest on deposits in other banks | 11 | 7 |
Dividends on Federal Home Loan Bank stock | 11 | 12 |
Total interest income | 37,781 | 37,393 |
Interest on deposits: | ||
Demand | 95 | 90 |
Savings and money market | 223 | 224 |
Time | 548 | 630 |
Interest on short-term borrowings | 43 | 17 |
Interest on long-term debt | 637 | 636 |
Total interest expense | 1,546 | 1,597 |
Net interest income | 36,235 | 35,796 |
Provision (credit) for loan and lease losses | -2,747 | -1,316 |
Net interest income after credit for loan and lease losses | 38,982 | 37,112 |
Other operating income: | ||
Service charges on deposit accounts | 1,968 | 1,993 |
Loan servicing fees | 1,423 | 1,444 |
Other service charges and fees | 3,105 | 2,943 |
Income from fiduciary activities | 834 | 1,062 |
Equity in earnings of unconsolidated subsidiaries | 96 | 52 |
Fees on foreign exchange | 128 | 114 |
Income from bank-owned life insurance | 674 | 670 |
Loan placement fees | 147 | 143 |
Net gain on sales of residential loans | 1,594 | 1,239 |
Net gain on sales of foreclosed assets | 33 | 162 |
Other | 1,188 | 322 |
Total other operating income | 11,190 | 10,144 |
Other operating expense: | ||
Salaries and employee benefits | 17,165 | 17,434 |
Net occupancy | 3,501 | 3,590 |
Equipment | 909 | 796 |
Amortization of other intangible assets | 2,105 | 1,240 |
Communication expense | 824 | 894 |
Legal and professional services | 2,219 | 1,812 |
Computer software expense | 2,096 | 1,358 |
Advertising expense | 635 | 686 |
Foreclosed asset expense | 72 | 105 |
Other | 4,492 | 4,015 |
Total other operating expense | 34,018 | 31,930 |
Income before income taxes | 16,154 | 15,326 |
Income tax expense | 5,759 | 5,518 |
Net income | $10,395 | $9,808 |
Per common share data: | ||
Basic earnings per share (in dollars per share) | $0.30 | $0.23 |
Diluted earnings per share (in dollars per share) | $0.29 | $0.23 |
Cash dividends declared (in dollars per share) | $0.12 | $0.08 |
Shares used in computation: | ||
Basic shares (in shares) | 34,827 | 41,915 |
Diluted shares (in shares) | 35,479 | 42,477 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||
Net income | $10,395 | $9,808 |
Other comprehensive income, net of tax | ||
Net change in unrealized gain on investment securities | 6,909 | 9,576 |
Minimum pension liability adjustment | 260 | 187 |
Other comprehensive income, net of tax | 7,169 | 9,763 |
Comprehensive income | $17,564 | $19,571 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (USD $) | Common shares outstanding | Common Stock | Surplus | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Non-Controlling Interests | Total |
In Thousands, except Share data, unless otherwise specified | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
Balance at Dec. 31, 2013 | $784,547 | $75,498 | ($184,087) | ($15,845) | $61 | $660,174 | |
Balance (in shares) at Dec. 31, 2013 | 42,107,633 | ||||||
Increase (Decrease) in Shareholders' Equity | |||||||
Net income | 9,808 | 9,808 | |||||
Other comprehensive income | 9,763 | 9,763 | |||||
Cash dividends ($0.12 and $0.08 per share) for March 31, 2015 and 2014 respectively | -3,370 | -3,370 | |||||
12,559 and 3,368 net shares of common stock (purchased) sold by directors' deferred compensation plan, for March 31, 2015 and March 31, 2014, respectively | 34 | 34 | |||||
473,829 and 3,405,888 shares of common stock repurchased and other related costs for the March 31, 2015 and March 31, 2014 respectively | -68,873 | -68,873 | |||||
Shares of common stock repurchased | -3,405,888 | 3,405,888 | |||||
Share-based compensation | 928 | 928 | |||||
Share-based compensation (in shares) | 21,505 | ||||||
Balance at Mar. 31, 2014 | 715,708 | 76,426 | -177,649 | -6,082 | 61 | 608,464 | |
Balance (in shares) at Mar. 31, 2014 | 38,723,250 | ||||||
Balance at Dec. 31, 2013 | 784,547 | 61 | |||||
Increase (Decrease) in Shareholders' Equity | |||||||
Shares of common stock repurchased | 857,554 | ||||||
Balance at Dec. 31, 2014 | 642,205 | 79,716 | -157,039 | 3,159 | 568,041 | ||
Balance (in shares) at Dec. 31, 2014 | 35,233,674 | 35,233,674 | |||||
Increase (Decrease) in Shareholders' Equity | |||||||
Net income | 10,395 | 10,395 | |||||
Other comprehensive income | 7,169 | 7,169 | |||||
Cash dividends ($0.12 and $0.08 per share) for March 31, 2015 and 2014 respectively | -4,171 | -4,171 | |||||
12,559 and 3,368 net shares of common stock (purchased) sold by directors' deferred compensation plan, for March 31, 2015 and March 31, 2014, respectively | -50 | -50 | |||||
473,829 and 3,405,888 shares of common stock repurchased and other related costs for the March 31, 2015 and March 31, 2014 respectively | -9,288 | -9,288 | |||||
Shares of common stock repurchased | -473,829 | 473,829 | |||||
Share-based compensation | 829 | 829 | |||||
Share-based compensation (in shares) | 37,288 | ||||||
Balance at Mar. 31, 2015 | $632,867 | $80,545 | ($150,815) | $10,328 | $572,925 | ||
Balance (in shares) at Mar. 31, 2015 | 34,797,133 | 34,797,133 |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY | ||
Cash dividends (in dollars per share) | $0.12 | $0.08 |
Common stock (purchased) sold by directors' deferred compensation plan (in net shares) | -12,559 | 3,368 |
Shares of common stock repurchased | 473,829 | 3,405,888 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $10,395 | $9,808 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision (credit) for loan and lease losses | -2,747 | -1,316 |
Depreciation and amortization | 1,479 | 1,463 |
Write down of other real estate, net of gain on sale | -65 | |
Amortization of other intangible assets | 2,105 | 1,240 |
Net amortization of investment securities | 1,918 | 2,191 |
Share-based compensation | 829 | 928 |
Net gain on sales of residential loans | -1,594 | -1,239 |
Proceeds from sales of loans held for sale | 96,788 | 84,989 |
Originations of loans held for sale | -92,717 | -82,627 |
Equity in earnings of unconsolidated subsidiaries | -96 | -52 |
Increase in cash surrender value of bank-owned life insurance | -968 | -670 |
Deferred income taxes | 5,339 | 5,535 |
Net change in other assets and liabilities | -5,020 | -1,169 |
Net cash provided by operating activities | 15,711 | 19,016 |
Cash flows from investing activities: | ||
Proceeds from maturities of and calls on investment securities available for sale | 35,942 | 32,639 |
Purchases of investment securities available for sale | -95,716 | -18,923 |
Proceeds from maturities of and calls on investment securities held to maturity | 4,807 | 3,171 |
Purchases of investment securities held to maturity | -22,249 | |
Net loan originations | -36,803 | -66,567 |
Proceeds from sales of other real estate | 968 | 771 |
Purchases of premises and equipment | -1,033 | -416 |
Distributions from unconsolidated subsidiaries | 214 | 354 |
Contributions to unconsolidated subsidiaries | -60 | |
Proceeds from redemption of FHLB stock | 490 | 601 |
Net cash used in investing activities | -113,380 | -48,430 |
Cash flows from financing activities: | ||
Net increase in deposits | 78,342 | 49,594 |
Repayments of long-term debt | -4 | |
Net increase in short-term borrowings | 32,000 | 93,985 |
Cash dividends paid on common stock | -4,171 | -3,370 |
Repurchases of common stock and other related costs | -9,288 | -68,873 |
Net cash provided by financing activities | 96,883 | 71,332 |
Net increase (decrease) in cash and cash equivalents | -786 | 41,918 |
Cash and cash equivalents at beginning of period | 86,007 | 49,348 |
Cash and cash equivalents at end of period | 85,221 | 91,266 |
Cash paid during the period for: | ||
Interest | 1,599 | 1,654 |
Income taxes | 100 | |
Cash received during the period for: | ||
Income taxes | 79 | |
Supplemental disclosure of noncash investing and financing activities: | ||
Net change in common stock held by directors' deferred compensation plan | 50 | -34 |
Net reclassification of loans to other real estate | $1,369 | $372 |
BASIS_OF_PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2015 | |
BASIS OF PRESENTATION | |
BASIS OF PRESENTATION | |
1. BASIS OF PRESENTATION | |
The accompanying unaudited consolidated financial statements of Central Pacific Financial Corp. and Subsidiaries (herein referred to as the “Company,” “we,” “us” or “our”) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These interim condensed consolidated financial statements and notes should be read in conjunction with the Company’s consolidated financial statements and notes thereto filed on Form 10-K for the fiscal year ended December 31, 2014. In the opinion of management, all adjustments necessary for a fair presentation have been made and include all normal recurring adjustments. Interim results of operations are not necessarily indicative of results to be expected for the year. | |
Certain prior period amounts in the consolidated financial statements and the notes thereto have been reclassified to conform to the current period presentation. Such reclassifications had no effect on net income or shareholders’ equity for any periods presented. | |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 3 Months Ended |
Mar. 31, 2015 | |
RECENT ACCOUNTING PRONOUNCEMENTS | |
RECENT ACCOUNTING PRONOUNCEMENTS | |
2. RECENT ACCOUNTING PRONOUNCEMENTS | |
In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-01, “Investments — Equity Method and Joint Ventures: Accounting for Investments in Qualified Affordable Housing Projects.” The provisions of ASU 2014-01 provide guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. The ASU permits entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. The Company did not elect the use of the proportional amortization method of ASU 2014-01 on January 1, 2015 which has no material impact on our consolidated financial statements. | |
In January 2014, the FASB issued ASU 2014-04, “Receivables — Troubled Debt Restructurings by Creditors — Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” The provisions of ASU 2014-04 provide guidance on when an in substance repossession or foreclosure occurs, which is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate property recognized. Additionally, the amendments in this update require interim and annual disclosure of both: 1) the amount of foreclosed residential real estate property held by the creditor and 2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The Company adopted the prospective transition method of ASU 2014-04 on January 1, 2015 and the adoption did not have a material impact on our consolidated financial statements. | |
In June 2014, the FASB issued ASU 2014-11, “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” ASU 2014-11 requires two accounting changes. First, the amendments change the accounting for repurchase-to-maturity transactions to secured borrowings. Second, for repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. ASU 2014-11 requires disclosures for certain transactions comprising a transfer of a financial asset accounted for as a sale, and an agreement with the same transferee entered into in contemplation of the initial transfer which results in the transferor retaining substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. ASU 2014-11 also requires additional disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions that are accounted for as secured borrowings. The adoption of ASU 2014-11 on January 1, 2015 did not have a material impact on our consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-14, “Receivables — Troubled Debt Restructurings by Creditors Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure.” ASU 2014-14 requires that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: 1) the loan has a government guarantee that is not separable from the loan before foreclosure; 2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim; and 3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance expected to be recovered from the guarantor. The adoption of ASU 2014-14 on January 1, 2015 did not have a material impact on our consolidated financial statements. | |
INVESTMENT_SECURITIES
INVESTMENT SECURITIES | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
INVESTMENT SECURITIES. | ||||||||||||||||||||
INVESTMENT SECURITIES | ||||||||||||||||||||
3. INVESTMENT SECURITIES | ||||||||||||||||||||
A summary of available for sale and held to maturity investment securities are as follows: | ||||||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
At March 31, 2015: | ||||||||||||||||||||
Held to Maturity: | ||||||||||||||||||||
Mortgage-backed securities - U.S. Government sponsored entities | $ | 255,592 | $ | 1,446 | $ | (681 | ) | $ | 256,357 | |||||||||||
Available for Sale: | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
States and political subdivisions | $ | 189,961 | $ | 3,380 | $ | (863 | ) | $ | 192,478 | |||||||||||
Corporate securities | 98,847 | 2,480 | — | 101,327 | ||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||
U.S. Government sponsored entities | 776,750 | 12,912 | (2,616 | ) | 787,046 | |||||||||||||||
Non-agency collateralized mortgage obligations | 208,455 | 8,412 | (81 | ) | 216,786 | |||||||||||||||
Other | 747 | 103 | — | 850 | ||||||||||||||||
Total | $ | 1,274,760 | $ | 27,287 | $ | (3,560 | ) | $ | 1,298,487 | |||||||||||
At December 31, 2014: | ||||||||||||||||||||
Held to Maturity: | ||||||||||||||||||||
Mortgage-backed securities - U.S. Government sponsored entities | $ | 238,287 | $ | 196 | $ | (2,886 | ) | $ | 235,597 | |||||||||||
Available for Sale: | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
States and political subdivisions | $ | 191,280 | $ | 2,054 | $ | (1,689 | ) | $ | 191,645 | |||||||||||
Corporate securities | 99,237 | 1,492 | (125 | ) | 100,604 | |||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||
U.S. Government sponsored entities | 744,527 | 11,064 | (4,033 | ) | 751,558 | |||||||||||||||
Non-agency collateralized mortgage obligations | 180,905 | 4,456 | (1,027 | ) | 184,334 | |||||||||||||||
Other | 757 | 120 | — | 877 | ||||||||||||||||
Total | $ | 1,216,706 | $ | 19,186 | $ | (6,874 | ) | $ | 1,229,018 | |||||||||||
The amortized cost and estimated fair value of investment securities at March 31, 2015 by contractual maturity are shown below. Expected maturities will differ from contractual maturities because issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | ||||||||||||||||||||
March 31, 2015 | ||||||||||||||||||||
Amortized | Estimated Fair | |||||||||||||||||||
Cost | Value | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Held to Maturity | ||||||||||||||||||||
Mortage-backed securities | $ | 255,592 | $ | 256,357 | ||||||||||||||||
Available for Sale | ||||||||||||||||||||
Due in one year or less | $ | — | $ | — | ||||||||||||||||
Due after one year through five years | 70,129 | 71,798 | ||||||||||||||||||
Due after five years through ten years | 103,461 | 105,207 | ||||||||||||||||||
Due after ten years | 115,218 | 116,800 | ||||||||||||||||||
Mortage-backed securities | 985,205 | 1,003,832 | ||||||||||||||||||
Other | 747 | 850 | ||||||||||||||||||
Total | $ | 1,274,760 | $ | 1,298,487 | ||||||||||||||||
We did not sell any available for sale securities during the first quarter of 2015 and 2014. | ||||||||||||||||||||
Investment securities of $944.4 million and $900.5 million at March 31, 2015 and December 31, 2014, respectively, were pledged to secure public funds on deposit and other long-term and short-term borrowings. | ||||||||||||||||||||
Provided below is a summary of the 121 and 195 investment securities which were in an unrealized loss position at March 31, 2015 and December 31, 2014, respectively. | ||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||||||
Description of Securities | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
At March 31, 2015: | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
States and political subdivisions | $ | 34,821 | $ | (257 | ) | $ | 23,447 | $ | (606 | ) | $ | 58,268 | $ | (863 | ) | |||||
Corporate securities | — | — | — | — | — | — | ||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||
U.S. Government sponsored entities | 143,680 | (1,298 | ) | 176,086 | (1,999 | ) | 319,766 | (3,297 | ) | |||||||||||
Non-agency collateralized mortgage obligations | 31,664 | (81 | ) | — | — | 31,664 | (81 | ) | ||||||||||||
Total temporarily impaired securities | $ | 210,165 | $ | (1,636 | ) | $ | 199,533 | $ | (2,605 | ) | $ | 409,698 | $ | (4,241 | ) | |||||
At December 31, 2014: | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
States and political subdivisions | $ | 23,591 | $ | (145 | ) | $ | 68,622 | $ | (1,544 | ) | $ | 92,213 | $ | (1,689 | ) | |||||
Corporate securities | 23,938 | (125 | ) | — | — | 23,938 | (125 | ) | ||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||
U.S. Government sponsored entities | 119,210 | (521 | ) | 403,926 | (6,398 | ) | 523,136 | (6,919 | ) | |||||||||||
Non-agency collateralized mortgage obligations | 20,857 | (100 | ) | 47,539 | (927 | ) | 68,396 | (1,027 | ) | |||||||||||
Total temporarily impaired securities | $ | 187,596 | $ | (891 | ) | $ | 520,087 | $ | (8,869 | ) | $ | 707,683 | $ | (9,760 | ) | |||||
Other-Than-Temporary Impairment (“OTTI”) | ||||||||||||||||||||
Unrealized losses for all investment securities are reviewed to determine whether the losses are deemed “other-than-temporary.” Investment securities are evaluated for OTTI on at least a quarterly basis and more frequently when economic or market conditions warrant such an evaluation to determine whether a decline in their value below amortized cost is other-than-temporary. In conducting this assessment, we evaluate a number of factors including, but not limited to: | ||||||||||||||||||||
· | The length of time and the extent to which fair value has been less than the amortized cost basis; | |||||||||||||||||||
· | Adverse conditions specifically related to the security, an industry, or a geographic area; | |||||||||||||||||||
· | The historical and implied volatility of the fair value of the security; | |||||||||||||||||||
· | The payment structure of the debt security and the likelihood of the issuer being able to make payments; | |||||||||||||||||||
· | Failure of the issuer to make scheduled interest or principal payments; | |||||||||||||||||||
· | Any rating changes by a rating agency; and | |||||||||||||||||||
· | Recoveries or additional declines in fair value subsequent to the balance sheet date. | |||||||||||||||||||
The term “other-than-temporary” is not intended to indicate that the decline is permanent, but indicates that the prospects for a near-term recovery of value are not necessarily favorable, or that there is a general lack of evidence to support a realizable value equal to or greater than the carrying value of the investment. Once a decline in value is determined to be other-than-temporary, the value of the security is reduced and a corresponding charge to earnings is recognized for anticipated credit losses. | ||||||||||||||||||||
Because we have no intent to sell securities in an unrealized loss position and it is not more likely than not that we will be required to sell such securities before recovery of its amortized cost basis, we do not consider our investments to be other-than-temporarily impaired. | ||||||||||||||||||||
LOANS_AND_LEASES
LOANS AND LEASES | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
LOANS AND LEASES | |||||||||||||||||||||||
LOANS AND LEASES | |||||||||||||||||||||||
4. LOANS AND LEASES | |||||||||||||||||||||||
Loans and leases, excluding loans held for sale, consisted of the following: | |||||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 500,251 | $ | 463,070 | |||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Construction | 113,137 | 115,023 | |||||||||||||||||||||
Mortgage - residential | 1,298,076 | 1,280,089 | |||||||||||||||||||||
Mortgage - commercial | 702,113 | 704,099 | |||||||||||||||||||||
Consumer | 350,344 | 365,662 | |||||||||||||||||||||
Leases | 2,885 | 3,140 | |||||||||||||||||||||
2,966,806 | 2,931,083 | ||||||||||||||||||||||
Net deferred costs | 966 | 1,115 | |||||||||||||||||||||
Total loans and leases | $ | 2,967,772 | $ | 2,932,198 | |||||||||||||||||||
During the three months ended March 31, 2015, we transferred the collateral in three portfolio loans with a carrying value of $1.4 million to other real estate. We did not transfer any portfolio loans to the held-for-sale category and no portfolio loans were sold or purchased during the three months ended March 31, 2015. | |||||||||||||||||||||||
During the three months ended March 31, 2014, we transferred one loan with a carrying value of $0.4 million to other real estate. We did not transfer any portfolio loans to the held-for-sale category and no portfolio loans were sold or purchased during the three months ended March 31, 2014. | |||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||
The following table presents by class, the balance in the allowance for loan and lease losses and the recorded investment in loans and leases based on the Company’s impairment measurement method as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||
Commercial, | Real Estate | ||||||||||||||||||||||
Financial & | Construction | Mortgage - | Mortgage - | Consumer | Leases | Total | |||||||||||||||||
Agricultural | Residential | Commercial | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||
Ending balance attributable to loans: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 772 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 772 | |||||||||
Collectively evaluated for impairment | 8,019 | 14,305 | 17,057 | 20,161 | 7,119 | — | 66,661 | ||||||||||||||||
8,791 | 14,305 | 17,057 | 20,161 | 7,119 | — | 67,433 | |||||||||||||||||
Unallocated | 4,000 | ||||||||||||||||||||||
Total ending balance | $ | 8,791 | $ | 14,305 | $ | 17,057 | $ | 20,161 | $ | 7,119 | $ | — | $ | 71,433 | |||||||||
Loans and leases: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 13,727 | $ | 4,606 | $ | 28,514 | $ | 22,601 | $ | — | $ | — | $ | 69,448 | |||||||||
Collectively evaluated for impairment | 486,524 | 108,531 | 1,269,562 | 679,512 | 350,344 | 2,885 | 2,897,358 | ||||||||||||||||
500,251 | 113,137 | 1,298,076 | 702,113 | 350,344 | 2,885 | 2,966,806 | |||||||||||||||||
Net deferred costs (income) | 432 | (416 | ) | 2,228 | (857 | ) | (421 | ) | — | 966 | |||||||||||||
Total ending balance | $ | 500,683 | $ | 112,721 | $ | 1,300,304 | $ | 701,256 | $ | 349,923 | $ | 2,885 | $ | 2,967,772 | |||||||||
December 31, 2014 | |||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||
Ending balance attributable to loans: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,533 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,533 | |||||||||
Collectively evaluated for impairment | 7,421 | 14,969 | 17,927 | 20,869 | 7,314 | 7 | 68,507 | ||||||||||||||||
8,954 | 14,969 | 17,927 | 20,869 | 7,314 | 7 | 70,040 | |||||||||||||||||
Unallocated | 4,000 | ||||||||||||||||||||||
Total ending balance | $ | 8,954 | $ | 14,969 | $ | 17,927 | $ | 20,869 | $ | 7,314 | $ | 7 | $ | 74,040 | |||||||||
Loans and leases: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 13,369 | $ | 4,888 | $ | 30,893 | $ | 23,126 | $ | — | $ | — | $ | 72,276 | |||||||||
Collectively evaluated for impairment | 449,701 | 110,135 | 1,249,196 | 680,973 | 365,662 | 3,140 | 2,858,807 | ||||||||||||||||
463,070 | 115,023 | 1,280,089 | 704,099 | 365,662 | 3,140 | 2,931,083 | |||||||||||||||||
Net deferred costs (income) | 693 | (469 | ) | 2,235 | (826 | ) | (518 | ) | — | 1,115 | |||||||||||||
Total ending balance | $ | 463,763 | $ | 114,554 | $ | 1,282,324 | $ | 703,273 | $ | 365,144 | $ | 3,140 | $ | 2,932,198 | |||||||||
The following table presents by class, impaired loans as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||
Unpaid Principal | Recorded | Allowance | |||||||||||||||||||||
Balance | Investment | Allocated | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||
Impaired loans with no related allowance recorded: | |||||||||||||||||||||||
Commercial, financial & agricultural | $ | 5,178 | $ | 3,599 | $ | — | |||||||||||||||||
Real estate: | |||||||||||||||||||||||
Construction | 10,951 | 4,606 | — | ||||||||||||||||||||
Mortgage - residential | 31,161 | 28,514 | — | ||||||||||||||||||||
Mortgage - commercial | 29,723 | 22,601 | — | ||||||||||||||||||||
Total impaired loans with no related allowance recorded | 77,013 | 59,320 | — | ||||||||||||||||||||
Impaired loans with an allowance recorded: | |||||||||||||||||||||||
Commercial, financial & agricultural | 12,660 | 10,128 | 772 | ||||||||||||||||||||
Total impaired loans with an allowance recorded | 12,660 | 10,128 | 772 | ||||||||||||||||||||
Total | $ | 89,673 | $ | 69,448 | $ | 772 | |||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
Impaired loans with no related allowance recorded: | |||||||||||||||||||||||
Commercial, financial & agricultural | $ | 738 | $ | 738 | $ | — | |||||||||||||||||
Real estate: | |||||||||||||||||||||||
Construction | 11,275 | 4,888 | — | ||||||||||||||||||||
Mortgage - residential | 34,131 | 30,893 | — | ||||||||||||||||||||
Mortgage - commercial | 30,249 | 23,126 | — | ||||||||||||||||||||
Total impaired loans with no related allowance recorded | 76,393 | 59,645 | — | ||||||||||||||||||||
Impaired loans with an allowance recorded: | |||||||||||||||||||||||
Commercial, financial & agricultural | 16,630 | 12,631 | 1,533 | ||||||||||||||||||||
Total impaired loans with an allowance recorded | 16,630 | 12,631 | 1,533 | ||||||||||||||||||||
Total | $ | 93,023 | $ | 72,276 | $ | 1,533 | |||||||||||||||||
The following table presents by class, the average recorded investment and interest income recognized on impaired loans for the three months ended March 31, 2015 and 2014: | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
Average | Interest Income | Average | Interest Income | ||||||||||||||||||||
Recorded | Recognized | Recorded | Recognized | ||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Commercial, financial & agricultural | $ | 13,646 | $ | 5 | $ | 8,417 | $ | 5 | |||||||||||||||
Real estate: | |||||||||||||||||||||||
Construction | 4,699 | 86 | 6,822 | 32 | |||||||||||||||||||
Mortgage - residential | 28,954 | 1 | 36,407 | 163 | |||||||||||||||||||
Mortgage - commercial | 22,751 | 164 | 16,045 | 39 | |||||||||||||||||||
Leases | — | — | |||||||||||||||||||||
Total | $ | 70,050 | $ | 256 | $ | 67,691 | $ | 239 | |||||||||||||||
The Company had $3.9 million of consumer mortgage loans collateralized by residential real estate property that were in the process of foreclosure at March 31, 2015. | |||||||||||||||||||||||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | |||||||||||||||||||||||
For all loan types, the Company determines delinquency status by considering the number of days full payments required by the contractual terms of the loan are past due. The following table presents by class, the aging of the recorded investment in past due loans and leases as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||
Accruing | Accruing | Accruing Loans | Nonaccrual | Total | Loans and | Total | |||||||||||||||||
Loans 30 - 59 | Loans 60 - 89 | Greater Than 90 | Loans | Past Due and | Leases Not | ||||||||||||||||||
Days Past Due | Days Past Due | Days Past Due | Nonaccrual | Past Due | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||
Commercial, financial & agricultural | $ | 290 | $ | 225 | $ | — | $ | 13,377 | $ | 13,892 | $ | 486,791 | $ | 500,683 | |||||||||
Real estate: | |||||||||||||||||||||||
Construction | — | — | — | 146 | 146 | 112,575 | 112,721 | ||||||||||||||||
Mortgage - residential | 1,945 | — | — | 11,430 | 13,375 | 1,286,929 | 1,300,304 | ||||||||||||||||
Mortgage - commercial | — | — | — | 12,468 | 12,468 | 688,788 | 701,256 | ||||||||||||||||
Consumer | 895 | 212 | 5 | — | 1,112 | 348,811 | 349,923 | ||||||||||||||||
Leases | — | — | — | — | — | 2,885 | 2,885 | ||||||||||||||||
Total | $ | 3,130 | $ | 437 | $ | 5 | $ | 37,421 | $ | 40,993 | $ | 2,926,779 | $ | 2,967,772 | |||||||||
December 31, 2014 | |||||||||||||||||||||||
Commercial, financial & agricultural | $ | 183 | $ | 85 | $ | — | $ | 13,007 | $ | 13,275 | $ | 450,488 | $ | 463,763 | |||||||||
Real estate: | |||||||||||||||||||||||
Construction | — | — | — | 310 | 310 | 114,244 | 114,554 | ||||||||||||||||
Mortgage - residential | 3,078 | 379 | — | 13,048 | 16,505 | 1,265,819 | 1,282,324 | ||||||||||||||||
Mortgage - commercial | 68 | — | — | 12,722 | 12,790 | 690,483 | 703,273 | ||||||||||||||||
Consumer | 1,500 | 417 | 77 | — | 1,994 | 363,150 | 365,144 | ||||||||||||||||
Leases | — | — | — | — | — | 3,140 | 3,140 | ||||||||||||||||
Total | $ | 4,829 | $ | 881 | $ | 77 | $ | 39,087 | $ | 44,874 | $ | 2,887,324 | $ | 2,932,198 | |||||||||
Modifications | |||||||||||||||||||||||
Troubled debt restructurings (“TDRs”) included in nonperforming assets at March 31, 2015 consisted of 33 Hawaii residential mortgage loans with a combined principal balance of $6.6 million, 11 Hawaii commercial mortgage loans to the same borrower with a combined principal balance of $0.9 million, a Hawaii commercial loan of $0.4 million, and a Hawaii construction and development loan of $0.04 million. Concessions made to the original contractual terms of these loans consisted primarily of the deferral of interest and/or principal payments due to deterioration in the borrowers’ financial condition. The principal balances on these TDRs had matured and/or were in default at the time of restructure and we have no commitments to lend additional funds to any of these borrowers. There were $19.8 million of TDRs still accruing interest at March 31, 2015, none of which were more than 90 days delinquent. At December 31, 2014, there were $29.5 million of TDRs still accruing interest, none of which were more than 90 days delinquent. | |||||||||||||||||||||||
Some loans modified in a TDR may already be on nonaccrual status and partial charge-offs may have already been taken against the outstanding loan balance. Thus, these loans have already been identified as impaired and have already been evaluated under the Company’s allowance for loan and lease losses (the “Allowance”) methodology. As a result, some loans modified in a TDR may have the financial effect of increasing the specific allowance associated with the loan. The loans modified in a TDR did not have a material effect on our provision for loan and lease losses (the “Provision”) and the Allowance during the three months ended March 31, 2015. | |||||||||||||||||||||||
The following table presents by class, information related to loans modified in a TDR during the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||
Number | Recorded | Increase | |||||||||||||||||||||
of | Investment | in the | |||||||||||||||||||||
Contracts | (as of Period End) | Allowance | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||
Real estate mortgage - commercial | 11 | $ | 910 | $ | — | ||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||
Real estate mortgage - residential | 9 | $ | 613 | $ | — | ||||||||||||||||||
The following table presents by class, loans modified as a TDR within the previous twelve months that subsequently defaulted during the three months ended March 31, 2015 and 2014. The following table presents, by class, loans modified as a TDR within the previous twelve months that subsequently defaulted during the three months ended March 31, 2015 and 2014. | |||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | ||||||||||||||||||||
Contracts | Investment | Contracts | Investment | ||||||||||||||||||||
(as of Period End) | (as of Period End) | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Real estate mortgage -construction | — | — | 1 | 175 | |||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||
The Company categorizes loans and leases into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. The Company analyzes loans and leases individually by classifying the loans and leases as to credit risk. This analysis includes non-homogeneous loans and leases, such as commercial and commercial real estate loans. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk ratings: | |||||||||||||||||||||||
Special Mention. Loans and leases classified as special mention, while still adequately protected by the borrower’s capital adequacy and payment capability, exhibit distinct weakening trends and/or elevated levels of exposure to external conditions. If left unchecked or uncorrected, these potential weaknesses may result in deteriorated prospects of repayment. These exposures require management’s close attention so as to avoid becoming undue or unwarranted credit exposures. | |||||||||||||||||||||||
Substandard. Loans and leases classified as substandard are inadequately protected by the borrower’s current financial condition and payment capability or of the collateral pledged, if any. Loans and leases so classified have a well-defined weakness or weaknesses that jeopardize the orderly repayment of debt. They are characterized by the distinct possibility that the bank will sustain some loss if the deficiencies are not corrected. | |||||||||||||||||||||||
Doubtful. Loans and leases classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or orderly repayment in full, on the basis of current existing facts, conditions and values, highly questionable and improbable. Possibility of loss is extremely high, but because of certain important and reasonably specific factors that may work to the advantage and strengthening of the exposure, its classification as an estimate loss is deferred until its more exact status may be determined. | |||||||||||||||||||||||
Loss. Loans and leases classified as loss are considered to be non-collectible and of such little value that their continuance as bankable assets is not warranted. This does not mean the loan has absolutely no recovery value, but rather it is neither practical nor desirable to defer writing off the loan, even though partial recovery may be obtained in the future. Losses are taken in the period in which they surface as uncollectible. | |||||||||||||||||||||||
Loans and leases not meeting the criteria above are considered to be pass rated. The following table presents by class and credit indicator, the recorded investment in the Company’s loans and leases as of March 31, 2015 and December 31, 2014: | |||||||||||||||||||||||
Pass | Special | Substandard | Subtotal | Net Deferred | Total | ||||||||||||||||||
Mention | Costs | ||||||||||||||||||||||
(Income) | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||
Commercial, financial & agricultural | $ | 468,515 | $ | 16,656 | $ | 15,080 | $ | 500,251 | $ | 432 | $ | 500,683 | |||||||||||
Real estate: | |||||||||||||||||||||||
Construction | 110,294 | 1,831 | 1,012 | 113,137 | (416 | ) | 112,721 | ||||||||||||||||
Mortgage - residential | 1,285,124 | 344 | 12,608 | 1,298,076 | 2,228 | 1,300,304 | |||||||||||||||||
Mortgage - commercial | 668,772 | 8,493 | 24,848 | 702,113 | (857 | ) | 701,256 | ||||||||||||||||
Consumer | 350,267 | 72 | 5 | 350,344 | (421 | ) | 349,923 | ||||||||||||||||
Leases | 2,885 | — | — | 2,885 | — | 2,885 | |||||||||||||||||
Total | $ | 2,885,857 | $ | 27,396 | $ | 53,553 | $ | 2,966,806 | $ | 966 | $ | 2,967,772 | |||||||||||
December 31, 2014 | |||||||||||||||||||||||
Commercial, financial & agricultural | $ | 432,892 | $ | 14,655 | $ | 15,523 | $ | 463,070 | $ | 693 | $ | 463,763 | |||||||||||
Real estate: | |||||||||||||||||||||||
Construction | 111,370 | — | 3,653 | 115,023 | (469 | ) | 114,554 | ||||||||||||||||
Mortgage - residential | 1,265,470 | 352 | 14,267 | 1,280,089 | 2,235 | 1,282,324 | |||||||||||||||||
Mortgage - commercial | 660,492 | 10,498 | 33,109 | 704,099 | (826 | ) | 703,273 | ||||||||||||||||
Consumer | 365,332 | 294 | 36 | 365,662 | (518 | ) | 365,144 | ||||||||||||||||
Leases | 3,140 | — | — | 3,140 | — | 3,140 | |||||||||||||||||
Total | $ | 2,838,696 | $ | 25,799 | $ | 66,588 | $ | 2,931,083 | $ | 1,115 | $ | 2,932,198 | |||||||||||
In accordance with applicable Interagency Guidance issued by our primary bank regulators, we define subprime borrowers as typically having weakened credit histories that include payment delinquencies and possibly more severe problems such as charge-offs, judgments, and bankruptcies. They may also display reduced repayment capacity as measured by credit scores, debt-to-income ratios, or other criteria that may encompass borrowers with incomplete credit histories. Subprime loans are loans to borrowers displaying one or more of these characteristics at the time of origination or purchase. Such loans have a higher risk of default than loans to prime borrowers. At March 31, 2015 and December 31, 2014, we did not have any loans that we considered to be subprime. | |||||||||||||||||||||||
ALLOWANCE_FOR_LOAN_AND_LEASE_L
ALLOWANCE FOR LOAN AND LEASE LOSSES | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
ALLOWANCE FOR LOAN AND LEASE LOSSES | ||||||||||||||||||||||||||
ALLOWANCE FOR LOAN AND LEASE LOSSES | ||||||||||||||||||||||||||
5. ALLOWANCE FOR LOAN AND LEASE LOSSES | ||||||||||||||||||||||||||
The following table presents by class, the activity in the Allowance for the periods indicated: | ||||||||||||||||||||||||||
Commercial, | Real estate | |||||||||||||||||||||||||
Financial & | Mortgage - | Mortgage - | ||||||||||||||||||||||||
Agricultural | Construction | Residential | Commercial | Consumer | Leases | Unallocated | Total | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||
Beginning balance | $ | 8,954 | $ | 14,969 | $ | 17,927 | $ | 20,869 | $ | 7,314 | $ | 7 | $ | 4,000 | $ | 74,040 | ||||||||||
Provision (credit) for loan and lease losses | 147 | (787 | ) | (2,344 | ) | (721 | ) | 965 | (7 | ) | — | (2,747 | ) | |||||||||||||
9,101 | 14,182 | 15,583 | 20,148 | 8,279 | — | 4,000 | 71,293 | |||||||||||||||||||
Charge-offs | 878 | — | 14 | — | 1,894 | — | — | 2,786 | ||||||||||||||||||
Recoveries | 568 | 123 | 1,488 | 13 | 734 | — | — | 2,926 | ||||||||||||||||||
Net charge-offs (recoveries) | 310 | (123 | ) | (1,474 | ) | (13 | ) | 1,160 | — | — | (140 | ) | ||||||||||||||
Ending balance | $ | 8,791 | $ | 14,305 | $ | 17,057 | $ | 20,161 | $ | 7,119 | $ | — | $ | 4,000 | $ | 71,433 | ||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||
Beginning balance | $ | 13,196 | $ | 2,774 | $ | 25,272 | $ | 29,947 | $ | 6,576 | $ | 55 | $ | 6,000 | $ | 83,820 | ||||||||||
Provision (credit) for loan and lease losses | (943 | ) | 11,764 | (7,517 | ) | (4,035 | ) | (548 | ) | (37 | ) | — | (1,316 | ) | ||||||||||||
12,253 | 14,538 | 17,755 | 25,912 | 6,028 | 18 | 6,000 | 82,504 | |||||||||||||||||||
Charge-offs | 73 | — | 37 | — | 580 | 8 | — | 698 | ||||||||||||||||||
Recoveries | 606 | 402 | 94 | 13 | 239 | 2 | — | 1,356 | ||||||||||||||||||
Net charge-offs (recoveries) | (533 | ) | (402 | ) | (57 | ) | (13 | ) | 341 | 6 | — | (658 | ) | |||||||||||||
Ending balance | $ | 12,786 | $ | 14,940 | $ | 17,812 | $ | 25,925 | $ | 5,687 | $ | 12 | $ | 6,000 | $ | 83,162 | ||||||||||
Loans held for sale and other real estate assets are not included in our assessment of the Allowance. | ||||||||||||||||||||||||||
Our Provisions were credits of $2.7 million and $1.3 million in the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||||||||
In determining the amount of our Allowance, we rely on an analysis of our loan portfolio, our experience and our evaluation of general economic conditions, as well as regulatory requirements and input. If our assumptions prove to be incorrect, our current Allowance may not be sufficient to cover future loan losses and we may experience significant increases to our Provision. | ||||||||||||||||||||||||||
SECURITIZATIONS
SECURITIZATIONS | 3 Months Ended |
Mar. 31, 2015 | |
SECURITIZATIONS | |
SECURITIZATIONS | |
6. SECURITIZATIONS | |
In prior years, we securitized certain residential mortgage loans with a U.S. Government sponsored entity and continue to service the residential mortgage loans. The servicing assets were recorded at their respective fair values at the time of securitization. | |
All unsold mortgage-backed securities from prior securitizations were categorized as available for sale securities and were therefore recorded at their fair values of $3.3 million and $3.5 million at March 31, 2015 and December 31, 2014, respectively. The fair values of these mortgage-backed securities were based on quoted prices of similar instruments in active markets. Unrealized gains of $0.3 million on unsold mortgage-backed securities were recorded in accumulated other comprehensive income (“AOCI”) at March 31, 2015 and December 31, 2014. | |
INVESTMENTS_IN_UNCONSOLIDATED_
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES | ||||||||
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES | ||||||||
7. INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES | ||||||||
The components of the Company’s investments in unconsolidated subsidiaries were as follows: | ||||||||
March 31, | December 31, | |||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Investments in low income housing tax credit partnerships | $ | 3,492 | $ | 3,781 | ||||
Trust preferred investments | 2,792 | 2,792 | ||||||
Investments in affiliates | 440 | 557 | ||||||
Other | 116 | 116 | ||||||
$ | 6,840 | $ | 7,246 | |||||
Investments in low income housing tax credit (“LIHTC”) partnerships are accounted for using the cost method. For the three months ended March 31, 2015 and 2014, the Company recognized amortization expense of $0.3 million and $0.4 million, respectively, in pretax income. For the three months ended March 31, 2015, the Company recognized $0.3 million in tax credits associated with our investments in LIHTC partnerships. The Company did not recognize any tax credits associated with our investments in LIHTC partnerships during the three months ended March 31, 2014. | ||||||||
OTHER_INTANGIBLE_ASSETS
OTHER INTANGIBLE ASSETS | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
OTHER INTANGIBLE ASSETS | ||||||||||||||||||||
OTHER INTANGIBLE ASSETS | ||||||||||||||||||||
8. OTHER INTANGIBLE ASSETS | ||||||||||||||||||||
Other intangible assets include a core deposit premium and mortgage servicing rights. The following table presents changes in other intangible assets for the three months ended March 31, 2015: | ||||||||||||||||||||
Core | Mortgage | |||||||||||||||||||
Deposit | Servicing | |||||||||||||||||||
Premium | Rights | Total | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Balance, beginning of period | $ | 10,029 | $ | 19,668 | $ | 29,697 | ||||||||||||||
Additions | — | 638 | 638 | |||||||||||||||||
Amortization | (668 | ) | (1,437 | ) | (2,105 | ) | ||||||||||||||
Balance, end of period | $ | 9,361 | $ | 18,869 | $ | 28,230 | ||||||||||||||
Income generated as the result of new mortgage servicing rights is reported as gains on sales of loans and totaled $0.6 million and $0.4 million for the three months ended March 31, 2015 and 2014, respectively. Amortization of mortgage servicing rights was $1.4 million and $0.6 million for the three months ended March 31, 2015 and 2014, respectively. | ||||||||||||||||||||
The following table presents the fair market value and key assumptions used in determining the fair market value of our mortgage servicing rights: | ||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Fair market value, beginning of period | $ | 19,975 | $ | 21,399 | ||||||||||||||||
Fair market value, end of period | 19,172 | 20,832 | ||||||||||||||||||
Weighted average discount rate | 9.5 | % | 8.0 | % | ||||||||||||||||
Weighted average prepayment speed assumption | 13.9 | 14.1 | ||||||||||||||||||
The gross carrying value and accumulated amortization related to our intangible assets are presented below: | ||||||||||||||||||||
March 31, 2015 | December 31, 2014 | |||||||||||||||||||
Gross | Net | Gross | Net | |||||||||||||||||
Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | |||||||||||||||
Value | Amortization | Value | Value | Amortization | Value | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Core deposit premium | $ | 44,642 | $ | (35,281 | ) | $ | 9,361 | $ | 44,642 | $ | (34,613 | ) | $ | 10,029 | ||||||
Mortgage servicing rights | 55,587 | (36,718 | ) | 18,869 | 56,687 | (37,019 | ) | 19,668 | ||||||||||||
$ | 100,229 | $ | (71,999 | ) | $ | 28,230 | $ | 101,329 | $ | (71,632 | ) | $ | 29,697 | |||||||
Based on the core deposit premium and mortgage servicing rights held as of March 31, 2015, estimated amortization expense for the remainder of fiscal 2015, the next five succeeding fiscal years and all years thereafter are as follows: | ||||||||||||||||||||
Estimated Amortization Expense | ||||||||||||||||||||
Core | Mortgage | |||||||||||||||||||
Deposit | Servicing | |||||||||||||||||||
Premium | Rights | Total | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
2015 (remainder) | $ | 2,006 | $ | 4,115 | $ | 6,121 | ||||||||||||||
2016 | 2,674 | 4,380 | 7,054 | |||||||||||||||||
2017 | 2,674 | 3,417 | 6,091 | |||||||||||||||||
2018 | 2,007 | 2,700 | 4,707 | |||||||||||||||||
2019 | — | 2,102 | 2,102 | |||||||||||||||||
2020 | — | 1,772 | 1,772 | |||||||||||||||||
Thereafter | — | 383 | 383 | |||||||||||||||||
$ | 9,361 | $ | 18,869 | $ | 28,230 | |||||||||||||||
We perform an impairment assessment of our other intangible assets whenever events or changes in circumstance indicate that the carrying value of those assets may not be recoverable. Our impairment assessments involve, among other valuation methods, the estimation of future cash flows and other methods of determining fair value. Estimating future cash flows and determining fair values is subject to judgment and often involves the use of significant estimates and assumptions. The variability of the factors we use to perform our impairment tests depend on a number of conditions, including the uncertainty about future events and cash flows. All such factors are interdependent and, therefore, do not change in isolation. Accordingly, our accounting estimates may materially change from period to period due to changing market factors. | ||||||||||||||||||||
DERIVATIVES
DERIVATIVES | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
DERIVATIVES. | ||||||||||||||||
DERIVATIVES | ||||||||||||||||
9. DERIVATIVES | ||||||||||||||||
We utilize various designated and undesignated derivative financial instruments to reduce our exposure to movements in interest rates including interest rate swaps, interest rate lock commitments and forward sale commitments. We measure all derivatives at fair value on our consolidated balance sheet. In each reporting period, we record the derivative instruments in other assets or other liabilities depending on whether the derivatives are in an asset or liability position. For derivative instruments that are designated as hedging instruments, we record the effective portion of the changes in the fair value of the derivative in AOCI, net of tax, until earnings are affected by the variability of cash flows of the hedged transaction. We immediately recognize the portion of the gain or loss in the fair value of the derivative that represents hedge ineffectiveness in current period earnings. For derivative instruments that are not designated as hedging instruments, changes in the fair value of the derivative are included in current period earnings. | ||||||||||||||||
Interest Rate Lock and Forward Sale Commitments | ||||||||||||||||
We enter into interest rate lock commitments on certain mortgage loans that are intended to be sold. To manage interest rate risk on interest rate lock commitments, we also enter into forward loan sale commitments. The interest rate locks and forward loan sale commitments are accounted for as undesignated derivatives and are recorded at their respective fair values in other assets or other liabilities, with changes in fair value recorded in current period earnings. These instruments serve to reduce our exposure to movements in interest rates. At March 31, 2015, we were a party to interest rate lock and forward sale commitments on $66.7 million and $27.5 million of mortgage loans, respectively. | ||||||||||||||||
The following table presents the location of all assets and liabilities associated with our derivative instruments within the consolidated balance sheets: | ||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||
Derivatives Not Designated | Balance Sheet | Fair Value at | Fair Value at | Fair Value at | Fair Value at | |||||||||||
as Hedging Instruments | Location | March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | |||||||||||
(Dollars in thousands) | ||||||||||||||||
Interest rate contracts | Other assets / other liabilities | $ | 1,150 | $ | 504 | $ | 302 | $ | 122 | |||||||
The following table presents the impact of derivative instruments and their location within the consolidated statements of income: | ||||||||||||||||
Derivatives Not in Cash Flow | Location of Gain (Loss) | Amount of Gain (Loss) | ||||||||||||||
Hedging Relationship | Recognized in | Recognized in | ||||||||||||||
Earnings on Derivatives | Earnings on Derivatives | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||
Interest rate contracts | Other operating income | $ | 466 | |||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
Interest rate contracts | Other operating income | (60 | ) | |||||||||||||
SHORTTERM_BORROWINGS_AND_LONGT
SHORT-TERM BORROWINGS AND LONG-TERM DEBT | 3 Months Ended |
Mar. 31, 2015 | |
SHORT-TERM BORROWINGS AND LONG-TERM DEBT | |
SHORT-TERM BORROWINGS AND LONG-TERM DEBT | |
10. SHORT-TERM BORROWINGS AND LONG-TERM DEBT | |
The bank is a member of the Federal Home Loan Bank of Seattle (the “FHLB”) and maintained a $965.4 million line of credit with the FHLB as of March 31, 2015. Short-term and long-term borrowings under this arrangement totaled $70.0 million and nil at March 31, 2015, respectively, compared to $38.0 million and nil at December 31, 2014, respectively. FHLB advances outstanding at March 31, 2015 were secured by unencumbered investment securities with a fair value of $0.8 million and certain real estate loans with a carrying value of $1.5 billion in accordance with the collateral provisions of the Advances, Security and Deposit Agreement with the FHLB. At March 31, 2015, $895.4 million was undrawn under this arrangement. | |
At March 31, 2015 and December 31, 2014, our bank had additional unused borrowings available at the Federal Reserve discount window of $34.0 million and $33.3 million, respectively. As of March 31, 2015 and December 31, 2014, certain commercial and commercial real estate loans with a carrying value totaling $70.9 million and $72.9 million, respectively, were pledged as collateral on our line of credit with the Federal Reserve discount window. The Federal Reserve does not have the right to sell or repledge these loans. | |
EQUITY
EQUITY | 3 Months Ended |
Mar. 31, 2015 | |
EQUITY | |
EQUITY | |
11. EQUITY | |
We have generated considerable tax benefits, including net operating loss carry-forwards and federal and state tax credits. Our use of the tax benefits in the future would be significantly limited if we experience an “ownership change” for U.S. federal income tax purposes. In general, an “ownership change” will occur if there is a cumulative increase in the Company’s ownership by “5-percent shareholders” (as defined under U.S. income tax laws) that exceeds 50 percentage points over a rolling three-year period. | |
On November 23, 2010, our Board of Directors declared a dividend of preferred share purchase rights (“Rights”) in respect to our common stock which were issued pursuant to a Tax Benefits Preservation Plan, dated as of November 23, 2010 (the “Tax Benefits Preservation Plan”), between the Company and Wells Fargo Bank, National Association, as rights agent. Each Right represents the right to purchase, upon the terms and subject to the conditions in the Plan, 1/10,000th of a share of our Junior Participating Preferred Stock, Series C, no par value, for $6.00, subject to adjustment. The Tax Benefits Preservation Plan is designed to reduce the likelihood that the Company will experience an ownership change by discouraging any person from becoming a beneficial owner of 4.99% or more of our common stock (a “Threshold Holder”). On January 29, 2014, our Board of Directors approved an amendment to the Tax Benefits Preservation Plan to extend it for up to an additional two years (until February 18, 2016). | |
To further protect our tax benefits, on January 26, 2011, our Board of Directors approved an amendment to our restated articles of incorporation to restrict transfers of our stock if the effect of an attempted transfer would cause the transferee to become a Threshold Holder or to cause the beneficial ownership of a Threshold Holder to increase (the “Protective Charter Amendment”). At our annual meeting of shareholders on April 27, 2011, we proposed the amendment which shareholders approved. On January 29, 2014, our Board of Directors approved an amendment to the Protective Charter Amendment to extend it for up to an additional two years (until May 2, 2016). Our shareholders approved the Protective Charter Amendment on April 25, 2014. There is no guarantee, however, that the Tax Benefits Preservation Plan or the Protective Charter Amendment will prevent the Company from experiencing an ownership change. | |
As a Hawaii state-chartered bank, Central Pacific Bank may only pay dividends to the extent it has retained earnings as defined under Hawaii banking law (“Statutory Retained Earnings”), which differs from GAAP retained earnings. As of March 31, 2015, the bank had Statutory Retained Earnings of $124.3 million. | |
Dividends are payable at the discretion of the Board of Directors and there can be no assurance that the Board of Directors will continue to pay dividends at the same rate, or at all, in the future. Our ability to pay cash dividends to our shareholders is subject to restrictions under federal and Hawaii law, including restrictions imposed by the FRB and covenants set forth in various agreements we are a party to, including covenants set forth in our subordinated debentures. | |
On February 21, 2014, we announced a tender offer to purchase for cash up to $68.8 million in value of shares of our common stock at a price not greater than $21.00 nor less than $18.50 per share (the “Tender Offer”). | |
The Tender Offer expired on March 21, 2014 and 3,369,850 shares of our common stock were properly tendered and not withdrawn at or below the purchase price of $20.20 per share (“Purchase Price”). In addition, 167,572 shares were tendered through notice of guaranteed delivery at or below the Purchase Price. Based on these results, we accepted for purchase 3,405,888 shares, at the Purchase Price for a total cost of $68.8 million, excluding fees and expenses related to the Tender Offer. The Tender Offer closed on March 28, 2014. | |
Due to the oversubscription of the Tender Offer, we accepted for purchase on a pro rata basis approximately 96.6% of the shares properly tendered and not properly withdrawn at or below the Purchase Price by each tendering shareholder, except for tenders of odd lots, which were accepted in full, and except for certain conditional tenders automatically regarded as withdrawn pursuant to the terms of the Tender Offer. | |
On February 20, 2014, we also entered into repurchase agreements (the “Repurchase Agreements”) with each of Carlyle Financial Services Harbor, L.P. (“Carlyle”) and ACMO-CPF, L.L.C. (“Anchorage” and together with Carlyle, the “Lead Investors”), each of whom was the owner of 9,463,095 shares (representing 22.5% of the outstanding shares or 44.9% in the aggregate at that time) of our common stock, pursuant to which we agreed to purchase up to $28.1 million of shares of common stock from each of the Lead Investors at the Purchase Price of the Tender Offer (the “Private Repurchases”) (or an aggregate of $56.2 million of shares). Conditions to the Private Repurchases were satisfied and we purchased 1,391,089 shares from each of Carlyle and Anchorage at the Purchase Price for a total cost of $56.2 million, excluding fees and expenses related to the Private Repurchases. The Private Repurchases closed on April 7, 2014, the eleventh business day following the expiration of the Tender Offer. | |
The completion of the Tender Offer and the Private Repurchases resulted in the aggregate repurchase by us of 6,188,066 shares totaling $125 million, or 14.7% of our issued and outstanding shares of our common stock prior to the completion of the Tender Offer and the Private Repurchases. Upon completion of the Tender Offer and Private Repurchases, we had approximately 35.9 million shares outstanding. | |
On March 26, 2015, the Company, Carlyle and Anchorage (together the “Selling Shareholders”), and Citigroup Global Markets, Inc. (the “Underwriter”) entered into a secondary offering underwriting agreement (the “Underwriting Agreement”) pursuant to which the Selling Shareholders agreed to each sell 3,802,694 shares for a total of 7,605,388 shares of CPF common stock, no par value per share, to the Underwriter at a price of $23.01 per common share for a total of approximately $175 million. In connection with the Underwriting Agreement, the Company repurchased 3,259,452 shares of its common stock from the Underwriter at a price of $23.01 per share for an aggregate cost of approximately $75 million. The transactions were consummated on April 1, 2015 and are not reflected in our consolidated financial statements for the quarter ended March 31, 2015. The Company did not receive any of the proceeds from the sale of these shares by the Selling Shareholders and no shares were sold by the Company. The Company accrued $0.5 million of costs recorded in other operating expenses related to the secondary offering by the Selling Shareholders. | |
In January 2008, our Board of Directors authorized the repurchase and retirement of up to 60,000 shares of the Company’s common stock (the “2008 Repurchase Plan”). Repurchases under the 2008 Repurchase Plan may be made from time to time on the open market or in privately negotiated transactions. A total of 55,000 shares remained available for repurchase under the 2008 Repurchase Plan at December 31, 2013. In January 2014, the 2008 Repurchase Plan and the remaining 55,000 shares were superseded by the Tender Offer and Repurchase Agreements with our Lead Investors. | |
On May 20, 2014, our Board of Directors authorized the repurchase and retirement of up to $30.0 million of the Company’s outstanding common stock (the “CPF Repurchase Plan”). Repurchases under the CPF Repurchase Plan may be made from time to time on the open market or in privately negotiated transactions. In 2014, 857,554 shares of common stock, at a cost of $16.5 million, were repurchased under this program. | |
In January 2015, our Board of Directors increased the authorization under the CPF Repurchase Plan by $25.0 million. In March 2015, our Board of Directors increased the authorization under the CPF Repurchase Plan by an additional $75.0 million in connection with the Underwriting Agreement. In the first quarter of 2015, 473,829 shares of common stock, at an aggregate cost of $9.3 million, were repurchased under this program. A total of $104.2 million remained available for repurchase under the CPF Repurchase Plan at March 31, 2015. See Note 20. | |
SHAREBASED_COMPENSATION
SHARE-BASED COMPENSATION | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
SHARE-BASED COMPENSATION. | |||||||
SHARE-BASED COMPENSATION | |||||||
12. SHARE-BASED COMPENSATION | |||||||
Restricted Stock Awards and Units | |||||||
The table below presents the activity of restricted stock awards and units for the three months ended March 31, 2015: | |||||||
Weighted Average | |||||||
Grant Date | |||||||
Shares | Fair Value | ||||||
Nonvested at January 1, 2015 | 715,460 | $ | 15.77 | ||||
Changes during the period: | |||||||
Granted | 60,873 | 23.98 | |||||
Vested | (54,123 | ) | 17.13 | ||||
Forfeited | (28,160 | ) | 16.16 | ||||
Nonvested at March 31, 2015 | 694,050 | 16.37 | |||||
ACCUMULATED_OTHER_COMPREHENSIV
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Accumulated Other Comprehensive Income (Loss). | |||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||
13. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||
The following table presents the components of other comprehensive income for the three months ended March 31, 2015 and 2014, by component: | |||||||||||
Before Tax | Tax Effect | Net of Tax | |||||||||
(Dollars in thousands) | |||||||||||
Three Months Ended March 31, 2015 | |||||||||||
Net unrealized gains on investment securities: | |||||||||||
Net unrealized gains arising during the period | $ | 11,476 | $ | 4,567 | $ | 6,909 | |||||
Defined benefit plans: | |||||||||||
Amortization of net actuarial losses | 420 | 165 | 255 | ||||||||
Amortization of net transition obligation | 4 | 2 | 2 | ||||||||
Amortization of prior service cost | 5 | 2 | 3 | ||||||||
Defined benefit plans, net | 429 | 169 | 260 | ||||||||
Other comprehensive income | $ | 11,905 | $ | 4,736 | $ | 7,169 | |||||
Three Months Ended March 31, 2014 | |||||||||||
Net unrealized gains on investment securities: | |||||||||||
Net unrealized gains arising during the period | $ | 15,944 | $ | 6,368 | $ | 9,576 | |||||
Defined benefit plans: | |||||||||||
Amortization of net actuarial losses | 305 | 123 | 182 | ||||||||
Amortization of net transition obligation | 4 | 2 | 2 | ||||||||
Amortization of prior service cost | 5 | 2 | 3 | ||||||||
Defined benefit plans, net | 314 | 127 | 187 | ||||||||
Other comprehensive income | $ | 16,258 | $ | 6,495 | $ | 9,763 | |||||
The following table presents the changes in each component of AOCI, net of tax, for the three months ended March 31, 2015 and 2014: | |||||||||||
Defined | Accumulated Other | ||||||||||
Investment | Benefit | Comprehensive | |||||||||
Securities | Plans | Income (Loss) | |||||||||
(Dollars in thousands) | |||||||||||
Three Months Ended March 31, 2015 | |||||||||||
Balance at beginning of period | $ | 13,586 | $ | (10,427 | ) | $ | 3,159 | ||||
Other comprehensive income before reclassifications | 6,909 | — | 6,909 | ||||||||
Amounts reclassified from AOCI | — | 260 | 260 | ||||||||
Total other comprehensive income | 6,909 | 260 | 7,169 | ||||||||
Balance at end of period | $ | 20,495 | $ | (10,167 | ) | $ | 10,328 | ||||
Three Months Ended March 31, 2014 | |||||||||||
Balance at beginning of period | $ | (9,125 | ) | $ | (6,720 | ) | $ | (15,845 | ) | ||
Other comprehensive income before reclassifications | 9,576 | — | 9,576 | ||||||||
Amounts reclassified from AOCI | — | 187 | 187 | ||||||||
Total other comprehensive income | 9,576 | 187 | 9,763 | ||||||||
Balance at end of period | $ | 451 | $ | (6,533 | ) | $ | (6,082 | ) | |||
The following table presents the amounts reclassified out of each component of AOCI for the three months ended March 31, 2015 and 2014: | |||||||||||
Amount Reclassified from AOCI | Affected Line Item in the | ||||||||||
Three Months Ended March 31, | Statement Where Net | ||||||||||
Details about AOCI Components | 2015 | 2014 | Income is Presented | ||||||||
(Dollars in thousands) | |||||||||||
Amortization of defined benefit plan items | |||||||||||
Net actuarial losses | $ | (420 | ) | $ | (305 | ) | -1 | ||||
Net transition obligation | (4 | ) | (4 | ) | -1 | ||||||
Prior service cost | (5 | ) | (5 | ) | -1 | ||||||
(429 | ) | (314 | ) | Total before tax | |||||||
169 | 127 | Tax benefit | |||||||||
Total reclassifications for the period | $ | (260 | ) | $ | (187 | ) | Net of tax | ||||
(1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 14 for additional details). | |||||||||||
PENSION_AND_SUPPLEMENTAL_EXECU
PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS | ||||||||
PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS | ||||||||
14. PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS | ||||||||
Central Pacific Bank has a defined benefit retirement plan (the “Pension Plan”) which covers certain eligible employees. The plan was curtailed effective December 31, 2002, and accordingly, plan benefits were fixed as of that date. The following table sets forth the components of net periodic benefit cost for the Pension Plan: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Interest cost | $ | 348 | $ | 366 | ||||
Expected return on assets | (472 | ) | (524 | ) | ||||
Amortization of net actuarial losses | 393 | 304 | ||||||
Net periodic cost | $ | 269 | $ | 146 | ||||
Our bank also established Supplemental Executive Retirement Plans (“SERPs”), which provide certain (current and former) officers of our bank with supplemental retirement benefits. The following table sets forth the components of net periodic benefit cost for the SERPs: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Interest cost | $ | 110 | $ | 113 | ||||
Amortization of net transition obligation | 4 | 4 | ||||||
Amortization of prior service cost | 5 | 5 | ||||||
Amortization of net actuarial losses | 27 | 1 | ||||||
Net periodic cost | $ | 146 | $ | 123 | ||||
INCOME_AND_FRANCHISE_TAXES
INCOME AND FRANCHISE TAXES | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
INCOME AND FRANCHISE TAXES | ||||||||
INCOME AND FRANCHISE TAXES | ||||||||
15. INCOME AND FRANCHISE TAXES | ||||||||
In assessing the need for a valuation allowance on our deferred tax assets (“DTA”), management considers whether it is more likely than not that some portion or all of the DTA will not be realized. The ultimate realization of DTA is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income and tax-planning strategies in making this assessment. | ||||||||
At March 31, 2015, the Company had net operating loss carryforwards for Federal income tax purposes of $117.9 million, that are available to offset future Federal taxable income, if any, through 2030. At March 31, 2015, the Company had net operating loss carryforwards for Hawaii and California state income tax purposes of $82.7 million and $39.5 million, respectively, which are available to offset future state taxable income, if any, through 2030. In addition, the Company has state tax credit carryforwards of $14.8 million that do not expire, and federal tax credit carryforwards of $16.6 million, of which $13.7 million will expire within 20 years, and $2.9 million will not expire. | ||||||||
Income tax expense for the periods presented differed from the “expected” tax expense (computed by applying the U.S. Federal corporate tax rate of 35% to income (loss) before income taxes) for the following reasons: | ||||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Computed “expected” tax expense | $ | 5,654 | $ | 5,364 | ||||
Increase (decrease) in taxes resulting from: | ||||||||
Tax-exempt interest | (352 | ) | (351 | ) | ||||
Other tax-exempt income | (236 | ) | (235 | ) | ||||
Income tax credits | (327 | ) | (195 | ) | ||||
State income taxes, net of Federal income tax effect, excluding impact of deferred tax valuation allowance | 739 | 600 | ||||||
Change in the beginning-of-the-year balance of the valuation allowance for deferred tax assets allocated to income tax expense | 18 | 135 | ||||||
Other | 263 | 200 | ||||||
Total | $ | 5,759 | $ | 5,518 | ||||
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
EARNINGS PER SHARE | ||||||||
EARNINGS PER SHARE | ||||||||
16. EARNINGS PER SHARE | ||||||||
The following table presents the information used to compute basic and diluted earnings per common share for the periods indicated: | ||||||||
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In thousands, except per share data) | ||||||||
Net income | $ | 10,395 | $ | 9,808 | ||||
Weighted average shares outstanding - basic | 34,827 | 41,915 | ||||||
Dilutive effect of employee stock options and awards | 652 | 562 | ||||||
Weighted average shares outstanding - diluted | 35,479 | 42,477 | ||||||
Basic earnings per share | $ | 0.30 | $ | 0.23 | ||||
Diluted earnings per share | $ | 0.29 | $ | 0.23 | ||||
A total of 13,472 potentially dilutive securities have been excluded from the dilutive share calculation for the three months ended March 31, 2015, as their effect was antidilutive, compared to 23,624 for the three months ended March 31, 2014. | ||||||||
FAIR_VALUE_OF_FINANCIAL_ASSETS
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES | |||||||||||||||||
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES | |||||||||||||||||
17. FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES | |||||||||||||||||
Disclosures about Fair Value of Financial Instruments | |||||||||||||||||
Fair value estimates, methods and assumptions are set forth below for our financial instruments. | |||||||||||||||||
Short-Term Financial Instruments | |||||||||||||||||
The carrying values of short-term financial instruments are deemed to approximate fair values. Such instruments are considered readily convertible to cash and include cash and due from banks, interest-bearing deposits in other banks, accrued interest receivable, short-term borrowings, and accrued interest payable. | |||||||||||||||||
Investment Securities | |||||||||||||||||
The fair value of investment securities is based on market price quotations received from securities dealers. Where quoted market prices are not available, fair values are based on quoted market prices of comparable securities. | |||||||||||||||||
Loans | |||||||||||||||||
Fair values of loans are estimated based on discounted cash flows of portfolios of loans with similar financial characteristics including the type of loan, interest terms and repayment history. Fair values are calculated by discounting scheduled cash flows through estimated maturities using estimated market discount rates. Estimated market discount rates are reflective of credit and interest rate risks inherent in the Company’s various loan types and are derived from available market information, as well as specific borrower information. The fair value of loans are not based on the notion of exit price. | |||||||||||||||||
Loans Held for Sale | |||||||||||||||||
The fair value of loans classified as held for sale are generally based upon quoted prices for similar assets in active markets, acceptance of firm offer letters with agreed upon purchase prices, discounted cash flow models that take into account market observable assumptions, or independent appraisals of the underlying collateral securing the loans. We report the fair values of Hawaii and U.S. Mainland construction and commercial real estate loans net of applicable selling costs on our consolidated balance sheets. | |||||||||||||||||
Other Interest Earning Assets | |||||||||||||||||
The equity investment in common stock of the FHLB, which is redeemable for cash at par value, is reported at its par value. | |||||||||||||||||
Deposit Liabilities | |||||||||||||||||
The fair values of deposits with no stated maturity, such as noninterest-bearing demand deposits and interest-bearing demand and savings accounts, are equal to the amount payable on demand. The fair value of time deposits is estimated using discounted cash flow analyses. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. | |||||||||||||||||
Long-Term Debt | |||||||||||||||||
The fair value of our long-term debt is estimated by discounting scheduled cash flows over the contractual borrowing period at the estimated market rate for similar borrowing arrangements. | |||||||||||||||||
Off-Balance Sheet Financial Instruments | |||||||||||||||||
The fair values of off-balance sheet financial instruments are estimated based on the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties, current settlement values or quoted market prices of comparable instruments. | |||||||||||||||||
For derivative financial instruments, the fair values are based upon current settlement values, if available. If there are no relevant comparables, fair values are based on pricing models using current assumptions for interest rate swaps and options. | |||||||||||||||||
Limitations | |||||||||||||||||
Fair value estimates are made at a specific point in time based on relevant market information and information about the financial instrument. These estimates do not reflect any premium or discount that could result from offering for sale at one time our entire holdings of a particular financial instrument. Because no market exists for a significant portion of our financial instruments, fair value estimates are based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. | |||||||||||||||||
Fair value estimates are based on existing on- and off-balance sheet financial instruments without attempting to estimate the value of future business and the value of assets and liabilities that are not considered financial instruments. For example, significant assets and liabilities that are not considered financial assets or liabilities include deferred tax assets, premises and equipment and intangible assets. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in many of the estimates. | |||||||||||||||||
Fair Value Measurement Using | |||||||||||||||||
Quoted Prices | Significant | ||||||||||||||||
in Active | Other | Significant | |||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||
Carrying | Estimated | Identical Assets | Inputs | Inputs | |||||||||||||
Amount | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
(Dollars in thousands) | |||||||||||||||||
March 31, 2015 | |||||||||||||||||
Financial assets | |||||||||||||||||
Cash and due from banks | $ | 74,743 | $ | 74,743 | $ | 74,743 | $ | — | $ | — | |||||||
Interest-bearing deposits in other banks | 10,478 | 10,478 | 10,478 | — | — | ||||||||||||
Investment securities | 1,554,079 | 1,554,844 | 850 | 1,541,347 | 12,647 | ||||||||||||
Loans held for sale | 7,206 | 7,206 | — | — | 7,206 | ||||||||||||
Net loans and leases | 2,896,339 | 2,852,249 | — | 68,676 | 2,783,573 | ||||||||||||
Accrued interest receivable | 13,420 | 13,420 | 13,420 | — | — | ||||||||||||
Financial liabilities | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing deposits | 1,042,781 | 1,042,781 | 1,042,781 | — | — | ||||||||||||
Interest-bearing demand and savings deposits | 2,053,821 | 2,053,821 | 2,053,821 | — | — | ||||||||||||
Time deposits | 1,092,040 | 1,093,931 | — | — | 1,093,931 | ||||||||||||
Short-term debt | 70,000 | 70,000 | — | 70,000 | — | ||||||||||||
Long-term debt | 92,785 | 68,237 | — | 68,237 | — | ||||||||||||
Accrued interest payable (included in other liabilities) | 965 | 965 | 965 | — | — | ||||||||||||
Off-balance sheet financial instruments | |||||||||||||||||
Commitments to extend credit | 743,758 | 3,719 | — | 3,719 | — | ||||||||||||
Standby letters of credit and financial guarantees written | 20,768 | 156 | — | 156 | — | ||||||||||||
Interest rate options | 66,696 | 1,081 | — | 1,081 | — | ||||||||||||
Forward interest rate contracts | 27,457 | (233 | ) | — | (233 | ) | — | ||||||||||
December 31, 2014 | |||||||||||||||||
Financial assets | |||||||||||||||||
Cash and due from banks | $ | 72,316 | $ | 72,316 | $ | 72,316 | $ | — | $ | — | |||||||
Interest-bearing deposits in other banks | 13,691 | 13,691 | 13,691 | — | — | ||||||||||||
Investment securities | 1,467,305 | 1,464,615 | 877 | 1,450,643 | 13,095 | ||||||||||||
Loans held for sale | 9,683 | 9,683 | — | — | 9,683 | ||||||||||||
Net loans and leases | 2,858,158 | 2,752,420 | — | 70,743 | 2,681,677 | ||||||||||||
Accrued interest receivable | 13,584 | 13,584 | 13,584 | — | — | ||||||||||||
Financial liabilities | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing deposits | 1,034,146 | 1,034,146 | 1,034,146 | — | — | ||||||||||||
Interest-bearing demand and savings deposits | 2,030,870 | 2,030,870 | 2,030,870 | — | — | ||||||||||||
Time deposits | 1,045,284 | 1,047,322 | — | — | 1,047,322 | ||||||||||||
Short-term debt | 38,000 | 38,000 | — | 38,000 | — | ||||||||||||
Long-term debt | 92,785 | 42,454 | — | 42,454 | — | ||||||||||||
Accrued interest payable (included in other liabilities) | 1,018 | 1,018 | 1,018 | — | — | ||||||||||||
Off-balance sheet financial instruments | |||||||||||||||||
Commitments to extend credit | 720,255 | 3,601 | — | 3,601 | — | ||||||||||||
Standby letters of credit and financial guarantees written | 18,797 | 141 | — | 141 | — | ||||||||||||
Interest rate options | 44,266 | 444 | — | 444 | — | ||||||||||||
Forward interest rate contracts | 23,919 | (62 | ) | — | (62 | ) | — | ||||||||||
Fair Value Measurements | |||||||||||||||||
We group our financial assets and liabilities at fair value into three levels based on the markets in which the financial assets and liabilities are traded and the reliability of the assumptions used to determine fair value as follows: | |||||||||||||||||
· | Level 1 — Valuation is based upon quoted prices (unadjusted) for identical assets or liabilities traded in active markets. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. | ||||||||||||||||
· | Level 2 — Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. | ||||||||||||||||
· | Level 3 — Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques include use of discounted cash flow models and similar techniques that requires the use of significant judgment or estimation. | ||||||||||||||||
We base our fair values on the price that we would expect to receive if an asset were sold or pay to transfer a liability in an orderly transaction between market participants at the measurement date. We also maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements. | |||||||||||||||||
We use fair value measurements to record adjustments to certain financial assets and liabilities and to determine fair value disclosures. Available for sale securities and derivatives are recorded at fair value on a recurring basis. From time to time, we may be required to record other financial assets at fair value on a nonrecurring basis such as loans held for sale, impaired loans and mortgage servicing rights. These nonrecurring fair value adjustments typically involve application of the lower of cost or fair value accounting or write-downs of individual assets. | |||||||||||||||||
There were no transfers of financial assets and liabilities between Level 1 and Level 2 of the fair value hierarchy during the three months ended March 31, 2015. | |||||||||||||||||
The following table presents the balances of assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and December 31, 2014: | |||||||||||||||||
Fair Value at Reporting Date Using | |||||||||||||||||
Quoted | Significant | Significant | |||||||||||||||
Prices in | Other | Unobservable | |||||||||||||||
Active Markets | Observable | Inputs | |||||||||||||||
for Identical | Inputs | ||||||||||||||||
Assets | |||||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
March 31, 2015 | |||||||||||||||||
Available for sale securities: | |||||||||||||||||
Debt securities: | |||||||||||||||||
States and political subdivisions | $ | 192,478 | $ | — | $ | 179,831 | $ | 12,647 | |||||||||
Corporate securities | 101,327 | — | 101,327 | — | |||||||||||||
Mortgage-backed securities: | |||||||||||||||||
U.S. Government sponsored entities | 787,046 | — | 787,046 | — | |||||||||||||
Non-agency collateralized mortgage obligations | 141,423 | — | 141,423 | — | |||||||||||||
Non-agency residential mortgage-backed securities | 75,363 | — | 75,363 | — | |||||||||||||
Other | 850 | 850 | — | — | |||||||||||||
Derivatives - Interest rate contracts | 848 | — | 848 | — | |||||||||||||
Total | $ | 1,299,335 | $ | 850 | $ | 1,285,838 | $ | 12,647 | |||||||||
December 31, 2014 | |||||||||||||||||
Available for sale securities: | |||||||||||||||||
Debt securities: | |||||||||||||||||
States and political subdivisions | $ | 191,645 | $ | — | $ | 178,550 | $ | 13,095 | |||||||||
Corporate securities | 100,604 | — | 100,604 | — | |||||||||||||
Mortgage-backed securities: | |||||||||||||||||
U.S. Government sponsored entities | 751,558 | — | 751,558 | — | |||||||||||||
Non-agency collateralized mortgage obligations | 184,334 | — | 184,334 | — | |||||||||||||
Other | 877 | 877 | — | — | |||||||||||||
Derivatives - Interest rate contracts | 382 | — | 382 | — | |||||||||||||
Total | $ | 1,229,400 | $ | 877 | $ | 1,215,428 | $ | 13,095 | |||||||||
For the three months ended March 31, 2015 and 2014, the changes in Level 3 assets and liabilities measured at fair value on a recurring basis are summarized as follows: | |||||||||||||||||
Available for Sale | |||||||||||||||||
States and Political | |||||||||||||||||
Subdivisions Debt | |||||||||||||||||
Securities | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Balance at December 31, 2014 | $ | 13,095 | |||||||||||||||
Principal payments received | (735 | ) | |||||||||||||||
Unrealized net gain included in other comprehensive income | 287 | ||||||||||||||||
Purchases | — | ||||||||||||||||
Balance at March 31, 2015 | $ | 12,647 | |||||||||||||||
Balance at December 31, 2013 | $ | 10,518 | |||||||||||||||
Principal payments received | (71 | ) | |||||||||||||||
Unrealized net gain included in other comprehensive income | 299 | ||||||||||||||||
Purchases | 1,042 | ||||||||||||||||
Balance at March 31, 2014 | $ | 11,788 | |||||||||||||||
Within the state and political subdivisions debt securities category, the Company holds four mortgage revenue bonds issued by the City & County of Honolulu with an aggregate fair value of $12.6 million and $11.8 million at March 31, 2015 and March 31, 2014, respectively. The Company estimates the fair value of its mortgage revenue bonds by using a discounted cash flow model to calculate the present value of estimated future principal and interest payments. | |||||||||||||||||
The significant unobservable input used in the fair value measurement of the Company’s mortgage revenue bonds is the weighted average discount rate. As of March 31, 2015, the weighted average discount rate utilized was 4.14%, which was derived by incorporating a credit spread over the FHLB Fixed-Rate Advance curve. Significant increases (decreases) in the weighted average discount rate could result in a significantly lower (higher) fair value measurement. | |||||||||||||||||
For assets measured at fair value on a nonrecurring basis that were recorded at fair value on our balance sheet at March 31, 2015 and December 31, 2014, the following table provides the level of valuation assumptions used to determine the respective fair values: | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | ||||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
March 31, 2015 | |||||||||||||||||
Impaired loans (1) | $ | 68,676 | $ | — | $ | 68,676 | $ | — | |||||||||
Other real estate (2) | 3,349 | — | 3,349 | — | |||||||||||||
December 31, 2014 | |||||||||||||||||
Impaired loans (1) | $ | 70,743 | $ | — | $ | 70,743 | $ | — | |||||||||
Other real estate (2) | 2,948 | — | 2,948 | — | |||||||||||||
(1) Represents carrying value and related write-downs of loans for which adjustments are based on agreed upon purchase prices for the loans or the appraised value of the collateral. | |||||||||||||||||
(2) Represents other real estate that is carried at the lower of carrying value or fair value less costs to sell. Fair value is generally based upon independent market prices or appraised values of the collateral. | |||||||||||||||||
SEGMENT_INFORMATION
SEGMENT INFORMATION | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
SEGMENT INFORMATION | ||||||||||||||
SEGMENT INFORMATION | ||||||||||||||
18. SEGMENT INFORMATION | ||||||||||||||
We have the following three reportable segments: Banking Operations, Treasury and All Others. These segments are consistent with our internal functional reporting lines and are managed separately because each unit has different target markets, technological requirements, marketing strategies and specialized skills. | ||||||||||||||
The Banking Operations segment includes construction and real estate development lending, commercial lending, residential mortgage lending, indirect auto lending, trust services, retail brokerage services and our retail branch offices, which provide a full range of deposit and loan products, as well as various other banking services. The Treasury segment is responsible for managing the Company’s investment securities portfolio and wholesale funding activities. The All Others segment consists of all activities not captured by the Banking Operations or Treasury segments described above and includes activities such as electronic banking, data processing and management of bank owned properties. | ||||||||||||||
The accounting policies of the segments are consistent with the Company’s accounting policies that are described in Note 1 to the consolidated financial statements in the Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC. The majority of the Company’s net income is derived from net interest income. Accordingly, management focuses primarily on net interest income, rather than gross interest income and expense amounts, in evaluating segment profitability. | ||||||||||||||
Intersegment net interest income (expense) was allocated to each segment based upon a funds transfer pricing process that assigns costs of funds to assets and earnings credits to liabilities based on market interest rates that reflect interest rate sensitivity and maturity characteristics. All administrative and overhead expenses are allocated to the segments at cost. Cash, investment securities, loans and leases and their related balances are allocated to the segment responsible for acquisition and maintenance of those assets. Segment assets also include all premises and equipment used directly in segment operations. | ||||||||||||||
Segment profits and assets are provided in the following table for the periods indicated. | ||||||||||||||
Banking | ||||||||||||||
Operations | Treasury | All Others | Total | |||||||||||
(Dollars in thousands) | ||||||||||||||
Three Months Ended March 31, 2015: | ||||||||||||||
Net interest income | $ | 27,854 | $ | 8,381 | $ | — | $ | 36,235 | ||||||
Intersegment net interest income (expense) | 10,302 | (8,698 | ) | (1,604 | ) | — | ||||||||
Credit for loan and lease losses | 2,747 | — | — | 2,747 | ||||||||||
Other operating income | 6,446 | 1,027 | 3,717 | 11,190 | ||||||||||
Other operating expense | (14,824 | ) | (478 | ) | (18,716 | ) | (34,018 | ) | ||||||
Administrative and overhead expense allocation | (12,104 | ) | (288 | ) | 12,392 | — | ||||||||
Income taxes | (7,148 | ) | 20 | 1,369 | (5,759 | ) | ||||||||
Net income (loss) | $ | 13,273 | $ | (36 | ) | $ | (2,842 | ) | $ | 10,395 | ||||
Three Months Ended March 31, 2014: | ||||||||||||||
Net interest income | $ | 26,187 | $ | 9,609 | $ | — | $ | 35,796 | ||||||
Intersegment net interest income (expense) | 6,007 | (6,612 | ) | 605 | — | |||||||||
Credit for loan and lease losses | 1,316 | — | — | 1,316 | ||||||||||
Other operating income | 5,649 | 745 | 3,750 | 10,144 | ||||||||||
Other operating expense | (15,318 | ) | (551 | ) | (16,061 | ) | (31,930 | ) | ||||||
Administrative and overhead expense allocation | (13,804 | ) | (272 | ) | 14,076 | — | ||||||||
Income taxes | (3,614 | ) | (1,051 | ) | (853 | ) | (5,518 | ) | ||||||
Net income | $ | 6,423 | $ | 1,868 | $ | 1,517 | $ | 9,808 | ||||||
At March 31, 2015: | ||||||||||||||
Investment securities | $ | — | $ | 1,554,079 | $ | — | $ | 1,554,079 | ||||||
Loans and leases (including loans held for sale) | 2,974,978 | — | — | 2,974,978 | ||||||||||
Other | 103,496 | 254,415 | 78,957 | 436,868 | ||||||||||
Total assets | $ | 3,078,474 | $ | 1,808,494 | $ | 78,957 | $ | 4,965,925 | ||||||
At December 31, 2014: | ||||||||||||||
Investment securities | $ | — | $ | 1,467,305 | $ | — | $ | 1,467,305 | ||||||
Loans and leases (including loans held for sale) | 2,941,881 | — | — | 2,941,881 | ||||||||||
Other | 111,071 | 248,455 | 84,275 | 443,801 | ||||||||||
Total assets | $ | 3,052,952 | $ | 1,715,760 | $ | 84,275 | $ | 4,852,987 | ||||||
LEGAL_PROCEEDINGS
LEGAL PROCEEDINGS | 3 Months Ended |
Mar. 31, 2015 | |
LEGAL PROCEEDINGS | |
LEGAL PROCEEDINGS | |
19. LEGAL PROCEEDINGS | |
We are involved in legal actions arising in the ordinary course of business. Management, after consultation with our legal counsel, believes the ultimate disposition of those matters will not have a material adverse effect on our consolidated financial statements. | |
SUBSEQUENT_EVENT
SUBSEQUENT EVENT | 3 Months Ended |
Mar. 31, 2015 | |
SUBSEQUENT EVENT. | |
SUBSEQUENT EVENT | |
20. SUBSEQUENT EVENT | |
On March 26, 2015, the Company, Carlyle, Anchorage, and Citigroup Global Markets, Inc. entered into an Underwriting Agreement pursuant to which the Selling Shareholders agreed to each sell 3,802,694 shares for a total of 7,605,388 shares of CPF common stock, no par value per share, to the Underwriter at a price of $23.01 per common share for a total of approximately $175 million. In connection with the Underwriting Agreement, the Company repurchased 3,259,452 shares of its common stock from the Underwriter at $23.01 per share, or the same price per common share paid by the Underwriter to the Selling Shareholders for an aggregate cost of approximately $75 million. On April 1, 2015, the transactions were consummated. Since the transactions were consummated on April 1, 2015, they are not reflected in our consolidated financial statements for the quarter ended March 31, 2015. A total of $29.2 million remained available for repurchase of our securities immediately following the transactions contemplated by the Underwriting Agreement. | |
RECENT_ACCOUNTING_PRONOUNCEMEN1
RECENT ACCOUNTING PRONOUNCEMENTS (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
RECENT ACCOUNTING PRONOUNCEMENTS POLICIES | |
Recent Accounting Pronouncements | |
RECENT ACCOUNTING PRONOUNCEMENTS | |
In January 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-01, “Investments — Equity Method and Joint Ventures: Accounting for Investments in Qualified Affordable Housing Projects.” The provisions of ASU 2014-01 provide guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. The ASU permits entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. The Company did not elect the use of the proportional amortization method of ASU 2014-01 on January 1, 2015 which has no material impact on our consolidated financial statements. | |
In January 2014, the FASB issued ASU 2014-04, “Receivables — Troubled Debt Restructurings by Creditors — Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” The provisions of ASU 2014-04 provide guidance on when an in substance repossession or foreclosure occurs, which is, when a creditor should be considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan such that the loan should be derecognized and the real estate property recognized. Additionally, the amendments in this update require interim and annual disclosure of both: 1) the amount of foreclosed residential real estate property held by the creditor and 2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The Company adopted the prospective transition method of ASU 2014-04 on January 1, 2015 and the adoption did not have a material impact on our consolidated financial statements. | |
In June 2014, the FASB issued ASU 2014-11, “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” ASU 2014-11 requires two accounting changes. First, the amendments change the accounting for repurchase-to-maturity transactions to secured borrowings. Second, for repurchase financing arrangements, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty, which will result in secured borrowing accounting for the repurchase agreement. ASU 2014-11 requires disclosures for certain transactions comprising a transfer of a financial asset accounted for as a sale, and an agreement with the same transferee entered into in contemplation of the initial transfer which results in the transferor retaining substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. ASU 2014-11 also requires additional disclosures for repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions that are accounted for as secured borrowings. The adoption of ASU 2014-11 on January 1, 2015 did not have a material impact on our consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-14, “Receivables — Troubled Debt Restructurings by Creditors Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure.” ASU 2014-14 requires that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: 1) the loan has a government guarantee that is not separable from the loan before foreclosure; 2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim; and 3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance expected to be recovered from the guarantor. The adoption of ASU 2014-14 on January 1, 2015 did not have a material impact on our consolidated financial statements. | |
INVESTMENT_SECURITIES_Tables
INVESTMENT SECURITIES (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
INVESTMENT SECURITIES. | ||||||||||||||||||||
Summary of available for sale and held to maturity investment securities | Gross | Gross | Estimated | |||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
At March 31, 2015: | ||||||||||||||||||||
Held to Maturity: | ||||||||||||||||||||
Mortgage-backed securities - U.S. Government sponsored entities | $ | 255,592 | $ | 1,446 | $ | (681 | ) | $ | 256,357 | |||||||||||
Available for Sale: | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
States and political subdivisions | $ | 189,961 | $ | 3,380 | $ | (863 | ) | $ | 192,478 | |||||||||||
Corporate securities | 98,847 | 2,480 | — | 101,327 | ||||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||
U.S. Government sponsored entities | 776,750 | 12,912 | (2,616 | ) | 787,046 | |||||||||||||||
Non-agency collateralized mortgage obligations | 208,455 | 8,412 | (81 | ) | 216,786 | |||||||||||||||
Other | 747 | 103 | — | 850 | ||||||||||||||||
Total | $ | 1,274,760 | $ | 27,287 | $ | (3,560 | ) | $ | 1,298,487 | |||||||||||
At December 31, 2014: | ||||||||||||||||||||
Held to Maturity: | ||||||||||||||||||||
Mortgage-backed securities - U.S. Government sponsored entities | $ | 238,287 | $ | 196 | $ | (2,886 | ) | $ | 235,597 | |||||||||||
Available for Sale: | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
States and political subdivisions | $ | 191,280 | $ | 2,054 | $ | (1,689 | ) | $ | 191,645 | |||||||||||
Corporate securities | 99,237 | 1,492 | (125 | ) | 100,604 | |||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||
U.S. Government sponsored entities | 744,527 | 11,064 | (4,033 | ) | 751,558 | |||||||||||||||
Non-agency collateralized mortgage obligations | 180,905 | 4,456 | (1,027 | ) | 184,334 | |||||||||||||||
Other | 757 | 120 | — | 877 | ||||||||||||||||
Total | $ | 1,216,706 | $ | 19,186 | $ | (6,874 | ) | $ | 1,229,018 | |||||||||||
Schedule of amortized cost and estimated fair value of investment securities by contractual maturity | March 31, 2015 | |||||||||||||||||||
Amortized | Estimated Fair | |||||||||||||||||||
Cost | Value | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Held to Maturity | ||||||||||||||||||||
Mortage-backed securities | $ | 255,592 | $ | 256,357 | ||||||||||||||||
Available for Sale | ||||||||||||||||||||
Due in one year or less | $ | — | $ | — | ||||||||||||||||
Due after one year through five years | 70,129 | 71,798 | ||||||||||||||||||
Due after five years through ten years | 103,461 | 105,207 | ||||||||||||||||||
Due after ten years | 115,218 | 116,800 | ||||||||||||||||||
Mortage-backed securities | 985,205 | 1,003,832 | ||||||||||||||||||
Other | 747 | 850 | ||||||||||||||||||
Total | $ | 1,274,760 | $ | 1,298,487 | ||||||||||||||||
Schedule of investment securities in an unrealized loss position | Less than 12 months | 12 months or longer | Total | |||||||||||||||||
Unrealized | Unrealized | Unrealized | ||||||||||||||||||
Description of Securities | Fair Value | Losses | Fair Value | Losses | Fair Value | Losses | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
At March 31, 2015: | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
States and political subdivisions | $ | 34,821 | $ | (257 | ) | $ | 23,447 | $ | (606 | ) | $ | 58,268 | $ | (863 | ) | |||||
Corporate securities | — | — | — | — | — | — | ||||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||
U.S. Government sponsored entities | 143,680 | (1,298 | ) | 176,086 | (1,999 | ) | 319,766 | (3,297 | ) | |||||||||||
Non-agency collateralized mortgage obligations | 31,664 | (81 | ) | — | — | 31,664 | (81 | ) | ||||||||||||
Total temporarily impaired securities | $ | 210,165 | $ | (1,636 | ) | $ | 199,533 | $ | (2,605 | ) | $ | 409,698 | $ | (4,241 | ) | |||||
At December 31, 2014: | ||||||||||||||||||||
Debt securities: | ||||||||||||||||||||
States and political subdivisions | $ | 23,591 | $ | (145 | ) | $ | 68,622 | $ | (1,544 | ) | $ | 92,213 | $ | (1,689 | ) | |||||
Corporate securities | 23,938 | (125 | ) | — | — | 23,938 | (125 | ) | ||||||||||||
Mortgage-backed securities: | ||||||||||||||||||||
U.S. Government sponsored entities | 119,210 | (521 | ) | 403,926 | (6,398 | ) | 523,136 | (6,919 | ) | |||||||||||
Non-agency collateralized mortgage obligations | 20,857 | (100 | ) | 47,539 | (927 | ) | 68,396 | (1,027 | ) | |||||||||||
Total temporarily impaired securities | $ | 187,596 | $ | (891 | ) | $ | 520,087 | $ | (8,869 | ) | $ | 707,683 | $ | (9,760 | ) | |||||
LOANS_AND_LEASES_Tables
LOANS AND LEASES (Tables) | 3 Months Ended | ||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||
LOANS AND LEASES | |||||||||||||||||||||||
Schedule of loans and leases, excluding loans held for sale | March 31, | December 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Commercial, financial and agricultural | $ | 500,251 | $ | 463,070 | |||||||||||||||||||
Real estate: | |||||||||||||||||||||||
Construction | 113,137 | 115,023 | |||||||||||||||||||||
Mortgage - residential | 1,298,076 | 1,280,089 | |||||||||||||||||||||
Mortgage - commercial | 702,113 | 704,099 | |||||||||||||||||||||
Consumer | 350,344 | 365,662 | |||||||||||||||||||||
Leases | 2,885 | 3,140 | |||||||||||||||||||||
2,966,806 | 2,931,083 | ||||||||||||||||||||||
Net deferred costs | 966 | 1,115 | |||||||||||||||||||||
Total loans and leases | $ | 2,967,772 | $ | 2,932,198 | |||||||||||||||||||
Schedule of balance in the allowance for loan and lease losses and the recorded investment in loans and leases based on the impairment measurement methods, by class | Commercial, | Real Estate | |||||||||||||||||||||
Financial & | Construction | Mortgage - | Mortgage - | Consumer | Leases | Total | |||||||||||||||||
Agricultural | Residential | Commercial | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||
Ending balance attributable to loans: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 772 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 772 | |||||||||
Collectively evaluated for impairment | 8,019 | 14,305 | 17,057 | 20,161 | 7,119 | — | 66,661 | ||||||||||||||||
8,791 | 14,305 | 17,057 | 20,161 | 7,119 | — | 67,433 | |||||||||||||||||
Unallocated | 4,000 | ||||||||||||||||||||||
Total ending balance | $ | 8,791 | $ | 14,305 | $ | 17,057 | $ | 20,161 | $ | 7,119 | $ | — | $ | 71,433 | |||||||||
Loans and leases: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 13,727 | $ | 4,606 | $ | 28,514 | $ | 22,601 | $ | — | $ | — | $ | 69,448 | |||||||||
Collectively evaluated for impairment | 486,524 | 108,531 | 1,269,562 | 679,512 | 350,344 | 2,885 | 2,897,358 | ||||||||||||||||
500,251 | 113,137 | 1,298,076 | 702,113 | 350,344 | 2,885 | 2,966,806 | |||||||||||||||||
Net deferred costs (income) | 432 | (416 | ) | 2,228 | (857 | ) | (421 | ) | — | 966 | |||||||||||||
Total ending balance | $ | 500,683 | $ | 112,721 | $ | 1,300,304 | $ | 701,256 | $ | 349,923 | $ | 2,885 | $ | 2,967,772 | |||||||||
December 31, 2014 | |||||||||||||||||||||||
Allowance for loan and lease losses: | |||||||||||||||||||||||
Ending balance attributable to loans: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,533 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,533 | |||||||||
Collectively evaluated for impairment | 7,421 | 14,969 | 17,927 | 20,869 | 7,314 | 7 | 68,507 | ||||||||||||||||
8,954 | 14,969 | 17,927 | 20,869 | 7,314 | 7 | 70,040 | |||||||||||||||||
Unallocated | 4,000 | ||||||||||||||||||||||
Total ending balance | $ | 8,954 | $ | 14,969 | $ | 17,927 | $ | 20,869 | $ | 7,314 | $ | 7 | $ | 74,040 | |||||||||
Loans and leases: | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 13,369 | $ | 4,888 | $ | 30,893 | $ | 23,126 | $ | — | $ | — | $ | 72,276 | |||||||||
Collectively evaluated for impairment | 449,701 | 110,135 | 1,249,196 | 680,973 | 365,662 | 3,140 | 2,858,807 | ||||||||||||||||
463,070 | 115,023 | 1,280,089 | 704,099 | 365,662 | 3,140 | 2,931,083 | |||||||||||||||||
Net deferred costs (income) | 693 | (469 | ) | 2,235 | (826 | ) | (518 | ) | — | 1,115 | |||||||||||||
Total ending balance | $ | 463,763 | $ | 114,554 | $ | 1,282,324 | $ | 703,273 | $ | 365,144 | $ | 3,140 | $ | 2,932,198 | |||||||||
Schedule of impaired loans, by class | Unpaid Principal | Recorded | Allowance | ||||||||||||||||||||
Balance | Investment | Allocated | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||
Impaired loans with no related allowance recorded: | |||||||||||||||||||||||
Commercial, financial & agricultural | $ | 5,178 | $ | 3,599 | $ | — | |||||||||||||||||
Real estate: | |||||||||||||||||||||||
Construction | 10,951 | 4,606 | — | ||||||||||||||||||||
Mortgage - residential | 31,161 | 28,514 | — | ||||||||||||||||||||
Mortgage - commercial | 29,723 | 22,601 | — | ||||||||||||||||||||
Total impaired loans with no related allowance recorded | 77,013 | 59,320 | — | ||||||||||||||||||||
Impaired loans with an allowance recorded: | |||||||||||||||||||||||
Commercial, financial & agricultural | 12,660 | 10,128 | 772 | ||||||||||||||||||||
Total impaired loans with an allowance recorded | 12,660 | 10,128 | 772 | ||||||||||||||||||||
Total | $ | 89,673 | $ | 69,448 | $ | 772 | |||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||
Impaired loans with no related allowance recorded: | |||||||||||||||||||||||
Commercial, financial & agricultural | $ | 738 | $ | 738 | $ | — | |||||||||||||||||
Real estate: | |||||||||||||||||||||||
Construction | 11,275 | 4,888 | — | ||||||||||||||||||||
Mortgage - residential | 34,131 | 30,893 | — | ||||||||||||||||||||
Mortgage - commercial | 30,249 | 23,126 | — | ||||||||||||||||||||
Total impaired loans with no related allowance recorded | 76,393 | 59,645 | — | ||||||||||||||||||||
Impaired loans with an allowance recorded: | |||||||||||||||||||||||
Commercial, financial & agricultural | 16,630 | 12,631 | 1,533 | ||||||||||||||||||||
Total impaired loans with an allowance recorded | 16,630 | 12,631 | 1,533 | ||||||||||||||||||||
Total | $ | 93,023 | $ | 72,276 | $ | 1,533 | |||||||||||||||||
Schedule of average recorded investment and interest income recognized on impaired loans, by class | Three Months Ended March 31, | ||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
Average | Interest Income | Average | Interest Income | ||||||||||||||||||||
Recorded | Recognized | Recorded | Recognized | ||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Commercial, financial & agricultural | $ | 13,646 | $ | 5 | $ | 8,417 | $ | 5 | |||||||||||||||
Real estate: | |||||||||||||||||||||||
Construction | 4,699 | 86 | 6,822 | 32 | |||||||||||||||||||
Mortgage - residential | 28,954 | 1 | 36,407 | 163 | |||||||||||||||||||
Mortgage - commercial | 22,751 | 164 | 16,045 | 39 | |||||||||||||||||||
Leases | — | — | |||||||||||||||||||||
Total | $ | 70,050 | $ | 256 | $ | 67,691 | $ | 239 | |||||||||||||||
Schedule of aging of the recorded investment in past due loans and leases, by class | Accruing | Accruing | Accruing Loans | Nonaccrual | Total | Loans and | Total | ||||||||||||||||
Loans 30 - 59 | Loans 60 - 89 | Greater Than 90 | Loans | Past Due and | Leases Not | ||||||||||||||||||
Days Past Due | Days Past Due | Days Past Due | Nonaccrual | Past Due | |||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||
Commercial, financial & agricultural | $ | 290 | $ | 225 | $ | — | $ | 13,377 | $ | 13,892 | $ | 486,791 | $ | 500,683 | |||||||||
Real estate: | |||||||||||||||||||||||
Construction | — | — | — | 146 | 146 | 112,575 | 112,721 | ||||||||||||||||
Mortgage - residential | 1,945 | — | — | 11,430 | 13,375 | 1,286,929 | 1,300,304 | ||||||||||||||||
Mortgage - commercial | — | — | — | 12,468 | 12,468 | 688,788 | 701,256 | ||||||||||||||||
Consumer | 895 | 212 | 5 | — | 1,112 | 348,811 | 349,923 | ||||||||||||||||
Leases | — | — | — | — | — | 2,885 | 2,885 | ||||||||||||||||
Total | $ | 3,130 | $ | 437 | $ | 5 | $ | 37,421 | $ | 40,993 | $ | 2,926,779 | $ | 2,967,772 | |||||||||
December 31, 2014 | |||||||||||||||||||||||
Commercial, financial & agricultural | $ | 183 | $ | 85 | $ | — | $ | 13,007 | $ | 13,275 | $ | 450,488 | $ | 463,763 | |||||||||
Real estate: | |||||||||||||||||||||||
Construction | — | — | — | 310 | 310 | 114,244 | 114,554 | ||||||||||||||||
Mortgage - residential | 3,078 | 379 | — | 13,048 | 16,505 | 1,265,819 | 1,282,324 | ||||||||||||||||
Mortgage - commercial | 68 | — | — | 12,722 | 12,790 | 690,483 | 703,273 | ||||||||||||||||
Consumer | 1,500 | 417 | 77 | — | 1,994 | 363,150 | 365,144 | ||||||||||||||||
Leases | — | — | — | — | — | 3,140 | 3,140 | ||||||||||||||||
Total | $ | 4,829 | $ | 881 | $ | 77 | $ | 39,087 | $ | 44,874 | $ | 2,887,324 | $ | 2,932,198 | |||||||||
Schedule of information related to loans modified in a TDR, by class | Number | Recorded | Increase | ||||||||||||||||||||
of | Investment | in the | |||||||||||||||||||||
Contracts | (as of Period End) | Allowance | |||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Three Months Ended March 31, 2015 | |||||||||||||||||||||||
Real estate mortgage - commercial | 11 | $ | 910 | $ | — | ||||||||||||||||||
Three Months Ended March 31, 2014 | |||||||||||||||||||||||
Real estate mortgage - residential | 9 | $ | 613 | $ | — | ||||||||||||||||||
Schedule of loans modified as a TDR within the previous twelve months that subsequently defaulted, by class | Three Months Ended March 31, | ||||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||||
Number of | Recorded | Number of | Recorded | ||||||||||||||||||||
Contracts | Investment | Contracts | Investment | ||||||||||||||||||||
(as of Period End) | (as of Period End) | ||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Real estate mortgage -construction | — | — | 1 | 175 | |||||||||||||||||||
Schedule of recorded investment in loans and leases, by class and credit indicator | Pass | Special | Substandard | Subtotal | Net Deferred | Total | |||||||||||||||||
Mention | Costs | ||||||||||||||||||||||
(Income) | |||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||
Commercial, financial & agricultural | $ | 468,515 | $ | 16,656 | $ | 15,080 | $ | 500,251 | $ | 432 | $ | 500,683 | |||||||||||
Real estate: | |||||||||||||||||||||||
Construction | 110,294 | 1,831 | 1,012 | 113,137 | (416 | ) | 112,721 | ||||||||||||||||
Mortgage - residential | 1,285,124 | 344 | 12,608 | 1,298,076 | 2,228 | 1,300,304 | |||||||||||||||||
Mortgage - commercial | 668,772 | 8,493 | 24,848 | 702,113 | (857 | ) | 701,256 | ||||||||||||||||
Consumer | 350,267 | 72 | 5 | 350,344 | (421 | ) | 349,923 | ||||||||||||||||
Leases | 2,885 | — | — | 2,885 | — | 2,885 | |||||||||||||||||
Total | $ | 2,885,857 | $ | 27,396 | $ | 53,553 | $ | 2,966,806 | $ | 966 | $ | 2,967,772 | |||||||||||
December 31, 2014 | |||||||||||||||||||||||
Commercial, financial & agricultural | $ | 432,892 | $ | 14,655 | $ | 15,523 | $ | 463,070 | $ | 693 | $ | 463,763 | |||||||||||
Real estate: | |||||||||||||||||||||||
Construction | 111,370 | — | 3,653 | 115,023 | (469 | ) | 114,554 | ||||||||||||||||
Mortgage - residential | 1,265,470 | 352 | 14,267 | 1,280,089 | 2,235 | 1,282,324 | |||||||||||||||||
Mortgage - commercial | 660,492 | 10,498 | 33,109 | 704,099 | (826 | ) | 703,273 | ||||||||||||||||
Consumer | 365,332 | 294 | 36 | 365,662 | (518 | ) | 365,144 | ||||||||||||||||
Leases | 3,140 | — | — | 3,140 | — | 3,140 | |||||||||||||||||
Total | $ | 2,838,696 | $ | 25,799 | $ | 66,588 | $ | 2,931,083 | $ | 1,115 | $ | 2,932,198 | |||||||||||
ALLOWANCE_FOR_LOAN_AND_LEASE_L1
ALLOWANCE FOR LOAN AND LEASE LOSSES (Tables) | 3 Months Ended | |||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||
ALLOWANCE FOR LOAN AND LEASE LOSSES | ||||||||||||||||||||||||||
Schedule of activity in the allowance, by class | Commercial, | Real estate | ||||||||||||||||||||||||
Financial & | Mortgage - | Mortgage - | ||||||||||||||||||||||||
Agricultural | Construction | Residential | Commercial | Consumer | Leases | Unallocated | Total | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||||||||||||
Beginning balance | $ | 8,954 | $ | 14,969 | $ | 17,927 | $ | 20,869 | $ | 7,314 | $ | 7 | $ | 4,000 | $ | 74,040 | ||||||||||
Provision (credit) for loan and lease losses | 147 | (787 | ) | (2,344 | ) | (721 | ) | 965 | (7 | ) | — | (2,747 | ) | |||||||||||||
9,101 | 14,182 | 15,583 | 20,148 | 8,279 | — | 4,000 | 71,293 | |||||||||||||||||||
Charge-offs | 878 | — | 14 | — | 1,894 | — | — | 2,786 | ||||||||||||||||||
Recoveries | 568 | 123 | 1,488 | 13 | 734 | — | — | 2,926 | ||||||||||||||||||
Net charge-offs (recoveries) | 310 | (123 | ) | (1,474 | ) | (13 | ) | 1,160 | — | — | (140 | ) | ||||||||||||||
Ending balance | $ | 8,791 | $ | 14,305 | $ | 17,057 | $ | 20,161 | $ | 7,119 | $ | — | $ | 4,000 | $ | 71,433 | ||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||||||||||||
Beginning balance | $ | 13,196 | $ | 2,774 | $ | 25,272 | $ | 29,947 | $ | 6,576 | $ | 55 | $ | 6,000 | $ | 83,820 | ||||||||||
Provision (credit) for loan and lease losses | (943 | ) | 11,764 | (7,517 | ) | (4,035 | ) | (548 | ) | (37 | ) | — | (1,316 | ) | ||||||||||||
12,253 | 14,538 | 17,755 | 25,912 | 6,028 | 18 | 6,000 | 82,504 | |||||||||||||||||||
Charge-offs | 73 | — | 37 | — | 580 | 8 | — | 698 | ||||||||||||||||||
Recoveries | 606 | 402 | 94 | 13 | 239 | 2 | — | 1,356 | ||||||||||||||||||
Net charge-offs (recoveries) | (533 | ) | (402 | ) | (57 | ) | (13 | ) | 341 | 6 | — | (658 | ) | |||||||||||||
Ending balance | $ | 12,786 | $ | 14,940 | $ | 17,812 | $ | 25,925 | $ | 5,687 | $ | 12 | $ | 6,000 | $ | 83,162 | ||||||||||
INVESTMENTS_IN_UNCONSOLIDATED_1
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES | ||||||||
Schedule of investment in unconsolidated subsidiaries | March 31, | December 31, | ||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Investments in low income housing tax credit partnerships | $ | 3,492 | $ | 3,781 | ||||
Trust preferred investments | 2,792 | 2,792 | ||||||
Investments in affiliates | 440 | 557 | ||||||
Other | 116 | 116 | ||||||
$ | 6,840 | $ | 7,246 | |||||
OTHER_INTANGIBLE_ASSETS_Tables
OTHER INTANGIBLE ASSETS (Tables) | 3 Months Ended | |||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||
OTHER INTANGIBLE ASSETS | ||||||||||||||||||||
Schedule of changes in other intangible assets | Core | Mortgage | ||||||||||||||||||
Deposit | Servicing | |||||||||||||||||||
Premium | Rights | Total | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Balance, beginning of period | $ | 10,029 | $ | 19,668 | $ | 29,697 | ||||||||||||||
Additions | — | 638 | 638 | |||||||||||||||||
Amortization | (668 | ) | (1,437 | ) | (2,105 | ) | ||||||||||||||
Balance, end of period | $ | 9,361 | $ | 18,869 | $ | 28,230 | ||||||||||||||
Schedule of fair market value and key assumptions used in determining the fair market value of our mortgage servicing rights | Three Months Ended March 31, | |||||||||||||||||||
2015 | 2014 | |||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Fair market value, beginning of period | $ | 19,975 | $ | 21,399 | ||||||||||||||||
Fair market value, end of period | 19,172 | 20,832 | ||||||||||||||||||
Weighted average discount rate | 9.5 | % | 8.0 | % | ||||||||||||||||
Weighted average prepayment speed assumption | 13.9 | 14.1 | ||||||||||||||||||
Schedule of gross carrying value and accumulated amortization related to intangible assets | March 31, 2015 | December 31, 2014 | ||||||||||||||||||
Gross | Net | Gross | Net | |||||||||||||||||
Carrying | Accumulated | Carrying | Carrying | Accumulated | Carrying | |||||||||||||||
Value | Amortization | Value | Value | Amortization | Value | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Core deposit premium | $ | 44,642 | $ | (35,281 | ) | $ | 9,361 | $ | 44,642 | $ | (34,613 | ) | $ | 10,029 | ||||||
Mortgage servicing rights | 55,587 | (36,718 | ) | 18,869 | 56,687 | (37,019 | ) | 19,668 | ||||||||||||
$ | 100,229 | $ | (71,999 | ) | $ | 28,230 | $ | 101,329 | $ | (71,632 | ) | $ | 29,697 | |||||||
Schedule of estimated amortization expense | Estimated Amortization Expense | |||||||||||||||||||
Core | Mortgage | |||||||||||||||||||
Deposit | Servicing | |||||||||||||||||||
Premium | Rights | Total | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
2015 (remainder) | $ | 2,006 | $ | 4,115 | $ | 6,121 | ||||||||||||||
2016 | 2,674 | 4,380 | 7,054 | |||||||||||||||||
2017 | 2,674 | 3,417 | 6,091 | |||||||||||||||||
2018 | 2,007 | 2,700 | 4,707 | |||||||||||||||||
2019 | — | 2,102 | 2,102 | |||||||||||||||||
2020 | — | 1,772 | 1,772 | |||||||||||||||||
Thereafter | — | 383 | 383 | |||||||||||||||||
$ | 9,361 | $ | 18,869 | $ | 28,230 | |||||||||||||||
DERIVATIVES_Tables
DERIVATIVES (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
DERIVATIVES. | ||||||||||||||||
Schedule of the location of all assets and liabilities associated with derivative instruments within the consolidated balance sheets | Asset Derivatives | Liability Derivatives | ||||||||||||||
Derivatives Not Designated | Balance Sheet | Fair Value at | Fair Value at | Fair Value at | Fair Value at | |||||||||||
as Hedging Instruments | Location | March 31, 2015 | December 31, 2014 | March 31, 2015 | December 31, 2014 | |||||||||||
(Dollars in thousands) | ||||||||||||||||
Interest rate contracts | Other assets / other liabilities | $ | 1,150 | $ | 504 | $ | 302 | $ | 122 | |||||||
Schedule of the impact of derivative instruments and their location within the consolidated statements of income | Derivatives Not in Cash Flow | Location of Gain (Loss) | Amount of Gain (Loss) | |||||||||||||
Hedging Relationship | Recognized in | Recognized in | ||||||||||||||
Earnings on Derivatives | Earnings on Derivatives | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||
Three Months Ended March 31, 2015 | ||||||||||||||||
Interest rate contracts | Other operating income | $ | 466 | |||||||||||||
Three Months Ended March 31, 2014 | ||||||||||||||||
Interest rate contracts | Other operating income | (60 | ) | |||||||||||||
SHAREBASED_COMPENSATION_Tables
SHARE-BASED COMPENSATION (Tables) | 3 Months Ended | ||||||
Mar. 31, 2015 | |||||||
SHARE-BASED COMPENSATION. | |||||||
Schedule of activity of restricted stock awards and units | Weighted Average | ||||||
Grant Date | |||||||
Shares | Fair Value | ||||||
Nonvested at January 1, 2015 | 715,460 | $ | 15.77 | ||||
Changes during the period: | |||||||
Granted | 60,873 | 23.98 | |||||
Vested | (54,123 | ) | 17.13 | ||||
Forfeited | (28,160 | ) | 16.16 | ||||
Nonvested at March 31, 2015 | 694,050 | 16.37 | |||||
ACCUMULATED_OTHER_COMPREHENSIV1
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Accumulated Other Comprehensive Income (Loss). | |||||||||||
Schedule of components of other comprehensive income (loss) | Before Tax | Tax Effect | Net of Tax | ||||||||
(Dollars in thousands) | |||||||||||
Three Months Ended March 31, 2015 | |||||||||||
Net unrealized gains on investment securities: | |||||||||||
Net unrealized gains arising during the period | $ | 11,476 | $ | 4,567 | $ | 6,909 | |||||
Defined benefit plans: | |||||||||||
Amortization of net actuarial losses | 420 | 165 | 255 | ||||||||
Amortization of net transition obligation | 4 | 2 | 2 | ||||||||
Amortization of prior service cost | 5 | 2 | 3 | ||||||||
Defined benefit plans, net | 429 | 169 | 260 | ||||||||
Other comprehensive income | $ | 11,905 | $ | 4,736 | $ | 7,169 | |||||
Three Months Ended March 31, 2014 | |||||||||||
Net unrealized gains on investment securities: | |||||||||||
Net unrealized gains arising during the period | $ | 15,944 | $ | 6,368 | $ | 9,576 | |||||
Defined benefit plans: | |||||||||||
Amortization of net actuarial losses | 305 | 123 | 182 | ||||||||
Amortization of net transition obligation | 4 | 2 | 2 | ||||||||
Amortization of prior service cost | 5 | 2 | 3 | ||||||||
Defined benefit plans, net | 314 | 127 | 187 | ||||||||
Other comprehensive income | $ | 16,258 | $ | 6,495 | $ | 9,763 | |||||
Schedule of changes in each component of AOCI, net of tax | Defined | Accumulated Other | |||||||||
Investment | Benefit | Comprehensive | |||||||||
Securities | Plans | Income (Loss) | |||||||||
(Dollars in thousands) | |||||||||||
Three Months Ended March 31, 2015 | |||||||||||
Balance at beginning of period | $ | 13,586 | $ | (10,427 | ) | $ | 3,159 | ||||
Other comprehensive income before reclassifications | 6,909 | — | 6,909 | ||||||||
Amounts reclassified from AOCI | — | 260 | 260 | ||||||||
Total other comprehensive income | 6,909 | 260 | 7,169 | ||||||||
Balance at end of period | $ | 20,495 | $ | (10,167 | ) | $ | 10,328 | ||||
Three Months Ended March 31, 2014 | |||||||||||
Balance at beginning of period | $ | (9,125 | ) | $ | (6,720 | ) | $ | (15,845 | ) | ||
Other comprehensive income before reclassifications | 9,576 | — | 9,576 | ||||||||
Amounts reclassified from AOCI | — | 187 | 187 | ||||||||
Total other comprehensive income | 9,576 | 187 | 9,763 | ||||||||
Balance at end of period | $ | 451 | $ | (6,533 | ) | $ | (6,082 | ) | |||
Schedule of amounts reclassified out of each component of AOCI | Amount Reclassified from AOCI | Affected Line Item in the | |||||||||
Three Months Ended March 31, | Statement Where Net | ||||||||||
Details about AOCI Components | 2015 | 2014 | Income is Presented | ||||||||
(Dollars in thousands) | |||||||||||
Amortization of defined benefit plan items | |||||||||||
Net actuarial losses | $ | (420 | ) | $ | (305 | ) | -1 | ||||
Net transition obligation | (4 | ) | (4 | ) | -1 | ||||||
Prior service cost | (5 | ) | (5 | ) | -1 | ||||||
(429 | ) | (314 | ) | Total before tax | |||||||
169 | 127 | Tax benefit | |||||||||
Total reclassifications for the period | $ | (260 | ) | $ | (187 | ) | Net of tax | ||||
(1) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (see Note 14 for additional details). | |||||||||||
PENSION_AND_SUPPLEMENTAL_EXECU1
PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Pension Plan | ||||||||
PENSION PLANS | ||||||||
Schedule of components of net periodic benefit cost | Three Months Ended | |||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Interest cost | $ | 348 | $ | 366 | ||||
Expected return on assets | (472 | ) | (524 | ) | ||||
Amortization of net actuarial losses | 393 | 304 | ||||||
Net periodic cost | $ | 269 | $ | 146 | ||||
SERPs | ||||||||
PENSION PLANS | ||||||||
Schedule of components of net periodic benefit cost | Three Months Ended | |||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Interest cost | $ | 110 | $ | 113 | ||||
Amortization of net transition obligation | 4 | 4 | ||||||
Amortization of prior service cost | 5 | 5 | ||||||
Amortization of net actuarial losses | 27 | 1 | ||||||
Net periodic cost | $ | 146 | $ | 123 | ||||
INCOME_AND_FRANCHISE_TAXES_Tab
INCOME AND FRANCHISE TAXES (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
INCOME AND FRANCHISE TAXES | ||||||||
Schedule of the reasons of difference between the income tax expense (benefit) and the expected tax expense | Three months ended March 31, | |||||||
2015 | 2014 | |||||||
(Dollars in thousands) | ||||||||
Computed “expected” tax expense | $ | 5,654 | $ | 5,364 | ||||
Increase (decrease) in taxes resulting from: | ||||||||
Tax-exempt interest | (352 | ) | (351 | ) | ||||
Other tax-exempt income | (236 | ) | (235 | ) | ||||
Income tax credits | (327 | ) | (195 | ) | ||||
State income taxes, net of Federal income tax effect, excluding impact of deferred tax valuation allowance | 739 | 600 | ||||||
Change in the beginning-of-the-year balance of the valuation allowance for deferred tax assets allocated to income tax expense | 18 | 135 | ||||||
Other | 263 | 200 | ||||||
Total | $ | 5,759 | $ | 5,518 | ||||
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
EARNINGS PER SHARE | ||||||||
Schedule of information used to compute basic and diluted earnings per share | Three Months Ended | |||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(In thousands, except per share data) | ||||||||
Net income | $ | 10,395 | $ | 9,808 | ||||
Weighted average shares outstanding - basic | 34,827 | 41,915 | ||||||
Dilutive effect of employee stock options and awards | 652 | 562 | ||||||
Weighted average shares outstanding - diluted | 35,479 | 42,477 | ||||||
Basic earnings per share | $ | 0.30 | $ | 0.23 | ||||
Diluted earnings per share | $ | 0.29 | $ | 0.23 | ||||
FAIR_VALUE_OF_FINANCIAL_ASSETS1
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES | |||||||||||||||||
Schedule of carrying amount and estimated fair value of financial instruments | Fair Value Measurement Using | ||||||||||||||||
Quoted Prices | Significant | ||||||||||||||||
in Active | Other | Significant | |||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||
Carrying | Estimated | Identical Assets | Inputs | Inputs | |||||||||||||
Amount | Fair Value | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
(Dollars in thousands) | |||||||||||||||||
March 31, 2015 | |||||||||||||||||
Financial assets | |||||||||||||||||
Cash and due from banks | $ | 74,743 | $ | 74,743 | $ | 74,743 | $ | — | $ | — | |||||||
Interest-bearing deposits in other banks | 10,478 | 10,478 | 10,478 | — | — | ||||||||||||
Investment securities | 1,554,079 | 1,554,844 | 850 | 1,541,347 | 12,647 | ||||||||||||
Loans held for sale | 7,206 | 7,206 | — | — | 7,206 | ||||||||||||
Net loans and leases | 2,896,339 | 2,852,249 | — | 68,676 | 2,783,573 | ||||||||||||
Accrued interest receivable | 13,420 | 13,420 | 13,420 | — | — | ||||||||||||
Financial liabilities | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing deposits | 1,042,781 | 1,042,781 | 1,042,781 | — | — | ||||||||||||
Interest-bearing demand and savings deposits | 2,053,821 | 2,053,821 | 2,053,821 | — | — | ||||||||||||
Time deposits | 1,092,040 | 1,093,931 | — | — | 1,093,931 | ||||||||||||
Short-term debt | 70,000 | 70,000 | — | 70,000 | — | ||||||||||||
Long-term debt | 92,785 | 68,237 | — | 68,237 | — | ||||||||||||
Accrued interest payable (included in other liabilities) | 965 | 965 | 965 | — | — | ||||||||||||
Off-balance sheet financial instruments | |||||||||||||||||
Commitments to extend credit | 743,758 | 3,719 | — | 3,719 | — | ||||||||||||
Standby letters of credit and financial guarantees written | 20,768 | 156 | — | 156 | — | ||||||||||||
Interest rate options | 66,696 | 1,081 | — | 1,081 | — | ||||||||||||
Forward interest rate contracts | 27,457 | (233 | ) | — | (233 | ) | — | ||||||||||
December 31, 2014 | |||||||||||||||||
Financial assets | |||||||||||||||||
Cash and due from banks | $ | 72,316 | $ | 72,316 | $ | 72,316 | $ | — | $ | — | |||||||
Interest-bearing deposits in other banks | 13,691 | 13,691 | 13,691 | — | — | ||||||||||||
Investment securities | 1,467,305 | 1,464,615 | 877 | 1,450,643 | 13,095 | ||||||||||||
Loans held for sale | 9,683 | 9,683 | — | — | 9,683 | ||||||||||||
Net loans and leases | 2,858,158 | 2,752,420 | — | 70,743 | 2,681,677 | ||||||||||||
Accrued interest receivable | 13,584 | 13,584 | 13,584 | — | — | ||||||||||||
Financial liabilities | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing deposits | 1,034,146 | 1,034,146 | 1,034,146 | — | — | ||||||||||||
Interest-bearing demand and savings deposits | 2,030,870 | 2,030,870 | 2,030,870 | — | — | ||||||||||||
Time deposits | 1,045,284 | 1,047,322 | — | — | 1,047,322 | ||||||||||||
Short-term debt | 38,000 | 38,000 | — | 38,000 | — | ||||||||||||
Long-term debt | 92,785 | 42,454 | — | 42,454 | — | ||||||||||||
Accrued interest payable (included in other liabilities) | 1,018 | 1,018 | 1,018 | — | — | ||||||||||||
Off-balance sheet financial instruments | |||||||||||||||||
Commitments to extend credit | 720,255 | 3,601 | — | 3,601 | — | ||||||||||||
Standby letters of credit and financial guarantees written | 18,797 | 141 | — | 141 | — | ||||||||||||
Interest rate options | 44,266 | 444 | — | 444 | — | ||||||||||||
Forward interest rate contracts | 23,919 | (62 | ) | — | (62 | ) | — | ||||||||||
Schedule of balances of assets and liabilities measured at fair value on a recurring basis | Fair Value at Reporting Date Using | ||||||||||||||||
Quoted | Significant | Significant | |||||||||||||||
Prices in | Other | Unobservable | |||||||||||||||
Active Markets | Observable | Inputs | |||||||||||||||
for Identical | Inputs | ||||||||||||||||
Assets | |||||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
March 31, 2015 | |||||||||||||||||
Available for sale securities: | |||||||||||||||||
Debt securities: | |||||||||||||||||
States and political subdivisions | $ | 192,478 | $ | — | $ | 179,831 | $ | 12,647 | |||||||||
Corporate securities | 101,327 | — | 101,327 | — | |||||||||||||
Mortgage-backed securities: | |||||||||||||||||
U.S. Government sponsored entities | 787,046 | — | 787,046 | — | |||||||||||||
Non-agency collateralized mortgage obligations | 141,423 | — | 141,423 | — | |||||||||||||
Non-agency residential mortgage-backed securities | 75,363 | — | 75,363 | — | |||||||||||||
Other | 850 | 850 | — | — | |||||||||||||
Derivatives - Interest rate contracts | 848 | — | 848 | — | |||||||||||||
Total | $ | 1,299,335 | $ | 850 | $ | 1,285,838 | $ | 12,647 | |||||||||
December 31, 2014 | |||||||||||||||||
Available for sale securities: | |||||||||||||||||
Debt securities: | |||||||||||||||||
States and political subdivisions | $ | 191,645 | $ | — | $ | 178,550 | $ | 13,095 | |||||||||
Corporate securities | 100,604 | — | 100,604 | — | |||||||||||||
Mortgage-backed securities: | |||||||||||||||||
U.S. Government sponsored entities | 751,558 | — | 751,558 | — | |||||||||||||
Non-agency collateralized mortgage obligations | 184,334 | — | 184,334 | — | |||||||||||||
Other | 877 | 877 | — | — | |||||||||||||
Derivatives - Interest rate contracts | 382 | — | 382 | — | |||||||||||||
Total | $ | 1,229,400 | $ | 877 | $ | 1,215,428 | $ | 13,095 | |||||||||
Schedule of changes in Level 3 assets and liabilities measured at fair value on a recurring basis | Available for Sale | ||||||||||||||||
States and Political | |||||||||||||||||
Subdivisions Debt | |||||||||||||||||
Securities | |||||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Balance at December 31, 2014 | $ | 13,095 | |||||||||||||||
Principal payments received | (735 | ) | |||||||||||||||
Unrealized net gain included in other comprehensive income | 287 | ||||||||||||||||
Purchases | — | ||||||||||||||||
Balance at March 31, 2015 | $ | 12,647 | |||||||||||||||
Balance at December 31, 2013 | $ | 10,518 | |||||||||||||||
Principal payments received | (71 | ) | |||||||||||||||
Unrealized net gain included in other comprehensive income | 299 | ||||||||||||||||
Purchases | 1,042 | ||||||||||||||||
Balance at March 31, 2014 | $ | 11,788 | |||||||||||||||
Schedule of level of valuation assumptions used to determine the fair value of assets measured on a nonrecurring basis | Fair Value Measurements Using | ||||||||||||||||
Quoted Prices | Significant | Significant | |||||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||
Identical Assets | Inputs | ||||||||||||||||
Fair Value | (Level 1) | (Level 2) | (Level 3) | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
March 31, 2015 | |||||||||||||||||
Impaired loans (1) | $ | 68,676 | $ | — | $ | 68,676 | $ | — | |||||||||
Other real estate (2) | 3,349 | — | 3,349 | — | |||||||||||||
December 31, 2014 | |||||||||||||||||
Impaired loans (1) | $ | 70,743 | $ | — | $ | 70,743 | $ | — | |||||||||
Other real estate (2) | 2,948 | — | 2,948 | — | |||||||||||||
(1) Represents carrying value and related write-downs of loans for which adjustments are based on agreed upon purchase prices for the loans or the appraised value of the collateral. | |||||||||||||||||
(2) Represents other real estate that is carried at the lower of carrying value or fair value less costs to sell. Fair value is generally based upon independent market prices or appraised values of the collateral. | |||||||||||||||||
SEGMENT_INFORMATION_Tables
SEGMENT INFORMATION (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
SEGMENT INFORMATION | ||||||||||||||
Schedule of segment profits (losses) and assets | Banking | |||||||||||||
Operations | Treasury | All Others | Total | |||||||||||
(Dollars in thousands) | ||||||||||||||
Three Months Ended March 31, 2015: | ||||||||||||||
Net interest income | $ | 27,854 | $ | 8,381 | $ | — | $ | 36,235 | ||||||
Intersegment net interest income (expense) | 10,302 | (8,698 | ) | (1,604 | ) | — | ||||||||
Credit for loan and lease losses | 2,747 | — | — | 2,747 | ||||||||||
Other operating income | 6,446 | 1,027 | 3,717 | 11,190 | ||||||||||
Other operating expense | (14,824 | ) | (478 | ) | (18,716 | ) | (34,018 | ) | ||||||
Administrative and overhead expense allocation | (12,104 | ) | (288 | ) | 12,392 | — | ||||||||
Income taxes | (7,148 | ) | 20 | 1,369 | (5,759 | ) | ||||||||
Net income (loss) | $ | 13,273 | $ | (36 | ) | $ | (2,842 | ) | $ | 10,395 | ||||
Three Months Ended March 31, 2014: | ||||||||||||||
Net interest income | $ | 26,187 | $ | 9,609 | $ | — | $ | 35,796 | ||||||
Intersegment net interest income (expense) | 6,007 | (6,612 | ) | 605 | — | |||||||||
Credit for loan and lease losses | 1,316 | — | — | 1,316 | ||||||||||
Other operating income | 5,649 | 745 | 3,750 | 10,144 | ||||||||||
Other operating expense | (15,318 | ) | (551 | ) | (16,061 | ) | (31,930 | ) | ||||||
Administrative and overhead expense allocation | (13,804 | ) | (272 | ) | 14,076 | — | ||||||||
Income taxes | (3,614 | ) | (1,051 | ) | (853 | ) | (5,518 | ) | ||||||
Net income | $ | 6,423 | $ | 1,868 | $ | 1,517 | $ | 9,808 | ||||||
At March 31, 2015: | ||||||||||||||
Investment securities | $ | — | $ | 1,554,079 | $ | — | $ | 1,554,079 | ||||||
Loans and leases (including loans held for sale) | 2,974,978 | — | — | 2,974,978 | ||||||||||
Other | 103,496 | 254,415 | 78,957 | 436,868 | ||||||||||
Total assets | $ | 3,078,474 | $ | 1,808,494 | $ | 78,957 | $ | 4,965,925 | ||||||
At December 31, 2014: | ||||||||||||||
Investment securities | $ | — | $ | 1,467,305 | $ | — | $ | 1,467,305 | ||||||
Loans and leases (including loans held for sale) | 2,941,881 | — | — | 2,941,881 | ||||||||||
Other | 111,071 | 248,455 | 84,275 | 443,801 | ||||||||||
Total assets | $ | 3,052,952 | $ | 1,715,760 | $ | 84,275 | $ | 4,852,987 | ||||||
INVESTMENT_SECURITIES_Details
INVESTMENT SECURITIES (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Held to Maturity | ||
Amortized Cost | $255,592 | $238,287 |
Estimated fair value | 256,357 | 235,597 |
Available for Sale | ||
Amortized cost | 1,274,760 | 1,216,706 |
Gross unrealized gains | 27,287 | 19,186 |
Gross unrealized losses | -3,560 | -6,874 |
Total | 1,298,487 | 1,229,018 |
U.S. Government-sponsored mortgage-backed securities | ||
Held to Maturity | ||
Amortized Cost | 255,592 | 238,287 |
Gross unrealized gains | 1,446 | 196 |
Gross unrealized losses | -681 | -2,886 |
Estimated fair value | 256,357 | 235,597 |
States and political subdivisions debt securities | ||
Available for Sale | ||
Amortized cost | 189,961 | 191,280 |
Gross unrealized gains | 3,380 | 2,054 |
Gross unrealized losses | -863 | -1,689 |
Total | 192,478 | 191,645 |
Corporate debt securities | ||
Available for Sale | ||
Amortized cost | 98,847 | 99,237 |
Gross unrealized gains | 2,480 | 1,492 |
Gross unrealized losses | -125 | |
Total | 101,327 | 100,604 |
U.S. Government-sponsored entities mortgage-backed securities | ||
Available for Sale | ||
Amortized cost | 776,750 | 744,527 |
Gross unrealized gains | 12,912 | 11,064 |
Gross unrealized losses | -2,616 | -4,033 |
Total | 787,046 | 751,558 |
Non-agency collateralized mortgage-backed securities | ||
Available for Sale | ||
Amortized cost | 208,455 | 180,905 |
Gross unrealized gains | 8,412 | 4,456 |
Gross unrealized losses | -81 | -1,027 |
Total | 216,786 | 184,334 |
Other | ||
Available for Sale | ||
Amortized cost | 747 | 757 |
Gross unrealized gains | 103 | 120 |
Total | $850 | $877 |
INVESTMENT_SECURITIES_Details_
INVESTMENT SECURITIES (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Held to Maturity, Amortized Cost | ||
Mortgage-backed securities | $255,592,000 | |
Held to Maturity, Estimated Fair Value | ||
Mortgage-backed securities | 256,357,000 | |
Available for Sale, Amortized Cost | ||
Due after one year through five years | 70,129,000 | |
Due after five years through ten years | 103,461,000 | |
Due after ten years | 115,218,000 | |
Mortgage-backed securities | 985,205,000 | |
Other | 747,000 | |
Total | 1,274,760,000 | |
Available for Sale, Estimated Fair Value | ||
Due after one year through five years | 71,798,000 | |
Due after five years through ten years | 105,207,000 | |
Due after ten years | 116,800,000 | |
Mortgage-backed securities | 1,003,832,000 | |
Other | 850,000 | |
Total | 1,298,487,000 | 1,229,018,000 |
Available for sale | ||
Investment securities pledged to party with no right to sell or repledge the collateral | $944,400,000 | $900,500,000 |
INVESTMENT_SECURITIES_Details_1
INVESTMENT SECURITIES (Details 3) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | item | item |
INVESTMENT SECURITIES. | ||
Number of investment securities in an unrealized loss position | 121 | 195 |
Total temporary impaired securities | ||
Less than 12 months, Fair Value | $210,165 | $187,596 |
Less than 12 months, Unrealized Losses | -1,636 | -891 |
12 months or longer, Fair Value | 199,533 | 520,087 |
12 months or longer, Unrealized Losses | -2,605 | -8,869 |
Total, Fair Value | 409,698 | 707,683 |
Total, Unrealized Losses | -4,241 | -9,760 |
States and political subdivisions debt securities | ||
Total temporary impaired securities | ||
Less than 12 months, Fair Value | 34,821 | 23,591 |
Less than 12 months, Unrealized Losses | -257 | -145 |
12 months or longer, Fair Value | 23,447 | 68,622 |
12 months or longer, Unrealized Losses | -606 | -1,544 |
Total, Fair Value | 58,268 | 92,213 |
Total, Unrealized Losses | -863 | -1,689 |
Corporate debt securities | ||
Total temporary impaired securities | ||
Less than 12 months, Fair Value | 23,938 | |
Less than 12 months, Unrealized Losses | -125 | |
Total, Fair Value | 23,938 | |
Total, Unrealized Losses | -125 | |
U.S. Government-sponsored entities mortgage-backed securities | ||
Total temporary impaired securities | ||
Less than 12 months, Fair Value | 143,680 | 119,210 |
Less than 12 months, Unrealized Losses | -1,298 | -521 |
12 months or longer, Fair Value | 176,086 | 403,926 |
12 months or longer, Unrealized Losses | -1,999 | -6,398 |
Total, Fair Value | 319,766 | 523,136 |
Total, Unrealized Losses | -3,297 | -6,919 |
Non-agency collateralized mortgage-backed securities | ||
Total temporary impaired securities | ||
Less than 12 months, Fair Value | 31,664 | 20,857 |
Less than 12 months, Unrealized Losses | -81 | -100 |
12 months or longer, Fair Value | 47,539 | |
12 months or longer, Unrealized Losses | -927 | |
Total, Fair Value | 31,664 | 68,396 |
Total, Unrealized Losses | ($81) | ($1,027) |
LOANS_AND_LEASES_Details
LOANS AND LEASES (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
loan | loan | ||
LOANS AND LEASES | |||
Loans and leases, gross | $2,966,806 | $2,931,083 | |
Net deferred costs (income) | 966 | 1,115 | |
Total loans and leases | 2,967,772 | 2,932,198 | |
Number of collateral portfolio loans transferred to other real estate | 3 | 1 | |
Carrying value of collateral portfolio loans transferred to other real estate | 1,369 | 372 | |
Number of loans sold | 0 | 0 | |
Number of loans purchased | 0 | 0 | |
Commercial, financial & agricultural | |||
LOANS AND LEASES | |||
Loans and leases, gross | 500,251 | 463,070 | |
Net deferred costs (income) | 432 | 693 | |
Total loans and leases | 500,683 | 463,763 | |
Real estate, construction | |||
LOANS AND LEASES | |||
Loans and leases, gross | 113,137 | 115,023 | |
Net deferred costs (income) | -416 | -469 | |
Total loans and leases | 112,721 | 114,554 | |
Real estate, Mortgage - residential | |||
LOANS AND LEASES | |||
Loans and leases, gross | 1,298,076 | 1,280,089 | |
Net deferred costs (income) | 2,228 | 2,235 | |
Total loans and leases | 1,300,304 | 1,282,324 | |
Real estate, Mortgage - commercial | |||
LOANS AND LEASES | |||
Loans and leases, gross | 702,113 | 704,099 | |
Net deferred costs (income) | -857 | -826 | |
Total loans and leases | 701,256 | 703,273 | |
Consumer | |||
LOANS AND LEASES | |||
Loans and leases, gross | 350,344 | 365,662 | |
Net deferred costs (income) | -421 | -518 | |
Total loans and leases | 349,923 | 365,144 | |
Leases | |||
LOANS AND LEASES | |||
Loans and leases, gross | 2,885 | 3,140 | |
Total loans and leases | $2,885 | $3,140 |
LOANS_AND_LEASES_Details_2
LOANS AND LEASES (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Allowance for loan and lease losses : | ||||
Total ending balance | $71,433 | $74,040 | $83,162 | $83,820 |
Loans and leases : | ||||
Individually evaluated for impairment | 69,448 | 72,276 | ||
Collectively evaluated for impairment | 2,897,358 | 2,858,807 | ||
Loans and leases | 2,966,806 | 2,931,083 | ||
Net deferred costs (income) | 966 | 1,115 | ||
Total loans and leases | 2,967,772 | 2,932,198 | ||
Allocated | ||||
Allowance for loan and lease losses : | ||||
Ending balance attributable to loans : Individually evaluated for impairment | 772 | 1,533 | ||
Ending balance attributable to loans : Collectively evaluated for impairment | 66,661 | 68,507 | ||
Total ending balance | 67,433 | 70,040 | ||
Commercial, financial & agricultural | ||||
Allowance for loan and lease losses : | ||||
Ending balance attributable to loans : Individually evaluated for impairment | 772 | 1,533 | ||
Ending balance attributable to loans : Collectively evaluated for impairment | 8,019 | 7,421 | ||
Total ending balance | 8,791 | 8,954 | 12,786 | 13,196 |
Loans and leases : | ||||
Individually evaluated for impairment | 13,727 | 13,369 | ||
Collectively evaluated for impairment | 486,524 | 449,701 | ||
Loans and leases | 500,251 | 463,070 | ||
Net deferred costs (income) | 432 | 693 | ||
Total loans and leases | 500,683 | 463,763 | ||
Real estate, construction | ||||
Allowance for loan and lease losses : | ||||
Ending balance attributable to loans : Collectively evaluated for impairment | 14,305 | 14,969 | ||
Total ending balance | 14,305 | 14,969 | 14,940 | 2,774 |
Loans and leases : | ||||
Individually evaluated for impairment | 4,606 | 4,888 | ||
Collectively evaluated for impairment | 108,531 | 110,135 | ||
Loans and leases | 113,137 | 115,023 | ||
Net deferred costs (income) | -416 | -469 | ||
Total loans and leases | 112,721 | 114,554 | ||
Real estate, Mortgage - residential | ||||
Allowance for loan and lease losses : | ||||
Ending balance attributable to loans : Collectively evaluated for impairment | 17,057 | 17,927 | ||
Total ending balance | 17,057 | 17,927 | 17,812 | 25,272 |
Loans and leases : | ||||
Individually evaluated for impairment | 28,514 | 30,893 | ||
Collectively evaluated for impairment | 1,269,562 | 1,249,196 | ||
Loans and leases | 1,298,076 | 1,280,089 | ||
Net deferred costs (income) | 2,228 | 2,235 | ||
Total loans and leases | 1,300,304 | 1,282,324 | ||
Real estate, Mortgage - commercial | ||||
Allowance for loan and lease losses : | ||||
Ending balance attributable to loans : Collectively evaluated for impairment | 20,161 | 20,869 | ||
Total ending balance | 20,161 | 20,869 | 25,925 | 29,947 |
Loans and leases : | ||||
Individually evaluated for impairment | 22,601 | 23,126 | ||
Collectively evaluated for impairment | 679,512 | 680,973 | ||
Loans and leases | 702,113 | 704,099 | ||
Net deferred costs (income) | -857 | -826 | ||
Total loans and leases | 701,256 | 703,273 | ||
Consumer | ||||
Allowance for loan and lease losses : | ||||
Ending balance attributable to loans : Collectively evaluated for impairment | 7,119 | 7,314 | ||
Total ending balance | 7,119 | 7,314 | 5,687 | 6,576 |
Loans and leases : | ||||
Collectively evaluated for impairment | 350,344 | 365,662 | ||
Loans and leases | 350,344 | 365,662 | ||
Net deferred costs (income) | -421 | -518 | ||
Total loans and leases | 349,923 | 365,144 | ||
Leases | ||||
Allowance for loan and lease losses : | ||||
Ending balance attributable to loans : Collectively evaluated for impairment | 7 | |||
Total ending balance | 7 | 12 | 55 | |
Loans and leases : | ||||
Collectively evaluated for impairment | 2,885 | 3,140 | ||
Loans and leases | 2,885 | 3,140 | ||
Total loans and leases | 2,885 | 3,140 | ||
Unallocated | ||||
Allowance for loan and lease losses : | ||||
Total ending balance | $4,000 | $4,000 | $6,000 | $6,000 |
LOANS_AND_LEASES_Details_3
LOANS AND LEASES (Details 3) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Unpaid Principal Balance | |||
Impaired loans with no related allowance recorded | $77,013,000 | $76,393,000 | |
Impaired loans with an allowance recorded | 12,660,000 | 16,630,000 | |
Total | 89,673,000 | 93,023,000 | |
Recorded Investment | |||
Impaired loans with no related allowance recorded | 59,320,000 | 59,645,000 | |
Impaired loans with an allowance recorded | 10,128,000 | 12,631,000 | |
Total | 69,448,000 | 72,276,000 | |
Allowance Allocated | |||
Impaired loans with an allowance recorded | 772,000 | 1,533,000 | |
Average recorded investment on impaired loans | |||
Average Recorded Investment | 70,050,000 | 67,691,000 | |
Interest income recognized on impaired loans | |||
Interest Income Recognized | 256,000 | 239,000 | |
Commercial, financial & agricultural | |||
Unpaid Principal Balance | |||
Impaired loans with no related allowance recorded | 5,178,000 | 738,000 | |
Impaired loans with an allowance recorded | 12,660,000 | 16,630,000 | |
Recorded Investment | |||
Impaired loans with no related allowance recorded | 3,599,000 | 738,000 | |
Impaired loans with an allowance recorded | 10,128,000 | 12,631,000 | |
Allowance Allocated | |||
Impaired loans with an allowance recorded | 772,000 | 1,533,000 | |
Average recorded investment on impaired loans | |||
Average Recorded Investment | 13,646,000 | 8,417,000 | |
Interest income recognized on impaired loans | |||
Interest Income Recognized | 5,000 | 5,000 | |
Real estate, construction | |||
Unpaid Principal Balance | |||
Impaired loans with no related allowance recorded | 10,951,000 | 11,275,000 | |
Recorded Investment | |||
Impaired loans with no related allowance recorded | 4,606,000 | 4,888,000 | |
Average recorded investment on impaired loans | |||
Average Recorded Investment | 4,699,000 | 6,822,000 | |
Interest income recognized on impaired loans | |||
Interest Income Recognized | 86,000 | 32,000 | |
Real estate, Mortgage - residential | |||
Unpaid Principal Balance | |||
Impaired loans with no related allowance recorded | 31,161,000 | 34,131,000 | |
Recorded Investment | |||
Impaired loans with no related allowance recorded | 28,514,000 | 30,893,000 | |
Average recorded investment on impaired loans | |||
Average Recorded Investment | 28,954,000 | 36,407,000 | |
Interest income recognized on impaired loans | |||
Interest Income Recognized | 1,000 | 163,000 | |
Loans in the process of foreclosure | 3,900,000 | ||
Real estate, Mortgage - commercial | |||
Unpaid Principal Balance | |||
Impaired loans with no related allowance recorded | 29,723,000 | 30,249,000 | |
Recorded Investment | |||
Impaired loans with no related allowance recorded | 22,601,000 | 23,126,000 | |
Average recorded investment on impaired loans | |||
Average Recorded Investment | 22,751,000 | 16,045,000 | |
Interest income recognized on impaired loans | |||
Interest Income Recognized | $164,000 | $39,000 |
LOANS_AND_LEASES_Details_4
LOANS AND LEASES (Details 4) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
30 - 59 Days Past Due | $3,130 | $4,829 |
60 - 89 Days Past Due | 437 | 881 |
Accruing Loans Greater than 90 Days Past Due | 5 | 77 |
Nonaccrual Loans | 37,421 | 39,087 |
Total Past Due | 40,993 | 44,874 |
Loans and Leases Not Past Due | 2,926,779 | 2,887,324 |
Total loans and leases | 2,967,772 | 2,932,198 |
Commercial, financial & agricultural | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
30 - 59 Days Past Due | 290 | 183 |
60 - 89 Days Past Due | 225 | 85 |
Nonaccrual Loans | 13,377 | 13,007 |
Total Past Due | 13,892 | 13,275 |
Loans and Leases Not Past Due | 486,791 | 450,488 |
Total loans and leases | 500,683 | 463,763 |
Real estate, construction | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Nonaccrual Loans | 146 | 310 |
Total Past Due | 146 | 310 |
Loans and Leases Not Past Due | 112,575 | 114,244 |
Total loans and leases | 112,721 | 114,554 |
Real estate, Mortgage - residential | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
30 - 59 Days Past Due | 1,945 | 3,078 |
60 - 89 Days Past Due | 379 | |
Nonaccrual Loans | 11,430 | 13,048 |
Total Past Due | 13,375 | 16,505 |
Loans and Leases Not Past Due | 1,286,929 | 1,265,819 |
Total loans and leases | 1,300,304 | 1,282,324 |
Real estate, Mortgage - commercial | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
30 - 59 Days Past Due | 68 | |
Nonaccrual Loans | 12,468 | 12,722 |
Total Past Due | 12,468 | 12,790 |
Loans and Leases Not Past Due | 688,788 | 690,483 |
Total loans and leases | 701,256 | 703,273 |
Consumer | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
30 - 59 Days Past Due | 895 | 1,500 |
60 - 89 Days Past Due | 212 | 417 |
Accruing Loans Greater than 90 Days Past Due | 5 | 77 |
Total Past Due | 1,112 | 1,994 |
Loans and Leases Not Past Due | 348,811 | 363,150 |
Total loans and leases | 349,923 | 365,144 |
Leases | ||
Aging Analysis of Accruing and Non-Accruing Loans and Leases | ||
Loans and Leases Not Past Due | 2,885 | 3,140 |
Total loans and leases | $2,885 | $3,140 |
LOANS_AND_LEASES_Details_5
LOANS AND LEASES (Details 5) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | |
contract | |||
Information related to loans modified in a TDR | |||
Amount of TDRs still accruing interest | $19,800,000 | $29,500,000 | |
Commitments to lend additional funds | 0 | ||
Holding period limit for accruing interest on TDRs | 90 days | 90 days | |
Construction and development loan | HAWAII | |||
Information related to loans modified in a TDR | |||
Principal balances of troubled debt restructurings included in nonperforming assets | 40,000 | ||
Commercial loans | HAWAII | |||
Information related to loans modified in a TDR | |||
Principal balances of troubled debt restructurings included in nonperforming assets | 400,000 | ||
Real estate, Mortgage - residential | |||
Information related to loans modified in a TDR | |||
Number of Contracts | 9 | ||
Recorded Investment | 613,000 | ||
Real estate, Mortgage - residential | HAWAII | |||
Information related to loans modified in a TDR | |||
Number of TDRs included in nonperforming assets | 33 | ||
Principal balances of troubled debt restructurings included in nonperforming assets | 6,600,000 | ||
Real estate, Mortgage - commercial | |||
Information related to loans modified in a TDR | |||
Number of Contracts | 11 | ||
Recorded Investment | 910,000 | ||
Real estate, Mortgage - commercial | HAWAII | |||
Information related to loans modified in a TDR | |||
Number of TDRs included in nonperforming assets | 11 | ||
Principal balances of troubled debt restructurings included in nonperforming assets | 900,000 | ||
Real estate mortgage - construction | |||
Loans modified as a TDR within the previous twelve months that subsequently defaulted | |||
Number of Contracts | 1 | ||
Recorded Investment | $175,000 |
LOANS_AND_LEASES_Details_6
LOANS AND LEASES (Details 6) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Recovery value of loan | $0 | |
Loans and leases, gross | 2,966,806 | 2,931,083 |
Net deferred costs (income) | 966 | 1,115 |
Total | 2,967,772 | 2,932,198 |
Commercial, financial & agricultural | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 500,251 | 463,070 |
Net deferred costs (income) | 432 | 693 |
Total | 500,683 | 463,763 |
Real estate, construction | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 113,137 | 115,023 |
Net deferred costs (income) | -416 | -469 |
Total | 112,721 | 114,554 |
Real estate, Mortgage - residential | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 1,298,076 | 1,280,089 |
Net deferred costs (income) | 2,228 | 2,235 |
Total | 1,300,304 | 1,282,324 |
Real estate, Mortgage - commercial | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 702,113 | 704,099 |
Net deferred costs (income) | -857 | -826 |
Total | 701,256 | 703,273 |
Consumer | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 350,344 | 365,662 |
Net deferred costs (income) | -421 | -518 |
Total | 349,923 | 365,144 |
Leases | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 2,885 | 3,140 |
Total | 2,885 | 3,140 |
Pass | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 2,885,857 | 2,838,696 |
Pass | Commercial, financial & agricultural | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 468,515 | 432,892 |
Pass | Real estate, construction | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 110,294 | 111,370 |
Pass | Real estate, Mortgage - residential | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 1,285,124 | 1,265,470 |
Pass | Real estate, Mortgage - commercial | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 668,772 | 660,492 |
Pass | Consumer | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 350,267 | 365,332 |
Pass | Leases | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 2,885 | 3,140 |
Special Mention | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 27,396 | 25,799 |
Special Mention | Commercial, financial & agricultural | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 16,656 | 14,655 |
Special Mention | Real estate, construction | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 1,831 | |
Special Mention | Real estate, Mortgage - residential | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 344 | 352 |
Special Mention | Real estate, Mortgage - commercial | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 8,493 | 10,498 |
Special Mention | Consumer | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 72 | 294 |
Substandard | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 53,553 | 66,588 |
Substandard | Commercial, financial & agricultural | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 15,080 | 15,523 |
Substandard | Real estate, construction | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 1,012 | 3,653 |
Substandard | Real estate, Mortgage - residential | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 12,608 | 14,267 |
Substandard | Real estate, Mortgage - commercial | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | 24,848 | 33,109 |
Substandard | Consumer | ||
Recorded investment in the loans and leases, by class and credit indicator | ||
Loans and leases, gross | $5 | $36 |
ALLOWANCE_FOR_LOAN_AND_LEASE_L2
ALLOWANCE FOR LOAN AND LEASE LOSSES (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Changes in the allowance | ||
Beginning balance | $74,040 | $83,820 |
Provision (credit) for loan and lease losses | -2,747 | -1,316 |
Subtotal | 71,293 | 82,504 |
Charge-offs | 2,786 | 698 |
Recoveries | 2,926 | 1,356 |
Net charge-offs (recoveries) | -140 | -658 |
Ending balance | 71,433 | 83,162 |
Commercial, financial & agricultural | ||
Changes in the allowance | ||
Beginning balance | 8,954 | 13,196 |
Provision (credit) for loan and lease losses | 147 | -943 |
Subtotal | 9,101 | 12,253 |
Charge-offs | 878 | 73 |
Recoveries | 568 | 606 |
Net charge-offs (recoveries) | 310 | -533 |
Ending balance | 8,791 | 12,786 |
Real estate, construction | ||
Changes in the allowance | ||
Beginning balance | 14,969 | 2,774 |
Provision (credit) for loan and lease losses | -787 | 11,764 |
Subtotal | 14,182 | 14,538 |
Recoveries | 123 | 402 |
Net charge-offs (recoveries) | -123 | -402 |
Ending balance | 14,305 | 14,940 |
Real estate, Mortgage - residential | ||
Changes in the allowance | ||
Beginning balance | 17,927 | 25,272 |
Provision (credit) for loan and lease losses | -2,344 | -7,517 |
Subtotal | 15,583 | 17,755 |
Charge-offs | 14 | 37 |
Recoveries | 1,488 | 94 |
Net charge-offs (recoveries) | -1,474 | -57 |
Ending balance | 17,057 | 17,812 |
Real estate, Mortgage - commercial | ||
Changes in the allowance | ||
Beginning balance | 20,869 | 29,947 |
Provision (credit) for loan and lease losses | -721 | -4,035 |
Subtotal | 20,148 | 25,912 |
Recoveries | 13 | 13 |
Net charge-offs (recoveries) | -13 | -13 |
Ending balance | 20,161 | 25,925 |
Consumer | ||
Changes in the allowance | ||
Beginning balance | 7,314 | 6,576 |
Provision (credit) for loan and lease losses | 965 | -548 |
Subtotal | 8,279 | 6,028 |
Charge-offs | 1,894 | 580 |
Recoveries | 734 | 239 |
Net charge-offs (recoveries) | 1,160 | 341 |
Ending balance | 7,119 | 5,687 |
Leases | ||
Changes in the allowance | ||
Beginning balance | 7 | 55 |
Provision (credit) for loan and lease losses | -7 | -37 |
Subtotal | 18 | |
Charge-offs | 8 | |
Recoveries | 2 | |
Net charge-offs (recoveries) | 6 | |
Ending balance | 12 | |
Unallocated | ||
Changes in the allowance | ||
Beginning balance | 4,000 | 6,000 |
Subtotal | 4,000 | 6,000 |
Ending balance | $4,000 | $6,000 |
SECURITIZATIONS_Details
SECURITIZATIONS (Details) (Real estate, Mortgage - residential, Significant Other Observable Inputs (Level 2), USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Real estate, Mortgage - residential | Significant Other Observable Inputs (Level 2) | ||
SECURITIZATIONS | ||
Fair value | $3.30 | $3.50 |
Unrealized gains recorded in AOCI | $0.30 | $0.30 |
INVESTMENTS_IN_UNCONSOLIDATED_2
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES | |||
Investments in low income housing tax credit partnerships | $3,492,000 | $3,781,000 | |
Trust preferred investments | 2,792,000 | 2,792,000 | |
Investment in affiliates | 440,000 | 557,000 | |
Other | 116,000 | 116,000 | |
Investment in unconsolidated subsidiaries | 6,840,000 | 7,246,000 | |
Amortization expense in pretax income | 300,000 | 400,000 | |
Income Tax Credits and Adjustments | $300,000 |
OTHER_INTANGIBLE_ASSETS_Detail
OTHER INTANGIBLE ASSETS (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Changes in other intangible assets | |||
Balance, beginning of period | $29,697 | ||
Additions | 638 | ||
Amortization | -2,105 | ||
Balance, end of period | 28,230 | ||
Gross carrying value, accumulated amortization and net carrying value related to intangible assets | |||
Gross Carrying Value | 100,229 | 101,329 | |
Accumulated Amortization | -71,999 | -71,632 | |
Net Carrying Value | 28,230 | ||
Estimated Amortization Expense | |||
2015 (remainder) | 6,121 | ||
2016 | 7,054 | ||
2017 | 6,091 | ||
2018 | 4,707 | ||
2019 | 2,102 | ||
2020 | 1,772 | ||
Thereafter | 383 | ||
Net Carrying Value | 28,230 | ||
Other disclosures | |||
Income generated as a result of new mortgage servicing rights reported as gains on sale of loans | 1,594 | 1,239 | |
Core Deposit Premium | |||
Changes in other intangible assets | |||
Balance, beginning of period | 10,029 | ||
Amortization | -668 | ||
Balance, end of period | 9,361 | ||
Gross carrying value, accumulated amortization and net carrying value related to intangible assets | |||
Gross Carrying Value | 44,642 | 44,642 | |
Accumulated Amortization | -35,281 | -34,613 | |
Net Carrying Value | 9,361 | ||
Estimated Amortization Expense | |||
2015 (remainder) | 2,006 | ||
2016 | 2,674 | ||
2017 | 2,674 | ||
2018 | 2,007 | ||
Net Carrying Value | 9,361 | ||
Mortgage Servicing Rights | |||
Changes in other intangible assets | |||
Balance, beginning of period | 19,668 | ||
Additions | 638 | ||
Amortization | -1,437 | -600 | |
Balance, end of period | 18,869 | ||
Gross carrying value, accumulated amortization and net carrying value related to intangible assets | |||
Gross Carrying Value | 55,587 | 56,687 | |
Accumulated Amortization | -36,718 | -37,019 | |
Net Carrying Value | 18,869 | ||
Estimated Amortization Expense | |||
2015 (remainder) | 4,115 | ||
2016 | 4,380 | ||
2017 | 3,417 | ||
2018 | 2,700 | ||
2019 | 2,102 | ||
2020 | 1,772 | ||
Thereafter | 383 | ||
Net Carrying Value | 18,869 | ||
Other disclosures | |||
Income generated as a result of new mortgage servicing rights reported as gains on sale of loans | 600 | 400 | |
Fair market value and key assumptions used in determining the fair market value | |||
Fair market value, beginning of period | 19,975 | 21,399 | |
Fair market value, end of period | $19,172 | $20,832 | |
Weighted average discount rate (as a percent) | 9.50% | 8.00% | |
Weighted average prepayment speed assumption (as a percent) | 13.90% | 14.10% |
DERIVATIVES_Details
DERIVATIVES (Details) (Derivatives Not Designated as Hedging Instruments, USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Interest rate lock commitments | |
DERIVATIVES | |
Mortgage loans hedged | $66.70 |
Forward sale commitments | |
DERIVATIVES | |
Mortgage loans hedged | $27.50 |
DERIVATIVES_Details_2
DERIVATIVES (Details 2) (Derivatives Not Designated as Hedging Instruments, Derivative - Interest Rate Contracts, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Derivatives Not Designated as Hedging Instruments | Derivative - Interest Rate Contracts | ||
Asset Derivatives | ||
Fair Value | $1,150 | $504 |
Liability Derivatives | ||
Fair Value | $302 | $122 |
DERIVATIVES_Details_3
DERIVATIVES (Details 3) (Derivatives Not Designated as Hedging Instruments, Derivatives Not in Cash Flow Hedging Relationship, Derivative - Interest Rate Contracts, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Derivatives Not Designated as Hedging Instruments | Derivatives Not in Cash Flow Hedging Relationship | Derivative - Interest Rate Contracts | ||
DERIVATIVES | ||
Amount of Gain (Loss) Recognized in Earnings on Derivatives | $466 | ($60) |
SHORTTERM_BORROWINGS_AND_LONGT1
SHORT-TERM BORROWINGS AND LONG-TERM DEBT (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
LONG-TERM DEBT | |||
Long term borrowings | $92,785,000 | $92,785,000 | |
Short-term borrowings | 70,000,000 | 38,000,000 | |
Investment securities pledged as collateral | 944,400,000 | 900,500,000 | |
Deferred accrued interest paid | 1,599,000 | 1,654,000 | |
Federal Home Loan Bank Borrowings | |||
LONG-TERM DEBT | |||
Line of Credit, maximum borrowing capacity | 965,400,000 | ||
Additional unused borrowings available | 895,400,000 | ||
Long term borrowings | 0 | 0 | |
Short-term borrowings | 70,000,000 | 38,000,000 | |
Investment securities pledged as collateral | 800,000 | ||
Commercial real estate and commercial loans pledged as collateral | 1,500,000,000 | ||
Federal Reserve discount window line of credit | |||
LONG-TERM DEBT | |||
Additional unused borrowings available | 34,000,000 | 33,300,000 | |
Commercial real estate and commercial loans pledged as collateral | $70,900,000 | $72,900,000 |
EQUITY_Details
EQUITY (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||
Jan. 29, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2015 | Jan. 31, 2015 | Mar. 21, 2014 | Apr. 07, 2014 | Feb. 20, 2014 | Apr. 01, 2015 | Feb. 21, 2014 | Feb. 21, 2014 | Nov. 23, 2010 | Dec. 31, 2013 | Jan. 31, 2008 | 20-May-14 | |
EQUITY | ||||||||||||||||
For ownership change to occur, the minimum cumulative increase in the entity's ownership by "5-percent shareholders" over a rolling three-year period (as a percent) | 50.00% | |||||||||||||||
Par value (in dollars per share) | $0 | $0 | $0 | |||||||||||||
Additional Extension Period | 2 years | |||||||||||||||
Number of shares repurchased | 473,829 | 3,405,888 | ||||||||||||||
Common stock, outstanding shares | 34,797,133 | 35,233,674 | 34,797,133 | |||||||||||||
Common stock, issued shares | 34,797,133 | 35,233,674 | 34,797,133 | |||||||||||||
Common stock, par value (in dollars per share) | $0 | $0 | $0 | |||||||||||||
Other operating expense | $4,492,000 | $4,015,000 | ||||||||||||||
Rights | ||||||||||||||||
EQUITY | ||||||||||||||||
Additional extension period of Tax Benefits Preservation Plan | 2 years | |||||||||||||||
Central Bank | ||||||||||||||||
EQUITY | ||||||||||||||||
Statutory Retained Earnings | 124,300,000 | 124,300,000 | ||||||||||||||
Common Stock | ||||||||||||||||
EQUITY | ||||||||||||||||
Number of shares repurchased | 857,554 | |||||||||||||||
Value of shares repurchased | 16,500,000 | |||||||||||||||
Common Stock | Repurchase Plan 2008 | ||||||||||||||||
EQUITY | ||||||||||||||||
Shares authorized under the Repurchase Plan | 60,000 | |||||||||||||||
Shares remaining available for repurchase | 55,000 | |||||||||||||||
Common Stock | Repurchase Plan 2014 | ||||||||||||||||
EQUITY | ||||||||||||||||
Number of shares repurchased | 473,829 | |||||||||||||||
Value of shares repurchased | 9,300,000 | |||||||||||||||
Amount authorized under the Repurchase Plan | 30,000,000 | |||||||||||||||
Increase in share repurchase authorized amount | 75,000,000 | 25,000,000 | ||||||||||||||
Shares remaining available for repurchase | 104,200,000 | 104,200,000 | ||||||||||||||
Common Stock | Repurchase Agreements | ||||||||||||||||
EQUITY | ||||||||||||||||
Tender offer price (in dollars per share) | $20.20 | |||||||||||||||
Number of shares of common stock properly tendered and not withdrawn at or below the purchase price | 3,369,850 | |||||||||||||||
Number of shares of common stock tendered through notice of guaranteed delivery at or below the purchase price | 167,572 | |||||||||||||||
Number of shares repurchased | 3,405,888 | |||||||||||||||
Value of shares repurchased | 68,800,000 | |||||||||||||||
Share repurchase percentage of common stock properly tendered and not withdrawn at or below the purchase price | 96.60% | |||||||||||||||
Common Stock | Repurchase Agreements | Subsequent Event | ||||||||||||||||
EQUITY | ||||||||||||||||
Number of shares repurchased | 6,188,066 | |||||||||||||||
Value of shares repurchased | 125,000,000 | |||||||||||||||
Share repurchase percentage of issued and outstanding shares of common stock prior to the completion of the tender offer and the private repurchases | 14.70% | |||||||||||||||
Common stock, outstanding shares | 35,900,000 | |||||||||||||||
Common Stock | Repurchase Agreements | Lead Investors | ||||||||||||||||
EQUITY | ||||||||||||||||
Value of shares repurchased | 56,200,000 | |||||||||||||||
Percentage of shares of common stock held by investors | 44.90% | |||||||||||||||
Common Stock | Repurchase Agreements | Carlyle | ||||||||||||||||
EQUITY | ||||||||||||||||
Number of shares repurchased | 1,391,089 | |||||||||||||||
Number of shares of common stock held by investors | 9,463,095 | |||||||||||||||
Percentage of shares of common stock held by investors | 22.50% | |||||||||||||||
Common Stock | Repurchase Agreements | Anchorage | ||||||||||||||||
EQUITY | ||||||||||||||||
Number of shares repurchased | 1,391,089 | |||||||||||||||
Number of shares of common stock held by investors | 9,463,095 | |||||||||||||||
Percentage of shares of common stock held by investors | 22.50% | |||||||||||||||
Common Stock | Underwriting Agreement | Subsequent Event | ||||||||||||||||
EQUITY | ||||||||||||||||
Value of shares repurchased | 175,000,000 | |||||||||||||||
Common stock, par value (in dollars per share) | $0 | |||||||||||||||
Common stock, sale price (in dollars per share) | $23.01 | |||||||||||||||
Other operating expense | 500,000 | |||||||||||||||
Common Stock | Underwriting Agreement | Carlyle | Subsequent Event | ||||||||||||||||
EQUITY | ||||||||||||||||
Number of shares repurchased | 3,802,694 | |||||||||||||||
Common Stock | Underwriting Agreement | Anchorage | Subsequent Event | ||||||||||||||||
EQUITY | ||||||||||||||||
Number of shares repurchased | 3,802,694 | |||||||||||||||
Common Stock | Underwriting Agreement | Carlyle And Anchorage | Subsequent Event | ||||||||||||||||
EQUITY | ||||||||||||||||
Number of shares repurchased | 7,605,388 | |||||||||||||||
Common stock, sale price (in dollars per share) | $23.01 | |||||||||||||||
Common Stock | Underwriting Agreement | Citigroup Global Markets | Subsequent Event | ||||||||||||||||
EQUITY | ||||||||||||||||
Number of shares repurchased | 3,259,452 | |||||||||||||||
Value of shares repurchased | 75,000,000 | |||||||||||||||
Common stock, sale price (in dollars per share) | $23.01 | |||||||||||||||
Common Stock | Minimum | Repurchase Agreements | ||||||||||||||||
EQUITY | ||||||||||||||||
Tender offer price (in dollars per share) | $18.50 | |||||||||||||||
Common Stock | Maximum | Repurchase Agreements | ||||||||||||||||
EQUITY | ||||||||||||||||
Tender offer price (in dollars per share) | $21 | |||||||||||||||
Value of shares repurchased | 68,800,000 | |||||||||||||||
Common Stock | Maximum | Repurchase Agreements | Carlyle | ||||||||||||||||
EQUITY | ||||||||||||||||
Value of shares repurchased | 28,100,000 | |||||||||||||||
Common Stock | Maximum | Repurchase Agreements | Carlyle And Anchorage | ||||||||||||||||
EQUITY | ||||||||||||||||
Value of shares repurchased | $28,100,000 | |||||||||||||||
Junior Participating Preferred Stock, Series C | Rights | ||||||||||||||||
EQUITY | ||||||||||||||||
Fraction of securities callable by each warrant or right | 0.0001 | |||||||||||||||
Exercise price of warrant (in dollars per share) | $6 |
SHAREBASED_COMPENSATION_Detail
SHARE-BASED COMPENSATION (Details) (Restricted Stock Awards and Units, USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Restricted Stock Awards and Units | |
Activity of nonvested shares | |
Nonvested at the beginning of the period (in shares) | 715,460 |
Changes during the period: | |
Granted (in shares) | 60,873 |
Vested (in shares) | -54,123 |
Forfeited (in shares) | -28,160 |
Nonvested at the end of the period (in shares) | 694,050 |
Weighted Average Grant Date Fair Value | |
Nonvested at the beginning of the period (in dollars per share) | $15.77 |
Changes during the period: | |
Granted (in dollars per share) | $23.98 |
Vested (in dollars per share) | $17.13 |
Forfeited (in dollars per share) | $16.16 |
Nonvested at the end of the period (in dollars per share) | $16.37 |
ACCUMULATED_OTHER_COMPREHENSIV2
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net unrealized gains/losses on investment securities, Before Tax | ||
Net unrealized gains arising during the period | $11,476 | $15,944 |
Defined benefit plans, Before Tax | ||
Amortization of net actuarial losses | 420 | 305 |
Amortization of net transition obligation | 4 | 4 |
Amortization of prior service cost | 5 | 5 |
Defined benefit plans, net | 429 | 314 |
Other comprehensive income | 11,905 | 16,258 |
Net unrealized gains/losses on investment securities, Tax Effect | ||
Net unrealized gains (losses) arising during the period | 4,567 | 6,368 |
Defined benefit plans, Tax Effect | ||
Amortization of net actuarial losses | 165 | 123 |
Amortization of net transition obligation | 2 | 2 |
Amortization of prior service cost | 2 | 2 |
Defined benefit plans, net | 169 | 127 |
Other comprehensive income | 4,736 | 6,495 |
Net unrealized gains/losses on investment securities, Net of Tax | ||
Net unrealized gains (losses) arising during the period | 6,909 | 9,576 |
Defined benefit plans, Net of Tax | ||
Amortization of net actuarial losses | 255 | 182 |
Amortization of net transition obligation | 2 | 2 |
Amortization of prior service cost | 3 | 3 |
Defined benefit plans, net | 260 | 187 |
Other comprehensive income, net of tax | $7,169 | $9,763 |
ACCUMULATED_OTHER_COMPREHENSIV3
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details 2) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Changes in each component of AOCI, net of tax | ||
Balance at beginning of period | $3,159 | ($15,845) |
Other comprehensive income before reclassifications | 6,909 | 9,576 |
Amounts reclassified from AOCI | 260 | 187 |
Other comprehensive income, net of tax | 7,169 | 9,763 |
Balance at end of period | 10,328 | -6,082 |
Investment Securities | ||
Changes in each component of AOCI, net of tax | ||
Balance at beginning of period | 13,586 | -9,125 |
Other comprehensive income before reclassifications | 6,909 | 9,576 |
Other comprehensive income, net of tax | 6,909 | 9,576 |
Balance at end of period | 20,495 | 451 |
Benefit Plans | ||
Changes in each component of AOCI, net of tax | ||
Balance at beginning of period | -10,427 | -6,720 |
Amounts reclassified from AOCI | 260 | 187 |
Other comprehensive income, net of tax | 260 | 187 |
Balance at end of period | ($10,167) | ($6,533) |
ACCUMULATED_OTHER_COMPREHENSIV4
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) (Details 3) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Amounts reclassified out of each component of accumulated other comprehensive income | ||
Net actuarial losses | ($420) | ($305) |
Net transition obligation | -4 | -4 |
Prior service cost | -5 | -5 |
Tax (expense) benefit | -5,759 | -5,518 |
Net income (loss) | 10,395 | 9,808 |
Amount Reclassified from AOCI | ||
Amounts reclassified out of each component of accumulated other comprehensive income | ||
Net income (loss) | -260 | -187 |
Benefit Plans | Amount Reclassified from AOCI | ||
Amounts reclassified out of each component of accumulated other comprehensive income | ||
Net actuarial losses | -420 | -305 |
Net transition obligation | -4 | -4 |
Prior service cost | -5 | -5 |
Reclassification from Accumulated Other Comprehensive Income | -429 | -314 |
Tax (expense) benefit | $169 | $127 |
PENSION_AND_SUPPLEMENTAL_EXECU2
PENSION AND SUPPLEMENTAL EXECUTIVE RETIREMENT PLANS (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Pension Plan | ||
Components of net periodic benefit cost | ||
Interest cost | $348 | $366 |
Expected return on assets | -472 | -524 |
Amortization of net actuarial losses | 393 | 304 |
Net periodic cost | 269 | 146 |
SERPs | ||
Components of net periodic benefit cost | ||
Interest cost | 110 | 113 |
Amortization of net transition obligation | 4 | 4 |
Amortization of prior service cost | 5 | 5 |
Amortization of net actuarial losses | 27 | 1 |
Net periodic cost | $146 | $123 |
INCOME_AND_FRANCHISE_TAXES_Det
INCOME AND FRANCHISE TAXES (Details) (USD $) | Mar. 31, 2015 |
In Millions, unless otherwise specified | |
Federal | |
Operating loss carryforwards | |
Net operating loss carryforwards | $117.90 |
State | HAWAII | |
Operating loss carryforwards | |
Net operating loss carryforwards | 82.7 |
State | CALIFORNIA | |
Operating loss carryforwards | |
Net operating loss carryforwards | $39.50 |
INCOME_AND_FRANCHISE_TAXES_Det1
INCOME AND FRANCHISE TAXES (Details 2) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2015 |
Tax credit carryforwards | |
Expiration period of tax credit carryforwards | 20 years |
State | |
Tax credit carryforwards | |
Tax credit carryforwards that do not expire | 14.8 |
Federal | |
Tax credit carryforwards | |
Tax credit carryforwards | 16.6 |
Tax credit carryforwards that expire | 13.7 |
Tax credit carryforwards that do not expire | 2.9 |
INCOME_AND_FRANCHISE_TAXES_Det2
INCOME AND FRANCHISE TAXES (Details 3) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Reconciliation between the income tax benefit and the expected tax benefit | ||
U.S. Federal corporate tax rate (as a percent) | 35.00% | |
Computed expected tax expense | $5,654 | $5,364 |
Increase (decrease) in taxes resulting from: | ||
Tax-exempt interest | -352 | -351 |
Other tax-exempt income | -236 | -235 |
Income tax credits | -327 | -195 |
State income taxes, net of Federal income tax effect, excluding impact of deferred tax valuation allowance | 739 | 600 |
Change in the beginning-of-the-year balance of the valuation allowance for deferred tax assets allocated to income tax expense | 18 | 135 |
Other | 263 | 200 |
Total | $5,759 | $5,518 |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
EARNINGS PER SHARE | ||
Net income | $10,395 | $9,808 |
Weighted average shares outstanding - basic | 34,827,000 | 41,915,000 |
SHARE-BASED COMPENSATION | ||
Weighted average shares outstanding - diluted | 35,479,000 | 42,477,000 |
Basic earnings per share (in dollars per share) | $0.30 | $0.23 |
Diluted earnings per share (in dollars per share) | $0.29 | $0.23 |
Antidilutive securities excluded from the dilutive share calculation (in shares) | 13,472 | 23,624 |
Stock Option | ||
SHARE-BASED COMPENSATION | ||
Dilutive effect of share-based compensation arrangements | 652,000 | 562,000 |
FAIR_VALUE_OF_FINANCIAL_ASSETS2
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financial assets | ||
Cash and due from banks | $74,743 | $72,316 |
Interest-bearing deposits in other banks | 10,478 | 13,691 |
Loans held for sale | 7,206 | 9,683 |
Accrued interest receivable | 13,420 | 13,584 |
Deposits: | ||
Noninterest-bearing deposits | 1,042,781 | 1,034,146 |
Time deposits | 1,092,040 | 1,045,284 |
Transfers of financial assets from Level 1 to Level 2 | 0 | |
Transfers of financial assets from Level 2 to Level 1 | 0 | |
Transfers of financial liabilities from Level 1 to Level 2 | 0 | |
Transfers of financial liabilities from Level 2 to Level 1 | 0 | |
Carrying Amount | ||
Financial assets | ||
Cash and due from banks | 74,743 | 72,316 |
Interest-bearing deposits in other banks | 10,478 | 13,691 |
Investment securities | 1,554,079 | 1,467,305 |
Loans held for sale | 7,206 | 9,683 |
Net loans and leases | 2,896,339 | 2,858,158 |
Accrued interest receivable | 13,420 | 13,584 |
Deposits: | ||
Noninterest-bearing deposits | 1,042,781 | 1,034,146 |
Interest-bearing demand and savings deposits | 2,053,821 | 2,030,870 |
Time deposits | 1,092,040 | 1,045,284 |
Short-term debt | 70,000 | 38,000 |
Long-term debt | 92,785 | 92,785 |
Accrued interest payable (included in other liabilities) | 965 | 1,018 |
Carrying Amount | Commitments to extend credit | ||
Deposits: | ||
Off-balance sheet financial instruments | 743,758 | 720,255 |
Carrying Amount | Standby letters of credit and financial guarantees written | ||
Deposits: | ||
Off-balance sheet financial instruments | 20,768 | 18,797 |
Carrying Amount | Interest rate options | ||
Deposits: | ||
Off-balance sheet financial instruments | 66,696 | 44,266 |
Carrying Amount | Forward interest rate contracts | ||
Deposits: | ||
Off-balance sheet financial instruments | 27,457 | 23,919 |
Estimated Fair Value | ||
Financial assets | ||
Cash and due from banks | 74,743 | 72,316 |
Interest-bearing deposits in other banks | 10,478 | 13,691 |
Investment securities | 1,554,844 | 1,464,615 |
Loans held for sale | 7,206 | 9,683 |
Net loans and leases | 2,852,249 | 2,752,420 |
Accrued interest receivable | 13,420 | 13,584 |
Deposits: | ||
Noninterest-bearing deposits | 1,042,781 | 1,034,146 |
Interest-bearing demand and savings deposits | 2,053,821 | 2,030,870 |
Time deposits | 1,093,931 | 1,047,322 |
Short-term debt | 70,000 | 38,000 |
Long-term debt | 68,237 | 42,454 |
Accrued interest payable (included in other liabilities) | 965 | 1,018 |
Estimated Fair Value | Commitments to extend credit | ||
Deposits: | ||
Off-balance sheet financial instruments | 3,719 | 3,601 |
Estimated Fair Value | Standby letters of credit and financial guarantees written | ||
Deposits: | ||
Off-balance sheet financial instruments | 156 | 141 |
Estimated Fair Value | Interest rate options | ||
Deposits: | ||
Off-balance sheet financial instruments | 1,081 | 444 |
Estimated Fair Value | Forward interest rate contracts | ||
Deposits: | ||
Off-balance sheet financial instruments | -233 | -62 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets | ||
Cash and due from banks | 74,743 | 72,316 |
Interest-bearing deposits in other banks | 10,478 | 13,691 |
Investment securities | 850 | 877 |
Accrued interest receivable | 13,420 | 13,584 |
Deposits: | ||
Noninterest-bearing deposits | 1,042,781 | 1,034,146 |
Interest-bearing demand and savings deposits | 2,053,821 | 2,030,870 |
Accrued interest payable (included in other liabilities) | 965 | 1,018 |
Significant Other Observable Inputs (Level 2) | ||
Financial assets | ||
Investment securities | 1,541,347 | 1,450,643 |
Net loans and leases | 68,676 | 70,743 |
Deposits: | ||
Short-term debt | 70,000 | 38,000 |
Long-term debt | 68,237 | 42,454 |
Significant Other Observable Inputs (Level 2) | Commitments to extend credit | ||
Deposits: | ||
Off-balance sheet financial instruments | 3,719 | 3,601 |
Significant Other Observable Inputs (Level 2) | Standby letters of credit and financial guarantees written | ||
Deposits: | ||
Off-balance sheet financial instruments | 156 | 141 |
Significant Other Observable Inputs (Level 2) | Interest rate options | ||
Deposits: | ||
Off-balance sheet financial instruments | 1,081 | 444 |
Significant Other Observable Inputs (Level 2) | Forward interest rate contracts | ||
Deposits: | ||
Off-balance sheet financial instruments | -233 | -62 |
Significant Unobservable Inputs (Level 3) | ||
Financial assets | ||
Investment securities | 12,647 | 13,095 |
Loans held for sale | 7,206 | 9,683 |
Net loans and leases | 2,783,573 | 2,681,677 |
Deposits: | ||
Time deposits | $1,093,931 | $1,047,322 |
FAIR_VALUE_OF_FINANCIAL_ASSETS3
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Details 2) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets and liabilities measured at fair value | ||
Available for sale securities: | $1,298,487 | $1,229,018 |
States and political subdivisions debt securities | ||
Assets and liabilities measured at fair value | ||
Available for sale securities: | 192,478 | 191,645 |
Corporate debt securities | ||
Assets and liabilities measured at fair value | ||
Available for sale securities: | 101,327 | 100,604 |
U.S. Government-sponsored entities mortgage-backed securities | ||
Assets and liabilities measured at fair value | ||
Available for sale securities: | 787,046 | 751,558 |
Non-agency collateralized mortgage-backed securities | ||
Assets and liabilities measured at fair value | ||
Available for sale securities: | 216,786 | 184,334 |
Other | ||
Assets and liabilities measured at fair value | ||
Available for sale securities: | 850 | 877 |
Recurring basis | Estimated Fair Value | ||
Assets and liabilities measured at fair value | ||
Total | 1,299,335 | 1,229,400 |
Recurring basis | Estimated Fair Value | Derivative - Interest Rate Contracts | ||
Assets and liabilities measured at fair value | ||
Derivatives: Interest rate contracts | 848 | 382 |
Recurring basis | Estimated Fair Value | States and political subdivisions debt securities | ||
Assets and liabilities measured at fair value | ||
Available for sale securities: | 192,478 | 191,645 |
Recurring basis | Estimated Fair Value | Corporate debt securities | ||
Assets and liabilities measured at fair value | ||
Available for sale securities: | 101,327 | 100,604 |
Recurring basis | Estimated Fair Value | U.S. Government-sponsored entities mortgage-backed securities | ||
Assets and liabilities measured at fair value | ||
Available for sale securities: | 787,046 | 751,558 |
Recurring basis | Estimated Fair Value | Non-agency collateralized mortgage-backed securities | ||
Assets and liabilities measured at fair value | ||
Available for sale securities: | 141,423 | 184,334 |
Recurring basis | Estimated Fair Value | Non-agency residential mortgage-backed securities | ||
Assets and liabilities measured at fair value | ||
Available for sale securities: | 75,363 | |
Recurring basis | Estimated Fair Value | Other | ||
Assets and liabilities measured at fair value | ||
Available for sale securities: | 850 | 877 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets and liabilities measured at fair value | ||
Total | 850 | 877 |
Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | Other | ||
Assets and liabilities measured at fair value | ||
Available for sale securities: | 850 | 877 |
Recurring basis | Significant Other Observable Inputs (Level 2) | ||
Assets and liabilities measured at fair value | ||
Total | 1,285,838 | 1,215,428 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Derivative - Interest Rate Contracts | ||
Assets and liabilities measured at fair value | ||
Derivatives: Interest rate contracts | 848 | 382 |
Recurring basis | Significant Other Observable Inputs (Level 2) | States and political subdivisions debt securities | ||
Assets and liabilities measured at fair value | ||
Available for sale securities: | 179,831 | 178,550 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Corporate debt securities | ||
Assets and liabilities measured at fair value | ||
Available for sale securities: | 101,327 | 100,604 |
Recurring basis | Significant Other Observable Inputs (Level 2) | U.S. Government-sponsored entities mortgage-backed securities | ||
Assets and liabilities measured at fair value | ||
Available for sale securities: | 787,046 | 751,558 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Non-agency collateralized mortgage-backed securities | ||
Assets and liabilities measured at fair value | ||
Available for sale securities: | 141,423 | 184,334 |
Recurring basis | Significant Other Observable Inputs (Level 2) | Non-agency residential mortgage-backed securities | ||
Assets and liabilities measured at fair value | ||
Available for sale securities: | 75,363 | |
Recurring basis | Significant Unobservable Inputs (Level 3) | ||
Assets and liabilities measured at fair value | ||
Total | 12,647 | 13,095 |
Recurring basis | Significant Unobservable Inputs (Level 3) | States and political subdivisions debt securities | ||
Assets and liabilities measured at fair value | ||
Available for sale securities: | $12,647 | $13,095 |
FAIR_VALUE_OF_FINANCIAL_ASSETS4
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Details 3) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
States and political subdivisions debt securities | ||
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis | ||
Aggregate fair value / Balance at the beginning of the period | $13,095 | $10,518 |
Principal payments received | -735 | -71 |
Purchases | 1,042 | |
Unrealized net gain included in other comprehensive income | 287 | 299 |
Aggregate fair value / Balance at the end of the period | 12,647 | 11,788 |
Mortgage revenue bonds | ||
Changes in Level 3 assets and liabilities measured at fair value on a recurring basis | ||
Aggregate fair value / Balance at the end of the period | $12,600 | $11,800 |
Additional disclosures | ||
Number of investment securities held | 4 | 4 |
Mortgage revenue bonds | Weighted average | ||
Additional disclosures | ||
Discount rate (as a percent) | 4.14% |
FAIR_VALUE_OF_FINANCIAL_ASSETS5
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Details 4) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Assets measured at fair value on a nonrecurring basis | ||
Other real estate | $3,349 | $2,948 |
Significant Other Observable Inputs (Level 2) | Nonrecurring basis | ||
Assets measured at fair value on a nonrecurring basis | ||
Impaired loans | 68,676 | 70,743 |
Other real estate | 3,349 | 2,948 |
Estimated Fair Value | Nonrecurring basis | ||
Assets measured at fair value on a nonrecurring basis | ||
Impaired loans | 68,676 | 70,743 |
Other real estate | $3,349 | $2,948 |
SEGMENT_INFORMATION_Details
SEGMENT INFORMATION (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
segment | |||
SEGMENT INFORMATION | |||
Number of reportable segments | 3 | ||
SEGMENT INFORMATION | |||
Net interest income (expense) | $36,235 | $35,796 | |
Credit for loan and lease losses | 2,747 | 1,316 | |
Other operating income | 11,190 | 10,144 | |
Other operating expense | -34,018 | -31,930 | |
Income taxes | -5,759 | -5,518 | |
Net income | 10,395 | 9,808 | |
Investment securities | 1,554,079 | 1,467,305 | |
Loans and leases (including loans held for sale) | 2,974,978 | 2,941,881 | |
Other | 436,868 | 443,801 | |
Total assets | 4,965,925 | 4,852,987 | |
Banking Operations | |||
SEGMENT INFORMATION | |||
Net interest income (expense) | 27,854 | 26,187 | |
Credit for loan and lease losses | 2,747 | 1,316 | |
Other operating income | 6,446 | 5,649 | |
Other operating expense | -14,824 | -15,318 | |
Administrative and overhead expense allocation | -12,104 | -13,804 | |
Income taxes | -7,148 | -3,614 | |
Net income | 13,273 | 6,423 | |
Loans and leases (including loans held for sale) | 2,974,978 | 2,941,881 | |
Other | 103,496 | 111,071 | |
Total assets | 3,078,474 | 3,052,952 | |
Treasury | |||
SEGMENT INFORMATION | |||
Net interest income (expense) | 8,381 | 9,609 | |
Other operating income | 1,027 | 745 | |
Other operating expense | -478 | -551 | |
Administrative and overhead expense allocation | -288 | -272 | |
Income taxes | 20 | -1,051 | |
Net income | -36 | 1,868 | |
Investment securities | 1,554,079 | 1,467,305 | |
Other | 254,415 | 248,455 | |
Total assets | 1,808,494 | 1,715,760 | |
All Others | |||
SEGMENT INFORMATION | |||
Other operating income | 3,717 | 3,750 | |
Other operating expense | -18,716 | -16,061 | |
Administrative and overhead expense allocation | 12,392 | 14,076 | |
Income taxes | 1,369 | -853 | |
Net income | -2,842 | 1,517 | |
Other | 78,957 | 84,275 | |
Total assets | 78,957 | 84,275 | |
Intersegment elimination | Banking Operations | |||
SEGMENT INFORMATION | |||
Net interest income (expense) | 10,302 | 6,007 | |
Intersegment elimination | Treasury | |||
SEGMENT INFORMATION | |||
Net interest income (expense) | -8,698 | -6,612 | |
Intersegment elimination | All Others | |||
SEGMENT INFORMATION | |||
Net interest income (expense) | ($1,604) | $605 |
SUBSEQUENT_EVENT_Details
SUBSEQUENT EVENT (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | Apr. 01, 2015 |
Subsequent events | ||||
Common stock, par value (in dollars per share) | $0 | $0 | ||
Number of shares repurchased | 473,829 | 3,405,888 | ||
Common Stock | ||||
Subsequent events | ||||
Number of shares repurchased | 857,554 | |||
Value of shares repurchased | $16.50 | |||
Subsequent Event | Common Stock | ||||
Subsequent events | ||||
Remaining amount available for repurchase | 29.2 | |||
Subsequent Event | Common Stock | Underwriting Agreement | ||||
Subsequent events | ||||
Common stock, par value (in dollars per share) | $0 | |||
Common stock, sale price (in dollars per share) | $23.01 | |||
Value of shares repurchased | 175 | |||
Subsequent Event | Common Stock | Underwriting Agreement | Carlyle | ||||
Subsequent events | ||||
Number of shares repurchased | 3,802,694 | |||
Subsequent Event | Common Stock | Underwriting Agreement | Anchorage | ||||
Subsequent events | ||||
Number of shares repurchased | 3,802,694 | |||
Subsequent Event | Common Stock | Underwriting Agreement | Carlyle And Anchorage | ||||
Subsequent events | ||||
Common stock, sale price (in dollars per share) | $23.01 | |||
Number of shares repurchased | 7,605,388 | |||
Subsequent Event | Common Stock | Underwriting Agreement | Citigroup Global Markets | ||||
Subsequent events | ||||
Common stock, sale price (in dollars per share) | $23.01 | |||
Number of shares repurchased | 3,259,452 | |||
Value of shares repurchased | $75 |