Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 31, 2016 | |
Document Information [Line Items] | ||
Entity Registrant Name | Cathay General Bancorp | |
Entity Central Index Key | 861,842 | |
Trading Symbol | caty | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 78,890,065 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 203,877 | $ 180,130 |
Short-term investments and interest bearing deposits | 791,757 | 536,880 |
Securities available-for-sale (amortized cost of $1,283,808 in 2016 and $1,595,723 in 2015) | 1,298,469 | 1,586,352 |
Loans held for sale | 4,750 | 6,676 |
Loans | 11,010,457 | 10,163,452 |
Less: Allowance for loan losses | (117,942) | (138,963) |
Unamortized deferred loan fees, net | (5,519) | (8,262) |
Loans, net | 10,886,996 | 10,016,227 |
Federal Home Loan Bank stock | 18,900 | 17,250 |
Other real estate owned, net | 20,986 | 24,701 |
Affordable housing investments and alternative energy partnerships, net | 225,535 | 182,943 |
Premises and equipment, net | 106,885 | 108,924 |
Customers’ liability on acceptances | 13,339 | 40,335 |
Accrued interest receivable | 31,868 | 30,558 |
Goodwill | 372,189 | 372,189 |
Other intangible assets, net | 3,158 | 3,677 |
Other assets | 120,080 | 147,284 |
Total assets | 14,098,789 | 13,254,126 |
Deposits | ||
Non-interest-bearing demand deposits | 2,246,661 | 2,033,048 |
Interest-bearing deposits: | ||
Demand deposits | 1,073,436 | 966,404 |
Money market deposits | 2,131,190 | 1,905,719 |
Savings deposits | 633,345 | 618,164 |
Time deposits | 4,854,064 | 4,985,752 |
Total deposits | 10,938,696 | 10,509,087 |
Securities sold under agreements to repurchase | 350,000 | 400,000 |
Advances from the Federal Home Loan Bank | 700,000 | 275,000 |
Other borrowings for affordable housing investments | 17,705 | 18,593 |
Long-term debt | 119,136 | 119,136 |
Acceptances outstanding | 13,339 | 40,335 |
Other liabilities | 166,474 | 144,197 |
Total liabilities | 12,305,350 | 11,506,348 |
Commitments and contingencies | ||
Stockholders’ Equity | ||
Common stock, $0.01 par value, 100,000,000 shares authorized, 87,090,319 issued and 78,879,676 outstanding at September 30, 2016, and 87,002,931 issued and 80,806,116 outstanding at December 31, 2015 | 871 | 870 |
Additional paid-in-capital | 886,081 | 880,822 |
Accumulated other comprehensive income/(loss), net | 1,903 | (8,426) |
Retained earnings | 1,144,173 | 1,059,660 |
Treasury stock, at cost (8,210,643 shares at September 30, 2016, and 6,196,815 shares at December 31, 2015) | (239,589) | (185,148) |
Total equity | 1,793,439 | 1,747,778 |
Total liabilities and equity | $ 14,098,789 | $ 13,254,126 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Securities available-for-sale, amortized cost | $ 1,283,808 | $ 1,595,723 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock shares issued (in shares) | 87,090,319 | 87,002,931 |
Common stock shares outstanding (in shares) | 78,879,676 | 80,806,116 |
Treasury stock shares (in shares) | 8,210,643 | 6,196,815 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Interest and Dividend Income | ||||
Loans receivable, including loan fees | $ 118,500 | $ 109,943 | $ 349,212 | $ 315,038 |
Investment securities | 4,850 | 6,142 | 16,974 | 15,262 |
Federal Home Loan Bank stock | 393 | 524 | 1,122 | 2,782 |
Deposits with banks | 412 | 258 | 1,094 | 1,105 |
Total interest and dividend income | 124,155 | 116,867 | 368,402 | 334,187 |
Interest Expense | ||||
Time deposits | 10,701 | 10,407 | 32,177 | 28,321 |
Other deposits | 4,212 | 3,217 | 11,783 | 9,010 |
Securities sold under agreements to repurchase | 3,828 | 3,977 | 11,696 | 11,836 |
Advances from Federal Home Loan Bank | 134 | 164 | 442 | 374 |
Long-term debt | 1,456 | 1,456 | 4,336 | 4,320 |
Total interest expense | 20,331 | 19,221 | 60,434 | 53,861 |
Net interest income before reversal for credit losses | 103,824 | 97,646 | 307,968 | 280,326 |
Reversal for loan losses | (1,250) | (15,650) | (8,400) | |
Net interest income after reversal for credit losses | 103,824 | 98,896 | 323,618 | 288,726 |
Non-Interest Income | ||||
Securities gains/(losses), net | 1,692 | (16) | 3,141 | (3,369) |
Letters of credit commissions | 1,212 | 1,455 | 3,698 | 4,114 |
Depository service fees | 1,401 | 1,409 | 4,109 | 4,003 |
Other operating income | 4,506 | 6,308 | 14,461 | 18,576 |
Total non-interest income | 8,811 | 9,156 | 25,409 | 23,324 |
Non-Interest Expense | ||||
Salaries and employee benefits | 22,881 | 20,725 | 71,313 | 67,804 |
Occupancy expense | 4,734 | 4,412 | 13,587 | 12,419 |
Computer and equipment expense | 2,337 | 3,893 | 7,360 | 8,783 |
Professional services expense | 4,999 | 3,792 | 13,981 | 11,408 |
Data processing service expense | 2,279 | 1,895 | 6,556 | 5,822 |
FDIC and State assessments | 2,288 | 2,403 | 7,640 | 6,907 |
Marketing expense | 1,516 | 1,436 | 3,314 | 3,577 |
Other real estate owned expense/(income) | (176) | 250 | 612 | (1,053) |
Amortization of investments in low income housing and alternative energy partnerships | 5,432 | 15,427 | 35,626 | 23,277 |
Amortization of core deposit intangibles | 172 | 169 | 517 | 493 |
Other operating expense | 4,275 | 3,069 | 10,681 | 9,750 |
Total non-interest expense | 50,737 | 57,471 | 171,187 | 149,187 |
Income before income tax expense | 61,898 | 50,581 | 177,840 | 162,863 |
Income tax expense | 15,808 | 12,098 | 50,756 | 43,200 |
Net income | 46,090 | 38,483 | 127,084 | 119,663 |
Other comprehensive income, net of tax | ||||
Unrealized holding gain on securities available-for-sale | 938 | 2,733 | 15,748 | 2,837 |
Less: reclassification adjustments for gains/(losses) included in net income | 981 | (10) | 1,821 | (1,953) |
Unrealized holding gain/(loss) on cash flow hedge derivatives | 804 | (2,558) | (3,598) | (1,818) |
Total other comprehensive gain, net of tax | 761 | 185 | 10,329 | 2,972 |
Total comprehensive income | $ 46,851 | $ 38,668 | $ 137,413 | $ 122,635 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.58 | $ 0.47 | $ 1.61 | $ 1.49 |
Diluted (in dollars per share) | 0.58 | 0.47 | 1.59 | 1.48 |
Cash dividends paid per common share (in dollars per share) | $ 0.18 | $ 0.14 | $ 0.54 | $ 0.38 |
Weighted-average shares: | ||||
Basic weighted-average number of common shares outstanding (in shares) | 78,865,860 | 81,475,288 | 79,147,839 | 80,422,711 |
Diluted (in shares) | 79,697,069 | 82,285,478 | 79,902,846 | 81,105,191 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash Flows from Operating Activities | ||
Net income | $ 127,084,000 | $ 119,663,000 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
Credit for loan losses | (15,650,000) | (8,400,000) |
Provision for losses on other real estate owned | 176,000 | 547,000 |
Deferred tax liability | 22,483,000 | 14,327,000 |
Depreciation and amortization | 5,684,000 | 5,745,000 |
Net gains on sale and transfer of other real estate owned | (476,000) | (2,006,000) |
Net gains on sale of loans | (285,000) | (845,000) |
Proceeds from sales of loans | 13,525,000 | 28,507,000 |
Originations of loans held-for-sale | (12,665,000) | (26,689,000) |
Amortization on alternative energy partnerships, venture capital and other investments | 27,282,000 | 16,993,000 |
Net gain on sales and calls of securities | (3,347,000) | (506,000) |
Amortization/accretion of security premiums/discounts, net | 5,193,000 | 3,542,000 |
Loss on sales or disposal of fixed assets | 19,000 | 138,000 |
Write-down on impaired securities | 206,000 | 3,875,000 |
Excess tax short-fall from share-based payment arrangements | 5,602,000 | |
Stock based compensation and stock issued to officers as compensation | 3,804,000 | 3,923,000 |
Net change in accrued interest receivable and other assets | 2,101,000 | (30,929,000) |
Net change in other liabilities | (4,537,000) | (9,432,000) |
Net cash provided by operating activities | 170,597,000 | 124,055,000 |
Cash Flows from Investing Activities | ||
Decrease/(increase) in short-term investments | (254,877,000) | 119,785,000 |
Purchase of investment securities available-for-sale | (690,966,000) | (1,323,149,000) |
Proceeds from sale of investment securities available-for-sale | 415,543,000 | 1,033,195,000 |
Proceeds from repayments, maturities and calls of investment securities available-for-sale | 585,285,000 | 232,253,000 |
Purchase of Federal Home Loan Bank stock | (1,650,000) | |
Redemptions of Federal Home Loan Bank stock | 13,535,000 | |
Net increase in loans | (853,453,000) | (702,595,000) |
Purchase of premises and equipment | (3,166,000) | (2,628,000) |
Proceeds from sales of premises and equipment | 11,000 | |
Proceeds from sales of other real estate owned | 6,713,000 | 10,524,000 |
Investment in affordable housing and alternative energy partnerships | (59,844,000) | (46,349,000) |
Acquisition, net of cash acquired | 6,572,000 | |
Net cash used in investing activities | (856,404,000) | (658,857,000) |
Cash Flows from Financing Activities | ||
Net increase in deposits | 429,976,000 | 1,034,442,000 |
Net decrease in federal funds purchased and securities sold under agreements to repurchase | (50,000,000) | (50,000,000) |
Advances from Federal Home Loan Bank | 2,730,000,000 | 4,842,000,000 |
Repayment of Federal Home Loan Bank borrowings | (2,305,000,000) | (5,192,000,000) |
Cash dividends paid | (42,570,000) | (30,690,000) |
Purchases of treasury stock | (54,441,000) | (50,701,000) |
Proceeds from shares issued under Dividend Reinvestment Plan | 1,643,000 | 3,636,000 |
Proceeds from exercise of stock options | 49,000 | 3,433,000 |
Taxes paid related to net share settlement of RSUs | (103,000) | (204,000) |
Excess tax short-fall from share-based payment arrangements | (5,602,000) | |
Net cash provided by financing activities | 709,554,000 | 554,314,000 |
Increase in cash and cash equivalents | 23,747,000 | 19,512,000 |
Cash and cash equivalents, beginning of the period | 180,130,000 | 176,830,000 |
Cash and cash equivalents, end of the period | 203,877,000 | 196,342,000 |
Supplemental disclosure of cash flow information | ||
Interest | 61,212,000 | 52,614,000 |
Income taxes paid | 31,717,000 | 67,776,000 |
Non-cash investing and financing activities: | ||
Net change in unrealized holding gain on securities available-for-sale, net of tax | 13,927,000 | 4,790,000 |
Net change in unrealized holding loss on cash flow hedge derivatives | (3,598,000) | (1,818,000) |
Transfers of investment securities to available-for-sale from other assets | 520,000 | |
Transfers to other real estate owned from loans held for investment | 2,698,000 | 3,914,000 |
Loans transferred from held for sale to held for investment, net | 1,351,000 | |
Loans to facilitate the sale of other real estate owned | 2,616,000 | |
Issuance of stock related to acquisition | $ 82,857,000 |
Note 1 - Business
Note 1 - Business | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Business Cathay General Bancorp (“Bancorp”) is the holding company for Cathay Bank (the “Bank” and, together, the “Company”), six limited partnerships investing in affordable housing investments in which the Bank is the sole limited partner, and GBC Venture Capital, Inc. Bancorp also owns 100% of the common stock of five statutory business trusts created for the purpose of issuing capital securities. The Bank was founded in 1962 and offers a wide range of financial services. As of September 30, 2016, the Bank operated 22 branches in Southern California, 12 branches in Northern California, 12 branches in New York State, three branches in Illinois, three branches in Washington State, two branches in Texas, one branch in Massachusetts, one branch in New Jersey, one branch in Maryland, one branch in Nevada, one branch in Hong Kong, and a representative office in Shanghai and in Taipei. Deposit accounts at the Hong Kong branch are not insured by the Federal Deposit Insurance Corporation (the “FDIC”). |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 2. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. For further information, refer to the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The preparation of the condensed 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 most significant estimates subject to change are the allowance for loan losses, goodwill impairment, and other-than-temporary impairment. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). The new guidance replaces existing revenue recognition guidance for contracts to provide goods or services to customers and amends existing guidance related to recognition of gains and losses on the sale of certain nonfinancial assets such as real estate. ASU 2014-09 clarifies the principles for recognizing revenue and replaces nearly all existing revenue recognition guidance in U.S. GAAP. Quantitative and qualitative disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers are also required. ASU 2014-09 as amended by ASU 2015-14, ASU 2016-08, ASU 2016-10 and ASU 2016-12, is effective for interim and annual periods beginning after December 15, 2017 and is applied on either a modified retrospective or full retrospective basis. Early adoption is permitted for interim and annual periods beginning after December 15, 2016. Adoption of ASU 2014-09 and its subsequent amendments is not expected to have a significant impact on the Company’s Consolidated Financial Statements. In January 2016, the FASB issued ASU 2016-01, “ Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities effective for interim and annual periods beginning after December 15, 2017. Adoption of ASU 2016-01 is not expected to have a significant impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), In March 2016, the FASB issued ASU 2016-06, “ Derivatives and Hedging ( T opic 8 15 ): Contingent Put and Call Options in Debt Instruments effective for interim and annual periods beginning after December 15, 2016. Adoption of ASU 2016-06 is not expected to have a significant impact on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, “ Investments Equity Method and Joint Ventures ( T opic 323 ): Simplifying the Transition to the Equity Method of Accounting effective for interim and annual periods beginning after December 15, 2016. Adoption of ASU 2016-07 is not expected to have a significant impact on the Company’s consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “ Compensation Stock Compensation ( T opic 718 ): I m provements to Employee Share-Based Payment Accounting effective for interim and annual periods beginning after December 15, 2016. Adoption of ASU 2016-09 is not expected to have a significant impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “ Financial Instruments - Credit Losses ( T opic 326 ): Measurement of Credit Losses on Financial Instruments.” effective for interim and annual periods beginning after December 15, 2019. The Company is currently evaluating the impact on the Company’s consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments.” The Company is currently evaluating the impact on the Company’s consolidated financial statements. |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4 . Earnings per Share Basic earnings per share 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 earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock and resulted in the issuance of common stock that then shared in earnings. Outstanding stock options with anti-dilutive effect were not included in the computation of diluted earnings per share. The following table sets forth earnings per common share calculations: Three months ended September 30, Nine months ended September 30, (Dollars in thousands, except share and per share data) 2016 2015 2016 2015 Net income $ 46,090 $ 38,483 $ 127,084 $ 119,663 Weighted-average shares: Basic weighted-average number of common shares outstanding 78,865,860 81,475,288 79,147,839 80,422,711 Dilutive effect of weighted-average outstanding common share equivalents Warrants 569,949 606,803 520,686 507,002 Options 95,850 123,910 90,461 124,135 Restricted stock units 165,410 79,477 143,860 51,343 Diluted weighted-average number of common shares outstanding 79,697,069 82,285,478 79,902,846 81,105,191 Average stock options and warrants with anti-dilutive effect 207,183 760,291 247,974 1,082,400 Earnings per common share: Basic $ 0.58 $ 0.47 $ 1.61 $ 1.49 Diluted $ 0.58 $ 0.47 $ 1.59 $ 1.48 |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 5 . Stock-Based Compensation Under the Company’s equity incentive plans, directors and eligible employees may be granted incentive or non-statutory stock options and/or restricted stock units, or awarded non-vested stock. As of September 30, 2016, the only options granted by the Company 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. There were no options granted during the first nine months of 2016 or 2015. Option compensation expense was zero for the three months and for the nine months ended September 30, 2016, and September 30, 2015. Stock-based compensation was fully recognized over the requisite service period for all awards. There were 2,110 and 147,350 stock option shares exercised in the nine months ended September 30, 2016 and 2015, respectively. The Company received $49,000 with an aggregate intrinsic value of $9,000 from the exercise of stock options during the nine months ended September 30, 2016 compared to $3.4 million with an aggregate intrinsic value of $1.3 million during the nine months ended September 30, 2015. The table below summarizes stock option activity for the periods indicated: Shares Weighted-average Exercise Price Weighted-average Remaining Life (in years) Aggregate Intrinsic Value (in thousands) Balance, December 31, 2015 1,031,170 $ 31.27 0.9 $ 3,268 Exercised (2,110 ) 23.37 Forfeited (608,670 ) 36.46 Balance, March 31, 2016 420,390 $ 23.80 1.8 $ 2,026 Forfeited (12,000 ) 38.26 Balance, June 30, 2016 408,390 $ 23.37 1.6 $ 1,973 Exercised - - Forfeited - - Balance, September 30, 2016 408,390 $ 23.37 1.4 $ 3,026 Exercisable, September 30, 2016 408,390 $ 23.37 1.4 $ 3,026 In addition to stock options, the Company also grants restricted stock units to eligible employees that vest subject to continued employment at the vesting dates. The Company granted restricted stock units for 88,693 shares at an average closing price of $30.37 per share in the first nine months of 2016. The Company granted restricted stock units for 72,900 shares at an average closing price for $28.11 per share in the first nine months of 2015 . 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 earnings per share (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. 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 to seven executive officers. In December 2015, the Company granted additional performance TSR restricted stock units for 61,209 shares and performance EPS restricted stock units for 57,409 shares to seven executive officers. Both the performance TSR and performance EPS units awarded are scheduled to vest three years from grant date. The following table presents restricted stock unit activity during the nine months ended September 30, 2016: Units Balance at December 31, 2015 542,375 Granted 88,693 Vested (13,780 ) Forfeited (3,290 ) Balance at September 30, 2016 613,998 The compensation expense recorded for restricted stock units was $1.2 million for the three months ended September 30, 2016 , compared to $1.2 million in the same period a year ago. For the nine months ended September 30, 2016 and 2015, compensation expense recorded related to the restricted stock units was $3.3 million and $3.4 million, respectively. Unrecognized stock-based compensation expense related to restricted stock units was $6.9 million as of September 30, 2016, and is expected to be recognized over the next 2.1 years. As of September 30, 2016, 3,716,379 shares were available under the Company’s 2005 Incentive Plan (as Amended and Restated) for future grants. The following table summarizes the tax benefit (short-fall) from share-based payment arrangements: Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2016 2015 2016 2015 Tax benefit/(short-fall) of tax deductions in excess of grant-date fair value $ - $ 17 $ (3,366 ) $ (5,602 ) Benefit of tax deductions on grant-date fair value - 275 3,370 6,421 Total benefit of tax deductions $ - $ 292 $ 4 $ 819 The short-fall amount from share-based payment arrangements was charged against income tax expense. In addition, as of September 30, 2016, $140,000 was offset against additional paid-in capital that resulted from previously realized excess tax benefits. |
Note 6 - Investment Securities
Note 6 - Investment Securities | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 6 . Investment Securities Investment securities were $1.30 billion as of September 30, 2016, compared to $1.59 billion as of December 31, 2015. The following tables reflect the amortized cost, gross unrealized gains, gross unrealized losses, and fair value of investment securities as of September 30, 2016, and December 31, 2015: September 30, 2016 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ 389,921 $ 112 $ 24 $ 390,009 U.S. government sponsored entities 250,000 79 69 250,010 Mortgage-backed securities 556,454 7,186 2 563,638 Collateralized mortgage obligations 52 - 22 30 Corporate debt securities 74,962 444 937 74,469 Mutual funds 6,000 - 74 5,926 Preferred stock of government sponsored entities 2,811 565 188 3,188 Other equity securities 3,608 7,591 - 11,199 Total $ 1,283,808 $ 15,977 $ 1,316 $ 1,298,469 December 31, 2015 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ 284,678 $ 5 $ 395 $ 284,288 U.S. government sponsored entities 150,000 - 1,840 148,160 Mortgage-backed securities 1,073,108 560 11,399 1,062,269 Collateralized mortgage obligations 63 - 27 36 Corporate debt securities 74,955 425 1,525 73,855 Mutual funds 6,000 - 167 5,833 Preferred stock of government sponsored entities 2,811 633 228 3,216 Other equity securities 4,108 4,929 342 8,695 Total $ 1,595,723 $ 6,552 $ 15,923 $ 1,586,352 The amortized cost and fair value of investment securities as of September 30, 2016, 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 $ 289,859 $ 289,923 Due after one year through five years 353,931 353,682 Due after five years through ten years 75,117 75,076 Due after ten years (1) 564,901 579,788 Total $ 1,283,808 $ 1,298,469 (1) Proceeds of $415.3 million were received from the sales transactions of mortgage-backed securities during the first nine months of 2016. Proceeds of $648.0 million were received from the sale of mortgage-backed securities during the first nine months of 2015. Proceeds from repayments, maturities and calls of mortgage-backed securities were $125.3 million and $67.3 million for the nine months ended September 30, 2016 and 2015, respectively. There were no sales transactions of other investment securities during the nine months ended September 30, 2016. Proceeds of $385.2 million were received from the sale of other investment securities during the nine months ended September 30, 2015. Proceeds from maturities and calls of other investment securities were $460.0 million during the nine months ended September 30, 2016 compared to $165.0 million during the same period a year ago. Gains of $3.3 million and zero losses were realized on sales of investment securities in addition to a permanent impairment write-down of $206,000 that was recorded during the nine months ended September 30, 2016 compared to gains of $2.4 million and losses of $1.9 million realized during the same period a year ago. The tables below show the fair value and unrealized losses of the temporarily impaired securities in our investment securities portfolio as of September 30, 2016, and December 31, 2015: September 30, 2016 Temporarily impaired securities Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands) Securities Available-for-Sale U.S. treasury securities $ 149,983 $ 24 $ - $ - $ 149,983 $ 24 U.S. government sponsored entities 149,931 69 - - 149,931 69 Mortgage-backed securities 44 1 265 1 309 2 Collateralized mortgage obligations - - 30 22 30 22 Corporate debt securities - - 54,063 937 54,063 937 Mutual funds - - 5,926 74 5,926 74 Preferred stock of government sponsored entities 2,528 188 - - 2,528 188 Total $ 302,486 $ 282 $ 60,284 $ 1,034 $ 362,770 $ 1,316 December 31, 2015 Temporarily impaired securities Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands) Securities Available-for-Sale U.S. treasury securities $ 224,289 $ 395 $ - $ - $ 224,289 $ 395 U.S. government sponsored entities 148,160 1,840 - - 148,160 1,840 Mortgage-backed securities 1,025,342 11,398 6 1 1,025,348 11,399 Collateralized mortgage obligations - - 36 27 36 27 Corporate debt securities 9,950 50 43,525 1,475 53,475 1,525 Mutual funds - - 5,833 167 5,833 167 Preferred stock of government sponsored entities 2,488 228 - - 2,488 228 Other equity securities 158 342 - - 158 342 Total $ 1,410,387 $ 14,253 $ 49,400 $ 1,670 $ 1,459,787 $ 15,923 As of September 30, 2016, the Company had unrealized losses of $1.3 million. The unrealized losses on these securities were primarily attributed to yield curve movement, together with the widened liquidity spread and credit spread. The issuers have not, to the Company’s knowledge, established any cause for default on these securities. Management believes the impairment was temporary and, accordingly, no impairment loss on these securities has been recognized in our condensed consolidated statements of operations. The Company expects to recover the amortized cost basis of its debt securities, and has 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. Investment securities having a carrying value of $505.9 million as of September 30, 2016, and $449.6 million as of December 31, 2015, were pledged to secure public deposits, other borrowings, treasury tax and loan, and securities sold under agreements to repurchase. |
Note 7 - Loans
Note 7 - Loans | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 7 . Loans Most of the Company’s business activity is with Asian customers located in Southern and Northern California; New York City, New York; Houston and Dallas, Texas; Seattle, Washington; Boston, Massachusetts; Chicago, Illinois; Edison, New Jersey; Rockville, Maryland; Las Vegas, Nevada, and Hong Kong. The Company has no specific industry concentration, and generally its loans are secured by real property or other collateral of the borrowers. Loans are generally expected to be paid off from the operating profits of the borrowers, from refinancing by other lenders, or through sale by the borrowers of the secured collateral. The types of loans in the condensed consolidated balance sheets as of September 30, 2016, and December 31, 2015, were as follows: September 30, 2016 December 31, 2015 (in thousands) Commercial loans $ 2,248,996 $ 2,316,863 Residential mortgage loans 2,329,402 1,932,355 Commercial mortgage loans 5,743,991 5,301,218 Real estate construction loans 515,236 441,543 Equity lines 170,022 168,980 Installment & other loans 2,810 2,493 Gross loans $ 11,010,457 $ 10,163,452 Allowance for loan losses (117,942 ) (138,963 ) Unamortized deferred loan fees (5,519 ) (8,262 ) Total loans, net $ 10,886,996 $ 10,016,227 Loans held for sale $ 4,750 $ 6,676 As of September 30, 2016, recorded investment in impaired loans totaled $130.9 million and was comprised of non-accrual loans of $44.4 million and accruing troubled debt restructured loans (TDRs) of $86.6 million. As of December 31, 2015, recorded investment in impaired loans totaled $133.8 million and was comprised of non-accrual loans of $52.1 million and accruing TDRs of $81.7 million. For impaired loans, the amounts previously charged off represent 7.7% as of September 30, 2016, and 22.4% as of December 31, 2015, of the contractual balances for impaired loans. The following table presents the average balance and interest income recognized related to impaired loans for the periods indicated: Impaired Loans Average Recorded Investment Interest Income Recognized Three months ended Nine months ended Three months ended Nine months ended September 30, September 30, September 30, September 30, 2016 2015 2016 2015 2016 2015 2016 2015 (In thousands) Commercial loans $ 28,091 $ 23,894 $ 18,602 $ 24,974 $ 170 $ 170 $ 488 $ 519 Real estate construction loans 5,869 22,392 12,005 22,056 66 66 196 196 Commercial mortgage loans 81,005 97,557 86,456 104,508 776 777 2,124 2,126 Residential mortgage loans and equity lines 18,256 16,506 17,456 16,934 148 139 401 380 Total impaired loans $ 133,221 $ 160,349 $ 134,519 $ 168,472 $ 1,160 $ 1,152 $ 3,209 $ 3,221 The following table presents impaired loans and the related allowance for loan losses as of the dates indicated: Impaired Loans September 30, 2016 December 31, 2015 Unpaid Principal Balance Recorded Investment Allowance Unpaid Principal Balance Recorded Investment Allowance (In thousands) With no allocated allowance Commercial loans $ 29,794 $ 29,414 $ - $ 15,493 $ 6,721 $ - Real estate construction loans 5,776 5,507 - 51,290 22,002 - Commercial mortgage loans 72,319 64,298 - 59,954 54,625 - Residential mortgage loans and equity lines 4,832 4,675 - 3,233 3,026 - Subtotal $ 112,721 $ 103,894 $ - $ 129,970 $ 86,374 $ - With allocated allowance Commercial loans $ 3,315 $ 3,217 $ 1,320 $ 7,757 $ 6,847 $ 530 Commercial mortgage loans 10,425 10,289 1,248 28,258 27,152 6,792 Residential mortgage loans and equity lines 14,637 13,514 375 14,383 13,437 427 Subtotal $ 28,377 $ 27,020 $ 2,943 $ 50,398 $ 47,436 $ 7,749 Total impaired loans $ 141,098 $ 130,914 $ 2,943 $ 180,368 $ 133,810 $ 7,749 The following tables present the aging of the loan portfolio by type as of September 30, 2016, and as of December 31, 2015: September 30, 2016 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Non-accrual Loans Total Past Due Loans Not Past Due Total (In thousands) Type of Loans: Commercial loans $ 45,409 $ 6,807 $ - $ 9,251 $ 61,467 $ 2,187,529 $ 2,248,996 Real estate construction loans - - - 5,507 5,507 509,729 515,236 Commercial mortgage loans 12,949 12,205 - 21,077 46,231 5,697,760 5,743,991 Residential mortgage loans and equity lines - 477 - 8,524 9,001 2,490,423 2,499,424 Installment and other loans - - - - - 2,810 2,810 Total loans $ 58,358 $ 19,489 $ - $ 44,359 $ 122,206 $ 10,888,251 $ 11,010,457 December 31, 2015 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Non-accrual Loans Total Past Due Loans Not Past Due Total (In thousands) Type of Loans: Commercial loans $ 8,367 $ 221 $ - $ 3,545 $ 12,133 $ 2,304,730 $ 2,316,863 Real estate construction loans 7,285 - - 16,306 23,591 417,952 441,543 Commercial mortgage loans 2,243 2,223 - 25,231 29,697 5,271,521 5,301,218 Residential mortgage loans and equity lines 4,959 1,038 - 7,048 13,045 2,088,290 2,101,335 Installment and other loans - - - - - 2,493 2,493 Total loans $ 22,854 $ 3,482 $ - $ 52,130 $ 78,466 $ 10,084,986 $ 10,163,452 The determination of the amount of the allowance for loan losses for impaired 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 collectability when determining the appropriate level for the allowance for loan losses. The nature of the process by which the Bank determines the appropriate allowance for loan losses requires the exercise of considerable judgment. This allowance evaluation process is also applied to troubled debt restructurings since they are considered to be impaired loans. A troubled debt restructuring 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 it would not otherwise consider. The concessions may be granted in various forms, including a change in the stated interest rate, a reduction in the loan balance or accrued interest, or an extension of the maturity date that causes significant delay in payment. TDRs on accrual status are comprised of the loans that 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. As of September 30, 2016, accruing TDRs were $86.6 million and non-accrual TDRs were $20.9 million compared to accruing TDRs of $81.7 million and non-accrual TDRs of $39.9 million as of December 31, 2015. The Company allocated specific reserves of $1.3 million to accruing TDRs and $0.3 million to non-accrual TDRs as of September 30, 2016, and $2.0 million to accruing TDRs and $5.4 million to non-accrual TDRs as of December 31, 2015. The following tables present TDRs that were modified during the three and nine months ended September 30, 2016 and 2015, their specific reserve s as of September 30, 2016 and 2015 and charge-off s for the three and nine months ended September 30, 2016 and 2015: Three months ended September 30, 2016 September 30, 2016 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserve (Dollars in thousands) Commercial loans 7 $ 18,258 $ 18,258 $ - $ 208 Commercial mortgage loans 1 738 738 - - Total 8 $ 18,996 $ 18,996 $ - $ 208 Three months ended September 30, 2015 September 30, 2015 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserve (Dollars in thousands) Commercial loans 2 $ 306 $ 306 $ - $ 1 Commercial mortgage loans 15 1,918 1,918 - - Total 17 $ 2,224 $ 2,224 $ - $ 1 Nine months ended September 30, 2016 September 30, 2016 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserve (Dollars in thousands) Commercial loans 11 $ 23,102 $ 23,102 $ - $ 222 Commercial mortgage loans 1 738 738 - - Residential mortgage loans and equity lines 2 367 367 - - Total 14 $ 24,207 $ 24,207 $ - $ 222 Nine months ended September 30, 2015 September 30, 2015 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserve (Dollars in thousands) Commercial loans 3 $ 1,156 $ 1,156 $ - $ 1 Commercial mortgage loans 19 16,329 16,329 - 38 Residential mortgage loans and equity lines 5 1,522 1,374 148 45 Total 27 $ 19,007 $ 18,859 $ 148 $ 84 Modifications of the loan terms during the first nine months of 2016 were in the form of changes in the stated interest rate, extensions of maturity dates, and/or reductions in monthly payment amounts. The length of time for which modifications involving a reduction of the stated interest rate or changes in payment terms that were documented ranged from three to ten months from the modification date. We expect that the TDRs on accruing status as of September 30, 2016, which were 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. A summary of TDRs by type of concession and by type of loan, as of September 30, 2016, and December 31, 2015, is shown below: September 30, 2016 Accruing TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 22,019 $ - $ 1,360 $ 23,379 Commercial mortgage loans 26,835 5,986 20,690 53,511 Residential mortgage loans 5,048 989 3,628 9,665 Total accruing TDRs $ 53,902 $ 6,975 $ 25,678 $ 86,555 September 30, 2016 Non-accrual TDRs Payment Deferral Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 3,477 $ 90 $ 3,567 Commercial mortgage loans 1,508 15,260 16,768 Residential mortgage loans 364 171 535 Total non-accrual TDRs $ 5,349 $ 15,521 $ 20,870 December 31, 2015 Accruing TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 8,298 $ - $ 1,726 $ 10,024 Real estate construction loans - - 5,696 5,696 Commercial mortgage loans 16,701 6,045 33,800 56,546 Residential mortgage loans 5,201 999 3,214 9,414 Total accruing TDRs $ 30,200 $ 7,044 $ 44,436 $ 81,680 December 31, 2015 Non-accrual TDRs Payment Deferral Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 1,033 $ 90 $ 1,123 Real estate construction loans 9,981 5,825 15,806 Commercial mortgage loans 1,544 20,362 21,906 Residential mortgage loans 388 700 1,088 Total non-accrual TDRs $ 12,946 $ 26,977 $ 39,923 The activity within our TDRs for the periods indicated are shown below: Three months ended September 30, Nine months ended September 30, Accruing TDRs 2016 2015 2016 2015 (In thousands) Beginning balance $ 74,708 $ 100,011 $ 81,680 $ 104,355 New restructurings 18,347 427 20,412 16,853 Restructured loans restored to accrual status - 723 10,303 723 Charge-offs - - - (148 ) Payments (6,500 ) (11,280 ) (9,816 ) (21,714 ) Restructured loans placed on non-accrual status - - (1,138 ) (10,188 ) Expiration of loan concession upon renewal - - (14,886 ) - Ending balance $ 86,555 $ 89,881 $ 86,555 $ 89,881 Three months ended September 30, Nine months ended September 30, Non-accrual TDRs 2016 2015 2016 2015 (In thousands) Beginning balance $ 25,442 $ 42,595 $ 39,923 $ 41,618 New restructurings 649 1,796 3,794 2,006 Restructured loans placed on non-accrual status - - 1,138 10,188 Charge-offs (3,407 ) (3 ) (4,352 ) (3,246 ) Payments (1,814 ) (1,859 ) (9,330 ) (8,037 ) Restructured loans restored to accrual status - (723 ) (10,303 ) (723 ) Ending balance $ 20,870 $ 41,806 $ 20,870 $ 41,806 A loan is considered to be in payment default once it is 60 to 90 days contractually past due under the modified terms. The Company did not have any loans that were modified as a TDR during the previous twelve months and which subsequently defaulted as of September 30, 2016. 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 September 30, 2016, there were no commitments to lend additional funds to those borrowers whose loans had 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. 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 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 net worth, paying capacity, or 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 loan as an active asset is no longer warranted. The following tables present the loan portfolio by risk rating as of September 30, 2016, and as of December 31, 2015: September 30, 2016 Pass/Watch Special Mention Substandard Doubtful Total (In thousands) Commercial loans $ 2,027,815 $ 133,858 $ 86,806 $ 517 $ 2,248,996 Real estate construction loans 489,473 20,256 5,507 - 515,236 Commercial mortgage loans 5,391,701 219,081 133,209 - 5,743,991 Residential mortgage loans and equity lines 2,488,495 391 10,538 - 2,499,424 Installment and other loans 2,810 - - - 2,810 Total gross loans $ 10,400,294 $ 373,586 $ 236,060 $ 517 $ 11,010,457 Loans held for sale $ - $ - $ - $ 4,750 $ 4,750 December 31, 2015 Pass/Watch Special Mention Substandard Doubtful Total (In thousands) Commercial loans $ 2,143,270 $ 110,338 $ 61,297 $ 1,958 $ 2,316,863 Real estate construction loans 413,765 5,776 21,502 500 441,543 Commercial mortgage loans 5,018,199 155,553 118,196 9,270 5,301,218 Residential mortgage loans and equity lines 2,091,434 399 9,502 - 2,101,335 Installment and other loans 2,493 - - - 2,493 Total gross loans $ 9,669,161 $ 272,066 $ 210,497 $ 11,728 $ 10,163,452 Loans held for sale $ 732 $ - $ 5,944 $ - $ 6,676 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 September 30, 2016, and as of December 31, 2015: Commercial Loans Real Estate Construction Loans Commercial Mortgage Loans Residential Mortgage Loans Installment and Other Loans Total (In thousands) September 30, 2016 Loans individually evaluated for impairment Allowance $ 1,320 $ - $ 1,248 $ 375 $ - $ 2,943 Balance $ 32,631 $ 5,507 $ 74,587 $ 18,189 $ - $ 130,914 Loans collectively evaluated for impairment Allowance $ 52,379 $ 9,245 $ 43,685 $ 9,682 $ 8 $ 114,999 Balance $ 2,216,365 $ 509,729 $ 5,669,404 $ 2,481,235 $ 2,810 $ 10,879,543 Total allowance $ 53,699 $ 9,245 $ 44,933 $ 10,057 $ 8 $ 117,942 Total balance $ 2,248,996 $ 515,236 $ 5,743,991 $ 2,499,424 $ 2,810 $ 11,010,457 December 31, 2015 Loans individually evaluated for impairment Allowance $ 530 $ - $ 6,792 $ 427 $ - $ 7,749 Balance $ 13,568 $ 22,002 $ 81,776 $ 16,464 $ - $ 133,810 Loans collectively evaluated for impairment Allowance $ 55,669 $ 22,170 $ 42,648 $ 10,718 $ 9 $ 131,214 Balance $ 2,303,295 $ 419,541 $ 5,219,442 $ 2,084,871 $ 2,493 $ 10,029,642 Total allowance $ 56,199 $ 22,170 $ 49,440 $ 11,145 $ 9 $ 138,963 Total balance $ 2,316,863 $ 441,543 $ 5,301,218 $ 2,101,335 $ 2,493 $ 10,163,452 The following tables detail activity in the allowance for loan losses by portfolio segment for the three months and nine months ended September 30, 2016, and September 30, 2015. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Three months ended September 30, 2016 and 2015 Real Estate Commercial Residential Installment Commercial Construction Mortgage Mortgage Loans and Other Loans Loans Loans and Equity Lines Loans Total (In thousands) June 30, 2016 Ending Balance $ 50,590 $ 10,753 $ 46,090 $ 15,503 $ 12 122,948 Provision/(credit) for possible credit losses 4,380 (2,056 ) 3,132 (5,452 ) (4 ) - Charge-offs (3,277 ) - (4,626 ) - - (7,903 ) Recoveries 2,006 548 337 6 - 2,897 Net (charge-offs)/recoveries (1,271 ) 548 (4,289 ) 6 - (5,006 ) September 30, 2016 Ending Balance $ 53,699 $ 9,245 $ 44,933 $ 10,057 $ 8 $ 117,942 June 30, 2015 Ending Balance $ 47,540 $ 26,304 $ 67,245 $ 12,323 $ 25 $ 153,437 Provision/(credit) for possible credit losses 10,040 121 (11,762 ) 353 (2 ) (1,250 ) Charge-offs (3,310 ) - (97 ) - - (3,407 ) Recoveries 607 41 647 1 - 1,296 Net (charge-offs)/recoveries (2,703 ) 41 550 1 - (2,111 ) September 30, 2015 Ending Balance $ 54,877 $ 26,466 $ 56,033 $ 12,677 $ 23 $ 150,076 Nine months ended September 30, 2016 and 2015 Real Estate Commercial Residential Installment Commercial Construction Mortgage Mortgage Loans and Other Loans Loans Loans and Equity Lines Loans Total (In thousands) 2016 Beginning Balance $ 56,199 $ 22,170 $ 49,440 $ 11,145 $ 9 $ 138,963 Provision/(credit) for possible credit losses 5,815 (20,796 ) 295 (963 ) (1 ) (15,650 ) Charge-offs (12,035 ) - (5,681 ) (149 ) - (17,865 ) Recoveries 3,720 7,871 879 24 12,494 Net (charge-offs)/recoveries (8,315 ) 7,871 (4,802 ) (125 ) - (5,371 ) September 30, 2016 Ending Balance $ 53,699 $ 9,245 $ 44,933 $ 10,057 $ 8 $ 117,942 Reserve for impaired loans $ 1,320 $ - $ 1,248 $ 375 $ - $ 2,943 Reserve for non-impaired loans $ 52,379 $ 9,245 $ 43,685 $ 9,682 $ 8 $ 114,999 Reserve for off-balance sheet credit commitments $ 2,112 $ - $ 35 $ 80 $ 2 $ 2,229 2015 Beginning Balance $ 47,501 $ 27,652 $ 74,673 $ 11,578 $ 16 $ 161,420 Provision/(credit) for possible credit losses 11,045 (1,349 ) (19,342 ) 1,239 7 (8,400 ) Charge-offs (6,754 ) - (3,613 ) (161 ) - (10,528 ) Recoveries 3,085 163 4,315 21 - 7,584 Net (charge-offs)/recoveries (3,669 ) 163 702 (140 ) - (2,944 ) September 30, 2015 Ending Balance $ 54,877 $ 26,466 $ 56,033 $ 12,677 $ 23 $ 150,076 Reserve for impaired loans $ 7,561 $ - $ 6,389 $ 373 $ - $ 14,323 Reserve for non-impaired loans $ 47,316 $ 26,466 $ 49,644 $ 12,304 $ 23 $ 135,753 Reserve for off-balance sheet credit commitments $ 703 $ 477 $ 202 $ 37 $ 1 $ 1,420 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 8. Commitments and Contingencies The Company is involved in various litigation concerning transactions entered into in 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. Although the Company establishes accruals for legal proceedings when information related to the loss contingencies represented by those matters indicates both that a loss is probable and that the amount of loss can be reasonably estimated, the Company does not have accruals for all legal proceedings where there is a risk of loss. In addition, amounts accrued may not represent the ultimate loss to the Company from the legal proceedings in question. Thus, ultimate losses may be higher or lower, and possibly significantly so, than the amounts accrued for legal loss contingencies. 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. These instruments represent varying degrees of exposure to risk in excess of the amounts included in the accompanying condensed 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. |
Note 9 - Borrowed Funds
Note 9 - Borrowed Funds | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Borrowed Funds Securities Sold Under Agreements to Repurchase. 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 and mortgage-backed securities with a fair value of $383 million as of September 30, 2016, and $430 million as of December 31, 2015. Borrowing from the FHLB. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10. Income Taxes Income tax expense totaled $50.8 million, or an effective tax rate of 28.5%, for the nine months ended September 30, 2016, compared to an income tax expense of $43.2 million, or an effective tax rate of 26.5%, for the same period in 2015. The effective tax rate includes the impact of the utilization of low income housing tax credits, the utilization of alternative energy tax credits, and the write-off of deferred tax assets related to stock options that expired unexercised during the first quarter of 2016. As of December 31, 2015, the Company had income tax refunds receivable of $28.9 million. These income tax receivables are included in other assets in the accompanying condensed consolidated balance sheets. The Company’s tax returns are open for audit by the Internal Revenue Service back to 2012 and by the California Franchise Tax Board back to 2008. 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. |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | 1 1 . 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 judgment 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 Warrants Foreign Exchange Contracts Interest Rate Swaps The valuation techniques for the assets and liabilities valued on a nonrecurring basis are as follows: Impaired Loans. Goodwill. — Commercial Lending and Retail Banking. 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. In connection with the determination of fair value, certain data and information is 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 a Level 3 measurement. Core Deposit Intangibles. Other Real Estate Owned. Investments in Venture Capital. Equity Investments The following tables present the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of September 30, 2016, and December 31, 2015: September 30, 2016 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 $ 390,009 $ - $ - $ 390,009 U.S. government sponsored entities - 250,010 - 250,010 Mortgage-backed securities - 563,638 - 563,638 Collateralized mortgage obligations - 30 - 30 Corporate debt securities - 74,469 - 74,469 Mutual funds 5,926 - - 5,926 Preferred stock of government sponsored entities - 3,188 - 3,188 Other equity securities - 11,199 - 11,199 Total securities available-for-sale 395,935 902,534 - 1,298,469 Warrants - - 75 75 Foreign exchange contracts - 1,711 - 1,711 Total assets $ 395,935 $ 904,245 $ 75 $ 1,300,255 Liabilities Interest rate swaps $ - $ 15,186 $ - $ 15,186 Foreign exchange contracts - 712 - 712 Total liabilities $ - $ 15,898 $ - $ 15,898 December 31, 2015 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 $ 284,288 $ - $ - $ 284,288 U.S. government sponsored entities - 148,160 - 148,160 Mortgage-backed securities - 1,062,269 - 1,062,269 Collateralized mortgage obligations - 36 - 36 Corporate debt securities - 73,855 - 73,855 Mutual funds 5,833 - - 5,833 Preferred stock of government sponsored entities - 3,216 - 3,216 Other equity securities - 8,695 - 8,695 Total securities available-for-sale 290,121 1,296,231 - 1,586,352 Warrants - - 62 62 Foreign exchange contracts - 3,339 - 3,339 Total assets $ 290,121 $ 1,299,570 $ 62 $ 1,589,753 Liabilities Option contracts $ - $ 28 $ - $ 28 Interest rate swaps - 6,496 - 6,496 Foreign exchange contracts - 4,124 - 4,124 Total liabilities $ - $ 10,648 $ - $ 10,648 The Company measured the fair value of its warrants on a recurring basis using significant unobservable inputs. The fair value of warrants was $75,000 as of September 30, 2016, compared to $62,000 as of December 31, 2015. The fair value adjustment of warrants was included in other operating income in the third quarter of 2016. The significant unobservable inputs in the Black-Scholes option pricing model for the fair value of warrants are their expected life ranging from 1 to 7 years, risk-free interest rate from 0.73% to 1.38%, and stock volatility from 12.4% to 15.1%. For financial assets measured at fair value on a nonrecurring basis that were still reflected in the condensed consolidated balance sheets as of September 30, 2016, the following tables provide the level of valuation assumptions used to determine each adjustment, the carrying value of the related individual assets as of September 30, 2016, and December 31, 2015, and the total losses for the periods indicated: September 30, 2016 Total (Gains)/Losses Fair Value Measurements Using Three Months Ended Nine Months Ended Level 1 Level 2 Level 3 Total at Fair Value September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 (In thousands) Assets Impaired loans by type: Commercial loans $ - $ - $ 1,897 $ 1,897 $ - $ 575 $ - $ 3,380 Commercial mortgage loans - - 9,041 9,041 - - - 654 Residential mortgage loans and equity lines - - 13,139 13,139 - - - 146 Total impaired loans - - 24,077 24,077 - 575 - 4,180 Other real estate owned (1) - 3,095 4,372 7,467 (206 ) 179 9 404 Investments in venture capital and private company stock - - 4,291 4,291 187 81 419 408 Total assets $ - $ 3,095 $ 32,740 $ 35,835 $ (19 ) $ 835 $ 428 $ 4,992 (1) December 31, 2015 Total Losses Fair Value Measurements Using Twelve Months Ended Level 1 Level 2 Level 3 Total at Fair Value December 31, 2015 December 31, 2014 (In thousands) Assets Impaired loans by type: Commercial loans $ - $ - $ 6,317 $ 6,317 $ 806 $ 17 Commercial mortgage loans - - 20,359 20,359 598 3,914 Residential mortgage loans and equity lines - - 13,009 13,009 146 27 Total impaired loans - - 39,685 39,685 1,550 3,958 Other real estate owned (1) - 10,047 4,235 14,282 404 202 Investments in venture capital and private company stock - - 4,922 4,922 553 436 Total assets $ - $ 10,047 $ 48,842 $ 58,889 $ 2,507 $ 4,596 (1) 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 nine 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 55% 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 loans held for sale was primarily based on the quoted price or sale price adjusted by estimated sales cost and commissions. 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 commissions ranging from 3% to 6% to collateral value of impaired loans, quoted price, or loan sale price of loans held for sale, and appraised value of OREO. |
Note 12 - Fair Value of Financi
Note 12 - Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 1 2 . 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. Short-term Investments. Securities Purchased under Agreements to Resell. Securities. Loans Held for Sale Loans. 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 or adjusted appraised value of the collateral, a Level 2 or Level 3 measurement. Deposit Liabilities. Securities Sold under Agreements to Repurchase. Advances from Federal Home Loan Bank . Other Borrowings. Long-term Debt. Foreign Exchange Contracts Interest Rate Swaps Off-Balance-Sheet Financial Instruments. 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. The following table presents the carrying and notional amounts and estimated fair value of financial instruments as of September 30, 2016, and as of December 31, 2015: September 30, 2016 December 31, 2015 Carrying Carrying Amount Fair Value Amount Fair Value (In thousands) Financial Assets Cash and due from banks $ 203,877 $ 203,877 $ 180,130 $ 180,130 Short-term investments 791,757 791,757 536,880 536,880 Securities available-for-sale 1,298,469 1,298,469 1,586,352 1,586,352 Loans held for sale 4,750 4,750 6,676 6,676 Loans, net 10,886,996 10,825,059 10,016,227 9,938,810 Investment in Federal Home Loan Bank stock 18,900 18,900 17,250 17,250 Warrants 75 75 62 62 Notional Notional Amount Fair Value Amount Fair Value Foreign exchange contracts. $ 107,064 $ 1,711 $ 100,602 $ 3,339 Carrying Carrying Amount Fair Value Amount Fair Value Financial Liabilities Deposits $ 10,938,696 $ 10,946,853 $ 10,509,087 $ 10,509,879 Securities sold under agreements to repurchase 350,000 355,422 400,000 413,417 Advances from Federal Home Loan Bank 700,000 700,130 275,000 274,488 Other borrowings 17,705 15,903 18,593 16,684 Long-term debt 119,136 62,628 119,136 58,420 Notional Notional Amount Fair Value Amount Fair Value Option contracts $ - $ - $ 9,396 $ 28 Foreign exchange contracts 44,985 712 115,418 4,124 Interest rate swaps 477,479 15,186 459,416 6,496 Notional Notional Amount Fair Value Amount Fair Value Off-Balance Sheet Financial Instruments Commitments to extend credit $ 1,950,756 $ (5,844 ) $ 1,971,848 $ (5,570 ) Standby letters of credit 74,612 (839 ) 49,081 (194 ) Other letters of credit 31,331 (69 ) 38,131 (22 ) Bill of lading guarantees - - 454 (1 ) The following tables present the level in the fair value hierarchy for the estimated fair values of financial instruments as of September 30, 2016, and December 31, 2015. September 30, 2016 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 203,877 $ 203,877 $ - $ - Short-term investments 791,757 791,757 - - Securities available-for-sale 1,298,469 395,935 902,534 - Loans held-for-sale 4,750 - - 4,750 Loans, net 10,825,059 - - 10,825,059 Investment in Federal Home Loan Bank stock 18,900 - 18,900 - Warrants 75 - - 75 Financial Liabilities Deposits 10,946,853 - - 10,946,853 Securities sold under agreements to repurchase 355,422 - 355,422 - Advances from Federal Home Loan Bank 700,130 - 700,130 - Other borrowings . 15,903 - - 15,903 Long-term debt 62,628 - 62,628 - December 31, 2015 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 180,130 $ 180,130 $ - $ - Short-term investments 536,880 536,880 - - Securities available-for-sale 1,586,352 290,121 1,296,231 - Loans held-for-sale 6,676 - - 6,676 Loans, net 9,938,810 - - 9,938,810 Investment in Federal Home Loan Bank stock 17,250 - 17,250 - Warrants 62 - - 62 Financial Liabilities Deposits 10,509,879 - - 10,509,879 Securities sold under agreements to repurchase 413,417 - 413,417 - Advances from Federal Home Loan Bank 274,488 - - 274,488 Other borrowings 16,684 - - 16,684 Long-term debt 58,420 - 58,420 - |
Note 13 - Goodwill and Goodwill
Note 13 - Goodwill and Goodwill Impairment | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 1 3 . Goodwill and Goodwill Impairment 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. 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, if needed, begins by assigning net assets and goodwill to our two reporting units — Commercial Lending and Retail Banking. 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. As of September 30, 2016, the Company’s market capitalization was above book value and there was no triggering event that required the Company to assess goodwill for impairment as of an interim date. |
Note 14 - Financial Derivatives
Note 14 - Financial Derivatives | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Schedule of Derivative Instruments [Table Text Block] | 1 4 . Financial Derivatives It is the policy of the Company not to speculate on the future direction of interest rates. However, the Company enters 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 the Company’s assets or liabilities and against risk in specific transactions. In such instances, the Company may enter into interest rate swap contracts or other types of financial derivatives. 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 must be approved by the Bank’s Investment Committee. 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. In May 2014, Bancorp entered into 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 on Bancorp’s $119.1 million of Junior Subordinated Debentures that had been issued to five trusts, with the quarterly interest payments 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. Bancorp pays a weighted average fixed interest rate of 2.61% and receives a variable interest rate of the three-month LIBOR at a weighted average rate of 0.85%. As of September 30, 2016, the notional amount of cash flow interest rate swaps was $119.1 million and their unrealized loss of $6.6 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 $588,000 for the three months ended September 30, 2016 compared to $706,000 for the same quarter a year ago. For the nine months ended September 30, 2016, the periodic net settlement of interest rate swaps included in interest expense was $1.8 million compared to $2.1 million for the same period in 2015. As of September 30, 2016, the Bank has entered into interest rate swap contracts with various terms from four to eight years. These interest rate swap contracts 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 4.63% and receives a variable rate at the one month LIBOR rate plus a weighted average spread of 318 basis points, or at a weighted average rate of 3.70%. As of September 30, 2016, the notional amount of fair value interest rate swaps was $358.3 million and their unrealized loss of $3.8 million was included in other non-interest income. The amount of periodic net settlement of interest rate swaps reducing interest income was $879,000 for the three months ended September 30, 2016, compared to $831,000 for the same quarter a year ago. The amount of periodic net settlement of interest rate swaps reducing interest income was $2.8 million for the nine months ended September 30, 2016, compared to $2.2 million for the same period a year ago. As of September 30, 2016, 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. Bancorp’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 Bancorp related to derivative contracts totaled $14.8 million as of September 30, 2016. The Company enters into foreign exchange forward contracts with various counterparties to mitigate the risk of fluctuations in foreign currency exchange rates for foreign exchange certificates of deposit or foreign exchange 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 and foreign exchange 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. As of September 30, 2016, there were no option contracts outstanding. As of September 30, 2016, spot, forward, and swap contracts with a total notional amount of $107.1 million had a positive fair value of $1.7 million. Spot, forward, and swap contracts with a total notional amount of $45.0 million had a negative fair value of $712,000 as of September 30, 2016. As of December 31, 2015, the notional amount of option contracts totaled $9.4 million with a net negative fair value of $28,000. As of December 31, 2015, spot, forward, and swap contracts with a total notional amount of $100.6 million had a positive fair value of $3.3 million. Spot, forward, and swap contracts with a total notional amount of $115.4 million had a negative fair value of $4.1 million as of December 31, 2015. |
Note 15 - Balance Sheet Offsett
Note 15 - Balance Sheet Offsetting | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 1 5 . Balance Sheet Offsetting Certain financial instruments, including resell and repurchase agreements, securities lending arrangements and derivatives, may be eligible for offset in the condensed consolidated balance sheets 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 counterparties 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 September 30, 2016, and December 31, 2015, are presented in the following table: Gross Amounts Not Offset in the Balance Sheet Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Collateral Posted Net Amount (In thousands) September 30, 2016 Liabilities: Securities sold under agreements to repurchase $ 350,000 $ - $ 350,000 $ - $ (350,000 ) $ - Derivatives $ 15,186 $ - $ 15,186 $ - $ (15,186 ) $ - December 31, 2015 Liabilities: Securities sold under agreements to repurchase $ 400,000 $ - $ 400,000 $ - $ (400,000 ) $ - Derivatives $ 6,496 $ - $ 6,496 $ - $ (6,496 ) $ - |
Note 16 - Stockholders' Equity
Note 16 - Stockholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 1 6 . Stockholders’ Equity Total equity was $1.79 billion as of September 30, 2016, an increase of $45.7 million, from $1.75 billion as of December 31, 2015, primarily due to net income of $127.1 million and other comprehensive income of $10.3 million offset by purchases of treasury stock of $54.4 million and common stock cash dividends of $42.6 million. Activity in accumulated other comprehensive income, net of tax, and reclassification out of accumulated other comprehensive income for the three months and nine months ended September 30, 2016, and September 30, 2015, was as follows: Three months ended September 30, 2016 Three months ended September 30, 2015 Pre-tax Tax expense/ (benefit) Net-of-tax Pre-tax Tax expense/ (benefit) Net-of-tax (In thousands) Beginning balance, gain/(loss), net of tax Securities available-for-sale $ 8,539 $ (1,125 ) Cash flow hedge derivatives (7,397 ) (1,657 ) Total $ 1,142 $ (2,782 ) Net unrealized gains/(losses) arising during the period Securities available-for-sale $ 1,618 $ 680 $ 938 $ 4,717 $ 1,984 $ 2,733 Cash flow hedge derivatives 1,387 583 804 (4,413 ) (1,855 ) (2,558 ) Total 3,005 1,263 1,742 304 129 $ 175 Reclassification adjustment for net (gains)/losses in net income Securities available-for-sale (1,692 ) (711 ) (981 ) 16 6 10 Cash flow hedge derivatives - - - - - - Total (1,692 ) (711 ) (981 ) 16 6 10 Total other comprehensive income/(loss) Securities available-for-sale (74 ) (31 ) (43 ) 4,733 1,990 2,743 Cash flow hedge derivatives 1,387 583 804 (4,413 ) (1,855 ) (2,558 ) Total $ 1,313 $ 552 $ 761 $ 320 $ 135 $ 185 Ending balance, gain/(loss), net of tax Securities available-for-sale $ 8,496 $ 1,618 Cash flow hedge derivatives (6,593 ) (4,215 ) Total $ 1,903 $ (2,597 ) Nine months ended September 30, 2016 Nine months ended September 30, 2015 Pre-tax Tax expense/ (benefit) Net-of-tax Pre-tax Tax expense/ (benefit) Net-of-tax (In thousands) Beginning balance, loss, net of tax Securities available-for sale $ (5,431 ) $ (3,172 ) Cash flow hedge derivatives (2,995 ) (2,397 ) Total $ (8,426 ) $ (5,569 ) Net unrealized gains/(losses) arising during the period Securities available-for sale $ 27,170 $ 11,422 $ 15,748 $ 4,895 $ 2,058 $ 2,837 Cash flow hedge derivatives (6,208 ) (2,610 ) (3,598 ) (3,137 ) (1,319 ) (1,818 ) Total 20,962 8,812 12,150 1,758 739 $ 1,019 Reclassification adjustment for net (gains)/losses in net income Securities available-for sale (3,141 ) (1,320 ) (1,821 ) 3,369 1,416 1,953 Cash flow hedge derivatives - - - - - - Total (3,141 ) (1,320 ) (1,821 ) 3,369 1,416 1,953 Total other comprehensive income/(loss) Securities available-for sale 24,029 10,102 13,927 8,264 3,474 4,790 Cash flow hedge derivatives (6,208 ) (2,610 ) (3,598 ) (3,137 ) (1,319 ) (1,818 ) Total $ 17,821 $ 7,492 $ 10,329 $ 5,127 $ 2,155 $ 2,972 Ending balance, gain/(loss), net of tax Securities available-for sale $ 8,496 $ 1,618 Cash flow hedge derivatives (6,593 ) (4,215 ) Total $ 1,903 $ (2,597 ) |
Note 17 - Stock Repurchase Prog
Note 17 - Stock Repurchase Program | 9 Months Ended |
Sep. 30, 2016 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 17. Stock Repurchase Program In February 2016, the Company completed the repurchase of the remaining 633,250 shares of its common stock under the August 2015 repurchase program, for $17.0 million, or a $26.82 average price per share. On February 1, 2016, the Board of Directors of the Company adopted a new stock repurchase program to repurchase up to $45.0 million of the Company’s common stock. In February 2016, the Company repurchased 1,380,578 shares of its common stock for $37.5 million, or a $27.13 average price per share under the February 2016 repurchase program. As of September 30, 2016, $7.5 million of the Company’s common stock could be purchased in the future under the February 2016 repurchase program. |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended September 30, Nine months ended September 30, (Dollars in thousands, except share and per share data) 2016 2015 2016 2015 Net income $ 46,090 $ 38,483 $ 127,084 $ 119,663 Weighted-average shares: Basic weighted-average number of common shares outstanding 78,865,860 81,475,288 79,147,839 80,422,711 Dilutive effect of weighted-average outstanding common share equivalents Warrants 569,949 606,803 520,686 507,002 Options 95,850 123,910 90,461 124,135 Restricted stock units 165,410 79,477 143,860 51,343 Diluted weighted-average number of common shares outstanding 79,697,069 82,285,478 79,902,846 81,105,191 Average stock options and warrants with anti-dilutive effect 207,183 760,291 247,974 1,082,400 Earnings per common share: Basic $ 0.58 $ 0.47 $ 1.61 $ 1.49 Diluted $ 0.58 $ 0.47 $ 1.59 $ 1.48 |
Note 5 - Stock-based Compensa24
Note 5 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Weighted-average Exercise Price Weighted-average Remaining Life (in years) Aggregate Intrinsic Value (in thousands) Balance, December 31, 2015 1,031,170 $ 31.27 0.9 $ 3,268 Exercised (2,110 ) 23.37 Forfeited (608,670 ) 36.46 Balance, March 31, 2016 420,390 $ 23.80 1.8 $ 2,026 Forfeited (12,000 ) 38.26 Balance, June 30, 2016 408,390 $ 23.37 1.6 $ 1,973 Exercised - - Forfeited - - Balance, September 30, 2016 408,390 $ 23.37 1.4 $ 3,026 Exercisable, September 30, 2016 408,390 $ 23.37 1.4 $ 3,026 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Units Balance at December 31, 2015 542,375 Granted 88,693 Vested (13,780 ) Forfeited (3,290 ) Balance at September 30, 2016 613,998 |
Schedule Of Tax Benefit Short Fall From Share Based Payment Arrangements [Table Text Block] | Three months ended September 30, Nine months ended September 30, (Dollars in thousands) 2016 2015 2016 2015 Tax benefit/(short-fall) of tax deductions in excess of grant-date fair value $ - $ 17 $ (3,366 ) $ (5,602 ) Benefit of tax deductions on grant-date fair value - 275 3,370 6,421 Total benefit of tax deductions $ - $ 292 $ 4 $ 819 |
Note 6 - Investment Securities
Note 6 - Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | September 30, 2016 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ 389,921 $ 112 $ 24 $ 390,009 U.S. government sponsored entities 250,000 79 69 250,010 Mortgage-backed securities 556,454 7,186 2 563,638 Collateralized mortgage obligations 52 - 22 30 Corporate debt securities 74,962 444 937 74,469 Mutual funds 6,000 - 74 5,926 Preferred stock of government sponsored entities 2,811 565 188 3,188 Other equity securities 3,608 7,591 - 11,199 Total $ 1,283,808 $ 15,977 $ 1,316 $ 1,298,469 December 31, 2015 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ 284,678 $ 5 $ 395 $ 284,288 U.S. government sponsored entities 150,000 - 1,840 148,160 Mortgage-backed securities 1,073,108 560 11,399 1,062,269 Collateralized mortgage obligations 63 - 27 36 Corporate debt securities 74,955 425 1,525 73,855 Mutual funds 6,000 - 167 5,833 Preferred stock of government sponsored entities 2,811 633 228 3,216 Other equity securities 4,108 4,929 342 8,695 Total $ 1,595,723 $ 6,552 $ 15,923 $ 1,586,352 |
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 $ 289,859 $ 289,923 Due after one year through five years 353,931 353,682 Due after five years through ten years 75,117 75,076 Due after ten years (1) 564,901 579,788 Total $ 1,283,808 $ 1,298,469 |
Schedule of Unrealized Loss on Investments [Table Text Block] | September 30, 2016 Temporarily impaired securities Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands) Securities Available-for-Sale U.S. treasury securities $ 149,983 $ 24 $ - $ - $ 149,983 $ 24 U.S. government sponsored entities 149,931 69 - - 149,931 69 Mortgage-backed securities 44 1 265 1 309 2 Collateralized mortgage obligations - - 30 22 30 22 Corporate debt securities - - 54,063 937 54,063 937 Mutual funds - - 5,926 74 5,926 74 Preferred stock of government sponsored entities 2,528 188 - - 2,528 188 Total $ 302,486 $ 282 $ 60,284 $ 1,034 $ 362,770 $ 1,316 December 31, 2015 Temporarily impaired securities Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses (in thousands) Securities Available-for-Sale U.S. treasury securities $ 224,289 $ 395 $ - $ - $ 224,289 $ 395 U.S. government sponsored entities 148,160 1,840 - - 148,160 1,840 Mortgage-backed securities 1,025,342 11,398 6 1 1,025,348 11,399 Collateralized mortgage obligations - - 36 27 36 27 Corporate debt securities 9,950 50 43,525 1,475 53,475 1,525 Mutual funds - - 5,833 167 5,833 167 Preferred stock of government sponsored entities 2,488 228 - - 2,488 228 Other equity securities 158 342 - - 158 342 Total $ 1,410,387 $ 14,253 $ 49,400 $ 1,670 $ 1,459,787 $ 15,923 |
Note 7 - Loans (Tables)
Note 7 - Loans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Impairment Method [Member] | |
Notes Tables | |
Impaired Financing Receivables [Table Text Block] | Commercial Loans Real Estate Construction Loans Commercial Mortgage Loans Residential Mortgage Loans Installment and Other Loans Total (In thousands) September 30, 2016 Loans individually evaluated for impairment Allowance $ 1,320 $ - $ 1,248 $ 375 $ - $ 2,943 Balance $ 32,631 $ 5,507 $ 74,587 $ 18,189 $ - $ 130,914 Loans collectively evaluated for impairment Allowance $ 52,379 $ 9,245 $ 43,685 $ 9,682 $ 8 $ 114,999 Balance $ 2,216,365 $ 509,729 $ 5,669,404 $ 2,481,235 $ 2,810 $ 10,879,543 Total allowance $ 53,699 $ 9,245 $ 44,933 $ 10,057 $ 8 $ 117,942 Total balance $ 2,248,996 $ 515,236 $ 5,743,991 $ 2,499,424 $ 2,810 $ 11,010,457 December 31, 2015 Loans individually evaluated for impairment Allowance $ 530 $ - $ 6,792 $ 427 $ - $ 7,749 Balance $ 13,568 $ 22,002 $ 81,776 $ 16,464 $ - $ 133,810 Loans collectively evaluated for impairment Allowance $ 55,669 $ 22,170 $ 42,648 $ 10,718 $ 9 $ 131,214 Balance $ 2,303,295 $ 419,541 $ 5,219,442 $ 2,084,871 $ 2,493 $ 10,029,642 Total allowance $ 56,199 $ 22,170 $ 49,440 $ 11,145 $ 9 $ 138,963 Total balance $ 2,316,863 $ 441,543 $ 5,301,218 $ 2,101,335 $ 2,493 $ 10,163,452 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | September 30, 2016 December 31, 2015 (in thousands) Commercial loans $ 2,248,996 $ 2,316,863 Residential mortgage loans 2,329,402 1,932,355 Commercial mortgage loans 5,743,991 5,301,218 Real estate construction loans 515,236 441,543 Equity lines 170,022 168,980 Installment & other loans 2,810 2,493 Gross loans $ 11,010,457 $ 10,163,452 Allowance for loan losses (117,942 ) (138,963 ) Unamortized deferred loan fees (5,519 ) (8,262 ) Total loans, net $ 10,886,996 $ 10,016,227 Loans held for sale $ 4,750 $ 6,676 |
Impaired Financing Receivables [Table Text Block] | Impaired Loans Average Recorded Investment Interest Income Recognized Three months ended Nine months ended Three months ended Nine months ended September 30, September 30, September 30, September 30, 2016 2015 2016 2015 2016 2015 2016 2015 (In thousands) Commercial loans $ 28,091 $ 23,894 $ 18,602 $ 24,974 $ 170 $ 170 $ 488 $ 519 Real estate construction loans 5,869 22,392 12,005 22,056 66 66 196 196 Commercial mortgage loans 81,005 97,557 86,456 104,508 776 777 2,124 2,126 Residential mortgage loans and equity lines 18,256 16,506 17,456 16,934 148 139 401 380 Total impaired loans $ 133,221 $ 160,349 $ 134,519 $ 168,472 $ 1,160 $ 1,152 $ 3,209 $ 3,221 |
Schedule Of Impaired Loans And Related Allowance And Charge Off [Table Text Block] | Impaired Loans September 30, 2016 December 31, 2015 Unpaid Principal Balance Recorded Investment Allowance Unpaid Principal Balance Recorded Investment Allowance (In thousands) With no allocated allowance Commercial loans $ 29,794 $ 29,414 $ - $ 15,493 $ 6,721 $ - Real estate construction loans 5,776 5,507 - 51,290 22,002 - Commercial mortgage loans 72,319 64,298 - 59,954 54,625 - Residential mortgage loans and equity lines 4,832 4,675 - 3,233 3,026 - Subtotal $ 112,721 $ 103,894 $ - $ 129,970 $ 86,374 $ - With allocated allowance Commercial loans $ 3,315 $ 3,217 $ 1,320 $ 7,757 $ 6,847 $ 530 Commercial mortgage loans 10,425 10,289 1,248 28,258 27,152 6,792 Residential mortgage loans and equity lines 14,637 13,514 375 14,383 13,437 427 Subtotal $ 28,377 $ 27,020 $ 2,943 $ 50,398 $ 47,436 $ 7,749 Total impaired loans $ 141,098 $ 130,914 $ 2,943 $ 180,368 $ 133,810 $ 7,749 |
Past Due Financing Receivables [Table Text Block] | September 30, 2016 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Non-accrual Loans Total Past Due Loans Not Past Due Total (In thousands) Type of Loans: Commercial loans $ 45,409 $ 6,807 $ - $ 9,251 $ 61,467 $ 2,187,529 $ 2,248,996 Real estate construction loans - - - 5,507 5,507 509,729 515,236 Commercial mortgage loans 12,949 12,205 - 21,077 46,231 5,697,760 5,743,991 Residential mortgage loans and equity lines - 477 - 8,524 9,001 2,490,423 2,499,424 Installment and other loans - - - - - 2,810 2,810 Total loans $ 58,358 $ 19,489 $ - $ 44,359 $ 122,206 $ 10,888,251 $ 11,010,457 December 31, 2015 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Non-accrual Loans Total Past Due Loans Not Past Due Total (In thousands) Type of Loans: Commercial loans $ 8,367 $ 221 $ - $ 3,545 $ 12,133 $ 2,304,730 $ 2,316,863 Real estate construction loans 7,285 - - 16,306 23,591 417,952 441,543 Commercial mortgage loans 2,243 2,223 - 25,231 29,697 5,271,521 5,301,218 Residential mortgage loans and equity lines 4,959 1,038 - 7,048 13,045 2,088,290 2,101,335 Installment and other loans - - - - - 2,493 2,493 Total loans $ 22,854 $ 3,482 $ - $ 52,130 $ 78,466 $ 10,084,986 $ 10,163,452 |
Schedule Of Troubled Debt Restructurings [Table Text Block] | Three months ended September 30, 2016 September 30, 2016 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserve (Dollars in thousands) Commercial loans 7 $ 18,258 $ 18,258 $ - $ 208 Commercial mortgage loans 1 738 738 - - Total 8 $ 18,996 $ 18,996 $ - $ 208 Three months ended September 30, 2015 September 30, 2015 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserve (Dollars in thousands) Commercial loans 2 $ 306 $ 306 $ - $ 1 Commercial mortgage loans 15 1,918 1,918 - - Total 17 $ 2,224 $ 2,224 $ - $ 1 Nine months ended September 30, 2016 September 30, 2016 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserve (Dollars in thousands) Commercial loans 11 $ 23,102 $ 23,102 $ - $ 222 Commercial mortgage loans 1 738 738 - - Residential mortgage loans and equity lines 2 367 367 - - Total 14 $ 24,207 $ 24,207 $ - $ 222 Nine months ended September 30, 2015 September 30, 2015 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserve (Dollars in thousands) Commercial loans 3 $ 1,156 $ 1,156 $ - $ 1 Commercial mortgage loans 19 16,329 16,329 - 38 Residential mortgage loans and equity lines 5 1,522 1,374 148 45 Total 27 $ 19,007 $ 18,859 $ 148 $ 84 |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | September 30, 2016 Accruing TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 22,019 $ - $ 1,360 $ 23,379 Commercial mortgage loans 26,835 5,986 20,690 53,511 Residential mortgage loans 5,048 989 3,628 9,665 Total accruing TDRs $ 53,902 $ 6,975 $ 25,678 $ 86,555 December 31, 2015 Accruing TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 8,298 $ - $ 1,726 $ 10,024 Real estate construction loans - - 5,696 5,696 Commercial mortgage loans 16,701 6,045 33,800 56,546 Residential mortgage loans 5,201 999 3,214 9,414 Total accruing TDRs $ 30,200 $ 7,044 $ 44,436 $ 81,680 |
Non Accrual Troubled Debt Restructurings [Table Text Block] | September 30, 2016 Non-accrual TDRs Payment Deferral Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 3,477 $ 90 $ 3,567 Commercial mortgage loans 1,508 15,260 16,768 Residential mortgage loans 364 171 535 Total non-accrual TDRs $ 5,349 $ 15,521 $ 20,870 December 31, 2015 Non-accrual TDRs Payment Deferral Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 1,033 $ 90 $ 1,123 Real estate construction loans 9,981 5,825 15,806 Commercial mortgage loans 1,544 20,362 21,906 Residential mortgage loans 388 700 1,088 Total non-accrual TDRs $ 12,946 $ 26,977 $ 39,923 |
Activity Within The Troubled Debt Resturings [Table Text Block] | Three months ended September 30, Nine months ended September 30, Accruing TDRs 2016 2015 2016 2015 (In thousands) Beginning balance $ 74,708 $ 100,011 $ 81,680 $ 104,355 New restructurings 18,347 427 20,412 16,853 Restructured loans restored to accrual status - 723 10,303 723 Charge-offs - - - (148 ) Payments (6,500 ) (11,280 ) (9,816 ) (21,714 ) Restructured loans placed on non-accrual status - - (1,138 ) (10,188 ) Expiration of loan concession upon renewal - - (14,886 ) - Ending balance $ 86,555 $ 89,881 $ 86,555 $ 89,881 Three months ended September 30, Nine months ended September 30, Non-accrual TDRs 2016 2015 2016 2015 (In thousands) Beginning balance $ 25,442 $ 42,595 $ 39,923 $ 41,618 New restructurings 649 1,796 3,794 2,006 Restructured loans placed on non-accrual status - - 1,138 10,188 Charge-offs (3,407 ) (3 ) (4,352 ) (3,246 ) Payments (1,814 ) (1,859 ) (9,330 ) (8,037 ) Restructured loans restored to accrual status - (723 ) (10,303 ) (723 ) Ending balance $ 20,870 $ 41,806 $ 20,870 $ 41,806 |
Financing Receivable Credit Quality Indicators [Table Text Block] | September 30, 2016 Pass/Watch Special Mention Substandard Doubtful Total (In thousands) Commercial loans $ 2,027,815 $ 133,858 $ 86,806 $ 517 $ 2,248,996 Real estate construction loans 489,473 20,256 5,507 - 515,236 Commercial mortgage loans 5,391,701 219,081 133,209 - 5,743,991 Residential mortgage loans and equity lines 2,488,495 391 10,538 - 2,499,424 Installment and other loans 2,810 - - - 2,810 Total gross loans $ 10,400,294 $ 373,586 $ 236,060 $ 517 $ 11,010,457 Loans held for sale $ - $ - $ - $ 4,750 $ 4,750 December 31, 2015 Pass/Watch Special Mention Substandard Doubtful Total (In thousands) Commercial loans $ 2,143,270 $ 110,338 $ 61,297 $ 1,958 $ 2,316,863 Real estate construction loans 413,765 5,776 21,502 500 441,543 Commercial mortgage loans 5,018,199 155,553 118,196 9,270 5,301,218 Residential mortgage loans and equity lines 2,091,434 399 9,502 - 2,101,335 Installment and other loans 2,493 - - - 2,493 Total gross loans $ 9,669,161 $ 272,066 $ 210,497 $ 11,728 $ 10,163,452 Loans held for sale $ 732 $ - $ 5,944 $ - $ 6,676 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Three months ended September 30, 2016 and 2015 Real Estate Commercial Residential Installment Commercial Construction Mortgage Mortgage Loans and Other Loans Loans Loans and Equity Lines Loans Total (In thousands) June 30, 2016 Ending Balance $ 50,590 $ 10,753 $ 46,090 $ 15,503 $ 12 122,948 Provision/(credit) for possible credit losses 4,380 (2,056 ) 3,132 (5,452 ) (4 ) - Charge-offs (3,277 ) - (4,626 ) - - (7,903 ) Recoveries 2,006 548 337 6 - 2,897 Net (charge-offs)/recoveries (1,271 ) 548 (4,289 ) 6 - (5,006 ) September 30, 2016 Ending Balance $ 53,699 $ 9,245 $ 44,933 $ 10,057 $ 8 $ 117,942 June 30, 2015 Ending Balance $ 47,540 $ 26,304 $ 67,245 $ 12,323 $ 25 $ 153,437 Provision/(credit) for possible credit losses 10,040 121 (11,762 ) 353 (2 ) (1,250 ) Charge-offs (3,310 ) - (97 ) - - (3,407 ) Recoveries 607 41 647 1 - 1,296 Net (charge-offs)/recoveries (2,703 ) 41 550 1 - (2,111 ) September 30, 2015 Ending Balance $ 54,877 $ 26,466 $ 56,033 $ 12,677 $ 23 $ 150,076 Nine months ended September 30, 2016 and 2015 Real Estate Commercial Residential Installment Commercial Construction Mortgage Mortgage Loans and Other Loans Loans Loans and Equity Lines Loans Total (In thousands) 2016 Beginning Balance $ 56,199 $ 22,170 $ 49,440 $ 11,145 $ 9 $ 138,963 Provision/(credit) for possible credit losses 5,815 (20,796 ) 295 (963 ) (1 ) (15,650 ) Charge-offs (12,035 ) - (5,681 ) (149 ) - (17,865 ) Recoveries 3,720 7,871 879 24 12,494 Net (charge-offs)/recoveries (8,315 ) 7,871 (4,802 ) (125 ) - (5,371 ) September 30, 2016 Ending Balance $ 53,699 $ 9,245 $ 44,933 $ 10,057 $ 8 $ 117,942 Reserve for impaired loans $ 1,320 $ - $ 1,248 $ 375 $ - $ 2,943 Reserve for non-impaired loans $ 52,379 $ 9,245 $ 43,685 $ 9,682 $ 8 $ 114,999 Reserve for off-balance sheet credit commitments $ 2,112 $ - $ 35 $ 80 $ 2 $ 2,229 2015 Beginning Balance $ 47,501 $ 27,652 $ 74,673 $ 11,578 $ 16 $ 161,420 Provision/(credit) for possible credit losses 11,045 (1,349 ) (19,342 ) 1,239 7 (8,400 ) Charge-offs (6,754 ) - (3,613 ) (161 ) - (10,528 ) Recoveries 3,085 163 4,315 21 - 7,584 Net (charge-offs)/recoveries (3,669 ) 163 702 (140 ) - (2,944 ) September 30, 2015 Ending Balance $ 54,877 $ 26,466 $ 56,033 $ 12,677 $ 23 $ 150,076 Reserve for impaired loans $ 7,561 $ - $ 6,389 $ 373 $ - $ 14,323 Reserve for non-impaired loans $ 47,316 $ 26,466 $ 49,644 $ 12,304 $ 23 $ 135,753 Reserve for off-balance sheet credit commitments $ 703 $ 477 $ 202 $ 37 $ 1 $ 1,420 |
Note 11 - Fair Value Measurem27
Note 11 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | September 30, 2016 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 $ 390,009 $ - $ - $ 390,009 U.S. government sponsored entities - 250,010 - 250,010 Mortgage-backed securities - 563,638 - 563,638 Collateralized mortgage obligations - 30 - 30 Corporate debt securities - 74,469 - 74,469 Mutual funds 5,926 - - 5,926 Preferred stock of government sponsored entities - 3,188 - 3,188 Other equity securities - 11,199 - 11,199 Total securities available-for-sale 395,935 902,534 - 1,298,469 Warrants - - 75 75 Foreign exchange contracts - 1,711 - 1,711 Total assets $ 395,935 $ 904,245 $ 75 $ 1,300,255 Liabilities Interest rate swaps $ - $ 15,186 $ - $ 15,186 Foreign exchange contracts - 712 - 712 Total liabilities $ - $ 15,898 $ - $ 15,898 December 31, 2015 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 $ 284,288 $ - $ - $ 284,288 U.S. government sponsored entities - 148,160 - 148,160 Mortgage-backed securities - 1,062,269 - 1,062,269 Collateralized mortgage obligations - 36 - 36 Corporate debt securities - 73,855 - 73,855 Mutual funds 5,833 - - 5,833 Preferred stock of government sponsored entities - 3,216 - 3,216 Other equity securities - 8,695 - 8,695 Total securities available-for-sale 290,121 1,296,231 - 1,586,352 Warrants - - 62 62 Foreign exchange contracts - 3,339 - 3,339 Total assets $ 290,121 $ 1,299,570 $ 62 $ 1,589,753 Liabilities Option contracts $ - $ 28 $ - $ 28 Interest rate swaps - 6,496 - 6,496 Foreign exchange contracts - 4,124 - 4,124 Total liabilities $ - $ 10,648 $ - $ 10,648 |
Fair Value Measurements, Nonrecurring [Table Text Block] | September 30, 2016 Total (Gains)/Losses Fair Value Measurements Using Three Months Ended Nine Months Ended Level 1 Level 2 Level 3 Total at Fair Value September 30, 2016 September 30, 2015 September 30, 2016 September 30, 2015 (In thousands) Assets Impaired loans by type: Commercial loans $ - $ - $ 1,897 $ 1,897 $ - $ 575 $ - $ 3,380 Commercial mortgage loans - - 9,041 9,041 - - - 654 Residential mortgage loans and equity lines - - 13,139 13,139 - - - 146 Total impaired loans - - 24,077 24,077 - 575 - 4,180 Other real estate owned (1) - 3,095 4,372 7,467 (206 ) 179 9 404 Investments in venture capital and private company stock - - 4,291 4,291 187 81 419 408 Total assets $ - $ 3,095 $ 32,740 $ 35,835 $ (19 ) $ 835 $ 428 $ 4,992 December 31, 2015 Total Losses Fair Value Measurements Using Twelve Months Ended Level 1 Level 2 Level 3 Total at Fair Value December 31, 2015 December 31, 2014 (In thousands) Assets Impaired loans by type: Commercial loans $ - $ - $ 6,317 $ 6,317 $ 806 $ 17 Commercial mortgage loans - - 20,359 20,359 598 3,914 Residential mortgage loans and equity lines - - 13,009 13,009 146 27 Total impaired loans - - 39,685 39,685 1,550 3,958 Other real estate owned (1) - 10,047 4,235 14,282 404 202 Investments in venture capital and private company stock - - 4,922 4,922 553 436 Total assets $ - $ 10,047 $ 48,842 $ 58,889 $ 2,507 $ 4,596 |
Note 12 - Fair Value of Finan28
Note 12 - Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | September 30, 2016 December 31, 2015 Carrying Carrying Amount Fair Value Amount Fair Value (In thousands) Financial Assets Cash and due from banks $ 203,877 $ 203,877 $ 180,130 $ 180,130 Short-term investments 791,757 791,757 536,880 536,880 Securities available-for-sale 1,298,469 1,298,469 1,586,352 1,586,352 Loans held for sale 4,750 4,750 6,676 6,676 Loans, net 10,886,996 10,825,059 10,016,227 9,938,810 Investment in Federal Home Loan Bank stock 18,900 18,900 17,250 17,250 Warrants 75 75 62 62 Notional Notional Amount Fair Value Amount Fair Value Foreign exchange contracts. $ 107,064 $ 1,711 $ 100,602 $ 3,339 Carrying Carrying Amount Fair Value Amount Fair Value Financial Liabilities Deposits $ 10,938,696 $ 10,946,853 $ 10,509,087 $ 10,509,879 Securities sold under agreements to repurchase 350,000 355,422 400,000 413,417 Advances from Federal Home Loan Bank 700,000 700,130 275,000 274,488 Other borrowings 17,705 15,903 18,593 16,684 Long-term debt 119,136 62,628 119,136 58,420 Notional Notional Amount Fair Value Amount Fair Value Option contracts $ - $ - $ 9,396 $ 28 Foreign exchange contracts 44,985 712 115,418 4,124 Interest rate swaps 477,479 15,186 459,416 6,496 Notional Notional Amount Fair Value Amount Fair Value Off-Balance Sheet Financial Instruments Commitments to extend credit $ 1,950,756 $ (5,844 ) $ 1,971,848 $ (5,570 ) Standby letters of credit 74,612 (839 ) 49,081 (194 ) Other letters of credit 31,331 (69 ) 38,131 (22 ) Bill of lading guarantees - - 454 (1 ) |
Schedule Of Fair Value Of Financial Instruments [Table Text Block] | September 30, 2016 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 203,877 $ 203,877 $ - $ - Short-term investments 791,757 791,757 - - Securities available-for-sale 1,298,469 395,935 902,534 - Loans held-for-sale 4,750 - - 4,750 Loans, net 10,825,059 - - 10,825,059 Investment in Federal Home Loan Bank stock 18,900 - 18,900 - Warrants 75 - - 75 Financial Liabilities Deposits 10,946,853 - - 10,946,853 Securities sold under agreements to repurchase 355,422 - 355,422 - Advances from Federal Home Loan Bank 700,130 - 700,130 - Other borrowings . 15,903 - - 15,903 Long-term debt 62,628 - 62,628 - December 31, 2015 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 180,130 $ 180,130 $ - $ - Short-term investments 536,880 536,880 - - Securities available-for-sale 1,586,352 290,121 1,296,231 - Loans held-for-sale 6,676 - - 6,676 Loans, net 9,938,810 - - 9,938,810 Investment in Federal Home Loan Bank stock 17,250 - 17,250 - Warrants 62 - - 62 Financial Liabilities Deposits 10,509,879 - - 10,509,879 Securities sold under agreements to repurchase 413,417 - 413,417 - Advances from Federal Home Loan Bank 274,488 - - 274,488 Other borrowings 16,684 - - 16,684 Long-term debt 58,420 - 58,420 - |
Note 15 - Balance Sheet Offse29
Note 15 - Balance Sheet Offsetting (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | Gross Amounts Not Offset in the Balance Sheet Gross Amounts Recognized Gross Amounts Offset in the Balance Sheet Net Amounts Presented in the Balance Sheet Financial Instruments Collateral Posted Net Amount (In thousands) September 30, 2016 Liabilities: Securities sold under agreements to repurchase $ 350,000 $ - $ 350,000 $ - $ (350,000 ) $ - Derivatives $ 15,186 $ - $ 15,186 $ - $ (15,186 ) $ - December 31, 2015 Liabilities: Securities sold under agreements to repurchase $ 400,000 $ - $ 400,000 $ - $ (400,000 ) $ - Derivatives $ 6,496 $ - $ 6,496 $ - $ (6,496 ) $ - |
Note 16 - Stockholders' Equity
Note 16 - Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three months ended September 30, 2016 Three months ended September 30, 2015 Pre-tax Tax expense/ (benefit) Net-of-tax Pre-tax Tax expense/ (benefit) Net-of-tax (In thousands) Beginning balance, gain/(loss), net of tax Securities available-for-sale $ 8,539 $ (1,125 ) Cash flow hedge derivatives (7,397 ) (1,657 ) Total $ 1,142 $ (2,782 ) Net unrealized gains/(losses) arising during the period Securities available-for-sale $ 1,618 $ 680 $ 938 $ 4,717 $ 1,984 $ 2,733 Cash flow hedge derivatives 1,387 583 804 (4,413 ) (1,855 ) (2,558 ) Total 3,005 1,263 1,742 304 129 $ 175 Reclassification adjustment for net (gains)/losses in net income Securities available-for-sale (1,692 ) (711 ) (981 ) 16 6 10 Cash flow hedge derivatives - - - - - - Total (1,692 ) (711 ) (981 ) 16 6 10 Total other comprehensive income/(loss) Securities available-for-sale (74 ) (31 ) (43 ) 4,733 1,990 2,743 Cash flow hedge derivatives 1,387 583 804 (4,413 ) (1,855 ) (2,558 ) Total $ 1,313 $ 552 $ 761 $ 320 $ 135 $ 185 Ending balance, gain/(loss), net of tax Securities available-for-sale $ 8,496 $ 1,618 Cash flow hedge derivatives (6,593 ) (4,215 ) Total $ 1,903 $ (2,597 ) Nine months ended September 30, 2016 Nine months ended September 30, 2015 Pre-tax Tax expense/ (benefit) Net-of-tax Pre-tax Tax expense/ (benefit) Net-of-tax (In thousands) Beginning balance, loss, net of tax Securities available-for sale $ (5,431 ) $ (3,172 ) Cash flow hedge derivatives (2,995 ) (2,397 ) Total $ (8,426 ) $ (5,569 ) Net unrealized gains/(losses) arising during the period Securities available-for sale $ 27,170 $ 11,422 $ 15,748 $ 4,895 $ 2,058 $ 2,837 Cash flow hedge derivatives (6,208 ) (2,610 ) (3,598 ) (3,137 ) (1,319 ) (1,818 ) Total 20,962 8,812 12,150 1,758 739 $ 1,019 Reclassification adjustment for net (gains)/losses in net income Securities available-for sale (3,141 ) (1,320 ) (1,821 ) 3,369 1,416 1,953 Cash flow hedge derivatives - - - - - - Total (3,141 ) (1,320 ) (1,821 ) 3,369 1,416 1,953 Total other comprehensive income/(loss) Securities available-for sale 24,029 10,102 13,927 8,264 3,474 4,790 Cash flow hedge derivatives (6,208 ) (2,610 ) (3,598 ) (3,137 ) (1,319 ) (1,818 ) Total $ 17,821 $ 7,492 $ 10,329 $ 5,127 $ 2,155 $ 2,972 Ending balance, gain/(loss), net of tax Securities available-for sale $ 8,496 $ 1,618 Cash flow hedge derivatives (6,593 ) (4,215 ) Total $ 1,903 $ (2,597 ) |
Note 1 - Business (Details Text
Note 1 - Business (Details Textual) | Sep. 30, 2016 |
Southern California [Member] | |
Number Of Branch Locations | 22 |
Northern California [Member] | |
Number Of Branch Locations | 12 |
NEW YORK | |
Number Of Branch Locations | 12 |
Illinois [Member] | |
Number Of Branch Locations | 3 |
WASHINGTON | |
Number Of Branch Locations | 3 |
TEXAS | |
Number Of Branch Locations | 2 |
Massachusetts [Member] | |
Number Of Branch Locations | 1 |
NEW JERSEY | |
Number Of Branch Locations | 1 |
Maryland [Member] | |
Number Of Branch Locations | 1 |
NEVADA | |
Number Of Branch Locations | 1 |
HONG KONG | |
Number Of Branch Locations | 1 |
Number Of Limited Partnerships In Housing Investments | 6 |
Percentage of Subsidiaries Common Securities Owned by Parent Company | 100.00% |
Number Of Business Trust | 5 |
Note 4 - Earnings Per Share - E
Note 4 - Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Warrant [Member] | ||||
Dilutive effect of weighted-average outstanding common share equivalents | ||||
Warrants (in shares) | 569,949 | 606,803 | 520,686 | 507,002 |
Employee Stock Option [Member] | ||||
Dilutive effect of weighted-average outstanding common share equivalents | ||||
Warrants (in shares) | 95,850 | 123,910 | 90,461 | 124,135 |
Restricted Stock Units (RSUs) [Member] | ||||
Dilutive effect of weighted-average outstanding common share equivalents | ||||
Warrants (in shares) | 165,410 | 79,477 | 143,860 | 51,343 |
Net Income (Loss) Attributable to Parent | $ 46,090 | $ 38,483 | $ 127,084 | $ 119,663 |
Basic weighted-average number of common shares outstanding (in shares) | 78,865,860 | 81,475,288 | 79,147,839 | 80,422,711 |
Diluted weighted-average number of common shares outstanding (in shares) | 79,697,069 | 82,285,478 | 79,902,846 | 81,105,191 |
Average stock options and warrants with anti-dilutive effect (in shares) | 207,183 | 760,291 | 247,974 | 1,082,400 |
Basic (in dollars per share) | $ 0.58 | $ 0.47 | $ 1.61 | $ 1.49 |
Diluted (in dollars per share) | $ 0.58 | $ 0.47 | $ 1.59 | $ 1.48 |
Note 5 - Stock-based Compensa33
Note 5 - Stock-based Compensation (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015shares | Dec. 31, 2014shares | Sep. 30, 2016USD ($)shares | Mar. 31, 2016shares | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)shares | Sep. 30, 2016USD ($)$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Dec. 31, 2013shares | |
Restricted Stock Units (RSUs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 88,693 | 72,900 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 30.37 | $ 28.11 | |||||||
Number of Officers Receiving Award | 7 | 7 | 8 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||
Stock or Unit Option Plan Expense | $ 1,200,000 | $ 1,200,000 | $ 3,300,000 | $ 3,400,000 | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 6,900,000 | $ 6,900,000 | $ 6,900,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 36 days | ||||||||
Performance TSR Restricted Stock [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 61,209 | 60,456 | 119,840 | ||||||
Performance EPS Restricted Stock Units [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 57,409 | 57,642 | 116,186 | ||||||
2005 Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 3,716,379 | 3,716,379 | 3,716,379 | ||||||
Additional Paid-in Capital [Member] | |||||||||
Benefit (Shortfall) of Tax Deductions from Share-based Compensation | $ 140,000 | ||||||||
Allocated Share-based Compensation Expense | $ 0 | 0 | $ 0 | $ 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 0 | 0 | |||||||
Maximum Period Of Common Stock Granted | 10 years | ||||||||
Annual Increments To Be Vested In Common Stock Units | 20.00% | 20.00% | 20.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | shares | 2,110 | 2,110 | 147,350 | ||||||
Proceeds from Stock Options Exercised | $ 49,000 | $ 3,433,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | 9,000 | 1,300,000 | |||||||
Benefit (Shortfall) of Tax Deductions from Share-based Compensation | $ 17,000 | $ (3,366,000) | $ (5,602,000) |
Note 5 - Stock-based Compensa34
Note 5 - Stock-based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Balance, Shares (in shares) | 408,390 | 420,390 | 1,031,170 | 1,031,170 | ||
Balance, Weighted-Average Exercise Price (in dollars per share) | $ 23.37 | $ 23.80 | $ 31.27 | $ 31.27 | ||
Balance, Weighted-Average Remaining Contractual Life | 1 year 146 days | 1 year 219 days | 1 year 292 days | 328 days | ||
Balance, Aggregate Intrinsic Value | $ 1,973 | $ 2,026 | $ 3,268 | $ 3,268 | ||
Exercised, Shares (in shares) | (2,110) | (2,110) | (147,350) | |||
Exercised, Weighted-Average Exercise Price (in dollars per share) | $ 23.37 | |||||
Forfeited, Shares (in shares) | (12,000) | (608,670) | ||||
Forfeited, Weighted-Average Exercise Price (in dollars per share) | $ 38.26 | $ 36.46 | ||||
Balance, Shares (in shares) | 408,390 | 408,390 | 420,390 | 408,390 | 1,031,170 | |
Balance, Weighted-Average Exercise Price (in dollars per share) | $ 23.37 | $ 23.37 | $ 23.80 | $ 23.37 | $ 31.27 | |
Balance, Aggregate Intrinsic Value | $ 3,026 | $ 1,973 | $ 2,026 | $ 3,026 | $ 3,268 | |
Exercisable, Shares (in shares) | 408,390 | 408,390 | ||||
Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 23.37 | $ 23.37 | ||||
Exercisable, Weighted-Average Remaining Contractual Life | 1 year 146 days | |||||
Exercisable, Aggregate Intrinsic Value | $ 3,026 | $ 3,026 |
Note 5 - Stock-based Compensa35
Note 5 - Stock-based Compensation - Restricted Stock Units (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2016shares | |
Balance (in shares) | 542,375 |
Granted (in shares) | 88,693 |
Vested (in shares) | (13,780) |
Forfeited (in shares) | (3,290) |
Balance (in shares) | 613,998 |
Note 5 - Stock-based Compensa36
Note 5 - Stock-based Compensation - Tax Short-fall from Share-based Payment Arrangements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Tax benefit/(short-fall) of tax deductions in excess of grant-date fair value | $ 17 | $ (3,366) | $ (5,602) | |
Benefit of tax deductions on grant-date fair value | 275 | 3,370 | 6,421 | |
Total benefit of tax deductions | $ 292 | $ 4 | $ 819 |
Note 6 - Investment Securitie37
Note 6 - Investment Securities (Details Textual) - USD ($) | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Proceeds From Sales And Repayments Of Other Investment Securities | $ 0 | $ 385,200,000 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 0 | ||
Available-for-sale Securities | 1,298,469,000 | $ 1,586,352,000 | |
Proceeds from Sale of Mortgage Backed Securities (MBS) categorized as Available-for-sale | 415,300,000 | 648,000,000 | |
Proceeds from Maturities, Prepayments and Calls of Mortgage Backed Securities (MBS) | 125,300,000 | 67,300,000 | |
Proceeds from Maturities Repayments and Calls of Other Investment Securities | 460,000,000 | 165,000,000 | |
Realized Gain From Sale And Call Of Investment Securities | 3,300,000 | 2,400,000 | |
Realized Loss From Sale And Call Of Investment Securities | 0 | $ 1,900,000 | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 206,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 1,316,000 | 15,923,000 | |
Pledged Investment Securities | $ 505,900,000 | $ 449,600,000 |
Note 6 - Investment Securitie38
Note 6 - Investment Securities - Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
US Treasury Securities [Member] | ||
Securities Available-for-Sale, Amortized Cost | $ 389,921 | $ 284,678 |
Securities Available-for-Sale, Gross Unrealized Gains | 112 | 5 |
Securities Available-for-Sale, Gross Unrealized Losses | 24 | 395 |
Available-for-sale Securities | 390,009 | 284,288 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities Available-for-Sale, Amortized Cost | 250,000 | 150,000 |
Securities Available-for-Sale, Gross Unrealized Gains | 79 | |
Securities Available-for-Sale, Gross Unrealized Losses | 69 | 1,840 |
Available-for-sale Securities | 250,010 | 148,160 |
Collateralized Mortgage Backed Securities [Member] | ||
Securities Available-for-Sale, Amortized Cost | 556,454 | 1,073,108 |
Securities Available-for-Sale, Gross Unrealized Gains | 7,186 | 560 |
Securities Available-for-Sale, Gross Unrealized Losses | 2 | 11,399 |
Available-for-sale Securities | 563,638 | 1,062,269 |
Collateralized Mortgage Obligations [Member] | ||
Securities Available-for-Sale, Amortized Cost | 52 | 63 |
Securities Available-for-Sale, Gross Unrealized Gains | ||
Securities Available-for-Sale, Gross Unrealized Losses | 22 | 27 |
Available-for-sale Securities | 30 | 36 |
Corporate Debt Securities [Member] | ||
Securities Available-for-Sale, Amortized Cost | 74,962 | 74,955 |
Securities Available-for-Sale, Gross Unrealized Gains | 444 | 425 |
Securities Available-for-Sale, Gross Unrealized Losses | 937 | 1,525 |
Available-for-sale Securities | 74,469 | 73,855 |
Mutual Funds [Member] | ||
Securities Available-for-Sale, Amortized Cost | 6,000 | 6,000 |
Securities Available-for-Sale, Gross Unrealized Gains | ||
Securities Available-for-Sale, Gross Unrealized Losses | 74 | 167 |
Available-for-sale Securities | 5,926 | 5,833 |
Preferred Stock of Government Sponsored Entities [Member] | ||
Securities Available-for-Sale, Amortized Cost | 2,811 | 2,811 |
Securities Available-for-Sale, Gross Unrealized Gains | 565 | 633 |
Securities Available-for-Sale, Gross Unrealized Losses | 188 | 228 |
Available-for-sale Securities | 3,188 | 3,216 |
Other Equity Securities [Member] | ||
Securities Available-for-Sale, Amortized Cost | 3,608 | 4,108 |
Securities Available-for-Sale, Gross Unrealized Gains | 7,591 | 4,929 |
Securities Available-for-Sale, Gross Unrealized Losses | 342 | |
Available-for-sale Securities | 11,199 | 8,695 |
Securities Available-for-Sale, Amortized Cost | 1,283,808 | 1,595,723 |
Securities Available-for-Sale, Gross Unrealized Gains | 15,977 | 6,552 |
Securities Available-for-Sale, Gross Unrealized Losses | 1,316 | 15,923 |
Available-for-sale Securities | $ 1,298,469 | $ 1,586,352 |
Note 6 - Investment Securitie39
Note 6 - Investment Securities - Investments by Contractual Maturity Date (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | |
Due in one year or less, Amortized Cost | $ 289,859 | ||
Due in one year or less, Fair Value | 289,923 | ||
Due after one year through five years, Amortized Cost | 353,931 | ||
Due after one year through five years, Fair Value | 353,682 | ||
Due after five years through ten years, Amortized Cost | 75,117 | ||
Due after five years through ten years, Fair Value | 75,076 | ||
Due after ten years (1), Amortized Cost | [1] | 564,901 | |
Due after ten years (1), Fair Value | [1] | 579,788 | |
Total, Amortized Cost | 1,283,808 | $ 1,595,723 | |
Total, Fair Value | $ 1,298,469 | $ 1,586,352 | |
[1] | Equity securities are reported in this category |
Note 6 - Investment Securitie40
Note 6 - Investment Securities - Temporarily Impaired Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
US Treasury Securities [Member] | ||
Temporarily Impaired Securities, Less than 12 months, Fair Value | $ 149,983 | $ 224,289 |
Temporarily Impaired Securities, Less than 12 months, Unrealized Losses | 24 | 395 |
Temporarily Impaired Securities, 12 months or longer Fair Value | ||
Temporarily Impaired Securities, 12 months or longer Unrealized Losses | ||
Temporarily impaired securities, Total fair value | 149,983 | 224,289 |
Temporarily impaired securities, Total unrealized losses | 24 | 395 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Temporarily Impaired Securities, Less than 12 months, Fair Value | 149,931 | 148,160 |
Temporarily Impaired Securities, Less than 12 months, Unrealized Losses | 69 | 1,840 |
Temporarily Impaired Securities, 12 months or longer Fair Value | ||
Temporarily Impaired Securities, 12 months or longer Unrealized Losses | ||
Temporarily impaired securities, Total fair value | 149,931 | 148,160 |
Temporarily impaired securities, Total unrealized losses | 69 | 1,840 |
Collateralized Mortgage Backed Securities [Member] | ||
Temporarily Impaired Securities, Less than 12 months, Fair Value | 44 | 1,025,342 |
Temporarily Impaired Securities, Less than 12 months, Unrealized Losses | 1 | 11,398 |
Temporarily Impaired Securities, 12 months or longer Fair Value | 265 | 6 |
Temporarily Impaired Securities, 12 months or longer Unrealized Losses | 1 | 1 |
Temporarily impaired securities, Total fair value | 309 | 1,025,348 |
Temporarily impaired securities, Total unrealized losses | 2 | 11,399 |
Collateralized Mortgage Obligations [Member] | ||
Temporarily Impaired Securities, Less than 12 months, Fair Value | ||
Temporarily Impaired Securities, Less than 12 months, Unrealized Losses | ||
Temporarily Impaired Securities, 12 months or longer Fair Value | 30 | 36 |
Temporarily Impaired Securities, 12 months or longer Unrealized Losses | 22 | 27 |
Temporarily impaired securities, Total fair value | 30 | 36 |
Temporarily impaired securities, Total unrealized losses | 22 | 27 |
Corporate Debt Securities [Member] | ||
Temporarily Impaired Securities, Less than 12 months, Fair Value | 9,950 | |
Temporarily Impaired Securities, Less than 12 months, Unrealized Losses | 50 | |
Temporarily Impaired Securities, 12 months or longer Fair Value | 54,063 | 43,525 |
Temporarily Impaired Securities, 12 months or longer Unrealized Losses | 937 | 1,475 |
Temporarily impaired securities, Total fair value | 54,063 | 53,475 |
Temporarily impaired securities, Total unrealized losses | 937 | 1,525 |
Mutual Funds [Member] | ||
Temporarily Impaired Securities, Less than 12 months, Fair Value | ||
Temporarily Impaired Securities, Less than 12 months, Unrealized Losses | ||
Temporarily Impaired Securities, 12 months or longer Fair Value | 5,926 | 5,833 |
Temporarily Impaired Securities, 12 months or longer Unrealized Losses | 74 | 167 |
Temporarily impaired securities, Total fair value | 5,926 | 5,833 |
Temporarily impaired securities, Total unrealized losses | 74 | 167 |
Preferred Stock of Government Sponsored Entities [Member] | ||
Temporarily Impaired Securities, Less than 12 months, Fair Value | 2,528 | 2,488 |
Temporarily Impaired Securities, Less than 12 months, Unrealized Losses | 188 | 228 |
Temporarily Impaired Securities, 12 months or longer Fair Value | ||
Temporarily Impaired Securities, 12 months or longer Unrealized Losses | ||
Temporarily impaired securities, Total fair value | 2,528 | 2,488 |
Temporarily impaired securities, Total unrealized losses | 188 | 228 |
Other Equity Securities [Member] | ||
Temporarily Impaired Securities, Less than 12 months, Fair Value | 158 | |
Temporarily Impaired Securities, Less than 12 months, Unrealized Losses | 342 | |
Temporarily Impaired Securities, 12 months or longer Fair Value | ||
Temporarily Impaired Securities, 12 months or longer Unrealized Losses | ||
Temporarily impaired securities, Total fair value | 158 | |
Temporarily impaired securities, Total unrealized losses | 342 | |
Temporarily Impaired Securities, Less than 12 months, Fair Value | 302,486 | 1,410,387 |
Temporarily Impaired Securities, Less than 12 months, Unrealized Losses | 282 | 14,253 |
Temporarily Impaired Securities, 12 months or longer Fair Value | 60,284 | 49,400 |
Temporarily Impaired Securities, 12 months or longer Unrealized Losses | 1,034 | 1,670 |
Temporarily impaired securities, Total fair value | 362,770 | 1,459,787 |
Temporarily impaired securities, Total unrealized losses | $ 1,316 | $ 15,923 |
Note 7 - Loans (Details Textual
Note 7 - Loans (Details Textual) | 9 Months Ended | |
Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | |
Nonaccrual Loans [Member] | ||
Impaired Financing Receivable, Recorded Investment | $ 44,400,000 | $ 52,100,000 |
Accruing Troubled Debt Restructuring [Member] | ||
Impaired Financing Receivable, Recorded Investment | 86,600,000 | 81,700,000 |
Financing Receivable, Modifications, Recorded Investment | 86,600,000 | 81,700,000 |
Allowance for Credit Losses, Change in Method of Calculating Impairment | 1,300,000 | 2,000,000 |
Non-accruing Troubled Debt Restructuring [Member] | ||
Financing Receivable, Modifications, Recorded Investment | 20,900,000 | 39,900,000 |
Allowance for Credit Losses, Change in Method of Calculating Impairment | $ 300,000 | 5,400,000 |
Rate Reduction [Member] | Maximum [Member] | ||
Troubled Debt Restructurings Length Of Modifications | 90 days | |
Rate Reduction [Member] | Minimum [Member] | ||
Troubled Debt Restructurings Length Of Modifications | 300 days | |
Maximum [Member] | ||
Period Loan Is In Payment Default | 90 days | |
Minimum [Member] | ||
Period Loan Is In Payment Default | 60 days | |
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 0 | |
Impaired Financing Receivable, Recorded Investment | $ 130,914,000 | $ 133,810,000 |
Percentage Of Charge Off To Contractual Balances For Impaired Loans | 7.70% | 22.40% |
Note 7 - Loans - Components of
Note 7 - Loans - Components of Loans in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Commercial Portfolio Segment [Member] | ||
Loans | $ 2,248,996 | $ 2,316,863 |
Less: Allowance for loan losses | (53,699) | (56,199) |
Residential Portfolio Segment [Member] | ||
Loans | 2,329,402 | 1,932,355 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 5,743,991 | 5,301,218 |
Less: Allowance for loan losses | (44,933) | (49,440) |
Real Estate Construction Portfolio Segment [Member] | ||
Loans | 515,236 | 441,543 |
Less: Allowance for loan losses | (9,245) | (22,170) |
Equity Lines Portfolio Segment [Member] | ||
Loans | 170,022 | 168,980 |
Consumer Portfolio Segment [Member] | ||
Loans | 2,810 | 2,493 |
Less: Allowance for loan losses | (8) | (9) |
Loans | 11,010,457 | 10,163,452 |
Less: Allowance for loan losses | (117,942) | (138,963) |
Unamortized deferred loan fees, net | (5,519) | (8,262) |
Total loans, net | 10,886,996 | 10,016,227 |
Loans held for sale | $ 4,750 | $ 6,676 |
Note 7 - Loans - Average Balanc
Note 7 - Loans - Average Balance and Interest Income Recognized Related to Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Commercial Portfolio Segment [Member] | ||||
Loans, average recorded investment | $ 28,091 | $ 23,894 | $ 18,602 | $ 24,974 |
Loans, interest income recognized | 170 | 170 | 488 | 519 |
Real Estate Construction Portfolio Segment [Member] | ||||
Loans, average recorded investment | 5,869 | 22,392 | 12,005 | 22,056 |
Loans, interest income recognized | 66 | 66 | 196 | 196 |
Commercial Real Estate Portfolio Segment [Member] | ||||
Loans, average recorded investment | 81,005 | 97,557 | 86,456 | 104,508 |
Loans, interest income recognized | 776 | 777 | 2,124 | 2,126 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||||
Loans, average recorded investment | 18,256 | 16,506 | 17,456 | 16,934 |
Loans, interest income recognized | 148 | 139 | 401 | 380 |
Loans, average recorded investment | 133,221 | 160,349 | 134,519 | 168,472 |
Loans, interest income recognized | $ 1,160 | $ 1,152 | $ 3,209 | $ 3,221 |
Note 7 - Loans - Impaired Loans
Note 7 - Loans - Impaired Loans and Related Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Commercial Portfolio Segment [Member] | ||
Loans with no related allowance, unpaid principal balance | $ 29,794 | $ 15,493 |
Loans with no related allowance, recorded investment | 29,414 | 6,721 |
Loans with related allowance, unpaid principal balance | 3,315 | 7,757 |
Loans with related allowance, recorded investment | 3,217 | 6,847 |
Allowance | 1,320 | 530 |
Real Estate Construction Portfolio Segment [Member] | ||
Loans with no related allowance, unpaid principal balance | 5,776 | 51,290 |
Loans with no related allowance, recorded investment | 5,507 | 22,002 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans with no related allowance, unpaid principal balance | 72,319 | 59,954 |
Loans with no related allowance, recorded investment | 64,298 | 54,625 |
Loans with related allowance, unpaid principal balance | 10,425 | 28,258 |
Loans with related allowance, recorded investment | 10,289 | 27,152 |
Allowance | 1,248 | 6,792 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans with no related allowance, unpaid principal balance | 4,832 | 3,233 |
Loans with no related allowance, recorded investment | 4,675 | 3,026 |
Loans with related allowance, unpaid principal balance | 14,637 | 14,383 |
Loans with related allowance, recorded investment | 13,514 | 13,437 |
Allowance | 375 | 427 |
Loans with no related allowance, unpaid principal balance | 112,721 | 129,970 |
Loans with no related allowance, recorded investment | 103,894 | 86,374 |
Loans with related allowance, unpaid principal balance | 28,377 | 50,398 |
Loans with related allowance, recorded investment | 27,020 | 47,436 |
Allowance | 2,943 | 7,749 |
Total impaired loans, Unpaid Principal Balance | 141,098 | 180,368 |
Total impaired loans, Recorded Investment | $ 130,914 | $ 133,810 |
Note 7 - Loans - Aging of Loan
Note 7 - Loans - Aging of Loan Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | $ 45,409 | $ 8,367 |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 6,807 | 221 |
Commercial Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | ||
Commercial Portfolio Segment [Member] | ||
Loans past due | 61,467 | 12,133 |
Non-accrual loans | 9,251 | 3,545 |
Loans not past due | 2,187,529 | 2,304,730 |
Loans | 2,248,996 | 2,316,863 |
Real Estate Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 7,285 | |
Real Estate Construction Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | ||
Real Estate Construction Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | ||
Real Estate Construction Portfolio Segment [Member] | ||
Loans past due | 5,507 | 23,591 |
Non-accrual loans | 5,507 | 16,306 |
Loans not past due | 509,729 | 417,952 |
Loans | 515,236 | 441,543 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 12,949 | 2,243 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 12,205 | 2,223 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | ||
Commercial Real Estate Portfolio Segment [Member] | ||
Loans past due | 46,231 | 29,697 |
Non-accrual loans | 21,077 | 25,231 |
Loans not past due | 5,697,760 | 5,271,521 |
Loans | 5,743,991 | 5,301,218 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 4,959 | |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 477 | 1,038 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | ||
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans past due | 9,001 | 13,045 |
Non-accrual loans | 8,524 | 7,048 |
Loans not past due | 2,490,423 | 2,088,290 |
Loans | 2,499,424 | 2,101,335 |
Consumer Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | ||
Consumer Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | ||
Consumer Portfolio Segment [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | ||
Consumer Portfolio Segment [Member] | ||
Loans past due | ||
Non-accrual loans | ||
Loans not past due | 2,810 | 2,493 |
Loans | 2,810 | 2,493 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 58,358 | 22,854 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 19,489 | 3,482 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | ||
Loans past due | 122,206 | 78,466 |
Non-accrual loans | 44,359 | 52,130 |
Loans not past due | 10,888,251 | 10,084,986 |
Loans | $ 11,010,457 | $ 10,163,452 |
Note 7 - Loans - Troubled Debt
Note 7 - Loans - Troubled Debt Restructuring (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | |
Commercial Portfolio Segment [Member] | ||||
No. of Loans | 7 | 2 | 11 | 3 |
Pre-Modification Recorded Investment | $ 18,258 | $ 306 | $ 23,102 | $ 1,156 |
Post-Modification Recorded Investment | 18,258 | 306 | 23,102 | 1,156 |
Charge-offs | ||||
Special Reserve | $ 208 | $ 1 | $ 222 | $ 1 |
Commercial Real Estate Portfolio Segment [Member] | ||||
No. of Loans | 1 | 15 | 1 | 19 |
Pre-Modification Recorded Investment | $ 738 | $ 1,918 | $ 738 | $ 16,329 |
Post-Modification Recorded Investment | 738 | 1,918 | 738 | 16,329 |
Charge-offs | ||||
Special Reserve | $ 38 | |||
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||||
No. of Loans | 2 | 5 | ||
Pre-Modification Recorded Investment | $ 367 | $ 1,522 | ||
Post-Modification Recorded Investment | 367 | 1,374 | ||
Charge-offs | 148 | |||
Special Reserve | $ 45 | |||
No. of Loans | 8 | 17 | 14 | 27 |
Pre-Modification Recorded Investment | $ 18,996 | $ 2,224 | $ 24,207 | $ 19,007 |
Post-Modification Recorded Investment | 18,996 | 2,224 | 24,207 | 18,859 |
Charge-offs | 148 | |||
Special Reserve | $ 208 | $ 1 | $ 222 | $ 84 |
Note 7 - Loans - Accruing Troub
Note 7 - Loans - Accruing Troubled Debt Restructurings (Details) - Accruing Troubled Debt Restructuring [Member] - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Commercial Portfolio Segment [Member] | Payment Deferral [Member] | ||||||
Accruing TDRs | $ 22,019 | $ 8,298 | ||||
Commercial Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||||
Accruing TDRs | ||||||
Commercial Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||||
Accruing TDRs | 1,360 | 1,726 | ||||
Commercial Portfolio Segment [Member] | ||||||
Accruing TDRs | 23,379 | 10,024 | ||||
Commercial Real Estate Portfolio Segment [Member] | Payment Deferral [Member] | ||||||
Accruing TDRs | 26,835 | 16,701 | ||||
Commercial Real Estate Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||||
Accruing TDRs | 5,986 | 6,045 | ||||
Commercial Real Estate Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||||
Accruing TDRs | 20,690 | 33,800 | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Accruing TDRs | 53,511 | 56,546 | ||||
Real Estate Construction Portfolio Segment [Member] | Payment Deferral [Member] | ||||||
Accruing TDRs | ||||||
Real Estate Construction Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||||
Accruing TDRs | ||||||
Real Estate Construction Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||||
Accruing TDRs | 5,696 | |||||
Real Estate Construction Portfolio Segment [Member] | ||||||
Accruing TDRs | 5,696 | |||||
Residential Portfolio Segment [Member] | Payment Deferral [Member] | ||||||
Accruing TDRs | 5,048 | 5,201 | ||||
Residential Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||||
Accruing TDRs | 989 | 999 | ||||
Residential Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||||
Accruing TDRs | 3,628 | 3,214 | ||||
Residential Portfolio Segment [Member] | ||||||
Accruing TDRs | 9,665 | 9,414 | ||||
Payment Deferral [Member] | ||||||
Accruing TDRs | 53,902 | 30,200 | ||||
Contractual Interest Rate Reduction [Member] | ||||||
Accruing TDRs | 6,975 | 7,044 | ||||
Rate Reduction and Payment Deferral [Member] | ||||||
Accruing TDRs | 25,678 | 44,436 | ||||
Accruing TDRs | $ 86,555 | $ 74,708 | $ 81,680 | $ 89,881 | $ 100,011 | $ 104,355 |
Note 7 - Loans - Non-accrual Tr
Note 7 - Loans - Non-accrual Troubled Debt Restructurings (Details) - Non-accruing Troubled Debt Restructuring [Member] - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Commercial Portfolio Segment [Member] | Payment Deferral [Member] | ||||||
Accruing TDRs | $ 3,477 | $ 1,033 | ||||
Commercial Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||||
Accruing TDRs | 90 | 90 | ||||
Commercial Portfolio Segment [Member] | ||||||
Accruing TDRs | 3,567 | 1,123 | ||||
Commercial Real Estate Portfolio Segment [Member] | Payment Deferral [Member] | ||||||
Accruing TDRs | 1,508 | 1,544 | ||||
Commercial Real Estate Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||||
Accruing TDRs | 15,260 | 20,362 | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Accruing TDRs | 16,768 | 21,906 | ||||
Real Estate Construction Portfolio Segment [Member] | Payment Deferral [Member] | ||||||
Accruing TDRs | 9,981 | |||||
Real Estate Construction Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||||
Accruing TDRs | 5,825 | |||||
Real Estate Construction Portfolio Segment [Member] | ||||||
Accruing TDRs | 15,806 | |||||
Residential Portfolio Segment [Member] | Payment Deferral [Member] | ||||||
Accruing TDRs | 364 | 388 | ||||
Residential Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||||
Accruing TDRs | 171 | 700 | ||||
Residential Portfolio Segment [Member] | ||||||
Accruing TDRs | 535 | 1,088 | ||||
Payment Deferral [Member] | ||||||
Accruing TDRs | 5,349 | 12,946 | ||||
Rate Reduction and Payment Deferral [Member] | ||||||
Accruing TDRs | 15,521 | 26,977 | ||||
Accruing TDRs | $ 20,870 | $ 25,442 | $ 39,923 | $ 41,806 | $ 42,595 | $ 41,618 |
Note 7 - Loans - Troubled Deb49
Note 7 - Loans - Troubled Debt Restructuring Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accruing Troubled Debt Restructuring [Member] | ||||
Beginning balance | $ 74,708 | $ 100,011 | $ 81,680 | $ 104,355 |
New restructurings | 18,347 | 427 | 20,412 | 16,853 |
Restructured loans restored to accrual status | 723 | 10,303 | 723 | |
Charge-offs | (148) | |||
Payments | (6,500) | (11,280) | (9,816) | (21,714) |
Restructured loans placed on non-accrual status | (1,138) | (10,188) | ||
Expiration of loan concession upon renewal | (14,886) | |||
Ending balance | 86,555 | 89,881 | 86,555 | 89,881 |
Non-accruing Troubled Debt Restructuring [Member] | ||||
Beginning balance | 25,442 | 42,595 | 39,923 | 41,618 |
New restructurings | 649 | 1,796 | 3,794 | 2,006 |
Restructured loans restored to accrual status | 1,138 | 10,188 | ||
Charge-offs | (3,407) | (3) | (4,352) | (3,246) |
Payments | (1,814) | (1,859) | (9,330) | (8,037) |
Restructured loans placed on non-accrual status | (723) | (10,303) | (723) | |
Ending balance | 20,870 | 41,806 | 20,870 | 41,806 |
Charge-offs | $ (148) |
Note 7 - Loans - Portfolio by R
Note 7 - Loans - Portfolio by Risk Rating (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Loans | $ 2,027,815 | $ 2,143,270 |
Pass [Member] | Real Estate Construction Portfolio Segment [Member] | ||
Loans | 489,473 | 413,765 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 5,391,701 | 5,018,199 |
Pass [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans | 2,488,495 | 2,091,434 |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 2,810 | 2,493 |
Pass [Member] | ||
Loans | 10,400,294 | 9,669,161 |
Loans held for sale | 732 | |
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 133,858 | 110,338 |
Special Mention [Member] | Real Estate Construction Portfolio Segment [Member] | ||
Loans | 20,256 | 5,776 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 219,081 | 155,553 |
Special Mention [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans | 391 | 399 |
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||
Loans | ||
Special Mention [Member] | ||
Loans | 373,586 | 272,066 |
Loans held for sale | ||
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 86,806 | 61,297 |
Substandard [Member] | Real Estate Construction Portfolio Segment [Member] | ||
Loans | 5,507 | 21,502 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 133,209 | 118,196 |
Substandard [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans | 10,538 | 9,502 |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Loans | ||
Substandard [Member] | ||
Loans | 236,060 | 210,497 |
Loans held for sale | 5,944 | |
Doubtful [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 517 | 1,958 |
Doubtful [Member] | Real Estate Construction Portfolio Segment [Member] | ||
Loans | 500 | |
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 9,270 | |
Doubtful [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans | ||
Doubtful [Member] | Consumer Portfolio Segment [Member] | ||
Loans | ||
Doubtful [Member] | ||
Loans | 517 | 11,728 |
Loans held for sale | 4,750 | |
Commercial Portfolio Segment [Member] | ||
Loans | 2,248,996 | 2,316,863 |
Real Estate Construction Portfolio Segment [Member] | ||
Loans | 515,236 | 441,543 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 5,743,991 | 5,301,218 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans | 2,499,424 | 2,101,335 |
Consumer Portfolio Segment [Member] | ||
Loans | 2,810 | 2,493 |
Loans | 11,010,457 | 10,163,452 |
Loans held for sale | $ 4,750 | $ 6,676 |
Note 7 - Loans - Allowance for
Note 7 - Loans - Allowance for Loan Losses by Portfolio Segment and Based on Impairment Method (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Commercial Portfolio Segment [Member] | ||
Loans individually evaluated for impairment, allowance | $ 1,320 | $ 530 |
Loans individually evaluated for impairment, balance | 32,631 | 13,568 |
Loans collectively evaluated for impairment, allowance | 52,379 | 55,669 |
Loans collectively evaluated for impairment, balance | 2,216,365 | 2,303,295 |
Loans, allowance | 53,699 | 56,199 |
Loans | 2,248,996 | 2,316,863 |
Real Estate Construction Portfolio Segment [Member] | ||
Loans individually evaluated for impairment, allowance | ||
Loans individually evaluated for impairment, balance | 5,507 | 22,002 |
Loans collectively evaluated for impairment, allowance | 9,245 | 22,170 |
Loans collectively evaluated for impairment, balance | 509,729 | 419,541 |
Loans, allowance | 9,245 | 22,170 |
Loans | 515,236 | 441,543 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans individually evaluated for impairment, allowance | 1,248 | 6,792 |
Loans individually evaluated for impairment, balance | 74,587 | 81,776 |
Loans collectively evaluated for impairment, allowance | 43,685 | 42,648 |
Loans collectively evaluated for impairment, balance | 5,669,404 | 5,219,442 |
Loans, allowance | 44,933 | 49,440 |
Loans | 5,743,991 | 5,301,218 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans individually evaluated for impairment, allowance | 375 | 427 |
Loans individually evaluated for impairment, balance | 18,189 | 16,464 |
Loans collectively evaluated for impairment, allowance | 9,682 | 10,718 |
Loans collectively evaluated for impairment, balance | 2,481,235 | 2,084,871 |
Loans, allowance | 10,057 | 11,145 |
Loans | 2,499,424 | 2,101,335 |
Consumer Portfolio Segment [Member] | ||
Loans individually evaluated for impairment, allowance | ||
Loans individually evaluated for impairment, balance | ||
Loans collectively evaluated for impairment, allowance | 8 | 9 |
Loans collectively evaluated for impairment, balance | 2,810 | 2,493 |
Loans, allowance | 8 | 9 |
Loans | 2,810 | 2,493 |
Loans individually evaluated for impairment, allowance | 2,943 | 7,749 |
Loans individually evaluated for impairment, balance | 130,914 | 133,810 |
Loans collectively evaluated for impairment, allowance | 114,999 | 131,214 |
Loans collectively evaluated for impairment, balance | 10,879,543 | 10,029,642 |
Loans, allowance | 117,942 | 138,963 |
Loans | $ 11,010,457 | $ 10,163,452 |
Note 7 - Loans - Allowance fo52
Note 7 - Loans - Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Commercial Portfolio Segment [Member] | ||||
Balance | $ 50,590 | $ 47,540 | $ 56,199 | $ 47,501 |
Provision/(credit) for possible credit losses | 4,380 | 10,040 | 5,815 | 11,045 |
Charge-offs | (3,277) | (3,310) | (12,035) | (6,754) |
Recoveries | 2,006 | 607 | 3,720 | 3,085 |
Net (charge-offs)/recoveries | (1,271) | (2,703) | (8,315) | (3,669) |
Balance | 53,699 | 54,877 | 53,699 | 54,877 |
Reserve for impaired loans | 1,320 | 7,561 | 1,320 | 7,561 |
Reserve for non-impaired loans | 52,379 | 47,316 | 52,379 | 47,316 |
Reserve for off-balance sheet credit commitments | 2,112 | 703 | 2,112 | 703 |
Real Estate Construction Loans [Member] | ||||
Balance | 10,753 | 26,304 | ||
Provision/(credit) for possible credit losses | (2,056) | 121 | ||
Charge-offs | ||||
Recoveries | 548 | 41 | ||
Net (charge-offs)/recoveries | 548 | 41 | ||
Balance | 9,245 | 26,466 | 9,245 | 26,466 |
Commercial Mortgage Loans [Member] | ||||
Balance | 46,090 | 67,245 | ||
Provision/(credit) for possible credit losses | 3,132 | (11,762) | ||
Charge-offs | (4,626) | (97) | ||
Recoveries | 337 | 647 | ||
Net (charge-offs)/recoveries | (4,289) | 550 | ||
Balance | 44,933 | 56,033 | 44,933 | 56,033 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||||
Balance | 15,503 | 12,323 | 11,145 | 11,578 |
Provision/(credit) for possible credit losses | (5,452) | 353 | (963) | 1,239 |
Charge-offs | (149) | (161) | ||
Recoveries | 6 | 1 | 24 | 21 |
Net (charge-offs)/recoveries | 6 | 1 | (125) | (140) |
Balance | 10,057 | 12,677 | 10,057 | 12,677 |
Reserve for impaired loans | 375 | 373 | 375 | 373 |
Reserve for non-impaired loans | 9,682 | 12,304 | 9,682 | 12,304 |
Reserve for off-balance sheet credit commitments | 80 | 37 | 80 | 37 |
Installment and Other Loans [Member ] | ||||
Balance | 12 | 25 | ||
Provision/(credit) for possible credit losses | (4) | (2) | ||
Charge-offs | ||||
Recoveries | ||||
Net (charge-offs)/recoveries | ||||
Balance | 8 | 23 | 8 | 23 |
Real Estate Construction Portfolio Segment [Member] | ||||
Balance | 22,170 | 27,652 | ||
Provision/(credit) for possible credit losses | (20,796) | (1,349) | ||
Charge-offs | ||||
Recoveries | 7,871 | 163 | ||
Net (charge-offs)/recoveries | 7,871 | 163 | ||
Balance | 9,245 | 26,466 | 9,245 | 26,466 |
Reserve for impaired loans | ||||
Reserve for non-impaired loans | 9,245 | 26,466 | 9,245 | 26,466 |
Reserve for off-balance sheet credit commitments | 477 | 477 | ||
Commercial Real Estate Portfolio Segment [Member] | ||||
Balance | 49,440 | 74,673 | ||
Provision/(credit) for possible credit losses | 295 | (19,342) | ||
Charge-offs | (5,681) | (3,613) | ||
Recoveries | 879 | 4,315 | ||
Net (charge-offs)/recoveries | (4,802) | 702 | ||
Balance | 44,933 | 56,033 | 44,933 | 56,033 |
Reserve for impaired loans | 1,248 | 6,389 | 1,248 | 6,389 |
Reserve for non-impaired loans | 43,685 | 49,644 | 43,685 | 49,644 |
Reserve for off-balance sheet credit commitments | 35 | 202 | 35 | 202 |
Consumer Portfolio Segment [Member] | ||||
Balance | 9 | 16 | ||
Provision/(credit) for possible credit losses | (1) | 7 | ||
Charge-offs | ||||
Recoveries | ||||
Net (charge-offs)/recoveries | ||||
Balance | 8 | 23 | 8 | 23 |
Reserve for impaired loans | ||||
Reserve for non-impaired loans | 8 | 23 | 8 | 23 |
Reserve for off-balance sheet credit commitments | 2 | 1 | 2 | 1 |
Balance | 122,948 | 153,437 | 138,963 | 161,420 |
Provision/(credit) for possible credit losses | (1,250) | (15,650) | (8,400) | |
Charge-offs | (7,903) | (3,407) | (17,865) | (10,528) |
Recoveries | 2,897 | 1,296 | 12,494 | 7,584 |
Net (charge-offs)/recoveries | (5,006) | (2,111) | (5,371) | (2,944) |
Balance | 117,942 | 150,076 | 117,942 | 150,076 |
Reserve for impaired loans | 2,943 | 14,323 | 2,943 | 14,323 |
Reserve for non-impaired loans | 114,999 | 135,753 | 114,999 | 135,753 |
Reserve for off-balance sheet credit commitments | $ 2,229 | $ 1,420 | $ 2,229 | $ 1,420 |
Note 9 - Borrowed Funds (Detail
Note 9 - Borrowed Funds (Details Textual) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | |
Non Callable Fixed Rate Securities [Member] | ||
Number Of Securities Sold Under Agreements To Repurchase | 3 | 4 |
Securities Sold under Agreements to Repurchase | $ 150,000 | $ 200,000 |
Weighted Average Rate Of Securities Sold Under Agreements | 2.81% | 2.78% |
Floating to Fixed Rate Agreements Totaling 200 Million [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 3.40% | |
Floating to Fixed Rate Agreements Totaling 200 Million [Member] | Maximum [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.07% | |
Floating to Fixed Rate Agreements Totaling 200 Million [Member] | Minimum [Member] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.89% | |
Floating to Fixed Rate Agreements Totaling 200 Million [Member] | ||
Number Of Floating To Fixed Rate Agreements | 4,000,000 | |
Total Floating to Fixed Rate | $ 200,000 | |
Debt, Weighted Average Interest Rate | 5.00% | |
Floating Interest Rate Range of Time Period | 1 year | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Member] | ||
Investment Securities Pledged As Collateral | $ 383,000 | $ 430,000 |
Mature in August 2016 [Member] | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 50,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 50,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 50,000 | |
Over-night Borrowings [Member] | ||
Advances from Federal Home Loan Banks | $ 300,000 | $ 250,000 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 0.38% | 0.27% |
At Fixed Rate [Member] | ||
Advances from Federal Home Loan Banks | $ 400,000 | $ 25,000 |
Maturity in October 2016 [Member] | ||
Advances from Federal Home Loan Banks | 375,000 | |
Mature in March 2018 [Member] | ||
Advances from Federal Home Loan Banks | 25,000 | |
Securities Sold under Agreements to Repurchase | $ 350,000 | $ 400,000 |
Weighted Average Rate Of Securities Sold Under Agreements | 4.06% | 3.89% |
Advances from Federal Home Loan Banks | $ 700,000 | $ 275,000 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 0.47% | 1.13% |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | |||||
Open Tax Year | 2,012 | ||||
Domestic Tax Authority [Member] | California Franchise Tax Board [Member] | Earliest Tax Year [Member] | |||||
Open Tax Year | 2,008 | ||||
Income Tax Expense (Benefit) | $ 15,808 | $ 12,098 | $ 50,756 | $ 43,200 | |
Effective Income Tax Rate Reconciliation, Percent | 28.50% | 26.50% | |||
Income Taxes Receivable | $ 28,900 |
Note 11 - Fair Value Measurem55
Note 11 - Fair Value Measurements (Details Textual) - USD ($) | 3 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Minimum [Member] | Warrants Outstanding [Member] | ||
Fair Value Assumptions, Risk Free Interest Rate | 0.73% | |
Fair Value Assumptions, Expected Volatility Rate | 12.40% | |
Minimum [Member] | ||
Expected Life Of Warrants | 1 year | |
Estimated Sales Cost Applied To Collateral | 3.00% | |
Maximum [Member] | Warrants Outstanding [Member] | ||
Fair Value Assumptions, Risk Free Interest Rate | 1.38% | |
Fair Value Assumptions, Expected Volatility Rate | 15.10% | |
Maximum [Member] | ||
Expected Life Of Warrants | 7 years | |
Estimated Sales Cost Applied To Collateral | 6.00% | |
Net of Estimated Disposal Costs [Member] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 21 | $ 24,700,000 |
Accounts Receivable Collateral [Member] | ||
Collateral Discount Rates | 55.00% | |
Inventory Collateral [Member] | ||
Collateral Discount Rates | 65.00% | |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Warrants | $ 75,000 | 62,000 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 20,986,000 | $ 24,701,000 |
Note 11 - Fair Value Measurem56
Note 11 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | $ 390,009 | $ 284,288 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | ||
US Treasury Securities [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | 390,009 | 284,288 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | ||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | 250,010 | 148,160 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | ||
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | 250,010 | 148,160 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | ||
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | 563,638 | 1,062,269 |
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | ||
Commercial Mortgage Backed Securities [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | 563,638 | 1,062,269 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | ||
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | 30 | 36 |
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | ||
Collateralized Mortgage Obligations [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | 30 | 36 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | 74,469 | 73,855 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | ||
Corporate Debt Securities [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | 74,469 | 73,855 |
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | 5,926 | 5,833 |
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | ||
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | ||
Mutual Funds [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | 5,926 | 5,833 |
Preferred Stock of Government Sponsored Entities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | ||
Preferred Stock of Government Sponsored Entities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | 3,188 | 3,216 |
Preferred Stock of Government Sponsored Entities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | ||
Preferred Stock of Government Sponsored Entities [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | 3,188 | 3,216 |
Other Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | ||
Other Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | 11,199 | 8,695 |
Other Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | ||
Other Equity Securities [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | 11,199 | 8,695 |
Warrant [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
Assets, Fair Value Disclosure | ||
Warrant [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | ||
Assets, Fair Value Disclosure | ||
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Assets, Fair Value Disclosure | 75 | 62 |
Warrant [Member] | ||
Securities available-for-sale | ||
Assets, Fair Value Disclosure | 75 | 62 |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
Assets, Fair Value Disclosure | ||
Liabilities | ||
Liabilities, Fair Value Disclosure | ||
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | ||
Assets, Fair Value Disclosure | 1,711 | 3,339 |
Liabilities | ||
Liabilities, Fair Value Disclosure | 712 | 4,124 |
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Assets, Fair Value Disclosure | ||
Liabilities | ||
Liabilities, Fair Value Disclosure | ||
Foreign Exchange Contract [Member] | ||
Securities available-for-sale | ||
Assets, Fair Value Disclosure | 1,711 | 3,339 |
Liabilities | ||
Liabilities, Fair Value Disclosure | 712 | 4,124 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities | ||
Liabilities, Fair Value Disclosure | ||
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities | ||
Liabilities, Fair Value Disclosure | 15,186 | 6,496 |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities | ||
Liabilities, Fair Value Disclosure | ||
Interest Rate Swap [Member] | ||
Liabilities | ||
Liabilities, Fair Value Disclosure | 15,186 | 6,496 |
Option Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities | ||
Liabilities, Fair Value Disclosure | ||
Option Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities | ||
Liabilities, Fair Value Disclosure | 28 | |
Option Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities | ||
Liabilities, Fair Value Disclosure | ||
Option Contracts [Member] | ||
Liabilities | ||
Liabilities, Fair Value Disclosure | 28 | |
Fair Value, Inputs, Level 1 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | 395,935 | 290,121 |
Assets, Fair Value Disclosure | 395,935 | 290,121 |
Liabilities | ||
Liabilities, Fair Value Disclosure | ||
Fair Value, Inputs, Level 2 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | 902,534 | 1,296,231 |
Assets, Fair Value Disclosure | 904,245 | 1,299,570 |
Liabilities | ||
Liabilities, Fair Value Disclosure | 15,898 | 10,648 |
Fair Value, Inputs, Level 3 [Member] | ||
Securities available-for-sale | ||
Available-for-sale Securities | ||
Assets, Fair Value Disclosure | 75 | 62 |
Liabilities | ||
Liabilities, Fair Value Disclosure | ||
Available-for-sale Securities | 1,298,469 | 1,586,352 |
Assets, Fair Value Disclosure | 1,300,255 | 1,589,753 |
Liabilities, Fair Value Disclosure | $ 15,898 | $ 10,648 |
Note 11 - Fair Value Measurem57
Note 11 - Fair Value Measurements - Financial Assets and Liabilities Measured On a Non-recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |||
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Total at Fair Value | ||||||||
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Total at Fair Value | ||||||||
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Total at Fair Value | 1,897 | 1,897 | 6,317 | |||||
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | ||||||||
Total at Fair Value | 1,897 | 1,897 | 6,317 | |||||
Total Losses | $ 575 | $ 3,380 | 806 | $ 17 | ||||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Total at Fair Value | ||||||||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Total at Fair Value | ||||||||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Total at Fair Value | 9,041 | 9,041 | 20,359 | |||||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||||
Total at Fair Value | 9,041 | 9,041 | 20,359 | |||||
Total Losses | 654 | 598 | 3,914 | |||||
Impaired Loans [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Total at Fair Value | ||||||||
Impaired Loans [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Total at Fair Value | ||||||||
Impaired Loans [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Total at Fair Value | 13,139 | 13,139 | 13,009 | |||||
Impaired Loans [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||||||||
Total at Fair Value | 13,139 | 13,139 | 13,009 | |||||
Total Losses | 146 | 146 | 27 | |||||
Impaired Loans [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Total at Fair Value | ||||||||
Impaired Loans [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Total at Fair Value | ||||||||
Impaired Loans [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Total at Fair Value | 24,077 | 24,077 | 39,685 | |||||
Impaired Loans [Member] | ||||||||
Total at Fair Value | 24,077 | 24,077 | 39,685 | |||||
Total Losses | 575 | 4,180 | 1,550 | 3,958 | ||||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Total at Fair Value | [1] | [1] | ||||||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Total at Fair Value | 3,095 | [1] | 3,095 | [1] | 10,047 | |||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Total at Fair Value | 4,372 | [1] | 4,372 | [1] | 4,235 | |||
Other Real Estate Owned [Member] | ||||||||
Total at Fair Value | 7,467 | [1] | 7,467 | [1] | 14,282 | |||
Total Losses | (206) | 179 | 9 | 404 | 404 | 202 | ||
Equity Investments [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Total at Fair Value | ||||||||
Equity Investments [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Total at Fair Value | ||||||||
Equity Investments [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Total at Fair Value | 4,291 | 4,291 | 4,922 | |||||
Equity Investments [Member] | ||||||||
Total at Fair Value | 4,291 | 4,291 | 4,922 | |||||
Total Losses | 187 | 81 | 419 | 408 | 553 | 436 | ||
Fair Value, Inputs, Level 1 [Member] | ||||||||
Total at Fair Value | ||||||||
Fair Value, Inputs, Level 2 [Member] | ||||||||
Total at Fair Value | 3,095 | 3,095 | 10,047 | |||||
Fair Value, Inputs, Level 3 [Member] | ||||||||
Total at Fair Value | 32,740 | 32,740 | 48,842 | |||||
Total at Fair Value | 35,835 | 35,835 | 58,889 | |||||
Total Losses | $ (19) | $ 835 | $ 428 | $ 4,992 | $ 2,507 | $ 4,596 | ||
[1] | Other real estate owned balance of $21.0 million in the condensed consolidated balance sheet is net of estimated disposal costs. |
Note 12 - Fair Value of Finan58
Note 12 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Cash and due from banks | $ 203,877 | $ 180,130 | $ 196,342 | $ 176,830 |
Cash and due from banks | 203,877 | 180,130 | ||
Short-term investments | 791,757 | 536,880 | ||
Short-term investments | 791,757 | 536,880 | ||
Available-for-sale Securities | 1,298,469 | 1,586,352 | ||
Total, Fair Value | 1,298,469 | 1,586,352 | ||
Loans held for sale | 4,750 | 6,676 | ||
Loans held for sale | 4,750 | 6,676 | ||
Loans, net | 10,886,996 | 10,016,227 | ||
Loans, net | 10,825,059 | 9,938,810 | ||
Investment in Federal Home Loan Bank stock | 18,900 | 17,250 | ||
Investment in Federal Home Loan Bank stock | 18,900 | 17,250 | ||
Warrants | 75 | 62 | ||
Warrants | 75 | 62 | ||
Foreign exchange contracts with gain | 107,064 | 100,602 | ||
Foreign exchange contracts with gain | 1,711 | 3,339 | ||
Deposits | 10,938,696 | 10,509,087 | ||
Deposits | 10,946,853 | 10,509,879 | ||
Securities Sold under Agreements to Repurchase | 350,000 | 400,000 | ||
Securities sold under agreements to repurchase | 355,422 | 413,417 | ||
Advances from Federal Home Loan Banks | 700,000 | 275,000 | ||
Advances from Federal Home Loan Bank | 700,130 | 274,488 | ||
Other borrowings | 17,705 | 18,593 | ||
Other borrowings | 15,903 | 16,684 | ||
Long-term debt | 119,136 | 119,136 | ||
Long-term debt | 62,628 | 58,420 | ||
Option contracts | 9,396 | |||
Option contracts | 28 | |||
Foreign exchange contracts with loss | 44,985 | 115,418 | ||
Foreign exchange contracts with loss | 712 | 4,124 | ||
Interest rate swaps | 477,479 | 459,416 | ||
Interest rate swaps | 15,186 | 6,496 | ||
Commitments to extend credit | 1,950,756 | 1,971,848 | ||
Commitments to extend credit | (5,844) | (5,570) | ||
Standby letters of credit | 74,612 | 49,081 | ||
Standby letters of credit | (839) | (194) | ||
Other letters of credit | 31,331 | 38,131 | ||
Other letters of credit | (69) | (22) | ||
Bill of lading guarantees | 454 | |||
Bill of lading guarantees | $ (1) |
Note 12 - Fair Value of Finan59
Note 12 - Fair Value of Financial Instruments - Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and due from banks | $ 203,877 | $ 180,130 |
Short-term investments | 791,757 | 536,880 |
Available-for-sale Securities | 395,935 | 290,121 |
Loans held-for-sale | ||
Loans, net | ||
Investment in Federal Home Loan Bank stock | ||
Warrants | ||
Deposits | ||
Securities sold under agreements to repurchase | ||
Advances from Federal Home Loan Bank | ||
Other borrowings . | ||
Long-term debt | ||
Fair Value, Inputs, Level 2 [Member] | ||
Cash and due from banks | ||
Short-term investments | ||
Available-for-sale Securities | 902,534 | 1,296,231 |
Loans held-for-sale | ||
Loans, net | ||
Investment in Federal Home Loan Bank stock | 18,900 | 17,250 |
Warrants | ||
Deposits | ||
Securities sold under agreements to repurchase | 355,422 | 413,417 |
Advances from Federal Home Loan Bank | 700,130 | |
Other borrowings . | ||
Long-term debt | 62,628 | 58,420 |
Fair Value, Inputs, Level 3 [Member] | ||
Cash and due from banks | ||
Short-term investments | ||
Available-for-sale Securities | ||
Loans held-for-sale | 4,750 | 6,676 |
Loans, net | 10,825,059 | 9,938,810 |
Investment in Federal Home Loan Bank stock | ||
Warrants | 75 | 62 |
Deposits | 10,946,853 | 10,509,879 |
Securities sold under agreements to repurchase | ||
Advances from Federal Home Loan Bank | 274,488 | |
Other borrowings . | 15,903 | 16,684 |
Long-term debt | ||
Cash and due from banks | 203,877 | 180,130 |
Short-term investments | 791,757 | 536,880 |
Available-for-sale Securities | 1,298,469 | 1,586,352 |
Loans held-for-sale | 4,750 | 6,676 |
Loans, net | 10,825,059 | 9,938,810 |
Investment in Federal Home Loan Bank stock | 18,900 | 17,250 |
Warrants | 75 | 62 |
Deposits | 10,946,853 | 10,509,879 |
Securities sold under agreements to repurchase | 355,422 | 413,417 |
Advances from Federal Home Loan Bank | 700,130 | 274,488 |
Other borrowings . | 15,903 | 16,684 |
Long-term debt | $ 62,628 | $ 58,420 |
Note 14 - Financial Derivativ60
Note 14 - Financial Derivatives (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
May 31, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Expense [Member] | ||||||
Net Accrued on Interest Rate Swaps | $ 588,000 | $ 706,000 | $ 1,800,000 | $ 2,100,000 | ||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative Outstanding, Notional Amount | $ 119,100,000 | |||||
Derivative Original Maturity | 10 years | |||||
Derivative, Average Fixed Interest Rate | 2.61% | |||||
Derivative, Average Variable Interest Rate | 0.85% | |||||
Derivative, Notional Amount | 119,100,000 | 119,100,000 | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | (6,600,000) | |||||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Expense [Member] | ||||||
Net Accrued on Interest Rate Swaps | 879,000 | 831,000 | $ 2,800,000 | 2,200,000 | ||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Minimum [Member] | ||||||
Derivative Original Maturity | 4 years | |||||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Maximum [Member] | ||||||
Derivative Original Maturity | 8 years | |||||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||||||
Derivative Outstanding, Notional Amount | $ 358,300,000 | $ 358,300,000 | ||||
Derivative, Average Fixed Interest Rate | 4.63% | 4.63% | ||||
Derivative, Average Variable Interest Rate | 3.70% | 3.70% | ||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $ (3,800,000) | |||||
Derivative, Average Basis Spread on Variable Rate | 3.18% | 3.18% | ||||
Positive Fair Value [Member] | ||||||
Sum Of Spot And Forward Contract Notional Amount | $ 107,100,000 | $ 107,100,000 | $ 100,600,000 | |||
Positive Fair Value | 1,700,000 | 1,700,000 | 3,300,000 | |||
Negative Fair Value [Member] | ||||||
Notional Amount Of Option Contract | 9,400,000 | |||||
Sum Of Spot And Forward Contract Notional Amount | 45,000,000 | 45,000,000 | 115,400,000 | |||
Negative Fair Value | 712,000 | 712,000 | 4,100,000 | |||
Open OptionContracts Fair Value | $ 28,000 | |||||
Cash [Member] | ||||||
Collateral Already Posted, Aggregate Fair Value | 14,800,000 | 14,800,000 | ||||
Notional Amount Of Option Contract | 0 | 0 | ||||
Junior Subordinated Notes | $ 119,100,000 | |||||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $ 804,000 | $ (2,558,000) | $ (3,598,000) | $ (1,818,000) |
Note 15 - Balance Sheet Offse61
Note 15 - Balance Sheet Offsetting - Financial Instruments that are Eligible for Offset in the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Securities sold under agreements to repurchase | $ 350,000 | $ 400,000 |
Securities sold under agreements to repurchase | 350,000 | 400,000 |
Securities sold under agreements to repurchase | 350,000 | 400,000 |
Derivatives | 15,186 | 6,496 |
Derivatives | 15,186 | 6,496 |
Derivatives | 15,186 | 6,496 |
Securities sold under agreements to repurchase | (350,000) | (400,000) |
Derivatives, Collateral Posted | $ (15,186) | $ (6,496) |
Note 16 - Stockholders' Equit62
Note 16 - Stockholders' Equity (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Stockholders' Equity Attributable to Parent | $ 1,790,000 | $ 1,790,000 | $ 1,750,000 | ||
Stockholders' Equity, Period Increase (Decrease) | 45,700 | ||||
Net Income (Loss) Attributable to Parent | 46,090 | $ 38,483 | 127,084 | $ 119,663 | |
Other Comprehensive Income (Loss), Net of Tax | $ 761 | $ 185 | 10,329 | $ 2,972 | |
Treasury Stock, Value, Acquired, Cost Method | 54,400 | ||||
Dividends, Common Stock, Cash | $ 42,600 |
Note 16 - Stockholders' Equit63
Note 16 - Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||||
Securities available-for sale, Pre-tax | $ 1,618 | $ 4,717 | $ 27,170 | $ 4,895 |
Securities available-for sale, Tax expense | 680 | 1,984 | 11,422 | 2,058 |
Unrealized holding gain on securities available-for-sale | 938 | 2,733 | 15,748 | 2,837 |
Securities available-for sale, Reclassification adjustment, Pre-tax | (1,692) | 16 | (3,141) | 3,369 |
Securities available-for sale, Reclassification adjustment, Tax expense | (711) | 6 | (1,320) | 1,416 |
Less: reclassification adjustments for gains/(losses) included in net income | (981) | 10 | (1,821) | 1,953 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Cash flow hedge derivatives, Pre-tax | 1,387 | (4,413) | (6,208) | (3,137) |
Cash flow hedge derivatives, Tax expense | 583 | (1,855) | (2,610) | (1,319) |
Unrealized holding gain/(loss) on cash flow hedge derivatives | 804 | (2,558) | (3,598) | (1,818) |
Securities available-for sale, Beginning balance, net of tax | 8,539 | (1,125) | (5,431) | (3,172) |
Cash flow hedge derivatives, Beginning balance, net of tax | (7,397) | (1,657) | (2,995) | (2,397) |
Total, Beginning balance, net of tax | 1,142 | (2,782) | (8,426) | (5,569) |
Unrealized holding gain on securities available-for-sale | 938 | 2,733 | 15,748 | 2,837 |
Unrealized holding gain/(loss) on cash flow hedge derivatives | 804 | (2,558) | (3,598) | (1,818) |
Total, Pre-tax | 3,005 | 304 | 20,962 | 1,758 |
Total, Tax expense | 1,263 | 129 | 8,812 | 739 |
Total, Net-of-tax | 1,742 | 175 | 12,150 | 1,019 |
Less: reclassification adjustments for gains/(losses) included in net income | 981 | (10) | 1,821 | (1,953) |
Total, Reclassification adjustment, Pre-tax | (1,692) | 16 | (3,141) | 3,369 |
Total, Reclassification adjustment, Tax expense | (711) | 6 | (1,320) | 1,416 |
Total, Reclassification adjustment, Net-of-tax | (981) | 10 | (1,821) | 1,953 |
Securities available-for sale, Total other comprehensive income, Pre-tax | (74) | 4,733 | 24,029 | 8,264 |
Securities available-for sale, Total other comprehensive income, Tax expense | (31) | 1,990 | 10,102 | 3,474 |
Securities available-for sale, Total other comprehensive income, Net-of-tax | (43) | 2,743 | 13,927 | 4,790 |
Cash flow hedge derivatives, Total other comprehensive income, Pre-tax | 1,387 | (4,413) | (6,208) | (3,137) |
Cash flow hedge derivatives, Total other comprehensive income, Tax expense | 583 | (1,855) | (2,610) | (1,319) |
Cash flow hedge derivatives, Total other comprehensive income, Net-of-tax | 804 | (2,558) | (3,598) | (1,818) |
Total Other Comprehensive Income (Loss), Pre-tax | 1,313 | 320 | 17,821 | 5,127 |
Total other comprehensive income, Tax expense | 552 | 135 | 7,492 | 2,155 |
Total other comprehensive income, Net-of-tax | 761 | 185 | 10,329 | 2,972 |
Securities available-for sale, Ending balance, net of tax | 8,496 | 1,618 | 8,496 | 1,618 |
Cash flow hedge derivatives, Ending balance, net of tax | (6,593) | (4,215) | (6,593) | (4,215) |
Total, Ending balance, net of tax | $ 1,903 | $ (2,597) | $ 1,903 | $ (2,597) |
Note 17 - Stock Repurchase Pr64
Note 17 - Stock Repurchase Program (Details Textual) - USD ($) $ / shares in Units, $ in Millions | Feb. 01, 2016 | Feb. 29, 2016 | Sep. 30, 2016 |
August 2015 Repurchase Program [Member] | |||
Treasury Stock, Shares, Acquired | 633,250 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 17 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 26.82 | ||
February 2016 Repurchase Program [Member] | |||
Treasury Stock, Shares, Acquired | 1,380,578 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 37.5 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 27.13 | ||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 45,000,000 | ||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 7,500,000 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 54.4 |