Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 17, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | CATHAY GENERAL BANCORP | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 79,821,331 | ||
Entity Public Float | $1,862,531,231 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 861842 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Cash and due from banks | $176,830 | $153,747 |
Short-term investments and interest bearing deposits | 489,614 | 516,938 |
Securities available-for-sale (amortized cost of $1,324,408 in 2014 and $1,637,965 in 2013) | 1,318,935 | 1,586,668 |
Trading securities | 4,936 | |
Loans held for sale | 973 | |
Loans | 8,914,080 | 8,084,563 |
Less: Allowance for loan losses | -161,420 | -173,889 |
Unamortized deferred loan fees, net | -12,392 | -13,487 |
Loans, net | 8,740,268 | 7,897,187 |
Federal Home Loan Bank stock | 30,785 | 25,000 |
Other real estate owned, net | 31,477 | 52,985 |
Affordable housing investments, net | 104,579 | 84,108 |
Premises and equipment, net | 99,682 | 102,045 |
Customers’ liability on acceptances | 35,656 | 32,194 |
Accrued interest receivable | 25,364 | 24,274 |
Goodwill | 316,340 | 316,340 |
Other intangible assets, net | 3,237 | 2,230 |
Other assets | 143,106 | 190,634 |
Total assets | 11,516,846 | 10,989,286 |
Deposits | ||
Non-interest-bearing demand deposits | 1,664,914 | 1,441,858 |
Interest-bearing deposits: | ||
NOW deposits | 778,691 | 683,873 |
Money market deposits | 1,538,187 | 1,286,338 |
Savings deposits | 533,940 | 499,520 |
Time deposits under $100,000 | 1,162,547 | 931,204 |
Time deposits of $100,000 or more | 3,105,181 | 3,138,512 |
Total deposits | 8,783,460 | 7,981,305 |
Securities sold under agreements to repurchase | 450,000 | 800,000 |
Advances from the Federal Home Loan Bank | 425,000 | 521,200 |
Other borrowings for affordable housing investments | 19,934 | 19,062 |
Long-term debt | 119,136 | 121,136 |
Acceptances outstanding | 35,656 | 32,194 |
Other liabilities | 80,772 | 55,418 |
Total liabilities | 9,913,958 | 9,530,315 |
Commitments and contingencies | ||
Stockholders’ Equity | ||
Common stock, $0.01 par value, 100,000,000 shares authorized, 84,022,118 issued and 79,814,553 outstanding at December 31, 2014, and 83,797,434 issued and 79,589,869 outstanding at December 31, 2013 | 840 | 838 |
Additional paid-in-capital | 789,519 | 784,489 |
Accumulated other comprehensive loss, net | -5,569 | -29,729 |
Retained earnings | 943,834 | 829,109 |
Treasury stock, at cost (4,207,565 shares at December 31, 2014, and at December 31, 2013) | -125,736 | -125,736 |
Total equity | 1,602,888 | 1,458,971 |
Total liabilities and equity | $11,516,846 | $10,989,286 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Securities available-for-sale, amortized cost (in Dollars) | $1,324,408 | $1,637,965 |
Common stock par value (in Dollars per share) | $0.01 | $0.01 |
Common stock shares authorized | 100,000,000 | 100,000,000 |
Common stock shares issued | 84,022,118 | 83,797,434 |
Common stock shares outstanding | 79,814,553 | 79,589,869 |
Treasury stock shares | 4,207,565 | 4,207,565 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
INTEREST AND DIVIDEND INCOME | |||
Loan receivable | $390,440 | $359,959 | $360,643 |
Investment securities- taxable | 24,237 | 43,412 | 62,395 |
Investment securities- nontaxable | 995 | 4,161 | |
Federal Home Loan Bank stock | 1,974 | 1,480 | 485 |
Federal funds sold and securities purchased under agreement to resell | 18 | ||
Deposits with banks | 1,996 | 1,150 | 2,042 |
Total interest and dividend income | 418,647 | 406,996 | 429,744 |
INTEREST EXPENSE | |||
Time deposits of $100,000 or more | 27,465 | 27,211 | 33,441 |
Other deposits | 18,304 | 13,178 | 13,932 |
Interest on securities sold under agreements to repurchase | 24,685 | 37,692 | 55,699 |
Advances from the Federal Home Loan Bank | 945 | 528 | 270 |
Long-term debt | 4,467 | 3,691 | 5,149 |
Total interest expense | 75,866 | 82,300 | 108,491 |
Net interest income before provision for credit losses | 342,781 | 324,696 | 321,253 |
(Reversal)/provision for credit losses | -10,800 | -3,000 | -9,000 |
Net interest income after provision for credit losses | 353,581 | 327,696 | 330,253 |
NON-INTEREST INCOME | |||
Securities gains, net | 6,748 | 27,362 | 18,026 |
Letters of credit commissions | 6,043 | 6,281 | 6,316 |
Depository service fees | 5,288 | 5,701 | 5,453 |
Other operating income | 22,448 | 20,963 | 16,712 |
Total non-interest income | 40,527 | 60,307 | 46,507 |
NON-INTEREST EXPENSE | |||
Salaries and employee benefits | 89,893 | 88,276 | 78,377 |
Occupancy expense | 15,735 | 14,846 | 14,608 |
Computer and equipment expense | 9,793 | 9,768 | 9,591 |
Professional services expense | 22,634 | 24,574 | 21,768 |
FDIC and State assessments | 8,796 | 7,351 | 8,339 |
Marketing expense | 4,126 | 3,403 | 4,607 |
Other real estate owned (income)/expense | -1,304 | -235 | 15,116 |
Operations of investments in affordable housing | 6,990 | 7,253 | 6,306 |
Amortization of core deposit premium | 719 | 4,533 | 5,663 |
Cost associated with debt redemption | 3,348 | 22,557 | 12,120 |
Other operating expense | 13,583 | 11,507 | 16,094 |
Total non-interest expense | 174,313 | 193,833 | 192,589 |
Income before income tax expense | 219,795 | 194,170 | 184,171 |
Income tax expense | 81,965 | 70,435 | 66,128 |
Net income | 137,830 | 123,735 | 118,043 |
Less: net income attributable to noncontrolling interest | 592 | 605 | |
Net income attributable to Cathay General Bancorp | 137,830 | 123,143 | 117,438 |
Dividends on preferred stock | -9,685 | -16,488 | |
Net income attributable to common stockholders | 137,830 | 113,458 | 100,950 |
Other comprehensive income/(loss), net of tax: | |||
Unrealized holding gains/(losses) on securities available for sale | 30,468 | -14,335 | 19,645 |
Unrealized holding losses on cash flow hedge derivatives | -2,397 | ||
Less: reclassification adjustment for gains included in net income | 3,911 | 15,859 | 10,448 |
Total other comprehensive income/(loss), net of tax | 24,160 | -30,194 | 9,197 |
Total comprehensive income | $161,990 | $92,949 | $126,635 |
Net income attributable to common stockholders per common share | |||
Basic (in Dollars per share) | $1.73 | $1.44 | $1.28 |
Diluted (in Dollars per share) | $1.72 | $1.43 | $1.28 |
Basic average common shares outstanding (in Shares) | 79,661,571 | 78,954,898 | 78,719,133 |
Diluted average common shares outstanding (in Shares) | 80,106,895 | 79,137,983 | 78,723,297 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Equity (USD $) | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Noncontrolling Interest [Member] | Parent [Member] | Parent [Member] | Total |
Preferred Stock [Member] | Additional Paid-in Capital [Member] | Parent [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||||
Balance at December 31 at Dec. 31, 2011 | $250,992,000 | $829,000 | $765,641,000 | ($8,732,000) | $624,192,000 | ($125,736,000) | $8,447,000 | $1,515,633,000 | |||||||
Balance at December 31 (in Shares) at Dec. 31, 2011 | 258,000 | 78,652,557 | |||||||||||||
Dividend Reinvestment Plan | 291,000 | 291,000 | 291,000 | ||||||||||||
Dividend Reinvestment Plan (in Shares) | 17,956 | 17,956 | |||||||||||||
Restricted stock units vested (in Shares) | 11,814 | ||||||||||||||
Stock salary | 788,000 | 788,000 | |||||||||||||
Stock salary (in Shares) | 45,937 | 45,937 | |||||||||||||
Stock options exercised | 1,000 | 763,000 | 764,000 | ||||||||||||
Stock options exercised (in Shares) | 50,024 | 50,024 | |||||||||||||
Tax short-fall from stock options | -620,000 | -620,000 | |||||||||||||
Stock -based compensation | 2,062,000 | 2,062,000 | |||||||||||||
Cash dividends | -3,149,000 | -3,149,000 | |||||||||||||
Adjustment on preferred stock | 3,588,000 | -3,588,000 | |||||||||||||
Dividends on preferred stock | -12,900,000 | -605,000 | -13,505,000 | -16,488,000 | |||||||||||
Change in other comprehensive loss | 9,197,000 | 9,197,000 | |||||||||||||
Net income | 117,438,000 | 605,000 | 118,043,000 | 117,438,000 | |||||||||||
Balance at December 31 at Dec. 31, 2012 | 254,580,000 | 830,000 | 768,925,000 | 465,000 | 721,993,000 | -125,736,000 | 8,447,000 | 1,629,504,000 | |||||||
Balance at December 31 (in Shares) at Dec. 31, 2012 | 258,000 | 78,778,288 | |||||||||||||
Dividend Reinvestment Plan | 605,000 | 605,000 | 605,000 | ||||||||||||
Dividend Reinvestment Plan (in Shares) | 25,984 | 25,984 | |||||||||||||
Redemption of Series B Preferred Stock | -258,000,000 | -302,000 | -258,302,000 | -258,000,000 | |||||||||||
Redemption of Series B Preferred Stock (in Shares) | -258,000 | ||||||||||||||
Redemption of noncontrolling interest | -191,000 | -8,447,000 | -8,638,000 | ||||||||||||
Restricted stock units vested | 1,000 | 1,000 | |||||||||||||
Restricted stock units vested (in Shares) | 138,220 | ||||||||||||||
Stock salary | 1,000 | 1,106,000 | 1,107,000 | ||||||||||||
Stock salary (in Shares) | 52,431 | 52,431 | |||||||||||||
Stock options exercised | 6,000 | 14,749,000 | 14,755,000 | ||||||||||||
Stock options exercised (in Shares) | 594,946 | 594,946 | |||||||||||||
Tax short-fall from stock options | -2,509,000 | -2,509,000 | |||||||||||||
Stock -based compensation | 2,106,000 | 2,106,000 | |||||||||||||
Cash dividends | -6,342,000 | -6,342,000 | |||||||||||||
Adjustment on preferred stock | 3,420,000 | -3,420,000 | |||||||||||||
Dividends on preferred stock | -6,265,000 | -592,000 | -6,857,000 | -9,685,000 | |||||||||||
Change in other comprehensive loss | -30,194,000 | -30,194,000 | |||||||||||||
Net income | 123,143,000 | 592,000 | 123,735,000 | 123,143,000 | |||||||||||
Balance at December 31 at Dec. 31, 2013 | 838,000 | 784,489,000 | -29,729,000 | 829,109,000 | -125,736,000 | 1,458,971,000 | |||||||||
Balance at December 31 (in Shares) at Dec. 31, 2013 | 79,589,869 | ||||||||||||||
Dividend Reinvestment Plan | 1,000 | 2,847,000 | 2,848,000 | 2,800,000 | |||||||||||
Dividend Reinvestment Plan (in Shares) | 116,957 | 116,957 | |||||||||||||
Restricted stock units vested | 1,000 | 1,000 | |||||||||||||
Restricted stock units vested (in Shares) | 88,537 | ||||||||||||||
Shares withheld related to net share settlement of RSUs | -850,000 | -850,000 | |||||||||||||
Stock issued to directors | 350,000 | 350,000 | |||||||||||||
Stock issued to directors (in Shares) | 13,690 | ||||||||||||||
Stock options exercised | 128,000 | 128,000 | |||||||||||||
Stock options exercised (in Shares) | 5,500 | 5,500 | |||||||||||||
Tax short-fall from stock options | -1,285,000 | -1,285,000 | |||||||||||||
Stock -based compensation | 3,840,000 | 3,840,000 | |||||||||||||
Cash dividends | -23,105,000 | -23,105,000 | |||||||||||||
Change in other comprehensive loss | 24,160,000 | 24,160,000 | |||||||||||||
Net income | 137,830,000 | 137,830,000 | 137,830,000 | ||||||||||||
Balance at December 31 at Dec. 31, 2014 | $840,000 | $789,519,000 | ($5,569,000) | $943,834,000 | ($125,736,000) | $1,602,888,000 | |||||||||
Balance at December 31 (in Shares) at Dec. 31, 2014 | 79,814,553 |
Consolidated_Statements_of_Cha1
Consolidated Statements of Changes in Stockholders' Equity (Parentheticals) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Additional Paid-in Capital [Member] | |||
Cash dividends per share | $0.29 | $0.08 | $0.04 |
Parent [Member] | |||
Cash dividends per share | $0.29 | $0.08 | $0.04 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flows from Operating Activities | |||
Net income | $137,830 | $123,735 | $118,043 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
(Reversal)/Provision for credit losses | -10,800 | -3,000 | -9,000 |
Provision/(Reversal) for losses on other real estate owned | 1,619 | -2,122 | 10,668 |
Deferred tax liability/(benefit) | 31,304 | -15,114 | 4,784 |
Depreciation | 7,065 | 6,690 | 5,939 |
Net gains on sale and transfers of other real estate owned | -4,065 | -1,793 | -369 |
Net gains on sale of loans | -395 | -879 | -633 |
Proceeds from sale of loans | 19,287 | 42,573 | 59,589 |
Originations of loans held for sale | -19,865 | -41,694 | -58,930 |
Decrease in unrealized loss from interest rate swaps | -2,634 | ||
Purchase of trading securities | -234 | -163 | |
Income associated with debt redemption | -555 | ||
Write-down on venture capital and other investments | 436 | 409 | 309 |
Write-down on impaired securities | 820 | 181 | |
Gain on sales and calls of securities | -7,568 | -27,362 | -18,025 |
Other non-cash interest expense/(income) | -137 | 1,100 | -200 |
Amortization of security premiums, net | 2,849 | 4,425 | 5,306 |
Amortization of other intangible assets | 803 | 4,657 | 5,798 |
Excess tax short-fall from stock options | 1,285 | 2,509 | 620 |
Stock based and stock issued to officers and directors compensation expense | 4,190 | 3,213 | 2,850 |
Noncontrolling interest | -592 | -605 | |
Net change in accrued interest receivable and other assets | -2,776 | 23,525 | 43,304 |
Net change in other liabilities | -11,256 | -4,973 | -2,256 |
Net cash provided by operating activities | 150,071 | 115,073 | 164,576 |
Cash Flows from Investing Activities | |||
Increase in short-term investments | 32,260 | -104,955 | -117,027 |
Purchase of investment securities available-for-sale | -885,782 | -350,130 | -517,513 |
Proceeds from maturity and call of investment securities available-for-sale | 585,776 | 180,088 | 552,099 |
Proceeds from sale of investment securities available-for-sale | 160,451 | 575,358 | 60,951 |
Purchase of mortgage-backed securities available-for-sale | -307,617 | -676,529 | -680,388 |
Proceeds from repayment and sale of mortgage-backed securities available-for-sale | 768,236 | 669,658 | 619,169 |
Proceeds from maturity and call of investment securities held-to-maturity | 50,973 | 376,981 | |
Purchase of Federal Home Loan Bank stock | -18,164 | ||
Redemption of Federal Home Loan Bank stock | 12,379 | 16,272 | 11,717 |
Net increase in loans | -824,558 | -676,245 | -395,743 |
Purchase of premises and equipment | -4,777 | -6,182 | -3,108 |
Proceeds from sales of other real estate owned | 29,880 | 19,411 | 47,866 |
Net increase in investment in affordable housing | -7,445 | -9,525 | -1,540 |
Net cash used in investing activities | -459,361 | -311,806 | -46,536 |
Cash Flows from Financing Activities | |||
Net change in deposits | 802,281 | 596,964 | 154,275 |
Net decrease in federal funds purchased and securities sold under agreements to repurchase | -350,000 | -450,000 | -150,000 |
Advances from Federal Home Loan Bank | 9,822,400 | 2,402,000 | 531,200 |
Repayment of Federal Home Loan Bank borrowings | -9,918,600 | -2,027,000 | -610,000 |
Cash dividends | -23,104 | -12,606 | -16,049 |
Redemption of Series B preferred stock | -258,000 | ||
Redemption of noncontrolling interest | -8,638 | ||
Repayment of subordinated debt | -50,000 | ||
Repayment of long-term debt and other borrowings | -1,445 | -880 | |
Proceeds from shares issued to Dividend Reinvestment Plan | 2,848 | 605 | 291 |
Proceeds from exercise of stock options | 128 | 14,755 | 764 |
Taxes paid related to net share settlement of RSUs | -850 | ||
Excess tax short-fall from share-based payment arrangements | -1,285 | -2,509 | -620 |
Net cash provided by/(used in) financing activities | 332,373 | 205,571 | -91,019 |
Increase in cash and cash equivalents | 23,083 | 8,838 | 27,021 |
Cash and cash equivalents, beginning of the year | 153,747 | 144,909 | 117,888 |
Cash and cash equivalents, end of the year | 176,830 | 153,747 | 144,909 |
Cash paid during the year for: | |||
Interest | 78,366 | 84,848 | 112,411 |
Income taxes | 60,225 | 55,521 | 36,083 |
Non-cash investing and financing activities: | |||
Transfers from trading securities to short-term investments | 4,936 | ||
Net change in unrealized holding gain/(loss) on securities available-for-sale, net of tax | 26,557 | -30,194 | 9,197 |
Net change in unrealized losses on interest rate swaps designated as cash flow hedges | -2,397 | ||
Transfers to investment securities available-for-sale at fair value | 722,466 | ||
Transfers to other real estate owned from loans held for investment | 4,970 | 22,171 | 14,389 |
Loans transferred to loans held for sale | 973 | 15,986 | |
Loans transferred to loans held for investment from held for sale | 500 | ||
Loans to facilitate the sale of other real estate owned | $413 | $75 | $1,785 |
Note_1_Summary_of_Significant_
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Significant Accounting Policies [Text Block] | 1. Summary of Significant Accounting Policies | |||
The accompanying Consolidated Financial Statements include the accounts of Cathay General Bancorp (the “Bancorp”), a Delaware corporation, its wholly-owned subsidiaries, Cathay Bank (the “Bank”), a California state-chartered bank, seven limited partnerships investing in affordable housing projects, and GBC Venture Capital, Inc. (together, the “Company”). All significant inter-company transactions and balances have been eliminated in consolidation. The Consolidated Financial Statements of the Company are prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. | ||||
Organization and Background. The business activities of the Bancorp consist primarily of the operations of the Bank, which owns 100% of the common securities of the following subsidiaries: GBC Real Estate Investments, Inc., Cathay Holdings LLC, Cathay Holdings 2, LLC, Cathay Holdings 3, LLC, Cathay Community Development Corporation and its wholly owned subsidiary, Cathay New Asia Community Development Corporation. | ||||
There are limited operating business activities currently at the Bancorp. The Bank is a commercial bank, servicing primarily the individuals, professionals, and small to medium-sized businesses in the local markets in which its branches are located. Its operations include the acceptance of checking, savings, and time deposits, and the making of commercial, real estate, and consumer loans. The Bank also offers trade financing, letters of credit, wire transfer, foreign currency spot and forward contracts, Internet banking, investment services, and other customary banking services to its customers. | ||||
Use of Estimates. The preparation of the Consolidated Financial Statements in accordance with GAAP requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. The significant estimates subject to change relate to the allowance for loan losses, goodwill impairment assessment, other-than-temporary impairment analysis on investments, fair value disclosures, and the fair value of options granted. The more significant of these policies are described below. | ||||
Concentrations. The Bank was incorporated in California and started its business from California. Therefore, loans originated and deposits solicited were mainly from California. As of December 31, 2014, gross loans were primarily comprised of 50.3% of commercial mortgage loans and 26.7% of commercial loans. As of December 31, 2014, approximately 58% of the Bank’s residential mortgages were for properties located in California. Total deposits were comprised of 35.4% of time deposit of $100,000 or more (Jumbo CDs) at December 31, 2014, and approximately 68.5% of the Company’s Jumbo CDs have been on deposit with the Company for two years or more. | ||||
Allowance for Loan Losses. The determination of the amount of the provision for loan losses charged to operations reflects management’s current judgment about the credit quality of the loan portfolio and takes into consideration changes in lending policies and procedures, changes in economic and business conditions, changes in the nature and volume of the portfolio and in the terms of loans, changes in the experience, ability and depth of lending management, changes in the volume and severity of past due, non-accrual and adversely classified or graded loans, changes in the quality of the loan review system, changes in the value of underlying collateral for collateral-dependent loans, the existence and effect of any concentrations of credit and the effect of competition, legal and regulatory requirements, and other external factors. The nature of the process by which loan losses is determined and the appropriate allowance for loan losses requires the exercise of considerable judgment. The allowance is increased by the provision for loan losses and decreased by charge-offs when management believes the uncollectibility of a loan is confirmed. | ||||
Subsequent recoveries, if any, are credited to the allowance. A weakening of the economy or other factors that adversely affect asset quality could result in an increase in the number of delinquencies, bankruptcies, or defaults, and a higher level of non-performing assets, net charge-offs, and provision for loan losses in future periods. | ||||
The total allowance for loan losses consists of two components: specific allowances and general allowances. To determine the adequacy of the allowance in each of these two components, two primary methodologies are employed, the individual loan review analysis methodology and the classification migration methodology. These methodologies support the basis for determining allocations between the various loan categories and the overall adequacy of our allowance to provide for probable losses inherent in the loan portfolio. These methodologies are further supported by additional analysis of relevant factors such as the historical losses in the portfolio, and environmental factors which include trends in delinquency and non-accrual, and other significant factors, such as the national and local economy, the volume and composition of the portfolio, strength of management and loan staff, underwriting standards, and the concentration of credit. | ||||
The Bank’s management allocates a specific allowance for “Impaired Credits,” in accordance with Accounting Standard Codification (“ASC”) Section 310-10-35. For non-Impaired Credits, a general allowance is established for those loans internally classified and risk graded Pass, Minimally Acceptable, Special Mention, or Substandard based on historical losses in the specific loan portfolio and a reserve based on environmental factors determined for that loan group. The level of the general allowance is established to provide coverage for management’s estimate of the credit risk in the loan portfolio by various loan segments not covered by the specific allowance. | ||||
Securities Purchased Under Agreements to Resell. The Company purchases securities under agreements to resell with various terms. These agreements are collateralized by agency securities and mortgage backed securities that are generally held by a third party custodian. The purchases are over-collateralized to ensure against unfavorable market price movements. In the event that the fair market value of the securities decreases below the collateral requirements under the related repurchase agreements, the counterparty is required to deliver additional securities. The counterparties to these agreements are nationally recognized investment banking firms that meet credit eligibility criteria and with whom a master repurchase agreement has been duly executed. | ||||
Securities. Securities are classified as held-to-maturity when management has the ability and intent to hold these securities until maturity. Securities are classified as available-for-sale when management intends to hold the securities for an indefinite period of time, or when the securities may be utilized for tactical asset/liability purposes, and may be sold from time to time to manage interest rate exposure and resultant prepayment risk and liquidity needs. Securities are classified as trading securities when management intends to sell the securities in the near term. Securities purchased are designated as held-to-maturity, available-for-sale, or trading securities at the time of acquisition. | ||||
Securities held-to-maturity are stated at cost, adjusted for the amortization of premiums and the accretion of discounts on a level-yield basis. The carrying value of these assets is not adjusted for temporary declines in fair value since the Company has the positive intent and ability to hold them to maturity. Securities available-for-sale are carried at fair value, and any unrealized holding gains or losses are excluded from earnings and reported as a separate component of stockholders’ equity, net of tax, in accumulated other comprehensive income until realized. Realized gains or losses are determined on the specific identification method. Premiums and discounts are amortized or accreted as adjustment of yield on a level-yield basis. | ||||
ASC Topic 320 requires an entity to assess whether the entity has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. If either of these conditions is met, an entity must recognize an other-than-temporary impairment (“OTTI”). If an entity does not intend to sell the debt security and will not be required to sell the debt security, the entity must consider whether it will recover the amortized cost basis of the security. If the present value of expected cash flows is less than the amortized cost basis of the security, OTTI shall be considered to have occurred. OTTI is then separated into the amount of the total impairment related to credit losses and the amount of the total impairment related to all other factors. An entity determines the impairment related to credit losses by comparing the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. OTTI related to the credit loss is then recognized in earnings. OTTI related to all other factors is recognized in other comprehensive income. OTTI not related to the credit loss for a held-to-maturity security should be recognized separately in a new category of other comprehensive income and amortized over the remaining life of the debt security as an increase in the carrying value of the security only when the entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its remaining amortized cost basis. The Company has both the ability and the intent to hold and it is not more likely than not that the Company will be required to sell those securities with unrealized losses before recovery of their amortized cost basis. | ||||
Trading securities are reported at fair value, with unrealized gains or losses included in income. | ||||
Investment in Federal Home Loan Bank (“FHLB”) Stock. As a member of the FHLB system the Bank is required to maintain an investment in the capital stock of the FHLB. The amount of investment is also affected by the outstanding advances under the line of credit the Bank maintains with the FHLB. FHLB stock is carried at cost and is pledged as collateral to the FHLB. FHLB stock is periodically evaluated for impairment based on ultimate recovery of par value. The carrying amount of the FHLB stock was $30.8 million at December 31, 2014, and $25.0 million at December 31, 2013. As of December 31, 2014, the Company owned 307,850 shares of FHLB stock, which exceeded the minimum stock requirement based on outstanding FHLB borrowings of $425.0 million. | ||||
Loans. Loans are carried at amounts advanced, less principal payments collected and net deferred loan fees. Interest is accrued and earned daily on an actual or 360-day basis. Interest accruals on business loans and non-residential real estate loans are generally discontinued whenever the payment of interest or principal is 90 days or more past due, based on contractual terms. Such loans are placed on non-accrual status, unless the loan is well secured, and there is a high probability of recovery in full, as determined by management. When loans are placed on non-accrual status, previously accrued but unpaid interest is reversed and charged against current income, and subsequent payments received are generally first applied toward the outstanding principal balance of the loan. The loan is generally returned to accrual status when the borrower has brought the past due principal and interest payments current and, in the opinion of management, the borrower has demonstrated the ability to make future payments of principal and interest as scheduled. A non-accrual loan may also be returned to accrual status if all principal and interest contractually due are reasonably assured of repayment within a reasonable period and there has been a sustained period of payment performance, generally six months. Loan origination fees and commitment fees, offset by certain direct loan origination costs, are deferred and recognized over the contractual life of the loan as a yield adjustment. The amortization utilizes the interest method. If a loan is placed on non-accrual status, the amortization of the loan fees and the accretion of discounts are discontinued until the loan is returned to accruing status. | ||||
Loans held for sale are carried at the lower of aggregate cost or fair value. Gains and losses are recorded in non-interest income based on the difference between sales proceeds, net of sales commissions, and carrying value. | ||||
Loans Acquired Through Transfer. Loans acquired through the completion of a transfer, including loans acquired in a business combination, that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payment, receivables are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan, or the “accretable yield,” is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “nonaccretable difference,” are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining life. Decreases in expected cash flows are recognized as impairment. Valuation allowance on these impaired loans reflect only losses incurred after the acquisition. | ||||
Impaired Loans. A loan is considered impaired when it is probable that the Bank will be unable to collect all amounts due (i.e. both principal and interest) according to the contractual terms of the loan agreement. The measurement of impairment may be based on (1) the present value of the expected future cash flows of the impaired loan discounted at the loan’s original effective interest rate, (2) the observable market price of the impaired loan or (3) the fair value of the collateral of a collateral-dependent loan. The amount by which the recorded investment in the loan exceeds the measure of the impaired loan is recognized by recording a valuation allowance with a corresponding charge to the provision for loan losses. The Company stratifies its loan portfolio by size and treats smaller non-performing loans with an outstanding balance based on the Company’s defined criteria, generally where the loan amount is $500,000 or less, as a homogenous portfolio. Once a loan has been identified as a possible problem loan, the Company conducts a periodic review of such loan in order to test for impairment. When loans are placed on an impaired status, previously accrued but unpaid interest is reversed against current income and subsequent payments received are generally first applied toward the outstanding principal balance of the loan. | ||||
Troubled Debt Restructured Loan (“TDR”). A TDR is a formal modification of the terms of a loan when the lender, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower. The concessions may be granted in various forms, including reduction in the stated interest rate, reduction in the loan balance or accrued interest, or extension of the maturity date. Although these loan modifications are considered TDRs, accruing TDR loans have, pursuant to the Bank’s policy, performed under the restructured terms and have demonstrated sustained performance under the modified terms for six months before being returned to accrual status. The sustained performance considered by management pursuant to its policy includes the periods prior to the modification if the prior performance met or exceeded the modified terms. This would include cash paid by the borrower prior to the restructure to set up interest reserves. Loans classified as TDRs are reported as impaired loans. | ||||
Unfunded Loan Commitments. Unfunded loan commitments are generally related to providing credit facilities to clients of the Bank, and are not actively traded financial instruments. These unfunded commitments are disclosed as off-balance sheet financial instruments in Note 14 in the Notes to Consolidated Financial Statements. | ||||
Letter of Credit Fees. Issuance and commitment fees received for the issuance of commercial or standby letters of credit are recognized over the term of the instruments. | ||||
Premises and Equipment. Premises and equipment are carried at cost, less accumulated depreciation. Depreciation is computed on the straight-line method based on the following estimated useful lives of the assets: | ||||
Type | Estimated Useful Life | |||
Buildings | 15 to 45 years | |||
Building improvements | 5 to 20 years | |||
Furniture, fixtures, and equipment | 3 to 25 years | |||
Leasehold improvements | Shorter of useful lives or the terms of the leases | |||
Improvements are capitalized and amortized to occupancy expense based on the above table. Construction in process is carried at cost and includes land acquisition cost, architectural fees, general contractor fees, capitalized interest and other costs related directly to the construction of a property. | ||||
Other Real Estate Owned. Real estate acquired in the settlement of loans is initially recorded at fair value, less estimated costs to sell. Specific valuation allowances on other real estate owned are recorded through charges to operations to recognize declines in fair value subsequent to foreclosure. Gains on sales are recognized when certain criteria relating to the buyer’s initial and continuing investment in the property are met. | ||||
Investments in Affordable Housing. The Company is a limited partner in limited partnerships that invest in low-income housing projects that qualify for Federal and/or State income tax credits. As further discussed in Note 7, the partnership interests are accounted for utilizing the equity method of accounting. As of December 31, 2014, seven of the limited partnerships in which the Company has an equity interest were determined to be variable interest entities for which the Company is the primary beneficiary. The Company therefore consolidated the financial statements of these seven limited partnerships into its Consolidated Financial Statements. | ||||
Investments in Venture Capital. The Company invests in limited partnerships that invest in nonpublic companies. These are commonly referred to as venture capital investments. These limited partnership interests are carried under the cost method with other-than-temporary impairment charged against net income. | ||||
Goodwill and Goodwill Impairment. Goodwill represents the excess of costs over fair value of assets of businesses acquired. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but instead are tested for impairment at least annually in accordance with the provisions of ASC Topic 350. ASC Topic 350 also requires that intangible assets with estimable useful lives be amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment in accordance with ASC Topic 360. | ||||
The Company’s policy is to assess goodwill for impairment at the reporting unit level on an annual basis or between annual assessments if a triggering event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Impairment is the condition that exists when the carrying amount of goodwill exceeds its implied fair value. Accounting standards require management to estimate the fair value of each reporting unit in making the assessment of impairment at least annually. | ||||
The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in ASC Topic 350. The two-step impairment testing process conducted by us, if needed, begins by assigning net assets and goodwill to our reporting units. The Company then completes “step one” of the impairment test by comparing the fair value of each reporting unit (as determined based on the discussion below) with the recorded book value (or “carrying amount”) of its net assets, with goodwill included in the computation of the carrying amount. If the fair value of a reporting unit exceeds its carrying amount, goodwill of that reporting unit is not considered impaired, and “step two” of the impairment test is not necessary. If the carrying amount of a reporting unit exceeds its fair value, step two of the impairment test is performed to determine the amount of impairment. Step two of the impairment test compares the carrying amount of the reporting unit’s goodwill to the “implied fair value” of that goodwill. The implied fair value of goodwill is computed by assuming that all assets and liabilities of the reporting unit would be adjusted to the current fair value, with the offset as an adjustment to goodwill. This adjusted goodwill balance is the implied fair value used in step two. An impairment charge is recognized for the amount by which the carrying amount of goodwill exceeds its implied fair value. | ||||
The Company has identified two reporting units for its business: the Commercial Lending unit and the Retail Banking unit. The reporting unit fair values were determined based on an equal weighting of (1) a market approach using a combination of price to earnings multiples determined based on a representative peer group applied to 2014 and forecasted 2015 and 2016 earnings, and a price to book multiple and (2) a dividend discount model with the discount rate determined using the same representative peer group. A control premium was then applied to the unit fair values so determined as of December 31, 2014. As a result of this analysis, the Company determined that there was no goodwill impairment at December 31, 2014 as the fair value of all reporting units exceeded the current carrying amount of the units. No assurance can be given that goodwill will not be written down in future periods. | ||||
Core Deposit Premium. Core deposit premium, which represents the purchase price over the fair value of the deposits acquired from other financial institutions, is amortized over its estimated useful life to its residual value in proportion to the economic benefits consumed. If a pattern of consumption cannot be reliably determined, straight-line amortization is used. The Company assesses the recoverability of this intangible asset by determining whether the amortization of the premium balance over its remaining life can be recovered through the remaining deposit portfolio and amortizes core deposit premium over its estimated useful life. | ||||
Securities Sold Under Agreements to Repurchase. The Company sells certain securities under agreements to repurchase. The agreements are treated as collateralized financing transactions and the obligations to repurchase securities sold are reflected as a liability in the accompanying Consolidated Balance Sheets. The securities underlying the agreements remain in the applicable asset accounts. | ||||
Stock-Based Compensation. Stock option compensation expense is calculated based on the fair value of the award at the grant date for those options expected to vest, and is recognized as an expense over the vesting period of the grant using the straight-line method. The Company uses the Black-Scholes option pricing model to estimate the value of granted options. This model takes into account the option exercise price, the expected life, the current price of the underlying stock, the expected volatility of the Company’s stock, expected dividends on the stock and a risk-free interest rate. The Company estimates the expected volatility based on the Company’s historical stock prices for the period corresponding to the expected life of the stock options. Restricted stock units are valued at the closing price of the Company’s stock on the date of the grant. Stock-based compensation is recognized ratably over the requisite service period for all awards. | ||||
Derivatives. The Company follows ASC Topic 815 that establishes accounting and reporting standards for financial derivatives, including certain financial derivatives embedded in other contracts, and hedging activities. It requires the recognition of all financial derivatives as assets or liabilities in the Company’s consolidated balance sheet and measurement of those financial derivatives at fair value. The accounting treatment of changes in fair value is dependent upon whether or not a financial derivative is designated as a hedge and, if so, the type of hedge. Fair value is determined using third-party models with observable market data. For derivatives designated as cash flow hedges, changes in fair value are recognized in other comprehensive income and are reclassified to earnings when the hedged transaction is reflected in earnings. For derivatives designated as fair value hedges, changes in the fair value of the derivatives are reflected in current earnings, together with changes in the fair value of the related hedged item if there is a highly effective correlation between changes in the fair value of the interest rate swaps and changes in the fair value of the underlying asset or liability that is intended to be hedged. If there is not a highly effective correlation between changes in the fair value of the interest rate swap and changes in the fair value of the underlying asset or liability that is intended to be hedged, then only the changes in the fair value of the interest rate swaps are reflected in the Company’s consolidated financial statements. | ||||
Foreign Exchange Forwards and Foreign Currency Option Contracts. We enter into foreign exchange forward contracts and foreign currency option contracts with correspondent banks to mitigate the risk of fluctuations in foreign currency exchange rates for foreign currency certificates of deposit, foreign exchange contracts or foreign currency option contracts entered into with our clients. These contracts are not designated as hedging instruments and are recorded at fair value in our Consolidated Balance Sheets. Changes in the fair value of these contracts as well as the related foreign currency certificates of deposit, foreign exchange contracts or foreign currency option contracts, are recognized immediately in net income as a component of non-interest income. Period end gross positive fair values are recorded in other assets and gross negative fair values are recorded in other liabilities. | ||||
Income Taxes. The provision for income taxes is based on income reported for financial statement purposes, and differs from the amount of taxes currently payable, since certain income and expense items are reported for financial statement purposes in different periods than those for tax reporting purposes. The Company accounts for income taxes using the asset and liability approach, the objective of which is to establish deferred tax assets and liabilities for the temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. A valuation allowance is established for deferred tax assets if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. | ||||
Comprehensive Income/(loss). Comprehensive income/(loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Comprehensive income/(loss) generally includes net income/(loss), foreign currency translation adjustments, minimum pension liability adjustments, unrealized gains and losses on investments in securities available-for-sale, and cash flow hedges. Comprehensive income/(loss) and its components are reported and displayed in the Company’s consolidated statements of operations and comprehensive income/(loss). | ||||
Net Income per Common Share. Earnings per share (“EPS”) is computed on a basic and diluted basis. Basic EPS excludes dilution and is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shares in the earnings of the Company. Potential dilution is excluded from computation of diluted per-share amounts when a net loss from operations exists. | ||||
Foreign Currency Translation. The Company considers the functional currency of its foreign operations to be the United States dollar. Accordingly, the Company remeasures monetary assets and liabilities at year-end exchange rates, while nonmonetary items are remeasured at historical rates. Income and expense accounts are remeasured at the average rates in effect during the year, except for depreciation, which is remeasured at historical rates. Foreign currency transaction gains and losses are recognized in income in the period of occurrence. | ||||
Statement of Cash Flows. Cash and cash equivalents include short-term highly-liquid investments that generally have an original maturity of three months or less. | ||||
Segment Information and Disclosures. Accounting principles generally accepted in the United States of America establish standards to report information about operating segments in annual financial statements and require reporting of selected information about operating segments in interim reports to stockholders. It also establishes standards for related disclosures about products and services, geographic areas, and major customers. The Company has concluded it has one operating segment. | ||||
Recent Accounting Pronouncements | ||||
In January 2014, the FASB issued ASU 2014-01, “Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects.” ASU No. 2014-01 permits a reporting entity to make an accounting policy election to account for its investments in affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the amount of tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense or benefit. ASU 2014-01 becomes effective for interim and annual periods beginning on or after December 15, 2014. Adoption of ASU 2014-01 is not expected to have a significant impact on the Company’s consolidated financial statements. | ||||
In January 2014, the FASB issued ASU 2014-04, “Receivables—Trouble Debt Restructurings by Creditors.” ASU No. 2014-04 clarifies that upon either the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement, a creditor is considered to have physical possession of residential real estate property collateralizing a consumer mortgage loan. A reporting entity is required to have interim and annual disclosure of both the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in process of foreclosure. ASU 2014-04 becomes effective for interim and annual periods beginning on or after December 15, 2014. Adoption of ASU 2014-04 is not expected to have a significant impact on the Company’s consolidated financial statements. | ||||
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements and Property, Plant, and Equipment.” ASU No. 2014-08 defines a discontinued operation as disposal of components of an entity that represent a strategic shift that has or will have a major effect on an entity’s operations. ASU No. 2014-08 also requires a reporting entity to present the assets and liabilities of a disposal group that includes a discontinued operation separately in the asset and liability sections, respectively, of the statement of financial position for each comparative period. ASU 2014-08 becomes effective for interim and annual periods beginning on or after December 15, 2014. Adoption of ASU 2014-08 is not expected to have a significant impact on the Company’s consolidated financial statements. | ||||
In June 2014, the FASB issued ASU 2014-11, “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” ASU No. 2014-11 expands secured borrowing accounting for certain repurchase agreements. It requires the repurchase agreement be separate from the initial transfer of the financial asset in a repurchase financing arrangement. An entity is required to disclose additional information about certain transactions accounted for as a sale in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets through an agreement with the same counterparty. An entity is also required to disclose information about repurchase agreements, securities lending transactions and repurchase-to-maturity transactions that are accounted for as secured borrowings. ASU 2014-11 becomes effective for interim and annual periods beginning on or after December 15, 2014. Adoption of ASU 2014-11 is not expected to have a significant impact on the Company’s consolidated financial statements. |
Note_2_Cash_and_Cash_Equivalen
Note 2 - Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2014 | |
Cash and Cash Equivalents [Abstract] | |
Cash and Cash Equivalents Disclosure [Text Block] | 2. Cash and Cash Equivalents |
The Company manages its cash and cash equivalents, which consist of cash on hand, amounts due from banks, federal funds sold, and short-term investments with original maturity of three months or less, based upon the Company’s operating, investment, and financing activities. For the purpose of reporting cash flows, these same accounts are included in cash and cash equivalents. | |
The Company is required to maintain reserves with the Federal Reserve Bank. Reserve requirements are based on a percentage of deposit liabilities. The average reserve balances required were zero for 2014 and $6.5 million for 2013. The average excess balance with Federal Reserve Bank was $170.1 million in 2014 and $136.3 million in 2013. At December 31, 2014, the Bancorp had $7.5 million on deposit in a cash margin account that serves as collateral for the Bancorp’s interest rate swaps. |
Note_3_Securities_Purchased_Un
Note 3 - Securities Purchased Under Agreements to Resell | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | 3. Securities Purchased under Agreements to Resell |
Securities purchased under agreements to resell are usually collateralized by U.S. government agency and mortgage-backed securities. The counter-parties to these agreements are nationally recognized investment banking firms that meet credit requirements of the Company and with whom a master repurchase agreement has been duly executed. | |
For those securities obtained under the resale agreements, the collateral is either held by a third party custodian or by the counter party and is segregated under written agreements that recognize the Company’s interest in the securities. Interest income associated with securities purchased under resale agreements was zero for 2014, zero for 2013 and $18,000 for 2012. |
Note_4_Investment_Securities
Note 4 - Investment Securities | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4 | Investment Securities | |||||||||||||||||||||||||||||||||||
Investment Securities. The following tables reflect the amortized cost, gross unrealized gains, gross unrealized losses, and fair values of investment securities as of December 31, 2014, and December 31, 2013: | |||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||||||||||
U.S. treasury securities | $ | 664,206 | $ | 63 | $ | 265 | 664,004 | ||||||||||||||||||||||||||||||
Mortgage-backed securities | 549,296 | 1,393 | 6,386 | 544,303 | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 79 | - | 34 | 45 | |||||||||||||||||||||||||||||||||
Corporate debt securities | 94,943 | 776 | 1,247 | 94,472 | |||||||||||||||||||||||||||||||||
Mutual funds | 6,000 | 134 | 5,866 | ||||||||||||||||||||||||||||||||||
Preferred stock of government sponsored entities | 6,276 | 681 | 3,733 | 3,224 | |||||||||||||||||||||||||||||||||
Other equity securities | 3,608 | 3,413 | 7,021 | ||||||||||||||||||||||||||||||||||
Total securities available-for-sale | $ | 1,324,408 | $ | 6,326 | $ | 11,799 | $ | 1,318,935 | |||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||||||||||
U.S. treasury securities | $ | 460,095 | $ | 99 | $ | 1 | $ | 460,193 | |||||||||||||||||||||||||||||
Mortgage-backed securities | 1,010,294 | 7,049 | 64,529 | 952,814 | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 5,929 | 231 | 54 | 6,106 | |||||||||||||||||||||||||||||||||
Asset-backed securities | 123 | - | - | 123 | |||||||||||||||||||||||||||||||||
Corporate debt securities | 154,955 | 298 | 4,949 | 150,304 | |||||||||||||||||||||||||||||||||
Mutual funds | 6,000 | - | 275 | 5,725 | |||||||||||||||||||||||||||||||||
Preferred stock of government sponsored entities | 569 | 10,834 | - | 11,403 | |||||||||||||||||||||||||||||||||
Total securities available-for-sale | $ | 1,637,965 | $ | 18,511 | $ | 69,808 | $ | 1,586,668 | |||||||||||||||||||||||||||||
The amortized cost and fair value of investment securities at December 31, 2014, by contractual maturities are shown below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or repay obligations with or without call or repayment penalties. | |||||||||||||||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Due in one year or less | $ | 115,033 | $ | 115,068 | |||||||||||||||||||||||||||||||||
Due after one year through five years | 569,853 | 570,371 | |||||||||||||||||||||||||||||||||||
Due after five years through ten years | 85,654 | 85,097 | |||||||||||||||||||||||||||||||||||
Due after ten years (1) | 553,868 | 548,399 | |||||||||||||||||||||||||||||||||||
Total | $ | 1,324,408 | $ | 1,318,935 | |||||||||||||||||||||||||||||||||
(1) Equity securities are reported in this category | |||||||||||||||||||||||||||||||||||||
During the first quarter of 2013, due to the ongoing discussions regarding corporate income tax rates which could have a negative impact on the after-tax yields and fair values of the Company’s portfolio of municipal securities, the Company determined it may sell such securities in response to market conditions. As a result, the Company reclassified its municipal securities from securities held-to-maturity to securities available-for-sale. Concurrent with this reclassification, the Company also reclassified all other securities held-to-maturity, which together with the municipal securities had an amortized cost on the date of transfer of $722.5 million, to securities available-for-sale. At the reclassification date, a net unrealized gain was recorded in other comprehensive income for these securities totaling $40.5 million. | |||||||||||||||||||||||||||||||||||||
Proceeds from sales of mortgage-backed securities were $698.5 million and from repayments, maturities and calls of mortgage-backed securities were $69.7 million during 2014 compared to proceeds from sales of $456.4 million and proceeds of $213.2 million from repayments, maturities, and calls during 2013. Proceeds from sales of other investment securities were $160.5 million during 2014 compared to $575.4 million during 2013. Proceeds from maturities and calls of other investment securities were $585.8 during 2014 compared to $231.1 million during 2013. In 2014, gains of $18.0 million and losses of $11.3 million were realized on sales and calls of investment securities compared with gains of $29.0 million and losses of $1.6 million realized in 2013. | |||||||||||||||||||||||||||||||||||||
At December 31, 2014, all of the Company’s mortgage-backed securities were rated as investment grade except for one non-agency issue. Total unrealized losses of $6.4 million from all mortgage-backed securities resulted from increases in interest rates subsequent to the date that these securities were purchased. Total unrealized losses of $1.2 million on corporate bonds relates to four issues of investments in bonds of financial institutions, all of which were investment grade at the date of acquisition and as of December 31, 2014. The unrealized losses were primarily caused by the widening of credit and liquidity spreads since the dates of acquisition. The contractual terms of those investments do not permit the issuers to settle the security at a price less than the amortized cost of the investment. The Company currently does not believe it is probable that it will be unable to collect all amounts due according to the contractual terms of the investments. Therefore, it is expected that these mortgage-backed securities and corporate bonds would not be settled at a price less than the amortized cost of the investment. Because the Company does not intend to sell and would not be required to sell these investments until a recovery of fair value, which may be maturity, it does not consider its investments in these mortgaged-backed securities and corporate bonds to be other-than-temporarily impaired at December 31, 2014. During the third quarter of 2014, the Company wrote down the carrying value of its portfolio of agency preferred stock by $820,000. As of December 31, 2014, agency preferred stock of with a cost of $6.2 million had an unrealized loss of $3.7 million, which the Company believes to be temporary. | |||||||||||||||||||||||||||||||||||||
The temporarily impaired securities represent 66.1% of the fair value of investment securities as of December 31, 2014. Unrealized losses for securities with unrealized losses for less than twelve months represent 1.1%, and securities with unrealized losses for twelve months or more represent 1.6%, of the historical cost of these securities. Unrealized losses on these securities generally resulted from increases in interest rates or spreads subsequent to the date that these securities were purchased. At December 31, 2014, 22 issues of securities had unrealized losses for 12 months or longer and 8 issues of securities had unrealized losses of less than 12 months. | |||||||||||||||||||||||||||||||||||||
At December 31, 2014, management believed the impairment was temporary and, accordingly, no impairment loss on debt securities has been recognized in our condensed consolidated statements of operations. We expect to recover the amortized cost basis of our debt securities, and have no intent to sell and will not be required to sell available-for-sale debt securities that have declined below their cost before their anticipated recovery. | |||||||||||||||||||||||||||||||||||||
The tables below show the fair value and unrealized losses of the temporarily impaired securities in our investment securities portfolio as of December 31, 2014, and December 31, 2013: | |||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||
Temporarily Impaired Securities | |||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||
Fair | Unrealized | No. of | Fair | Unrealized | No. of | Fair | Unrealized | No. of | |||||||||||||||||||||||||||||
Value | Losses | Issuances | Value | Losses | Issuances | Value | Losses | Issuances | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||||||||||
U.S. treasury securities | $ | 374,153 | $ | 265 | 6 | $ | - | $ | - | - | $ | 374,153 | $ | 265 | 6 | ||||||||||||||||||||||
Mortgage-backed securities | - | - | - | 425,090 | 6,386 | 16 | 425,090 | 6,386 | 16 | ||||||||||||||||||||||||||||
Collateralized mortgage obligations | - | - | - | 45 | 34 | 1 | 45 | 34 | 1 | ||||||||||||||||||||||||||||
Corporate debt securities | - | - | - | 63,753 | 1,247 | 4 | 63,753 | 1,247 | 4 | ||||||||||||||||||||||||||||
Mutual funds | - | - | - | 5,866 | 134 | 1 | 5,866 | 134 | 1 | ||||||||||||||||||||||||||||
Preferred stock of government sponsored entities | 2,448 | 3,733 | 2 | - | - | - | 2,448 | 3,733 | 2 | ||||||||||||||||||||||||||||
Total securities available-for-sale | $ | 376,601 | $ | 3,998 | 8 | $ | 494,754 | $ | 7,801 | 22 | $ | 871,355 | $ | 11,799 | 30 | ||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Temporarily Impaired Securities | |||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||
Fair | Unrealized | No. of | Fair | Unrealized | No. of | Fair | Unrealized | No. of | |||||||||||||||||||||||||||||
Value | Losses | Issuances | Value | Losses | Issuances | Value | Losses | Issuances | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||||||||||
U.S. treasury securities | $ | 75,064 | $ | 1 | 1 | $ | - | $ | - | - | $ | 75,064 | $ | 1 | 1 | ||||||||||||||||||||||
Mortgage-backed securities | 792,012 | 64,526 | 25 | 272 | 2 | 7 | 792,284 | 64,528 | 32 | ||||||||||||||||||||||||||||
Mortgage-backed securities-Non-agency | 94 | 1 | 1 | - | - | - | 94 | 1 | 1 | ||||||||||||||||||||||||||||
Collateralized mortgage obligations | 68 | 4 | 2 | 301 | 50 | 3 | 369 | 54 | 5 | ||||||||||||||||||||||||||||
Corporate debt securities | 9,970 | 30 | 1 | 100,081 | 4,919 | 8 | 110,051 | 4,949 | 9 | ||||||||||||||||||||||||||||
Mutual funds | - | - | - | 5,724 | 275 | 1 | 5,724 | 275 | 1 | ||||||||||||||||||||||||||||
Total securities available-for-sale | $ | 877,208 | $ | 64,562 | 30 | $ | 106,378 | $ | 5,246 | 19 | $ | 983,586 | $ | 69,808 | 49 | ||||||||||||||||||||||
Investment securities having a carrying value of $591.3 million at December 31, 2014, and $926.5 million at December 31, 2013, were pledged to secure public deposits, other borrowings, treasury tax and loan, Federal Home Loan Bank advances, securities sold under agreements to repurchase, and foreign exchange transactions. |
Note_5_Loans
Note 5 - Loans | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 5. Loans | ||||||||||||||||||||||||||||
Most of the Company’s business activity is predominately with Asian customers located in Southern and Northern California; New York City; Houston and Dallas, Texas; Seattle, Washington; Boston, Massachusetts; Chicago, Illinois; Edison, New Jersey; Nevada; and Hong Kong. The Company has no specific industry concentration, and generally its loans are collateralized with real property or other pledged collateral of the borrowers. Loans are generally expected to be paid off from the operating profits of the borrowers, refinancing by another lender, or through sale by the borrowers of the secured collateral. | |||||||||||||||||||||||||||||
The components of loans in the Consolidated Balance Sheets as of December 31, 2014, and December 31, 2013, were as follows: | |||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Type of Loans: | |||||||||||||||||||||||||||||
Commercial loans | $ | 2,382,493 | $ | 2,298,724 | |||||||||||||||||||||||||
Real estate construction loans | 298,654 | 221,701 | |||||||||||||||||||||||||||
Commercial mortgage loans | 4,486,443 | 4,023,051 | |||||||||||||||||||||||||||
Residential mortgage loans | 1,570,059 | 1,355,255 | |||||||||||||||||||||||||||
Equity lines | 172,879 | 171,277 | |||||||||||||||||||||||||||
Installment and other loans | 3,552 | 14,555 | |||||||||||||||||||||||||||
Gross loans | 8,914,080 | 8,084,563 | |||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Allowance for loan losses | (161,420 | ) | (173,889 | ) | |||||||||||||||||||||||||
Unamortized deferred loan fees | (12,392 | ) | (13,487 | ) | |||||||||||||||||||||||||
Total loans and leases, net | $ | 8,740,268 | $ | 7,897,187 | |||||||||||||||||||||||||
Loans held for sale | $ | 973 | $ | - | |||||||||||||||||||||||||
The Company pledged real estate loans of $3.8 billion at December 31, 2014, and $1.6 billion at December 31, 2013, to the Federal Home Loan Bank of San Francisco under its specific pledge program. In addition, the Bank pledged $127.2 million at December 31, 2014, and $119.1 million at December 31, 2013, of its commercial loans to the Federal Reserve Bank’s Discount Window under the Borrower-in-Custody program. | |||||||||||||||||||||||||||||
Loans serviced for others as of December 31, 2014, totaled $240.1 million and were comprised of $125.8 million of residential mortgages, $52.5 million of commercial loans, $31.2 million of commercial real estate loans, and $30.6 million of construction loans. | |||||||||||||||||||||||||||||
The Company has entered into transactions with its directors, executive officers, or principal holders of its equity securities, or the associates of such persons (“Related Parties”). Such transactions were made in the ordinary course of business on substantially the same terms and conditions, including interest rates and collateral, as those prevailing at the same time for comparable transactions with customers who are not related parties. In management’s opinion, these transactions did not involve more than normal credit risk or present other unfavorable features. All loans to Related Parties were current as of December 31, 2014. An analysis of the activity with respect to loans to Related Parties for the years indicated is as follows: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Balance at beginning of year | $ | 126,985 | $ | 172,584 | |||||||||||||||||||||||||
Additional loans made | 50,657 | 64,063 | |||||||||||||||||||||||||||
Payment received | (119,783 | ) | (109,662 | ) | |||||||||||||||||||||||||
Balance at end of year | $ | 57,859 | $ | 126,985 | |||||||||||||||||||||||||
At December 31, 2014, recorded investment in impaired loans totaled $174.5 million and was comprised of nonaccrual loans, excluding loans held for sale, of $70.2 million and accruing TDR’s of $104.3 million. At December 31, 2013, recorded investment in impaired loans totaled $200.8 million and was comprised of nonaccrual loans of $83.2 million and accruing TDR’s of $117.6 million. The average balance of impaired loans was $190.2 million in 2014 and $221.2 million in 2013. We considered all non-accrual loans and troubled debt restructurings ("TDR") to be impaired. Interest recognized on impaired loans totaled $5.3 million in 2014 and $5.6 million in 2013. The Bank recognizes interest income on impaired loans based on its existing method of recognizing interest income on non-accrual loans except accruing TDRs. For impaired loans, the amounts previously charged off represent 17.1% at December 31, 2014, and 23.9% at December 31, 2013, of the contractual balances for impaired loans. The following table presents impaired loans and the related allowance as of the dates indicated: | |||||||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Allowance | Unpaid Principal Balance | Recorded Investment | Allowance | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
With no allocated allowance | |||||||||||||||||||||||||||||
Commercial loans | $ | 19,479 | $ | 18,452 | $ | - | $ | 20,992 | $ | 18,905 | $ | - | |||||||||||||||||
Real estate construction loans | 32,924 | 17,025 | - | 25,401 | 15,097 | - | |||||||||||||||||||||||
Commercial mortgage loans | 77,474 | 75,172 | - | 105,593 | 78,930 | - | |||||||||||||||||||||||
Residential mortgage and equity lines | 2,518 | 2,518 | - | 4,892 | 4,892 | - | |||||||||||||||||||||||
Subtotal | $ | 132,395 | $ | 113,167 | $ | - | $ | 156,878 | $ | 117,824 | $ | - | |||||||||||||||||
With allocated allowance | |||||||||||||||||||||||||||||
Commercial loans | $ | 7,003 | $ | 5,037 | $ | 1,263 | $ | 22,737 | $ | 13,063 | $ | 2,519 | |||||||||||||||||
Real estate construction loans | 19,006 | 8,703 | 1,077 | 28,475 | 19,323 | 3,460 | |||||||||||||||||||||||
Commercial mortgage loans | 38,197 | 34,022 | 8,993 | 39,223 | 35,613 | 6,584 | |||||||||||||||||||||||
Residential mortgage and equity lines | 14,019 | 13,590 | 465 | 16,535 | 14,957 | 721 | |||||||||||||||||||||||
Subtotal | $ | 78,225 | $ | 61,352 | $ | 11,798 | $ | 106,970 | $ | 82,956 | $ | 13,284 | |||||||||||||||||
Total impaired loans | $ | 210,620 | $ | 174,519 | $ | 11,798 | $ | 263,848 | $ | 200,780 | $ | 13,284 | |||||||||||||||||
The following table presents the average balance and interest income recognized related to impaired loans for the periods indicated: | |||||||||||||||||||||||||||||
For the year ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Commercial loans | $ | 26,128 | $ | 27,123 | $ | 31,798 | $ | 878 | $ | 770 | $ | 580 | |||||||||||||||||
Real estate construction loans | 32,439 | 37,875 | 49,094 | 264 | 284 | 265 | |||||||||||||||||||||||
Commercial mortgage loans | 114,248 | 138,121 | 178,822 | 3,735 | 4,256 | 8,221 | |||||||||||||||||||||||
Residential mortgage and equity lines | 17,411 | 18,033 | 18,062 | 462 | 289 | 239 | |||||||||||||||||||||||
Subtotal | $ | 190,226 | $ | 221,152 | $ | 277,776 | $ | 5,339 | $ | 5,599 | $ | 9,305 | |||||||||||||||||
The following is a summary of non-accrual loans as of December 31, 2014, 2013, and 2012 and the related net interest foregone for the years then ended: | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Non-accrual portfolio loans | $ | 70,163 | $ | 83,183 | $ | 103,902 | |||||||||||||||||||||||
Non-accrual loans held-for-sale | 973 | - | - | ||||||||||||||||||||||||||
Total non-accrual loans | $ | 71,136 | $ | 83,183 | $ | 103,902 | |||||||||||||||||||||||
Contractual interest due | $ | 6,663 | $ | 5,851 | $ | 6,621 | |||||||||||||||||||||||
Interest recognized | 217 | 22 | 1,006 | ||||||||||||||||||||||||||
Net interest foregone | $ | 6,446 | $ | 5,829 | $ | 5,615 | |||||||||||||||||||||||
The following tables present the aging of the loan portfolio by type as of December 31, 2014, and December 31, 2013: | |||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days Past Due | Non-accrual Loans | Total Past Due | Loans Not Past Due | Total | |||||||||||||||||||||||
Type of Loans: | (In thousands) | ||||||||||||||||||||||||||||
Commercial loans | $ | 11,595 | $ | 1,238 | $ | - | $ | 6,983 | $ | 19,816 | $ | 2,362,677 | $ | 2,382,493 | |||||||||||||||
Real estate construction loans | 1,416 | - | - | 19,963 | 21,379 | 277,275 | 298,654 | ||||||||||||||||||||||
Commercial mortgage loans | 17,654 | 3,909 | - | 35,606 | 57,169 | 4,429,274 | 4,486,443 | ||||||||||||||||||||||
Residential mortgage loans | 5,634 | 732 | - | 7,611 | 13,977 | 1,728,961 | 1,742,938 | ||||||||||||||||||||||
Installment and other loans | 60 | - | - | - | 60 | 3,492 | 3,552 | ||||||||||||||||||||||
Total loans | $ | 36,359 | $ | 5,879 | $ | - | $ | 70,163 | $ | 112,401 | $ | 8,801,679 | $ | 8,914,080 | |||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days Past Due | Non-accrual Loans | Total Past Due | Loans Not Past Due | Total | |||||||||||||||||||||||
Type of Loans: | (In thousands) | ||||||||||||||||||||||||||||
Commercial loans | $ | 7,170 | $ | 16,562 | $ | - | $ | 21,232 | $ | 44,964 | $ | 2,253,760 | $ | 2,298,724 | |||||||||||||||
Real estate construction loans | - | - | - | 28,586 | 28,586 | 193,115 | 221,701 | ||||||||||||||||||||||
Commercial mortgage loans | 20,043 | 7,862 | 982 | 19,621 | 48,508 | 3,974,543 | 4,023,051 | ||||||||||||||||||||||
Residential mortgage loans | 3,508 | 832 | - | 13,744 | 18,084 | 1,508,448 | 1,526,532 | ||||||||||||||||||||||
Installment and other loans | 100 | - | - | - | 100 | 14,455 | 14,555 | ||||||||||||||||||||||
Total loans | $ | 30,821 | $ | 25,256 | $ | 982 | $ | 83,183 | $ | 140,242 | $ | 7,944,321 | $ | 8,084,563 | |||||||||||||||
The determination of the amount of the allowance for credit losses for problem loans is based on management’s current judgment about the credit quality of the loan portfolio and takes into consideration known relevant internal and external factors that affect collectibility when determining the appropriate level for the allowance for credit losses. The nature of the process by which the Bank determines the appropriate allowance for credit losses requires the exercise of considerable judgment. This allowance evaluation process is also applied to TDRs since TDRs are considered to be impaired loans. | |||||||||||||||||||||||||||||
At December 31, 2014, accruing TDRs were $104.3 million and non-accrual TDRs were $41.6 million compared to accruing TDRs of $117.6 million and non-accrual TDRs of $38.8 million at December 31, 2013. The Company has allocated specific reserves of $6.5 million to accruing TDRs and $4.9 million to non-accrual TDRs at December 31, 2014, and $6.9 million to accruing TDRs and $2.2 million to non-accrual TDRs at December 31, 2013. The following table presents TDRs that were modified during 2014, their specific reserve at December 31, 2014, and charge-offs during 2014: | |||||||||||||||||||||||||||||
No. of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Specific Reserve | Charge-offs | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Commercial loans | 4 | $ | 10,539 | $ | 10,539 | $ | 21 | $ | - | ||||||||||||||||||||
Commercial mortgage loans | 3 | 11,817 | 11,817 | 5,550 | - | ||||||||||||||||||||||||
Residential mortgage and equity lines | 7 | 2,715 | 2,715 | 29 | - | ||||||||||||||||||||||||
Total | 14 | $ | 25,071 | $ | 25,071 | $ | 5,600 | $ | - | ||||||||||||||||||||
The following table presents TDRs that were modified during 2013, their specific reserve at December 31, 2013, and charge-offs during 2013: | |||||||||||||||||||||||||||||
No. of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Specific Reserve | Charge-offs | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Commercial loans | 9 | $ | 12,026 | $ | 10,860 | $ | 550 | $ | 1,166 | ||||||||||||||||||||
Commercial mortgage loans | 5 | 13,090 | 13,090 | 329 | - | ||||||||||||||||||||||||
Residential mortgage and equity lines | 11 | 3,736 | 3,658 | 103 | 78 | ||||||||||||||||||||||||
Total | 25 | $ | 28,852 | $ | 27,608 | $ | 982 | $ | 1,244 | ||||||||||||||||||||
The following table presents TDRs that were modified during 2012, their specific reserve at December 31, 2012, and charge-offs during 2012: | |||||||||||||||||||||||||||||
No. of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Specific Reserve | Charge-off | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Commercial loans | 9 | $ | 3,646 | $ | 3,646 | $ | 1,213 | $ | - | ||||||||||||||||||||
Commercial mortgage loans | 20 | 62,118 | 58,393 | 27 | 3,725 | ||||||||||||||||||||||||
Residential mortgage and equity lines | 14 | 4,305 | 4,223 | 162 | 82 | ||||||||||||||||||||||||
Total | 43 | $ | 70,069 | $ | 66,262 | $ | 1,402 | $ | 3,807 | ||||||||||||||||||||
A summary of TDRs by type of concession and by type of loans as of December 31, 2014, and December 31, 2013, are shown below: | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Accruing TDRs | Interest Deferral | Principal Deferral | Rate Reduction | Rate Reduction and Forgiveness of Principal | Rate Reduction and Payment Deferral | Total | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Commercial loans | $ | - | $ | 11,572 | $ | - | $ | - | $ | 4,934 | $ | 16,506 | |||||||||||||||||
Real estate construction loans | - | 5,765 | - | - | - | 5,765 | |||||||||||||||||||||||
Commercial mortgage loans | 436 | 20,107 | 26,694 | - | 26,351 | 73,588 | |||||||||||||||||||||||
Residential mortgage loans | - | 3,316 | - | 410 | 4,771 | 8,497 | |||||||||||||||||||||||
Total accruing TDRs | $ | 436 | $ | 40,760 | $ | 26,694 | $ | 410 | $ | 36,056 | $ | 104,356 | |||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Non-accrual TDRs | Interest Deferral | Principal Deferral | Rate Reduction | Rate Reduction and Payment Deferral | Total | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Commercial loans | $ | 1,184 | $ | 239 | $ | 860 | $ | 1,269 | $ | 3,552 | |||||||||||||||||||
Real estate construction loans | - | - | - | 19,462 | 19,462 | ||||||||||||||||||||||||
Commercial mortgage loans | - | 15,917 | - | 973 | 16,890 | ||||||||||||||||||||||||
Residential mortgage loans | - | 1,026 | - | 688 | 1,714 | ||||||||||||||||||||||||
Total non-accrual TDRs | $ | 1,184 | $ | 17,182 | $ | 860 | $ | 22,392 | $ | 41,618 | |||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Accruing TDRs | Principal Deferral | Rate Reduction | Rate Reduction and Forgiveness of Principal | Rate Reduction and Payment Deferral | Total | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Commercial loans | $ | 9,112 | $ | 2,916 | $ | - | $ | 2,708 | $ | 14,736 | |||||||||||||||||||
Real estate construction loans | - | - | - | 5,834 | 5,834 | ||||||||||||||||||||||||
Commercial mortgage loans | 11,333 | 9,389 | - | 70,200 | 90,922 | ||||||||||||||||||||||||
Residential mortgage loans | 1,564 | 1,024 | - | 3,517 | 6,105 | ||||||||||||||||||||||||
Total accruing TDRs | $ | 22,009 | $ | 13,329 | $ | - | $ | 82,259 | $ | 117,597 | |||||||||||||||||||
As of December 31,2013 | |||||||||||||||||||||||||||||
Non-accrual TDRs | Interest Deferral | Principal Deferral | Rate Reduction and Forgiveness of Principal | Rate Reduction and Payment Deferral | Total | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Commercial loans | $ | - | $ | 2,866 | $ | 1,352 | $ | - | $ | 4,218 | |||||||||||||||||||
Real estate construction loans | - | 16,009 | - | 9,263 | 25,272 | ||||||||||||||||||||||||
Commercial mortgage loans | 1,443 | 2,168 | - | 1,843 | 5,454 | ||||||||||||||||||||||||
Residential mortgage loans | 241 | 2,206 | - | 1,378 | 3,825 | ||||||||||||||||||||||||
Total non-accrual TDRs | $ | 1,684 | $ | 23,249 | $ | 1,352 | $ | 12,484 | $ | 38,769 | |||||||||||||||||||
Troubled debt restructurings on accrual status totaled $104.3 million at December 31, 2014, and were comprised of 60 loans, a decrease of $13.3 million, compared to 64 loans totaling $117.6 million at December 31, 2013. TDRs at December 31, 2014, were comprised of nine commercial loans of $16.5 million, three hotel loans of $15.7 million, 31 single family residential loans of $13.6 million, two industrial and manufactural use building loans of $12.2 million, two land loans for residential purpose of $10.2 million, four commercial condos loans of $10.1 million, three retail shopping and commercial use building loans of $9.0 million, one multi-family residential loan of $6.1 million, one shopping center construction loan of $5.8 million, three office buildings loans of $3.5 million, and one warehouse loan of $1.6 million. We expect that the troubled debt restructuring loans on accruing status as of December 31, 2014, which are all performing in accordance with their restructured terms, will continue to comply with the restructured terms because of the reduced principal or interest payments on these loans. The comparable TDRs at December 31, 2013, were comprised of 13 retail shopping and commercial use building loans of $44.2 million, ten office and commercial use building loans of $28.6 million, four hotel loans of $17.2 million, 25 single family residential loans of $20.0 million, two warehouses of $1.6 million, five commercial loans of $5.3 million, and five multi-family residential loans of $748,000. The activity within our TDR loans for 2014, 2013, and 2012 are shown below: | |||||||||||||||||||||||||||||
Accruing TDRs | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Beginning balance | $ | 117,597 | $ | 144,695 | $ | 120,016 | |||||||||||||||||||||||
New restructurings | 23,740 | 21,382 | 53,958 | ||||||||||||||||||||||||||
Restructured loans restored to accrual status | 962 | 6,851 | 8,356 | ||||||||||||||||||||||||||
Charge-offs | - | (78 | ) | (251 | ) | ||||||||||||||||||||||||
Payments | (13,256 | ) | (52,362 | ) | (5,159 | ) | |||||||||||||||||||||||
Restructured loans placed on non-accrual | (24,687 | ) | (2,891 | ) | (32,225 | ) | |||||||||||||||||||||||
Ending balance | $ | 104,356 | $ | 117,597 | $ | 144,695 | |||||||||||||||||||||||
Non-accrual TDRs | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Beginning balance | $ | 38,769 | $ | 47,731 | $ | 50,870 | |||||||||||||||||||||||
New restructurings | 1,331 | 6,226 | 12,304 | ||||||||||||||||||||||||||
Restructured loans placed on non-accrual | 24,687 | 2,891 | 32,225 | ||||||||||||||||||||||||||
Charge-offs | (8,937 | ) | (2,124 | ) | (4,182 | ) | |||||||||||||||||||||||
Payments | (11,710 | ) | (4,295 | ) | (33,931 | ) | |||||||||||||||||||||||
Foreclosures | (1,560 | ) | (4,809 | ) | (1,199 | ) | |||||||||||||||||||||||
Restructured loans restored to accrual status | (962 | ) | (6,851 | ) | (8,356 | ) | |||||||||||||||||||||||
Ending balance | $ | 41,618 | $ | 38,769 | $ | 47,731 | |||||||||||||||||||||||
A loan is considered to be in payment default once it is 60 to 90 days contractually past due under the modified terms. There were no loans modified as TDRs during the previous twelve months that subsequently defaulted as of December 31, 2014. | |||||||||||||||||||||||||||||
Under the Company’s internal underwriting policy, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification in order to determine whether a borrower is experiencing financial difficulty. As of December 31, 2014, there were no commitments to lend additional funds to those borrowers whose loans have been restructured, were considered impaired, or were on non-accrual status. | |||||||||||||||||||||||||||||
As part of the on-going monitoring of the credit quality of our loan portfolio, the Company utilizes a risk grading matrix to assign a risk grade to each loan. Loans are risk rated based on analysis of the current state of the borrower’s credit quality. The analysis of credit quality includes a review of all sources of repayment, the borrower’s current financial and liquidity status and all other relevant information. The risk rating categories can be generally described by the following grouping for non-homogeneous loans: | |||||||||||||||||||||||||||||
● | Pass/Watch – These loans range from minimal credit risk to lower than average, but still acceptable, credit risk. | ||||||||||||||||||||||||||||
● | Special Mention – Borrower is fundamentally sound and the loan is currently protected but adverse trends are apparent that, if not corrected, may affect ability to repay. Primary source of loan repayment remains viable but there is increasing reliance on collateral or guarantor support. | ||||||||||||||||||||||||||||
● | Substandard – These loans are inadequately protected by current sound worth, paying capacity or pledged collateral. Well-defined weaknesses exist that could jeopardize repayment of debt. Loss may not be imminent, but if weaknesses are not corrected, there is a good possibility of some loss. | ||||||||||||||||||||||||||||
● | Doubtful – The possibility of loss is extremely high, but due to identifiable and important pending events (which may strengthen the loan) a loss classification is deferred until the situation is better defined. | ||||||||||||||||||||||||||||
● | Loss – These loans are considered uncollectible and of such little value that to continue to carry the loans as an active asset is no longer warranted. | ||||||||||||||||||||||||||||
The following tables present loan portfolio by risk rating as of December 31, 2014, and as of December 31, 2013: | |||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||
Pass/Watch | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||
Commercial loans | $ | 2,260,474 | $ | 47,619 | $ | 72,561 | $ | 1,839 | $ | 2,382,493 | |||||||||||||||||||
Real estate construction loans | 272,927 | - | 25,227 | 500 | 298,654 | ||||||||||||||||||||||||
Commercial mortgage loans | 4,213,453 | 105,970 | 167,020 | - | 4,486,443 | ||||||||||||||||||||||||
Residential mortgage and equity lines | 1,733,248 | - | 9,690 | - | 1,742,938 | ||||||||||||||||||||||||
Installment and other loans | 3,552 | - | - | - | 3,552 | ||||||||||||||||||||||||
Total gross loans | $ | 8,483,654 | $ | 153,589 | $ | 274,498 | $ | 2,339 | $ | 8,914,080 | |||||||||||||||||||
Loans held for sale | $ | - | $ | - | $ | 973 | $ | - | $ | 973 | |||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Pass/Watch | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||
Commercial loans | $ | 2,108,191 | $ | 84,786 | $ | 102,088 | $ | 3,659 | $ | 2,298,724 | |||||||||||||||||||
Real estate construction loans | 184,449 | - | 33,939 | 3,313 | 221,701 | ||||||||||||||||||||||||
Commercial mortgage loans | 3,686,788 | 127,436 | 208,827 | - | 4,023,051 | ||||||||||||||||||||||||
Residential mortgage and equity lines | 1,510,647 | - | 15,885 | - | 1,526,532 | ||||||||||||||||||||||||
Installment and other loans | 14,555 | - | - | - | 14,555 | ||||||||||||||||||||||||
Total gross loans | $ | 7,504,630 | $ | 212,222 | $ | 360,739 | $ | 6,972 | $ | 8,084,563 | |||||||||||||||||||
The allowance for loan losses and the reserve for off-balance sheet credit commitments are significant estimates that can and do change based on management’s process in analyzing the loan portfolio and on management’s assumptions about specific borrowers, underlying collateral, and applicable economic and environmental conditions, among other factors. | |||||||||||||||||||||||||||||
The following table presents the balance in the allowance for loan losses by portfolio segment and based on impairment method as of December 31, 2014, and as of December 31, 2013. | |||||||||||||||||||||||||||||
Real Estate | Commercial | Residential | |||||||||||||||||||||||||||
Commercial | Construction | Mortgage | Mortgage | Consumer | |||||||||||||||||||||||||
Loans | Loans | Loans | and Equity Lines | and Other | Total | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | |||||||||||||||||||||||||||||
Allowance | $ | 1,263 | $ | 1,077 | $ | 8,993 | $ | 465 | $ | - | $ | 11,798 | |||||||||||||||||
Balance | $ | 23,489 | $ | 25,728 | $ | 109,194 | $ | 16,108 | $ | - | $ | 174,519 | |||||||||||||||||
Loans collectively evaluated for impairment | |||||||||||||||||||||||||||||
Allowance | $ | 46,238 | $ | 26,575 | $ | 65,680 | $ | 11,113 | $ | 16 | $ | 149,622 | |||||||||||||||||
Balance | $ | 2,359,004 | $ | 272,926 | $ | 4,377,249 | $ | 1,726,830 | $ | 3,552 | $ | 8,739,561 | |||||||||||||||||
Total allowance | $ | 47,501 | $ | 27,652 | $ | 74,673 | $ | 11,578 | $ | 16 | $ | 161,420 | |||||||||||||||||
Total balance | $ | 2,382,493 | $ | 298,654 | $ | 4,486,443 | $ | 1,742,938 | $ | 3,552 | $ | 8,914,080 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | |||||||||||||||||||||||||||||
Allowance | $ | 2,519 | $ | 3,460 | $ | 6,584 | $ | 721 | $ | - | $ | 13,284 | |||||||||||||||||
Balance | $ | 31,968 | $ | 34,420 | $ | 114,544 | $ | 19,848 | $ | - | $ | 200,780 | |||||||||||||||||
Loans collectively evaluated for impairment | |||||||||||||||||||||||||||||
Allowance | $ | 62,584 | $ | 8,539 | $ | 78,169 | $ | 11,284 | $ | 29 | $ | 160,605 | |||||||||||||||||
Balance | $ | 2,266,756 | $ | 187,281 | $ | 3,908,507 | $ | 1,506,684 | $ | 14,555 | $ | 7,883,783 | |||||||||||||||||
Total allowance | $ | 65,103 | $ | 11,999 | $ | 84,753 | $ | 12,005 | $ | 29 | $ | 173,889 | |||||||||||||||||
Total balance | $ | 2,298,724 | $ | 221,701 | $ | 4,023,051 | $ | 1,526,532 | $ | 14,555 | $ | 8,084,563 | |||||||||||||||||
The following table details activity in the allowance for loan losses by portfolio segment for the years ended December 31, 2014 and 2013. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. | |||||||||||||||||||||||||||||
Real Estate | Commercial | Residential | Installment | ||||||||||||||||||||||||||
Commercial | Construction | Mortgage | Mortgage | and Other | |||||||||||||||||||||||||
Loans | Loans | Loans | and Equity Lines | Loans | Total | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
2013 Beginning Balance | $ | 66,101 | $ | 23,017 | $ | 82,473 | $ | 11,703 | $ | 28 | $ | 183,322 | |||||||||||||||||
Provision/(reversal) for possible loan losses | 11,888 | (13,302 | ) | (2,500 | ) | 924 | (10 | ) | (3,000 | ) | |||||||||||||||||||
Charge-offs | (15,625 | ) | - | (3,945 | ) | (872 | ) | - | (20,442 | ) | |||||||||||||||||||
Recoveries | 2,739 | 2,284 | 8,725 | 250 | 11 | 14,009 | |||||||||||||||||||||||
Net Charge-offs | (12,886 | ) | 2,284 | 4,780 | (622 | ) | 11 | (6,433 | ) | ||||||||||||||||||||
2013 Ending Balance | $ | 65,103 | $ | 11,999 | $ | 84,753 | $ | 12,005 | $ | 29 | $ | 173,889 | |||||||||||||||||
Reserve to impaired loans | $ | 2,519 | $ | 3,460 | $ | 6,584 | $ | 721 | $ | - | $ | 13,284 | |||||||||||||||||
Reserve to non-impaired loans | $ | 62,584 | $ | 8,539 | $ | 78,169 | $ | 11,284 | $ | 29 | $ | 160,605 | |||||||||||||||||
Reserve for off-balance sheet credit commitments | $ | 909 | $ | 304 | $ | 111 | $ | 38 | $ | 1 | $ | 1,363 | |||||||||||||||||
2014 Beginning Balance | $ | 65,103 | $ | 11,999 | $ | 84,753 | $ | 12,005 | $ | 29 | $ | 173,889 | |||||||||||||||||
Provision/(reversal) for possible loan losses | (22,244 | ) | 19,853 | (8,197 | ) | (558 | ) | (26 | ) | (11,172 | ) | ||||||||||||||||||
Charge-offs | (7,875 | ) | (6,747 | ) | (7,458 | ) | (155 | ) | - | (22,235 | ) | ||||||||||||||||||
Recoveries | 12,517 | 2,547 | 5,575 | 286 | 13 | 20,938 | |||||||||||||||||||||||
Net Charge-offs | 4,642 | (4,200 | ) | (1,883 | ) | 131 | 13 | (1,297 | ) | ||||||||||||||||||||
2014 Ending Balance | $ | 47,501 | $ | 27,652 | $ | 74,673 | $ | 11,578 | $ | 16 | $ | 161,420 | |||||||||||||||||
Reserve to impaired loans | $ | 1,263 | $ | 1,077 | $ | 8,993 | $ | 465 | $ | - | $ | 11,798 | |||||||||||||||||
Reserve to non-impaired loans | $ | 46,238 | $ | 26,575 | $ | 65,680 | $ | 11,113 | $ | 16 | $ | 149,622 | |||||||||||||||||
Reserve for off-balance sheet credit commitments | $ | 923 | $ | 728 | $ | 259 | $ | 39 | $ | - | $ | 1,949 | |||||||||||||||||
An analysis of the activity in the allowance for credit losses for the years ended December 31, 2014, 2013, and 2012 is as follows: | |||||||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Allowance for Loan Losses | (In thousands) | ||||||||||||||||||||||||||||
Balance at beginning of year | $ | 173,889 | $ | 183,322 | $ | 206,280 | |||||||||||||||||||||||
(Reversal)/provision for credit losses | (10,800 | ) | (3,000 | ) | (9,000 | ) | |||||||||||||||||||||||
Transfers (to)/from reserve for off-balance sheet credit commitments | (372 | ) | - | 706 | |||||||||||||||||||||||||
Loans charged off | (22,235 | ) | (20,442 | ) | (32,791 | ) | |||||||||||||||||||||||
Recoveries of charged off loans | 20,938 | 14,009 | 18,127 | ||||||||||||||||||||||||||
Balance at end of year | $ | 161,420 | $ | 173,889 | $ | 183,322 | |||||||||||||||||||||||
Reserve for Off-balance Sheet Credit Commitments | |||||||||||||||||||||||||||||
Balance at beginning of year | $ | 1,363 | $ | 1,363 | $ | 2,069 | |||||||||||||||||||||||
Provision for credit losses/transfers | 586 | - | (706 | ) | |||||||||||||||||||||||||
Balance at end of year | $ | 1,949 | $ | 1,363 | $ | 1,363 | |||||||||||||||||||||||
Residential mortgage loans in process of formal foreclosure proceedings were $2.3 million at December 31, 2014, compared to $4.0 million at December 31, 2013. |
Note_6_Other_Real_Estate_Owned
Note 6 - Other Real Estate Owned | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||
Real Estate Owned [Text Block] | 6. Other Real Estate Owned | ||||||||||||
At December 31, 2014, the net carrying value of other real estate owned (“OREO”) decreased $21.5 million, or 40.6%, to $31.5 million from $53.0 million at December 31, 2013. The carrying amount of foreclosed residential real estate properties held were $4.7 million at December 31, 2014, compared to $202,000 at December 31, 2013. OREO located in California was $4.1 million and was comprised primarily of one residential property of $2.0 million, four commercial use buildings of $1.2 million, one residential construction project of $526,000, one parcel of land zoned for residential purpose of $243,000, and one parcel of land zoned for commercial purpose of $235,000. OREO located in Texas was $15.7 million and was comprised of three parcels of land zoned for commercial purpose of $12.3 million, one medical office building of $1.6 million, a retail store of $761,000, a commercial building construction project of $752,000, and a shopping center of $304,000. OREO located in Illinois was $4.0 million and was comprised of two multi-family residential properties of $3.1 million and an office of $921,000. OREO located in the state of Washington was an office and commercial use building of $3.8 million. OREO located in the state of New York was $3.8 million and was comprised of one residential property of $2.7 million and a retail store of $1.1 million. | |||||||||||||
For 2013, OREO located in California was $10.9 million and was comprised primarily of eight parcels of land zoned for residential purpose of $9.0 million, three commercial use buildings of $564,000, three commercial building construction projects of $635,000, one residential construction project of $530,000, and one parcel of land zoned for commercial purpose of $235,000. OREO located in Texas was $27.3 million and was comprised of three office and commercial use buildings of $12.5 million, six parcels of land zoned for residential purposes of $12.7 million, four commercial building construction projects of $1.3 million and a retail store of $766,000. OREO located in the state of Washington was $6.5 million and was comprised three parcels of land zoned for residential purpose of $667,000 and one office and commercial use building of $5.8 million. OREO located in the state of New York was one office and commercial use building $893,000. OREO located in the state of North Carolina was one commercial use building of $4.1 million. OREO located in Illinois was $3.3 million and was comprised of one condominium property of $2.4 million, two commercial use properties of $639,000 and one residential property of $202,000. | |||||||||||||
An analysis of the activity in the valuation allowance for other real estate losses for the years ended December 31, 2014, 2013, and 2012 is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Balance, beginning of year | $ | 13,384 | $ | 19,556 | $ | 26,422 | |||||||
Provision/(Reversal) for losses | 1,619 | (2,122 | ) | 10,668 | |||||||||
OREO disposal | (12,893 | ) | (4,050 | ) | (17,534 | ) | |||||||
Balance, end of year | $ | 2,110 | $ | 13,384 | $ | 19,556 | |||||||
The following table presents the components of other real estate owned expense for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Operating expense | $ | 1,142 | $ | 3,680 | $ | 4,817 | |||||||
Provision/(reversal) for losses | 1,619 | (2,122 | ) | 10,668 | |||||||||
Net gain on transfers and disposals | (4,065 | ) | (1,793 | ) | (369 | ) | |||||||
Total other real estate owned expense | $ | (1,304 | ) | $ | (235 | ) | $ | 15,116 | |||||
Note_7_Investments_in_Affordab
Note 7 - Investments in Affordable Housing | 12 Months Ended |
Dec. 31, 2014 | |
Investments In Affordable Housing [Abstract] | |
Investments In Affordable Housing [Text Block] | 7. Investments in Affordable Housing |
The Company has invested in certain limited partnerships that were formed to develop and operate housing for lower-income tenants throughout the United States. The Company’s investments in these partnerships were $104.6 million at December 31, 2014, and $84.1 million at December 31, 2013. At December 31, 2014, and December 31, 2013, seven of the limited partnerships in which the Company has an equity interest were determined to be variable interest entities for which the Company is the primary beneficiary. The consolidation of these limited partnerships in the Company’s Consolidated Financial Statements increased total assets and liabilities by $24.8 million at December 31, 2014, and by $23.8 million at December 31, 2013. Other borrowings for affordable housing limited partnerships were $19.9 million at December 31, 2014, and $19.1 million at December 31, 2013; recourse is limited to the assets of the limited partnerships. Unfunded commitments for affordable housing limited partnerships of $22.0 million as of December 31, 2014, and $7.0 million as of December 31, 2013, were recorded under other liabilities. | |
Each of the partnerships must meet regulatory requirements for affordable housing for a minimum 15-year compliance period to fully utilize the tax credits. If the partnerships cease to qualify during the compliance period, the credits may be denied for any period in which the projects are not in compliance and a portion of the credits previously taken is subject to recapture with interest. The remaining tax credits to be utilized over a multiple-year period are $57.7 million for Federal and $1.4 million for state at December 31, 2014. The Company’s usage of tax credits approximated $10.2 million in 2014, $9.8 million in 2013, and $9.2 million in 2012. Losses in excess of the Bank’s investment in two limited partnerships have not been recorded in the Company’s Consolidated Financial Statements because the Company had fully satisfied all capital commitments required under the respective limited partnership agreements. |
Note_8_Premises_and_Equipment
Note 8 - Premises and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | 8. Premises and Equipment | ||||||||
Premises and equipment consisted of the following as of December 31, 2014, and December 31, 2013: | |||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Land and land improvements | $ | 33,543 | $ | 33,441 | |||||
Building and building improvements | 74,550 | 73,756 | |||||||
Furniture, fixtures and equipment | 47,936 | 44,278 | |||||||
Leasehold improvement | 14,006 | 12,753 | |||||||
Construction in process | 54 | 1,160 | |||||||
170,089 | 165,388 | ||||||||
Less: Accumulated depreciation/amortization | 70,407 | 63,343 | |||||||
Premises and equipment, net | $ | 99,682 | $ | 102,045 | |||||
The amount of depreciation/amortization included in operating expense was $7.1 million in 2014, $6.7 million in 2013, and $5.9 million in 2012. |
Note_9_Deposits
Note 9 - Deposits | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||||||
Deposit Liabilities Disclosures [Text Block] | 9. Deposits | ||||||||||||||||||||||||||||
The following table displays deposit balances as of December 31, 2014, and December 31, 2013: | |||||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Demand | $ | 1,664,914 | $ | 1,441,858 | |||||||||||||||||||||||||
NOW accounts | 778,691 | 683,873 | |||||||||||||||||||||||||||
Money market accounts | 1,538,187 | 1,286,338 | |||||||||||||||||||||||||||
Saving accounts | 533,940 | 499,520 | |||||||||||||||||||||||||||
Time deposits under $100,000 | 1,162,547 | 931,204 | |||||||||||||||||||||||||||
Time deposits of $100,000 or more | 3,105,181 | 3,138,512 | |||||||||||||||||||||||||||
Total | $ | 8,783,460 | $ | 7,981,305 | |||||||||||||||||||||||||
Time deposits outstanding as of December 31, 2014, mature as follows. | |||||||||||||||||||||||||||||
Expected Maturity Date at December 31, | |||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Time deposits, $100,000 and over | $ | 2,601,143 | $ | 163,048 | $ | 238,333 | $ | 61,992 | $ | 40,665 | $ | - | $ | 3,105,181 | |||||||||||||||
Other time deposits | 772,529 | 162,465 | 109,302 | 116,420 | 1,820 | 11 | 1,162,547 | ||||||||||||||||||||||
$ | 3,373,672 | $ | 325,513 | $ | 347,635 | $ | 178,412 | $ | 42,485 | $ | 11 | $ | 4,267,728 | ||||||||||||||||
Accrued interest payable on customer deposits was $2.3 million at December 31, 2014, $2.0 million at December 31, 2013, and $2.1 million at December 31, 2012. The following table summarizes the interest expense on deposits by account type for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Interest bearing demand | $ | 1,229 | $ | 1,017 | $ | 792 | |||||||||||||||||||||||
Money market accounts | 8,627 | 7,034 | 5,938 | ||||||||||||||||||||||||||
Saving accounts | 802 | 374 | 365 | ||||||||||||||||||||||||||
Time deposits | 35,111 | 31,964 | 40,278 | ||||||||||||||||||||||||||
Total | $ | 45,769 | $ | 40,389 | $ | 47,373 | |||||||||||||||||||||||
Note_10_Borrowed_Funds
Note 10 - Borrowed Funds | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Debt Disclosure [Text Block] | 10. Borrowed Funds | ||||||||||||||||
Securities Sold under Agreements to Repurchase. Securities sold under agreements to repurchase were $450.0 million with a weighted average rate of 3.85% at December 31, 2014, compared to $800.0 million with a weighted average rate of 3.87% at December 31, 2013. In 2014, the Company prepaid securities sold under agreements to repurchase totaling $100 million with a weighted average rate of 3.5% and incurred prepayment penalties of $3.4 million. In 2013, the Company prepaid securities sold under agreements to repurchase totaling $450 million with a weighted average rate of 3.79% and incurred prepayment penalties of $22.6 million. Four floating-to-fixed rate agreements totaling $200.0 million have initial floating rates for one year, with floating rates of three-month LIBOR rate minus 340 basis points. Thereafter, the rates are fixed for the remainder of the term, with interest rates ranging from 4.89% to 5.07%. After the initial floating rate term, the counterparties have the right to terminate the transaction at par at the fixed rate reset date and quarterly thereafter. One fixed-to-floating rate agreement of $50.0 million had an initial fixed rate of 1.00% with initial fixed rate term of nine months. For the remaining term, the rates float at 8% minus the three-month LIBOR rate with a maximum rate of 3.50% and a minimum rate of 0.0%. After the initial fixed rate term, the counterparties have the right to terminate the transaction at par at the floating rate reset date and quarterly thereafter. The table below provides summary data for the $250.0 million of callable securities sold under agreements to repurchase as of December 31, 2014: | |||||||||||||||||
(Dollars in millions) | Fixed-to-floating | Floating-to-fixed | Total | ||||||||||||||
Rate type | Float Rate | Fixed Rate | |||||||||||||||
Rate index | 8% minus 3 month LIBOR | ||||||||||||||||
Maximum rate | 3.5 | % | |||||||||||||||
Minimum rate | 0 | % | |||||||||||||||
No. of agreements | 1 | 4 | 5 | ||||||||||||||
Amount | $ | 50 | $ | 200 | $ | 250 | |||||||||||
Weighted average rate | 3.5 | % | 5 | % | 4.7 | % | |||||||||||
Final maturity | 2015 | 2017 | |||||||||||||||
The table below provides summary data for non-callable fixed rate securities sold under agreements to repurchase as of December 31, 2014: | |||||||||||||||||
No. of | Amount | Weighted Average | |||||||||||||||
Maturity | Agreements | (In thousands) | Interest Rate | ||||||||||||||
1 year to 3 years | 2 | $ | 100,000 | 2.71 | % | ||||||||||||
3 years to 5 years | 2 | 100,000 | 2.86 | % | |||||||||||||
Total | 4 | $ | 200,000 | 2.78 | % | ||||||||||||
These transactions are accounted for as collateralized financing transactions and recorded at the amounts at which the securities were sold. The Company may have to provide additional collateral for the repurchase agreements, as necessary. The underlying collateral pledged for the repurchase agreements consists of U.S. Treasury securities, U.S. government agency securities, and mortgage-backed securities with a fair value of $516.3 million as of December 31, 2014, and $906.1 million as of December 31, 2013. | |||||||||||||||||
The table below provides comparative data for securities sold under agreements to repurchase for the years indicated: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Average amount outstanding during the year (1) | $ | 629,315 | $ | 972,329 | $ | 1,361,475 | |||||||||||
Maximum amount outstanding at month-end (2) | 700,000 | 1,200,000 | 1,400,000 | ||||||||||||||
Balance, December 31 | 450,000 | 800,000 | 1,250,000 | ||||||||||||||
Rate, December 31 | 3.85 | % | 3.87 | % | 3.84 | % | |||||||||||
Weighted average interest rate for the year | 3.92 | % | 3.88 | % | 4.09 | % | |||||||||||
-1 | Average balances were computed using daily averages. | ||||||||||||||||
-2 | Highest month-end balances were January 2014, January 2013, and January 2012. | ||||||||||||||||
Advances from the FHLB were $425.0 million with a weighted average rate of 0.32% at December 31, 2014, compared to $521.2 million with weighted average rate of 0.17% at December 31, 2013. The Company prepaid $171.2 million advances from the FHLB at a rate of 1.08% with prepayment penalties of $527,000 in 2014 and did not prepay any advances from the FHLB in 2013. | |||||||||||||||||
The following relates to the outstanding advances at December 31, 2014, and 2013: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Amount | Weighted Average | Amount | Weighted Average | ||||||||||||||
Maturity | (In thousands) | Interest Rate | (In thousands) | Interest Rate | |||||||||||||
Within 90 days | $ | 400,000 | 0.27 | % | $ | 475,000 | 0.06 | % | |||||||||
4 - 5 years | 25,000 | 1.13 | % | 46,200 | 1.24 | % | |||||||||||
Total | $ | 425,000 | 0.32 | % | $ | 521,200 | 0.17 | % | |||||||||
Other Liabilities. On November 23, 2004, the Company entered into an agreement with its Chief Executive Officer (“CEO”) pursuant to which the CEO agreed to defer any bonus amounts in excess of $225,000 for the year ended December 31, 2005, until the later of January 1 of the first year following the CEO’s separation from service or the first day of the seventh month following the CEO’s separation from service. Accordingly, an amount equal to $610,000 was deferred in 2004 and was accrued in other liabilities in the consolidated balance sheet. The Company agreed to accrue interest on the deferred portion of the bonus at 7.0% per annum compounded quarterly. The deferred amount will be increased each quarter by the amount of interest computed for that quarter. On November 23, 2014, the interest rate was reset to 5.06% based on 275 basis points above the interest rate on the ten-year Treasury Note on that date. On March 13, 2014, the Compensation Committee of the Company awarded the Company’s CEO a cash bonus in the amount of $300,000 for the quarter ended December 31, 2013, and provided as part of the award that payment of the bonus would be deferred until the later of January 1 of the first year following the CEO’s separation from service or the first day of the seventh month following the CEO’s separation from service. The Company accrues interest on the deferred bonus at 5.02% per annum compounded quarterly. Beginning on the fifth anniversary of the agreement, the interest rate will be reset at 350 basis points above the then prevailing interest rate on the five-year Treasury Note. | |||||||||||||||||
Interest of $93,000 during 2014, $77,000 during 2013, and $71,000 during 2012 was accrued on deferred bonus. The balance was $1.5 million at December 31, 2014, and $1.1 million at December 31, 2013. |
Note_11_Capital_Resources
Note 11 - Capital Resources | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | 11. Capital Resources | ||||||||||||||||||
The Company participated in the U.S. Treasury’s Troubled Asset Relief Program Capital Purchase Program under the Emergency Economic Stabilization Act of 2008. Upon the approval of participation, the U.S. Treasury purchased the Company’s senior preferred stock on December 5, 2008, in the amount of $258.0 million. The senior preferred stock paid cumulative compounding dividends at a rate of 5% per year for the first five years, and thereafter at a rate of 9% per year. The shares are non-voting, other than class voting rights on matters that could adversely affect the shares. In conjunction with the purchase of senior preferred shares, the U.S. Treasury received warrants to purchase 1,846,374 shares of common stock at the exercise price of $20.96 with an aggregate exercise price equal to $38.7 million, 15% of the senior preferred stock amount that U.S. Treasury invested. In 2013, the Company redeemed all $258 million Series B Preferred Stock issued under the U.S. Treasury's TARP Capital Purchase Program. On December 9, 2013, the U.S. Treasury sold all of the warrants that it held for $13.1 million, or $7.20 per warrant, through a secondary public offering. | |||||||||||||||||||
On September 29, 2006, the Bank issued $50.0 million in subordinated debt in a private placement transaction. The debt had an original maturity term of 10 years, was unsecured and bore interest at a rate of three-month LIBOR plus 110 basis points, payable on a quarterly basis. In March 2011, the Company extended the debt for an additional year. As part of the extension agreement, the rate was increased from LIBOR plus 110 basis points to LIBOR plus 330 basis points for 2012 and 2011, after which time it reverts back to LIBOR plus 110 basis points. The per annum interest rate on the subordinated debt was 3.61% at December 31, 2012. In December 2013, the subordinated debt was repaid in full with a prepayment penalty of $2,000. | |||||||||||||||||||
The Bancorp established three special purpose trusts in 2003 and two in 2007 for the purpose of issuing trust preferred securities to outside investors (“Capital Securities”). The trusts exist for the purpose of issuing the Capital Securities and investing the proceeds thereof, together with proceeds from the purchase of the common securities of the trusts by the Bancorp, in Junior Subordinated Notes issued by the Bancorp. Subject to some limitations, payment of distributions out of the monies held by the trusts and payments on liquidation of the trusts or the redemption of the Capital Securities are guaranteed by the Bancorp to the extent the trusts have funds on hand at such time. The obligations of the Bancorp under the guarantees and the Junior Subordinated Notes are subordinate and junior in right of payment to all indebtedness of the Bancorp and will be structurally subordinated to all liabilities and obligations of the Bancorp’s subsidiaries. The Bancorp has the right to defer payments of interest on the Junior Subordinated Notes at any time or from time to time for a period of up to twenty consecutive quarterly periods with respect to each deferral period. Under the terms of the Junior Subordinated Notes, the Bancorp may not, with certain exceptions, declare or pay any dividends or distributions on its capital stock or purchase or acquire any of its capital stock if the Bancorp has deferred payment of interest on the Junior Subordinated Notes. | |||||||||||||||||||
The five special purpose trusts are considered variable interest entities. Because the Bancorp is not the primary beneficiary of the trusts, the financial statements of the trusts are not included in the Consolidated Financial Statements of the Company. The Junior Subordinated Notes are currently included in the Tier 1 capital of the Bancorp for regulatory capital purposes. Interest expense on the Junior Subordinated Notes was $4.5 million for 2014, $3.0 million for 2013, and $3.2 million for 2012. | |||||||||||||||||||
The table below summarizes the outstanding Junior Subordinated Notes issued by the Company to each trust as of December 31, 2014: | |||||||||||||||||||
Principal | Not | Current | Date of | Payable/ | |||||||||||||||
Issuance | Balance of | Redeemable | Stated | Annualized | Interest | Rate | Distribution | ||||||||||||
Trust Name | Date | Notes | Until | Maturity | Coupon Rate | Rate | Change | Date | |||||||||||
(Dollars in thousands) | |||||||||||||||||||
Cathay Capital Trust I | June 26, | $ | 20,619 | June 30, | June 30, | 3-month | 3.41 | % | December 30, | 30-Mar | |||||||||
2003 | 2008 | 2033 | LIBOR+ | 2014 | 30-Jun | ||||||||||||||
3.15% | 30-Sep | ||||||||||||||||||
30-Dec | |||||||||||||||||||
Cathay Statutory Trust I | September 17, | 20,619 | September 17, | September 17, | 3-month | 3.24 | % | December 17, | 17-Mar | ||||||||||
2003 | 2008 | 2033 | LIBOR | 2014 | 17-Jun | ||||||||||||||
3.00% | 17-Sep | ||||||||||||||||||
17-Dec | |||||||||||||||||||
Cathay Capital Trust II | December 30, | 12,887 | March 30, | March 30, | 3-month | 3.16 | % | December 30, | 30-Mar | ||||||||||
2003 | 2009 | 2034 | LIBOR | 2014 | 30-Jun | ||||||||||||||
2.90% | 30-Sep | ||||||||||||||||||
30-Dec | |||||||||||||||||||
Cathay Capital Trust III | March 28, | 46,392 | June 15, | June 15, | 3-month | 1.72 | % | December 15, | 15-Mar | ||||||||||
2007 | 2012 | 2037 | LIBOR | 2014 | 15-Jun | ||||||||||||||
1.48% | 15-Sep | ||||||||||||||||||
15-Dec | |||||||||||||||||||
Cathay Capital Trust IV | May 31, | 18,619 | September 6, | September 6, | 3-month | 1.64 | % | December 8, | 6-Mar | ||||||||||
2007 | 2012 | 2037 | LIBOR | 2014 | 6-Jun | ||||||||||||||
1.40% | 6-Sep | ||||||||||||||||||
6-Dec | |||||||||||||||||||
Total Junior Subordinated Notes | $ | 119,136 | |||||||||||||||||
Note_12_Income_Taxes
Note 12 - Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | 12. Income Taxes | ||||||||||||||||||||||||
For the years ended December 31, 2014, 2013, and 2012, the current and deferred amounts of the income tax expense are summarized as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal | $ | 36,180 | $ | 62,254 | $ | 44,263 | |||||||||||||||||||
State | 14,481 | 23,295 | 17,081 | ||||||||||||||||||||||
Total Current | $ | 50,661 | $ | 85,549 | $ | 61,344 | |||||||||||||||||||
Deferred: | |||||||||||||||||||||||||
Federal | 23,783 | (11,162 | ) | 3,755 | |||||||||||||||||||||
State | 7,521 | (3,952 | ) | 1,029 | |||||||||||||||||||||
Total Deferred | $ | 31,304 | $ | (15,114 | ) | $ | 4,784 | ||||||||||||||||||
Total income tax expense/(benefit) | $ | 81,965 | $ | 70,435 | $ | 66,128 | |||||||||||||||||||
Temporary differences between the amounts reported in the financial statements and the tax basis of assets and liabilities give rise to deferred taxes. Net deferred tax assets at December 31, 2014, and at December 31, 2013, are included in other assets in the accompanying Consolidated Balance Sheets and are as follows: | |||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Deferred Tax Assets | |||||||||||||||||||||||||
Loan loss allowance, due to differences in computation of bad debts | $ | 66,999 | $ | 89,560 | |||||||||||||||||||||
Share-based compensation | 12,808 | 13,573 | |||||||||||||||||||||||
Accrual for bonuses | 4,585 | 3,380 | |||||||||||||||||||||||
Non-accrual interest | 3,735 | 3,968 | |||||||||||||||||||||||
Accrual for litigation | 2,918 | 2,415 | |||||||||||||||||||||||
Write-down on equity securities and venture capital investments | 2,697 | 2,857 | |||||||||||||||||||||||
Write-down on other real estate owned | 1,357 | 8,595 | |||||||||||||||||||||||
State tax | 3,253 | 6,493 | |||||||||||||||||||||||
Unrealized loss on interest rate swaps | 1,739 | - | |||||||||||||||||||||||
Unrealized loss on securities available-for-sale, net | 2,301 | 21,569 | |||||||||||||||||||||||
Other, net | 2,179 | 4,214 | |||||||||||||||||||||||
Gross deferred tax assets | 104,571 | 156,624 | |||||||||||||||||||||||
Deferred Tax Liabilities | |||||||||||||||||||||||||
Basis difference in acquired assets | (3,321 | ) | (3,138 | ) | |||||||||||||||||||||
Dividends on Federal Home Loan Bank common stock | (1,927 | ) | (2,986 | ) | |||||||||||||||||||||
Other, net | (3,075 | ) | (2,773 | ) | |||||||||||||||||||||
Gross deferred tax liabilities | (8,323 | ) | (8,897 | ) | |||||||||||||||||||||
Valuation allowance | - | (1,263 | ) | ||||||||||||||||||||||
Net deferred tax assets | $ | 96,248 | $ | 146,464 | |||||||||||||||||||||
Amounts for the current year are based upon estimates and assumptions and could vary from amounts shown on the tax returns as filed. | |||||||||||||||||||||||||
In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent on the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not the Company will realize all benefits related to these deductible temporary differences. | |||||||||||||||||||||||||
The Company had income tax refunds receivables of $18.1 million at December 31, 2014, and $8.6 million at December 31, 2013. These income tax receivables are included in other assets in the accompanying Consolidated Balance Sheets. At December 31, 2014, the Company had Federal net operating loss carry forwards of approximately $0.8 million which expire through 2022. The Federal net operating loss carry-forwards were acquired in connection with the Company’s acquisition of United Heritage Bank. | |||||||||||||||||||||||||
At both December 31, 2014 and 2013, there were no unrecognized tax benefits. The Company’s tax returns are open for audits by the Internal Revenue Service back to 2011 and by the California Franchise Tax Board back to 2003. The Company is under audit by the California Franchise Tax Board for the years 2003 to 2007. As the Company is presently under audit by a number of tax authorities, it is reasonably possible that unrecognized tax benefits could change significantly over the next twelve months. The Company does not expect that any such changes would have a material impact on its annual effective tax rate. | |||||||||||||||||||||||||
Income tax expense results in effective tax rates that differ from the statutory Federal income tax rate for the years indicated as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Tax provision at Federal statutory rate | $ | 76,928 | 35 | % | $ | 67,752 | 35 | % | $ | 64,248 | 35 | % | |||||||||||||
State income taxes, net of Federal income tax benefit | 14,324 | 6.6 | 12,573 | 6.5 | 11,772 | 6.4 | |||||||||||||||||||
Interest on obligations of state and political subdivisions, which are exempt from Federal taxation | - | - | (348 | ) | (0.2 | ) | (1,456 | ) | (0.8 | ) | |||||||||||||||
Low income housing and other tax credits | (10,014 | ) | (4.6 | ) | (10,056 | ) | (5.2 | ) | (9,353 | ) | (5.1 | ) | |||||||||||||
Other, net | 727 | 0.3 | 514 | 0.3 | 917 | 0.5 | |||||||||||||||||||
Total income tax expense | $ | 81,965 | 37.3 | % | $ | 70,435 | 36.4 | % | $ | 66,128 | 36 | % | |||||||||||||
Note_13_Stockholders_Equity_an
Note 13 - Stockholders' Equity and Earnings per Share | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | 13. Stockholders’ Equity and Earnings per Share | ||||||||||||||||||||||||||||||||||||
As a bank holding company, the Bancorp’s ability to pay dividends will depend upon the dividends it receives from the Bank and on the income it may generate from any other activities in which it may engage, either directly or through other subsidiaries. | |||||||||||||||||||||||||||||||||||||
Under California banking law, the Bank may not, without regulatory approval, pay a cash dividend that exceeds the lesser of the Bank’s retained earnings or its net income for the last three fiscal years, less any cash distributions made during that period. Under this regulation, the amount of retained earnings available for cash dividends to the Company immediately after December 31, 2014, is restricted to approximately $57.2 million. | |||||||||||||||||||||||||||||||||||||
During 2003, the Bank formed Cathay Real Estate Investment Trust (“Trust”) to provide the Bank flexibility in raising capital. In 2003 and 2004, the Trust sold to accredited investors $8.6 million of its 7.0% Series A Non-Cumulative preferred stock which pays dividends, if declared, at the end of each quarter. This preferred stock qualified as Tier 1 capital under current regulatory guidelines. The Company paid dividends of $605,000 in 2013 and $605,000 in 2012. The Bank dissolved the Trust on December 23, 2013. | |||||||||||||||||||||||||||||||||||||
Activity in accumulated other comprehensive income, net of tax, and reclassification out of accumulated other comprehensive income for the years ended December 31, 2014, and 2013 was as follows: | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||||||
Pre-tax | Tax expense/ (Benefit) | Net-of-tax | Pre-tax | Tax expense/ (Benefit) | Net-of-tax | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Beginning balance, (loss)/income, net of tax | |||||||||||||||||||||||||||||||||||||
Securities available-for sale | $ | (29,729 | ) | $ | 465 | ||||||||||||||||||||||||||||||||
Cash flow hedge derivatives | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | (29,729 | ) | $ | 465 | ||||||||||||||||||||||||||||||||
Net unrealized gains/(losses) arising during the period | |||||||||||||||||||||||||||||||||||||
Securities available-for sale | $ | 39,077 | $ | 16,431 | $ | 22,646 | $ | (117,515 | ) | $ | (49,407 | ) | $ | (68,108 | ) | ||||||||||||||||||||||
Cash flow hedge derivatives | (4,136 | ) | (1,739 | ) | (2,397 | ) | - | - | - | ||||||||||||||||||||||||||||
Total | 34,941 | 14,692 | 20,249 | (117,515 | ) | (49,407 | ) | $ | (68,108 | ) | |||||||||||||||||||||||||||
Reclassification adjustment for net gains included in net income | |||||||||||||||||||||||||||||||||||||
Securities available-for sale | 6,748 | 2,837 | 3,911 | 27,362 | 11,503 | 15,859 | |||||||||||||||||||||||||||||||
Cash flow hedge derivatives | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total | 6,748 | 2,837 | 3,911 | 27,362 | 11,503 | 15,859 | |||||||||||||||||||||||||||||||
Net unrealized gains arising from transferring securities held-to-maturity to available-for-sale | - | - | - | 38,052 | 15,997 | 22,055 | |||||||||||||||||||||||||||||||
Total other comprehensive income/(loss) | |||||||||||||||||||||||||||||||||||||
Securities available-for sale | 45,825 | 19,268 | 26,557 | (52,101 | ) | (21,907 | ) | (30,194 | ) | ||||||||||||||||||||||||||||
Cash flow hedge derivatives | (4,136 | ) | (1,739 | ) | (2,397 | ) | - | - | - | ||||||||||||||||||||||||||||
Total | $ | 41,689 | $ | 17,529 | $ | 24,160 | $ | (52,101 | ) | $ | (21,907 | ) | $ | (30,194 | ) | ||||||||||||||||||||||
Ending balance, loss, net of tax | |||||||||||||||||||||||||||||||||||||
Securities available-for sale | $ | (3,172 | ) | $ | (29,729 | ) | |||||||||||||||||||||||||||||||
Cash flow hedge derivatives | (2,397 | ) | - | ||||||||||||||||||||||||||||||||||
Total | $ | (5,569 | ) | $ | (29,729 | ) | |||||||||||||||||||||||||||||||
The Board of Directors of the Bancorp is authorized to issue preferred stock in one or more series and to fix the voting powers, designations, preferences or other rights of the shares of each such class or series and the qualifications, limitations, and restrictions thereon. Any preferred stock issued by the Bancorp may rank prior to the Bancorp common stock as to dividend rights, liquidation preferences, or both, may have full or limited voting rights, and may be convertible into shares of the Bancorp common stock. | |||||||||||||||||||||||||||||||||||||
Pursuant to the U.S. Treasury’s Troubled Asset Relief Program Capital Purchase Program under the Emergency Economic Stabilization Act of 2008, on December 5, 2008, the U.S. Treasury purchased 258,000 shares of the Company’s Series B Preferred Stock in the amount of $258.0 million. The Series B Preferred Stock paid cumulative compounding dividends at a rate of 5% per year for the first five years, and thereafter at a rate of 9% per year. In conjunction with the purchase of senior preferred shares, the U.S. Treasury received warrants to purchase 1,846,374 shares of common stock at the exercise price of $20.96 per share with an aggregate market price equal to $38.7 million, or 15%, of the senior preferred stock amount that the U.S. Treasury invested. The exercise price of $20.96 on warrants was calculated based on the average of closing prices of the Company’s common stock on the 20 trading days ending on the last trading day prior to November 17, 2008, the date that the Company received the preliminary approval of the purchase from the U.S. Treasury. In 2013, the Company redeemed all $258 million Series B Preferred Stock issued under the U.S. Treasury's TARP Capital Purchase Program. On December 9, 2013, the U.S. Treasury sold all of the warrants that it held for $13.1 million, or $7.20 per warrant, through a secondary public offering. | |||||||||||||||||||||||||||||||||||||
The following is the reconciliation of the numerators and denominators of the basic and diluted earnings per share computations for the years as indicated: | |||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Per | Per | Per | |||||||||||||||||||||||||||||||||||
Income | Shares | Share | Income | Shares | Share | Income | Shares | Share | |||||||||||||||||||||||||||||
(Numerator) | (Denominator) | Amount | (Numerator) | (Denominator) | Amount | (Numerator) | (Denominator) | Amount | |||||||||||||||||||||||||||||
(In thousands, except shares and per share data) | |||||||||||||||||||||||||||||||||||||
Net income | $ | 137,830 | $ | 123,143 | $ | 117,438 | |||||||||||||||||||||||||||||||
Dividends on preferred stock | - | (9,685 | ) | (16,488 | ) | ||||||||||||||||||||||||||||||||
Basic EPS, income/(loss) | $ | 137,830 | 79,661,571 | $ | 1.73 | $ | 113,458 | 78,954,898 | $ | 1.44 | $ | 100,950 | 78,719,133 | $ | 1.28 | ||||||||||||||||||||||
Effect of dilutive stock options | 445,324 | 183,085 | 4,164 | ||||||||||||||||||||||||||||||||||
Diluted EPS, income/(loss) | $ | 137,830 | 80,106,895 | $ | 1.72 | $ | 113,458 | 79,137,983 | $ | 1.43 | $ | 100,950 | 78,723,297 | $ | 1.28 | ||||||||||||||||||||||
Options to purchase an additional 2.0 million shares at December 31, 2014, were not included in the computation of diluted earnings per share because their inclusion would have had an anti-dilutive effect. Options to purchase an additional 2.2 million shares at December 31, 2013, were not included in the computation of diluted earnings per share because their inclusion would have had an anti-dilutive effect. |
Note_14_Commitments_and_Contin
Note 14 - Commitments and Contingencies | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Commitments and Contingencies Disclosure [Text Block] | 14. Commitments and Contingencies | ||||||||
Litigation. The Company is involved in various litigation concerning transactions entered into during the normal course of business. Management, after consultation with legal counsel, does not believe that the resolution of such litigation will have a material effect upon its consolidated financial condition, results of operations, or liquidity taken as a whole. | |||||||||
Lending. In the normal course of business, the Company becomes a party to financial instruments with off-balance sheet risk to meet the financing needs of its customers. These financial instruments include commitments to extend credit in the form of loans or through commercial or standby letters of credit and financial guarantees. Those instruments represent varying degrees of exposure to risk in excess of the amounts included in the accompanying Consolidated Balance Sheets. The contractual or notional amount of these instruments indicates a level of activity associated with a particular class of financial instrument and is not a reflection of the level of expected losses, if any. | |||||||||
The Company’s exposure to credit loss in the event of non-performance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Unless noted otherwise, the Company does not require collateral or other security to support financial instruments with credit risk. | |||||||||
Financial instruments for which contract amounts represent the amount of credit risk include the following: | |||||||||
As of December 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Commitments to extend credit | $ | 2,071,766 | $ | 1,858,669 | |||||
Standby letters of credit | 53,910 | 45,058 | |||||||
Commercial letters of credit | 48,143 | 54,098 | |||||||
Bill of lading guarantees | 108 | 80 | |||||||
Total | $ | 2,173,927 | $ | 1,957,905 | |||||
Commitments to extend credit are agreements to lend to a customer provided there is no violation of any condition established in the commitment agreement. These commitments generally have fixed expiration dates and are expected to expire without being drawn upon. The total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by the Company upon extension of credit is based on management’s credit evaluation of the borrowers. | |||||||||
As of December 31, 2014, the Company does not have fixed-rate or variable-rate commitments with characteristics similar to options, which provide the holder, for a premium paid at inception to the Company, the benefits of favorable movements in the price of an underlying asset or index with limited or no exposure to losses from unfavorable price movements. | |||||||||
As of December 31, 2014, commitments to extend credit of $2.1 billion include commitments to fund fixed rate loans of $125.8 million and adjustable rate loans of $1.9 billion. | |||||||||
Commercial letters of credit and bill of lading guarantees are issued to facilitate domestic and foreign trade transactions while standby letters of credit are issued to make payments on behalf of customers if certain specified future events occur. The credit risk involved in issuing letters of credit and bill of lading guarantees is essentially the same as that involved in making loans to customers. | |||||||||
Leases. The Company is obligated under a number of operating leases for premises and equipment with terms ranging from one to 25 years, many of which provide for periodic adjustment of rentals based on changes in various economic indicators. Rental expense was $8.2 million for 2014, $7.7 million for 2013, and $7.4 million for 2012. The following table shows future minimum payments under operating leases with terms in excess of one year as of December 31, 2014. | |||||||||
Year Ending December 31, | Commitments | ||||||||
(In thousands) | |||||||||
2015 | $ | 6,767 | |||||||
2016 | 5,840 | ||||||||
2017 | 4,349 | ||||||||
2018 | 3,888 | ||||||||
2019 | 2,431 | ||||||||
Thereafter | 5,552 | ||||||||
Total minimum lease payments | $ | 28,827 | |||||||
Rental income was $0.2 million for 2014, $0.3 million for 2013, and $0.3 million for 2012. The following table shows future rental payments to be received under operating leases with terms in excess of one year as of December 31, 2014: | |||||||||
Year Ending December 31, | Commitments | ||||||||
(In thousands) | |||||||||
2015 | $ | 65 | |||||||
2016 | 46 | ||||||||
2017 | 47 | ||||||||
2018 | 49 | ||||||||
2019 | 33 | ||||||||
Thereafter | - | ||||||||
Total minimum lease payments to be received | $ | 240 | |||||||
Note_15_Financial_Derivatives
Note 15 - Financial Derivatives | 12 Months Ended |
Dec. 31, 2014 | |
Derivative Instrument Detail [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | 15. Financial Derivatives |
It is our policy not to speculate on the future direction of interest rates. However, we enter into financial derivatives in order to seek mitigation of exposure to interest rate risks related to our interest-earning assets and interest-bearing liabilities. We believe that these transactions, when properly structured and managed, may provide a hedge against inherent interest rate risk in our assets or liabilities and against risk in specific transactions. In such instances, we may protect our position through the purchase or sale of interest rate futures contracts for a specific cash or interest rate risk position. Other hedging transactions may be implemented using interest rate swaps, interest rate caps, floors, financial futures, forward rate agreements, and options on futures or bonds. Prior to considering any hedging activities, we seek to analyze the costs and benefits of the hedge in comparison to other viable alternative strategies. All hedges will require an assessment of basis risk and must be approved by the Bancorp or the Bank’s Investment Committee. | |
In May 2014, the Bancorp entered into five interest rate swap contracts in the notional amount of $119.1 million for a period of ten years. The objective of these interest rate swap contracts, which were designated as hedging instruments in cash flow hedges, was to hedge the quarterly interest payments on the Bancorp’s $119.1 million of Junior Subordinated Debentures that had been issued to five trusts throughout the ten-year period beginning in June 2014 and ending in June 2024, from the risk of variability of these payments resulting from changes in the three-month LIBOR interest rate. The Bancorp pays a weighted average fixed interest rate of 2.61% and receives a variable interest rate of three-month LIBOR at a weighted average rate of 0.24%. As of December 31, 2014, the notional amount of cash flow interest rate swaps was $119.1 million and their unrealized loss of $2.4 million, net of taxes, was included in other comprehensive income. The amount of periodic net settlement of interest rate swaps included in interest expense was $1.5 million in 2014. As of December 31, 2014, the ineffective portion of these interest rate swaps was not significant. | |
In June 2014, the Bank entered into ten interest rate swap contracts in the notional amount of $148.1 million for various terms from four to eight years. In October 2014, the Bank entered into four additional interest rate swap contracts in the notional amount of $34.9 million. The Bank entered into these interest rate swap contracts that are matched to individual fixed-rate commercial real estate loans in the Bank’s loan portfolio. These contracts have been designated as hedging instruments to hedge the risk of changes in the fair value of the underlying commercial real estate loan due to changes in interest rates. The swap contracts are structured so that the notional amounts reduce over time to match the contractual amortization of the underlying loan and allow prepayments with the same pre-payment penalty amounts as the related loan. The Bank pays a weighted average fixed rate of 4.60% and receives a variable rate at one month LIBOR rate plus a weighted average spread of 292 basis points, or at a weighted average rate of 3.08%. As of December 31, 2014, the notional amount of fair value interest rate swaps was $181.3 million and their unrealized loss of $489,000 was included in other non-interest income. The amount of periodic net settlement of interest rate swaps reducing interest income was $1.3 million in 2014. As of December 31, 2014, the ineffective portion of these interest rate swaps was not significant. | |
Interest rate swap contracts involve the risk of dealing with institutional derivative counterparties and their ability to meet contractual terms. Institutional counterparties must have a strong credit profile and be approved by the Company’s Board of Directors. The Company’s credit exposure on interest rate swaps is limited to the net favorable value and interest payments of all swaps by each counterparty. Credit exposure may be reduced by the amount of collateral pledged by the counterparty. The Company’s interest rate swaps have been assigned by the counterparties to a derivatives clearing organization and daily margin is indirectly maintained with the derivatives clearing organization. Cash posted as collateral by the Bancorp related to derivative contracts totaled $7.5 million as of December 31, 2014. | |
The Company enters into foreign exchange forward contracts and foreign currency option contracts with various counterparties to mitigate the risk of fluctuations in foreign currency exchange rates for foreign exchange certificates of deposit, foreign exchange contracts, or foreign currency option contracts entered into with our clients. These contracts are not designated as hedging instruments and are recorded at fair value in our condensed consolidated balance sheets. Changes in the fair value of these contracts as well as the related foreign exchange certificates of deposit, foreign exchange contracts, or foreign currency option contracts are recognized immediately in net income as a component of non-interest income. Period end gross positive fair values are recorded in other assets and gross negative fair values are recorded in other liabilities. At December 31, 2014, no option contracts were outstanding. Spot and forward contracts in the total notional amount of $167.0 million had a positive fair value of $1.9 million at December 31, 2014. Spot and forward contracts in the total notional amount of $178.9 million had a negative fair value of $5.0 million at December 31, 2014. At December 31, 2013, the notional amount of option contracts totaled $200,000 with a net positive fair value of $83. Spot and forward contracts in the total notional amount of $267.6 million had a positive fair value of $6.2 million at December 31, 2013. Spot and forward contracts in the total notional amount of $236.3 million had a negative fair value of $6.1 million at December 31, 2013. |
Note_16_Fair_Value_Measurement
Note 16 - Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||
Fair Value, Measurement Inputs, Disclosure [Text Block] | 16. Fair Value Measurements | ||||||||||||||||||||||||
The Company adopted ASC Topic 820 on January 1, 2008, and determined the fair values of our financial instruments based on the following: | |||||||||||||||||||||||||
● | Level 1 – Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||||||||||
● | Level 2 – Observable prices in active markets for similar assets or liabilities; prices for identical or similar assets or liabilities in markets that are not active; directly observable market inputs for substantially the full term of the asset and liability; market inputs that are not directly observable but are derived from or corroborated by observable market data. | ||||||||||||||||||||||||
● | Level 3 – Unobservable inputs based on the Company’s own judgments about the assumptions that a market participant would use. | ||||||||||||||||||||||||
The Company uses the following methodologies to measure the fair value of its financial assets and liabilities on a recurring basis: | |||||||||||||||||||||||||
Securities Available for Sale. For certain actively traded agency preferred stocks, mutual funds, and U.S. Treasury securities, the Company measures the fair value based on quoted market prices in active exchange markets at the reporting date, a Level 1 measurement. The Company also measures securities by using quoted market prices for similar securities or dealer quotes, a Level 2 measurement. This category generally includes U.S. Government agency securities, state and municipal securities, mortgage-backed securities (“MBS”), commercial MBS, collateralized mortgage obligations, asset-backed securities, corporate bonds and trust preferred securities. | |||||||||||||||||||||||||
Trading Securities. The Company measures the fair value of trading securities based on quoted market prices in active exchange markets at the reporting date, a Level 1 measurement. The Company also measures the fair value for other trading securities based on quoted market prices for similar securities or dealer quotes, a Level 2 measurement. | |||||||||||||||||||||||||
Warrants. The Company measures the fair value of warrants based on unobservable inputs based on assumption and management judgment, a Level 3 measurement. | |||||||||||||||||||||||||
Currency Option Contracts and Foreign Exchange Contracts. The Company measures the fair value of currency option and foreign exchange contracts based on dealer quotes on a recurring basis, a Level 2 measurement. | |||||||||||||||||||||||||
The valuation techniques for the assets and liabilities valued on a nonrecurring basis are as follows: | |||||||||||||||||||||||||
Impaired Loans. The Company does not record loans at fair value on a recurring basis. However, from time to time, nonrecurring fair value adjustments to collateral dependent impaired loans are recorded based on either the current appraised value of the collateral, a Level 2 measurement, or management’s judgment and estimation of value reported on old appraisals which are then adjusted based on recent market trends, a Level 3 measurement. | |||||||||||||||||||||||||
Loans Held for sale. The Company records loans held for sale at fair value based on quoted prices from third party sale analysis, existing sale agreements, or appraisal reports adjusted by sales commission assumption, a Level 3 measurement. | |||||||||||||||||||||||||
Goodwill. The Company completes “step one” of the impairment test by comparing the fair value of each reporting unit (as determined based on the discussion below) with the recorded book value (or “carrying amount”) of its net assets, with goodwill included in the computation of the carrying amount. If the fair value of a reporting unit exceeds its carrying amount, goodwill of that reporting unit is not considered impaired, and “step two” of the impairment test is not necessary. If the carrying amount of a reporting unit exceeds its fair value, step two of the impairment test is performed to determine the amount of impairment. Step two of the impairment test compares the carrying amount of the reporting unit’s goodwill to the “implied fair value” of that goodwill. The implied fair value of goodwill is computed by assuming all assets and liabilities of the reporting unit would be adjusted to the current fair value, with the offset as an adjustment to goodwill. This adjusted goodwill balance is the implied fair value used in step two. An impairment charge is then recognized for the amount by which the carrying amount of goodwill exceeds its implied fair value. In connection with the determination of fair value, certain data and information was utilized, including earnings forecasts at the reporting unit level for the next four years. Other key assumptions include terminal values based on future growth rates and discount rates for valuing the cash flows, which have inputs for the risk-free rate, market risk premium and adjustments to reflect inherent risk and required market returns. Because of the significance of unobservable inputs in the valuation of goodwill impairment, goodwill subject to nonrecurring fair value adjustments is classified as Level 3 measurement. | |||||||||||||||||||||||||
Core Deposit Intangibles. Core deposit intangibles is initially recorded at fair value based on a valuation of the core deposits acquired and is amortized over its estimated useful life to its residual value in proportion to the economic benefits consumed. The Company assesses the recoverability of this intangible asset on a nonrecurring basis using the core deposits remaining at the assessment date and the fair value of cash flows expected to be generated from the core deposits, a Level 3 measurement. | |||||||||||||||||||||||||
Other Real Estate Owned. Real estate acquired in the settlement of loans is initially recorded at fair value based on the appraised value of the property on the date of transfer, less estimated costs to sell, a Level 2 measurement. From time to time, nonrecurring fair value adjustments are made to other real estate owned based on the current updated appraised value of the property, also a Level 2 measurement, or management’s judgment and estimation of value reported on old appraisals which are then adjusted based on recent market trends, a Level 3 measurement. | |||||||||||||||||||||||||
Investments in Venture Capital. The Company periodically reviews for OTTI on a nonrecurring basis. Investments in venture capital were written down to their fair value based on available financial reports from venture capital partnerships and management’s judgment and estimation, a Level 3 measurement. | |||||||||||||||||||||||||
The following tables present the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis at December 31, 2014, and at December 31, 2013: | |||||||||||||||||||||||||
As of December 31, 2014 | Fair Value Measurements Using | Total at | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Securities available-for-sale | |||||||||||||||||||||||||
U.S. Treasury securities | $ | 664,004 | $ | - | $ | 664,004 | |||||||||||||||||||
Mortgage-backed securities | - | 544,303 | - | 544,303 | |||||||||||||||||||||
Collateralized mortgage obligations | - | 45 | - | 45 | |||||||||||||||||||||
Corporate debt securities | - | 94,472 | - | 94,472 | |||||||||||||||||||||
Mutual funds | 5,866 | - | - | 5,866 | |||||||||||||||||||||
Preferred stock of government sponsored entities | - | 3,224 | - | 3,224 | |||||||||||||||||||||
Other equity securities | - | 7,021 | - | 7,021 | |||||||||||||||||||||
Total securities available-for-sale | 669,870 | 649,065 | - | 1,318,935 | |||||||||||||||||||||
Warrants | - | - | 27 | 27 | |||||||||||||||||||||
Foreign exchange contracts | - | 1,876 | - | 1,876 | |||||||||||||||||||||
Total assets | $ | 669,870 | $ | 650,941 | $ | 27 | $ | 1,320,838 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Interest rate swaps | $ | - | $ | 4,626 | $ | - | $ | 4,626 | |||||||||||||||||
Foreign exchange contracts | - | 5,007 | - | 5,007 | |||||||||||||||||||||
Total liabilities | $ | - | $ | 9,633 | $ | - | $ | 9,633 | |||||||||||||||||
As of December 31, 2013 | Fair Value Measurements Using | Total at | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Securities available-for-sale | |||||||||||||||||||||||||
U.S. Treasury securities | $ | 460,193 | $ | - | $ | - | $ | 460,193 | |||||||||||||||||
Mortgage-backed securities | - | 952,814 | - | 952,814 | |||||||||||||||||||||
Collateralized mortgage obligations | - | 6,106 | - | 6,106 | |||||||||||||||||||||
Asset-backed securities | - | 123 | - | 123 | |||||||||||||||||||||
Corporate debt securities | - | 150,304 | - | 150,304 | |||||||||||||||||||||
Mutual funds | 5,725 | - | - | 5,725 | |||||||||||||||||||||
Preferred stock of government sponsored entities | - | 11,403 | - | 11,403 | |||||||||||||||||||||
Total securities available-for-sale | 465,918 | 1,120,750 | - | 1,586,668 | |||||||||||||||||||||
Trading securities | - | 4,936 | - | 4,936 | |||||||||||||||||||||
Warrants | - | - | 30 | 30 | |||||||||||||||||||||
Option contracts | - | - | - | - | |||||||||||||||||||||
Foreign exchange contracts | - | 6,182 | - | 6,182 | |||||||||||||||||||||
Total assets | $ | 465,918 | $ | 1,131,868 | $ | 30 | $ | 1,597,816 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Foreign exchange contracts | - | 6,140 | - | 6,140 | |||||||||||||||||||||
Total liabilities | $ | - | $ | 6,140 | $ | - | $ | 6,140 | |||||||||||||||||
For financial assets measured at fair value on a nonrecurring basis that were still reflected in the balance sheet at December 31, 2014 and 2013, the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related individual assets at December 31, 2014, and at December 31, 2013, and the total losses for the periods indicated: | |||||||||||||||||||||||||
As of December 31, 2014 | Total Losses/(Gains) | ||||||||||||||||||||||||
Fair Value Measurements Using | For the Twelve Months Ended | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total at | December 31, | December 31, | ||||||||||||||||||||
Fair Value | 2014 | 2013 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Impaired loans by type: | |||||||||||||||||||||||||
Commercial loans | $ | - | $ | - | $ | 3,774 | $ | 3,774 | $ | 17 | $ | 5,731 | |||||||||||||
Commercial mortgage loans | - | - | 25,029 | 25,029 | 3,914 | 125 | |||||||||||||||||||
Construction- residential | - | - | - | - | - | - | |||||||||||||||||||
Construction- other | - | - | 7,625 | 7,625 | - | - | |||||||||||||||||||
Residential mortgage and equity lines | - | - | 13,126 | 13,126 | 27 | 213 | |||||||||||||||||||
Land loans | - | - | - | - | - | - | |||||||||||||||||||
Total impaired loans | - | - | 49,554 | 49,554 | 3,958 | 6,069 | |||||||||||||||||||
Other real estate owned (1) | - | 16,458 | 4,110 | 20,568 | 202 | (3,134 | ) | ||||||||||||||||||
Investments in venture capital and private company stock | - | - | 5,495 | 5,495 | 436 | 409 | |||||||||||||||||||
Equity investments | - | 617 | 617 | - | - | ||||||||||||||||||||
Total assets | $ | - | $ | 16,458 | $ | 59,776 | $ | 76,234 | $ | 4,596 | $ | 3,344 | |||||||||||||
(1) Other real estate owned balance of $31.5 million in the Consolidated Balance Sheets is net of estimated disposal costs. | |||||||||||||||||||||||||
As of December 31, 2013 | Total Losses | ||||||||||||||||||||||||
Fair Value Measurements Using | For the Twelve Months Ended | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total at | December 31, | December 31, | ||||||||||||||||||||
Fair Value | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Impaired loans by type: | |||||||||||||||||||||||||
Commercial loans | $ | - | $ | - | $ | 7,584 | $ | 7,584 | $ | 5,731 | $ | - | |||||||||||||
Commercial mortgage loans | - | - | 29,001 | 29,001 | 125 | 440 | |||||||||||||||||||
Construction- residential | - | - | 500 | 500 | - | - | |||||||||||||||||||
Construction- other | - | - | 15,363 | 15,363 | - | 65 | |||||||||||||||||||
Residential mortgage and equity lines | - | - | 14,236 | 14,236 | 213 | 605 | |||||||||||||||||||
Land loans | - | - | 29 | 29 | - | 162 | |||||||||||||||||||
Total impaired loans | - | - | 66,713 | 66,713 | 6,069 | 1,272 | |||||||||||||||||||
Other real estate owned (1) | - | 13,248 | 26,498 | 39,746 | (3,134 | ) | 10,904 | ||||||||||||||||||
Investments in venture capital and private company stock | - | - | 8,900 | 8,900 | 409 | 309 | |||||||||||||||||||
Equity investments | 642 | - | - | 642 | - | 181 | |||||||||||||||||||
Total assets | $ | 642 | $ | 13,248 | $ | 102,111 | $ | 116,001 | $ | 3,344 | $ | 12,666 | |||||||||||||
(1) Other real estate owned balance of $53.0 million in the Consolidated Balance Sheets is net of estimated disposal costs. | |||||||||||||||||||||||||
The significant unobservable (Level 3) inputs used in the fair value measurement of collateral for collateral-dependent impaired loans was primarily based on the appraised value of collateral adjusted by estimated sales cost and commissions. The Company generally obtains new appraisal reports every six months. As the Company’s primary objective in the event of default would be to monetize the collateral to settle the outstanding balance of the loan, less marketable collateral would receive a larger discount. During the reported periods, collateral discounts ranged from 45% in the case of accounts receivable collateral to 65% in the case of inventory collateral. | |||||||||||||||||||||||||
The significant unobservable inputs used in the fair value measurement of other real estate owned (“OREO”) was primarily based on the appraised value of OREO adjusted by estimated sales cost and commissions. | |||||||||||||||||||||||||
The Company applies estimated sales cost and commission ranging from 3% to 6% of collateral value of impaired loans, quoted price or loan sale price of loans held for sale, and appraised value of OREOs. | |||||||||||||||||||||||||
The significant unobservable inputs in the Black-Scholes option pricing model for the fair value of warrants are the expected life of warrant ranging from 1 to 6 years, risk-free interest rate from 0.68% to 1.83%, and stock volatility of the Company from 9.42% to 16.0%. |
Note_17_Fair_Value_of_Financia
Note 17 - Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Disclosures [Text Block] | 17. Fair Value of Financial Instruments | ||||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments. | |||||||||||||||||
Cash and Cash Equivalents. For cash and cash equivalents, the carrying amount was assumed to be a reasonable estimate of fair value, a Level 1 measurement. | |||||||||||||||||
Short-term Investments. For short-term investments, the carrying amount was assumed to be a reasonable estimate of fair value, a Level 1 measurement. | |||||||||||||||||
Securities Purchased under Agreements to Resell. The fair value of securities purchased under agreements to resell is based on dealer quotes, a Level 2 measurement. | |||||||||||||||||
Securities. For securities, including securities held-to-maturity, available-for-sale and for trading, fair values were based on quoted market prices at the reporting date. If a quoted market price was not available, fair value was estimated using quoted market prices for similar securities or dealer quotes. For certain actively traded agency preferred stocks and U.S. Treasury securities, the Company measures the fair value based on quoted market prices in active exchange markets at the reporting date, a Level 1 measurement. The Company also measures securities by using quoted market prices for similar securities or dealer quotes, a Level 2 measurement. This category generally includes U.S. Government agency securities, state and municipal securities, mortgage-backed securities (“MBS”), commercial MBS, collateralized mortgage obligations, asset-backed securities, and corporate bonds. | |||||||||||||||||
Loans held for sale. The Company records loans held for sale at fair value based on quoted price from third party sources, or appraisal reports adjusted by sales commission assumption. | |||||||||||||||||
Loans. Fair values were estimated for portfolios of loans with similar financial characteristics. Each loan category was further segmented into fixed and adjustable rate interest terms and by performing and non-performing categories. | |||||||||||||||||
The fair value of performing loans was calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risk inherent in the loan, a Level 3 measurement. | |||||||||||||||||
The fair value of impaired loans was calculated based on the net realizable fair value of the collateral or the observable market price of the most recent sale or quoted price from loans held for sale. The Company does not record loans at fair value on a recurring basis. Nonrecurring fair value adjustments to collateral dependent impaired loans are recorded based on the current appraised value of the collateral, a Level 2 measurement. | |||||||||||||||||
Deposit Liabilities. The fair value of demand deposits, savings accounts, and certain money market deposits was assumed to be the amount payable on demand at the reporting date. The fair value of fixed-maturity certificates of deposit was estimated using the rates currently offered for deposits with similar remaining maturities, a Level 3 measurement. | |||||||||||||||||
Securities Sold under Agreements to Repurchase. The fair value of securities sold under agreements to repurchase is based on dealer quotes, a Level 2 measurement. | |||||||||||||||||
Advances from Federal Home Loan Bank. The fair value of the advances is based on quotes from the FHLB to settle the advances, a Level 2 measurement. | |||||||||||||||||
Other Borrowings. This category includes borrowings from other financial institutions. The fair value of other borrowings is calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risk, a Level 3 measurement. | |||||||||||||||||
Long-term Debt. The fair value of long-term debt is estimated based on the quoted market prices or dealer quotes, a Level 2 measurement. | |||||||||||||||||
Currency Option and Foreign Exchange Contracts. The Company measures the fair value of currency option and foreign exchange contracts based on dealer quotes, a Level 2 measurement. | |||||||||||||||||
Interest Rate Swaps. Fair value of interest rate swaps is derived from third party models with observable market data, a Level 2 measurement. | |||||||||||||||||
Off-Balance-Sheet Financial Instruments. The fair value of commitments to extend credit, standby letters of credit, and financial guarantees written were estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counter parties. The fair value of guarantees and letters of credit was based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counter parties at the reporting date. Off-balance-sheet financial instruments were valued based on the assumptions that a market participant would use, a Level 3 measurement. | |||||||||||||||||
Fair value was estimated in accordance with ASC Topic 825. Fair value estimates were made at specific points 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 the Bank’s entire holdings of a particular financial instrument. Because no market exists for a significant portion of the Bank’s financial instruments, fair value estimates were based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimates were subjective in nature and involved uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. | |||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||
Carrying | Carrying | ||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
(In thousands) | |||||||||||||||||
Financial Assets | |||||||||||||||||
Cash and due from banks | $ | 176,830 | $ | 176,830 | $ | 153,747 | $ | 153,747 | |||||||||
Short-term investments | 489,614 | 489,614 | 516,938 | 516,938 | |||||||||||||
Securities available-for-sale | 1,318,935 | 1,318,935 | 1,586,668 | 1,586,668 | |||||||||||||
Trading securities | - | - | 4,936 | 4,936 | |||||||||||||
Loans held for sale | 973 | 1,225 | - | - | |||||||||||||
Loans, net | 8,740,268 | 8,688,072 | 7,897,187 | 7,760,490 | |||||||||||||
Investment in Federal Home Loan Bank stock | 30,785 | 30,785 | 25,000 | 25,000 | |||||||||||||
Warrants | 27 | 27 | 30 | 30 | |||||||||||||
Notional | Notional | ||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
Option contracts | $ | - | $ | - | $ | 200 | $ | 0 | |||||||||
Foreign exchange contracts | 167,005 | 1,876 | 267,644 | 6,182 | |||||||||||||
Carrying | Carrying | ||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
Financial Liabilities | |||||||||||||||||
Deposits | $ | 8,783,460 | $ | 8,785,342 | $ | 7,981,305 | $ | 7,977,639 | |||||||||
Securities sold under agreements to repurchase | 450,000 | 473,816 | 800,000 | 852,835 | |||||||||||||
Advances from Federal Home Loan Bank | 425,000 | 424,974 | 521,200 | 521,560 | |||||||||||||
Other borrowings | 19,934 | 17,978 | 19,062 | 16,107 | |||||||||||||
Long-term debt | 119,136 | 59,425 | 121,136 | 58,970 | |||||||||||||
Notional | Notional | ||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
Foreign exchange contracts | $ | 178,868 | $ | 5,007 | $ | 236,350 | $ | 6,140 | |||||||||
Interest rate swaps | 300,480 | 4,626 | - | - | |||||||||||||
Notional | Notional | ||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
Off-Balance Sheet Financial Instruments | |||||||||||||||||
Commitments to extend credit | $ | 2,071,766 | $ | (3,442 | ) | $ | 1,858,669 | $ | (2,187 | ) | |||||||
Standby letters of credit | 53,910 | (243 | ) | 45,058 | (205 | ) | |||||||||||
Other letters of credit | 48,142 | (29 | ) | 54,098 | (34 | ) | |||||||||||
Bill of lading guarantees | 108 | - | 80 | - | |||||||||||||
The following tables present the level in the fair value hierarchy for the estimated fair values of only financial instruments that are not already on the Consolidated Balance Sheets at fair value at December 31, 2014, and December 31, 2013. | |||||||||||||||||
As of December 31, 2014 | |||||||||||||||||
Estimated | |||||||||||||||||
Fair Value | |||||||||||||||||
Measurements | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Financial Assets | |||||||||||||||||
Cash and due from banks | $ | 176,830 | $ | 176,830 | $ | - | $ | - | |||||||||
Short-term investments | 489,614 | 489,614 | - | - | |||||||||||||
Securities available-for-sale | 1,318,935 | 669,870 | 649,065 | - | |||||||||||||
Loans held-for-sale | 1,225 | - | - | 1,225 | |||||||||||||
Loans, net | 8,688,072 | - | - | 8,688,072 | |||||||||||||
Investment in Federal Home Loan Bank stock | 30,785 | - | 30,785 | - | |||||||||||||
Warrants | 27 | - | - | 27 | |||||||||||||
Financial Liabilities | |||||||||||||||||
Deposits | 8,785,342 | - | - | 8,785,342 | |||||||||||||
Securities sold under agreement to repurchase | 473,816 | - | 473,816 | - | |||||||||||||
Advances from Federal Home Loan Bank | 424,974 | - | 424,974 | - | |||||||||||||
Other borrowings | 17,978 | - | - | 17,978 | |||||||||||||
Long-term debt | 59,425 | - | 59,425 | - | |||||||||||||
As of December 31, 2013 | |||||||||||||||||
Estimated | |||||||||||||||||
Fair Value | |||||||||||||||||
Measurements | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Financial Assets | |||||||||||||||||
Cash and due from banks | $ | 153,747 | $ | 153,747 | $ | - | $ | - | |||||||||
Short-term investments | 516,938 | 516,938 | - | - | |||||||||||||
Securities available-for-sale | 1,586,668 | 465,917 | 1,120,751 | - | |||||||||||||
Trading securities | 4,936 | - | 4,936 | - | |||||||||||||
Loans, net | 7,760,490 | - | - | 7,760,490 | |||||||||||||
Investment in Federal Home Loan Bank stock | 25,000 | - | 25,000 | - | |||||||||||||
Warrants | 30 | - | - | 30 | |||||||||||||
Financial Liabilities | |||||||||||||||||
Deposits | 7,977,639 | - | - | 7,977,639 | |||||||||||||
Securities sold under agreement to repurchase | 852,835 | - | 852,835 | - | |||||||||||||
Advances from Federal Home Loan Bank | 521,560 | - | 521,560 | - | |||||||||||||
Other borrowings | 16,107 | - | - | 16,107 | |||||||||||||
Long-term debt | 58,970 | - | 58,970 | - | |||||||||||||
Note_18_Employee_Benefit_Plans
Note 18 - Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 18. Employee Benefit Plans |
Employee Stock Ownership Plan. Under the Company’s Amended and Restated Cathay Bank Employee Stock Ownership Plan (“ESOP”), the Company can make annual contributions to a trust in the form of either cash or common stock of the Bancorp for the benefit of eligible employees. Employees are eligible to participate in the ESOP after completing two years of service for salaried full-time employees or 1,000 hours for each of two consecutive years for salaried part-time employees. The amount of the annual contribution is discretionary except that it must be sufficient to enable the trust to meet its current obligations. The Company also pays for the administration of this plan and of the trust. The Company has not made contributions to the trust since 2004 and does not expect to make any contributions in the future. Effective June 17, 2004, the ESOP was amended to provide the participants the election either to reinvest the dividends on the Company stock allocated to their accounts or to have these dividends distributed to the participant. The ESOP trust purchased 11,887 shares in 2014, 3,825 shares in 2013, and 2,814 shares in 2012, of the Bancorp’s common stock at an aggregate cost of $301,902 in 2014, $92,000 in 2013, and $47,000 in 2012. The distribution of benefits to participants totaled 73,439 shares in 2014, 51,779 shares in 2013, and 116,124 shares in 2012. As of December 31, 2014, the ESOP owned 1,079,236 shares, or 1.4%, of the Company’s outstanding common stock. | |
401(k) Plan. In 1997, the Board approved the Company’s 401(k) Profit Sharing Plan, which began on March 1, 1997. Salaried employees who have completed three months of service and have attained the age of 21 are eligible to participate. Enrollment dates are on January 1st, April 1st, July 1st, and October 1st of each year. Participants may contribute up to 75% of their eligible compensation for the year but not to exceed the dollar limit set by the Internal Revenue Code. Participants may change their contribution election on the enrollment dates. The vesting schedule for the matching contribution is 0% for less than two years of service, 25% after two years of service and from then on, at an increment of 25% each year until 100% is vested after five years of service. Effective on October 1, 2014, the Company matches 100% on the first 4.0% of eligible compensation contributed per pay period by the participant, after one year of service. The Company’s contribution amounted to $1.4 million in 2014, $1.0 million in 2013, and $1.0 million in 2012. The Plan allows participants to withdraw all or part of their vested amount in the Plan due to certain financial hardship as set forth in the Internal Revenue Code and Treasury Regulations. Participants may also borrow up to 50% of the vested amount, with a maximum of $50,000. The minimum loan amount is $1,000. |
Note_19_Equity_Incentive_Plans
Note 19 - Equity Incentive Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 19. Equity Incentive Plans | ||||||||||||||||
In 1998, the Board adopted the Cathay Bancorp, Inc. Equity Incentive Plan. Under the Equity Incentive Plan, as amended in September, 2003, directors and eligible employees may be granted incentive or non-statutory stock options and/or restricted stock units, or awarded non-vested stock, for up to 7,000,000 shares of the Company’s common stock on a split adjusted basis. In May 2005, the stockholders of the Company approved the 2005 Incentive Plan which provides that 3,131,854 shares of the Company’s common stock may be granted as incentive or non-statutory stock options, or as restricted stock, or as restricted stock units. In conjunction with the approval of the 2005 Incentive Plan, the Bancorp agreed to cease granting awards under the Equity Incentive Plan. As of December 31, 2014, the only options granted by the Company under the 2005 Incentive Plan were non-statutory stock options to selected bank officers and non-employee directors at exercise prices equal to the fair market value of a share of the Company’s common stock on the date of grant. Such options have a maximum ten-year term and vest in 20% annual increments (subject to early termination in certain events) except certain options granted to the Chief Executive Officer of the Company in 2005 and 2008. If such options expire or terminate without having been exercised, any shares not purchased will again be available for future grants or awards. There were no options granted during the three years ended 2014. The Company expects to issue new shares to satisfy stock option exercises and the vesting of restricted stock units. | |||||||||||||||||
Cash received from exercises of stock options totaled $128,000 for 5,500 shares in 2014, $14.8 million for 594,946 shares in 2013, and $764,000 for 50,024 shares in 2012. Aggregate intrinsic value for options exercised was $16,000 in 2014 compared to $307,000 in 2013. | |||||||||||||||||
A summary of stock option activity for 2014, 2013, and 2012 follows: | |||||||||||||||||
Weighted-Average | Weighted-Average | Aggregate | |||||||||||||||
Remaining | Intrinsic Value | ||||||||||||||||
Contractual | |||||||||||||||||
Shares | Exercise Price | Life (in years) | (in thousands) | ||||||||||||||
Balance, December 31, 2011 | 4,356,985 | 28.86 | 3 | $ | 37 | ||||||||||||
Exercised | (50,024 | ) | $ | 15.27 | |||||||||||||
Forfeited | (310,331 | ) | 23.75 | ||||||||||||||
Balance, December 31, 2012 | 3,996,630 | 29.45 | 2.2 | $ | - | ||||||||||||
Exercised | (594,946 | ) | $ | 24.8 | |||||||||||||
Forfeited | (588,810 | ) | 22.86 | ||||||||||||||
Balance, December 31, 2013 | 2,812,874 | 31.81 | 1.9 | $ | 2,119 | ||||||||||||
Exercised | (5,500 | ) | $ | 23.37 | |||||||||||||
Forfeited | (474,470 | ) | 29.28 | ||||||||||||||
Balance, December 31, 2014 | 2,332,904 | 32.34 | 1.2 | $ | 1,388 | ||||||||||||
Exercisable, December 31, 2014 | 2,332,904 | $ | 32.34 | 1.2 | $ | 1,388 | |||||||||||
At December 31, 2014, 2,984,895 shares were available under the 2005 Incentive Plan for future grants. The following table shows stock options outstanding and exercisable as of December 31, 2014, the corresponding exercise prices, and the weighted-average contractual life remaining: | |||||||||||||||||
Outstanding | |||||||||||||||||
Weighted-Average | |||||||||||||||||
Remaining Contractual | Exercisable | ||||||||||||||||
Exercise Price | Shares | Life (in Years) | Shares | ||||||||||||||
$ | 37 | 563,610 | 0.1 | 563,610 | |||||||||||||
32.47 | 245,060 | 0.2 | 245,060 | ||||||||||||||
33.54 | 264,694 | 0.4 | 264,694 | ||||||||||||||
36.9 | 211,730 | 1.1 | 211,730 | ||||||||||||||
38.26 | 12,000 | 1.3 | 12,000 | ||||||||||||||
36.24 | 410,730 | 1.1 | 410,730 | ||||||||||||||
23.37 | 625,080 | 3.2 | 625,080 | ||||||||||||||
2,332,904 | 1.2 | 2,332,904 | |||||||||||||||
In addition to stock options, the Company also grants restricted stock units to eligible employees which vest subject to continued employment at the vesting dates. | |||||||||||||||||
The Company granted restricted stock units for 17,601 shares at an average closing price of $24.66 per share in 2014, 25,037 shares at an average closing price of $20.68 per share in 2013, and for 125,133 shares at an average closing price of $18.24 per share in 2012. The restricted stock units granted in 2014, 2013, and 2012 are scheduled to vest two years from grant date. | |||||||||||||||||
In December 2013, the Company granted performance share unit awards in which the number of units earned is calculated based on the relative total shareholder return (“TSR”) of the Company’s common stock as compared to the TSR of the KBW Regional Banking Index. In addition, the Company granted performance share unit awards in which the number of units earned is determined by comparison to the targeted EPS as defined in the award for the 2014 to 2016 period. Performance TSR restricted stock units for 119,840 shares and performance EPS restricted stock units for 116,186 shares were granted to eight executive officers in 2013. Both the performance TSR and performance EPS share awarded in 2013 are scheduled to vest at December 31, 2016. In December 2014, the Company granted additional performance TSR restricted stock units for 60,456 shares and performance EPS restricted stock units for 57,642 shares were granted to six executive officers. Both the performance TSR and performance EPS share awarded in 2014 are scheduled to vest at December 31, 2017. | |||||||||||||||||
The following table presents restricted stock unit activity for 2014, 2013, and 2012: | |||||||||||||||||
Units | |||||||||||||||||
Balance at December 31, 2011 | 171,410 | ||||||||||||||||
Granted | 125,133 | ||||||||||||||||
Vested | (11,814 | ) | |||||||||||||||
Cancelled or forfeited | (28,113 | ) | |||||||||||||||
Balance at December 31, 2012 | 256,616 | ||||||||||||||||
Granted | 261,062 | ||||||||||||||||
Vested | (138,220 | ) | |||||||||||||||
Balance at December 31, 2013 | 379,458 | ||||||||||||||||
Granted | 135,699 | ||||||||||||||||
Vested | (122,832 | ) | |||||||||||||||
Cancelled or forfeited | (5,860 | ) | |||||||||||||||
Balance at December 31, 2014 | 386,465 | ||||||||||||||||
The compensation expense recorded for restricted stock units was $3.8 million in 2014, $2.0 million in 2013, and $1.3 million in 2012. Unrecognized stock-based compensation expense related to restricted stock units was $6.5 million at December 31, 2014, and is expected to be recognized over the next 2.4 years. | |||||||||||||||||
In 2013, 52,431 shares of the Company’s common stock at the average price of $21.13 per share were issued to seven executive officers and recorded as compensation expense compared to 45,937 shares at the average price of $17.16 in 2012. Salary stock compensation expenses were $1.1 million in 2013 compared to $788,000 in 2012. There was no salary stock compensation in 2014. | |||||||||||||||||
The following table summarizes the tax benefit from options exercised: | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
(In thousands) | |||||||||||||||||
Short-fall of tax deductions in excess of grant-date fair value | $ | (1,285 | ) | $ | (2,509 | ) | $ | (620 | ) | ||||||||
Benefit of tax deductions on grant-date fair value | 1,292 | 4,172 | 747 | ||||||||||||||
Total benefit of tax deductions | $ | 7 | $ | 1,663 | $ | 127 | |||||||||||
Note_20_Condensed_Financial_In
Note 20 - Condensed Financial Information of Cathay General Bancorp | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | 20. Condensed Financial Information of Cathay General Bancorp | ||||||||||||
The condensed financial information of the Bancorp as of December 31, 2014, and December 31, 2013, and for the years ended December 31, 2014, 2013, and 2012 is as follows: | |||||||||||||
Balance Sheets | |||||||||||||
As of December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(In thousands, except | |||||||||||||
share and per share data) | |||||||||||||
Assets | |||||||||||||
Cash | $ | 7,420 | $ | 1,835 | |||||||||
Cash pledged as margin for interest rate swaps | 7,465 | - | |||||||||||
Short-term certificates of deposit | 23,203 | 38,000 | |||||||||||
Securities available for sale | 10,244 | 11,404 | |||||||||||
Investment in bank subsidiaries | 1,666,238 | 1,525,459 | |||||||||||
Investment in non-bank subsidiaries | 2,631 | 2,536 | |||||||||||
Other assets | 9,541 | 1,462 | |||||||||||
Total assets | $ | 1,726,742 | $ | 1,580,696 | |||||||||
Liabilities | |||||||||||||
Junior subordinated debt | $ | 119,136 | $ | 121,136 | |||||||||
Other liabilities | 4,718 | 589 | |||||||||||
Total liabilities | 123,854 | 121,725 | |||||||||||
Commitments and contingencies | - | - | |||||||||||
Stockholders' equity | |||||||||||||
Common stock, $0.01 par value, 100,000,000 shares authorized, 84,022,118 issued and 79,814,553 outstanding at December 31, 2014, and 83,797,434 issued and 79,589,869 outstanding at December 31, 2013 | 840 | 838 | |||||||||||
Additional paid-in-capital | 789,519 | 784,489 | |||||||||||
Accumulated other comprehensive loss, net | (5,569 | ) | (29,729 | ) | |||||||||
Retained earnings | 943,834 | 829,109 | |||||||||||
Treasury stock, at cost (4,207,565 shares at December 31, 2014, and at December 31, 2013) | (125,736 | ) | (125,736 | ) | |||||||||
Total stockholders' equity | 1,602,888 | 1,458,971 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,726,742 | $ | 1,580,696 | |||||||||
Statements of Operations | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Cash dividends from Cathay Bank | $ | 30,000 | $ | 138,030 | $ | 154,700 | |||||||
Interest income | 88 | 157 | 196 | ||||||||||
Interest expense | 4,469 | 2,994 | 3,228 | ||||||||||
Non-interest income | 10,144 | 434 | 3,718 | ||||||||||
Non-interest expense | 2,248 | 2,443 | 2,064 | ||||||||||
Income before income tax benefit | 33,515 | 133,184 | 153,322 | ||||||||||
Income tax benefit | 1,478 | (2,037 | ) | (579 | ) | ||||||||
Income before undistributed earnings of subsidiaries | 32,037 | 135,221 | 153,901 | ||||||||||
Distributions more than earnings of subsidiaries | - | (12,078 | ) | (36,463 | ) | ||||||||
Undistributed earnings of subsidiary | 105,793 | - | - | ||||||||||
Net income | $ | 137,830 | $ | 123,143 | $ | 117,438 | |||||||
Statements of Cash Flows | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Cash flows from Operating Activities | |||||||||||||
Net income | $ | 137,830 | $ | 123,143 | $ | 117,438 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Dividends in excess of earnings of subsidiaries | - | 12,078 | 36,463 | ||||||||||
Equity in undistributed earnings of subsidiaries | (105,793 | ) | - | - | |||||||||
Gains on sale of securities | (10,689 | ) | - | (3,380 | ) | ||||||||
Income associated with debt redemption | (555 | ) | - | - | |||||||||
Write-downs on venture capital and other investments | 432 | 357 | 262 | ||||||||||
Write-downs on impaired securities | 264 | - | 181 | ||||||||||
Loss in fair value of warrants | 3 | 56 | 114 | ||||||||||
Stock issued to officers as compensation | 350 | - | - | ||||||||||
Excess tax short-fall from stock options | 1,285 | 2,509 | 620 | ||||||||||
Net change in other assets | (3,445 | ) | (1,684 | ) | 1,820 | ||||||||
Net change in other liabilities | (1,294 | ) | 27 | 71 | |||||||||
Net cash provided by operating activities | 18,388 | 136,486 | 153,589 | ||||||||||
Cash flows from Investment Activities | |||||||||||||
Decrease/(increase) in short-term investment | 14,797 | 123,300 | (142,300 | ) | |||||||||
Proceeds from sale of available-for-sale securities | 12,083 | - | 4,849 | ||||||||||
Purchase of available-for-sale securities | (7,920 | ) | - | - | |||||||||
Venture capital and other investments | (590 | ) | (835 | ) | (694 | ) | |||||||
Net cash provided by/(used in) investment activities | 18,370 | 122,465 | (138,145 | ) | |||||||||
Cash flows from Financing Activities | |||||||||||||
Redemption of Series B preferred stock | - | (258,000 | ) | - | |||||||||
Repayment of long-term debt | (1,445 | ) | - | - | |||||||||
Cash dividends | (23,104 | ) | (12,606 | ) | (16,049 | ) | |||||||
Proceeds from shares issued under the Dividend Reinvestment Plan | 2,848 | 605 | 291 | ||||||||||
Proceeds from exercise of stock options | 128 | 14,755 | 764 | ||||||||||
Taxes paid related to net share settlement of RSUs | (850 | ) | - | - | |||||||||
Excess tax short-fall from share-based payment arrangements | (1,285 | ) | (2,509 | ) | (620 | ) | |||||||
Net cash used in financing activities | (23,708 | ) | (257,755 | ) | (15,614 | ) | |||||||
Increase/(decrease) in cash and cash equivalents | 13,050 | 1,196 | (170 | ) | |||||||||
Cash and cash equivalents, beginning of year | 1,835 | 639 | 809 | ||||||||||
Cash and cash equivalents, end of year | $ | 14,885 | $ | 1,835 | $ | 639 | |||||||
Note_21_Dividend_Reinvestment_
Note 21 - Dividend Reinvestment Plan | 12 Months Ended |
Dec. 31, 2014 | |
Dividend Reinvestment Plan [Abstract] | |
Dividend Reinvestment Plan [Text Block] | 21. Dividend Reinvestment Plan |
The Company has a Dividend Reinvestment Plan which allows for participants’ reinvestment of cash dividends and certain optional additional investments in the Bancorp’s common stock. Shares issued under the plan and the consideration received were 116,957 shares for $2.8 million in 2014, 25,984 shares for $605,000 in 2013, and 17,956 shares for $291,000 in 2012. |
Note_22_Regulatory_Matters
Note 22 - Regulatory Matters | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||||||||||
Regulatory Capital Requirements under Banking Regulations [Text Block] | 22. Regulatory Matters | ||||||||||||||||||||||||||||||||
The Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can result in certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||||||||||||||||||||
The Federal Deposit Insurance Corporation has established five capital ratio categories: “well capitalized,” “adequately capitalized,” “undercapitalized,” “significantly undercapitalized,” and “critically undercapitalized.” A well capitalized institution must have a Tier 1 capital ratio of at least 6%, a total risk-based capital ratio of at least 10%, and a leverage ratio of at least 5%. At December 31, 2014 and 2013, the Bank qualified as well capitalized under the regulatory framework for prompt corrective action. | |||||||||||||||||||||||||||||||||
The Bancorp’s and the Bank’s capital and leverage ratios as of December 31, 2014, and December 31, 2013, are presented in the tables below: | |||||||||||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||||||
Company | Bank | Company | Bank | ||||||||||||||||||||||||||||||
Balance | Percentage | Balance | Percentage | Balance | Percentage | Balance | Percentage | ||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Tier I Capital (to risk- weighted assets) | $ | 1,406,511 | 14.96 | % | $ | 1,353,481 | 14.42 | % | $ | 1,288,892 | 15.04 | % | $ | 1,244,480 | 14.53 | % | |||||||||||||||||
Tier I Capital minimum requirement | 376,072 | 4 | 375,318 | 4 | 342,899 | 4 | 342,701 | 4 | |||||||||||||||||||||||||
Excess | $ | 1,030,439 | 10.96 | % | $ | 978,163 | 10.42 | % | $ | 945,993 | 11.04 | % | $ | 901,779 | 10.53 | % | |||||||||||||||||
Total Capital (to risk- weighted assets) | $ | 1,524,702 | 16.22 | % | $ | 1,471,337 | 15.68 | % | $ | 1,401,319 | 16.35 | % | $ | 1,352,415 | 15.79 | % | |||||||||||||||||
Total Capital minimum requirement | 752,144 | 8 | 750,637 | 8 | 685,799 | 8 | 685,402 | 8 | |||||||||||||||||||||||||
Excess | $ | 772,558 | 8.22 | % | $ | 720,700 | 7.68 | % | $ | 715,520 | 8.35 | % | $ | 667,013 | 7.79 | % | |||||||||||||||||
Tier I Capital (to average assets) Leverage ratio | $ | 1,406,511 | 12.99 | % | $ | 1,353,481 | 12.52 | % | $ | 1,288,892 | 12.48 | % | $ | 1,244,480 | 12.06 | % | |||||||||||||||||
Minimum leverage requirement | 433,121 | 4 | 432,350 | 4 | 413,158 | 4 | 412,815 | 4 | |||||||||||||||||||||||||
Excess | $ | 973,390 | 8.99 | % | $ | 921,131 | 8.52 | % | $ | 875,734 | 8.48 | % | $ | 831,665 | 8.06 | % | |||||||||||||||||
Total average assets (1) | $ | 10,828,015 | $ | 10,808,747 | $ | 10,328,952 | $ | 10,320,368 | |||||||||||||||||||||||||
Risk-weighted assets | $ | 9,401,803 | $ | 9,382,961 | $ | 8,572,487 | $ | 8,567,523 | |||||||||||||||||||||||||
(1) Average assets represent average balances for the fourth quarter of each year presented. | |||||||||||||||||||||||||||||||||
On December 17, 2009, the Bancorp entered into a memorandum of understanding with Federal Reserve Bank of San Francisco (the “FRB SF”). Although the memorandum of understanding was terminated effective April 5, 2013, we remain subject to Federal Reserve supervisory policies, including informing and consulting with the FRB SF sufficiently in advance of any planned capital actions (i.e. increased dividend payments or stock redemptions). |
Note_23_Balance_Sheet_Offsetti
Note 23 - Balance Sheet Offsetting | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||||||||||||||
Supplemental Balance Sheet Disclosures [Text Block] | 23. Balance Sheet Offsetting | ||||||||||||||||||||||||
Certain financial instruments, including resell and repurchase agreements, securities lending arrangements and derivatives, may be eligible for offset in the consolidated balance sheet and/or subject to master netting arrangements or similar agreements. The Company’s securities sold with agreements to repurchase and derivative transactions with upstream financial institution counter parties are generally executed under International Swaps and Derivative Association master agreements which include “right of set-off” provisions. In such cases there is generally a legally enforceable right to offset recognized amounts and there may be an intention to settle such amounts on a net basis. Nonetheless, the Company does not generally offset such financial instruments for financial reporting purposes. | |||||||||||||||||||||||||
Financial instruments that are eligible for offset in the condensed consolidated balance sheets, as of December 31, 2014, and December 31, 2013, are presented in the following tables: | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Balance Sheet | |||||||||||||||||||||||||
Gross Amounts of | Gross Amounts | Net Amounts | Financial | Collateral | Net | ||||||||||||||||||||
Recognized | Offset in the | Presented in | Instruments | Posted | Amount | ||||||||||||||||||||
Balance Sheet | the Balance | ||||||||||||||||||||||||
Sheet | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 450,000 | $ | - | $ | 450,000 | $ | - | $ | (450,000 | ) | $ | - | ||||||||||||
Derivatives | 4,626 | - | 4,626 | - | (4,626 | ) | - | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 800,000 | $ | - | $ | 800,000 | $ | - | $ | (800,000 | ) | $ | - | ||||||||||||
Note_24_Quarterly_Results_of_O
Note 24 - Quarterly Results of Operations (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | 24. Quarterly Results of Operations (Unaudited) | ||||||||||||||||||||||||||||||||
The following table sets forth selected unaudited quarterly financial data: | |||||||||||||||||||||||||||||||||
Summary of Operations | |||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | ||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||||||||||
Interest income | $ | 106,043 | $ | 106,335 | $ | 105,062 | $ | 101,207 | $ | 101,621 | $ | 102,462 | $ | 100,862 | $ | 102,051 | |||||||||||||||||
Interest expense | 18,292 | 19,580 | 19,445 | 18,549 | 19,659 | 19,854 | 20,868 | 21,919 | |||||||||||||||||||||||||
Net interest income | 87,751 | 86,755 | 85,617 | 82,658 | 81,962 | 82,608 | 79,994 | 80,132 | |||||||||||||||||||||||||
Reversal for credit losses | (2,000 | ) | (5,100 | ) | (3,700 | ) | - | - | (3,000 | ) | - | - | |||||||||||||||||||||
Net-interest income after provision for loan losses | 89,751 | 91,855 | 89,317 | 82,658 | 81,962 | 85,608 | 79,994 | 80,132 | |||||||||||||||||||||||||
Non-interest income | 7,973 | 8,974 | 9,021 | 14,559 | 8,345 | 16,720 | 20,361 | 14,881 | |||||||||||||||||||||||||
Non-interest expense | 41,125 | 42,607 | 42,513 | 48,068 | 40,319 | 50,670 | 53,716 | 49,128 | |||||||||||||||||||||||||
Income before income tax expense | 56,599 | 58,222 | 55,825 | 49,149 | 49,988 | 51,658 | 46,639 | 45,885 | |||||||||||||||||||||||||
Income tax expense | 21,021 | 22,313 | 20,741 | 17,890 | 17,946 | 19,029 | 16,573 | 16,887 | |||||||||||||||||||||||||
Net income | 35,578 | 35,909 | 35,084 | 31,259 | 32,042 | 32,629 | 30,066 | 28,998 | |||||||||||||||||||||||||
Less: net income attributable to noncontrolling interest | - | - | - | - | 140 | 151 | 150 | 151 | |||||||||||||||||||||||||
Net income attributable to Cathay General Bancorp | 35,578 | 35,909 | 35,084 | 31,259 | 31,902 | 32,478 | 29,916 | 28,847 | |||||||||||||||||||||||||
Dividends on preferred stock | - | - | - | - | - | (2,434 | ) | (2,067 | ) | (5,184 | ) | ||||||||||||||||||||||
Net income available to common stockholders | $ | 35,578 | $ | 35,909 | $ | 35,084 | $ | 31,259 | $ | 31,902 | $ | 30,044 | $ | 27,849 | $ | 23,663 | |||||||||||||||||
Basic net income attributable to common stockholders per common share | $ | 0.45 | $ | 0.45 | $ | 0.44 | $ | 0.39 | $ | 0.4 | $ | 0.38 | $ | 0.35 | $ | 0.3 | |||||||||||||||||
Diluted net income attributable to common stockholders per common share | $ | 0.44 | $ | 0.45 | $ | 0.44 | $ | 0.39 | $ | 0.4 | $ | 0.38 | $ | 0.35 | $ | 0.3 | |||||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates. The preparation of the Consolidated Financial Statements in accordance with GAAP requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. The significant estimates subject to change relate to the allowance for loan losses, goodwill impairment assessment, other-than-temporary impairment analysis on investments, fair value disclosures, and the fair value of options granted. The more significant of these policies are described below. | |||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations. The Bank was incorporated in California and started its business from California. Therefore, loans originated and deposits solicited were mainly from California. As of December 31, 2014, gross loans were primarily comprised of 50.3% of commercial mortgage loans and 26.7% of commercial loans. As of December 31, 2014, approximately 58% of the Bank’s residential mortgages were for properties located in California. Total deposits were comprised of 35.4% of time deposit of $100,000 or more (Jumbo CDs) at December 31, 2014, and approximately 68.5% of the Company’s Jumbo CDs have been on deposit with the Company for two years or more. | |||
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Loan Losses. The determination of the amount of the provision for loan losses charged to operations reflects management’s current judgment about the credit quality of the loan portfolio and takes into consideration changes in lending policies and procedures, changes in economic and business conditions, changes in the nature and volume of the portfolio and in the terms of loans, changes in the experience, ability and depth of lending management, changes in the volume and severity of past due, non-accrual and adversely classified or graded loans, changes in the quality of the loan review system, changes in the value of underlying collateral for collateral-dependent loans, the existence and effect of any concentrations of credit and the effect of competition, legal and regulatory requirements, and other external factors. The nature of the process by which loan losses is determined and the appropriate allowance for loan losses requires the exercise of considerable judgment. The allowance is increased by the provision for loan losses and decreased by charge-offs when management believes the uncollectibility of a loan is confirmed. | |||
Subsequent recoveries, if any, are credited to the allowance. A weakening of the economy or other factors that adversely affect asset quality could result in an increase in the number of delinquencies, bankruptcies, or defaults, and a higher level of non-performing assets, net charge-offs, and provision for loan losses in future periods. | ||||
The total allowance for loan losses consists of two components: specific allowances and general allowances. To determine the adequacy of the allowance in each of these two components, two primary methodologies are employed, the individual loan review analysis methodology and the classification migration methodology. These methodologies support the basis for determining allocations between the various loan categories and the overall adequacy of our allowance to provide for probable losses inherent in the loan portfolio. These methodologies are further supported by additional analysis of relevant factors such as the historical losses in the portfolio, and environmental factors which include trends in delinquency and non-accrual, and other significant factors, such as the national and local economy, the volume and composition of the portfolio, strength of management and loan staff, underwriting standards, and the concentration of credit. | ||||
The Bank’s management allocates a specific allowance for “Impaired Credits,” in accordance with Accounting Standard Codification (“ASC”) Section 310-10-35. For non-Impaired Credits, a general allowance is established for those loans internally classified and risk graded Pass, Minimally Acceptable, Special Mention, or Substandard based on historical losses in the specific loan portfolio and a reserve based on environmental factors determined for that loan group. The level of the general allowance is established to provide coverage for management’s estimate of the credit risk in the loan portfolio by various loan segments not covered by the specific allowance. | ||||
Repurchase and Resale Agreements Policy [Policy Text Block] | Securities Purchased Under Agreements to Resell. The Company purchases securities under agreements to resell with various terms. These agreements are collateralized by agency securities and mortgage backed securities that are generally held by a third party custodian. The purchases are over-collateralized to ensure against unfavorable market price movements. In the event that the fair market value of the securities decreases below the collateral requirements under the related repurchase agreements, the counterparty is required to deliver additional securities. The counterparties to these agreements are nationally recognized investment banking firms that meet credit eligibility criteria and with whom a master repurchase agreement has been duly executed. | |||
Marketable Securities, Held-to-maturity Securities, Policy [Policy Text Block] | Securities. Securities are classified as held-to-maturity when management has the ability and intent to hold these securities until maturity. Securities are classified as available-for-sale when management intends to hold the securities for an indefinite period of time, or when the securities may be utilized for tactical asset/liability purposes, and may be sold from time to time to manage interest rate exposure and resultant prepayment risk and liquidity needs. Securities are classified as trading securities when management intends to sell the securities in the near term. Securities purchased are designated as held-to-maturity, available-for-sale, or trading securities at the time of acquisition. | |||
Securities held-to-maturity are stated at cost, adjusted for the amortization of premiums and the accretion of discounts on a level-yield basis. The carrying value of these assets is not adjusted for temporary declines in fair value since the Company has the positive intent and ability to hold them to maturity. Securities available-for-sale are carried at fair value, and any unrealized holding gains or losses are excluded from earnings and reported as a separate component of stockholders’ equity, net of tax, in accumulated other comprehensive income until realized. Realized gains or losses are determined on the specific identification method. Premiums and discounts are amortized or accreted as adjustment of yield on a level-yield basis. | ||||
ASC Topic 320 requires an entity to assess whether the entity has the intent to sell the debt security or more likely than not will be required to sell the debt security before its anticipated recovery. If either of these conditions is met, an entity must recognize an other-than-temporary impairment (“OTTI”). If an entity does not intend to sell the debt security and will not be required to sell the debt security, the entity must consider whether it will recover the amortized cost basis of the security. If the present value of expected cash flows is less than the amortized cost basis of the security, OTTI shall be considered to have occurred. OTTI is then separated into the amount of the total impairment related to credit losses and the amount of the total impairment related to all other factors. An entity determines the impairment related to credit losses by comparing the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. OTTI related to the credit loss is then recognized in earnings. OTTI related to all other factors is recognized in other comprehensive income. OTTI not related to the credit loss for a held-to-maturity security should be recognized separately in a new category of other comprehensive income and amortized over the remaining life of the debt security as an increase in the carrying value of the security only when the entity does not intend to sell the security and it is not more likely than not that the entity will be required to sell the security before recovery of its remaining amortized cost basis. The Company has both the ability and the intent to hold and it is not more likely than not that the Company will be required to sell those securities with unrealized losses before recovery of their amortized cost basis. | ||||
Trading securities are reported at fair value, with unrealized gains or losses included in income. | ||||
Investment In Federal Home Loan Bank Stock [Policy Text Block] | Investment in Federal Home Loan Bank (“FHLB”) Stock. As a member of the FHLB system the Bank is required to maintain an investment in the capital stock of the FHLB. The amount of investment is also affected by the outstanding advances under the line of credit the Bank maintains with the FHLB. FHLB stock is carried at cost and is pledged as collateral to the FHLB. FHLB stock is periodically evaluated for impairment based on ultimate recovery of par value. The carrying amount of the FHLB stock was $30.8 million at December 31, 2014, and $25.0 million at December 31, 2013. As of December 31, 2014, the Company owned 307,850 shares of FHLB stock, which exceeded the minimum stock requirement based on outstanding FHLB borrowings of $425.0 million. | |||
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans. Loans are carried at amounts advanced, less principal payments collected and net deferred loan fees. Interest is accrued and earned daily on an actual or 360-day basis. Interest accruals on business loans and non-residential real estate loans are generally discontinued whenever the payment of interest or principal is 90 days or more past due, based on contractual terms. Such loans are placed on non-accrual status, unless the loan is well secured, and there is a high probability of recovery in full, as determined by management. When loans are placed on non-accrual status, previously accrued but unpaid interest is reversed and charged against current income, and subsequent payments received are generally first applied toward the outstanding principal balance of the loan. The loan is generally returned to accrual status when the borrower has brought the past due principal and interest payments current and, in the opinion of management, the borrower has demonstrated the ability to make future payments of principal and interest as scheduled. A non-accrual loan may also be returned to accrual status if all principal and interest contractually due are reasonably assured of repayment within a reasonable period and there has been a sustained period of payment performance, generally six months. Loan origination fees and commitment fees, offset by certain direct loan origination costs, are deferred and recognized over the contractual life of the loan as a yield adjustment. The amortization utilizes the interest method. If a loan is placed on non-accrual status, the amortization of the loan fees and the accretion of discounts are discontinued until the loan is returned to accruing status. | |||
Loans held for sale are carried at the lower of aggregate cost or fair value. Gains and losses are recorded in non-interest income based on the difference between sales proceeds, net of sales commissions, and carrying value. | ||||
Loans and Leases Receivable, Real Estate Acquired Through Foreclosure, Policy [Policy Text Block] | Loans Acquired Through Transfer. Loans acquired through the completion of a transfer, including loans acquired in a business combination, that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all contractually required payment, receivables are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan, or the “accretable yield,” is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “nonaccretable difference,” are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining life. Decreases in expected cash flows are recognized as impairment. Valuation allowance on these impaired loans reflect only losses incurred after the acquisition. | |||
Impaired Financing Receivable, Policy [Policy Text Block] | Impaired Loans. A loan is considered impaired when it is probable that the Bank will be unable to collect all amounts due (i.e. both principal and interest) according to the contractual terms of the loan agreement. The measurement of impairment may be based on (1) the present value of the expected future cash flows of the impaired loan discounted at the loan’s original effective interest rate, (2) the observable market price of the impaired loan or (3) the fair value of the collateral of a collateral-dependent loan. The amount by which the recorded investment in the loan exceeds the measure of the impaired loan is recognized by recording a valuation allowance with a corresponding charge to the provision for loan losses. The Company stratifies its loan portfolio by size and treats smaller non-performing loans with an outstanding balance based on the Company’s defined criteria, generally where the loan amount is $500,000 or less, as a homogenous portfolio. Once a loan has been identified as a possible problem loan, the Company conducts a periodic review of such loan in order to test for impairment. When loans are placed on an impaired status, previously accrued but unpaid interest is reversed against current income and subsequent payments received are generally first applied toward the outstanding principal balance of the loan. | |||
Loans and Leases Receivable, Troubled Debt Restructuring Policy [Policy Text Block] | Troubled Debt Restructured Loan (“TDR”). A TDR is a formal modification of the terms of a loan when the lender, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower. The concessions may be granted in various forms, including reduction in the stated interest rate, reduction in the loan balance or accrued interest, or extension of the maturity date. Although these loan modifications are considered TDRs, accruing TDR loans have, pursuant to the Bank’s policy, performed under the restructured terms and have demonstrated sustained performance under the modified terms for six months before being returned to accrual status. The sustained performance considered by management pursuant to its policy includes the periods prior to the modification if the prior performance met or exceeded the modified terms. This would include cash paid by the borrower prior to the restructure to set up interest reserves. Loans classified as TDRs are reported as impaired loans. | |||
Loan Commitments, Policy [Policy Text Block] | Unfunded Loan Commitments. Unfunded loan commitments are generally related to providing credit facilities to clients of the Bank, and are not actively traded financial instruments. These unfunded commitments are disclosed as off-balance sheet financial instruments in Note 14 in the Notes to Consolidated Financial Statements. | |||
Letter Of Credit Fees [Policy Text Block] | Letter of Credit Fees. Issuance and commitment fees received for the issuance of commercial or standby letters of credit are recognized over the term of the instruments. | |||
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment. Premises and equipment are carried at cost, less accumulated depreciation. Depreciation is computed on the straight-line method based on the following estimated useful lives of the assets: | |||
Type | Estimated Useful Life | |||
Buildings | 15 to 45 years | |||
Building improvements | 5 to 20 years | |||
Furniture, fixtures, and equipment | 3 to 25 years | |||
Leasehold improvements | Shorter of useful lives or the terms of the leases | |||
Improvements are capitalized and amortized to occupancy expense based on the above table. Construction in process is carried at cost and includes land acquisition cost, architectural fees, general contractor fees, capitalized interest and other costs related directly to the construction of a property. | ||||
Real Estate Owned, Valuation Allowance, Policy [Policy Text Block] | Other Real Estate Owned. Real estate acquired in the settlement of loans is initially recorded at fair value, less estimated costs to sell. Specific valuation allowances on other real estate owned are recorded through charges to operations to recognize declines in fair value subsequent to foreclosure. Gains on sales are recognized when certain criteria relating to the buyer’s initial and continuing investment in the property are met. | |||
Investments In Affordable Housing [Policy Text Block] | Investments in Affordable Housing. The Company is a limited partner in limited partnerships that invest in low-income housing projects that qualify for Federal and/or State income tax credits. As further discussed in Note 7, the partnership interests are accounted for utilizing the equity method of accounting. As of December 31, 2014, seven of the limited partnerships in which the Company has an equity interest were determined to be variable interest entities for which the Company is the primary beneficiary. The Company therefore consolidated the financial statements of these seven limited partnerships into its Consolidated Financial Statements. | |||
Investments in Venture Capital [Policy Text Block] | Investments in Venture Capital. The Company invests in limited partnerships that invest in nonpublic companies. These are commonly referred to as venture capital investments. These limited partnership interests are carried under the cost method with other-than-temporary impairment charged against net income. | |||
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Goodwill Impairment. Goodwill represents the excess of costs over fair value of assets of businesses acquired. Goodwill and intangible assets acquired in a purchase business combination and determined to have an indefinite useful life are not amortized, but instead are tested for impairment at least annually in accordance with the provisions of ASC Topic 350. ASC Topic 350 also requires that intangible assets with estimable useful lives be amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment in accordance with ASC Topic 360. | |||
The Company’s policy is to assess goodwill for impairment at the reporting unit level on an annual basis or between annual assessments if a triggering event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. Impairment is the condition that exists when the carrying amount of goodwill exceeds its implied fair value. Accounting standards require management to estimate the fair value of each reporting unit in making the assessment of impairment at least annually. | ||||
The Company first assesses qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test described in ASC Topic 350. The two-step impairment testing process conducted by us, if needed, begins by assigning net assets and goodwill to our reporting units. The Company then completes “step one” of the impairment test by comparing the fair value of each reporting unit (as determined based on the discussion below) with the recorded book value (or “carrying amount”) of its net assets, with goodwill included in the computation of the carrying amount. If the fair value of a reporting unit exceeds its carrying amount, goodwill of that reporting unit is not considered impaired, and “step two” of the impairment test is not necessary. If the carrying amount of a reporting unit exceeds its fair value, step two of the impairment test is performed to determine the amount of impairment. Step two of the impairment test compares the carrying amount of the reporting unit’s goodwill to the “implied fair value” of that goodwill. The implied fair value of goodwill is computed by assuming that all assets and liabilities of the reporting unit would be adjusted to the current fair value, with the offset as an adjustment to goodwill. This adjusted goodwill balance is the implied fair value used in step two. An impairment charge is recognized for the amount by which the carrying amount of goodwill exceeds its implied fair value. | ||||
The Company has identified two reporting units for its business: the Commercial Lending unit and the Retail Banking unit. The reporting unit fair values were determined based on an equal weighting of (1) a market approach using a combination of price to earnings multiples determined based on a representative peer group applied to 2014 and forecasted 2015 and 2016 earnings, and a price to book multiple and (2) a dividend discount model with the discount rate determined using the same representative peer group. A control premium was then applied to the unit fair values so determined as of December 31, 2014. As a result of this analysis, the Company determined that there was no goodwill impairment at December 31, 2014 as the fair value of all reporting units exceeded the current carrying amount of the units. No assurance can be given that goodwill will not be written down in future periods. | ||||
Core Deposit Premium. Core deposit premium, which represents the purchase price over the fair value of the deposits acquired from other financial institutions, is amortized over its estimated useful life to its residual value in proportion to the economic benefits consumed. If a pattern of consumption cannot be reliably determined, straight-line amortization is used. The Company assesses the recoverability of this intangible asset by determining whether the amortization of the premium balance over its remaining life can be recovered through the remaining deposit portfolio and amortizes core deposit premium over its estimated useful life. | ||||
Repurchase Agreements, Valuation, Policy [Policy Text Block] | Securities Sold Under Agreements to Repurchase. The Company sells certain securities under agreements to repurchase. The agreements are treated as collateralized financing transactions and the obligations to repurchase securities sold are reflected as a liability in the accompanying Consolidated Balance Sheets. The securities underlying the agreements remain in the applicable asset accounts. | |||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation. Stock option compensation expense is calculated based on the fair value of the award at the grant date for those options expected to vest, and is recognized as an expense over the vesting period of the grant using the straight-line method. The Company uses the Black-Scholes option pricing model to estimate the value of granted options. This model takes into account the option exercise price, the expected life, the current price of the underlying stock, the expected volatility of the Company’s stock, expected dividends on the stock and a risk-free interest rate. The Company estimates the expected volatility based on the Company’s historical stock prices for the period corresponding to the expected life of the stock options. Restricted stock units are valued at the closing price of the Company’s stock on the date of the grant. Stock-based compensation is recognized ratably over the requisite service period for all awards. | |||
Derivatives, Policy [Policy Text Block] | Derivatives. The Company follows ASC Topic 815 that establishes accounting and reporting standards for financial derivatives, including certain financial derivatives embedded in other contracts, and hedging activities. It requires the recognition of all financial derivatives as assets or liabilities in the Company’s consolidated balance sheet and measurement of those financial derivatives at fair value. The accounting treatment of changes in fair value is dependent upon whether or not a financial derivative is designated as a hedge and, if so, the type of hedge. Fair value is determined using third-party models with observable market data. For derivatives designated as cash flow hedges, changes in fair value are recognized in other comprehensive income and are reclassified to earnings when the hedged transaction is reflected in earnings. For derivatives designated as fair value hedges, changes in the fair value of the derivatives are reflected in current earnings, together with changes in the fair value of the related hedged item if there is a highly effective correlation between changes in the fair value of the interest rate swaps and changes in the fair value of the underlying asset or liability that is intended to be hedged. If there is not a highly effective correlation between changes in the fair value of the interest rate swap and changes in the fair value of the underlying asset or liability that is intended to be hedged, then only the changes in the fair value of the interest rate swaps are reflected in the Company’s consolidated financial statements. | |||
Foreign Exchange Forwards and Foreign Currency Option Contracts. We enter into foreign exchange forward contracts and foreign currency option contracts with correspondent banks to mitigate the risk of fluctuations in foreign currency exchange rates for foreign currency certificates of deposit, foreign exchange contracts or foreign currency option contracts entered into with our clients. These contracts are not designated as hedging instruments and are recorded at fair value in our Consolidated Balance Sheets. Changes in the fair value of these contracts as well as the related foreign currency certificates of deposit, foreign exchange contracts or foreign currency option contracts, are recognized immediately in net income as a component of non-interest income. Period end gross positive fair values are recorded in other assets and gross negative fair values are recorded in other liabilities. | ||||
Income Tax, Policy [Policy Text Block] | Income Taxes. The provision for income taxes is based on income reported for financial statement purposes, and differs from the amount of taxes currently payable, since certain income and expense items are reported for financial statement purposes in different periods than those for tax reporting purposes. The Company accounts for income taxes using the asset and liability approach, the objective of which is to establish deferred tax assets and liabilities for the temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. A valuation allowance is established for deferred tax assets if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. | |||
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income/(loss). Comprehensive income/(loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources. Comprehensive income/(loss) generally includes net income/(loss), foreign currency translation adjustments, minimum pension liability adjustments, unrealized gains and losses on investments in securities available-for-sale, and cash flow hedges. Comprehensive income/(loss) and its components are reported and displayed in the Company’s consolidated statements of operations and comprehensive income/(loss). | |||
Earnings Per Share, Policy [Policy Text Block] | Net Income per Common Share. Earnings per share (“EPS”) is computed on a basic and diluted basis. Basic EPS excludes dilution and is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shares in the earnings of the Company. Potential dilution is excluded from computation of diluted per-share amounts when a net loss from operations exists. | |||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation. The Company considers the functional currency of its foreign operations to be the United States dollar. Accordingly, the Company remeasures monetary assets and liabilities at year-end exchange rates, while nonmonetary items are remeasured at historical rates. Income and expense accounts are remeasured at the average rates in effect during the year, except for depreciation, which is remeasured at historical rates. Foreign currency transaction gains and losses are recognized in income in the period of occurrence. | |||
Cash and Cash Equivalents, Policy [Policy Text Block] | Statement of Cash Flows. Cash and cash equivalents include short-term highly-liquid investments that generally have an original maturity of three months or less. | |||
Segment Reporting, Policy [Policy Text Block] | Segment Information and Disclosures. Accounting principles generally accepted in the United States of America establish standards to report information about operating segments in annual financial statements and require reporting of selected information about operating segments in interim reports to stockholders. It also establishes standards for related disclosures about products and services, geographic areas, and major customers. The Company has concluded it has one operating segment. | |||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements | |||
In January 2014, the FASB issued ASU 2014-01, “Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects.” ASU No. 2014-01 permits a reporting entity to make an accounting policy election to account for its investments in affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the amount of tax credits and other tax benefits received and recognizes the net investment performance in the income statement as a component of income tax expense or benefit. ASU 2014-01 becomes effective for interim and annual periods beginning on or after December 15, 2014. Adoption of ASU 2014-01 is not expected to have a significant impact on the Company’s consolidated financial statements. | ||||
In January 2014, the FASB issued ASU 2014-04, “Receivables—Trouble Debt Restructurings by Creditors.” ASU No. 2014-04 clarifies that upon either the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement, a creditor is considered to have physical possession of residential real estate property collateralizing a consumer mortgage loan. A reporting entity is required to have interim and annual disclosure of both the amount of foreclosed residential real estate property held by the creditor and the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in process of foreclosure. ASU 2014-04 becomes effective for interim and annual periods beginning on or after December 15, 2014. Adoption of ASU 2014-04 is not expected to have a significant impact on the Company’s consolidated financial statements. | ||||
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements and Property, Plant, and Equipment.” ASU No. 2014-08 defines a discontinued operation as disposal of components of an entity that represent a strategic shift that has or will have a major effect on an entity’s operations. ASU No. 2014-08 also requires a reporting entity to present the assets and liabilities of a disposal group that includes a discontinued operation separately in the asset and liability sections, respectively, of the statement of financial position for each comparative period. ASU 2014-08 becomes effective for interim and annual periods beginning on or after December 15, 2014. Adoption of ASU 2014-08 is not expected to have a significant impact on the Company’s consolidated financial statements. | ||||
In June 2014, the FASB issued ASU 2014-11, “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” ASU No. 2014-11 expands secured borrowing accounting for certain repurchase agreements. It requires the repurchase agreement be separate from the initial transfer of the financial asset in a repurchase financing arrangement. An entity is required to disclose additional information about certain transactions accounted for as a sale in which the transferor retains substantially all of the exposure to the economic return on the transferred financial assets through an agreement with the same counterparty. An entity is also required to disclose information about repurchase agreements, securities lending transactions and repurchase-to-maturity transactions that are accounted for as secured borrowings. ASU 2014-11 becomes effective for interim and annual periods beginning on or after December 15, 2014. Adoption of ASU 2014-11 is not expected to have a significant impact on the Company’s consolidated financial statements. |
Note_1_Summary_of_Significant_1
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Schedule of Estimated Useful Lives of Assets [Table Text Block] | Type | Estimated Useful Life | ||
Buildings | 15 to 45 years | |||
Building improvements | 5 to 20 years | |||
Furniture, fixtures, and equipment | 3 to 25 years | |||
Leasehold improvements | Shorter of useful lives or the terms of the leases |
Note_4_Investment_Securities_T
Note 4 - Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Amortized Cost Gross Unrealized Gains Gross Unrealized Losses and Fair Values of Investment [Table Text Block] | As of December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||||||||||
U.S. treasury securities | $ | 664,206 | $ | 63 | $ | 265 | 664,004 | ||||||||||||||||||||||||||||||
Mortgage-backed securities | 549,296 | 1,393 | 6,386 | 544,303 | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 79 | - | 34 | 45 | |||||||||||||||||||||||||||||||||
Corporate debt securities | 94,943 | 776 | 1,247 | 94,472 | |||||||||||||||||||||||||||||||||
Mutual funds | 6,000 | 134 | 5,866 | ||||||||||||||||||||||||||||||||||
Preferred stock of government sponsored entities | 6,276 | 681 | 3,733 | 3,224 | |||||||||||||||||||||||||||||||||
Other equity securities | 3,608 | 3,413 | 7,021 | ||||||||||||||||||||||||||||||||||
Total securities available-for-sale | $ | 1,324,408 | $ | 6,326 | $ | 11,799 | $ | 1,318,935 | |||||||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Gross | Gross | ||||||||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | |||||||||||||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||||||||||
U.S. treasury securities | $ | 460,095 | $ | 99 | $ | 1 | $ | 460,193 | |||||||||||||||||||||||||||||
Mortgage-backed securities | 1,010,294 | 7,049 | 64,529 | 952,814 | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 5,929 | 231 | 54 | 6,106 | |||||||||||||||||||||||||||||||||
Asset-backed securities | 123 | - | - | 123 | |||||||||||||||||||||||||||||||||
Corporate debt securities | 154,955 | 298 | 4,949 | 150,304 | |||||||||||||||||||||||||||||||||
Mutual funds | 6,000 | - | 275 | 5,725 | |||||||||||||||||||||||||||||||||
Preferred stock of government sponsored entities | 569 | 10,834 | - | 11,403 | |||||||||||||||||||||||||||||||||
Total securities available-for-sale | $ | 1,637,965 | $ | 18,511 | $ | 69,808 | $ | 1,586,668 | |||||||||||||||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | Securities Available-for-Sale | ||||||||||||||||||||||||||||||||||||
Amortized Cost | Fair Value | ||||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Due in one year or less | $ | 115,033 | $ | 115,068 | |||||||||||||||||||||||||||||||||
Due after one year through five years | 569,853 | 570,371 | |||||||||||||||||||||||||||||||||||
Due after five years through ten years | 85,654 | 85,097 | |||||||||||||||||||||||||||||||||||
Due after ten years (1) | 553,868 | 548,399 | |||||||||||||||||||||||||||||||||||
Total | $ | 1,324,408 | $ | 1,318,935 | |||||||||||||||||||||||||||||||||
Schedule of Unrealized Loss on Investments [Table Text Block] | As of December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Temporarily Impaired Securities | |||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||
Fair | Unrealized | No. of | Fair | Unrealized | No. of | Fair | Unrealized | No. of | |||||||||||||||||||||||||||||
Value | Losses | Issuances | Value | Losses | Issuances | Value | Losses | Issuances | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||||||||||
U.S. treasury securities | $ | 374,153 | $ | 265 | 6 | $ | - | $ | - | - | $ | 374,153 | $ | 265 | 6 | ||||||||||||||||||||||
Mortgage-backed securities | - | - | - | 425,090 | 6,386 | 16 | 425,090 | 6,386 | 16 | ||||||||||||||||||||||||||||
Collateralized mortgage obligations | - | - | - | 45 | 34 | 1 | 45 | 34 | 1 | ||||||||||||||||||||||||||||
Corporate debt securities | - | - | - | 63,753 | 1,247 | 4 | 63,753 | 1,247 | 4 | ||||||||||||||||||||||||||||
Mutual funds | - | - | - | 5,866 | 134 | 1 | 5,866 | 134 | 1 | ||||||||||||||||||||||||||||
Preferred stock of government sponsored entities | 2,448 | 3,733 | 2 | - | - | - | 2,448 | 3,733 | 2 | ||||||||||||||||||||||||||||
Total securities available-for-sale | $ | 376,601 | $ | 3,998 | 8 | $ | 494,754 | $ | 7,801 | 22 | $ | 871,355 | $ | 11,799 | 30 | ||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||||||||||
Temporarily Impaired Securities | |||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||
Fair | Unrealized | No. of | Fair | Unrealized | No. of | Fair | Unrealized | No. of | |||||||||||||||||||||||||||||
Value | Losses | Issuances | Value | Losses | Issuances | Value | Losses | Issuances | |||||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Securities Available-for-Sale | |||||||||||||||||||||||||||||||||||||
U.S. treasury securities | $ | 75,064 | $ | 1 | 1 | $ | - | $ | - | - | $ | 75,064 | $ | 1 | 1 | ||||||||||||||||||||||
Mortgage-backed securities | 792,012 | 64,526 | 25 | 272 | 2 | 7 | 792,284 | 64,528 | 32 | ||||||||||||||||||||||||||||
Mortgage-backed securities-Non-agency | 94 | 1 | 1 | - | - | - | 94 | 1 | 1 | ||||||||||||||||||||||||||||
Collateralized mortgage obligations | 68 | 4 | 2 | 301 | 50 | 3 | 369 | 54 | 5 | ||||||||||||||||||||||||||||
Corporate debt securities | 9,970 | 30 | 1 | 100,081 | 4,919 | 8 | 110,051 | 4,949 | 9 | ||||||||||||||||||||||||||||
Mutual funds | - | - | - | 5,724 | 275 | 1 | 5,724 | 275 | 1 | ||||||||||||||||||||||||||||
Total securities available-for-sale | $ | 877,208 | $ | 64,562 | 30 | $ | 106,378 | $ | 5,246 | 19 | $ | 983,586 | $ | 69,808 | 49 |
Note_5_Loans_Tables
Note 5 - Loans (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Note 5 - Loans (Tables) [Line Items] | |||||||||||||||||||||||||||||
Schedule of Components of Loans in Consolidated Balance Sheets [Table Text Block] | As of December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Type of Loans: | |||||||||||||||||||||||||||||
Commercial loans | $ | 2,382,493 | $ | 2,298,724 | |||||||||||||||||||||||||
Real estate construction loans | 298,654 | 221,701 | |||||||||||||||||||||||||||
Commercial mortgage loans | 4,486,443 | 4,023,051 | |||||||||||||||||||||||||||
Residential mortgage loans | 1,570,059 | 1,355,255 | |||||||||||||||||||||||||||
Equity lines | 172,879 | 171,277 | |||||||||||||||||||||||||||
Installment and other loans | 3,552 | 14,555 | |||||||||||||||||||||||||||
Gross loans | 8,914,080 | 8,084,563 | |||||||||||||||||||||||||||
Less: | |||||||||||||||||||||||||||||
Allowance for loan losses | (161,420 | ) | (173,889 | ) | |||||||||||||||||||||||||
Unamortized deferred loan fees | (12,392 | ) | (13,487 | ) | |||||||||||||||||||||||||
Total loans and leases, net | $ | 8,740,268 | $ | 7,897,187 | |||||||||||||||||||||||||
Loans held for sale | $ | 973 | $ | - | |||||||||||||||||||||||||
Schedule of Related Party Transactions [Table Text Block] | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Balance at beginning of year | $ | 126,985 | $ | 172,584 | |||||||||||||||||||||||||
Additional loans made | 50,657 | 64,063 | |||||||||||||||||||||||||||
Payment received | (119,783 | ) | (109,662 | ) | |||||||||||||||||||||||||
Balance at end of year | $ | 57,859 | $ | 126,985 | |||||||||||||||||||||||||
Schedule of Impaired Loans and Related Allowance and Charge-off [Table Text Block] | Impaired Loans | ||||||||||||||||||||||||||||
As of December 31, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Allowance | Unpaid Principal Balance | Recorded Investment | Allowance | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
With no allocated allowance | |||||||||||||||||||||||||||||
Commercial loans | $ | 19,479 | $ | 18,452 | $ | - | $ | 20,992 | $ | 18,905 | $ | - | |||||||||||||||||
Real estate construction loans | 32,924 | 17,025 | - | 25,401 | 15,097 | - | |||||||||||||||||||||||
Commercial mortgage loans | 77,474 | 75,172 | - | 105,593 | 78,930 | - | |||||||||||||||||||||||
Residential mortgage and equity lines | 2,518 | 2,518 | - | 4,892 | 4,892 | - | |||||||||||||||||||||||
Subtotal | $ | 132,395 | $ | 113,167 | $ | - | $ | 156,878 | $ | 117,824 | $ | - | |||||||||||||||||
With allocated allowance | |||||||||||||||||||||||||||||
Commercial loans | $ | 7,003 | $ | 5,037 | $ | 1,263 | $ | 22,737 | $ | 13,063 | $ | 2,519 | |||||||||||||||||
Real estate construction loans | 19,006 | 8,703 | 1,077 | 28,475 | 19,323 | 3,460 | |||||||||||||||||||||||
Commercial mortgage loans | 38,197 | 34,022 | 8,993 | 39,223 | 35,613 | 6,584 | |||||||||||||||||||||||
Residential mortgage and equity lines | 14,019 | 13,590 | 465 | 16,535 | 14,957 | 721 | |||||||||||||||||||||||
Subtotal | $ | 78,225 | $ | 61,352 | $ | 11,798 | $ | 106,970 | $ | 82,956 | $ | 13,284 | |||||||||||||||||
Total impaired loans | $ | 210,620 | $ | 174,519 | $ | 11,798 | $ | 263,848 | $ | 200,780 | $ | 13,284 | |||||||||||||||||
Impaired Financing Receivables [Table Text Block] | For the year ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||||||
Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Commercial loans | $ | 26,128 | $ | 27,123 | $ | 31,798 | $ | 878 | $ | 770 | $ | 580 | |||||||||||||||||
Real estate construction loans | 32,439 | 37,875 | 49,094 | 264 | 284 | 265 | |||||||||||||||||||||||
Commercial mortgage loans | 114,248 | 138,121 | 178,822 | 3,735 | 4,256 | 8,221 | |||||||||||||||||||||||
Residential mortgage and equity lines | 17,411 | 18,033 | 18,062 | 462 | 289 | 239 | |||||||||||||||||||||||
Subtotal | $ | 190,226 | $ | 221,152 | $ | 277,776 | $ | 5,339 | $ | 5,599 | $ | 9,305 | |||||||||||||||||
Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Non-accrual portfolio loans | $ | 70,163 | $ | 83,183 | $ | 103,902 | |||||||||||||||||||||||
Non-accrual loans held-for-sale | 973 | - | - | ||||||||||||||||||||||||||
Total non-accrual loans | $ | 71,136 | $ | 83,183 | $ | 103,902 | |||||||||||||||||||||||
Contractual interest due | $ | 6,663 | $ | 5,851 | $ | 6,621 | |||||||||||||||||||||||
Interest recognized | 217 | 22 | 1,006 | ||||||||||||||||||||||||||
Net interest foregone | $ | 6,446 | $ | 5,829 | $ | 5,615 | |||||||||||||||||||||||
Past Due Financing Receivables [Table Text Block] | As of December 31, 2014 | ||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days Past Due | Non-accrual Loans | Total Past Due | Loans Not Past Due | Total | |||||||||||||||||||||||
Type of Loans: | (In thousands) | ||||||||||||||||||||||||||||
Commercial loans | $ | 11,595 | $ | 1,238 | $ | - | $ | 6,983 | $ | 19,816 | $ | 2,362,677 | $ | 2,382,493 | |||||||||||||||
Real estate construction loans | 1,416 | - | - | 19,963 | 21,379 | 277,275 | 298,654 | ||||||||||||||||||||||
Commercial mortgage loans | 17,654 | 3,909 | - | 35,606 | 57,169 | 4,429,274 | 4,486,443 | ||||||||||||||||||||||
Residential mortgage loans | 5,634 | 732 | - | 7,611 | 13,977 | 1,728,961 | 1,742,938 | ||||||||||||||||||||||
Installment and other loans | 60 | - | - | - | 60 | 3,492 | 3,552 | ||||||||||||||||||||||
Total loans | $ | 36,359 | $ | 5,879 | $ | - | $ | 70,163 | $ | 112,401 | $ | 8,801,679 | $ | 8,914,080 | |||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days Past Due | Non-accrual Loans | Total Past Due | Loans Not Past Due | Total | |||||||||||||||||||||||
Type of Loans: | (In thousands) | ||||||||||||||||||||||||||||
Commercial loans | $ | 7,170 | $ | 16,562 | $ | - | $ | 21,232 | $ | 44,964 | $ | 2,253,760 | $ | 2,298,724 | |||||||||||||||
Real estate construction loans | - | - | - | 28,586 | 28,586 | 193,115 | 221,701 | ||||||||||||||||||||||
Commercial mortgage loans | 20,043 | 7,862 | 982 | 19,621 | 48,508 | 3,974,543 | 4,023,051 | ||||||||||||||||||||||
Residential mortgage loans | 3,508 | 832 | - | 13,744 | 18,084 | 1,508,448 | 1,526,532 | ||||||||||||||||||||||
Installment and other loans | 100 | - | - | - | 100 | 14,455 | 14,555 | ||||||||||||||||||||||
Total loans | $ | 30,821 | $ | 25,256 | $ | 982 | $ | 83,183 | $ | 140,242 | $ | 7,944,321 | $ | 8,084,563 | |||||||||||||||
Schedule of Troubled Debt Restructurings [Table Text Block] | No. of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Specific Reserve | Charge-offs | ||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Commercial loans | 4 | $ | 10,539 | $ | 10,539 | $ | 21 | $ | - | ||||||||||||||||||||
Commercial mortgage loans | 3 | 11,817 | 11,817 | 5,550 | - | ||||||||||||||||||||||||
Residential mortgage and equity lines | 7 | 2,715 | 2,715 | 29 | - | ||||||||||||||||||||||||
Total | 14 | $ | 25,071 | $ | 25,071 | $ | 5,600 | $ | - | ||||||||||||||||||||
No. of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Specific Reserve | Charge-offs | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Commercial loans | 9 | $ | 12,026 | $ | 10,860 | $ | 550 | $ | 1,166 | ||||||||||||||||||||
Commercial mortgage loans | 5 | 13,090 | 13,090 | 329 | - | ||||||||||||||||||||||||
Residential mortgage and equity lines | 11 | 3,736 | 3,658 | 103 | 78 | ||||||||||||||||||||||||
Total | 25 | $ | 28,852 | $ | 27,608 | $ | 982 | $ | 1,244 | ||||||||||||||||||||
No. of Contracts | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Specific Reserve | Charge-off | |||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Commercial loans | 9 | $ | 3,646 | $ | 3,646 | $ | 1,213 | $ | - | ||||||||||||||||||||
Commercial mortgage loans | 20 | 62,118 | 58,393 | 27 | 3,725 | ||||||||||||||||||||||||
Residential mortgage and equity lines | 14 | 4,305 | 4,223 | 162 | 82 | ||||||||||||||||||||||||
Total | 43 | $ | 70,069 | $ | 66,262 | $ | 1,402 | $ | 3,807 | ||||||||||||||||||||
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | 31-Dec-14 | ||||||||||||||||||||||||||||
Accruing TDRs | Interest Deferral | Principal Deferral | Rate Reduction | Rate Reduction and Forgiveness of Principal | Rate Reduction and Payment Deferral | Total | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Commercial loans | $ | - | $ | 11,572 | $ | - | $ | - | $ | 4,934 | $ | 16,506 | |||||||||||||||||
Real estate construction loans | - | 5,765 | - | - | - | 5,765 | |||||||||||||||||||||||
Commercial mortgage loans | 436 | 20,107 | 26,694 | - | 26,351 | 73,588 | |||||||||||||||||||||||
Residential mortgage loans | - | 3,316 | - | 410 | 4,771 | 8,497 | |||||||||||||||||||||||
Total accruing TDRs | $ | 436 | $ | 40,760 | $ | 26,694 | $ | 410 | $ | 36,056 | $ | 104,356 | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Accruing TDRs | Principal Deferral | Rate Reduction | Rate Reduction and Forgiveness of Principal | Rate Reduction and Payment Deferral | Total | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Commercial loans | $ | 9,112 | $ | 2,916 | $ | - | $ | 2,708 | $ | 14,736 | |||||||||||||||||||
Real estate construction loans | - | - | - | 5,834 | 5,834 | ||||||||||||||||||||||||
Commercial mortgage loans | 11,333 | 9,389 | - | 70,200 | 90,922 | ||||||||||||||||||||||||
Residential mortgage loans | 1,564 | 1,024 | - | 3,517 | 6,105 | ||||||||||||||||||||||||
Total accruing TDRs | $ | 22,009 | $ | 13,329 | $ | - | $ | 82,259 | $ | 117,597 | |||||||||||||||||||
Non Accrual Troubled Debt Restructurings [Table Text Block] | 31-Dec-14 | ||||||||||||||||||||||||||||
Non-accrual TDRs | Interest Deferral | Principal Deferral | Rate Reduction | Rate Reduction and Payment Deferral | Total | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Commercial loans | $ | 1,184 | $ | 239 | $ | 860 | $ | 1,269 | $ | 3,552 | |||||||||||||||||||
Real estate construction loans | - | - | - | 19,462 | 19,462 | ||||||||||||||||||||||||
Commercial mortgage loans | - | 15,917 | - | 973 | 16,890 | ||||||||||||||||||||||||
Residential mortgage loans | - | 1,026 | - | 688 | 1,714 | ||||||||||||||||||||||||
Total non-accrual TDRs | $ | 1,184 | $ | 17,182 | $ | 860 | $ | 22,392 | $ | 41,618 | |||||||||||||||||||
As of December 31,2013 | |||||||||||||||||||||||||||||
Non-accrual TDRs | Interest Deferral | Principal Deferral | Rate Reduction and Forgiveness of Principal | Rate Reduction and Payment Deferral | Total | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Commercial loans | $ | - | $ | 2,866 | $ | 1,352 | $ | - | $ | 4,218 | |||||||||||||||||||
Real estate construction loans | - | 16,009 | - | 9,263 | 25,272 | ||||||||||||||||||||||||
Commercial mortgage loans | 1,443 | 2,168 | - | 1,843 | 5,454 | ||||||||||||||||||||||||
Residential mortgage loans | 241 | 2,206 | - | 1,378 | 3,825 | ||||||||||||||||||||||||
Total non-accrual TDRs | $ | 1,684 | $ | 23,249 | $ | 1,352 | $ | 12,484 | $ | 38,769 | |||||||||||||||||||
Activity Within The Troubled Debt Resturings [Table Text Block] | Accruing TDRs | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Beginning balance | $ | 117,597 | $ | 144,695 | $ | 120,016 | |||||||||||||||||||||||
New restructurings | 23,740 | 21,382 | 53,958 | ||||||||||||||||||||||||||
Restructured loans restored to accrual status | 962 | 6,851 | 8,356 | ||||||||||||||||||||||||||
Charge-offs | - | (78 | ) | (251 | ) | ||||||||||||||||||||||||
Payments | (13,256 | ) | (52,362 | ) | (5,159 | ) | |||||||||||||||||||||||
Restructured loans placed on non-accrual | (24,687 | ) | (2,891 | ) | (32,225 | ) | |||||||||||||||||||||||
Ending balance | $ | 104,356 | $ | 117,597 | $ | 144,695 | |||||||||||||||||||||||
Non-accrual TDRs | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Beginning balance | $ | 38,769 | $ | 47,731 | $ | 50,870 | |||||||||||||||||||||||
New restructurings | 1,331 | 6,226 | 12,304 | ||||||||||||||||||||||||||
Restructured loans placed on non-accrual | 24,687 | 2,891 | 32,225 | ||||||||||||||||||||||||||
Charge-offs | (8,937 | ) | (2,124 | ) | (4,182 | ) | |||||||||||||||||||||||
Payments | (11,710 | ) | (4,295 | ) | (33,931 | ) | |||||||||||||||||||||||
Foreclosures | (1,560 | ) | (4,809 | ) | (1,199 | ) | |||||||||||||||||||||||
Restructured loans restored to accrual status | (962 | ) | (6,851 | ) | (8,356 | ) | |||||||||||||||||||||||
Ending balance | $ | 41,618 | $ | 38,769 | $ | 47,731 | |||||||||||||||||||||||
Financing Receivable Credit Quality Indicators [Table Text Block] | As of December 31, 2014 | ||||||||||||||||||||||||||||
Pass/Watch | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||
Commercial loans | $ | 2,260,474 | $ | 47,619 | $ | 72,561 | $ | 1,839 | $ | 2,382,493 | |||||||||||||||||||
Real estate construction loans | 272,927 | - | 25,227 | 500 | 298,654 | ||||||||||||||||||||||||
Commercial mortgage loans | 4,213,453 | 105,970 | 167,020 | - | 4,486,443 | ||||||||||||||||||||||||
Residential mortgage and equity lines | 1,733,248 | - | 9,690 | - | 1,742,938 | ||||||||||||||||||||||||
Installment and other loans | 3,552 | - | - | - | 3,552 | ||||||||||||||||||||||||
Total gross loans | $ | 8,483,654 | $ | 153,589 | $ | 274,498 | $ | 2,339 | $ | 8,914,080 | |||||||||||||||||||
Loans held for sale | $ | - | $ | - | $ | 973 | $ | - | $ | 973 | |||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||||||
Pass/Watch | Special Mention | Substandard | Doubtful | Total | |||||||||||||||||||||||||
Commercial loans | $ | 2,108,191 | $ | 84,786 | $ | 102,088 | $ | 3,659 | $ | 2,298,724 | |||||||||||||||||||
Real estate construction loans | 184,449 | - | 33,939 | 3,313 | 221,701 | ||||||||||||||||||||||||
Commercial mortgage loans | 3,686,788 | 127,436 | 208,827 | - | 4,023,051 | ||||||||||||||||||||||||
Residential mortgage and equity lines | 1,510,647 | - | 15,885 | - | 1,526,532 | ||||||||||||||||||||||||
Installment and other loans | 14,555 | - | - | - | 14,555 | ||||||||||||||||||||||||
Total gross loans | $ | 7,504,630 | $ | 212,222 | $ | 360,739 | $ | 6,972 | $ | 8,084,563 | |||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Real Estate | Commercial | Residential | Installment | |||||||||||||||||||||||||
Commercial | Construction | Mortgage | Mortgage | and Other | |||||||||||||||||||||||||
Loans | Loans | Loans | and Equity Lines | Loans | Total | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
2013 Beginning Balance | $ | 66,101 | $ | 23,017 | $ | 82,473 | $ | 11,703 | $ | 28 | $ | 183,322 | |||||||||||||||||
Provision/(reversal) for possible loan losses | 11,888 | (13,302 | ) | (2,500 | ) | 924 | (10 | ) | (3,000 | ) | |||||||||||||||||||
Charge-offs | (15,625 | ) | - | (3,945 | ) | (872 | ) | - | (20,442 | ) | |||||||||||||||||||
Recoveries | 2,739 | 2,284 | 8,725 | 250 | 11 | 14,009 | |||||||||||||||||||||||
Net Charge-offs | (12,886 | ) | 2,284 | 4,780 | (622 | ) | 11 | (6,433 | ) | ||||||||||||||||||||
2013 Ending Balance | $ | 65,103 | $ | 11,999 | $ | 84,753 | $ | 12,005 | $ | 29 | $ | 173,889 | |||||||||||||||||
Reserve to impaired loans | $ | 2,519 | $ | 3,460 | $ | 6,584 | $ | 721 | $ | - | $ | 13,284 | |||||||||||||||||
Reserve to non-impaired loans | $ | 62,584 | $ | 8,539 | $ | 78,169 | $ | 11,284 | $ | 29 | $ | 160,605 | |||||||||||||||||
Reserve for off-balance sheet credit commitments | $ | 909 | $ | 304 | $ | 111 | $ | 38 | $ | 1 | $ | 1,363 | |||||||||||||||||
2014 Beginning Balance | $ | 65,103 | $ | 11,999 | $ | 84,753 | $ | 12,005 | $ | 29 | $ | 173,889 | |||||||||||||||||
Provision/(reversal) for possible loan losses | (22,244 | ) | 19,853 | (8,197 | ) | (558 | ) | (26 | ) | (11,172 | ) | ||||||||||||||||||
Charge-offs | (7,875 | ) | (6,747 | ) | (7,458 | ) | (155 | ) | - | (22,235 | ) | ||||||||||||||||||
Recoveries | 12,517 | 2,547 | 5,575 | 286 | 13 | 20,938 | |||||||||||||||||||||||
Net Charge-offs | 4,642 | (4,200 | ) | (1,883 | ) | 131 | 13 | (1,297 | ) | ||||||||||||||||||||
2014 Ending Balance | $ | 47,501 | $ | 27,652 | $ | 74,673 | $ | 11,578 | $ | 16 | $ | 161,420 | |||||||||||||||||
Reserve to impaired loans | $ | 1,263 | $ | 1,077 | $ | 8,993 | $ | 465 | $ | - | $ | 11,798 | |||||||||||||||||
Reserve to non-impaired loans | $ | 46,238 | $ | 26,575 | $ | 65,680 | $ | 11,113 | $ | 16 | $ | 149,622 | |||||||||||||||||
Reserve for off-balance sheet credit commitments | $ | 923 | $ | 728 | $ | 259 | $ | 39 | $ | - | $ | 1,949 | |||||||||||||||||
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Allowance for Loan Losses | (In thousands) | ||||||||||||||||||||||||||||
Balance at beginning of year | $ | 173,889 | $ | 183,322 | $ | 206,280 | |||||||||||||||||||||||
(Reversal)/provision for credit losses | (10,800 | ) | (3,000 | ) | (9,000 | ) | |||||||||||||||||||||||
Transfers (to)/from reserve for off-balance sheet credit commitments | (372 | ) | - | 706 | |||||||||||||||||||||||||
Loans charged off | (22,235 | ) | (20,442 | ) | (32,791 | ) | |||||||||||||||||||||||
Recoveries of charged off loans | 20,938 | 14,009 | 18,127 | ||||||||||||||||||||||||||
Balance at end of year | $ | 161,420 | $ | 173,889 | $ | 183,322 | |||||||||||||||||||||||
Reserve for Off-balance Sheet Credit Commitments | |||||||||||||||||||||||||||||
Balance at beginning of year | $ | 1,363 | $ | 1,363 | $ | 2,069 | |||||||||||||||||||||||
Provision for credit losses/transfers | 586 | - | (706 | ) | |||||||||||||||||||||||||
Balance at end of year | $ | 1,949 | $ | 1,363 | $ | 1,363 | |||||||||||||||||||||||
Impairment Method [Member] | |||||||||||||||||||||||||||||
Note 5 - Loans (Tables) [Line Items] | |||||||||||||||||||||||||||||
Impaired Financing Receivables [Table Text Block] | Real Estate | Commercial | Residential | ||||||||||||||||||||||||||
Commercial | Construction | Mortgage | Mortgage | Consumer | |||||||||||||||||||||||||
Loans | Loans | Loans | and Equity Lines | and Other | Total | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | |||||||||||||||||||||||||||||
Allowance | $ | 1,263 | $ | 1,077 | $ | 8,993 | $ | 465 | $ | - | $ | 11,798 | |||||||||||||||||
Balance | $ | 23,489 | $ | 25,728 | $ | 109,194 | $ | 16,108 | $ | - | $ | 174,519 | |||||||||||||||||
Loans collectively evaluated for impairment | |||||||||||||||||||||||||||||
Allowance | $ | 46,238 | $ | 26,575 | $ | 65,680 | $ | 11,113 | $ | 16 | $ | 149,622 | |||||||||||||||||
Balance | $ | 2,359,004 | $ | 272,926 | $ | 4,377,249 | $ | 1,726,830 | $ | 3,552 | $ | 8,739,561 | |||||||||||||||||
Total allowance | $ | 47,501 | $ | 27,652 | $ | 74,673 | $ | 11,578 | $ | 16 | $ | 161,420 | |||||||||||||||||
Total balance | $ | 2,382,493 | $ | 298,654 | $ | 4,486,443 | $ | 1,742,938 | $ | 3,552 | $ | 8,914,080 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Loans individually evaluated for impairment | |||||||||||||||||||||||||||||
Allowance | $ | 2,519 | $ | 3,460 | $ | 6,584 | $ | 721 | $ | - | $ | 13,284 | |||||||||||||||||
Balance | $ | 31,968 | $ | 34,420 | $ | 114,544 | $ | 19,848 | $ | - | $ | 200,780 | |||||||||||||||||
Loans collectively evaluated for impairment | |||||||||||||||||||||||||||||
Allowance | $ | 62,584 | $ | 8,539 | $ | 78,169 | $ | 11,284 | $ | 29 | $ | 160,605 | |||||||||||||||||
Balance | $ | 2,266,756 | $ | 187,281 | $ | 3,908,507 | $ | 1,506,684 | $ | 14,555 | $ | 7,883,783 | |||||||||||||||||
Total allowance | $ | 65,103 | $ | 11,999 | $ | 84,753 | $ | 12,005 | $ | 29 | $ | 173,889 | |||||||||||||||||
Total balance | $ | 2,298,724 | $ | 221,701 | $ | 4,023,051 | $ | 1,526,532 | $ | 14,555 | $ | 8,084,563 |
Note_6_Other_Real_Estate_Owned1
Note 6 - Other Real Estate Owned (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||
Other Real Estate, Roll Forward [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Balance, beginning of year | $ | 13,384 | $ | 19,556 | $ | 26,422 | |||||||
Provision/(Reversal) for losses | 1,619 | (2,122 | ) | 10,668 | |||||||||
OREO disposal | (12,893 | ) | (4,050 | ) | (17,534 | ) | |||||||
Balance, end of year | $ | 2,110 | $ | 13,384 | $ | 19,556 | |||||||
Schedule of Other Real Estate Owned Expense [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Operating expense | $ | 1,142 | $ | 3,680 | $ | 4,817 | |||||||
Provision/(reversal) for losses | 1,619 | (2,122 | ) | 10,668 | |||||||||
Net gain on transfers and disposals | (4,065 | ) | (1,793 | ) | (369 | ) | |||||||
Total other real estate owned expense | $ | (1,304 | ) | $ | (235 | ) | $ | 15,116 |
Note_8_Premises_and_Equipment_
Note 8 - Premises and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | As of December 31, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Land and land improvements | $ | 33,543 | $ | 33,441 | |||||
Building and building improvements | 74,550 | 73,756 | |||||||
Furniture, fixtures and equipment | 47,936 | 44,278 | |||||||
Leasehold improvement | 14,006 | 12,753 | |||||||
Construction in process | 54 | 1,160 | |||||||
170,089 | 165,388 | ||||||||
Less: Accumulated depreciation/amortization | 70,407 | 63,343 | |||||||
Premises and equipment, net | $ | 99,682 | $ | 102,045 |
Note_9_Deposits_Tables
Note 9 - Deposits (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||||||
Summary of Deposits [Table Text Block] | As of December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Demand | $ | 1,664,914 | $ | 1,441,858 | |||||||||||||||||||||||||
NOW accounts | 778,691 | 683,873 | |||||||||||||||||||||||||||
Money market accounts | 1,538,187 | 1,286,338 | |||||||||||||||||||||||||||
Saving accounts | 533,940 | 499,520 | |||||||||||||||||||||||||||
Time deposits under $100,000 | 1,162,547 | 931,204 | |||||||||||||||||||||||||||
Time deposits of $100,000 or more | 3,105,181 | 3,138,512 | |||||||||||||||||||||||||||
Total | $ | 8,783,460 | $ | 7,981,305 | |||||||||||||||||||||||||
Schedule of Maturities for Time Deposits [Table Text Block] | Expected Maturity Date at December 31, | ||||||||||||||||||||||||||||
2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | Total | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Time deposits, $100,000 and over | $ | 2,601,143 | $ | 163,048 | $ | 238,333 | $ | 61,992 | $ | 40,665 | $ | - | $ | 3,105,181 | |||||||||||||||
Other time deposits | 772,529 | 162,465 | 109,302 | 116,420 | 1,820 | 11 | 1,162,547 | ||||||||||||||||||||||
$ | 3,373,672 | $ | 325,513 | $ | 347,635 | $ | 178,412 | $ | 42,485 | $ | 11 | $ | 4,267,728 | ||||||||||||||||
Summary of Interest Expense on Deposits [Table Text Block] | Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||
Interest bearing demand | $ | 1,229 | $ | 1,017 | $ | 792 | |||||||||||||||||||||||
Money market accounts | 8,627 | 7,034 | 5,938 | ||||||||||||||||||||||||||
Saving accounts | 802 | 374 | 365 | ||||||||||||||||||||||||||
Time deposits | 35,111 | 31,964 | 40,278 | ||||||||||||||||||||||||||
Total | $ | 45,769 | $ | 40,389 | $ | 47,373 |
Note_10_Borrowed_Funds_Tables
Note 10 - Borrowed Funds (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Note 10 - Borrowed Funds (Tables) [Line Items] | |||||||||||||||||
Summary of Comparative Data of Securities Sold Under Agreements to Repurchase [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||
Average amount outstanding during the year (1) | $ | 629,315 | $ | 972,329 | $ | 1,361,475 | |||||||||||
Maximum amount outstanding at month-end (2) | 700,000 | 1,200,000 | 1,400,000 | ||||||||||||||
Balance, December 31 | 450,000 | 800,000 | 1,250,000 | ||||||||||||||
Rate, December 31 | 3.85 | % | 3.87 | % | 3.84 | % | |||||||||||
Weighted average interest rate for the year | 3.92 | % | 3.88 | % | 4.09 | % | |||||||||||
Schedule of Federal Home Loan Bank, Advances, by Branch of FHLB Bank [Table Text Block] | 2014 | 2013 | |||||||||||||||
Amount | Weighted Average | Amount | Weighted Average | ||||||||||||||
Maturity | (In thousands) | Interest Rate | (In thousands) | Interest Rate | |||||||||||||
Within 90 days | $ | 400,000 | 0.27 | % | $ | 475,000 | 0.06 | % | |||||||||
4 - 5 years | 25,000 | 1.13 | % | 46,200 | 1.24 | % | |||||||||||
Total | $ | 425,000 | 0.32 | % | $ | 521,200 | 0.17 | % | |||||||||
Callable Securities [Member] | |||||||||||||||||
Note 10 - Borrowed Funds (Tables) [Line Items] | |||||||||||||||||
Schedule of Repurchase Agreements [Table Text Block] | (Dollars in millions) | Fixed-to-floating | Floating-to-fixed | Total | |||||||||||||
Rate type | Float Rate | Fixed Rate | |||||||||||||||
Rate index | 8% minus 3 month LIBOR | ||||||||||||||||
Maximum rate | 3.5 | % | |||||||||||||||
Minimum rate | 0 | % | |||||||||||||||
No. of agreements | 1 | 4 | 5 | ||||||||||||||
Amount | $ | 50 | $ | 200 | $ | 250 | |||||||||||
Weighted average rate | 3.5 | % | 5 | % | 4.7 | % | |||||||||||
Final maturity | 2015 | 2017 | |||||||||||||||
Non Callable Fixed Rate Securities [Member] | |||||||||||||||||
Note 10 - Borrowed Funds (Tables) [Line Items] | |||||||||||||||||
Schedule of Repurchase Agreements [Table Text Block] | No. of | Amount | Weighted Average | ||||||||||||||
Maturity | Agreements | (In thousands) | Interest Rate | ||||||||||||||
1 year to 3 years | 2 | $ | 100,000 | 2.71 | % | ||||||||||||
3 years to 5 years | 2 | 100,000 | 2.86 | % | |||||||||||||
Total | 4 | $ | 200,000 | 2.78 | % |
Note_11_Capital_Resources_Tabl
Note 11 - Capital Resources (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||
Schedule of Subordinated Borrowing [Table Text Block] | Principal | Not | Current | Date of | Payable/ | ||||||||||||||
Issuance | Balance of | Redeemable | Stated | Annualized | Interest | Rate | Distribution | ||||||||||||
Trust Name | Date | Notes | Until | Maturity | Coupon Rate | Rate | Change | Date | |||||||||||
(Dollars in thousands) | |||||||||||||||||||
Cathay Capital Trust I | June 26, | $ | 20,619 | June 30, | June 30, | 3-month | 3.41 | % | December 30, | 30-Mar | |||||||||
2003 | 2008 | 2033 | LIBOR+ | 2014 | 30-Jun | ||||||||||||||
3.15% | 30-Sep | ||||||||||||||||||
30-Dec | |||||||||||||||||||
Cathay Statutory Trust I | September 17, | 20,619 | September 17, | September 17, | 3-month | 3.24 | % | December 17, | 17-Mar | ||||||||||
2003 | 2008 | 2033 | LIBOR | 2014 | 17-Jun | ||||||||||||||
3.00% | 17-Sep | ||||||||||||||||||
17-Dec | |||||||||||||||||||
Cathay Capital Trust II | December 30, | 12,887 | March 30, | March 30, | 3-month | 3.16 | % | December 30, | 30-Mar | ||||||||||
2003 | 2009 | 2034 | LIBOR | 2014 | 30-Jun | ||||||||||||||
2.90% | 30-Sep | ||||||||||||||||||
30-Dec | |||||||||||||||||||
Cathay Capital Trust III | March 28, | 46,392 | June 15, | June 15, | 3-month | 1.72 | % | December 15, | 15-Mar | ||||||||||
2007 | 2012 | 2037 | LIBOR | 2014 | 15-Jun | ||||||||||||||
1.48% | 15-Sep | ||||||||||||||||||
15-Dec | |||||||||||||||||||
Cathay Capital Trust IV | May 31, | 18,619 | September 6, | September 6, | 3-month | 1.64 | % | December 8, | 6-Mar | ||||||||||
2007 | 2012 | 2037 | LIBOR | 2014 | 6-Jun | ||||||||||||||
1.40% | 6-Sep | ||||||||||||||||||
6-Dec | |||||||||||||||||||
Total Junior Subordinated Notes | $ | 119,136 |
Note_12_Income_Taxes_Tables
Note 12 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Current: | |||||||||||||||||||||||||
Federal | $ | 36,180 | $ | 62,254 | $ | 44,263 | |||||||||||||||||||
State | 14,481 | 23,295 | 17,081 | ||||||||||||||||||||||
Total Current | $ | 50,661 | $ | 85,549 | $ | 61,344 | |||||||||||||||||||
Deferred: | |||||||||||||||||||||||||
Federal | 23,783 | (11,162 | ) | 3,755 | |||||||||||||||||||||
State | 7,521 | (3,952 | ) | 1,029 | |||||||||||||||||||||
Total Deferred | $ | 31,304 | $ | (15,114 | ) | $ | 4,784 | ||||||||||||||||||
Total income tax expense/(benefit) | $ | 81,965 | $ | 70,435 | $ | 66,128 | |||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | As of December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Deferred Tax Assets | |||||||||||||||||||||||||
Loan loss allowance, due to differences in computation of bad debts | $ | 66,999 | $ | 89,560 | |||||||||||||||||||||
Share-based compensation | 12,808 | 13,573 | |||||||||||||||||||||||
Accrual for bonuses | 4,585 | 3,380 | |||||||||||||||||||||||
Non-accrual interest | 3,735 | 3,968 | |||||||||||||||||||||||
Accrual for litigation | 2,918 | 2,415 | |||||||||||||||||||||||
Write-down on equity securities and venture capital investments | 2,697 | 2,857 | |||||||||||||||||||||||
Write-down on other real estate owned | 1,357 | 8,595 | |||||||||||||||||||||||
State tax | 3,253 | 6,493 | |||||||||||||||||||||||
Unrealized loss on interest rate swaps | 1,739 | - | |||||||||||||||||||||||
Unrealized loss on securities available-for-sale, net | 2,301 | 21,569 | |||||||||||||||||||||||
Other, net | 2,179 | 4,214 | |||||||||||||||||||||||
Gross deferred tax assets | 104,571 | 156,624 | |||||||||||||||||||||||
Deferred Tax Liabilities | |||||||||||||||||||||||||
Basis difference in acquired assets | (3,321 | ) | (3,138 | ) | |||||||||||||||||||||
Dividends on Federal Home Loan Bank common stock | (1,927 | ) | (2,986 | ) | |||||||||||||||||||||
Other, net | (3,075 | ) | (2,773 | ) | |||||||||||||||||||||
Gross deferred tax liabilities | (8,323 | ) | (8,897 | ) | |||||||||||||||||||||
Valuation allowance | - | (1,263 | ) | ||||||||||||||||||||||
Net deferred tax assets | $ | 96,248 | $ | 146,464 | |||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Tax provision at Federal statutory rate | $ | 76,928 | 35 | % | $ | 67,752 | 35 | % | $ | 64,248 | 35 | % | |||||||||||||
State income taxes, net of Federal income tax benefit | 14,324 | 6.6 | 12,573 | 6.5 | 11,772 | 6.4 | |||||||||||||||||||
Interest on obligations of state and political subdivisions, which are exempt from Federal taxation | - | - | (348 | ) | (0.2 | ) | (1,456 | ) | (0.8 | ) | |||||||||||||||
Low income housing and other tax credits | (10,014 | ) | (4.6 | ) | (10,056 | ) | (5.2 | ) | (9,353 | ) | (5.1 | ) | |||||||||||||
Other, net | 727 | 0.3 | 514 | 0.3 | 917 | 0.5 | |||||||||||||||||||
Total income tax expense | $ | 81,965 | 37.3 | % | $ | 70,435 | 36.4 | % | $ | 66,128 | 36 | % |
Note_13_Stockholders_Equity_an1
Note 13 - Stockholders' Equity and Earnings per Share (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | 2014 | 2013 | |||||||||||||||||||||||||||||||||||
Pre-tax | Tax expense/ (Benefit) | Net-of-tax | Pre-tax | Tax expense/ (Benefit) | Net-of-tax | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||
Beginning balance, (loss)/income, net of tax | |||||||||||||||||||||||||||||||||||||
Securities available-for sale | $ | (29,729 | ) | $ | 465 | ||||||||||||||||||||||||||||||||
Cash flow hedge derivatives | - | - | |||||||||||||||||||||||||||||||||||
Total | $ | (29,729 | ) | $ | 465 | ||||||||||||||||||||||||||||||||
Net unrealized gains/(losses) arising during the period | |||||||||||||||||||||||||||||||||||||
Securities available-for sale | $ | 39,077 | $ | 16,431 | $ | 22,646 | $ | (117,515 | ) | $ | (49,407 | ) | $ | (68,108 | ) | ||||||||||||||||||||||
Cash flow hedge derivatives | (4,136 | ) | (1,739 | ) | (2,397 | ) | - | - | - | ||||||||||||||||||||||||||||
Total | 34,941 | 14,692 | 20,249 | (117,515 | ) | (49,407 | ) | $ | (68,108 | ) | |||||||||||||||||||||||||||
Reclassification adjustment for net gains included in net income | |||||||||||||||||||||||||||||||||||||
Securities available-for sale | 6,748 | 2,837 | 3,911 | 27,362 | 11,503 | 15,859 | |||||||||||||||||||||||||||||||
Cash flow hedge derivatives | - | - | - | - | - | - | |||||||||||||||||||||||||||||||
Total | 6,748 | 2,837 | 3,911 | 27,362 | 11,503 | 15,859 | |||||||||||||||||||||||||||||||
Net unrealized gains arising from transferring securities held-to-maturity to available-for-sale | - | - | - | 38,052 | 15,997 | 22,055 | |||||||||||||||||||||||||||||||
Total other comprehensive income/(loss) | |||||||||||||||||||||||||||||||||||||
Securities available-for sale | 45,825 | 19,268 | 26,557 | (52,101 | ) | (21,907 | ) | (30,194 | ) | ||||||||||||||||||||||||||||
Cash flow hedge derivatives | (4,136 | ) | (1,739 | ) | (2,397 | ) | - | - | - | ||||||||||||||||||||||||||||
Total | $ | 41,689 | $ | 17,529 | $ | 24,160 | $ | (52,101 | ) | $ | (21,907 | ) | $ | (30,194 | ) | ||||||||||||||||||||||
Ending balance, loss, net of tax | |||||||||||||||||||||||||||||||||||||
Securities available-for sale | $ | (3,172 | ) | $ | (29,729 | ) | |||||||||||||||||||||||||||||||
Cash flow hedge derivatives | (2,397 | ) | - | ||||||||||||||||||||||||||||||||||
Total | $ | (5,569 | ) | $ | (29,729 | ) | |||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||
Per | Per | Per | |||||||||||||||||||||||||||||||||||
Income | Shares | Share | Income | Shares | Share | Income | Shares | Share | |||||||||||||||||||||||||||||
(Numerator) | (Denominator) | Amount | (Numerator) | (Denominator) | Amount | (Numerator) | (Denominator) | Amount | |||||||||||||||||||||||||||||
(In thousands, except shares and per share data) | |||||||||||||||||||||||||||||||||||||
Net income | $ | 137,830 | $ | 123,143 | $ | 117,438 | |||||||||||||||||||||||||||||||
Dividends on preferred stock | - | (9,685 | ) | (16,488 | ) | ||||||||||||||||||||||||||||||||
Basic EPS, income/(loss) | $ | 137,830 | 79,661,571 | $ | 1.73 | $ | 113,458 | 78,954,898 | $ | 1.44 | $ | 100,950 | 78,719,133 | $ | 1.28 | ||||||||||||||||||||||
Effect of dilutive stock options | 445,324 | 183,085 | 4,164 | ||||||||||||||||||||||||||||||||||
Diluted EPS, income/(loss) | $ | 137,830 | 80,106,895 | $ | 1.72 | $ | 113,458 | 79,137,983 | $ | 1.43 | $ | 100,950 | 78,723,297 | $ | 1.28 |
Note_14_Commitments_and_Contin1
Note 14 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | As of December 31, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Commitments to extend credit | $ | 2,071,766 | $ | 1,858,669 | |||||
Standby letters of credit | 53,910 | 45,058 | |||||||
Commercial letters of credit | 48,143 | 54,098 | |||||||
Bill of lading guarantees | 108 | 80 | |||||||
Total | $ | 2,173,927 | $ | 1,957,905 | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ending December 31, | Commitments | |||||||
(In thousands) | |||||||||
2015 | $ | 6,767 | |||||||
2016 | 5,840 | ||||||||
2017 | 4,349 | ||||||||
2018 | 3,888 | ||||||||
2019 | 2,431 | ||||||||
Thereafter | 5,552 | ||||||||
Total minimum lease payments | $ | 28,827 | |||||||
Schedule of Future Rental Payments to be Received for Operating Leases [Table Text Block] | Year Ending December 31, | Commitments | |||||||
(In thousands) | |||||||||
2015 | $ | 65 | |||||||
2016 | 46 | ||||||||
2017 | 47 | ||||||||
2018 | 49 | ||||||||
2019 | 33 | ||||||||
Thereafter | - | ||||||||
Total minimum lease payments to be received | $ | 240 |
Note_16_Fair_Value_Measurement1
Note 16 - Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | As of December 31, 2014 | Fair Value Measurements Using | Total at | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Securities available-for-sale | |||||||||||||||||||||||||
U.S. Treasury securities | $ | 664,004 | $ | - | $ | 664,004 | |||||||||||||||||||
Mortgage-backed securities | - | 544,303 | - | 544,303 | |||||||||||||||||||||
Collateralized mortgage obligations | - | 45 | - | 45 | |||||||||||||||||||||
Corporate debt securities | - | 94,472 | - | 94,472 | |||||||||||||||||||||
Mutual funds | 5,866 | - | - | 5,866 | |||||||||||||||||||||
Preferred stock of government sponsored entities | - | 3,224 | - | 3,224 | |||||||||||||||||||||
Other equity securities | - | 7,021 | - | 7,021 | |||||||||||||||||||||
Total securities available-for-sale | 669,870 | 649,065 | - | 1,318,935 | |||||||||||||||||||||
Warrants | - | - | 27 | 27 | |||||||||||||||||||||
Foreign exchange contracts | - | 1,876 | - | 1,876 | |||||||||||||||||||||
Total assets | $ | 669,870 | $ | 650,941 | $ | 27 | $ | 1,320,838 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Interest rate swaps | $ | - | $ | 4,626 | $ | - | $ | 4,626 | |||||||||||||||||
Foreign exchange contracts | - | 5,007 | - | 5,007 | |||||||||||||||||||||
Total liabilities | $ | - | $ | 9,633 | $ | - | $ | 9,633 | |||||||||||||||||
As of December 31, 2013 | Fair Value Measurements Using | Total at | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | ||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Securities available-for-sale | |||||||||||||||||||||||||
U.S. Treasury securities | $ | 460,193 | $ | - | $ | - | $ | 460,193 | |||||||||||||||||
Mortgage-backed securities | - | 952,814 | - | 952,814 | |||||||||||||||||||||
Collateralized mortgage obligations | - | 6,106 | - | 6,106 | |||||||||||||||||||||
Asset-backed securities | - | 123 | - | 123 | |||||||||||||||||||||
Corporate debt securities | - | 150,304 | - | 150,304 | |||||||||||||||||||||
Mutual funds | 5,725 | - | - | 5,725 | |||||||||||||||||||||
Preferred stock of government sponsored entities | - | 11,403 | - | 11,403 | |||||||||||||||||||||
Total securities available-for-sale | 465,918 | 1,120,750 | - | 1,586,668 | |||||||||||||||||||||
Trading securities | - | 4,936 | - | 4,936 | |||||||||||||||||||||
Warrants | - | - | 30 | 30 | |||||||||||||||||||||
Option contracts | - | - | - | - | |||||||||||||||||||||
Foreign exchange contracts | - | 6,182 | - | 6,182 | |||||||||||||||||||||
Total assets | $ | 465,918 | $ | 1,131,868 | $ | 30 | $ | 1,597,816 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Foreign exchange contracts | - | 6,140 | - | 6,140 | |||||||||||||||||||||
Total liabilities | $ | - | $ | 6,140 | $ | - | $ | 6,140 | |||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | As of December 31, 2014 | Total Losses/(Gains) | |||||||||||||||||||||||
Fair Value Measurements Using | For the Twelve Months Ended | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total at | December 31, | December 31, | ||||||||||||||||||||
Fair Value | 2014 | 2013 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Impaired loans by type: | |||||||||||||||||||||||||
Commercial loans | $ | - | $ | - | $ | 3,774 | $ | 3,774 | $ | 17 | $ | 5,731 | |||||||||||||
Commercial mortgage loans | - | - | 25,029 | 25,029 | 3,914 | 125 | |||||||||||||||||||
Construction- residential | - | - | - | - | - | - | |||||||||||||||||||
Construction- other | - | - | 7,625 | 7,625 | - | - | |||||||||||||||||||
Residential mortgage and equity lines | - | - | 13,126 | 13,126 | 27 | 213 | |||||||||||||||||||
Land loans | - | - | - | - | - | - | |||||||||||||||||||
Total impaired loans | - | - | 49,554 | 49,554 | 3,958 | 6,069 | |||||||||||||||||||
Other real estate owned (1) | - | 16,458 | 4,110 | 20,568 | 202 | (3,134 | ) | ||||||||||||||||||
Investments in venture capital and private company stock | - | - | 5,495 | 5,495 | 436 | 409 | |||||||||||||||||||
Equity investments | - | 617 | 617 | - | - | ||||||||||||||||||||
Total assets | $ | - | $ | 16,458 | $ | 59,776 | $ | 76,234 | $ | 4,596 | $ | 3,344 | |||||||||||||
As of December 31, 2013 | Total Losses | ||||||||||||||||||||||||
Fair Value Measurements Using | For the Twelve Months Ended | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total at | December 31, | December 31, | ||||||||||||||||||||
Fair Value | 2013 | 2012 | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Impaired loans by type: | |||||||||||||||||||||||||
Commercial loans | $ | - | $ | - | $ | 7,584 | $ | 7,584 | $ | 5,731 | $ | - | |||||||||||||
Commercial mortgage loans | - | - | 29,001 | 29,001 | 125 | 440 | |||||||||||||||||||
Construction- residential | - | - | 500 | 500 | - | - | |||||||||||||||||||
Construction- other | - | - | 15,363 | 15,363 | - | 65 | |||||||||||||||||||
Residential mortgage and equity lines | - | - | 14,236 | 14,236 | 213 | 605 | |||||||||||||||||||
Land loans | - | - | 29 | 29 | - | 162 | |||||||||||||||||||
Total impaired loans | - | - | 66,713 | 66,713 | 6,069 | 1,272 | |||||||||||||||||||
Other real estate owned (1) | - | 13,248 | 26,498 | 39,746 | (3,134 | ) | 10,904 | ||||||||||||||||||
Investments in venture capital and private company stock | - | - | 8,900 | 8,900 | 409 | 309 | |||||||||||||||||||
Equity investments | 642 | - | - | 642 | - | 181 | |||||||||||||||||||
Total assets | $ | 642 | $ | 13,248 | $ | 102,111 | $ | 116,001 | $ | 3,344 | $ | 12,666 |
Note_17_Fair_Value_of_Financia1
Note 17 - Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | 31-Dec-14 | 31-Dec-13 | |||||||||||||||
Carrying | Carrying | ||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
(In thousands) | |||||||||||||||||
Financial Assets | |||||||||||||||||
Cash and due from banks | $ | 176,830 | $ | 176,830 | $ | 153,747 | $ | 153,747 | |||||||||
Short-term investments | 489,614 | 489,614 | 516,938 | 516,938 | |||||||||||||
Securities available-for-sale | 1,318,935 | 1,318,935 | 1,586,668 | 1,586,668 | |||||||||||||
Trading securities | - | - | 4,936 | 4,936 | |||||||||||||
Loans held for sale | 973 | 1,225 | - | - | |||||||||||||
Loans, net | 8,740,268 | 8,688,072 | 7,897,187 | 7,760,490 | |||||||||||||
Investment in Federal Home Loan Bank stock | 30,785 | 30,785 | 25,000 | 25,000 | |||||||||||||
Warrants | 27 | 27 | 30 | 30 | |||||||||||||
Notional | Notional | ||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
Option contracts | $ | - | $ | - | $ | 200 | $ | 0 | |||||||||
Foreign exchange contracts | 167,005 | 1,876 | 267,644 | 6,182 | |||||||||||||
Carrying | Carrying | ||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
Financial Liabilities | |||||||||||||||||
Deposits | $ | 8,783,460 | $ | 8,785,342 | $ | 7,981,305 | $ | 7,977,639 | |||||||||
Securities sold under agreements to repurchase | 450,000 | 473,816 | 800,000 | 852,835 | |||||||||||||
Advances from Federal Home Loan Bank | 425,000 | 424,974 | 521,200 | 521,560 | |||||||||||||
Other borrowings | 19,934 | 17,978 | 19,062 | 16,107 | |||||||||||||
Long-term debt | 119,136 | 59,425 | 121,136 | 58,970 | |||||||||||||
Notional | Notional | ||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
Foreign exchange contracts | $ | 178,868 | $ | 5,007 | $ | 236,350 | $ | 6,140 | |||||||||
Interest rate swaps | 300,480 | 4,626 | - | - | |||||||||||||
Notional | Notional | ||||||||||||||||
Amount | Fair Value | Amount | Fair Value | ||||||||||||||
Off-Balance Sheet Financial Instruments | |||||||||||||||||
Commitments to extend credit | $ | 2,071,766 | $ | (3,442 | ) | $ | 1,858,669 | $ | (2,187 | ) | |||||||
Standby letters of credit | 53,910 | (243 | ) | 45,058 | (205 | ) | |||||||||||
Other letters of credit | 48,142 | (29 | ) | 54,098 | (34 | ) | |||||||||||
Bill of lading guarantees | 108 | - | 80 | - | |||||||||||||
Schedule of Fair Value of Financial Instruments [Table Text Block] | As of December 31, 2014 | ||||||||||||||||
Estimated | |||||||||||||||||
Fair Value | |||||||||||||||||
Measurements | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Financial Assets | |||||||||||||||||
Cash and due from banks | $ | 176,830 | $ | 176,830 | $ | - | $ | - | |||||||||
Short-term investments | 489,614 | 489,614 | - | - | |||||||||||||
Securities available-for-sale | 1,318,935 | 669,870 | 649,065 | - | |||||||||||||
Loans held-for-sale | 1,225 | - | - | 1,225 | |||||||||||||
Loans, net | 8,688,072 | - | - | 8,688,072 | |||||||||||||
Investment in Federal Home Loan Bank stock | 30,785 | - | 30,785 | - | |||||||||||||
Warrants | 27 | - | - | 27 | |||||||||||||
Financial Liabilities | |||||||||||||||||
Deposits | 8,785,342 | - | - | 8,785,342 | |||||||||||||
Securities sold under agreement to repurchase | 473,816 | - | 473,816 | - | |||||||||||||
Advances from Federal Home Loan Bank | 424,974 | - | 424,974 | - | |||||||||||||
Other borrowings | 17,978 | - | - | 17,978 | |||||||||||||
Long-term debt | 59,425 | - | 59,425 | - | |||||||||||||
As of December 31, 2013 | |||||||||||||||||
Estimated | |||||||||||||||||
Fair Value | |||||||||||||||||
Measurements | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Financial Assets | |||||||||||||||||
Cash and due from banks | $ | 153,747 | $ | 153,747 | $ | - | $ | - | |||||||||
Short-term investments | 516,938 | 516,938 | - | - | |||||||||||||
Securities available-for-sale | 1,586,668 | 465,917 | 1,120,751 | - | |||||||||||||
Trading securities | 4,936 | - | 4,936 | - | |||||||||||||
Loans, net | 7,760,490 | - | - | 7,760,490 | |||||||||||||
Investment in Federal Home Loan Bank stock | 25,000 | - | 25,000 | - | |||||||||||||
Warrants | 30 | - | - | 30 | |||||||||||||
Financial Liabilities | |||||||||||||||||
Deposits | 7,977,639 | - | - | 7,977,639 | |||||||||||||
Securities sold under agreement to repurchase | 852,835 | - | 852,835 | - | |||||||||||||
Advances from Federal Home Loan Bank | 521,560 | - | 521,560 | - | |||||||||||||
Other borrowings | 16,107 | - | - | 16,107 | |||||||||||||
Long-term debt | 58,970 | - | 58,970 | - |
Note_19_Equity_Incentive_Plans1
Note 19 - Equity Incentive Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Weighted-Average | Weighted-Average | Aggregate | ||||||||||||||
Remaining | Intrinsic Value | ||||||||||||||||
Contractual | |||||||||||||||||
Shares | Exercise Price | Life (in years) | (in thousands) | ||||||||||||||
Balance, December 31, 2011 | 4,356,985 | 28.86 | 3 | $ | 37 | ||||||||||||
Exercised | (50,024 | ) | $ | 15.27 | |||||||||||||
Forfeited | (310,331 | ) | 23.75 | ||||||||||||||
Balance, December 31, 2012 | 3,996,630 | 29.45 | 2.2 | $ | - | ||||||||||||
Exercised | (594,946 | ) | $ | 24.8 | |||||||||||||
Forfeited | (588,810 | ) | 22.86 | ||||||||||||||
Balance, December 31, 2013 | 2,812,874 | 31.81 | 1.9 | $ | 2,119 | ||||||||||||
Exercised | (5,500 | ) | $ | 23.37 | |||||||||||||
Forfeited | (474,470 | ) | 29.28 | ||||||||||||||
Balance, December 31, 2014 | 2,332,904 | 32.34 | 1.2 | $ | 1,388 | ||||||||||||
Exercisable, December 31, 2014 | 2,332,904 | $ | 32.34 | 1.2 | $ | 1,388 | |||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Outstanding | ||||||||||||||||
Weighted-Average | |||||||||||||||||
Remaining Contractual | Exercisable | ||||||||||||||||
Exercise Price | Shares | Life (in Years) | Shares | ||||||||||||||
$ | 37 | 563,610 | 0.1 | 563,610 | |||||||||||||
32.47 | 245,060 | 0.2 | 245,060 | ||||||||||||||
33.54 | 264,694 | 0.4 | 264,694 | ||||||||||||||
36.9 | 211,730 | 1.1 | 211,730 | ||||||||||||||
38.26 | 12,000 | 1.3 | 12,000 | ||||||||||||||
36.24 | 410,730 | 1.1 | 410,730 | ||||||||||||||
23.37 | 625,080 | 3.2 | 625,080 | ||||||||||||||
2,332,904 | 1.2 | 2,332,904 | |||||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Units | ||||||||||||||||
Balance at December 31, 2011 | 171,410 | ||||||||||||||||
Granted | 125,133 | ||||||||||||||||
Vested | (11,814 | ) | |||||||||||||||
Cancelled or forfeited | (28,113 | ) | |||||||||||||||
Balance at December 31, 2012 | 256,616 | ||||||||||||||||
Granted | 261,062 | ||||||||||||||||
Vested | (138,220 | ) | |||||||||||||||
Balance at December 31, 2013 | 379,458 | ||||||||||||||||
Granted | 135,699 | ||||||||||||||||
Vested | (122,832 | ) | |||||||||||||||
Cancelled or forfeited | (5,860 | ) | |||||||||||||||
Balance at December 31, 2014 | 386,465 | ||||||||||||||||
Schedule of Tax Benefit (short-fall) from Share-based Payment Arrangements [Table Text Block] | 2014 | 2013 | 2012 | ||||||||||||||
(In thousands) | |||||||||||||||||
Short-fall of tax deductions in excess of grant-date fair value | $ | (1,285 | ) | $ | (2,509 | ) | $ | (620 | ) | ||||||||
Benefit of tax deductions on grant-date fair value | 1,292 | 4,172 | 747 | ||||||||||||||
Total benefit of tax deductions | $ | 7 | $ | 1,663 | $ | 127 |
Note_20_Condensed_Financial_In1
Note 20 - Condensed Financial Information of Cathay General Bancorp (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||
Condensed Balance Sheet [Table Text Block] | As of December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
(In thousands, except | |||||||||||||
share and per share data) | |||||||||||||
Assets | |||||||||||||
Cash | $ | 7,420 | $ | 1,835 | |||||||||
Cash pledged as margin for interest rate swaps | 7,465 | - | |||||||||||
Short-term certificates of deposit | 23,203 | 38,000 | |||||||||||
Securities available for sale | 10,244 | 11,404 | |||||||||||
Investment in bank subsidiaries | 1,666,238 | 1,525,459 | |||||||||||
Investment in non-bank subsidiaries | 2,631 | 2,536 | |||||||||||
Other assets | 9,541 | 1,462 | |||||||||||
Total assets | $ | 1,726,742 | $ | 1,580,696 | |||||||||
Liabilities | |||||||||||||
Junior subordinated debt | $ | 119,136 | $ | 121,136 | |||||||||
Other liabilities | 4,718 | 589 | |||||||||||
Total liabilities | 123,854 | 121,725 | |||||||||||
Commitments and contingencies | - | - | |||||||||||
Stockholders' equity | |||||||||||||
Common stock, $0.01 par value, 100,000,000 shares authorized, 84,022,118 issued and 79,814,553 outstanding at December 31, 2014, and 83,797,434 issued and 79,589,869 outstanding at December 31, 2013 | 840 | 838 | |||||||||||
Additional paid-in-capital | 789,519 | 784,489 | |||||||||||
Accumulated other comprehensive loss, net | (5,569 | ) | (29,729 | ) | |||||||||
Retained earnings | 943,834 | 829,109 | |||||||||||
Treasury stock, at cost (4,207,565 shares at December 31, 2014, and at December 31, 2013) | (125,736 | ) | (125,736 | ) | |||||||||
Total stockholders' equity | 1,602,888 | 1,458,971 | |||||||||||
Total liabilities and stockholders' equity | $ | 1,726,742 | $ | 1,580,696 | |||||||||
Condensed Income Statement [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Cash dividends from Cathay Bank | $ | 30,000 | $ | 138,030 | $ | 154,700 | |||||||
Interest income | 88 | 157 | 196 | ||||||||||
Interest expense | 4,469 | 2,994 | 3,228 | ||||||||||
Non-interest income | 10,144 | 434 | 3,718 | ||||||||||
Non-interest expense | 2,248 | 2,443 | 2,064 | ||||||||||
Income before income tax benefit | 33,515 | 133,184 | 153,322 | ||||||||||
Income tax benefit | 1,478 | (2,037 | ) | (579 | ) | ||||||||
Income before undistributed earnings of subsidiaries | 32,037 | 135,221 | 153,901 | ||||||||||
Distributions more than earnings of subsidiaries | - | (12,078 | ) | (36,463 | ) | ||||||||
Undistributed earnings of subsidiary | 105,793 | - | - | ||||||||||
Net income | $ | 137,830 | $ | 123,143 | $ | 117,438 | |||||||
Condensed Cash Flow Statement [Table Text Block] | Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Cash flows from Operating Activities | |||||||||||||
Net income | $ | 137,830 | $ | 123,143 | $ | 117,438 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Dividends in excess of earnings of subsidiaries | - | 12,078 | 36,463 | ||||||||||
Equity in undistributed earnings of subsidiaries | (105,793 | ) | - | - | |||||||||
Gains on sale of securities | (10,689 | ) | - | (3,380 | ) | ||||||||
Income associated with debt redemption | (555 | ) | - | - | |||||||||
Write-downs on venture capital and other investments | 432 | 357 | 262 | ||||||||||
Write-downs on impaired securities | 264 | - | 181 | ||||||||||
Loss in fair value of warrants | 3 | 56 | 114 | ||||||||||
Stock issued to officers as compensation | 350 | - | - | ||||||||||
Excess tax short-fall from stock options | 1,285 | 2,509 | 620 | ||||||||||
Net change in other assets | (3,445 | ) | (1,684 | ) | 1,820 | ||||||||
Net change in other liabilities | (1,294 | ) | 27 | 71 | |||||||||
Net cash provided by operating activities | 18,388 | 136,486 | 153,589 | ||||||||||
Cash flows from Investment Activities | |||||||||||||
Decrease/(increase) in short-term investment | 14,797 | 123,300 | (142,300 | ) | |||||||||
Proceeds from sale of available-for-sale securities | 12,083 | - | 4,849 | ||||||||||
Purchase of available-for-sale securities | (7,920 | ) | - | - | |||||||||
Venture capital and other investments | (590 | ) | (835 | ) | (694 | ) | |||||||
Net cash provided by/(used in) investment activities | 18,370 | 122,465 | (138,145 | ) | |||||||||
Cash flows from Financing Activities | |||||||||||||
Redemption of Series B preferred stock | - | (258,000 | ) | - | |||||||||
Repayment of long-term debt | (1,445 | ) | - | - | |||||||||
Cash dividends | (23,104 | ) | (12,606 | ) | (16,049 | ) | |||||||
Proceeds from shares issued under the Dividend Reinvestment Plan | 2,848 | 605 | 291 | ||||||||||
Proceeds from exercise of stock options | 128 | 14,755 | 764 | ||||||||||
Taxes paid related to net share settlement of RSUs | (850 | ) | - | - | |||||||||
Excess tax short-fall from share-based payment arrangements | (1,285 | ) | (2,509 | ) | (620 | ) | |||||||
Net cash used in financing activities | (23,708 | ) | (257,755 | ) | (15,614 | ) | |||||||
Increase/(decrease) in cash and cash equivalents | 13,050 | 1,196 | (170 | ) | |||||||||
Cash and cash equivalents, beginning of year | 1,835 | 639 | 809 | ||||||||||
Cash and cash equivalents, end of year | $ | 14,885 | $ | 1,835 | $ | 639 |
Note_22_Regulatory_Matters_Tab
Note 22 - Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | As of December 31, 2014 | As of December 31, 2013 | |||||||||||||||||||||||||||||||
Company | Bank | Company | Bank | ||||||||||||||||||||||||||||||
Balance | Percentage | Balance | Percentage | Balance | Percentage | Balance | Percentage | ||||||||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||||||
Tier I Capital (to risk- weighted assets) | $ | 1,406,511 | 14.96 | % | $ | 1,353,481 | 14.42 | % | $ | 1,288,892 | 15.04 | % | $ | 1,244,480 | 14.53 | % | |||||||||||||||||
Tier I Capital minimum requirement | 376,072 | 4 | 375,318 | 4 | 342,899 | 4 | 342,701 | 4 | |||||||||||||||||||||||||
Excess | $ | 1,030,439 | 10.96 | % | $ | 978,163 | 10.42 | % | $ | 945,993 | 11.04 | % | $ | 901,779 | 10.53 | % | |||||||||||||||||
Total Capital (to risk- weighted assets) | $ | 1,524,702 | 16.22 | % | $ | 1,471,337 | 15.68 | % | $ | 1,401,319 | 16.35 | % | $ | 1,352,415 | 15.79 | % | |||||||||||||||||
Total Capital minimum requirement | 752,144 | 8 | 750,637 | 8 | 685,799 | 8 | 685,402 | 8 | |||||||||||||||||||||||||
Excess | $ | 772,558 | 8.22 | % | $ | 720,700 | 7.68 | % | $ | 715,520 | 8.35 | % | $ | 667,013 | 7.79 | % | |||||||||||||||||
Tier I Capital (to average assets) Leverage ratio | $ | 1,406,511 | 12.99 | % | $ | 1,353,481 | 12.52 | % | $ | 1,288,892 | 12.48 | % | $ | 1,244,480 | 12.06 | % | |||||||||||||||||
Minimum leverage requirement | 433,121 | 4 | 432,350 | 4 | 413,158 | 4 | 412,815 | 4 | |||||||||||||||||||||||||
Excess | $ | 973,390 | 8.99 | % | $ | 921,131 | 8.52 | % | $ | 875,734 | 8.48 | % | $ | 831,665 | 8.06 | % | |||||||||||||||||
Total average assets (1) | $ | 10,828,015 | $ | 10,808,747 | $ | 10,328,952 | $ | 10,320,368 | |||||||||||||||||||||||||
Risk-weighted assets | $ | 9,401,803 | $ | 9,382,961 | $ | 8,572,487 | $ | 8,567,523 |
Note_23_Balance_Sheet_Offsetti1
Note 23 - Balance Sheet Offsetting (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Gross Amounts Not Offset in the Balance Sheet | ||||||||||||||||||||||||
Gross Amounts of | Gross Amounts | Net Amounts | Financial | Collateral | Net | ||||||||||||||||||||
Recognized | Offset in the | Presented in | Instruments | Posted | Amount | ||||||||||||||||||||
Balance Sheet | the Balance | ||||||||||||||||||||||||
Sheet | |||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 450,000 | $ | - | $ | 450,000 | $ | - | $ | (450,000 | ) | $ | - | ||||||||||||
Derivatives | 4,626 | - | 4,626 | - | (4,626 | ) | - | ||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||
Securities sold under agreements to repurchase | $ | 800,000 | $ | - | $ | 800,000 | $ | - | $ | (800,000 | ) | $ | - |
Note_24_Quarterly_Results_of_O1
Note 24 - Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | Summary of Operations | ||||||||||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | ||||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | ||||||||||||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||||||||||||||||||
Interest income | $ | 106,043 | $ | 106,335 | $ | 105,062 | $ | 101,207 | $ | 101,621 | $ | 102,462 | $ | 100,862 | $ | 102,051 | |||||||||||||||||
Interest expense | 18,292 | 19,580 | 19,445 | 18,549 | 19,659 | 19,854 | 20,868 | 21,919 | |||||||||||||||||||||||||
Net interest income | 87,751 | 86,755 | 85,617 | 82,658 | 81,962 | 82,608 | 79,994 | 80,132 | |||||||||||||||||||||||||
Reversal for credit losses | (2,000 | ) | (5,100 | ) | (3,700 | ) | - | - | (3,000 | ) | - | - | |||||||||||||||||||||
Net-interest income after provision for loan losses | 89,751 | 91,855 | 89,317 | 82,658 | 81,962 | 85,608 | 79,994 | 80,132 | |||||||||||||||||||||||||
Non-interest income | 7,973 | 8,974 | 9,021 | 14,559 | 8,345 | 16,720 | 20,361 | 14,881 | |||||||||||||||||||||||||
Non-interest expense | 41,125 | 42,607 | 42,513 | 48,068 | 40,319 | 50,670 | 53,716 | 49,128 | |||||||||||||||||||||||||
Income before income tax expense | 56,599 | 58,222 | 55,825 | 49,149 | 49,988 | 51,658 | 46,639 | 45,885 | |||||||||||||||||||||||||
Income tax expense | 21,021 | 22,313 | 20,741 | 17,890 | 17,946 | 19,029 | 16,573 | 16,887 | |||||||||||||||||||||||||
Net income | 35,578 | 35,909 | 35,084 | 31,259 | 32,042 | 32,629 | 30,066 | 28,998 | |||||||||||||||||||||||||
Less: net income attributable to noncontrolling interest | - | - | - | - | 140 | 151 | 150 | 151 | |||||||||||||||||||||||||
Net income attributable to Cathay General Bancorp | 35,578 | 35,909 | 35,084 | 31,259 | 31,902 | 32,478 | 29,916 | 28,847 | |||||||||||||||||||||||||
Dividends on preferred stock | - | - | - | - | - | (2,434 | ) | (2,067 | ) | (5,184 | ) | ||||||||||||||||||||||
Net income available to common stockholders | $ | 35,578 | $ | 35,909 | $ | 35,084 | $ | 31,259 | $ | 31,902 | $ | 30,044 | $ | 27,849 | $ | 23,663 | |||||||||||||||||
Basic net income attributable to common stockholders per common share | $ | 0.45 | $ | 0.45 | $ | 0.44 | $ | 0.39 | $ | 0.4 | $ | 0.38 | $ | 0.35 | $ | 0.3 | |||||||||||||||||
Diluted net income attributable to common stockholders per common share | $ | 0.44 | $ | 0.45 | $ | 0.44 | $ | 0.39 | $ | 0.4 | $ | 0.38 | $ | 0.35 | $ | 0.3 |
Note_1_Summary_of_Significant_2
Note 1 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Number of Limited Partnerships in Housing Investments | 7 | 7 |
Percentage of Subsidiaries Common Securities Owned by Parent Company | 100.00% | |
Gross Loans Comprised of Commercial Mortgage Loans Percentage | 50.30% | |
Gross Loans Comprised of Commercial Loans Percentage | 26.70% | |
Total Deposits Comprised of Time Deposit of 100,000 Or More Percentage | 35.40% | |
Jumbo CDs Deposit With Company for Two Years or More Percentage | 68.50% | |
Federal Home Loan Bank Stock (in Dollars) | $30,785,000 | $25,000,000 |
Minimum Stock Requirement on Outstanding Federal Home Loan Bank Borrowings Shares (in Shares) | 307,850 | |
Advances from Federal Home Loan Banks (in Dollars) | 425,000,000 | 521,200,000 |
Maximum Loan Size Portfolio Stratification Homogenous Portfolio (in Dollars) | $500,000 | |
Number of Reportable Segments | 2 | |
CALIFORNIA | ||
Note 1 - Summary of Significant Accounting Policies (Details) [Line Items] | ||
Residential Mortgages Properties Percentage | 58.00% |
Note_1_Summary_of_Significant_3
Note 1 - Summary of Significant Accounting Policies (Details) - Estimated Useful Lives of Assets | 12 Months Ended |
Dec. 31, 2014 | |
Building [Member] | Minimum [Member] | |
Note 1 - Summary of Significant Accounting Policies (Details) - Estimated Useful Lives of Assets [Line Items] | |
Assets, estimated useful life | 15 years |
Building [Member] | Maximum [Member] | |
Note 1 - Summary of Significant Accounting Policies (Details) - Estimated Useful Lives of Assets [Line Items] | |
Assets, estimated useful life | 45 years |
Building Improvements [Member] | Minimum [Member] | |
Note 1 - Summary of Significant Accounting Policies (Details) - Estimated Useful Lives of Assets [Line Items] | |
Assets, estimated useful life | 5 years |
Building Improvements [Member] | Maximum [Member] | |
Note 1 - Summary of Significant Accounting Policies (Details) - Estimated Useful Lives of Assets [Line Items] | |
Assets, estimated useful life | 20 years |
Furniture Fixtures and Equipment [Member] | Minimum [Member] | |
Note 1 - Summary of Significant Accounting Policies (Details) - Estimated Useful Lives of Assets [Line Items] | |
Assets, estimated useful life | 3 years |
Furniture Fixtures and Equipment [Member] | Maximum [Member] | |
Note 1 - Summary of Significant Accounting Policies (Details) - Estimated Useful Lives of Assets [Line Items] | |
Assets, estimated useful life | 25 years |
Leasehold Improvements [Member] | |
Note 1 - Summary of Significant Accounting Policies (Details) - Estimated Useful Lives of Assets [Line Items] | |
Leasehold improvements | Shorter of useful lives or the terms of the leases |
Note_2_Cash_and_Cash_Equivalen1
Note 2 - Cash and Cash Equivalents (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 2 - Cash and Cash Equivalents (Details) [Line Items] | ||
Average Reserve Balances Required to be Maintained With Federal Bank | $0 | $6,500,000 |
Average Excess Balances Required to be Maintained With Federal Reserve Bank | 170,100,000 | 136,300,000 |
Interest Rate Swap [Member] | ||
Note 2 - Cash and Cash Equivalents (Details) [Line Items] | ||
Margin Deposit Assets | $7,500,000 |
Note_3_Securities_Purchased_Un1
Note 3 - Securities Purchased Under Agreements to Resell (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure Text Block [Abstract] | |||
Interest Income, Securities Purchased under Agreements to Resell | $0 | $0 | $18,000 |
Note_4_Investment_Securities_D
Note 4 - Investment Securities (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |
Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | |
Note 4 - Investment Securities (Details) [Line Items] | ||||
Held-to-maturity Securities, Transferred Security, at Carrying Value | $722,500,000 | |||
Held-to-maturity Securities, Transferred Security, Unrealized Gain (Loss) | 40,500,000 | |||
Proceeds from Sale of Mortgage Backed Securities (MBS) categorized as Available-for-sale | 698,500,000 | 456,400,000 | ||
Proceeds from Maturities, Prepayments and Calls of Mortgage Backed Securities (MBS) | 69,700,000 | 213,200,000 | ||
Proceeds From Sales and Repayments of Other Investment Securities | 160,500,000 | 575,400,000 | ||
Proceeds from Maturities Repayments and Calls of Other Investment Securities | 585,800,000 | 231,100,000 | ||
Realized Gain from Sale and Call of Other Investment Securities | 18,000,000 | 29,000,000 | ||
Realized Loss from Sale and Call of Other Investment Securities | 11,300,000 | 1,600,000 | ||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 11,799,000 | 69,808,000 | ||
Available-for-sale Securities, Amortized Cost Basis | 1,324,408,000 | 1,637,965,000 | ||
Temporarily Impaired Securities As Percentage of Investment Securities | 66.10% | |||
Percentage of Unrealized Losses for Securities with Unrealized Losses for Less Than Twelve Months | 1.10% | |||
Percentage of Unrealized Losses for Securities with Unrealized Losses for Greater than Twelve Months | 1.60% | |||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 22 | 19 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 8 | 30 | ||
Pledged Investment Securities | 591,300,000 | 926,500,000 | ||
Collateralized Mortgage Backed Securities [Member] | ||||
Note 4 - Investment Securities (Details) [Line Items] | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 6,386,000 | 64,529,000 | ||
Available-for-sale Securities, Amortized Cost Basis | 549,296,000 | 1,010,294,000 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Greater than or Equal to One Year | 16 | 7 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 25 | |||
Corporate Bonds Issued By Financial Institutions [Member] | ||||
Note 4 - Investment Securities (Details) [Line Items] | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 1,200,000 | |||
Preferred Stock of Government Sponsored Entities [Member] | ||||
Note 4 - Investment Securities (Details) [Line Items] | ||||
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 3,733,000 | |||
Other than Temporary Impairment Losses, Investments | 820,000 | |||
Available-for-sale Securities, Amortized Cost Basis | $6,276,000 | $569,000 | ||
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less than One Year | 2 |
Note_4_Investment_Securities_D1
Note 4 - Investment Securities (Details) - Investment Securities (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Securities Available-for-Sale | ||
Securities available-for-sale, amortized cost | $1,324,408 | $1,637,965 |
Securities available-for-sale, gross unrealized gains | 6,326 | 18,511 |
Securities available-for-sale, gross unrealized losses | 11,799 | 69,808 |
Securities available-for-sale | 1,318,935 | 1,586,668 |
US Treasury Securities [Member] | ||
Securities Available-for-Sale | ||
Securities available-for-sale, amortized cost | 664,206 | 460,095 |
Securities available-for-sale, gross unrealized gains | 63 | 99 |
Securities available-for-sale, gross unrealized losses | 265 | 1 |
Securities available-for-sale | 664,004 | 460,193 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities Available-for-Sale | ||
Securities available-for-sale, amortized cost | 549,296 | 1,010,294 |
Securities available-for-sale, gross unrealized gains | 1,393 | 7,049 |
Securities available-for-sale, gross unrealized losses | 6,386 | 64,529 |
Securities available-for-sale | 544,303 | 952,814 |
Collateralized Mortgage Obligations [Member] | ||
Securities Available-for-Sale | ||
Securities available-for-sale, amortized cost | 79 | 5,929 |
Securities available-for-sale, gross unrealized gains | 231 | |
Securities available-for-sale, gross unrealized losses | 34 | 54 |
Securities available-for-sale | 45 | 6,106 |
Corporate Debt Securities [Member] | ||
Securities Available-for-Sale | ||
Securities available-for-sale, amortized cost | 94,943 | 154,955 |
Securities available-for-sale, gross unrealized gains | 776 | 298 |
Securities available-for-sale, gross unrealized losses | 1,247 | 4,949 |
Securities available-for-sale | 94,472 | 150,304 |
Mutual Funds [Member] | ||
Securities Available-for-Sale | ||
Securities available-for-sale, amortized cost | 6,000 | 6,000 |
Securities available-for-sale, gross unrealized losses | 134 | 275 |
Securities available-for-sale | 5,866 | 5,725 |
Preferred Stock of Government Sponsored Entities [Member] | ||
Securities Available-for-Sale | ||
Securities available-for-sale, amortized cost | 6,276 | 569 |
Securities available-for-sale, gross unrealized gains | 681 | 10,834 |
Securities available-for-sale, gross unrealized losses | 3,733 | |
Securities available-for-sale | 3,224 | 11,403 |
Other Equity Securities [Member] | ||
Securities Available-for-Sale | ||
Securities available-for-sale, amortized cost | 3,608 | |
Securities available-for-sale, gross unrealized gains | 3,413 | |
Securities available-for-sale | 7,021 | |
Asset-backed Securities [Member] | ||
Securities Available-for-Sale | ||
Securities available-for-sale, amortized cost | 123 | |
Securities available-for-sale | $123 |
Note_4_Investment_Securities_D2
Note 4 - Investment Securities (Details) - Investments by Contractual Maturity Date (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Investments by Contractual Maturity Date [Abstract] | |||
Due in one year or less | $115,033 | ||
Due in one year or less | 115,068 | ||
Due after one year through five years | 569,853 | ||
Due after one year through five years | 570,371 | ||
Due after five years through ten years | 85,654 | ||
Due after five years through ten years | 85,097 | ||
Due after ten years (1) | 553,868 | [1] | |
Due after ten years (1) | 548,399 | [1] | |
Total | 1,324,408 | 1,637,965 | |
Total | $1,318,935 | $1,586,668 | |
[1] | Equity securities are reported in this category |
Note_4_Investment_Securities_D3
Note 4 - Investment Securities (Details) - Temporarily Impaired Securities (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Securities Available-for-Sale | ||
Securities Available-for-Sale - Less than 12 Months - Fair Value | $376,601 | $877,208 |
Securities Available-for-Sale - Less than 12 Months - Unrealized Losses | 3,998 | 64,562 |
Securities Available-for-Sale - Less than 12 Months - No. of Issuances | 8 | 30 |
Securities Available-for-Sale - 12 Months or longer - Fair Value | 494,754 | 106,378 |
Securities Available-for-Sale - 12 Months or longer - Unrealized Losses | 7,801 | 5,246 |
Securities Available-for-Sale - 12 Months or longer - No. of issuances | 22 | 19 |
Securities Available-for-Sale - Fair Value | 871,355 | 983,586 |
Securities Available-for-Sale - Unrealized Losses | 11,799 | 69,808 |
Securities Available-for-Sale - No. of issuances | 30 | 49 |
US Treasury Securities [Member] | ||
Securities Available-for-Sale | ||
Securities Available-for-Sale - Less than 12 Months - Fair Value | 374,153 | 75,064 |
Securities Available-for-Sale - Less than 12 Months - Unrealized Losses | 265 | 1 |
Securities Available-for-Sale - Less than 12 Months - No. of Issuances | 6 | 1 |
Securities Available-for-Sale - Fair Value | 374,153 | 75,064 |
Securities Available-for-Sale - Unrealized Losses | 265 | 1 |
Securities Available-for-Sale - No. of issuances | 6 | 1 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities Available-for-Sale | ||
Securities Available-for-Sale - Less than 12 Months - Fair Value | 792,012 | |
Securities Available-for-Sale - Less than 12 Months - Unrealized Losses | 64,526 | |
Securities Available-for-Sale - Less than 12 Months - No. of Issuances | 25 | |
Securities Available-for-Sale - 12 Months or longer - Fair Value | 425,090 | 272 |
Securities Available-for-Sale - 12 Months or longer - Unrealized Losses | 6,386 | 2 |
Securities Available-for-Sale - 12 Months or longer - No. of issuances | 16 | 7 |
Securities Available-for-Sale - Fair Value | 425,090 | 792,284 |
Securities Available-for-Sale - Unrealized Losses | 6,386 | 64,528 |
Securities Available-for-Sale - No. of issuances | 16 | 32 |
Collateralized Mortgage Obligations [Member] | ||
Securities Available-for-Sale | ||
Securities Available-for-Sale - Less than 12 Months - Fair Value | 68 | |
Securities Available-for-Sale - Less than 12 Months - Unrealized Losses | 4 | |
Securities Available-for-Sale - Less than 12 Months - No. of Issuances | 2 | |
Securities Available-for-Sale - 12 Months or longer - Fair Value | 45 | 301 |
Securities Available-for-Sale - 12 Months or longer - Unrealized Losses | 34 | 50 |
Securities Available-for-Sale - 12 Months or longer - No. of issuances | 1 | 3 |
Securities Available-for-Sale - Fair Value | 45 | 369 |
Securities Available-for-Sale - Unrealized Losses | 34 | 54 |
Securities Available-for-Sale - No. of issuances | 1 | 5 |
Corporate Debt Securities [Member] | ||
Securities Available-for-Sale | ||
Securities Available-for-Sale - Less than 12 Months - Fair Value | 9,970 | |
Securities Available-for-Sale - Less than 12 Months - Unrealized Losses | 30 | |
Securities Available-for-Sale - Less than 12 Months - No. of Issuances | 1 | |
Securities Available-for-Sale - 12 Months or longer - Fair Value | 63,753 | 100,081 |
Securities Available-for-Sale - 12 Months or longer - Unrealized Losses | 1,247 | 4,919 |
Securities Available-for-Sale - 12 Months or longer - No. of issuances | 4 | 8 |
Securities Available-for-Sale - Fair Value | 63,753 | 110,051 |
Securities Available-for-Sale - Unrealized Losses | 1,247 | 4,949 |
Securities Available-for-Sale - No. of issuances | 4 | 9 |
Mutual Funds [Member] | ||
Securities Available-for-Sale | ||
Securities Available-for-Sale - 12 Months or longer - Fair Value | 5,866 | 5,724 |
Securities Available-for-Sale - 12 Months or longer - Unrealized Losses | 134 | 275 |
Securities Available-for-Sale - 12 Months or longer - No. of issuances | 1 | 1 |
Securities Available-for-Sale - Fair Value | 5,866 | 5,724 |
Securities Available-for-Sale - Unrealized Losses | 134 | 275 |
Securities Available-for-Sale - No. of issuances | 1 | 1 |
Preferred Stock of Government Sponsored Entities [Member] | ||
Securities Available-for-Sale | ||
Securities Available-for-Sale - Less than 12 Months - Fair Value | 2,448 | |
Securities Available-for-Sale - Less than 12 Months - Unrealized Losses | 3,733 | |
Securities Available-for-Sale - Less than 12 Months - No. of Issuances | 2 | |
Securities Available-for-Sale - Fair Value | 2,448 | |
Securities Available-for-Sale - Unrealized Losses | 3,733 | |
Securities Available-for-Sale - No. of issuances | 2 | |
Mortgage Backed Securities Non Agency [Member] | ||
Securities Available-for-Sale | ||
Securities Available-for-Sale - Less than 12 Months - Fair Value | 94 | |
Securities Available-for-Sale - Less than 12 Months - Unrealized Losses | 1 | |
Securities Available-for-Sale - Less than 12 Months - No. of Issuances | 1 | |
Securities Available-for-Sale - Fair Value | 94 | |
Securities Available-for-Sale - Unrealized Losses | $1 | |
Securities Available-for-Sale - No. of issuances | 1 |
Note_5_Loans_Details
Note 5 - Loans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 5 - Loans (Details) [Line Items] | |||
Servicing Asset, Amount | $240,100,000 | ||
Impaired Financing Receivable, Recorded Investment | 174,519,000 | 200,780,000 | |
Impaired Financing Receivable, Average Recorded Investment | 190,226,000 | 221,152,000 | 277,776,000 |
Impaired Financing Receivable, Interest Income, Accrual Method | 5,339,000 | 5,599,000 | 9,305,000 |
Percentage of Charge-off to Contractual Balances for Impaired Loans | 17.10% | 23.90% | |
Financing Receivable, Modifications, Number of Contracts | 60 | 64 | |
Troubled Debt Restructurings, New Restructurings | 13,300,000 | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | ||
Real Estate Loans [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 3,800,000,000 | 1,600,000,000 | |
Commercial Loans [Member] | Accruing Troubled Debt Restructuring [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 16,506,000 | 14,736,000 | |
Commercial Loans [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Loans Pledged With Federal Reserve Bank | 127,200,000 | 119,100,000 | |
Servicing Asset, Amount | 52,500,000 | ||
Construction [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Servicing Asset, Amount | 125,800,000 | ||
Commercial Real Estate Loans [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Servicing Asset, Amount | 31,200,000 | ||
Residential Mortgage Loans [Member] | Accruing Troubled Debt Restructuring [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 8,497,000 | 6,105,000 | |
Residential Mortgage Loans [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Servicing Asset, Amount | 30,600,000 | ||
Repossessed Assets | 2,300,000 | 4,000,000 | |
Nonaccrual Loans [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 70,200,000 | 83,200,000 | |
Impaired Financing Receivable, Interest Income, Accrual Method | 6,663,000 | 5,851,000 | 6,621,000 |
Accruing Troubled Debt Restructuring [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 104,300,000 | ||
Financing Receivable, Modifications, Recorded Investment | 104,356,000 | 117,597,000 | |
Nonaccrual Loans Held for Sale [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Impaired Financing Receivable, Recorded Investment | 117,600,000 | ||
Accruing Troubled Debt Restructuring [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 104,300,000 | 117,600,000 | |
Allowance for Credit Losses, Change in Method of Calculating Impairment | 6,500,000 | 6,900,000 | |
Financing Receivable, Modifications, Number of Contracts | 14 | 25 | 43 |
Non Accruing Troubled Debt Restructuring [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 41,600,000 | 38,800,000 | |
Allowance for Credit Losses, Change in Method of Calculating Impairment | 4,900,000 | 2,200,000 | |
Commercial Loans [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 16,500,000 | 5,300,000 | |
Financing Receivable, Modifications, Number of Contracts | 9 | 5 | |
Hotel Loan [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 15,700,000 | 17,200,000 | |
Financing Receivable, Modifications, Number of Contracts | 3 | 4 | |
Single Family Residential Loan [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 13,600,000 | 20,000,000 | |
Financing Receivable, Modifications, Number of Contracts | 31 | 25 | |
Industrial and Manufactural Building Loans [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 12,200,000 | ||
Financing Receivable, Modifications, Number of Contracts | 2 | ||
Residential Vacant Land Loans [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 10,200,000 | ||
Financing Receivable, Modifications, Number of Contracts | 2 | ||
Condominium [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 10,100,000 | ||
Financing Receivable, Modifications, Number of Contracts | 4 | ||
Retail Shopping and Commercial Use Building [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 9,000,000 | 44,200,000 | |
Financing Receivable, Modifications, Number of Contracts | 3 | 13 | |
Multi Family Residences [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 6,100,000 | 748,000 | |
Financing Receivable, Modifications, Number of Contracts | 1 | 5 | |
Shopping Center Construction Loans [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 5,800,000 | ||
Financing Receivable, Modifications, Number of Contracts | 1 | ||
Office and Commercial Use Building [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 3,500,000 | 28,600,000 | |
Financing Receivable, Modifications, Number of Contracts | 3 | 10 | |
Warehouse Loans [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | $1,600,000 | $1,600,000 | |
Financing Receivable, Modifications, Number of Contracts | 1 | 2 | |
Maximum [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Period Loan Is In Payment Default | 90 years | ||
Minimum [Member] | |||
Note 5 - Loans (Details) [Line Items] | |||
Period Loan Is In Payment Default | 60 days |
Note_5_Loans_Details_Component
Note 5 - Loans (Details) - Components of Loans in Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Type of Loans: | ||
Gross loans | $8,914,080 | $8,084,563 |
Allowance for loan losses | -161,420 | -173,889 |
Unamortized deferred loan fees | -12,392 | -13,487 |
Total loans and leases, net | 8,740,268 | 7,897,187 |
Loans held for sale | 973 | |
Commercial Loans [Member] | ||
Type of Loans: | ||
Gross loans | 2,382,493 | 2,298,724 |
Real Estate Construction Loans [Member] | ||
Type of Loans: | ||
Gross loans | 298,654 | 221,701 |
Commercial Mortgage Loans [Member] | ||
Type of Loans: | ||
Gross loans | 4,486,443 | 4,023,051 |
Residential Mortgage Loans [Member] | ||
Type of Loans: | ||
Gross loans | 1,570,059 | 1,355,255 |
Equity Lines [Member] | ||
Type of Loans: | ||
Gross loans | 172,879 | 171,277 |
Installment And Other Loans [Member] | ||
Type of Loans: | ||
Gross loans | $3,552 | $14,555 |
Note_5_Loans_Details_Loans_to_
Note 5 - Loans (Details) - Loans to Related Parties (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Loans to Related Parties [Abstract] | ||
Balance at beginning of year | $126,985 | $172,584 |
Additional loans made | 50,657 | 64,063 |
Payment received | -119,783 | -109,662 |
Balance at end of year | $57,859 | $126,985 |
Note_5_Loans_Details_Impaired_
Note 5 - Loans (Details) - Impaired Loans and Related Allowance for Credit Losses (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
With allocated allowance | ||
Allowance | $11,798 | $13,284 |
Total impaired loans | 210,620 | 263,848 |
Total impaired loans | 174,519 | 200,780 |
Total impaired loans | 11,798 | 13,284 |
Commercial Loans [Member] | ||
With no allocated allowance | ||
Loans with no related allowance, unpaid principal balance | 19,479 | 20,992 |
Loans with no related allowance, recorded investment | 18,452 | 18,905 |
Real Estate Construction Loans [Member] | ||
With no allocated allowance | ||
Loans with no related allowance, unpaid principal balance | 32,924 | 25,401 |
Loans with no related allowance, recorded investment | 17,025 | 15,097 |
Commercial Mortgage Loans [Member] | ||
With no allocated allowance | ||
Loans with no related allowance, unpaid principal balance | 77,474 | 105,593 |
Loans with no related allowance, recorded investment | 75,172 | 78,930 |
Residential Mortgage And Equity Lines Member | ||
With no allocated allowance | ||
Loans with no related allowance, unpaid principal balance | 2,518 | 4,892 |
Loans with no related allowance, recorded investment | 2,518 | 4,892 |
With No Allocated Allowance Member | ||
With no allocated allowance | ||
Loans with no related allowance, unpaid principal balance | 132,395 | 156,878 |
Loans with no related allowance, recorded investment | 113,167 | 117,824 |
Commercial Loans [Member] | ||
With allocated allowance | ||
Loans with related allowance, unpaid principal balance | 7,003 | 22,737 |
Loans with related allowance, recorded investment | 5,037 | 13,063 |
Allowance | 1,263 | 2,519 |
Total impaired loans | 1,263 | 2,519 |
Real Estate Construction Loans [Member] | ||
With allocated allowance | ||
Loans with related allowance, unpaid principal balance | 19,006 | 28,475 |
Loans with related allowance, recorded investment | 8,703 | 19,323 |
Allowance | 1,077 | 3,460 |
Total impaired loans | 1,077 | 3,460 |
Commercial Mortgage Loans [Member] | ||
With allocated allowance | ||
Loans with related allowance, unpaid principal balance | 38,197 | 39,223 |
Loans with related allowance, recorded investment | 34,022 | 35,613 |
Allowance | 8,993 | 6,584 |
Total impaired loans | 8,993 | 6,584 |
Residential Mortgage And Equity Lines Member | ||
With allocated allowance | ||
Loans with related allowance, unpaid principal balance | 14,019 | 16,535 |
Loans with related allowance, recorded investment | 13,590 | 14,957 |
Allowance | 465 | 721 |
Total impaired loans | 465 | 721 |
With Allocated Allowance Member | ||
With allocated allowance | ||
Loans with related allowance, unpaid principal balance | 78,225 | 106,970 |
Loans with related allowance, recorded investment | 61,352 | 82,956 |
Allowance | 11,798 | 13,284 |
Total impaired loans | $11,798 | $13,284 |
Note_5_Loans_Details_Average_B
Note 5 - Loans (Details) - Average Balance And Interest Income Recognized Related To Impaired Loans (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Impaired [Line Items] | |||
Loans, average recorded investment | $190,226 | $221,152 | $277,776 |
Loans, interest income recognized | 5,339 | 5,599 | 9,305 |
Commercial Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, average recorded investment | 26,128 | 27,123 | 31,798 |
Loans, interest income recognized | 878 | 770 | 580 |
Real Estate Construction Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, average recorded investment | 32,439 | 37,875 | 49,094 |
Loans, interest income recognized | 264 | 284 | 265 |
Commercial Mortgage Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, average recorded investment | 114,248 | 138,121 | 178,822 |
Loans, interest income recognized | 3,735 | 4,256 | 8,221 |
Residential Mortgage And Equity Lines Member | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, average recorded investment | 17,411 | 18,033 | 18,062 |
Loans, interest income recognized | $462 | $289 | $239 |
Note_5_Loans_Details_NonAccrua
Note 5 - Loans (Details) - Non-Accrual Loans (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 5 - Loans (Details) - Non-Accrual Loans [Line Items] | |||
Non-accrual portfolio loans | $70,163 | $83,183 | $103,902 |
Non-accrual loans held-for-sale | 973 | ||
Total non-accrual loans | 71,136 | 83,183 | 103,902 |
Contractual interest due | 5,339 | 5,599 | 9,305 |
Nonaccrual Loans [Member] | |||
Note 5 - Loans (Details) - Non-Accrual Loans [Line Items] | |||
Contractual interest due | 6,663 | 5,851 | 6,621 |
Interest recognized | 217 | 22 | 1,006 |
Net interest foregone | $6,446 | $5,829 | $5,615 |
Note_5_Loans_Details_Aging_of_
Note 5 - Loans (Details) - Aging of Loan Portfolio (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-59 Days Past Due | $36,359 | $30,821 |
Loans, 60-89 Days Past Due | 5,879 | 25,256 |
Loans, Greater than 90 Days Past Due | 982 | |
Non-accrual Loans | 70,163 | 83,183 |
Loans, Past Due | 112,401 | 140,242 |
Loans, Not Past Due | 8,801,679 | 7,944,321 |
Loans | 8,914,080 | 8,084,563 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-59 Days Past Due | 11,595 | 7,170 |
Loans, 60-89 Days Past Due | 1,238 | 16,562 |
Non-accrual Loans | 6,983 | 21,232 |
Loans, Past Due | 19,816 | 44,964 |
Loans, Not Past Due | 2,362,677 | 2,253,760 |
Loans | 2,382,493 | 2,298,724 |
Real Estate Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-59 Days Past Due | 1,416 | |
Non-accrual Loans | 19,963 | 28,586 |
Loans, Past Due | 21,379 | 28,586 |
Loans, Not Past Due | 277,275 | 193,115 |
Loans | 298,654 | 221,701 |
Commercial Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-59 Days Past Due | 17,654 | 20,043 |
Loans, 60-89 Days Past Due | 3,909 | 7,862 |
Loans, Greater than 90 Days Past Due | 982 | |
Non-accrual Loans | 35,606 | 19,621 |
Loans, Past Due | 57,169 | 48,508 |
Loans, Not Past Due | 4,429,274 | 3,974,543 |
Loans | 4,486,443 | 4,023,051 |
Residential Mortgage And Equity Lines Member | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-59 Days Past Due | 5,634 | 3,508 |
Loans, 60-89 Days Past Due | 732 | 832 |
Non-accrual Loans | 7,611 | 13,744 |
Loans, Past Due | 13,977 | 18,084 |
Loans, Not Past Due | 1,728,961 | 1,508,448 |
Loans | 1,742,938 | 1,526,532 |
Installment And Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-59 Days Past Due | 60 | 100 |
Loans, Past Due | 60 | 100 |
Loans, Not Past Due | 3,492 | 14,455 |
Loans | $3,552 | $14,555 |
Note_5_Loans_Details_Troubled_
Note 5 - Loans (Details) - Troubled Debt Restructuring (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Note 5 - Loans (Details) - Troubled Debt Restructuring [Line Items] | |||
No. of Loans | 60 | 64 | |
Specific Reserve | $11,798 | $13,284 | |
Commercial Loans [Member] | Accruing Troubled Debt Restructuring [Member] | |||
Note 5 - Loans (Details) - Troubled Debt Restructuring [Line Items] | |||
No. of Loans | 4 | 9 | 9 |
Pre-Modification Recorded Investment | 10,539 | 12,026 | 3,646 |
Post-Modification Recorded Investment | 10,539 | 10,860 | 3,646 |
Specific Reserve | 21 | 550 | 1,213 |
Charge-offs | 1,166 | ||
Commercial Mortgage Loans [Member] | Accruing Troubled Debt Restructuring [Member] | |||
Note 5 - Loans (Details) - Troubled Debt Restructuring [Line Items] | |||
No. of Loans | 3 | 5 | 20 |
Pre-Modification Recorded Investment | 11,817 | 13,090 | 62,118 |
Post-Modification Recorded Investment | 11,817 | 13,090 | 58,393 |
Specific Reserve | 5,550 | 329 | 27 |
Charge-offs | 3,725 | ||
Residential Mortgage Loans [Member] | Accruing Troubled Debt Restructuring [Member] | |||
Note 5 - Loans (Details) - Troubled Debt Restructuring [Line Items] | |||
No. of Loans | 7 | 11 | 14 |
Pre-Modification Recorded Investment | 2,715 | 3,736 | 4,305 |
Post-Modification Recorded Investment | 2,715 | 3,658 | 4,223 |
Specific Reserve | 29 | 103 | 162 |
Charge-offs | 78 | 82 | |
Accruing Troubled Debt Restructuring [Member] | |||
Note 5 - Loans (Details) - Troubled Debt Restructuring [Line Items] | |||
No. of Loans | 14 | 25 | 43 |
Pre-Modification Recorded Investment | 25,071 | 28,852 | 70,069 |
Post-Modification Recorded Investment | 25,071 | 27,608 | 66,262 |
Specific Reserve | 5,600 | 982 | 1,402 |
Charge-offs | $1,244 | $3,807 |
Note_5_Loans_Details_Accruing_
Note 5 - Loans (Details) - Accruing Troubled Debt Restructurings (Accruing Troubled Debt Restructuring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | $104,356,000 | $117,597,000 |
Interest Deferral [Member] | Commercial Mortgage Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | 436,000 | |
Interest Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | 436,000 | |
Principal Deferral [Member] | Commercial Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | 11,572,000 | 9,112,000 |
Principal Deferral [Member] | Real Estate Construction Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | 5,765,000 | |
Principal Deferral [Member] | Commercial Mortgage Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | 20,107,000 | 11,333,000 |
Principal Deferral [Member] | Residential Mortgage Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | 3,316,000 | 1,564,000 |
Principal Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | 40,760,000 | 22,009,000 |
Rate Reduction [Member] | Commercial Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | 2,916,000 | |
Rate Reduction [Member] | Commercial Mortgage Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | 26,694,000 | 9,389,000 |
Rate Reduction [Member] | Residential Mortgage Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | 1,024,000 | |
Rate Reduction [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | 26,694,000 | 13,329,000 |
Rate Reduction and Forgiveness of Principal [Member] | Residential Mortgage Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | 410,000 | |
Rate Reduction and Forgiveness of Principal [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | 410,000 | |
Rate Reduction and Payment Deferral [Member] | Commercial Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | 4,934,000 | 2,708,000 |
Rate Reduction and Payment Deferral [Member] | Real Estate Construction Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | 5,834,000 | |
Rate Reduction and Payment Deferral [Member] | Commercial Mortgage Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | 26,351,000 | 70,200,000 |
Rate Reduction and Payment Deferral [Member] | Residential Mortgage Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | 4,771,000 | 3,517,000 |
Rate Reduction and Payment Deferral [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | 36,056,000 | 82,259,000 |
Commercial Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | 16,506,000 | 14,736,000 |
Real Estate Construction Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | 5,765,000 | 5,834,000 |
Commercial Mortgage Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | 73,588,000 | 90,922,000 |
Residential Mortgage Loans [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Accruing TDRs | $8,497,000 | $6,105,000 |
Recovered_Sheet1
Note 5 - Loans (Details) - Non-accrual Troubled Debt Restructurings (Non Accruing Troubled Debt Restructuring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Note 5 - Loans (Details) - Non-accrual Troubled Debt Restructurings [Line Items] | ||
Non-accrual TDRs | $41,618,000 | $38,769,000 |
Interest Deferral [Member] | Commercial Loans [Member] | ||
Note 5 - Loans (Details) - Non-accrual Troubled Debt Restructurings [Line Items] | ||
Non-accrual TDRs | 1,184,000 | |
Interest Deferral [Member] | Commercial Mortgage Loans [Member] | ||
Note 5 - Loans (Details) - Non-accrual Troubled Debt Restructurings [Line Items] | ||
Non-accrual TDRs | 1,443,000 | |
Interest Deferral [Member] | Residential Mortgage Loans [Member] | ||
Note 5 - Loans (Details) - Non-accrual Troubled Debt Restructurings [Line Items] | ||
Non-accrual TDRs | 241,000 | |
Interest Deferral [Member] | ||
Note 5 - Loans (Details) - Non-accrual Troubled Debt Restructurings [Line Items] | ||
Non-accrual TDRs | 1,184,000 | 1,684,000 |
Principal Deferral [Member] | Commercial Loans [Member] | ||
Note 5 - Loans (Details) - Non-accrual Troubled Debt Restructurings [Line Items] | ||
Non-accrual TDRs | 239,000 | 2,866,000 |
Principal Deferral [Member] | Real Estate Construction Loans [Member] | ||
Note 5 - Loans (Details) - Non-accrual Troubled Debt Restructurings [Line Items] | ||
Non-accrual TDRs | 16,009,000 | |
Principal Deferral [Member] | Commercial Mortgage Loans [Member] | ||
Note 5 - Loans (Details) - Non-accrual Troubled Debt Restructurings [Line Items] | ||
Non-accrual TDRs | 15,917,000 | 2,168,000 |
Principal Deferral [Member] | Residential Mortgage Loans [Member] | ||
Note 5 - Loans (Details) - Non-accrual Troubled Debt Restructurings [Line Items] | ||
Non-accrual TDRs | 1,026,000 | 2,206,000 |
Principal Deferral [Member] | ||
Note 5 - Loans (Details) - Non-accrual Troubled Debt Restructurings [Line Items] | ||
Non-accrual TDRs | 17,182,000 | 23,249,000 |
Rate Reduction [Member] | Commercial Loans [Member] | ||
Note 5 - Loans (Details) - Non-accrual Troubled Debt Restructurings [Line Items] | ||
Non-accrual TDRs | 860,000 | 1,352,000 |
Rate Reduction [Member] | ||
Note 5 - Loans (Details) - Non-accrual Troubled Debt Restructurings [Line Items] | ||
Non-accrual TDRs | 860,000 | 1,352,000 |
Rate Reduction and Payment Deferral [Member] | Commercial Loans [Member] | ||
Note 5 - Loans (Details) - Non-accrual Troubled Debt Restructurings [Line Items] | ||
Non-accrual TDRs | 1,269,000 | |
Rate Reduction and Payment Deferral [Member] | Real Estate Construction Loans [Member] | ||
Note 5 - Loans (Details) - Non-accrual Troubled Debt Restructurings [Line Items] | ||
Non-accrual TDRs | 19,462,000 | 9,263,000 |
Rate Reduction and Payment Deferral [Member] | Commercial Mortgage Loans [Member] | ||
Note 5 - Loans (Details) - Non-accrual Troubled Debt Restructurings [Line Items] | ||
Non-accrual TDRs | 973,000 | 1,843,000 |
Rate Reduction and Payment Deferral [Member] | Residential Mortgage Loans [Member] | ||
Note 5 - Loans (Details) - Non-accrual Troubled Debt Restructurings [Line Items] | ||
Non-accrual TDRs | 688,000 | 1,378,000 |
Rate Reduction and Payment Deferral [Member] | ||
Note 5 - Loans (Details) - Non-accrual Troubled Debt Restructurings [Line Items] | ||
Non-accrual TDRs | 22,392,000 | 12,484,000 |
Commercial Loans [Member] | ||
Note 5 - Loans (Details) - Non-accrual Troubled Debt Restructurings [Line Items] | ||
Non-accrual TDRs | 3,552,000 | 4,218,000 |
Real Estate Construction Loans [Member] | ||
Note 5 - Loans (Details) - Non-accrual Troubled Debt Restructurings [Line Items] | ||
Non-accrual TDRs | 19,462,000 | 25,272,000 |
Commercial Mortgage Loans [Member] | ||
Note 5 - Loans (Details) - Non-accrual Troubled Debt Restructurings [Line Items] | ||
Non-accrual TDRs | 16,890,000 | 5,454,000 |
Residential Mortgage Loans [Member] | ||
Note 5 - Loans (Details) - Non-accrual Troubled Debt Restructurings [Line Items] | ||
Non-accrual TDRs | $1,714,000 | $3,825,000 |
Note_5_Loans_Details_Troubled_1
Note 5 - Loans (Details) - Troubled Debt Restructuring Activity (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 5 - Loans (Details) - Troubled Debt Restructuring Activity [Line Items] | |||
New restructurings | $13,300,000 | ||
Accruing Troubled Debt Restructuring [Member] | |||
Note 5 - Loans (Details) - Troubled Debt Restructuring Activity [Line Items] | |||
Beginning balance | 117,597,000 | 144,695,000 | 120,016,000 |
New restructurings | 23,740,000 | 21,382,000 | 53,958,000 |
Restructured loans restored to accrual status | 962,000 | 6,851,000 | 8,356,000 |
Charge-offs | -78,000 | -251,000 | |
Payments | -13,256,000 | -52,362,000 | -5,159,000 |
Restructured loans placed on nonaccrual | -24,687,000 | -2,891,000 | -32,225,000 |
Ending balance | 104,356,000 | 117,597,000 | 144,695,000 |
Non Accruing Troubled Debt Restructuring [Member] | |||
Note 5 - Loans (Details) - Troubled Debt Restructuring Activity [Line Items] | |||
Beginning balance | 38,769,000 | 47,731,000 | 50,870,000 |
New restructurings | 1,331,000 | 6,226,000 | 12,304,000 |
Restructured loans restored to accrual status | -962,000 | -6,851,000 | -8,356,000 |
Charge-offs | -8,937,000 | -2,124,000 | -4,182,000 |
Payments | -11,710,000 | -4,295,000 | -33,931,000 |
Foreclosures | -1,560,000 | -4,809,000 | -1,199,000 |
Restructured loans placed on nonaccrual | 24,687,000 | 2,891,000 | 32,225,000 |
Ending balance | $41,618,000 | $38,769,000 | $47,731,000 |
Note_5_Loans_Details_Portfolio
Note 5 - Loans (Details) - Portfolio by Risk Rating (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $8,914,080 | $8,084,563 |
Loans held for sale | 973 | |
Commercial Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,260,474 | 2,108,191 |
Commercial Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 47,619 | 84,786 |
Commercial Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 72,561 | 102,088 |
Commercial Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,839 | 3,659 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 2,382,493 | 2,298,724 |
Real Estate Construction Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 272,927 | 184,449 |
Real Estate Construction Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 25,227 | 33,939 |
Real Estate Construction Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 500 | 3,313 |
Real Estate Construction Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 298,654 | 221,701 |
Commercial Mortgage Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,213,453 | 3,686,788 |
Commercial Mortgage Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 105,970 | 127,436 |
Commercial Mortgage Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 167,020 | 208,827 |
Commercial Mortgage Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 4,486,443 | 4,023,051 |
Residential Mortgage And Equity Lines Member | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,733,248 | 1,510,647 |
Residential Mortgage And Equity Lines Member | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 9,690 | 15,885 |
Residential Mortgage And Equity Lines Member | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 1,742,938 | 1,526,532 |
Installment And Other Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,552 | 14,555 |
Installment And Other Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 3,552 | 14,555 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 8,483,654 | 7,504,630 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 153,589 | 212,222 |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | 274,498 | 360,739 |
Loans held for sale | 973 | |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans | $2,339 | $6,972 |
Note_5_Loans_Details_Allowance
Note 5 - Loans (Details) - Allowance for Loan Losses by Portfolio Segment and Based on Impairment Method (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans individually evaluated for impairment | ||
Loans individually evaluated for impairment, allowance | $11,798 | $13,284 |
Loans individually evaluated for impairment, balance | 174,519 | 200,780 |
Loans collectively evaluated for impairment | ||
Loans collectively evaluated for impairment, allowance | 149,622 | 160,605 |
Loans collectively evaluated for impairment, balance | 8,739,561 | 7,883,783 |
Loans, allowance | 161,420 | 173,889 |
Loans | 8,914,080 | 8,084,563 |
Commercial Loans [Member] | ||
Loans individually evaluated for impairment | ||
Loans individually evaluated for impairment, allowance | 1,263 | 2,519 |
Loans individually evaluated for impairment, balance | 23,489 | 31,968 |
Loans collectively evaluated for impairment | ||
Loans collectively evaluated for impairment, allowance | 46,238 | 62,584 |
Loans collectively evaluated for impairment, balance | 2,359,004 | 2,266,756 |
Loans, allowance | 47,501 | 65,103 |
Loans | 2,382,493 | 2,298,724 |
Real Estate Construction Loans [Member] | ||
Loans individually evaluated for impairment | ||
Loans individually evaluated for impairment, allowance | 1,077 | 3,460 |
Loans individually evaluated for impairment, balance | 25,728 | 34,420 |
Loans collectively evaluated for impairment | ||
Loans collectively evaluated for impairment, allowance | 26,575 | 8,539 |
Loans collectively evaluated for impairment, balance | 272,926 | 187,281 |
Loans, allowance | 27,652 | 11,999 |
Loans | 298,654 | 221,701 |
Commercial Mortgage Loans [Member] | ||
Loans individually evaluated for impairment | ||
Loans individually evaluated for impairment, allowance | 8,993 | 6,584 |
Loans individually evaluated for impairment, balance | 109,194 | 114,544 |
Loans collectively evaluated for impairment | ||
Loans collectively evaluated for impairment, allowance | 65,680 | 78,169 |
Loans collectively evaluated for impairment, balance | 4,377,249 | 3,908,507 |
Loans, allowance | 74,673 | 84,753 |
Loans | 4,486,443 | 4,023,051 |
Residential Mortgage And Equity Lines Member | ||
Loans individually evaluated for impairment | ||
Loans individually evaluated for impairment, allowance | 465 | 721 |
Loans individually evaluated for impairment, balance | 16,108 | 19,848 |
Loans collectively evaluated for impairment | ||
Loans collectively evaluated for impairment, allowance | 11,113 | 11,284 |
Loans collectively evaluated for impairment, balance | 1,726,830 | 1,506,684 |
Loans, allowance | 11,578 | 12,005 |
Loans | 1,742,938 | 1,526,532 |
Consumer and Other [Member] | ||
Loans collectively evaluated for impairment | ||
Loans collectively evaluated for impairment, allowance | 16 | 29 |
Loans collectively evaluated for impairment, balance | 3,552 | 14,555 |
Loans, allowance | 16 | 29 |
Loans | $3,552 | $14,555 |
Note_5_Loans_Details_Allowance1
Note 5 - Loans (Details) - Allowance for Loan Losses by Portfolio Segment (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Provision/(reversal) for possible loan losses | ($2,000) | ($5,100) | ($3,700) | ($3,000) | ($10,800) | ($3,000) | ($9,000) |
Charge-offs | -22,235 | -20,442 | -32,791 | ||||
Recoveries | 20,938 | 14,009 | 18,127 | ||||
Commercial Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Balance | 65,103 | 66,101 | |||||
Provision/(reversal) for possible loan losses | -22,244 | 11,888 | |||||
Charge-offs | -7,875 | -15,625 | |||||
Recoveries | 12,517 | 2,739 | |||||
Net charge-offs | 4,642 | -12,886 | |||||
Balance | 47,501 | 47,501 | 65,103 | ||||
Reserve to impaired loans | 1,263 | 1,263 | 2,519 | ||||
Reserve to non-impaired loans | 46,238 | 46,238 | 62,584 | ||||
Reserve for off-balance sheet credit commitments | 923 | 923 | 909 | ||||
Real Estate Construction Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Balance | 11,999 | 23,017 | |||||
Provision/(reversal) for possible loan losses | 19,853 | -13,302 | |||||
Charge-offs | -6,747 | ||||||
Recoveries | 2,547 | 2,284 | |||||
Net charge-offs | -4,200 | 2,284 | |||||
Balance | 27,652 | 27,652 | 11,999 | ||||
Reserve to impaired loans | 1,077 | 1,077 | 3,460 | ||||
Reserve to non-impaired loans | 26,575 | 26,575 | 8,539 | ||||
Reserve for off-balance sheet credit commitments | 728 | 728 | 304 | ||||
Commercial Mortgage Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Balance | 84,753 | 82,473 | |||||
Provision/(reversal) for possible loan losses | -8,197 | -2,500 | |||||
Charge-offs | -7,458 | -3,945 | |||||
Recoveries | 5,575 | 8,725 | |||||
Net charge-offs | -1,883 | 4,780 | |||||
Balance | 74,673 | 74,673 | 84,753 | ||||
Reserve to impaired loans | 8,993 | 8,993 | 6,584 | ||||
Reserve to non-impaired loans | 65,680 | 65,680 | 78,169 | ||||
Reserve for off-balance sheet credit commitments | 259 | 259 | 111 | ||||
Residential Mortgage And Equity Lines Member | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Balance | 12,005 | 11,703 | |||||
Provision/(reversal) for possible loan losses | -558 | 924 | |||||
Charge-offs | -155 | -872 | |||||
Recoveries | 286 | 250 | |||||
Net charge-offs | 131 | -622 | |||||
Balance | 11,578 | 11,578 | 12,005 | ||||
Reserve to impaired loans | 465 | 465 | 721 | ||||
Reserve to non-impaired loans | 11,113 | 11,113 | 11,284 | ||||
Reserve for off-balance sheet credit commitments | 39 | 39 | 38 | ||||
Installment And Other Loans [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Balance | 29 | 28 | |||||
Provision/(reversal) for possible loan losses | -26 | -10 | |||||
Recoveries | 13 | 11 | |||||
Net charge-offs | 13 | 11 | |||||
Balance | 16 | 16 | 29 | ||||
Reserve to impaired loans | 0 | 0 | |||||
Reserve to non-impaired loans | 16 | 16 | 29 | ||||
Reserve for off-balance sheet credit commitments | 1 | ||||||
Total [Member] | |||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||
Balance | 173,889 | 183,322 | |||||
Provision/(reversal) for possible loan losses | -11,172 | -3,000 | |||||
Charge-offs | -22,235 | -20,442 | |||||
Recoveries | 20,938 | 14,009 | |||||
Net charge-offs | -1,297 | -6,433 | |||||
Balance | 161,420 | 161,420 | 173,889 | ||||
Reserve to impaired loans | 11,798 | 11,798 | 13,284 | ||||
Reserve to non-impaired loans | 149,622 | 149,622 | 160,605 | ||||
Reserve for off-balance sheet credit commitments | $1,949 | $1,949 | $1,363 |
Note_5_Loans_Details_Activity_
Note 5 - Loans (Details) - Activity in the Allowance for Credit Losses (USD $) | 3 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Note 5 - Loans (Details) - Activity in the Allowance for Credit Losses [Line Items] | ||||||||
Provision/(reversal) for possible loan losses | ($2,000) | ($5,100) | ($3,700) | ($3,000) | ($10,800) | ($3,000) | ($9,000) | |
Transfers (to)/from reserve for off-balance sheet credit commitments | -372 | 706 | ||||||
Loans charged off | -22,235 | -20,442 | -32,791 | |||||
Recoveries of charged off loans | 20,938 | 14,009 | 18,127 | |||||
Reserve for Off-Balance Sheet Credit Commitments [Member] | Beginning of Period [Member] | ||||||||
Note 5 - Loans (Details) - Activity in the Allowance for Credit Losses [Line Items] | ||||||||
Balance | 1,363 | 1,363 | 1,363 | 2,069 | ||||
Reserve for Off-Balance Sheet Credit Commitments [Member] | End of Period [Member] | ||||||||
Note 5 - Loans (Details) - Activity in the Allowance for Credit Losses [Line Items] | ||||||||
Balance | 1,949 | 1,949 | 1,363 | 1,363 | ||||
Reserve for Off-Balance Sheet Credit Commitments [Member] | ||||||||
Note 5 - Loans (Details) - Activity in the Allowance for Credit Losses [Line Items] | ||||||||
Provision/(reversal) for possible loan losses | 586 | -706 | ||||||
Beginning of Period [Member] | ||||||||
Note 5 - Loans (Details) - Activity in the Allowance for Credit Losses [Line Items] | ||||||||
Balance | 206,280 | |||||||
Balance | 173,889 | 183,322 | 206,280 | |||||
End of Period [Member] | ||||||||
Note 5 - Loans (Details) - Activity in the Allowance for Credit Losses [Line Items] | ||||||||
Balance | $161,420 | $161,420 | $173,889 | $183,322 |
Note_6_Other_Real_Estate_Owned2
Note 6 - Other Real Estate Owned (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Period Increase (Decrease) | ($21,500,000) | |
Percentage of Value Decreased Other Real Estate Owned | 40.60% | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 31,477,000 | 52,985,000 |
Real Estate Acquired Through Foreclosure | 202,000 | |
Residential Real Estate [Member] | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Real Estate Acquired Through Foreclosure | 4,700,000 | |
Residential Property [Member] | CALIFORNIA | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 2,000,000 | 9,000,000 |
Number of Real Estate Properties | 1 | 8 |
Residential Property [Member] | NEW YORK | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 2,700,000 | |
Number of Real Estate Properties | 1 | |
Commercial Use Building [Member] | CALIFORNIA | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 1,200,000 | 564,000 |
Number of Real Estate Properties | 4 | 3 |
Commercial Use Building [Member] | ILLINOIS | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 639,000 | |
Number of Real Estate Properties | 2 | |
Commercial Use Building [Member] | NORTH CAROLINA | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 4,100,000 | |
Number of Real Estate Properties | 1 | |
Residential Construction [Member] | CALIFORNIA | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 526,000 | 530,000 |
Number of Real Estate Properties | 1 | 1 |
Land Zoned for Residential Purpose [Member] | CALIFORNIA | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 243,000 | |
Number of Real Estate Properties | 1 | |
Land Zoned for Residential Purpose [Member] | TEXAS | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 12,700,000 | |
Number of Real Estate Properties | 6 | |
Land Zoned for Residential Purpose [Member] | WASHINGTON | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Number of Real Estate Properties | 3 | |
Commercial Land [Member] | CALIFORNIA | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 235,000 | 235,000 |
Number of Real Estate Properties | 1 | 1 |
Commercial Land [Member] | TEXAS | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 12,300,000 | |
Number of Real Estate Properties | 3 | |
Medical Office Building [Member] | TEXAS | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 1,600,000 | |
Number of Real Estate Properties | 1 | |
Retail Site [Member] | TEXAS | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 761,000 | 766,000 |
Retail Site [Member] | NEW YORK | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 1,100,000 | |
Commercial Construction Loans [Member] | CALIFORNIA | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 635,000 | |
Number of Real Estate Properties | 3 | |
Commercial Construction Loans [Member] | TEXAS | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 752,000 | 1,300,000 |
Number of Real Estate Properties | 4 | |
Commercial Construction Loans [Member] | WASHINGTON | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 667,000 | |
Shopping Center Construction Loans [Member] | TEXAS | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 304,000 | |
Multi Family Residences [Member] | ILLINOIS | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 3,100,000 | |
Number of Real Estate Properties | 2 | |
Office Building [Member] | ILLINOIS | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 921,000 | |
Office and Commercial Use Building [Member] | TEXAS | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 12,500,000 | |
Number of Real Estate Properties | 3 | |
Office and Commercial Use Building [Member] | WASHINGTON | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 3,800,000 | 5,800,000 |
Number of Real Estate Properties | 1 | |
Office and Commercial Use Building [Member] | NEW YORK | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 3,800,000 | 893,000 |
Number of Real Estate Properties | 1 | |
Condominium [Member] | ILLINOIS | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 2,400,000 | |
Number of Real Estate Properties | 1 | |
Residential Land [Member] | ILLINOIS | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 202,000 | |
Number of Real Estate Properties | 1 | |
CALIFORNIA | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 4,100,000 | 10,900,000 |
TEXAS | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 15,700,000 | 27,300,000 |
ILLINOIS | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | 4,000,000 | 3,300,000 |
WASHINGTON | ||
Note 6 - Other Real Estate Owned (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $6,500,000 |
Note_6_Other_Real_Estate_Owned3
Note 6 - Other Real Estate Owned (Details) - Activity in the Valuation Allowance for Other Real Estate Losses (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Activity in the Valuation Allowance for Other Real Estate Losses [Abstract] | |||
Balance, beginning of year | $13,384 | $19,556 | $26,422 |
Provision/(Reversal) for losses | 1,619 | -2,122 | 10,668 |
OREO disposal | -12,893 | -4,050 | -17,534 |
Balance, end of year | $2,110 | $13,384 | $19,556 |
Note_6_Other_Real_Estate_Owned4
Note 6 - Other Real Estate Owned (Details) - Other Real Estate Owned Expense (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Real Estate Owned Expense [Abstract] | |||
Operating expense | $1,142 | $3,680 | $4,817 |
Provision/(reversal) for losses | 1,619 | -2,122 | 10,668 |
Net gain on transfers and disposals | -4,065 | -1,793 | -369 |
Total other real estate owned expense | ($1,304) | ($235) | $15,116 |
Note_7_Investments_in_Affordab1
Note 7 - Investments in Affordable Housing (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 7 - Investments in Affordable Housing (Details) [Line Items] | |||
Affordable Housing Investments | $104,579,000 | $84,108,000 | |
Number of Limited Partnerships in Housing Investments | 7 | 7 | |
Increase in Total Assets and Liabilities from Consolidating Affordable Housing Equity Interest | 24,800,000 | 23,800,000 | |
Other Borrowings from Consolidating Affordable Housing Equity Interest | 19,900,000 | 19,100,000 | |
Other Liabilities from Affordable Housing Unfunded Commitments | 22,000,000 | 7,000,000 | |
Minimum Compliance Period Tax Credits Investments in Affordable Housing | 15 years | ||
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Amount | 10,200,000 | 9,800,000 | 9,200,000 |
Domestic Tax Authority [Member] | Affordable Housing Limited Partnerships [Member] | |||
Note 7 - Investments in Affordable Housing (Details) [Line Items] | |||
Remaining and Future Available Tax Credit | 57,700,000 | ||
State and Local Jurisdiction [Member] | Affordable Housing Limited Partnerships [Member] | |||
Note 7 - Investments in Affordable Housing (Details) [Line Items] | |||
Remaining and Future Available Tax Credit | $1,400,000 |
Note_8_Premises_and_Equipment_1
Note 8 - Premises and Equipment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Depreciation, Amortization and Accretion, Net | $7.10 | $6.70 | $5.90 |
Note_8_Premises_and_Equipment_2
Note 8 - Premises and Equipment (Details) - Premises and Equipment (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $170,089 | $165,388 |
Less: Accumulated depreciation/amortization | 70,407 | 63,343 |
Premises and equipment, net | 99,682 | 102,045 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 33,543 | 33,441 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 74,550 | 73,756 |
Furniture Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 47,936 | 44,278 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | 14,006 | 12,753 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment, gross | $54 | $1,160 |
Note_9_Deposits_Details
Note 9 - Deposits (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Disclosure Text Block [Abstract] | |||
Accrued Interest Payable On Customer Deposits | $2.30 | $2 | $2.10 |
Note_9_Deposits_Details_Deposi
Note 9 - Deposits (Details) - Deposit Balances (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposit Balances [Abstract] | ||
Demand | $1,664,914 | $1,441,858 |
NOW accounts | 778,691 | 683,873 |
Money market accounts | 1,538,187 | 1,286,338 |
Saving accounts | 533,940 | 499,520 |
Time deposits under $100,000 | 1,162,547 | 931,204 |
Time deposits of $100,000 or more | 3,105,181 | 3,138,512 |
Total | $8,783,460 | $7,981,305 |
Note_9_Deposits_Details_Time_D
Note 9 - Deposits (Details) - Time Deposit Maturities (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Other Time Deposits [Member} | |
Note 9 - Deposits (Details) - Time Deposit Maturities [Line Items] | |
Time deposits, maturities, year one | $772,529 |
Time deposits, maturities, year two | 162,465 |
Time deposits, maturities, year three | 109,302 |
Time deposits, maturities, year four | 116,420 |
Time deposits, maturities, year five | 1,820 |
Time deposits, maturities, after year five | 11 |
Time deposits, maturities, total | 1,162,547 |
Total Time Deposits [Member] | |
Note 9 - Deposits (Details) - Time Deposit Maturities [Line Items] | |
Time deposits, maturities, year one | 3,373,672 |
Time deposits, maturities, year two | 325,513 |
Time deposits, maturities, year three | 347,635 |
Time deposits, maturities, year four | 178,412 |
Time deposits, maturities, year five | 42,485 |
Time deposits, maturities, after year five | 11 |
Time deposits, maturities, total | 4,267,728 |
Time Deposits 100000 Dollars and Over [Member] | |
Note 9 - Deposits (Details) - Time Deposit Maturities [Line Items] | |
Time deposits, maturities, year one | 2,601,143 |
Time deposits, maturities, year two | 163,048 |
Time deposits, maturities, year three | 238,333 |
Time deposits, maturities, year four | 61,992 |
Time deposits, maturities, year five | 40,665 |
Time deposits, maturities, total | $3,105,181 |
Note_9_Deposits_Details_Intere
Note 9 - Deposits (Details) - Interest Expense on Time Deposits (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest Expense on Time Deposits [Abstract] | |||
Interest bearing demand | $1,229 | $1,017 | $792 |
Money market accounts | 8,627 | 7,034 | 5,938 |
Saving accounts | 802 | 374 | 365 |
Time deposits | 35,111 | 31,964 | 40,278 |
Total | $45,769 | $40,389 | $47,373 |
Note_10_Borrowed_Funds_Details
Note 10 - Borrowed Funds (Details) (USD $) | 1 Months Ended | 10 Months Ended | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2005 | Dec. 31, 2004 | |
Note 10 - Borrowed Funds (Details) [Line Items] | |||||||
Securities Sold under Agreements to Repurchase | $450,000,000 | $450,000,000 | $450,000,000 | $800,000,000 | |||
Weighted Average Rate Of Securities Sold Under Agreements | 3.85% | 3.85% | 3.85% | 3.87% | |||
Prepaid Security Sold Under Repurchase Agreement | 100,000,000 | 100,000,000 | 100,000,000 | 450,000,000 | |||
Rate of Prepaid Security Sold Under Repurchase Agreements | 3.50% | 3.50% | 3.50% | 3.79% | |||
Prepayment Penalty Security Sold Under Agreements to Repurchase | 3,400,000 | 3,400,000 | 3,400,000 | 22,600,000 | |||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | 8.00% | 8.00% | ||||
Advances from Federal Home Loan Banks | 425,000,000 | 425,000,000 | 425,000,000 | 521,200,000 | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Weighted Average Interest Rate | 0.32% | 0.32% | 0.32% | 0.17% | |||
Federal Home Loan Bank Prepaid Advances | 171,200,000 | 0 | |||||
Weighted Average Rate for Prepaying Federal Home Loan Bank Advances | 1.08% | 1.08% | 1.08% | ||||
Prepayment Fees on Advances, Net | 527,000 | 0 | |||||
Threshold for Deferred Bonus | 225,000 | ||||||
Amount of Deferred Bonus Accrued in Other Liabilities | 300,000 | 610,000 | |||||
Accrued Interest on Deferred Bonus | 5.06% | 5.02% | 7.00% | ||||
Debt Instrument Basis Spread on Variable Rate 2 | 2.75% | 2.75% | 2.75% | ||||
Interest Expense, Other | 93,000 | 77,000 | 71,000 | ||||
Accrued Bonuses | 1,500,000 | 1,500,000 | 1,500,000 | 1,100,000 | |||
Callable Securities [Member] | |||||||
Note 10 - Borrowed Funds (Details) [Line Items] | |||||||
Securities Sold under Agreements to Repurchase | 250,000,000 | 250,000,000 | 250,000,000 | ||||
Floating to Fixed Rate Agreements Totaling $200 Million [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||||
Note 10 - Borrowed Funds (Details) [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.40% | ||||||
Floating to Fixed Rate Agreements Totaling $200 Million [Member] | Maximum [Member] | |||||||
Note 10 - Borrowed Funds (Details) [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.07% | 5.07% | 5.07% | ||||
Floating to Fixed Rate Agreements Totaling $200 Million [Member] | Minimum [Member] | |||||||
Note 10 - Borrowed Funds (Details) [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.89% | 4.89% | 4.89% | ||||
Floating to Fixed Rate Agreements Totaling $200 Million [Member] | |||||||
Note 10 - Borrowed Funds (Details) [Line Items] | |||||||
Number of Floating-to-fixed Rate Agreements | 4 | 4 | 4 | ||||
Total Floating to Fixed Rate | 200,000,000 | 200,000,000 | 200,000,000 | ||||
Floating Interest Rate, Range of Time Period | 1 year | ||||||
Floating to Fixed Rate Agreement Totaling $50 Million [Member] | |||||||
Note 10 - Borrowed Funds (Details) [Line Items] | |||||||
Floating Interest Rate, Range of Time Period | 9 months | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.00% | 1.00% | 1.00% | ||||
Number of Fixed-to-floating Security Sold Under Agreements to Repurchase | 1 | 1 | 1 | ||||
Total Fixed to Floating Rate Agreements | 50,000,000 | 50,000,000 | 50,000,000 | ||||
Securities Sold under Agreements to Repurchase [Member] | |||||||
Note 10 - Borrowed Funds (Details) [Line Items] | |||||||
Investment Securities Pledged As Collateral | $516,300,000 | $516,300,000 | $516,300,000 | $906,100,000 | |||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||||
Note 10 - Borrowed Funds (Details) [Line Items] | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | |||||||
Note 10 - Borrowed Funds (Details) [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.00% |
Note_10_Borrowed_Funds_Details1
Note 10 - Borrowed Funds (Details) - Callable Securities Sold Under Agreements to Repurchase (Callable [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Note 10 - Borrowed Funds (Details) - Callable Securities Sold Under Agreements to Repurchase [Line Items] | |
No. of agreements | 5 |
Amount (in Dollars) | $250,000 |
Weighted average rate | 4.70% |
Callable Securities [Member] | Fixed to Floating Fifty Million With One Agreement at Three Point Five Percent [Member] | |
Note 10 - Borrowed Funds (Details) - Callable Securities Sold Under Agreements to Repurchase [Line Items] | |
Maximum rate | 3.50% |
Minimum rate | 0.00% |
No. of agreements | 1 |
Amount (in Dollars) | 50,000 |
Weighted average rate | 3.50% |
Final maturity | 2015 |
Callable Securities [Member] | Floating to Fixed Rate Agreements Totaling $200 Million [Member] | |
Note 10 - Borrowed Funds (Details) - Callable Securities Sold Under Agreements to Repurchase [Line Items] | |
No. of agreements | 4 |
Amount (in Dollars) | $200,000 |
Weighted average rate | 5.00% |
Final maturity | 2017 |
Note_10_Borrowed_Funds_Details2
Note 10 - Borrowed Funds (Details) - Non Callable Fixed Rate Securities Sold Under Agreement to Repurchase (Non Callable Fixed Rate Securities [Member], USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Note 10 - Borrowed Funds (Details) - Non Callable Fixed Rate Securities Sold Under Agreement to Repurchase [Line Items] | |
Number of agreement | 4 |
Amount (in Dollars) | $200,000 |
Weighted average interest rate | 2.78% |
Maturity Range One to Three Years [Member] | |
Note 10 - Borrowed Funds (Details) - Non Callable Fixed Rate Securities Sold Under Agreement to Repurchase [Line Items] | |
Number of agreement | 2 |
Amount (in Dollars) | 100,000 |
Weighted average interest rate | 2.71% |
Maturity Range Three to Five Years [Member] | |
Note 10 - Borrowed Funds (Details) - Non Callable Fixed Rate Securities Sold Under Agreement to Repurchase [Line Items] | |
Number of agreement | 2 |
Amount (in Dollars) | $100,000 |
Weighted average interest rate | 2.86% |
Note_10_Borrowed_Funds_Details3
Note 10 - Borrowed Funds (Details) - Comparative Data for Securities Sold Under Agreements to Repurchase (Securities Sold under Agreements to Repurchase [Member], USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Securities Sold under Agreements to Repurchase [Member] | ||||||
Note 10 - Borrowed Funds (Details) - Comparative Data for Securities Sold Under Agreements to Repurchase [Line Items] | ||||||
Average amount outstanding during the year (1) | $629,315 | [1] | $972,329 | [1] | $1,361,475 | [1] |
Maximum amount outstanding at month-end (2) | 700,000 | [2] | 1,200,000 | [2] | 1,400,000 | [2] |
Balance, December 31 | $450,000 | $800,000 | $1,250,000 | |||
Rate, December 31 | 3.85% | 3.87% | 3.84% | |||
Weighted average interest rate for the year | 3.92% | 3.88% | 4.09% | |||
[1] | Average balances were computed using daily averages. | |||||
[2] | Highest month-end balances were January 2014, January 2013, and January 2012. |
Note_10_Borrowed_Funds_Details4
Note 10 - Borrowed Funds (Details) - Outstanding Advances (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
90 years | ||
$475,000 | $400,000 | |
0.06% | 0.27% | |
90 years | ||
46,200 | 25,000 | |
1.24% | 1.13% | |
0 | ||
$521,200 | $425,000 | |
0.17% | 0.32% | |
Minimum [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
4 years | ||
4 years | ||
Maximum [Member] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
5 years | ||
5 years |
Note_11_Capital_Resources_Deta
Note 11 - Capital Resources (Details) (USD $) | 0 Months Ended | 1 Months Ended | 10 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 21 Months Ended | |||
Dec. 09, 2013 | Dec. 05, 2008 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 29, 2006 | Mar. 31, 2011 | Dec. 31, 2012 | |
Note 11 - Capital Resources (Details) [Line Items] | ||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $258,000,000 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 1,846,374 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $20.96 | |||||||||
Warrants and Rights Outstanding | 38,700,000 | |||||||||
Percent of Senior Preferred Stock Invested | 15.00% | |||||||||
Sale of Warrant Consideration Received On Transaction | 13,100,000 | |||||||||
Sale of Warrants Price Per Share (in Dollars per share) | $7.20 | |||||||||
Subordinated Debt | 50,000,000 | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | |||||||||
Subordinated Debt Prepayment Penalty | 2,000 | |||||||||
Interest Expense, Subordinated Notes and Debentures | 4,500,000 | 3,000,000 | 3,200,000 | |||||||
Series B Preferred Stock [Member] | ||||||||||
Note 11 - Capital Resources (Details) [Line Items] | ||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 258,000,000 | |||||||||
Stock Redeemed or Called During Period, Value | $258,000,000 | |||||||||
Subordinated Debt Obligations [Member] | ||||||||||
Note 11 - Capital Resources (Details) [Line Items] | ||||||||||
Debt Instrument, Term | 10 years | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | 1.10% | 1.10% | 3.30% | ||||||
Debt, Weighted Average Interest Rate | 3.61% | 3.61% | ||||||||
First Five Years [Member] | ||||||||||
Note 11 - Capital Resources (Details) [Line Items] | ||||||||||
Preferred Stock, Dividend Rate, Percentage | 5.00% | |||||||||
After Five Years [Member] | ||||||||||
Note 11 - Capital Resources (Details) [Line Items] | ||||||||||
Preferred Stock, Dividend Rate, Percentage | 9.00% |
Note_11_Capital_Resources_Deta1
Note 11 - Capital Resources (Details) - Outstanding Junior Subordinated Notes (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | 31-May-14 |
Subordinated Borrowing [Line Items] | ||
Principal balance of notes | $119,136 | $119,100 |
Cathay Capital Trust I [Member] | ||
Subordinated Borrowing [Line Items] | ||
Issuance date | 26-Jun-03 | |
Principal balance of notes | 20,619 | |
Not redeemable until date | 30-Jun-08 | |
Stated maturity date | 30-Jun-33 | |
Annualized coupon rate | 3-month LIBOR+ 3.15% | |
Current interest rate | 3.41% | |
Date of rate change | 30-Dec-14 | |
Payable/distribution date | March 30 June 30 September 30 December 30 | |
Cathay Statutory Trust I [Member] | ||
Subordinated Borrowing [Line Items] | ||
Issuance date | 17-Sep-03 | |
Principal balance of notes | 20,619 | |
Not redeemable until date | 17-Sep-08 | |
Stated maturity date | 17-Sep-33 | |
Annualized coupon rate | 3-month LIBOR + 3.00% | |
Current interest rate | 3.24% | |
Date of rate change | 17-Dec-14 | |
Payable/distribution date | March 17 June 17 September 17 December 17 | |
Cathay Capital Trust II [Member] | ||
Subordinated Borrowing [Line Items] | ||
Issuance date | 30-Dec-03 | |
Principal balance of notes | 12,887 | |
Not redeemable until date | 30-Mar-09 | |
Stated maturity date | 30-Mar-34 | |
Annualized coupon rate | 3-month LIBOR + 2.90% | |
Current interest rate | 3.16% | |
Date of rate change | 30-Dec-14 | |
Payable/distribution date | March 30 June 30 September 30 December 30 | |
Cathay Capital Trust III [Member] | ||
Subordinated Borrowing [Line Items] | ||
Issuance date | 28-Mar-07 | |
Principal balance of notes | 46,392 | |
Not redeemable until date | 15-Jun-12 | |
Stated maturity date | 15-Jun-37 | |
Annualized coupon rate | 3-month LIBOR + 1.48% | |
Current interest rate | 1.72% | |
Date of rate change | 15-Dec-14 | |
Payable/distribution date | March 15 June 15 September 15 December 15 | |
Cathay Capital Trust IV [Member] | ||
Subordinated Borrowing [Line Items] | ||
Issuance date | 31-May-07 | |
Principal balance of notes | $18,619 | |
Not redeemable until date | 6-Sep-12 | |
Stated maturity date | 6-Sep-37 | |
Annualized coupon rate | 3-month LIBOR + 1.4% | |
Current interest rate | 1.64% | |
Date of rate change | 8-Dec-14 | |
Payable/distribution date | March 6 June 6 September 6 December 6 |
Note_12_Income_Taxes_Details
Note 12 - Income Taxes (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||
Income Taxes Receivable | $18,100,000 | $8,600,000 |
Operating Loss Carryforwards | 800,000 | |
Unrecognized Tax Benefits | $0 | $0 |
Note_12_Income_Taxes_Details_C
Note 12 - Income Taxes (Details) - Components of Income Tax Expense (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||||||||||
Federal | $36,180 | $62,254 | $44,263 | ||||||||
State | 14,481 | 23,295 | 17,081 | ||||||||
Total Current | 50,661 | 85,549 | 61,344 | ||||||||
Deferred: | |||||||||||
Federal | 23,783 | -11,162 | 3,755 | ||||||||
State | 7,521 | -3,952 | 1,029 | ||||||||
Total Deferred | 31,304 | -15,114 | 4,784 | ||||||||
Total income tax expense/(benefit) | $21,021 | $22,313 | $20,741 | $17,890 | $17,946 | $19,029 | $16,573 | $16,887 | $81,965 | $70,435 | $66,128 |
Note_12_Income_Taxes_Details_D
Note 12 - Income Taxes (Details) - Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Tax Assets | ||
Loan loss allowance, due to differences in computation of bad debts | $66,999 | $89,560 |
Share-based compensation | 12,808 | 13,573 |
Accrual for bonuses | 4,585 | 3,380 |
Non-accrual interest | 3,735 | 3,968 |
Accrual for litigation | 2,918 | 2,415 |
Write-down on equity securities and venture capital investments | 2,697 | 2,857 |
Write-down on other real estate owned | 1,357 | 8,595 |
State tax | 3,253 | 6,493 |
Unrealized loss on interest rate swaps | 1,739 | |
Unrealized loss on securities available-for-sale, net | 2,301 | 21,569 |
Other, net | 2,179 | 4,214 |
Gross deferred tax assets | 104,571 | 156,624 |
Deferred Tax Liabilities | ||
Basis difference in acquired assets | -3,321 | -3,138 |
Dividends on Federal Home Loan Bank common stock | -1,927 | -2,986 |
Other, net | -3,075 | -2,773 |
Gross deferred tax liabilities | -8,323 | -8,897 |
Valuation allowance | -1,263 | |
Net deferred tax assets | $96,248 | $146,464 |
Note_12_Income_Taxes_Details_I
Note 12 - Income Taxes (Details) - Income Tax Reconciliation (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Reconciliation [Abstract] | |||||||||||
Tax provision at Federal statutory rate | $76,928 | $67,752 | $64,248 | ||||||||
Tax provision at Federal statutory rate | 35.00% | 35.00% | 35.00% | ||||||||
State income taxes, net of Federal income tax benefit | 14,324 | 12,573 | 11,772 | ||||||||
State income taxes, net of Federal income tax benefit | 6.60% | 6.50% | 6.40% | ||||||||
Interest on obligations of state and political subdivisions, which are exempt from Federal taxation | -348 | -1,456 | |||||||||
Interest on obligations of state and political subdivisions, which are exempt from Federal taxation | -0.20% | -0.80% | |||||||||
Low income housing and other tax credits | -10,014 | -10,056 | -9,353 | ||||||||
Low income housing and other tax credits | -4.60% | -5.20% | -5.10% | ||||||||
Other, net | 727 | 514 | 917 | ||||||||
Other, net | 0.30% | 0.30% | 0.50% | ||||||||
Total income tax expense | $21,021 | $22,313 | $20,741 | $17,890 | $17,946 | $19,029 | $16,573 | $16,887 | $81,965 | $70,435 | $66,128 |
Total income tax expense | 37.30% | 36.40% | 36.00% |
Note_13_Stockholders_Equity_an2
Note 13 - Stockholders' Equity and Earnings per Share (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 24 Months Ended | 12 Months Ended | ||||
Dec. 09, 2013 | Dec. 05, 2008 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2004 | Dec. 31, 2014 | |
Note 13 - Stockholders' Equity and Earnings per Share (Details) [Line Items] | |||||||||
Regulation Restricted On Amount of Retained Earnings Available for Cash Dividends | 57,200,000 | ||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 258,000,000 | ||||||||
Dividends, Preferred Stock | -2,434,000 | -2,067,000 | -5,184,000 | 9,685,000 | 16,488,000 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in Shares) | 1,846,374 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in Dollars per share) | $20.96 | ||||||||
Warrants Aggregate Market Price | 38,700,000 | ||||||||
Sale of Warrant Consideration Received On Transaction | 13,100,000 | ||||||||
Sale of Warrants Price Per Share (in Dollars per share) | $7.20 | ||||||||
Series A Non Cumulative Preferred Stock [Member] | |||||||||
Note 13 - Stockholders' Equity and Earnings per Share (Details) [Line Items] | |||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 8,600,000 | ||||||||
Preferred Stock, Dividend Rate, Percentage | 7.00% | ||||||||
Dividends, Preferred Stock | 605,000 | 605,000 | |||||||
Series B Preferred Stock [Member] | First Five Years [Member] | |||||||||
Note 13 - Stockholders' Equity and Earnings per Share (Details) [Line Items] | |||||||||
Preferred Stock, Dividend Rate, Percentage | 5.00% | ||||||||
Series B Preferred Stock [Member] | After Five Years [Member] | |||||||||
Note 13 - Stockholders' Equity and Earnings per Share (Details) [Line Items] | |||||||||
Preferred Stock, Dividend Rate, Percentage | 9.00% | ||||||||
Series B Preferred Stock [Member] | |||||||||
Note 13 - Stockholders' Equity and Earnings per Share (Details) [Line Items] | |||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 258,000,000 | ||||||||
Preferred Stock, Shares Issued (in Shares) | 258,000 | ||||||||
Stock Redeemed or Called During Period, Value | $258,000,000 | ||||||||
Equity Option [Member] | |||||||||
Note 13 - Stockholders' Equity and Earnings per Share (Details) [Line Items] | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in Shares) | 2,200,000 | 2,000,000 |
Note_13_Stockholders_Equity_an3
Note 13 - Stockholders' Equity and Earnings per Share (Details) - Accumulated Other Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Beginning balance, (loss)/income, net of tax | |||
Beginning balance, (loss)/income, net-of-tax | ($29,729) | $465 | |
Net unrealized gains/(losses) arising during the period | |||
Net unrealized gains/(losses) arising during the period, pre-tax | 34,941 | -117,515 | |
Net unrealized gains/(losses) arising during the period, tax expense/ (benefit) | 14,692 | -49,407 | |
Net unrealized gains/(losses) arising during the period, net-of-tax | 20,249 | -68,108 | |
Reclassification adjustment for net gains included in net income | |||
Reclassification adjustment for net gains included in net income, pre-tax | 6,748 | 27,362 | |
Reclassification adjustment for net gains included in net income, tax expense/ (benefit) | 2,837 | 11,503 | |
Reclassification adjustment for net gains included in net income, net-of-tax | 3,911 | 15,859 | |
Net unrealized gains arising from transferring securities held-to-maturity to available-for-sale | 38,052 | ||
Net unrealized gains arising from transferring securities held-to-maturity to available-for-sale | 15,997 | ||
Net unrealized gains arising from transferring securities held-to-maturity to available-for-sale | 22,055 | ||
Total other comprehensive income/(loss) | |||
Total other comprehensive income/(loss), pre-tax | 41,689 | -52,101 | |
Total other comprehensive income/(loss), tax expense/ (benefit) | 17,529 | -21,907 | |
Total other comprehensive income/(loss), net-of-tax | 24,160 | -30,194 | 9,197 |
Ending balance, loss, net of tax | |||
Ending balance, loss, net-of-tax | -5,569 | -29,729 | 465 |
Accumulated Net Unrealized Investment Gain (Loss) [Member] | |||
Beginning balance, (loss)/income, net of tax | |||
Beginning balance, (loss)/income, net-of-tax | -29,729 | 465 | |
Net unrealized gains/(losses) arising during the period | |||
Net unrealized gains/(losses) arising during the period, pre-tax | 39,077 | -117,515 | |
Net unrealized gains/(losses) arising during the period, tax expense/ (benefit) | 16,431 | -49,407 | |
Net unrealized gains/(losses) arising during the period, net-of-tax | 22,646 | -68,108 | |
Reclassification adjustment for net gains included in net income | |||
Reclassification adjustment for net gains included in net income, pre-tax | 6,748 | 27,362 | |
Reclassification adjustment for net gains included in net income, tax expense/ (benefit) | 2,837 | 11,503 | |
Reclassification adjustment for net gains included in net income, net-of-tax | 3,911 | 15,859 | |
Total other comprehensive income/(loss) | |||
Total other comprehensive income/(loss), pre-tax | 45,825 | -52,101 | |
Total other comprehensive income/(loss), tax expense/ (benefit) | 19,268 | -21,907 | |
Total other comprehensive income/(loss), net-of-tax | 26,557 | -30,194 | |
Ending balance, loss, net of tax | |||
Ending balance, loss, net-of-tax | -3,172 | -29,729 | |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | |||
Net unrealized gains/(losses) arising during the period | |||
Net unrealized gains/(losses) arising during the period, pre-tax | -4,136 | ||
Net unrealized gains/(losses) arising during the period, tax expense/ (benefit) | -1,739 | ||
Net unrealized gains/(losses) arising during the period, net-of-tax | -2,397 | ||
Total other comprehensive income/(loss) | |||
Total other comprehensive income/(loss), pre-tax | -4,136 | ||
Total other comprehensive income/(loss), tax expense/ (benefit) | -1,739 | ||
Total other comprehensive income/(loss), net-of-tax | -2,397 | ||
Ending balance, loss, net of tax | |||
Ending balance, loss, net-of-tax | ($2,397) |
Note_13_Stockholders_Equity_an4
Note 13 - Stockholders' Equity and Earnings per Share (Details) - Earnings per Share (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Net income | $35,578 | $35,909 | $35,084 | $31,259 | $32,042 | $32,629 | $30,066 | $28,998 | $137,830 | $123,143 | $117,438 |
Dividends on preferred stock | 2,434 | 2,067 | 5,184 | -9,685 | -16,488 | ||||||
Basic EPS, income/(loss) | 35,578 | 35,909 | 35,084 | 31,259 | 31,902 | 30,044 | 27,849 | 23,663 | 137,830 | 113,458 | 100,950 |
Basic EPS, income/(loss) (in Shares) | 79,661,571 | 78,954,898 | 78,719,133 | ||||||||
Basic EPS, income/(loss) (in Dollars per share) | $0.45 | $0.45 | $0.44 | $0.39 | $0.40 | $0.38 | $0.35 | $0.30 | $1.73 | $1.44 | $1.28 |
Effect of dilutive stock options (in Shares) | 445,324 | 183,085 | 4,164 | ||||||||
Diluted EPS, income/(loss) | $137,830 | $113,458 | $100,950 | ||||||||
Diluted EPS, income/(loss) (in Shares) | 80,106,895 | 79,137,983 | 78,723,297 | ||||||||
Diluted EPS, income/(loss) (in Dollars per share) | $0.44 | $0.45 | $0.44 | $0.39 | $0.40 | $0.38 | $0.35 | $0.30 | $1.72 | $1.43 | $1.28 |
Note_14_Commitments_and_Contin2
Note 14 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Commitments to Extend Notional Amount | $2,071,766,000 | $1,858,669,000 | |
Commitments to Fund Fixed Rate Loans | 125,800,000 | ||
Commitments to Fund Adjustable Rate Loans | 1,900,000,000 | ||
Operating Lease, Lease Term Minimum | 1 year | ||
Operating Lease, Lease Term Maximum | 25 years | ||
Operating Leases, Rent Expense | 8,200,000 | 7,700,000 | 7,400,000 |
Operating Leases, Income Statement, Sublease Revenue | $200,000 | $300,000 | $300,000 |
Note_14_Commitments_and_Contin3
Note 14 - Commitments and Contingencies (Details) - Financial Instruments with Off-balance Sheet Risk (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments | $2,173,927 | $1,957,905 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments | 2,071,766 | 1,858,669 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments | 53,910 | 45,058 |
Commercial Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments | 48,143 | 54,098 |
Bill of Lading Guarantees [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Commitments | $108 | $80 |
Note_14_Commitments_and_Contin4
Note 14 - Commitments and Contingencies (Details) - Future Payments under Operating Leases (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Payments under Operating Leases [Abstract] | |
2015 | $6,767 |
2016 | 5,840 |
2017 | 4,349 |
2018 | 3,888 |
2019 | 2,431 |
Thereafter | 5,552 |
Total minimum lease payments | $28,827 |
Note_14_Commitments_and_Contin5
Note 14 - Commitments and Contingencies (Details) - Future Rental Income under Operating Leases (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Future Rental Income under Operating Leases [Abstract] | |
2015 | $65 |
2016 | 46 |
2017 | 47 |
2018 | 49 |
2019 | 33 |
Total minimum lease payments to be received | $240 |
Note_15_Financial_Derivatives_
Note 15 - Financial Derivatives (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2014 | 31-May-14 | Jun. 30, 2014 | Dec. 31, 2013 | Oct. 31, 2014 | |
Note 15 - Financial Derivatives (Details) [Line Items] | |||||
Junior Subordinated Notes | $119,136,000 | $119,100,000 | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -2,397,000 | ||||
Notional Amount of Option Contract | 0 | ||||
Interest Expense [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||
Note 15 - Financial Derivatives (Details) [Line Items] | |||||
Net Accrued on Interest Rate Swaps | 1,500,000 | ||||
Interest Income [Member] | Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||||
Note 15 - Financial Derivatives (Details) [Line Items] | |||||
Net Accrued on Interest Rate Swaps | 1,300,000 | ||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | |||||
Note 15 - Financial Derivatives (Details) [Line Items] | |||||
Derivative Asset, Number of Instruments Held | 5 | ||||
Derivative, Notional Amount | 119,100,000 | 119,100,000 | |||
Derivative, Original Maturity | 10 years | ||||
Derivative, Average Fixed Interest Rate | 2.61% | ||||
Derivative, Average Variable Interest Rate | 0.24% | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -2,400,000 | ||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Minimum [Member] | |||||
Note 15 - Financial Derivatives (Details) [Line Items] | |||||
Derivative, Original Maturity | 4 years | ||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Maximum [Member] | |||||
Note 15 - Financial Derivatives (Details) [Line Items] | |||||
Derivative, Original Maturity | 8 years | ||||
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||||
Note 15 - Financial Derivatives (Details) [Line Items] | |||||
Derivative, Notional Amount | 181,300,000 | 148,100,000 | 34,900,000 | ||
Derivative, Average Fixed Interest Rate | 4.60% | ||||
Derivative, Average Variable Interest Rate | 3.08% | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -489,000 | ||||
Derivative Liability, Number of Instruments Held | 10 | 4 | |||
Derivative, Average Basis Spread on Variable Rate | 2.92% | ||||
Positive Fair Value Member | |||||
Note 15 - Financial Derivatives (Details) [Line Items] | |||||
Notional Amount of Option Contract | 200,000 | ||||
Sum of Spot and Forward Contract Notional Amount | 167,000,000 | 267,600,000 | |||
Increase Decrease in Fair Value | 1,900,000 | 6,200,000 | |||
Open Option Contracts Written, at Fair Value | 83 | ||||
Negative Fair Value Member | |||||
Note 15 - Financial Derivatives (Details) [Line Items] | |||||
Sum of Spot and Forward Contract Notional Amount | 178,900,000 | 236,300,000 | |||
Increase Decrease in Fair Value | -5,000,000 | -6,100,000 | |||
Cash [Member] | |||||
Note 15 - Financial Derivatives (Details) [Line Items] | |||||
Collateral Already Posted, Aggregate Fair Value | $7,500,000 |
Note_16_Fair_Value_Measurement2
Note 16 - Fair Value Measurements (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 16 - Fair Value Measurements (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets (in Dollars) | 31,477,000 | $52,985,000 |
Warrants Outstanding [Member] | Minimum [Member] | ||
Note 16 - Fair Value Measurements (Details) [Line Items] | ||
Fair Value Assumptions, Risk Free Interest Rate | 0.68% | |
Fair Value Assumptions, Expected Volatility Rate | 9.42% | |
Warrants Outstanding [Member] | Maximum [Member] | ||
Note 16 - Fair Value Measurements (Details) [Line Items] | ||
Fair Value Assumptions, Risk Free Interest Rate | 1.83% | |
Fair Value Assumptions, Expected Volatility Rate | 16.00% | |
Accounts Receivable Collateral [Member] | ||
Note 16 - Fair Value Measurements (Details) [Line Items] | ||
Collateral Discount Rates | 45.00% | |
Inventory Collateral [Member] | ||
Note 16 - Fair Value Measurements (Details) [Line Items] | ||
Collateral Discount Rates | 65.00% | |
Net of Estimated Disposal Costs [Member] | ||
Note 16 - Fair Value Measurements (Details) [Line Items] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets (in Dollars) | 31,500,000 | $53,000,000 |
Minimum [Member] | ||
Note 16 - Fair Value Measurements (Details) [Line Items] | ||
Estimated Sales Cost Applied to Collateral | 3.00% | |
Expected Life of Warrants | 1 year | |
Maximum [Member] | ||
Note 16 - Fair Value Measurements (Details) [Line Items] | ||
Estimated Sales Cost Applied to Collateral | 6.00% | |
Expected Life of Warrants | 6 years |
Note_16_Fair_Value_Measurement3
Note 16 - Fair Value Measurements (Details) - Assets and Liabilities Measured at Fair Value on a Recurring Basis (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Securities available-for-sale | ||
Securities available-for-sale | $1,318,935 | $1,586,668 |
Assets | 1,320,838 | 1,597,816 |
Liabilities | ||
Liabilities | 9,633 | 6,140 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
Securities available-for-sale | 664,004 | 460,193 |
US Treasury Securities [Member] | ||
Securities available-for-sale | ||
Securities available-for-sale | 664,004 | 460,193 |
Mortgage-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | ||
Securities available-for-sale | 544,303 | 952,814 |
Mortgage-backed Securities [Member] | ||
Securities available-for-sale | ||
Securities available-for-sale | 544,303 | 952,814 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | ||
Securities available-for-sale | 45 | 6,106 |
Collateralized Mortgage Obligations [Member] | ||
Securities available-for-sale | ||
Securities available-for-sale | 45 | 6,106 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | ||
Securities available-for-sale | 94,472 | 150,304 |
Corporate Debt Securities [Member] | ||
Securities available-for-sale | ||
Securities available-for-sale | 94,472 | 150,304 |
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
Securities available-for-sale | 5,866 | 5,725 |
Mutual Funds [Member] | ||
Securities available-for-sale | ||
Securities available-for-sale | 5,866 | 5,725 |
Preferred Stock of Government Sponsored Entities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | ||
Securities available-for-sale | 3,224 | 11,403 |
Preferred Stock of Government Sponsored Entities [Member] | ||
Securities available-for-sale | ||
Securities available-for-sale | 3,224 | 11,403 |
Other Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | ||
Securities available-for-sale | 7,021 | |
Other Equity Securities [Member] | ||
Securities available-for-sale | ||
Securities available-for-sale | 7,021 | |
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Assets | 27 | 30 |
Warrant [Member] | ||
Securities available-for-sale | ||
Assets | 27 | 30 |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | ||
Assets | 1,876 | 6,182 |
Liabilities | ||
Liabilities | 5,007 | 6,140 |
Foreign Exchange Contract [Member] | ||
Securities available-for-sale | ||
Assets | 1,876 | 6,182 |
Liabilities | ||
Liabilities | 5,007 | 6,140 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities | ||
Liabilities | 4,626 | |
Interest Rate Swap [Member] | ||
Liabilities | ||
Liabilities | 4,626 | |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | ||
Securities available-for-sale | 123 | |
Asset-backed Securities [Member] | ||
Securities available-for-sale | ||
Securities available-for-sale | 123 | |
Trading Securities Member | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | ||
Assets | 4,936 | |
Trading Securities Member | ||
Securities available-for-sale | ||
Assets | 4,936 | |
Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
Securities available-for-sale | 669,870 | 465,918 |
Assets | 669,870 | 465,918 |
Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | ||
Securities available-for-sale | 649,065 | 1,120,750 |
Assets | 650,941 | 1,131,868 |
Liabilities | ||
Liabilities | 9,633 | 6,140 |
Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Assets | $27 | $30 |
Note_16_Fair_Value_Measurement4
Note 16 - Fair Value Measurements (Details) - Financial Assets and Liabilities Measured On a Non-recurring Basis (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Impaired loans by type: | ||||||
Fair Value Measurement | $76,234 | $116,001 | ||||
Total losses/Gains | 4,596 | 3,344 | 12,666 | |||
Commercial Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 3,774 | 7,584 | ||||
Commercial Loans [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 3,774 | 7,584 | ||||
Total losses/Gains | 17 | 5,731 | ||||
Commercial Mortgage Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 25,029 | 29,001 | ||||
Commercial Mortgage Loans [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 25,029 | 29,001 | ||||
Total losses/Gains | 3,914 | 125 | 440 | |||
Construction Residential [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 500 | |||||
Construction Residential [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 500 | |||||
Construction - Other Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 7,625 | 15,363 | ||||
Construction - Other Loans [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 7,625 | 15,363 | ||||
Total losses/Gains | 65 | |||||
Residential Mortgage And Equity Lines Member | Fair Value, Inputs, Level 3 [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 13,126 | 14,236 | ||||
Residential Mortgage And Equity Lines Member | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 13,126 | 14,236 | ||||
Total losses/Gains | 27 | 213 | 605 | |||
Land Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 29 | |||||
Land Loans [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 29 | |||||
Total losses/Gains | 162 | |||||
Fair Value, Inputs, Level 1 [Member] | Other Real Estate Owned [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | [1],[2] | [1],[2] | ||||
Fair Value, Inputs, Level 1 [Member] | Equity Investments [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 642 | |||||
Fair Value, Inputs, Level 1 [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 642 | |||||
Fair Value, Inputs, Level 2 [Member] | Other Real Estate Owned [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 16,458 | [1],[2] | 13,248 | [1],[2] | ||
Fair Value, Inputs, Level 2 [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 16,458 | 13,248 | ||||
Fair Value, Inputs, Level 3 [Member] | Impaired Loans [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 49,554 | 66,713 | ||||
Fair Value, Inputs, Level 3 [Member] | Other Real Estate Owned [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 4,110 | [1],[2] | 26,498 | [1],[2] | ||
Fair Value, Inputs, Level 3 [Member] | Investments in Venture Capital [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 5,495 | 8,900 | ||||
Fair Value, Inputs, Level 3 [Member] | Equity Investments [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 617 | |||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 59,776 | 102,111 | ||||
Impaired Loans [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 49,554 | 66,713 | ||||
Total losses/Gains | 3,958 | 6,069 | 1,272 | |||
Other Real Estate Owned [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 20,568 | [1],[2] | 39,746 | [1],[2] | ||
Total losses/Gains | 202 | [1],[2] | -3,134 | [1],[2] | 10,904 | [1],[2] |
Investments in Venture Capital [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 5,495 | 8,900 | ||||
Total losses/Gains | 436 | 409 | 309 | |||
Equity Investments [Member] | ||||||
Impaired loans by type: | ||||||
Fair Value Measurement | 617 | 642 | ||||
Total losses/Gains | $181 | |||||
[1] | Other real estate owned balance of $31.5 million in the Consolidated Balance Sheets is net of estimated disposal costs. | |||||
[2] | Other real estate owned balance of $53.0 million in the Consolidated Balance Sheets is net of estimated disposal costs. |
Note_17_Fair_Value_of_Financia2
Note 17 - Fair Value of Financial Instruments (Details) - Fair Value of Financial Instruments (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Financial Assets | ||||
Cash and due from banks | $176,830 | $153,747 | $144,909 | $117,888 |
Cash and due from banks | 176,830 | 153,747 | ||
Short-term investments | 489,614 | 516,938 | ||
Short-term investments | 489,614 | 516,938 | ||
Securities available-for-sale | 1,318,935 | 1,586,668 | ||
Trading securities | 4,936 | |||
Trading securities | 4,936 | |||
Loans held for sale | 973 | |||
Loans held for sale | 1,225 | |||
Loans, net | 8,740,268 | 7,897,187 | ||
Loans, net | 8,688,072 | 7,760,490 | ||
Investment in Federal Home Loan Bank stock | 30,785 | 25,000 | ||
Investment in Federal Home Loan Bank stock | 30,785 | 25,000 | ||
Warrants | 27 | 30 | ||
Warrants | 27 | 30 | ||
Option contracts | 200 | |||
Option contracts | 0 | |||
Foreign exchange contracts | 167,005 | 267,644 | ||
Foreign exchange contracts | 1,876 | 6,182 | ||
Financial Liabilities | ||||
Deposits | 8,783,460 | 7,981,305 | ||
Deposits | 8,785,342 | 7,977,639 | ||
Securities sold under agreements to repurchase | 450,000 | 800,000 | ||
Securities sold under agreements to repurchase | 473,816 | 852,835 | ||
Advances from Federal Home Loan Bank | 425,000 | 521,200 | ||
Advances from Federal Home Loan Bank | 424,974 | 521,560 | ||
Other borrowings | 19,934 | 19,062 | ||
Other borrowings | 17,978 | 16,107 | ||
Long-term debt | 119,136 | 121,136 | ||
Long-term debt | 59,425 | 58,970 | ||
Foreign exchange contracts | 178,868 | 236,350 | ||
Foreign exchange contracts | 5,007 | 6,140 | ||
Interest rate swaps | 300,480 | |||
Interest rate swaps | 4,626 | |||
Off-Balance Sheet Financial Instruments | ||||
Commitments to extend credit | 2,071,766 | 1,858,669 | ||
Commitments to extend credit | -3,442 | -2,187 | ||
Standby letters of credit | 53,910 | 45,058 | ||
Standby letters of credit | -243 | -205 | ||
Other letters of credit | 48,142 | 54,098 | ||
Other letters of credit | -29 | -34 | ||
Bill of lading guarantees | 108 | 80 | ||
Bill of lading guarantees | $0 |
Note_17_Fair_Value_of_Financia3
Note 17 - Fair Value of Financial Instruments (Details) - Fair Value Hierarchy of Financial Instruments (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial Assets | ||
Cash and due from banks | $176,830 | $153,747 |
Short-term investments | 489,614 | 516,938 |
Securities available-for-sale | 1,318,935 | 1,586,668 |
Trading securities | 4,936 | |
Loans held-for-sale | 1,225 | |
Loans, net | 8,688,072 | 7,760,490 |
Investment in Federal Home Loan Bank stock | 30,785 | 25,000 |
Warrants | 27 | 30 |
Financial Liabilities | ||
Deposits | 8,785,342 | 7,977,639 |
Securities sold under agreement to repurchase | 473,816 | 852,835 |
Advances from Federal Home Loan Bank | 424,974 | 521,560 |
Other borrowings | 17,978 | 16,107 |
Long-term debt | 59,425 | 58,970 |
Fair Value, Inputs, Level 1 [Member] | ||
Financial Assets | ||
Cash and due from banks | 176,830 | 153,747 |
Short-term investments | 489,614 | 516,938 |
Securities available-for-sale | 669,870 | 465,918 |
Fair Value, Inputs, Level 2 [Member] | ||
Financial Assets | ||
Securities available-for-sale | 649,065 | 1,120,750 |
Trading securities | 4,936 | |
Investment in Federal Home Loan Bank stock | 30,785 | 25,000 |
Financial Liabilities | ||
Securities sold under agreement to repurchase | 473,816 | 852,835 |
Advances from Federal Home Loan Bank | 424,974 | 521,560 |
Long-term debt | 59,425 | 58,970 |
Fair Value, Inputs, Level 3 [Member] | ||
Financial Assets | ||
Loans held-for-sale | 1,225 | |
Loans, net | 8,688,072 | 7,760,490 |
Warrants | 27 | 30 |
Financial Liabilities | ||
Deposits | 8,785,342 | 7,977,639 |
Other borrowings | $17,978 | $16,107 |
Note_18_Employee_Benefit_Plans1
Note 18 - Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 18 - Employee Benefit Plans (Details) [Line Items] | |||
Minimum Number of Years Allowed To Participate in Employee Stock Ownership Plan | 2 years | ||
Minimum Number of Hours Allowed to Participate in Employee Stock Ownership Plan for Part Time Employees | 1000 hours | ||
Stock Issued During Period, Shares, Employee Stock Ownership Plan (in Shares) | 11,887 | 3,825 | 2,814 |
Stock Issued During Period, Value, Employee Stock Ownership Plan | $301,902 | $92,000 | $47,000 |
Employee Stock Ownership Plan (ESOP), Shares Contributed to ESOP (in Shares) | 73,439 | 51,779 | 116,124 |
Employee Stock Ownership Plan (ESOP), Shares in ESOP (in Shares) | 1,079,236 | ||
Percentage of Outstanding Common Stock Under Employee Stock Ownership Plan | 1.40% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 75.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | 1,400,000 | 1,000,000 | 1,000,000 |
Percentage of Participant Borrowing Capacity of Vested Amount | 50.00% | ||
Maximum [Member] | |||
Note 18 - Employee Benefit Plans (Details) [Line Items] | |||
Employee Stock Ownership Plan (ESOP), Debt Structure, Direct Loan, Employer Cash Payments Used for Debt Service | 50,000 | ||
Minimum [Member] | |||
Note 18 - Employee Benefit Plans (Details) [Line Items] | |||
Employee Stock Ownership Plan (ESOP), Debt Structure, Direct Loan, Employer Cash Payments Used for Debt Service | $1,000 | ||
Less Than Two Years of Service [Member] | |||
Note 18 - Employee Benefit Plans (Details) [Line Items] | |||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 0.00% | ||
Yearly After Two Years of Service [Member] | |||
Note 18 - Employee Benefit Plans (Details) [Line Items] | |||
Defined Contribution Plan, Employers Matching Contribution, Annual Vesting Percentage | 25.00% | ||
First Two and Half Percent of Eligible Compensation [Member] | |||
Note 18 - Employee Benefit Plans (Details) [Line Items] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 100.00% | ||
Matched at 100 Percent [Member] | |||
Note 18 - Employee Benefit Plans (Details) [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 4.00% |
Note_19_Equity_Incentive_Plans2
Note 19 - Equity Incentive Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 19 - Equity Incentive Plans (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Annual Increments to Be Vested in Common Stock Units | 20.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 0 |
Employee Service Share-based Compensation, Cash Received from Exercise of Stock Options (in Dollars) | $128,000 | $14,800,000 | $764,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 5,500 | 594,946 | 50,024 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value (in Dollars) | 16,000 | 307,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | ||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures | 52,431 | 45,937 | |
Average Per Share Stock Price Issued to Officers As Compensation (in Dollars per share) | $21.13 | $17.16 | |
Restricted Stock Units (RSUs) [Member] | |||
Note 19 - Equity Incentive Plans (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 17,601 | 25,037 | 125,133 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in Dollars per share) | $24.66 | $20.68 | $18.24 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | 2 years | |
Allocated Share-based Compensation Expense (in Dollars) | 3,800,000 | 2,000,000 | 1,300,000 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized (in Dollars) | 6,500,000 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 146 days | ||
Performance TSR Restricted Stock [Member] | |||
Note 19 - Equity Incentive Plans (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 60,456 | 119,840 | |
Performance EPS Restricted Stock Units [Member] | |||
Note 19 - Equity Incentive Plans (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 57,642 | 116,186 | |
Salary Stock [Member] | |||
Note 19 - Equity Incentive Plans (Details) [Line Items] | |||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures (in Dollars) | $0 | $1,100,000 | $788,000 |
Equity Incentive Plan [Member] | |||
Note 19 - Equity Incentive Plans (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 7,000,000 | ||
2005 Incentive Plan [Member] | |||
Note 19 - Equity Incentive Plans (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,131,854 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,984,895 |
Note_19_Equity_Incentive_Plans3
Note 19 - Equity Incentive Plans (Details) - Stock Options (USD $) | 0 Months Ended | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stock Options [Abstract] | |||||||
Balance - shares | 2,332,904 | 2,812,874 | 3,996,630 | 4,356,985 | 2,812,874 | 3,996,630 | |
Balance - weighted-average exercise price | $32.34 | $31.81 | $29.45 | $28.86 | $31.81 | $29.45 | |
Balance - weighted-average remaining contractual life | 1 year 73 days | 1 year 328 days | 2 years 73 days | 3 years | 1 year 73 days | ||
Balance - aggregate intrinisc value | $1,388 | $2,119 | $37 | $2,119 | |||
Exercisable, December 31, 2014 | 2,332,904 | ||||||
Exercisable, December 31, 2014 | $32.34 | ||||||
Exercisable, December 31, 2014 | 1 year 73 days | ||||||
Exercisable, December 31, 2014 | 1,388 | ||||||
Exercised - shares | -5,500 | -594,946 | -50,024 | ||||
Exercised - weighted-average exercise price | $23.37 | $24.80 | $15.27 | ||||
Forfeited - shares | -474,470 | -588,810 | -310,331 | ||||
Forfeited - weighted-average exercise price | $29.28 | $22.86 | $23.75 | ||||
Balance - shares | 2,332,904 | 2,812,874 | 3,996,630 | ||||
Balance - weighted-average exercise price | $32.34 | $31.81 | $29.45 | ||||
Balance - aggregate intrinisc value | $1,388 | $2,119 |
Note_19_Equity_Incentive_Plans4
Note 19 - Equity Incentive Plans (Details) - Stock Options Outstanding and Exercisable (USD $) | 0 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 30, 2011 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Shares outstanding | 2,332,904 | 2,812,874 | 3,996,630 | 2,332,904 | 2,812,874 | 3,996,630 | 4,356,985 | |
Weighted-average remaining contractual life | 1 year 73 days | 1 year 328 days | 2 years 73 days | 3 years | 1 year 73 days | |||
Shares exercisable | 2,332,904 | 2,332,904 | ||||||
Thirty Seven Dollars [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Exercise price (in Dollars per share) | 37 | 37 | ||||||
Shares outstanding | 563,610 | 563,610 | ||||||
Weighted-average remaining contractual life | 36 days | |||||||
Shares exercisable | 563,610 | 563,610 | ||||||
Thirty Two Dollars Forty Seven Cents [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Exercise price (in Dollars per share) | 32.47 | 32.47 | ||||||
Shares outstanding | 245,060 | 245,060 | ||||||
Weighted-average remaining contractual life | 73 days | |||||||
Shares exercisable | 245,060 | 245,060 | ||||||
Thirty Three Dollars Fifty Four Cents [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Exercise price (in Dollars per share) | 33.54 | 33.54 | ||||||
Shares outstanding | 264,694 | 264,694 | ||||||
Weighted-average remaining contractual life | 146 days | |||||||
Shares exercisable | 264,694 | 264,694 | ||||||
Thirty Six Dollars Ninety Cents [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Exercise price (in Dollars per share) | 36.9 | 36.9 | ||||||
Shares outstanding | 211,730 | 211,730 | ||||||
Weighted-average remaining contractual life | 1 year 36 days | |||||||
Shares exercisable | 211,730 | 211,730 | ||||||
Thirty Eight Dollars Twenty Six Cents [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Exercise price (in Dollars per share) | 38.26 | 38.26 | ||||||
Shares outstanding | 12,000 | 12,000 | ||||||
Weighted-average remaining contractual life | 1 year 109 days | |||||||
Shares exercisable | 12,000 | 12,000 | ||||||
Thirty Six Dollars Twenty Four Cents [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Exercise price (in Dollars per share) | 36.24 | 36.24 | ||||||
Shares outstanding | 410,730 | 410,730 | ||||||
Weighted-average remaining contractual life | 1 year 36 days | |||||||
Shares exercisable | 410,730 | 410,730 | ||||||
Twenty Three Dollars Thirty Seven Cents [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Exercise price (in Dollars per share) | 23.37 | 23.37 | ||||||
Shares outstanding | 625,080 | 625,080 | ||||||
Weighted-average remaining contractual life | 3 years 73 days | |||||||
Shares exercisable | 625,080 | 625,080 |
Note_19_Equity_Incentive_Plans5
Note 19 - Equity Incentive Plans (Details) - Restricted Stock Units (Restricted Stock [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock [Member] | |||
Note 19 - Equity Incentive Plans (Details) - Restricted Stock Units [Line Items] | |||
Balance | 379,458 | 256,616 | 171,410 |
Granted | 135,699 | 261,062 | 125,133 |
Vested | -122,832 | -138,220 | -11,814 |
Cancelled or forfeited | -5,860 | -28,113 | |
Balance | 386,465 | 379,458 | 256,616 |
Note_19_Equity_Incentive_Plans6
Note 19 - Equity Incentive Plans (Details) - Tax Short-fall from Share-based Payment Arrangements (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Tax Short-fall from Share-based Payment Arrangements [Abstract] | |||
Short-fall of tax deductions in excess of grant-date fair value | ($1,285) | ($2,509) | ($620) |
Benefit of tax deductions on grant-date fair value | 1,292 | 4,172 | 747 |
Total benefit of tax deductions | $7 | $1,663 | $127 |
Note_20_Condensed_Financial_In2
Note 20 - Condensed Financial Information of Cathay General Bancorp (Details) - Balance Sheets (USD $) | Dec. 31, 2014 | 31-May-14 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||||
Assets | |||||
Cash | $176,830 | $153,747 | $144,909 | $117,888 | |
Short-term certificates of deposit | 489,614 | 516,938 | |||
Securities available for sale | 1,318,935 | 1,586,668 | |||
Other assets | 143,106 | 190,634 | |||
Total assets | 11,516,846 | 10,989,286 | |||
Liabilities | |||||
Junior subordinated debt | 119,136 | 119,100 | |||
Other liabilities | 80,772 | 55,418 | |||
Total liabilities | 9,913,958 | 9,530,315 | |||
Stockholders' equity | |||||
Common stock, $0.01 par value, 100,000,000 shares authorized, 84,022,118 issued and 79,814,553 outstanding at December 31, 2014, and 83,797,434 issued and 79,589,869 outstanding at December 31, 2013 | 840 | 838 | |||
Additional paid-in-capital | 789,519 | 784,489 | |||
Accumulated other comprehensive loss, net | -5,569 | -29,729 | 465 | ||
Retained earnings | 943,834 | 829,109 | |||
Treasury stock, at cost (4,207,565 shares at December 31, 2014, and at December 31, 2013) | -125,736 | -125,736 | |||
Total liabilities and stockholders' equity | 11,516,846 | 10,989,286 | |||
Bank Subsidiaries [Member] | Parent Company [Member] | |||||
Assets | |||||
Investment in subsidiaries | 1,666,238 | 1,525,459 | |||
Non-Bank Subsidiaries [Member] | Parent Company [Member] | |||||
Assets | |||||
Investment in subsidiaries | 2,631 | 2,536 | |||
Parent Company [Member] | |||||
Assets | |||||
Cash | 7,420 | 1,835 | |||
Cash pledged as margin for interest rate swaps | 7,465 | ||||
Short-term certificates of deposit | 23,203 | 38,000 | |||
Securities available for sale | 10,244 | 11,404 | |||
Other assets | 9,541 | 1,462 | |||
Total assets | 1,726,742 | 1,580,696 | |||
Liabilities | |||||
Junior subordinated debt | 119,136 | 121,136 | |||
Other liabilities | 4,718 | 589 | |||
Total liabilities | 123,854 | 121,725 | |||
Stockholders' equity | |||||
Common stock, $0.01 par value, 100,000,000 shares authorized, 84,022,118 issued and 79,814,553 outstanding at December 31, 2014, and 83,797,434 issued and 79,589,869 outstanding at December 31, 2013 | 840 | 838 | |||
Additional paid-in-capital | 789,519 | 784,489 | |||
Accumulated other comprehensive loss, net | -5,569 | -29,729 | |||
Retained earnings | 943,834 | 829,109 | |||
Treasury stock, at cost (4,207,565 shares at December 31, 2014, and at December 31, 2013) | -125,736 | -125,736 | |||
Total stockholders' equity | 1,602,888 | 1,458,971 | |||
Total liabilities and stockholders' equity | $1,726,742 | $1,580,696 |
Note_20_Condensed_Financial_In3
Note 20 - Condensed Financial Information of Cathay General Bancorp (Details) - Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 84,022,118 | 83,797,434 |
Common stock, shares outstanding | 79,814,553 | 79,589,869 |
Treasury stock, shares | 4,207,565 | 4,207,565 |
Parent Company [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 84,022,118 | 83,797,434 |
Common stock, shares outstanding | 79,814,553 | 79,589,869 |
Treasury stock, shares | 4,207,565 | 4,207,565 |
Note_20_Condensed_Financial_In4
Note 20 - Condensed Financial Information of Cathay General Bancorp (Details) - Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Interest income | $106,043 | $106,335 | $105,062 | $101,207 | $101,621 | $102,462 | $100,862 | $102,051 | |||
Interest expense | 18,292 | 19,580 | 19,445 | 18,549 | 19,659 | 19,854 | 20,868 | 21,919 | 75,866 | 82,300 | 108,491 |
Non-interest income | 7,973 | 8,974 | 9,021 | 14,559 | 8,345 | 16,720 | 20,361 | 14,881 | 40,527 | 60,307 | 46,507 |
Non-interest expense | 41,125 | 42,607 | 42,513 | 48,068 | 40,319 | 50,670 | 53,716 | 49,128 | 174,313 | 193,833 | 192,589 |
Income tax benefit | 21,021 | 22,313 | 20,741 | 17,890 | 17,946 | 19,029 | 16,573 | 16,887 | 81,965 | 70,435 | 66,128 |
Income before undistributed earnings of subsidiaries | 56,599 | 58,222 | 55,825 | 49,149 | 49,988 | 51,658 | 46,639 | 45,885 | 219,795 | 194,170 | 184,171 |
Net income | 35,578 | 35,909 | 35,084 | 31,259 | 32,042 | 32,629 | 30,066 | 28,998 | 137,830 | 123,143 | 117,438 |
Parent Company [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Cash dividends from Cathay Bank | 30,000 | 138,030 | 154,700 | ||||||||
Interest income | 88 | 157 | 196 | ||||||||
Interest expense | 4,469 | 2,994 | 3,228 | ||||||||
Non-interest income | 10,144 | 434 | 3,718 | ||||||||
Non-interest expense | 2,248 | 2,443 | 2,064 | ||||||||
Income before income tax benefit | 33,515 | 133,184 | 153,322 | ||||||||
Income tax benefit | 1,478 | -2,037 | -579 | ||||||||
Income before undistributed earnings of subsidiaries | 32,037 | 135,221 | 153,901 | ||||||||
Distributions more than earnings of subsidiaries | -12,078 | -36,463 | |||||||||
Undistributed earnings of subsidiary | 105,793 | ||||||||||
Net income | $137,830 | $123,143 | $117,438 |
Note_20_Condensed_Financial_In5
Note 20 - Condensed Financial Information of Cathay General Bancorp (Details) - Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from Operating Activities | |||
Net income | $137,830 | $123,143 | $117,438 |
Income associated with debt redemption | -555 | ||
Write-downs on venture capital and other investments | 436 | 409 | 309 |
Write-downs on impaired securities | 820 | 181 | |
Stock issued to officers as compensation | 4,190 | 3,213 | 2,850 |
Excess tax short-fall from stock options | 1,285 | 2,509 | 620 |
Net change in other assets | -2,776 | 23,525 | 43,304 |
Net change in other liabilities | -11,256 | -4,973 | -2,256 |
Net cash provided by operating activities | 150,071 | 115,073 | 164,576 |
Cash flows from Investment Activities | |||
Proceeds from sale of available-for-sale securities | 160,451 | 575,358 | 60,951 |
Purchase of available-for-sale securities | -885,782 | -350,130 | -517,513 |
Net cash provided by/(used in) investment activities | -459,361 | -311,806 | -46,536 |
Cash flows from Financing Activities | |||
Redemption of Series B preferred stock | -258,000 | ||
Cash dividends | -23,104 | -12,606 | -16,049 |
Proceeds from exercise of stock options | 128 | 14,755 | 764 |
Taxes paid related to net share settlement of RSUs | -850 | ||
Excess tax short-fall from share-based payment arrangements | -1,285 | -2,509 | -620 |
Net cash used in financing activities | 332,373 | 205,571 | -91,019 |
Increase/(decrease) in cash and cash equivalents | 23,083 | 8,838 | 27,021 |
Cash and cash equivalents | 176,830 | 153,747 | 144,909 |
Series B Preferred Stock [Member] | Parent Company [Member] | |||
Cash flows from Financing Activities | |||
Redemption of Series B preferred stock | -258,000 | ||
Beginning of Period [Member] | Parent Company [Member] | |||
Cash flows from Financing Activities | |||
Cash and cash equivalents | 1,835 | 639 | 809 |
End of Period [Member] | Parent Company [Member] | |||
Cash flows from Financing Activities | |||
Cash and cash equivalents | 14,885 | 1,835 | 639 |
Parent Company [Member] | |||
Cash flows from Operating Activities | |||
Net income | 137,830 | 123,143 | 117,438 |
Dividends in excess of earnings of subsidiaries | 12,078 | 36,463 | |
Equity in undistributed earnings of subsidiaries | -105,793 | ||
Gains on sale of securities | -10,689 | -3,380 | |
Income associated with debt redemption | -555 | ||
Write-downs on venture capital and other investments | 432 | 357 | 262 |
Write-downs on impaired securities | 264 | 181 | |
Loss in fair value of warrants | 3 | 56 | 114 |
Stock issued to officers as compensation | 350 | ||
Excess tax short-fall from stock options | 1,285 | 2,509 | 620 |
Net change in other assets | -3,445 | -1,684 | 1,820 |
Net change in other liabilities | -1,294 | 27 | 71 |
Net cash provided by operating activities | 18,388 | 136,486 | 153,589 |
Cash flows from Investment Activities | |||
Decrease/(increase) in short-term investment | 14,797 | 123,300 | -142,300 |
Proceeds from sale of available-for-sale securities | 12,083 | 4,849 | |
Purchase of available-for-sale securities | -7,920 | ||
Venture capital and other investments | -590 | -835 | -694 |
Net cash provided by/(used in) investment activities | 18,370 | 122,465 | -138,145 |
Cash flows from Financing Activities | |||
Repayment of long-term debt | -1,445 | ||
Cash dividends | -23,104 | -12,606 | -16,049 |
Proceeds from shares issued under the Dividend Reinvestment Plan | 2,848 | 605 | 291 |
Proceeds from exercise of stock options | 128 | 14,755 | 764 |
Taxes paid related to net share settlement of RSUs | -850 | ||
Excess tax short-fall from share-based payment arrangements | -1,285 | -2,509 | -620 |
Net cash used in financing activities | -23,708 | -257,755 | -15,614 |
Increase/(decrease) in cash and cash equivalents | 13,050 | 1,196 | -170 |
Cash and cash equivalents | $7,420 | $1,835 |
Note_21_Dividend_Reinvestment_1
Note 21 - Dividend Reinvestment Plan (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Dividend Reinvestment Plan [Abstract] | |||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 116,957 | 25,984 | 17,956 |
Stock Issued During Period, Value, Dividend Reinvestment Plan | $2,800,000 | $605,000 | $291,000 |
Note_22_Regulatory_Matters_Det
Note 22 - Regulatory Matters (Details) | Dec. 31, 2014 |
Disclosure Text Block [Abstract] | |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.00% |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% |
Note_22_Regulatory_Matters_Det1
Note 22 - Regulatory Matters (Details) - Capital and Leverage Ratios (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Company [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Tier I Capital (to risk- weighted assets) | $1,406,511 | $1,288,892 | ||
Tier I Capital (to risk- weighted assets) | 14.96% | 15.04% | ||
Tier I Capital minimum requirement | 376,072 | 342,899 | ||
Tier I Capital minimum requirement | 4.00% | 4.00% | ||
Excess | 1,030,439 | 945,993 | ||
Excess | 10.96% | 11.04% | ||
Total Capital (to risk- weighted assets) | 1,524,702 | 1,401,319 | ||
Total Capital (to risk- weighted assets) | 16.22% | 16.35% | ||
Total Capital minimum requirement | 752,144 | 685,799 | ||
Total Capital minimum requirement | 8.00% | 8.00% | ||
Excess | 772,558 | 715,520 | ||
Excess | 8.22% | 8.35% | ||
Tier I Capital (to average assets) Leverage ratio | 1,406,511 | 1,288,892 | ||
Tier I Capital (to average assets) Leverage ratio | 12.99% | 12.48% | ||
Minimum leverage requirement | 433,121 | 413,158 | ||
Minimum leverage requirement | 4.00% | 4.00% | ||
Excess | 973,390 | 875,734 | ||
Excess | 8.99% | 8.48% | ||
Total average assets (1) | 10,828,015 | [1] | 10,328,952 | [1] |
Risk-weighted assets | 9,401,803 | 8,572,487 | ||
Bank [Member] | ||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||
Tier I Capital (to risk- weighted assets) | 1,353,481 | 1,244,480 | ||
Tier I Capital (to risk- weighted assets) | 14.42% | 14.53% | ||
Tier I Capital minimum requirement | 375,318 | 342,701 | ||
Tier I Capital minimum requirement | 4.00% | 4.00% | ||
Excess | 978,163 | 901,779 | ||
Excess | 10.42% | 10.53% | ||
Total Capital (to risk- weighted assets) | 1,471,337 | 1,352,415 | ||
Total Capital (to risk- weighted assets) | 15.68% | 15.79% | ||
Total Capital minimum requirement | 750,637 | 685,402 | ||
Total Capital minimum requirement | 8.00% | 8.00% | ||
Excess | 720,700 | 667,013 | ||
Excess | 7.68% | 7.79% | ||
Tier I Capital (to average assets) Leverage ratio | 1,353,481 | 1,244,480 | ||
Tier I Capital (to average assets) Leverage ratio | 12.52% | 12.06% | ||
Minimum leverage requirement | 432,350 | 412,815 | ||
Minimum leverage requirement | 4.00% | 4.00% | ||
Excess | 921,131 | 831,665 | ||
Excess | 8.52% | 8.06% | ||
Total average assets (1) | 10,808,747 | [1] | 10,320,368 | [1] |
Risk-weighted assets | $9,382,961 | $8,567,523 | ||
[1] | Average assets represent average balances for the fourth quarter of each year presented. |
Note_23_Balance_Sheet_Offsetti2
Note 23 - Balance Sheet Offsetting (Details) - Financial Instruments that are Eligible for Offset in the Consolidated Balance Sheet (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Liabilities: | ||
Gross amounts of recognized liabilities | $450,000 | $800,000 |
Net amounts of liabilities presented in the statement of financial position | 450,000 | 800,000 |
Collateral posted | -450,000 | -800,000 |
Derivatives | 4,626 | |
Derivatives | 4,626 | |
Derivatives | ($4,626) |
Note_24_Quarterly_Results_of_O2
Note 24 - Quarterly Results of Operations (Unaudited) (Details) - Selected Unaudited Quarterly Financial Data (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Selected Unaudited Quarterly Financial Data [Abstract] | |||||||||||
Interest income | $106,043 | $106,335 | $105,062 | $101,207 | $101,621 | $102,462 | $100,862 | $102,051 | |||
Interest expense | 18,292 | 19,580 | 19,445 | 18,549 | 19,659 | 19,854 | 20,868 | 21,919 | 75,866 | 82,300 | 108,491 |
Net interest income | 87,751 | 86,755 | 85,617 | 82,658 | 81,962 | 82,608 | 79,994 | 80,132 | 342,781 | 324,696 | 321,253 |
Reversal for credit losses | -2,000 | -5,100 | -3,700 | -3,000 | -10,800 | -3,000 | -9,000 | ||||
Net-interest income after provision for loan losses | 89,751 | 91,855 | 89,317 | 82,658 | 81,962 | 85,608 | 79,994 | 80,132 | 353,581 | 327,696 | 330,253 |
Non-interest income | 7,973 | 8,974 | 9,021 | 14,559 | 8,345 | 16,720 | 20,361 | 14,881 | 40,527 | 60,307 | 46,507 |
Non-interest expense | 41,125 | 42,607 | 42,513 | 48,068 | 40,319 | 50,670 | 53,716 | 49,128 | 174,313 | 193,833 | 192,589 |
Income before income tax expense | 56,599 | 58,222 | 55,825 | 49,149 | 49,988 | 51,658 | 46,639 | 45,885 | 219,795 | 194,170 | 184,171 |
Income tax expense | 21,021 | 22,313 | 20,741 | 17,890 | 17,946 | 19,029 | 16,573 | 16,887 | 81,965 | 70,435 | 66,128 |
Net income | 35,578 | 35,909 | 35,084 | 31,259 | 32,042 | 32,629 | 30,066 | 28,998 | 137,830 | 123,143 | 117,438 |
Less: net income attributable to noncontrolling interest | 140 | 151 | 150 | 151 | 592 | 605 | |||||
Net income attributable to Cathay General Bancorp | 35,578 | 35,909 | 35,084 | 31,259 | 31,902 | 32,478 | 29,916 | 28,847 | 137,830 | 123,735 | 118,043 |
Dividends on preferred stock | -2,434 | -2,067 | -5,184 | 9,685 | 16,488 | ||||||
Net income available to common stockholders | $35,578 | $35,909 | $35,084 | $31,259 | $31,902 | $30,044 | $27,849 | $23,663 | $137,830 | $113,458 | $100,950 |
Basic net income attributable to common stockholders per common share (in Dollars per share) | $0.45 | $0.45 | $0.44 | $0.39 | $0.40 | $0.38 | $0.35 | $0.30 | $1.73 | $1.44 | $1.28 |
Diluted net income attributable to common stockholders per common share (in Dollars per share) | $0.44 | $0.45 | $0.44 | $0.39 | $0.40 | $0.38 | $0.35 | $0.30 | $1.72 | $1.43 | $1.28 |