Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 28, 2017 | |
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) | 79,833,699 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | |
Assets | |||
Cash and due from banks | $ 190,522,000 | $ 218,017,000 | |
Short-term investments and interest bearing deposits | 630,058,000 | 967,067,000 | |
Securities available-for-sale (amortized cost of $1,230,785 in 2017 and $1,317,012 in 2016) | 1,227,729,000 | 1,314,345,000 | [1] |
Loans held for sale | 5,835,000 | 7,500,000 | |
Loans | 11,365,509,000 | 11,201,275,000 | |
Less: Allowance for loan losses | (115,544,000) | (118,966,000) | |
Unamortized deferred loan fees, net | (4,395,000) | (4,994,000) | |
Loans, net | 11,245,570,000 | 11,077,315,000 | |
Federal Home Loan Bank stock | 17,250,000 | 17,250,000 | |
Other real estate owned, net | 19,865,000 | 20,070,000 | |
Affordable housing investments and alternative energy partnerships, net | 245,854,000 | 251,077,000 | |
Premises and equipment, net | 105,025,000 | 105,607,000 | |
Customers’ liability on acceptances | 11,300,000 | 12,182,000 | |
Accrued interest receivable | 35,690,000 | 37,299,000 | |
Goodwill | 372,189,000 | 372,189,000 | |
Other intangible assets, net | 2,749,000 | 2,949,000 | |
Other assets | 114,321,000 | 117,902,000 | |
Total assets | 14,223,957,000 | 14,520,769,000 | |
Deposits | |||
Non-interest-bearing demand deposits | 2,472,895,000 | 2,478,107,000 | |
Interest-bearing deposits: | |||
Demand deposits | 1,260,232,000 | 1,230,445,000 | |
Money market deposits | 2,295,622,000 | 2,198,938,000 | |
Savings deposits | 727,342,000 | 719,949,000 | |
Time deposits | 4,831,184,000 | 5,047,287,000 | |
Total deposits | 11,587,275,000 | 11,674,726,000 | |
Securities Sold under Agreements to Repurchase | 150,000,000 | 350,000,000 | |
Advances from the Federal Home Loan Bank | 325,000,000 | 350,000,000 | |
Other borrowings for affordable housing investments | 17,614,000 | 17,662,000 | |
Long-term debt | 119,136,000 | 119,136,000 | |
Acceptances outstanding | 11,300,000 | 12,182,000 | |
Other liabilities | 155,730,000 | 168,524,000 | |
Total liabilities | 12,366,055,000 | 12,692,230,000 | |
Commitments and contingencies | |||
Stockholders’ Equity | |||
Common stock, $0.01 par value, 100,000,000 shares authorized, 88,022,322 issued and 79,811,679 outstanding at March 31, 2017, and 87,820,920 issued and 79,610,277 outstanding at December 31, 2016 | 880,000 | 878,000 | |
Additional paid-in-capital | 892,583,000 | 895,480,000 | |
Accumulated other comprehensive loss, net | (3,642,000) | (3,715,000) | |
Retained earnings | 1,207,670,000 | 1,175,485,000 | |
Treasury stock, at cost (8,210,643 shares at March 31, 2017, and at December 31, 2016) | (239,589,000) | (239,589,000) | |
Total equity | 1,857,902,000 | 1,828,539,000 | |
Total liabilities and equity | $ 14,223,957,000 | $ 14,520,769,000 | |
[1] | Preferred stock of government sponsored entities and other equity securities as of December 31, 2015 were reclassified as level 1 rather than level 2 as originally classified due to the availability of quoted prices in active markets. |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Securities available-for-sale, amortized cost | $ 1,230,785 | $ 1,317,012 |
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) | 88,022,322 | 87,820,920 |
Common stock, shares outstanding (in shares) | 79,811,679 | 79,610,277 |
Treasury stock shares (in shares) | 8,210,643 | 8,210,643 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Interest and Dividend Income | ||
Loans receivable, including loan fees | $ 124,910 | $ 114,890 |
Investment securities | 4,406 | 6,859 |
Federal Home Loan Bank stock | 412 | 347 |
Deposits with banks | 1,076 | 249 |
Total interest and dividend income | 130,804 | 122,345 |
Interest Expense | ||
Time deposits | 10,982 | 10,857 |
Other deposits | 4,446 | 3,640 |
Securities sold under agreements to repurchase | 1,550 | 3,934 |
Advances from Federal Home Loan Bank | 288 | 106 |
Long-term debt | 1,424 | 1,440 |
Total interest expense | 18,690 | 19,977 |
Net interest income before reversal for credit losses | 112,114 | 102,368 |
Reversal for loan losses | (2,500) | (10,500) |
Net interest income after reversal for credit losses | 114,614 | 112,868 |
Non-Interest Income | ||
Securities losses, net | (466) | (206) |
Letters of credit commissions | 1,123 | 1,281 |
Depository service fees | 1,508 | 1,323 |
Other operating income | 4,553 | 5,143 |
Total non-interest income | 6,718 | 7,541 |
Non-Interest Expense | ||
Salaries and employee benefits | 25,871 | 26,931 |
Occupancy expense | 4,699 | 4,369 |
Computer and equipment expense | 2,724 | 2,580 |
Professional services expense | 4,256 | 4,368 |
Data processing service expense | 2,532 | 2,250 |
FDIC and State assessments | 2,520 | 2,589 |
Marketing expense | 871 | 796 |
Other real estate owned expense | 61 | 295 |
Amortization of investments in low income housing and alternative energy partnerships | 4,850 | 2,794 |
Amortization of core deposit intangibles | 172 | 172 |
Other operating expense | 3,330 | 4,427 |
Total non-interest expense | 51,886 | 51,571 |
Income before income tax expense | 69,446 | 68,838 |
Income tax expense | 20,505 | 22,675 |
Net income | 48,941 | 46,163 |
Other comprehensive income, net of tax | ||
Unrealized holding (loss)/gain on securities available-for-sale | (496) | 10,354 |
Less: reclassification adjustments for losses included in net income | (270) | (119) |
Unrealized holding gain/(loss) on cash flow hedge derivatives | 299 | (3,120) |
Total other comprehensive gain, net of tax | 73 | 7,353 |
Total other comprehensive income | $ 49,014 | $ 53,516 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.61 | $ 0.58 |
Diluted (in dollars per share) | 0.61 | 0.57 |
Cash dividends paid per common share (in dollars per share) | $ 0.21 | $ 0.18 |
Average common shares outstanding | ||
Basic (in shares) | 79,703,593 | 79,734,519 |
Diluted (in shares) | 80,413,178 | 80,393,849 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash Flows from Operating Activities | ||
Net income | $ 48,941,000 | $ 46,163,000 |
Adjustments to reconcile net income to net cash provided by/(used in) operating activities: | ||
Credit for loan losses | (2,500,000) | (10,500,000) |
Provision for losses on other real estate owned | 272,000 | 128,000 |
Deferred tax liability | 14,283,000 | 13,315,000 |
Depreciation and amortization | 1,769,000 | 1,923,000 |
Net gains on sale and transfer of other real estate owned | (219,000) | |
Net gains on sale of loans | (102,000) | |
Proceeds from sales of loans | 7,500,000 | 3,391,000 |
Originations of loans held-for-sale | (3,289,000) | |
Amortization on alternative energy partnerships, venture capital and other investments | 187,000 | 1,304,000 |
Net loss on sales and calls of securities | 438,000 | |
Amortization/accretion of security premiums/discounts, net | 727,000 | 1,527,000 |
Write-down on impaired securities | 28,000 | 206,000 |
Stock based compensation and stock issued to officers as compensation | 1,183,000 | 1,578,000 |
Net change in accrued interest receivable and other assets | (5,617,000) | (7,328,000) |
Net change in other liabilities | (12,926,000) | (7,207,000) |
Net cash provided by operating activities | 54,066,000 | 41,109,000 |
Cash Flows from Investing Activities | ||
Decrease in short-term investments | 337,009,000 | 104,496,000 |
Purchase of investment securities available-for-sale | (99,965,000) | (25,898,000) |
Proceeds from sale of investment securities available-for-sale | 99,541,000 | |
Proceeds from repayments, maturities and calls of investment securities available-for-sale | 85,439,000 | 143,464,000 |
Net increase in loans | (170,843,000) | (174,402,000) |
Purchase of premises and equipment | (1,016,000) | (1,063,000) |
Proceeds from sales of other real estate owned | 878,000 | |
Net decrease/(increase) in investment in affordable housing and alternative energy partnerships | 565,000 | (22,326,000) |
Net cash provided by investing activities | 251,608,000 | 24,271,000 |
Cash Flows from Financing Activities | ||
Net decrease in deposits | (87,333,000) | (184,803,000) |
Net decrease in federal funds purchased and securities sold under agreements to repurchase | (200,000,000) | |
Advances from Federal Home Loan Bank | 250,000,000 | 450,000,000 |
Repayment of Federal Home Loan Bank borrowings | (275,000,000) | (250,000,000) |
Cash dividends paid | (16,756,000) | (14,183,000) |
Purchases of treasury stock | (54,441,000) | |
Proceeds from shares issued under Dividend Reinvestment Plan | 617,000 | 545,000 |
Proceeds from exercise of stock options | 422,000 | 49,000 |
Taxes paid related to net share settlement of RSUs | (5,118,000) | (35,000) |
Net cash used in financing activities | (333,169,000) | (52,868,000) |
(Decrease)/increase in cash and cash equivalents | (27,495,000) | 12,512,000 |
Cash and cash equivalents, beginning of the period | 218,017,000 | 180,130,000 |
Cash and cash equivalents, end of the period | 190,522,000 | 192,642,000 |
Supplemental disclosure of cash flow information | ||
Interest | 20,495,000 | 20,310,000 |
Income taxes paid | 15,896,000 | 4,789,000 |
Non-cash investing and financing activities: | ||
Net change in unrealized holding gain on securities available-for-sale, net of tax | (226,000) | 10,473,000 |
Net change in unrealized holding loss on cash flow hedge derivatives | 299,000 | (3,120,000) |
Transfers to other real estate owned from loans held for investment | 726,000 | 2,698,000 |
Loans transferred from held for sale to held for investment, net | 6,676,000 | |
Loans transferred from held for investment to held for sale, net | $ 5,835,000 |
Note 1 - Business
Note 1 - Business | 3 Months Ended |
Mar. 31, 2017 | |
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, with Bancorp, the “Company”), seven 100% five 1962 March 31, 2017, 22 12 12 three three two one one one one one |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
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 accor dance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10 10 may December 31, 2017. 10 December 31, 2016. 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 | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3 . Recent Accounting Pronouncements Accounting Standards adopted in 2017 In March 2016, 2016 09, Compensation Stock Compensation (Topic 718): 2016 09 (1) (2) (3) (4) (5) 2016 09 January 1, 2017. Under ASU 2016 09, share based payments should be recognized as income tax expense or benefit in the income statement instead of the previous accounting which credited excess tax benefits to additional paid-in capital and tax deficiencies as a charge to income tax expense or as an offset to accumulated excess tax benefits, if any. Excess tax benefits or deficiencies are included in income tax expense as discrete items in the period in which they occur. For diluted earnings per share calculations, excess tax benefits are no longer included in assumed proceeds when determining average diluted shares outstanding under the treasury stock method. 2016 09 $2.6 three March 31, 2017. Other Accounting Standards In May 2014, 2014 09, Revenue from Contracts with Customers (Topic 606). 2014 09 2014 09 2015 14, 2016 08, 2016 10 2016 12, December 15, 2017 2014 09, In January 2016, 2016 01, Financial Instruments Overall (Subtopic 825 10): 2016 01 December 15, 2017. In February 2016, 2016 02, Leases (Topic 842), 2016 02 twelve 2016 02 December 15, 2018, 2016 02 2016 02 2016 02 January 1, 2019 In June 2016, 2016 13, Financial Instruments - Credit Losses (Topic 326): 2016 13 December 15, 2019. 2016 13 2016 13 In August 2016, 2016 15, Statement of Cash Flows – Classification of Certain Cash Receipts and Cash Payments.” eight zero 230. 2016 15 December 15, 2017. In October 2016, 2016 16, “Income Taxes – Intra-Entity Transfers of Assets Other Than Inventory.” December 15, 2017, In November 2016, 2016 18, “Statement of Cash Flows – Restricted Cash.” December 15, 2017, 2016 18 . In January 2017, 2017 01, “Business Combinations (Topic 805) 805, three ginning after December 15, 2017. 2017 01 . In January 2017, 2017 04, “Intangibles—Goodwill and Other (Topic 350)”: 2 2 December 15, 2019. 2017 04 . In January 2017, 2017 05 ,” Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610 20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets .” 610 20 610 20. 606 The amendments are effective for annual reporting periods beginning after December 15, 2017, Adoption of ASU 2017 05 In January 2017, 2017 08 ,” Receivables - Nonrefundable Fees and Other Costs (Subtopic 310 20): December 15, 2018. |
Note 4 - Earnings Per Share
Note 4 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 4 . Earnings per Share Basic earnings per share exclude s 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 March 31, (Dollars in thousands, except share and per share data) 2017 2016 Net income $ 48,941 $ 46,163 Weighted-average shares: Basic weighted-average number of common shares outstanding 79,703,593 79,734,519 Dilutive effect of weighted-average outstanding common share equivalents Warrants 416,607 452,368 Options 33,888 83,018 Restricted stock units 259,090 123,944 Diluted weighted-average number of common shares outstanding 80,413,178 80,393,849 Average stock options and warrants with anti-dilutive effect 19,900 359,544 Earnings per common share: Basic $ 0.61 $ 0.58 Diluted $ 0.61 $ 0.57 |
Note 5 - Stock-based Compensati
Note 5 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
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 As of March 31, 2017, ten 20% first 2017 2016. Option compensation expense was zero for the three March 31, 2017, March 31, 2016. 18,040 2,110 first March 31, 2017 2016, $422,000 $262,000 first March 31, 2017 $49,000 $9,000 first March 31, 2016. Shares Weighted-average Exercise Price Weighted-average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Balance, December 31, 2016 82,670 $ 23.37 1.1 $ 1,211 Exercised (18,040 ) 23.37 Balance, March 31, 2017 64,630 $ 23.37 0.9 $ 925 Exercisable, March 31, 2017 64,630 $ 23.37 0.9 $ 925 In addition to stock options, the Company also grants restricted stock units to e ligible employees that vest subject to continued employment at the vesting dates. The Company grant ed restricted stock units for 87,781 $38 .59 first 2017. 88,693 $30.37 2016. Starting i n December 2013, 2014 2016 December 2016, December 2016. December 31 third 30,319 2016, 61,209 2015 60,456 2014, 58,241 2016, 57,409 2015 57,642 2014, 29,119 2016, seven February 2017, 297,171 December 2013 76,623 . The following table presents restricted stock unit activity during the three March 31, 2017: Units Balance at December 31, 2016 727,419 Granted 164,404 Distributed (297,171 ) Forfeited (1,367 ) Balance at March 31, 2017 593,285 The compensation expense recorded for restricted stock units was $ 1.2 first March 31, 2017 , compared to $1.0 $12.1 March 31, 2017, 2.4 As of March 31, 2017, 3,471,754 2005 T ax benefit from share-based payment arrangements of $2.6 first 2017 $3.3 first 2016. |
Note 6 - Investment Securities
Note 6 - Investment Securities | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 6 . Investment Securities Investment securities were $ 1.2 March 31, 2017, $1.3 December 31, 2016. March 31, 2017, December 31, 2016: March 31, 2017 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ 419,881 $ - $ 411 $ 419,470 U.S. government sponsored entities 400,000 - 8,014 391,986 Mortgage-backed securities 323,017 268 3,124 320,161 Corporate debt securities 74,968 378 335 75,011 Mutual funds 6,500 - 270 6,230 Preferred stock of government sponsored entities 2,811 3,167 - 5,978 Other equity securities 3,608 5,285 - 8,893 Total $ 1,230,785 $ 9,098 $ 12,154 $ 1,227,729 December 31, 2016 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ 489,839 $ 35 $ 857 $ 489,017 U.S. government sponsored entities 400,000 - 9,669 390,331 Mortgage-backed securities 339,241 309 3,290 336,260 Collateralized mortgage obligations 48 - 20 28 Corporate debt securities 74,965 247 862 74,350 Mutual funds 6,500 - 270 6,230 Preferred stock of government sponsored entities 2,811 4,497 - 7,308 Other equity securities 3,608 7,213 - 10,821 Total $ 1,317,012 $ 12,301 $ 14,968 $ 1,314,345 The amortized cost and fair value of investment securities a s of March 31, 2017, may may Securities Available-For-Sale Amortized cost Fair value (In thousands) Due in one year or less $ 370,028 $ 369,892 Due after one year through five years 527,354 519,205 Due after five years through ten years 103 111 Due after ten years (1) 333,300 338,521 Total $ 1,230,785 $ 1,227,729 (1) There were no sales transactions of mortgage-backed securities during the first of 2017 first 2016. $15.4 $33.5 three March 31, 2017 2016, $99.5 three March 31, 2017. three March 31, 2016. $70.0 three March 31, 2017 $110.0 three March 31, 2017, $438,000 $28,000 $206,000 first 2017 2016, The table s below show the fair value and unrealized losses of the temporarily impaired securities in our investment securities portfolio as of March 31, 2017, December 31, 2016: March 31, 2017 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 $ 419,470 $ 411 $ - $ - $ 419,470 $ 411 U.S. government sponsored entities 391,986 8,014 - - 391,986 8,014 Mortgage-backed securities 314,395 3,120 58 3 314,453 3,123 Corporate debt securities 4,993 7 29,671 329 34,664 336 Mutual funds - - 6,230 270 6,230 270 Total $ 1,130,844 $ 11,552 $ 35,959 $ 602 $ 1,166,803 $ 12,154 December 31, 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 $ 299,088 $ 857 $ - $ - $ 299,088 $ 857 U.S. government sponsored entities 390,331 9,669 - - 390,331 9,669 Mortgage-backed securities 328,236 3,288 62 2 328,298 3,290 Collateralized mortgage obligations - - 28 20 28 20 Corporate debt securities - - 29,138 862 29,138 862 Mutual funds - - 6,230 270 6,230 270 Total $ 1,017,655 $ 13,814 $ 35,458 $ 1,154 $ 1,053,113 $ 14,968 A s of March 31, 2017, $12.2 Investment securities having a carrying value of $ 285.0 March 31, 2017, $649.1 December 31, 2016, |
Note 7 - Loans
Note 7 - Loans | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | 7 . Loans Most of the Company ’s business activities are with customers located in the predominately Asian areas of Southern and Northern California; New York City, New York; Dallas and Houston, 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 Company’s condensed consolidated balance sheets as of March 31, 2017, December 31, 2016, March 31, 2017 December 31, 2016 (In thousands) Commercial loans $ 2,152,269 $ 2,248,187 Residential mortgage loans 2,584,477 2,444,048 Commercial mortgage loans 5,906,084 5,785,248 Real estate construction loans 554,218 548,088 Equity lines 163,877 171,711 Installment & other loans 4,584 3,993 Gross loans $ 11,365,509 $ 11,201,275 Allowance for loan losses (115,544 ) (118,966 ) Unamortized deferred loan fees (4,395 ) (4,994 ) Total loans, net $ 11,245,570 $ 11,077,315 Loans held for sale $ 5,835 $ 7,500 A s of March 31, 2017, $128.4 $48.0 $80.4 December 31, 2016, $115.1 $49.7 $65.4 10.3% March 31, 2017, 8.4% December 31, 2016, 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 Three months ended March 31, March 31, 2017 2016 2017 2016 (In thousands) Commercial loans $ 23,335 $ 12,670 $ 83 $ 120 Real estate construction loans 16,930 20,292 340 65 Commercial mortgage loans 61,405 87,452 445 890 Residential mortgage loans and equity lines 16,543 16,991 132 132 Total impaired loans $ 118,213 $ 137,405 $ 1,000 $ 1,207 The following table present s impaired loans and the related allowance for loan losses as of the dates indicated: Impaired Loans March 31, 2017 December 31, 2016 Unpaid Principal Balance Recorded Investment Allowance Unpaid Principal Balance Recorded Investment Allowance (In thousands) With no allocated allowance Commercial loans $ 19,836 $ 17,973 $ - $ 24,037 $ 23,121 $ - Real estate construction loans 5,776 33,044 - 5,776 5,458 - Commercial mortgage loans 49,567 43,458 - 60,522 54,453 - Residential mortgage loans and equity lines 4,261 4,261 - 5,472 5,310 - Subtotal $ 79,440 $ 98,736 $ - $ 95,807 $ 88,342 $ - With allocated allowance Commercial loans $ 2,410 $ 1,979 $ 1,062 $ 5,216 $ 4,640 $ 1,827 Commercial mortgage loans 16,282 15,814 818 10,158 10,017 573 Residential mortgage loans and equity lines 13,113 11,847 395 13,263 12,075 396 Subtotal $ 31,805 $ 29,640 $ 2,275 $ 28,637 $ 26,732 $ 2,796 Total impaired loans $ 111,245 $ 128,376 $ 2,275 $ 124,444 $ 115,074 $ 2,796 The following table s present the aging of the loan portfolio by type as of March 31, 2017, December 31, 2016: March 31, 2017 30-59 Days Past Due 60-89 Day s 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 $ 27,682 $ 315 $ - $ 13,865 $ 41,862 $ 2,110,407 $ 2,152,269 Real estate construction loans 3,045 - - 5,361 8,406 545,812 554,218 Commercial mortgage loans 30,852 13,852 - 21,117 65,821 5,840,263 5,906,084 Residential mortgage loans and equity lines 4,067 - - 7,613 11,680 2,736,674 2,748,354 Installment and other loans - - - - - 4,584 4,584 Total loans $ 65,646 $ 14,167 $ - $ 47,956 $ 127,769 $ 11,237,740 $ 11,365,509 December 31, 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 $ 22,753 $ 27,190 $ - $ 15,710 $ 65,653 $ 2,182,534 $ 2,248,187 Real estate construction loans 10,390 5,835 - 5,458 21,683 526,405 548,088 Commercial mortgage loans 5,886 700 - 20,078 26,664 5,758,584 5,785,248 Residential mortgage loans and equity lines 4,390 - - 8,436 12,826 2,602,933 2,615,759 Installment and other loans - - - - - 3,993 3,993 Total loans $ 43,419 $ 33,725 $ - $ 49,682 $ 126,826 $ 11,074,449 $ 11,201,275 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 econo mic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower. The concessions may TDR s 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 As of March 31, 2017, $80.4 $32.8 $65.4 $29.7 December 31, 2016. $586,000 $1.3 March 31, 2017, $1.3 $1.1 December 31, 2016. no first 2016. The following tables present TDRs that were modified during the first March 31, 2017, s as of March 31, 2017, s during the first March 31, 2017: Three months ended March 31, 2017 March 31, 2017 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserve (Dollars in thousands) Real estate construction loans 2 $ 27,683 $ 27,683 $ - $ - Total 2 $ 27,683 $ 27,683 $ - $ - Modifications of the loan terms during the first 2017 three ten We expect that the TDR s on accruing status as of March 31, 2017, March 31, 2017, December 31, 2016, ` March 31, 2017 Accruing TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 5,752 $ - $ 335 $ 6,087 Real estate construction loans 27,683 - - 27,683 Commercial mortgage loans 25,806 5,939 6,410 38,155 Residential mortgage loans 5,036 596 2,862 8,494 Total accruing TDRs $ 64,277 $ 6,535 $ 9,607 $ 80,419 March 31, 2017 Non-accrual TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 13,560 $ - $ - $ 13,560 Commercial mortgage loans 2,206 1,765 14,952 18,923 Residential mortgage loans 132 - 164 296 Total non-accrual TDRs $ 15,898 $ 1,765 $ 15,116 $ 32,779 December 31, 2016 Accruing TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 7,971 $ - $ 4,081 $ 12,052 Commercial mortgage loans 25,979 5,961 12,452 44,392 Residential mortgage loans 5,104 789 3,056 8,949 Total accruing TDRs $ 39,054 $ 6,750 $ 19,589 $ 65,393 December 31, 2016 Non-accrual TDRs Payment Deferral Rate Reduction Rate Reduction and Paymen t Deferral Total (In thousands) Commercial loans $ 14,565 $ - $ - $ 14,565 Commercial mortgage loans 2,510 1,795 10,328 14,633 Residential mortgage loans 356 - 168 524 Total non-accrual TDRs $ 17,431 $ 1,795 $ 10,496 $ 29,722 The activity within our TDR s for the periods indicated are shown below: Three months ended March 31, Accruing TDRs 2017 2016 (In thousands) Beginning balance $ 65,393 $ 81,680 New restructurings 27,683 - Restructured loans restored to accrual status - 10,303 Payments (4,595 ) (1,811 ) Restructured loans placed on non-accrual status (5,822 ) - Expiration of loan concession upon renewal (2,240 ) - Ending balance $ 80,419 $ 90,172 Three months ended March 31, Non-accrual TDRs 2017 2016 (In thousands) Beginning balance $ 29,722 $ 39,923 New restructurings - - Restructured loans placed on non-accrual status 5,822 - Charge-offs (1,049 ) - Payments (990 ) (6,411 ) Foreclosures (726 ) - Restructured loans restored to accrual status - (10,303 ) Ending balance $ 32,779 $ 23,209 A loan is considered to be in payment default once it is 60 90 One commercial loan of $547,000 $1.6 twelve March 31, 2017. 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 March 31, 2017 , there were no 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 – ● Special Mention – may ● Substandard – may ● Doubtful – may ● Loss – The following table s present the loan portfolio by risk rating as of March 31, 2017, December 31, 2016: March 31, 2017 Pass/Watch Special Mention Substandard Doubtful Total (In thousands) Commercial loans $ 1,975,243 $ 112,157 $ 64,794 $ 75 $ 2,152,269 Real estate construction loans 466,878 45,466 41,874 - 554,218 Commercial mortgage loans 5,531,743 260,717 113,624 - 5,906,084 Residential mortgage loans and equity lines 2,738,792 269 9,293 - 2,748,354 Installment and other loans 4,584 - - - 4,584 Total gross loans $ 10,717,240 $ 418,609 $ 229,585 $ 75 $ 11,365,509 Loans held for sale $ - $ - $ 5,835 $ - $ 5,835 December 31, 2016 Pass/Watch Special Mention Substandard Doubtful Total (In thousands) Commercial loans $ 2,023,114 $ 140,682 $ 84,293 $ 98 $ 2,248,187 Real estate construction loans 469,909 44,129 34,050 - 548,088 Commercial mortgage loans 5,410,623 250,221 124,404 - 5,785,248 Residential mortgage loans and equity lines 2,605,834 - 9,925 - 2,615,759 Installment and other loans 3,993 - - - 3,993 Total gross loans $ 10,513,473 $ 435,032 $ 252,672 $ 98 $ 11,201,275 Loans held for sale $ - $ - $ 7,500 $ - $ 7,500 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 March 31, 2017, December 31, 2016: Commercial Loans Real Estate Construction Loans Commercial Mortgage Loans Residential Mortgage Loans and Equity Lines Installment and Other Loans Total (In thousands) March 31, 2017 Loans individually evaluated for impairment Allowance $ 1,062 $ - $ 818 $ 395 $ - $ 2,275 Balance $ 19,951 $ 33,044 $ 59,272 $ 16,108 $ - $ 128,375 Loans collectively evaluated for impairment Allowance $ 46,214 $ 19,768 $ 35,142 $ 12,131 $ 14 $ 113,269 Balance $ 2,132,318 $ 521,174 $ 5,846,812 $ 2,732,246 $ 4,584 $ 11,237,134 Total allowance $ 47,276 $ 19,768 $ 35,960 $ 12,526 $ 14 $ 115,544 Total balance $ 2,152,269 $ 554,218 $ 5,906,084 $ 2,748,354 $ 4,584 $ 11,365,509 December 31, 2016 Loans individually evaluated for impairment Allowance $ 1,827 $ - $ 573 $ 396 $ - $ 2,796 Balance $ 27,761 $ 5,458 $ 64,470 $ 17,385 $ - $ 115,074 Loans collectively evaluated for impairment Allowance $ 47,376 $ 23,268 $ 34,291 $ 11,224 $ 11 $ 116,170 Balance $ 2,220,426 $ 542,630 $ 5,720,778 $ 2,598,374 $ 3,993 $ 11,086,201 Total allowance $ 49,203 $ 23,268 $ 34,864 $ 11,620 $ 11 $ 118,966 Total balance $ 2,248,187 $ 548,088 $ 5,785,248 $ 2,615,759 $ 3,993 $ 11,201,275 The following table s detail activity in the allowance for loan losses by portfolio segment for the three March 31, 2017, March 31, 2016. one Real Estate Commercial Residential Installment Commercial Construction Mortgage Mortgage Loans and Other Loans Loans Loans and Equity Lines Loans Total (In thousands) 2017 Beginning Balance $ 49,203 $ 23,268 $ 34,864 $ 11,620 $ 11 $ 118,966 Provision/(credit) for possible credit losses (1,214 ) (3,549 ) 1,362 898 3 (2,500 ) Charge-offs (1,204 ) - (555 ) - - (1,759 ) Recoveries 491 49 289 8 - 837 Net (charge-offs)/recoveries (713 ) 49 (266 ) 8 - (922 ) March 31, 2017 Ending Balance $ 47,276 $ 19,768 $ 35,960 $ 12,526 $ 14 $ 115,544 Reserve for impaired loans $ 1,062 $ - $ 818 $ 395 $ - $ 2,275 Reserve for non-impaired loans $ 46,214 $ 19,768 $ 35,142 $ 12,131 $ 14 $ 113,269 Reserve for off-balance sheet credit commitments $ 2,243 $ 909 $ 120 $ 146 $ 6 $ 3,424 2016 Beginning Balance $ 56,199 $ 22,170 $ 49,440 $ 11,145 $ 9 $ 138,963 Provision/(credit) for possible credit losses 1,265 (16,702 ) 978 3,961 (2 ) (10,500 ) Charge-offs (2,070 ) - (110 ) (149 ) - (2,329 ) Recoveries 987 7,276 143 12 - 8,418 Net (charge-offs)/recoveries (1,083 ) 7,276 33 (137 ) - 6,089 March 31, 2016 Ending Balance $ 56,381 $ 12,744 $ 50,451 $ 14,969 $ 7 $ 134,552 Reserve for impaired loans $ 225 $ - $ 6,593 $ 372 $ - $ 7,190 Reserve for non-impaired loans $ 56,156 $ 12,744 $ 43,858 $ 14,597 $ 7 $ 127,362 Reserve for off-balance sheet credit commitments $ 2,641 $ - $ 53 $ - $ - $ 2,694 |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
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 may 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 | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9 . Borrowed Funds Securities Sold Under Agreements to Repurchase. Securities sold under agreements to repurchase were $150 2.81% March 31, 2017, $350 4.06% December 31, 2016. March 31, 2017, three $150 2.81%. three $50.0 July 2017, $50.0 June 2018, $50.0 July 2018. These transactions are accounted for as collateralized financing transactions and recorded at the amounts at which the securities were sold. The Company may rchase 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 $166 March 31, 2017, $372 December 31, 2016. Borrowing from the FHLB. As of March 31, 2017, $250 0.80% $275 0.55% December 31, 2016. March 31, 2017, $75 1.48%. March 31, 2017, $25 March 2018 $50 December 2019. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 0. I ncome tax expense totaled $20.5 29.5%, three March 31, 2017, $22.7 32.9%, 2016. 2016 09 $2.6 three March 31, 2017. As of March 31, 2017 December 31, 2016, $23.9 $14.6 The Company ’s tax returns are open for audit by the Internal Revenue Service back to 2013 2012. twelve |
Note 11 - Fair Value Measuremen
Note 11 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Fair Value, Measurement Inputs, Disclosure [Text Block] | 1 1 . Fair Value Measurement s The Company adopted ASC Topic 820 January 1, 2008, ● Level 1 ● Level 2 ● 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 . For certain actively traded agency preferred stock, mutual funds, U.S. Treasury securities, and other equity securities, the Company measures the fair value based on quoted market prices in active exchange markets at the reporting date, a Level 1 2 Warrants . The Company measures the fair value of warrants based on unobservable inputs based on assumptions and management judgment, a Level 3 Foreign Exchange Contracts 2 Interest Rate Swaps . Fair value of interest rate swaps is derived from third 2 The valuation techniques for the assets and liabilities valued on a nonrecurring basis are as follows: Impaired Loans. The Company does not record loans at fair value on a recurring basis. However, from time to time, nonrecurring fair value adjustments to collateral dependent impaired loans are recorded based on either the current appraised value of the collateral, a Level 2 3 Goodwill. The Company first two 350. two two — Commercial Lending and Retail Banking. The Company then completes “step one” two” two two two. four 3 Core Deposit Intangibles. Core deposit intangibles is initially recorded at fair value based on a valuation of the core deposits acquired and is amortized over its estimated useful life, which range from 4 10 3 Other Real Estate Owned. Real estate acquired in the settlement of loans is initially recorded at fair value based on the appraised value of the property on the date of transfer, less estimated costs to sell, a Level 2 2 3 Investments in Venture Capital. The Company periodically reviews its investments in venture capital for other-than-temporary impairment on a nonrecurring basis. Investments in venture capital were written down to their fair value based on available financial reports from venture capital partnerships and management’s judgment and estimation, a Level 3 Equity Investments . The Company records equity investments at fair value on a nonrecurring basis based on quoted market prices in active exchange markets at the reporting date, a Level 1 The following table s present the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of March 31, 2017, December 31, 2016: March 31, 2017 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 $ 419,470 $ - $ - $ 419,470 U.S. government sponsored entities - 391,986 - 391,986 Mortgage-backed securities - 320,163 - 320,163 Corporate debt securities - 75,010 - 75,010 Mutual funds 6,230 - - 6,230 Preferred stock of government sponsored entities 5,978 - - 5,978 Other equity securities 8,892 - - 8,892 Total securities available-for-sale 440,570 787,159 - 1,227,729 Warrants - - 102 102 Interest rate swaps - 1,851 - 1,851 Foreign exchange contracts - 1,148 - 1,148 Total assets $ 440,570 $ 790,158 $ 102 $ 1,230,830 Liabilities Option contracts $ - $ 180 $ - $ 180 Foreign exchange contracts - 647 - 647 Interest rate swaps - 3,228 - 3,228 Total liabilities $ - $ 4,055 $ - $ 4,055 December 31, 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 $ 489,017 $ - $ - $ 489,017 U.S. government sponsored entities - 390,331 - 390,331 Mortgage-backed securities - 336,260 - 336,260 Collateralized mortgage obligations - 28 - 28 Corporate debt securities - 74,350 - 74,350 Mutual funds 6,230 - - 6,230 Preferred stock of government sponsored entities 7,308 - - 7,308 Other equity securities 10,821 - - 10,821 Total securities available-for-sale 513,376 800,969 - 1,314,345 Warrants - - 79 79 Interest rate swaps - 938 - 938 Foreign exchange contracts - 1,302 - 1,302 Total assets $ 513,376 $ 803,209 $ 79 $ 1,316,664 Liabilities Option contracts $ - $ 121 $ - $ 121 Interest rate swaps - 3,744 - 3,744 Foreign exchange contracts - 3,132 - 3,132 Total liabilities $ - $ 6,997 $ - $ 6,997 The Company measured the fair value of its warrants on a recurring basis using significant unobservable inputs. The fair value of warrants was $ 102,000 March 31, 2017, $79,000 December 31, 2016. first 2017. 1 6 1.25% 2.39%, 9.03% 14.32%. For financial assets measured at fair value on a nonrecurring basis that were still reflected in the condensed consolidated balance sheets as of March 31, 2017, March 31, 2017, December 31, 2016, March 31, 2017 Total Losses Fair Value Measurements Using Total at Three Months Ended Level 1 Level 2 Level 3 Fair Value March 31, 2017 March 31, 2016 (In thousands) Assets Impaired loans by type: Commercial loans $ - $ - $ 917 $ 917 $ 20 $ - Commercial mortgage loans - - 14,996 14,996 250 - Residential mortgage loans and equity lines - - 11,453 11,453 - - Total impaired loans - - 27,366 27,366 270 - Other real estate owned (1) - 3,280 4,322 7,602 37 128 Investments in venture capital and private company stock - - 3,469 3,469 187 110 Total assets $ - $ 3,280 $ 35,157 $ 38,437 $ 494 $ 238 (1) $19.9 December 31, 2016 Total Losses Fair Value Measurements Using Total at Twelve Months Ended Level 1 Level 2 Level 3 Fair Value December 31, 2016 December 31, 2015 (In thousands) Assets Impaired loans by type: Commercial loans $ - $ - $ 2,813 $ 2,813 $ 322 $ 806 Commercial mortgage loans - - 9,444 9,444 - 598 Residential mortgage loans and equity lines - - 11,679 11,679 - 146 Total impaired loans - - 23,936 23,936 322 1,550 Other real estate owned (1) - 6,006 4,372 10,378 9 404 Investments in venture capital and private company stock - - 3,667 3,667 976 553 Total assets $ - $ 6,006 $ 31,975 $ 37,981 $ 1,307 $ 2,507 (1) $20.1 The significant unobservable (Level 3) teral-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 55% 65% 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 signif icant 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% 6% |
Note 12 - Fair Value of Financi
Note 12 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
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. 1 Short-term Investments. For short-term investments, the carrying amount was assumed to be a reasonable estimate of fair value, a Level 1 Securities Purchased under Agreements to Resell . 2 Securities. 1 2 Loans H eld for S ale third . Loans. Fair values were estimated for portfolios of loans with similar financial characteristics. Each loan category was further segmented into fixed and adjustable rate interest terms and by performing and non-performing categories. The fair value of performing loans was calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risk inherent in the loan, a Level 3 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 3 Deposit Liabilities. 3 Securities Sold under Agreements to Repurchase. The fair value of securities sold under agreements to repurchase is based on dealer quotes, a Level 2 Advances from Federal Home Loan Bank . 2 Other Borrowings. This category includes borrowings from other financial institutions. The fair value of other borrowings is calculated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect the credit and interest rate risk, a Level 3 Long-term D ebt. 2 Currency Option and Foreign Exchange Contracts 2 Interest Rate Swaps . Fair value of interest rate swaps is derived from third 2 Off-Balance-Sheet Financial Instruments. The fair value of commitments to extend credit, standby letters of credit, and financial guarantees written were estimated using the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the present creditworthiness of the counterparties. The fair value of guarantees and letters of credit was based on fees currently charged for similar agreements or on the estimated cost to terminate them or otherwise settle the obligations with the counterparties at the reporting date. The fair value of off-balance-sheet financial instruments was based on the assumptions that a market participant would use, a Level 3 Fair value was estimated in accordance with ASC Topic 825. one ’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 March 31, 2017, December 31, 2016: March 31, 2017 December 31, 2016 Carrying Carrying Amount Fair Value Amount Fair Value (In thousands) Financial Assets Cash and due from banks $ 190,522 $ 190,522 $ 218,017 $ 218,017 Short-term investments 630,058 630,058 967,067 967,067 Securities available-for-sale 1,227,729 1,227,729 1,314,345 1,314,345 Loans held for sale 5,835 5,835 7,500 7,500 Loans, net 11,245,570 11,170,158 11,077,315 11,006,344 Investment in Federal Home Loan Bank stock 17,250 17,250 17,250 17,250 Warrants 102 102 79 79 Notional Notional Amount Fair Value Amount Fair Value Foreign exchange contracts $ 174,021 $ 1,148 $ 82,439 $ 1,302 Interest rate swaps 424,223 1,851 361,526 938 Carrying Carrying Amount Fair Value Amount Fair Value Financial Liabilities Deposits $ 11,587,275 $ 11,595,618 $ 11,674,726 $ 11,680,017 Securities sold under agreements to repurchase 150,000 149,982 350,000 351,989 Advances from Federal Home Loan Bank 325,000 325,053 350,000 350,062 Other borrowings 17,614 15,865 17,662 15,944 Long-term debt 119,136 63,076 119,136 63,169 Notional Notional Amount Fair Value Amount Fair Value Option contracts $ 11,679 $ 180 $ 12,117 $ 121 Foreign exchange contracts 70,325 647 89,545 3,132 Interest rate swaps 119,136 3,228 119,136 3,744 Notional Notional Amount Fair Value Amount Fair Value Off-Balance Sheet Financial Instruments Commitments to extend credit $ 2,126,106 $ (6,345 ) $ 2,062,241 $ (6,025 ) Standby letters of credit 96,582 (1,038 ) 75,396 (668 ) Other letters of credit 23,639 (12 ) 37,283 (16 ) Bill of lading guarantees 24 - 75 - The following table s present the level in the fair value hierarchy for the estimated fair values of financial instruments as of March 31, 2017, December 31, 2016. March 31, 2017 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 190,522 $ 190,522 $ - $ - Short-term investments 630,058 630,058 - - Securities available-for-sale 1,227,729 440,570 787,159 - Loans held-for-sale 5,835 - - 5,835 Loans, net 11,170,158 - - 11,170,158 Investment in Federal Home Loan Bank stock 17,250 - 17,250 - Warrants 102 - - 102 Financial Liabilities Deposits 11,595,618 - - 11,595,618 Securities sold under agreements to repurchase 149,982 - 149,982 - Advances from Federal Home Loan Bank 325,053 - 325,053 - Other borrowings 15,865 - - 15,865 Long-term debt 63,076 - 63,076 - December 31, 2016 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 218,017 $ 218,017 $ - $ - Short-term investments 967,067 967,067 - - Securities available-for-sale 1,314,345 513,376 800,969 - Loans held-for-sale 7,500 - - 7,500 Loans, net 11,006,344 - - 11,006,344 Investment in Federal Home Loan Bank stock 17,250 - 17,250 - Warrants 79 - - 79 Financial Liabilities Deposits 11,680,017 - - 11,680,017 Securities sold under agreements to repurchase 351,989 - 351,989 - Advances from Federal Home Loan Bank 350,062 - 350,062 - Other borrowings 15,944 - - 15,944 Long-term debt 63,169 - 63,169 - |
Note 13 - Goodwill and Goodwill
Note 13 - Goodwill and Goodwill Impairment | 3 Months Ended |
Mar. 31, 2017 | |
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 two 350. The two two — Commercial Lending and Retail Banking. The Company then completes “step one” two” two two two. A s of March 31, 2017, |
Note 14 - Financial Derivatives
Note 14 - Financial Derivatives | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [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 r elated to our interest-earning assets and interest-bearing liabilities. We believe that these transactions, when properly structured and managed, may may The Company follows ASC Topic 815 third I n May 2014, $119.1 ten $119.1 five ten June 2014 June 2024, three 2.61% three 1.14%. March 31, 2017, $119.1 $1.9 $479,000 three March 31, 2017 $620,000 As of March 31, 2017 , the Bank has entered into interest rate swap contracts with various terms from four eight 4.62% one 307 3.90%. March 31, 2017, $424.2 $1.9 $713,000 three March 31, 2017, $934,000 March 31, 2017, 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 $6.5 March 31, 2017. 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 March 31, 2017, $11.7 $180,000. March 31, 2017, $174.0 $1.1 $70.3 $647,000 March 31, 2017. December 31, 2016, $12.1 $121,000. December 31, 2016, $82.4 $1.3 $89.5 $3.1 December 31, 2016. |
Note 15 - Balance Sheet Offsett
Note 15 - Balance Sheet Offsetting | 3 Months Ended |
Mar. 31, 2017 | |
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 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 Financial instruments that are eligible for offset in the condensed consolidated balance sheets, as of March 31, 2017, December 31, 2016, 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) March 31, 2017 Assets: Derivatives $ 1,851 $ - $ 1,851 $ - $ 1,851 Liabilities: Securities sold under agreements to repurchase $ 150,000 $ - $ 150,000 $ - $ (150,000 ) $ - Derivatives $ 3,228 $ - $ 3,228 $ - $ (3,228 ) $ - December 31, 2016 Assets: Derivatives $ 938 $ - $ 938 $ - $ - $ 938 Liabilities: Securities sold under agreements to repurchase $ 350,000 $ - $ 350,000 $ - $ (350,000 ) $ - Derivatives $ 3,744 $ - $ 3,744 $ - $ (3,744 ) $ - |
Note 16 - Stockholders' Equity
Note 16 - Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 1 6 . Stockholders’ Equity Total equity was $ 1.9 March 31, 2017, $29.4 $1.8 December 31, 2016, $48.9 $16.8 $5.1 The U.S. Treasury received warrants to purchase common stock of 1,846,374 $20.96 ’s participation in the U.S. Treasury Troubled Asset Relief Program Capital Purchase Program. As a result of the anti-dilution adjustments under the warrant, the exercise price at December 31, 2016 $20.65 1.5%. March 31, 2017 December 31, 2016, 943,345 Activity in accumulated other comprehensive income, net of tax, and reclassification out of accumulated other comprehensive income for the three March 31, 2017, March 31, 2016, Three months ended March 31, 2017 Three months ended March 31, 2016 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 $ (1,545 ) $ (5,431 ) Cash flow hedge derivatives (2,170 ) (2,995 ) Total $ (3,715 ) $ (8,426 ) Net unrealized (losses)/gains arising during the period Securities available-for-sale $ (856 ) $ (360 ) $ (496 ) $ 17,863 $ 7,509 $ 10,354 Cash flow hedge derivatives 516 217 299 (5,383 ) (2,263 ) (3,120 ) Total (340 ) (143 ) (197 ) 12,480 5,246 $ 7,234 Reclassification adjustment for net losses in net income Securities available-for-sale 466 196 270 206 87 119 Cash flow hedge derivatives - - - - - - Total 466 196 270 206 87 119 Total other comprehensive (loss)/income Securities available-for-sale (390 ) (164 ) (226 ) 18,069 7,596 10,473 Cash flow hedge derivatives 516 217 299 (5,383 ) (2,263 ) (3,120 ) Total $ 126 $ 53 $ 73 $ 12,686 $ 5,333 $ 7,353 Ending balance, (loss)/gain, net of tax Securities available-for-sale $ (1,771 ) $ 5,042 Cash flow hedge derivatives (1,871 ) (6,115 ) Total $ (3,642 ) $ (1,073 ) |
Note 17 - Stock Repurchase Prog
Note 17 - Stock Repurchase Program | 3 Months Ended |
Mar. 31, 2017 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 17 . Stock Repurchase Program On February 1, 2016, $45.0 2016, 1,380,578 $37.5 $27.13 February 2016 March 31, 2017 December 31, 2016, may $7.5 February 2016 |
Note 4 - Earnings Per Share (Ta
Note 4 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three months ended March 31, (Dollars in thousands, except share and per share data) 2017 2016 Net income $ 48,941 $ 46,163 Weighted-average shares: Basic weighted-average number of common shares outstanding 79,703,593 79,734,519 Dilutive effect of weighted-average outstanding common share equivalents Warrants 416,607 452,368 Options 33,888 83,018 Restricted stock units 259,090 123,944 Diluted weighted-average number of common shares outstanding 80,413,178 80,393,849 Average stock options and warrants with anti-dilutive effect 19,900 359,544 Earnings per common share: Basic $ 0.61 $ 0.58 Diluted $ 0.61 $ 0.57 |
Note 5 - Stock-based Compensa24
Note 5 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Shares Weighted-average Exercise Price Weighted-average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Balance, December 31, 2016 82,670 $ 23.37 1.1 $ 1,211 Exercised (18,040 ) 23.37 Balance, March 31, 2017 64,630 $ 23.37 0.9 $ 925 Exercisable, March 31, 2017 64,630 $ 23.37 0.9 $ 925 |
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | Units Balance at December 31, 2016 727,419 Granted 164,404 Distributed (297,171 ) Forfeited (1,367 ) Balance at March 31, 2017 593,285 |
Note 6 - Investment Securities
Note 6 - Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | March 31, 2017 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ 419,881 $ - $ 411 $ 419,470 U.S. government sponsored entities 400,000 - 8,014 391,986 Mortgage-backed securities 323,017 268 3,124 320,161 Corporate debt securities 74,968 378 335 75,011 Mutual funds 6,500 - 270 6,230 Preferred stock of government sponsored entities 2,811 3,167 - 5,978 Other equity securities 3,608 5,285 - 8,893 Total $ 1,230,785 $ 9,098 $ 12,154 $ 1,227,729 December 31, 2016 Gross Gross Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) Securities Available-for-Sale U.S. treasury securities $ 489,839 $ 35 $ 857 $ 489,017 U.S. government sponsored entities 400,000 - 9,669 390,331 Mortgage-backed securities 339,241 309 3,290 336,260 Collateralized mortgage obligations 48 - 20 28 Corporate debt securities 74,965 247 862 74,350 Mutual funds 6,500 - 270 6,230 Preferred stock of government sponsored entities 2,811 4,497 - 7,308 Other equity securities 3,608 7,213 - 10,821 Total $ 1,317,012 $ 12,301 $ 14,968 $ 1,314,345 |
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 $ 370,028 $ 369,892 Due after one year through five years 527,354 519,205 Due after five years through ten years 103 111 Due after ten years (1) 333,300 338,521 Total $ 1,230,785 $ 1,227,729 |
Schedule of Unrealized Loss on Investments [Table Text Block] | March 31, 2017 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 $ 419,470 $ 411 $ - $ - $ 419,470 $ 411 U.S. government sponsored entities 391,986 8,014 - - 391,986 8,014 Mortgage-backed securities 314,395 3,120 58 3 314,453 3,123 Corporate debt securities 4,993 7 29,671 329 34,664 336 Mutual funds - - 6,230 270 6,230 270 Total $ 1,130,844 $ 11,552 $ 35,959 $ 602 $ 1,166,803 $ 12,154 December 31, 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 $ 299,088 $ 857 $ - $ - $ 299,088 $ 857 U.S. government sponsored entities 390,331 9,669 - - 390,331 9,669 Mortgage-backed securities 328,236 3,288 62 2 328,298 3,290 Collateralized mortgage obligations - - 28 20 28 20 Corporate debt securities - - 29,138 862 29,138 862 Mutual funds - - 6,230 270 6,230 270 Total $ 1,017,655 $ 13,814 $ 35,458 $ 1,154 $ 1,053,113 $ 14,968 |
Note 7 - Loans (Tables)
Note 7 - Loans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 31, 2017 December 31, 2016 (In thousands) Commercial loans $ 2,152,269 $ 2,248,187 Residential mortgage loans 2,584,477 2,444,048 Commercial mortgage loans 5,906,084 5,785,248 Real estate construction loans 554,218 548,088 Equity lines 163,877 171,711 Installment & other loans 4,584 3,993 Gross loans $ 11,365,509 $ 11,201,275 Allowance for loan losses (115,544 ) (118,966 ) Unamortized deferred loan fees (4,395 ) (4,994 ) Total loans, net $ 11,245,570 $ 11,077,315 Loans held for sale $ 5,835 $ 7,500 |
Impaired Financing Receivables [Table Text Block] | Impaired Loans Average Recorded Investment Interest Income Recognized Three months ended Three months ended March 31, March 31, 2017 2016 2017 2016 (In thousands) Commercial loans $ 23,335 $ 12,670 $ 83 $ 120 Real estate construction loans 16,930 20,292 340 65 Commercial mortgage loans 61,405 87,452 445 890 Residential mortgage loans and equity lines 16,543 16,991 132 132 Total impaired loans $ 118,213 $ 137,405 $ 1,000 $ 1,207 |
Schedule Of Impaired Loans And Related Allowance And Charge Off [Table Text Block] | Impaired Loans March 31, 2017 December 31, 2016 Unpaid Principal Balance Recorded Investment Allowance Unpaid Principal Balance Recorded Investment Allowance (In thousands) With no allocated allowance Commercial loans $ 19,836 $ 17,973 $ - $ 24,037 $ 23,121 $ - Real estate construction loans 5,776 33,044 - 5,776 5,458 - Commercial mortgage loans 49,567 43,458 - 60,522 54,453 - Residential mortgage loans and equity lines 4,261 4,261 - 5,472 5,310 - Subtotal $ 79,440 $ 98,736 $ - $ 95,807 $ 88,342 $ - With allocated allowance Commercial loans $ 2,410 $ 1,979 $ 1,062 $ 5,216 $ 4,640 $ 1,827 Commercial mortgage loans 16,282 15,814 818 10,158 10,017 573 Residential mortgage loans and equity lines 13,113 11,847 395 13,263 12,075 396 Subtotal $ 31,805 $ 29,640 $ 2,275 $ 28,637 $ 26,732 $ 2,796 Total impaired loans $ 111,245 $ 128,376 $ 2,275 $ 124,444 $ 115,074 $ 2,796 |
Past Due Financing Receivables [Table Text Block] | March 31, 2017 30-59 Days Past Due 60-89 Day s 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 $ 27,682 $ 315 $ - $ 13,865 $ 41,862 $ 2,110,407 $ 2,152,269 Real estate construction loans 3,045 - - 5,361 8,406 545,812 554,218 Commercial mortgage loans 30,852 13,852 - 21,117 65,821 5,840,263 5,906,084 Residential mortgage loans and equity lines 4,067 - - 7,613 11,680 2,736,674 2,748,354 Installment and other loans - - - - - 4,584 4,584 Total loans $ 65,646 $ 14,167 $ - $ 47,956 $ 127,769 $ 11,237,740 $ 11,365,509 December 31, 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 $ 22,753 $ 27,190 $ - $ 15,710 $ 65,653 $ 2,182,534 $ 2,248,187 Real estate construction loans 10,390 5,835 - 5,458 21,683 526,405 548,088 Commercial mortgage loans 5,886 700 - 20,078 26,664 5,758,584 5,785,248 Residential mortgage loans and equity lines 4,390 - - 8,436 12,826 2,602,933 2,615,759 Installment and other loans - - - - - 3,993 3,993 Total loans $ 43,419 $ 33,725 $ - $ 49,682 $ 126,826 $ 11,074,449 $ 11,201,275 |
Schedule Of Troubled Debt Restructurings [Table Text Block] | Three months ended March 31, 2017 March 31, 2017 No. of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Charge-offs Specific Reserve (Dollars in thousands) Real estate construction loans 2 $ 27,683 $ 27,683 $ - $ - Total 2 $ 27,683 $ 27,683 $ - $ - |
Troubled Debt Restructurings on Financing Receivables [Table Text Block] | March 31, 2017 Accruing TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 5,752 $ - $ 335 $ 6,087 Real estate construction loans 27,683 - - 27,683 Commercial mortgage loans 25,806 5,939 6,410 38,155 Residential mortgage loans 5,036 596 2,862 8,494 Total accruing TDRs $ 64,277 $ 6,535 $ 9,607 $ 80,419 December 31, 2016 Accruing TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 7,971 $ - $ 4,081 $ 12,052 Commercial mortgage loans 25,979 5,961 12,452 44,392 Residential mortgage loans 5,104 789 3,056 8,949 Total accruing TDRs $ 39,054 $ 6,750 $ 19,589 $ 65,393 |
Non Accrual Troubled Debt Restructurings [Table Text Block] | March 31, 2017 Non-accrual TDRs Payment Deferral Rate Reduction Rate Reduction and Payment Deferral Total (In thousands) Commercial loans $ 13,560 $ - $ - $ 13,560 Commercial mortgage loans 2,206 1,765 14,952 18,923 Residential mortgage loans 132 - 164 296 Total non-accrual TDRs $ 15,898 $ 1,765 $ 15,116 $ 32,779 December 31, 2016 Non-accrual TDRs Payment Deferral Rate Reduction Rate Reduction and Paymen t Deferral Total (In thousands) Commercial loans $ 14,565 $ - $ - $ 14,565 Commercial mortgage loans 2,510 1,795 10,328 14,633 Residential mortgage loans 356 - 168 524 Total non-accrual TDRs $ 17,431 $ 1,795 $ 10,496 $ 29,722 |
Activity Within The Troubled Debt Resturings [Table Text Block] | Three months ended March 31, Accruing TDRs 2017 2016 (In thousands) Beginning balance $ 65,393 $ 81,680 New restructurings 27,683 - Restructured loans restored to accrual status - 10,303 Payments (4,595 ) (1,811 ) Restructured loans placed on non-accrual status (5,822 ) - Expiration of loan concession upon renewal (2,240 ) - Ending balance $ 80,419 $ 90,172 Three months ended March 31, Non-accrual TDRs 2017 2016 (In thousands) Beginning balance $ 29,722 $ 39,923 New restructurings - - Restructured loans placed on non-accrual status 5,822 - Charge-offs (1,049 ) - Payments (990 ) (6,411 ) Foreclosures (726 ) - Restructured loans restored to accrual status - (10,303 ) Ending balance $ 32,779 $ 23,209 |
Financing Receivable Credit Quality Indicators [Table Text Block] | March 31, 2017 Pass/Watch Special Mention Substandard Doubtful Total (In thousands) Commercial loans $ 1,975,243 $ 112,157 $ 64,794 $ 75 $ 2,152,269 Real estate construction loans 466,878 45,466 41,874 - 554,218 Commercial mortgage loans 5,531,743 260,717 113,624 - 5,906,084 Residential mortgage loans and equity lines 2,738,792 269 9,293 - 2,748,354 Installment and other loans 4,584 - - - 4,584 Total gross loans $ 10,717,240 $ 418,609 $ 229,585 $ 75 $ 11,365,509 Loans held for sale $ - $ - $ 5,835 $ - $ 5,835 December 31, 2016 Pass/Watch Special Mention Substandard Doubtful Total (In thousands) Commercial loans $ 2,023,114 $ 140,682 $ 84,293 $ 98 $ 2,248,187 Real estate construction loans 469,909 44,129 34,050 - 548,088 Commercial mortgage loans 5,410,623 250,221 124,404 - 5,785,248 Residential mortgage loans and equity lines 2,605,834 - 9,925 - 2,615,759 Installment and other loans 3,993 - - - 3,993 Total gross loans $ 10,513,473 $ 435,032 $ 252,672 $ 98 $ 11,201,275 Loans held for sale $ - $ - $ 7,500 $ - $ 7,500 |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | Real Estate Commercial Residential Installment Commercial Construction Mortgage Mortgage Loans and Other Loans Loans Loans and Equity Lines Loans Total (In thousands) 2017 Beginning Balance $ 49,203 $ 23,268 $ 34,864 $ 11,620 $ 11 $ 118,966 Provision/(credit) for possible credit losses (1,214 ) (3,549 ) 1,362 898 3 (2,500 ) Charge-offs (1,204 ) - (555 ) - - (1,759 ) Recoveries 491 49 289 8 - 837 Net (charge-offs)/recoveries (713 ) 49 (266 ) 8 - (922 ) March 31, 2017 Ending Balance $ 47,276 $ 19,768 $ 35,960 $ 12,526 $ 14 $ 115,544 Reserve for impaired loans $ 1,062 $ - $ 818 $ 395 $ - $ 2,275 Reserve for non-impaired loans $ 46,214 $ 19,768 $ 35,142 $ 12,131 $ 14 $ 113,269 Reserve for off-balance sheet credit commitments $ 2,243 $ 909 $ 120 $ 146 $ 6 $ 3,424 2016 Beginning Balance $ 56,199 $ 22,170 $ 49,440 $ 11,145 $ 9 $ 138,963 Provision/(credit) for possible credit losses 1,265 (16,702 ) 978 3,961 (2 ) (10,500 ) Charge-offs (2,070 ) - (110 ) (149 ) - (2,329 ) Recoveries 987 7,276 143 12 - 8,418 Net (charge-offs)/recoveries (1,083 ) 7,276 33 (137 ) - 6,089 March 31, 2016 Ending Balance $ 56,381 $ 12,744 $ 50,451 $ 14,969 $ 7 $ 134,552 Reserve for impaired loans $ 225 $ - $ 6,593 $ 372 $ - $ 7,190 Reserve for non-impaired loans $ 56,156 $ 12,744 $ 43,858 $ 14,597 $ 7 $ 127,362 Reserve for off-balance sheet credit commitments $ 2,641 $ - $ 53 $ - $ - $ 2,694 |
Impairment Method [Member] | |
Notes Tables | |
Impaired Financing Receivables [Table Text Block] | Commercial Loans Real Estate Construction Loans Commercial Mortgage Loans Residential Mortgage Loans and Equity Lines Installment and Other Loans Total (In thousands) March 31, 2017 Loans individually evaluated for impairment Allowance $ 1,062 $ - $ 818 $ 395 $ - $ 2,275 Balance $ 19,951 $ 33,044 $ 59,272 $ 16,108 $ - $ 128,375 Loans collectively evaluated for impairment Allowance $ 46,214 $ 19,768 $ 35,142 $ 12,131 $ 14 $ 113,269 Balance $ 2,132,318 $ 521,174 $ 5,846,812 $ 2,732,246 $ 4,584 $ 11,237,134 Total allowance $ 47,276 $ 19,768 $ 35,960 $ 12,526 $ 14 $ 115,544 Total balance $ 2,152,269 $ 554,218 $ 5,906,084 $ 2,748,354 $ 4,584 $ 11,365,509 December 31, 2016 Loans individually evaluated for impairment Allowance $ 1,827 $ - $ 573 $ 396 $ - $ 2,796 Balance $ 27,761 $ 5,458 $ 64,470 $ 17,385 $ - $ 115,074 Loans collectively evaluated for impairment Allowance $ 47,376 $ 23,268 $ 34,291 $ 11,224 $ 11 $ 116,170 Balance $ 2,220,426 $ 542,630 $ 5,720,778 $ 2,598,374 $ 3,993 $ 11,086,201 Total allowance $ 49,203 $ 23,268 $ 34,864 $ 11,620 $ 11 $ 118,966 Total balance $ 2,248,187 $ 548,088 $ 5,785,248 $ 2,615,759 $ 3,993 $ 11,201,275 |
Note 11 - Fair Value Measurem27
Note 11 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | March 31, 2017 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 $ 419,470 $ - $ - $ 419,470 U.S. government sponsored entities - 391,986 - 391,986 Mortgage-backed securities - 320,163 - 320,163 Corporate debt securities - 75,010 - 75,010 Mutual funds 6,230 - - 6,230 Preferred stock of government sponsored entities 5,978 - - 5,978 Other equity securities 8,892 - - 8,892 Total securities available-for-sale 440,570 787,159 - 1,227,729 Warrants - - 102 102 Interest rate swaps - 1,851 - 1,851 Foreign exchange contracts - 1,148 - 1,148 Total assets $ 440,570 $ 790,158 $ 102 $ 1,230,830 Liabilities Option contracts $ - $ 180 $ - $ 180 Foreign exchange contracts - 647 - 647 Interest rate swaps - 3,228 - 3,228 Total liabilities $ - $ 4,055 $ - $ 4,055 December 31, 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 $ 489,017 $ - $ - $ 489,017 U.S. government sponsored entities - 390,331 - 390,331 Mortgage-backed securities - 336,260 - 336,260 Collateralized mortgage obligations - 28 - 28 Corporate debt securities - 74,350 - 74,350 Mutual funds 6,230 - - 6,230 Preferred stock of government sponsored entities 7,308 - - 7,308 Other equity securities 10,821 - - 10,821 Total securities available-for-sale 513,376 800,969 - 1,314,345 Warrants - - 79 79 Interest rate swaps - 938 - 938 Foreign exchange contracts - 1,302 - 1,302 Total assets $ 513,376 $ 803,209 $ 79 $ 1,316,664 Liabilities Option contracts $ - $ 121 $ - $ 121 Interest rate swaps - 3,744 - 3,744 Foreign exchange contracts - 3,132 - 3,132 Total liabilities $ - $ 6,997 $ - $ 6,997 |
Fair Value Measurements, Nonrecurring [Table Text Block] | March 31, 2017 Total Losses Fair Value Measurements Using Total at Three Months Ended Level 1 Level 2 Level 3 Fair Value March 31, 2017 March 31, 2016 (In thousands) Assets Impaired loans by type: Commercial loans $ - $ - $ 917 $ 917 $ 20 $ - Commercial mortgage loans - - 14,996 14,996 250 - Residential mortgage loans and equity lines - - 11,453 11,453 - - Total impaired loans - - 27,366 27,366 270 - Other real estate owned (1) - 3,280 4,322 7,602 37 128 Investments in venture capital and private company stock - - 3,469 3,469 187 110 Total assets $ - $ 3,280 $ 35,157 $ 38,437 $ 494 $ 238 December 31, 2016 Total Losses Fair Value Measurements Using Total at Twelve Months Ended Level 1 Level 2 Level 3 Fair Value December 31, 2016 December 31, 2015 (In thousands) Assets Impaired loans by type: Commercial loans $ - $ - $ 2,813 $ 2,813 $ 322 $ 806 Commercial mortgage loans - - 9,444 9,444 - 598 Residential mortgage loans and equity lines - - 11,679 11,679 - 146 Total impaired loans - - 23,936 23,936 322 1,550 Other real estate owned (1) - 6,006 4,372 10,378 9 404 Investments in venture capital and private company stock - - 3,667 3,667 976 553 Total assets $ - $ 6,006 $ 31,975 $ 37,981 $ 1,307 $ 2,507 |
Note 12 - Fair Value of Finan28
Note 12 - Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | March 31, 2017 December 31, 2016 Carrying Carrying Amount Fair Value Amount Fair Value (In thousands) Financial Assets Cash and due from banks $ 190,522 $ 190,522 $ 218,017 $ 218,017 Short-term investments 630,058 630,058 967,067 967,067 Securities available-for-sale 1,227,729 1,227,729 1,314,345 1,314,345 Loans held for sale 5,835 5,835 7,500 7,500 Loans, net 11,245,570 11,170,158 11,077,315 11,006,344 Investment in Federal Home Loan Bank stock 17,250 17,250 17,250 17,250 Warrants 102 102 79 79 Notional Notional Amount Fair Value Amount Fair Value Foreign exchange contracts $ 174,021 $ 1,148 $ 82,439 $ 1,302 Interest rate swaps 424,223 1,851 361,526 938 Carrying Carrying Amount Fair Value Amount Fair Value Financial Liabilities Deposits $ 11,587,275 $ 11,595,618 $ 11,674,726 $ 11,680,017 Securities sold under agreements to repurchase 150,000 149,982 350,000 351,989 Advances from Federal Home Loan Bank 325,000 325,053 350,000 350,062 Other borrowings 17,614 15,865 17,662 15,944 Long-term debt 119,136 63,076 119,136 63,169 Notional Notional Amount Fair Value Amount Fair Value Option contracts $ 11,679 $ 180 $ 12,117 $ 121 Foreign exchange contracts 70,325 647 89,545 3,132 Interest rate swaps 119,136 3,228 119,136 3,744 Notional Notional Amount Fair Value Amount Fair Value Off-Balance Sheet Financial Instruments Commitments to extend credit $ 2,126,106 $ (6,345 ) $ 2,062,241 $ (6,025 ) Standby letters of credit 96,582 (1,038 ) 75,396 (668 ) Other letters of credit 23,639 (12 ) 37,283 (16 ) Bill of lading guarantees 24 - 75 - |
Schedule Of Fair Value Of Financial Instruments [Table Text Block] | March 31, 2017 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 190,522 $ 190,522 $ - $ - Short-term investments 630,058 630,058 - - Securities available-for-sale 1,227,729 440,570 787,159 - Loans held-for-sale 5,835 - - 5,835 Loans, net 11,170,158 - - 11,170,158 Investment in Federal Home Loan Bank stock 17,250 - 17,250 - Warrants 102 - - 102 Financial Liabilities Deposits 11,595,618 - - 11,595,618 Securities sold under agreements to repurchase 149,982 - 149,982 - Advances from Federal Home Loan Bank 325,053 - 325,053 - Other borrowings 15,865 - - 15,865 Long-term debt 63,076 - 63,076 - December 31, 2016 Estimated Fair Value Measurements Level 1 Level 2 Level 3 (In thousands) Financial Assets Cash and due from banks $ 218,017 $ 218,017 $ - $ - Short-term investments 967,067 967,067 - - Securities available-for-sale 1,314,345 513,376 800,969 - Loans held-for-sale 7,500 - - 7,500 Loans, net 11,006,344 - - 11,006,344 Investment in Federal Home Loan Bank stock 17,250 - 17,250 - Warrants 79 - - 79 Financial Liabilities Deposits 11,680,017 - - 11,680,017 Securities sold under agreements to repurchase 351,989 - 351,989 - Advances from Federal Home Loan Bank 350,062 - 350,062 - Other borrowings 15,944 - - 15,944 Long-term debt 63,169 - 63,169 - |
Note 15 - Balance Sheet Offse29
Note 15 - Balance Sheet Offsetting (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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) March 31, 2017 Assets: Derivatives $ 1,851 $ - $ 1,851 $ - $ 1,851 Liabilities: Securities sold under agreements to repurchase $ 150,000 $ - $ 150,000 $ - $ (150,000 ) $ - Derivatives $ 3,228 $ - $ 3,228 $ - $ (3,228 ) $ - December 31, 2016 Assets: Derivatives $ 938 $ - $ 938 $ - $ - $ 938 Liabilities: Securities sold under agreements to repurchase $ 350,000 $ - $ 350,000 $ - $ (350,000 ) $ - Derivatives $ 3,744 $ - $ 3,744 $ - $ (3,744 ) $ - |
Note 16 - Stockholders' Equity
Note 16 - Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three months ended March 31, 2017 Three months ended March 31, 2016 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 $ (1,545 ) $ (5,431 ) Cash flow hedge derivatives (2,170 ) (2,995 ) Total $ (3,715 ) $ (8,426 ) Net unrealized (losses)/gains arising during the period Securities available-for-sale $ (856 ) $ (360 ) $ (496 ) $ 17,863 $ 7,509 $ 10,354 Cash flow hedge derivatives 516 217 299 (5,383 ) (2,263 ) (3,120 ) Total (340 ) (143 ) (197 ) 12,480 5,246 $ 7,234 Reclassification adjustment for net losses in net income Securities available-for-sale 466 196 270 206 87 119 Cash flow hedge derivatives - - - - - - Total 466 196 270 206 87 119 Total other comprehensive (loss)/income Securities available-for-sale (390 ) (164 ) (226 ) 18,069 7,596 10,473 Cash flow hedge derivatives 516 217 299 (5,383 ) (2,263 ) (3,120 ) Total $ 126 $ 53 $ 73 $ 12,686 $ 5,333 $ 7,353 Ending balance, (loss)/gain, net of tax Securities available-for-sale $ (1,771 ) $ 5,042 Cash flow hedge derivatives (1,871 ) (6,115 ) Total $ (3,642 ) $ (1,073 ) |
Note 1 - Business (Details Text
Note 1 - Business (Details Textual) | Mar. 31, 2017 |
Number Of Limited Partnerships In Housing Investments | 7 |
Percentage of Subsidiaries Common Securities Owned by Parent Company | 100.00% |
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 |
Note 3 - Recent Accounting Pr32
Note 3 - Recent Accounting Pronouncements (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Expense (Benefit) | $ 20,505 | $ 22,675 |
Accounting Standards Update 2016-09 [Member] | ||
Income Tax Expense (Benefit) | $ (2,600) |
Note 4 - Earnings Per Share - E
Note 4 - Earnings Per Share - Earnings Per Share (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Average common shares outstanding | ||
Basic weighted-average number of common shares outstanding (in shares) | 79,703,593 | 79,734,519 |
Dilutive effect of weighted-average outstanding common share equivalents | ||
Diluted (in shares) | 80,413,178 | 80,393,849 |
Average stock options and warrants with anti-dilutive effect (in shares) | 19,900 | 359,544 |
Basic (in dollars per share) | $ 0.61 | $ 0.58 |
Diluted (in dollars per share) | $ 0.61 | $ 0.57 |
Warrant [Member] | ||
Dilutive effect of weighted-average outstanding common share equivalents | ||
Warrants (in shares) | 416,607 | 452,368 |
Employee Stock Option [Member] | ||
Dilutive effect of weighted-average outstanding common share equivalents | ||
Warrants (in shares) | 33,888 | 83,018 |
Restricted Stock Units (RSUs) [Member] | ||
Dilutive effect of weighted-average outstanding common share equivalents | ||
Warrants (in shares) | 259,090 | 123,944 |
Note 5 - Stock-based Compensa34
Note 5 - Stock-based Compensation (Details Textual) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Feb. 28, 2017shares | Dec. 31, 2016shares | Mar. 31, 2017USD ($)$ / sharesshares | Mar. 31, 2016USD ($)shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015shares | Dec. 31, 2014shares | |
Maximum Period Of Common Stock Granted | 10 years | ||||||
Annual Increments To Be Vested In Common Stock Units | 20.00% | ||||||
Allocated Share-based Compensation Expense | $ | $ 0 | $ 0 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 18,040 | 2,110 | |||||
Proceeds from Stock Options Exercised | $ | $ 422,000 | $ 49,000 | $ 49,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ | 262,000 | $ 9,000 | |||||
Benefit (Shortfall) of Tax Deductions from Share-based Compensation | $ | $ 2,600,000 | (3,300,000) | |||||
2005 Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,471,754 | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Allocated Share-based Compensation Expense | $ | $ 1,200,000 | $ 1,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 87,781 | 88,693 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 38.59 | $ 30.37 | |||||
Number of Officers Receiving Award | 7 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | $ 12,100,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 146 days | ||||||
Performance TSR Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 30,319 | 61,209 | 60,456 | ||||
Performance EPS Restricted Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 58,241 | 57,409 | 57,642 | ||||
Performance ROA Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 29,119 | ||||||
Performance TSR Restricted Stock and EPS Restricted Stock [Member] | December 2013 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 297,171 | ||||||
Performance TSR Restricted Stock and EPS Restricted Stock Based on Higher than Target Actual Performance and Cash Dividends [Member] | December 2013 [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 76,623 |
Note 5 - Stock-based Compensa35
Note 5 - Stock-based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Balance, Shares (in shares) | 82,670 | ||
Balance, Weighted-Average Exercise Price (in dollars per share) | $ 23.37 | ||
Balance, Weighted-Average Remaining Contractual Life (Year) | 328 days | 1 year 36 days | |
Balance, Aggregate Intrinsic Value | $ 925 | $ 1,211 | |
Exercised, Shares (in shares) | (18,040) | (2,110) | |
Exercised, Weighted-Average Exercise Price (in dollars per share) | $ 23.37 | ||
Balance, Shares (in shares) | 64,630 | 82,670 | |
Balance, Weighted-Average Exercise Price (in dollars per share) | $ 23.37 | $ 23.37 | |
Exercisable, Shares (in shares) | 64,630 | ||
Exercisable, Weighted-Average Exercise Price (in dollars per share) | $ 23.37 | ||
Exercisable, Weighted-Average Remaining Contractual Life (Year) | 328 days | ||
Exercisable, Aggregate Intrinsic Value | $ 925 |
Note 5 - Stock-based Compensa36
Note 5 - Stock-based Compensation - Restricted Stock Units (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2017shares | |
Balance (in shares) | 727,419 |
Granted (in shares) | 164,404 |
Distributed (in shares) | (297,171) |
Forfeited (in shares) | (1,367) |
Balance (in shares) | 593,285 |
Note 6 - Investment Securitie37
Note 6 - Investment Securities (Details Textual) - USD ($) | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | ||
Available-for-sale Securities | $ 1,227,729,000 | $ 1,300,000,000 | $ 1,314,345,000 | [1] |
Proceeds from Maturities, Prepayments and Calls of Mortgage Backed Securities (MBS) | 15,400,000 | 33,500,000 | ||
Proceeds From Sales And Repayments Of Other Investment Securities | 99,500,000 | 0 | ||
Proceeds from Maturities Repayments and Calls of Other Investment Securities | 70,000,000 | 110,000,000 | ||
Realized Loss From Sale And Call Of Investment Securities | 438,000 | |||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 28,000 | 206,000 | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 12,154,000 | 14,968,000 | ||
Pledged Investment Securities | 285,000,000 | $ 649,100,000 | ||
Proceeds from Sale of Mortgage Backed Securities (MBS) categorized as Available-for-sale | $ 0 | $ 0 | ||
[1] | Preferred stock of government sponsored entities and other equity securities as of December 31, 2015 were reclassified as level 1 rather than level 2 as originally classified due to the availability of quoted prices in active markets. |
Note 6 - Investment Securitie38
Note 6 - Investment Securities - Investment Securities (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | |
Securities available-for-sale, amortized cost | $ 1,230,785,000 | $ 1,317,012,000 | ||
Securities available-for-sale, gross unrealized gains | 9,098,000 | 12,301,000 | ||
Securities available-for-sale, gross unrealized losses | 12,154,000 | 14,968,000 | ||
Securities available-for-sale | 1,227,729,000 | 1,314,345,000 | [1] | $ 1,300,000,000 |
US Treasury Securities [Member] | ||||
Securities available-for-sale, amortized cost | 419,881,000 | 489,839,000 | ||
Securities available-for-sale, gross unrealized gains | 35,000 | |||
Securities available-for-sale, gross unrealized losses | 411,000 | 857,000 | ||
Securities available-for-sale | 419,470,000 | 489,017,000 | ||
US Government-sponsored Enterprises Debt Securities [Member] | ||||
Securities available-for-sale, amortized cost | 400,000,000 | 400,000,000 | ||
Securities available-for-sale, gross unrealized gains | ||||
Securities available-for-sale, gross unrealized losses | 8,014,000 | 9,669,000 | ||
Securities available-for-sale | 391,986,000 | 390,331,000 | ||
Collateralized Mortgage Backed Securities [Member] | ||||
Securities available-for-sale, amortized cost | 323,017,000 | 339,241,000 | ||
Securities available-for-sale, gross unrealized gains | 268,000 | 309,000 | ||
Securities available-for-sale, gross unrealized losses | 3,124,000 | 3,290,000 | ||
Securities available-for-sale | 320,161,000 | 336,260,000 | ||
Corporate Debt Securities [Member] | ||||
Securities available-for-sale, amortized cost | 74,968,000 | 74,965,000 | ||
Securities available-for-sale, gross unrealized gains | 378,000 | 247,000 | ||
Securities available-for-sale, gross unrealized losses | 335,000 | 862,000 | ||
Securities available-for-sale | 75,011,000 | 74,350,000 | ||
Collateralized Mortgage Obligations [Member] | ||||
Securities available-for-sale, amortized cost | 48,000 | |||
Securities available-for-sale, gross unrealized gains | ||||
Securities available-for-sale, gross unrealized losses | 20,000 | |||
Securities available-for-sale | 28,000 | |||
Mutual Funds [Member] | ||||
Securities available-for-sale, amortized cost | 6,500,000 | 6,500,000 | ||
Securities available-for-sale, gross unrealized gains | ||||
Securities available-for-sale, gross unrealized losses | 270,000 | 270,000 | ||
Securities available-for-sale | 6,230,000 | 6,230,000 | ||
Preferred Stock of Government Sponsored Entities [Member] | ||||
Securities available-for-sale, amortized cost | 2,811,000 | 2,811,000 | ||
Securities available-for-sale, gross unrealized gains | 3,167,000 | 4,497,000 | ||
Securities available-for-sale, gross unrealized losses | ||||
Securities available-for-sale | 5,978,000 | 7,308,000 | [2] | |
Other Equity Securities [Member] | ||||
Securities available-for-sale, amortized cost | 3,608,000 | 3,608,000 | ||
Securities available-for-sale, gross unrealized gains | 5,285,000 | 7,213,000 | ||
Securities available-for-sale, gross unrealized losses | ||||
Securities available-for-sale | $ 8,892,000 | $ 10,821,000 | [2] | |
[1] | Preferred stock of government sponsored entities and other equity securities as of December 31, 2015 were reclassified as level 1 rather than level 2 as originally classified due to the availability of quoted prices in active markets. | |||
[2] | Preferred stock of government sponsored entities and other equity securities as of December 31, 2015 were reclassified as level 1 rather than level 2 as originally classified due to the availability of quoted prices in active markets. |
Note 6 - Investment Securitie39
Note 6 - Investment Securities - Investments by Contractual Maturity Date (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | ||
Due in one year or less, Amortized Cost | $ 370,028,000 | ||||
Due in one year or less, Fair Value | 369,892,000 | ||||
Due after one year through five years, Amortized Cost | 527,354,000 | ||||
Due after one year through five years, Fair Value | 519,205,000 | ||||
Due after five years through ten years, Amortized Cost | 103,000 | ||||
Due after five years through ten years, Fair Value | 111,000 | ||||
Due after ten years (1), Amortized Cost | [1] | 333,300,000 | |||
Due after ten years (1), Fair Value | [1] | 338,521,000 | |||
Total, Amortized Cost | 1,230,785,000 | $ 1,317,012,000 | |||
Total, Fair Value | $ 1,227,729,000 | $ 1,314,345,000 | [2] | $ 1,300,000,000 | |
[1] | Equity securities are reported in this category | ||||
[2] | Preferred stock of government sponsored entities and other equity securities as of December 31, 2015 were reclassified as level 1 rather than level 2 as originally classified due to the availability of quoted prices in active markets. |
Note 6 - Investment Securitie40
Note 6 - Investment Securities - Temporarily Impaired Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Temporarily impaired securities, less than 12 months, fair value | $ 1,130,844 | $ 1,017,655 |
Temporarily impaired securities, less than 12 months, unrealized losses | 11,552 | 13,814 |
Temporarily impaired securities, 12 months or longer, fair value | 35,959 | 35,458 |
Temporarily impaired securities, 12 months or longer, unrealized losses | 602 | 1,154 |
Temporarily impaired securities, total fair value | 1,166,803 | 1,053,113 |
Temporarily impaired securities, total unrealized losses | 12,154 | 14,968 |
US Treasury Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 419,470 | 299,088 |
Temporarily impaired securities, less than 12 months, unrealized losses | 411 | 857 |
Temporarily impaired securities, 12 months or longer, fair value | ||
Temporarily impaired securities, 12 months or longer, unrealized losses | ||
Temporarily impaired securities, total fair value | 419,470 | 299,088 |
Temporarily impaired securities, total unrealized losses | 411 | 857 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 391,986 | 390,331 |
Temporarily impaired securities, less than 12 months, unrealized losses | 8,014 | 9,669 |
Temporarily impaired securities, 12 months or longer, fair value | ||
Temporarily impaired securities, 12 months or longer, unrealized losses | ||
Temporarily impaired securities, total fair value | 391,986 | 390,331 |
Temporarily impaired securities, total unrealized losses | 8,014 | 9,669 |
Collateralized Mortgage Backed Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 314,395 | 328,236 |
Temporarily impaired securities, less than 12 months, unrealized losses | 3,120 | 3,288 |
Temporarily impaired securities, 12 months or longer, fair value | 58 | 62 |
Temporarily impaired securities, 12 months or longer, unrealized losses | 3 | 2 |
Temporarily impaired securities, total fair value | 314,453 | 328,298 |
Temporarily impaired securities, total unrealized losses | 3,123 | 3,290 |
Corporate Debt Securities [Member] | ||
Temporarily impaired securities, less than 12 months, fair value | 4,993 | |
Temporarily impaired securities, less than 12 months, unrealized losses | 7 | |
Temporarily impaired securities, 12 months or longer, fair value | 29,671 | 29,138 |
Temporarily impaired securities, 12 months or longer, unrealized losses | 329 | 862 |
Temporarily impaired securities, total fair value | 34,664 | 29,138 |
Temporarily impaired securities, total unrealized losses | 336 | 862 |
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 | 28 | |
Temporarily impaired securities, 12 months or longer, unrealized losses | 20 | |
Temporarily impaired securities, total fair value | 28 | |
Temporarily impaired securities, total unrealized losses | 20 | |
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 | 6,230 | 6,230 |
Temporarily impaired securities, 12 months or longer, unrealized losses | 270 | 270 |
Temporarily impaired securities, total fair value | 6,230 | 6,230 |
Temporarily impaired securities, total unrealized losses | $ 270 | $ 270 |
Note 7 - Loans (Details Textual
Note 7 - Loans (Details Textual) | 3 Months Ended | ||
Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Impaired Financing Receivable, Recorded Investment | $ 128,376,000 | $ 115,074,000 | $ 115,100,000 |
Percentage Of Charge Off To Contractual Balances For Impaired Loans | 10.30% | 8.40% | |
Allowance for Credit Losses, Change in Method of Calculating Impairment | |||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | |||
Financing Receivable, Modifications, Number of Contracts | 2 | 0 | |
Loans and Leases Receivable, Impaired, Commitment to Lend | $ 0 | ||
Commercial Portfolio Segment [Member] | |||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 547,000 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 1,600,000 | ||
Minimum [Member] | |||
Period Loan Is In Payment Default | 60 days | ||
Maximum [Member] | |||
Period Loan Is In Payment Default | 90 days | ||
Rate Reduction [Member] | Minimum [Member] | |||
Troubled Debt Restructurings Length Of Modifications | 90 days | ||
Rate Reduction [Member] | Maximum [Member] | |||
Troubled Debt Restructurings Length Of Modifications | 300 days | ||
Nonaccrual Loans [Member] | |||
Impaired Financing Receivable, Recorded Investment | $ 48,000,000 | $ 49,700,000 | |
Accruing Troubled Debt Restructuring [Member] | |||
Impaired Financing Receivable, Recorded Investment | 80,400,000 | 65,400,000 | |
Financing Receivable, Modifications, Recorded Investment | 80,400,000 | 65,400,000 | |
Allowance for Credit Losses, Change in Method of Calculating Impairment | 586,000 | 1,300,000 | |
Non-accruing Troubled Debt Restructuring [Member] | |||
Financing Receivable, Modifications, Recorded Investment | 32,800,000 | 29,700,000 | |
Allowance for Credit Losses, Change in Method of Calculating Impairment | $ 1,300,000 | $ 1,100,000 |
Note 7 - Loans - Components of
Note 7 - Loans - Components of Loans in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Loans | $ 11,365,509 | $ 11,201,275 |
Less: Allowance for loan losses | (115,544) | (118,966) |
Unamortized deferred loan fees, net | (4,395) | (4,994) |
Total loans, net | 11,245,570 | 11,077,315 |
Loans held for sale | 5,835 | 7,500 |
Commercial Portfolio Segment [Member] | ||
Loans | 2,152,269 | 2,248,187 |
Less: Allowance for loan losses | (47,276) | (49,203) |
Residential Portfolio Segment [Member] | ||
Loans | 2,584,477 | 2,444,048 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 5,906,084 | 5,785,248 |
Less: Allowance for loan losses | (35,960) | (34,864) |
Real Estate Construction Portfolio Segment [Member] | ||
Loans | 554,218 | 548,088 |
Less: Allowance for loan losses | (19,768) | (23,268) |
Equity Lines Portfolio Segment [Member] | ||
Loans | 163,877 | 171,711 |
Consumer Portfolio Segment [Member] | ||
Loans | 4,584 | 3,993 |
Less: Allowance for loan losses | $ (14) | $ (11) |
Note 7 - Loans - Average Balanc
Note 7 - Loans - Average Balance and Interest Income Recognized Related to Impaired Loans (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Average Recorded Investment | $ 118,213 | $ 137,405 |
Interest Income Recognized | 1,000 | 1,207 |
Commercial Portfolio Segment [Member] | ||
Average Recorded Investment | 23,335 | 12,670 |
Interest Income Recognized | 83,000 | 120,000 |
Real Estate Construction Portfolio Segment [Member] | ||
Average Recorded Investment | 16,930 | 20,292 |
Interest Income Recognized | 340,000 | 65,000 |
Commercial Real Estate Portfolio Segment [Member] | ||
Average Recorded Investment | 61,405,000 | 87,452,000 |
Interest Income Recognized | 445 | 890 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Average Recorded Investment | 16,543 | 16,991 |
Interest Income Recognized | $ 132 | $ 132 |
Note 7 - Loans - Impaired Loans
Note 7 - Loans - Impaired Loans and Related Allowance for Credit Losses (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 |
Loans with no related allowance, unpaid principal balance | $ 79,440,000 | $ 95,807,000 | |
Loans with no related allowance, recorded investment | 98,736,000 | 88,342,000 | |
Loans with related allowance, unpaid principal balance | 31,805,000 | 28,637,000 | |
Loans with related allowance, recorded investment | 29,640,000 | 26,732,000 | |
Allowance | 2,275,000 | 2,796,000 | |
Total impaired loans, unpaid principal balance | 111,245,000 | 124,444,000 | |
Total impaired loans, recorded investment | 128,376,000 | $ 115,100,000 | 115,074,000 |
Commercial Portfolio Segment [Member] | |||
Loans with no related allowance, unpaid principal balance | 19,836,000 | 24,037,000 | |
Loans with no related allowance, recorded investment | 17,973,000 | 23,121,000 | |
Loans with related allowance, unpaid principal balance | 2,410,000 | 5,216,000 | |
Loans with related allowance, recorded investment | 1,979,000 | 4,640,000 | |
Allowance | 1,062,000 | 1,827,000 | |
Real Estate Construction Portfolio Segment [Member] | |||
Loans with no related allowance, unpaid principal balance | 5,776,000 | 5,776,000 | |
Loans with no related allowance, recorded investment | 33,044,000 | 5,458,000 | |
Commercial Real Estate Portfolio Segment [Member] | |||
Loans with no related allowance, unpaid principal balance | 49,567,000 | 60,522,000 | |
Loans with no related allowance, recorded investment | 43,458,000 | 54,453,000 | |
Loans with related allowance, unpaid principal balance | 16,282,000 | 10,158,000 | |
Loans with related allowance, recorded investment | 15,814,000 | 10,017,000 | |
Allowance | 818,000 | 573,000 | |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | |||
Loans with no related allowance, unpaid principal balance | 4,261,000 | 5,472,000 | |
Loans with no related allowance, recorded investment | 4,261,000 | 5,310,000 | |
Loans with related allowance, unpaid principal balance | 13,113,000 | 13,263,000 | |
Loans with related allowance, recorded investment | 11,847,000 | 12,075,000 | |
Allowance | $ 395,000 | $ 396,000 |
Note 7 - Loans - Aging of Loan
Note 7 - Loans - Aging of Loan Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Loans past due | $ 127,769 | $ 126,826 |
Non-accrual loans | 47,956 | 49,682 |
Loans not past due | 11,237,740 | 11,074,449 |
Loans | 11,365,509 | 11,201,275 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 65,646 | 43,419 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 14,167 | 33,725 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Loans past due | ||
Commercial Portfolio Segment [Member] | ||
Loans past due | 41,862 | 65,653 |
Non-accrual loans | 13,865 | 15,710 |
Loans not past due | 2,110,407 | 2,182,534 |
Loans | 2,152,269 | 2,248,187 |
Commercial Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 27,682 | 22,753 |
Commercial Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 315 | 27,190 |
Commercial 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 | 8,406 | 21,683 |
Non-accrual loans | 5,361 | 5,458 |
Loans not past due | 545,812 | 526,405 |
Loans | 554,218 | 548,088 |
Real Estate Construction Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 3,045 | 10,390 |
Real Estate Construction Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 5,835 | |
Real Estate Construction 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 | 65,821 | 26,664 |
Non-accrual loans | 21,117 | 20,078 |
Loans not past due | 5,840,263 | 5,758,584 |
Loans | 5,906,084 | 5,785,248 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 30,852 | 5,886 |
Commercial Real Estate Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | 13,852 | 700 |
Commercial Real Estate 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 | 11,680 | 12,826 |
Non-accrual loans | 7,613 | 8,436 |
Loans not past due | 2,736,674 | 2,602,933 |
Loans | 2,748,354 | 2,615,759 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Loans past due | 4,067 | 4,390 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Loans past due | ||
Residential Mortgage and Equity Lines 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 | 4,584 | 3,993 |
Loans | 4,584 | 3,993 |
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 |
Note 7 - Loans - Troubled Debt
Note 7 - Loans - Troubled Debt Restructuring (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($) | Mar. 31, 2016 | |
No. of Contracts | 2 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 27,683 | |
Post-Modification Outstanding Recorded Investment | 27,683 | |
Charge-offs | ||
Special Reserve | ||
Real Estate Construction Portfolio Segment [Member] | ||
No. of Contracts | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 27,683 | |
Post-Modification Outstanding Recorded Investment | 27,683 | |
Charge-offs | ||
Special Reserve |
Note 7 - Loans - Accruing Troub
Note 7 - Loans - Accruing Troubled Debt Restructurings (Details) - Accruing Troubled Debt Restructuring [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Accruing TDRs | $ 80,419 | $ 65,393 | $ 90,172 | $ 81,680 |
Payment Deferral [Member] | ||||
Accruing TDRs | 64,277 | 39,054 | ||
Contractual Interest Rate Reduction [Member] | ||||
Accruing TDRs | 6,535 | 6,750 | ||
Rate Reduction and Payment Deferral [Member] | ||||
Accruing TDRs | 9,607 | 19,589 | ||
Commercial Portfolio Segment [Member] | ||||
Accruing TDRs | 6,087 | 12,052 | ||
Commercial Portfolio Segment [Member] | Payment Deferral [Member] | ||||
Accruing TDRs | 5,752 | 7,971 | ||
Commercial Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||
Accruing TDRs | ||||
Commercial Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||
Accruing TDRs | 335 | 4,081 | ||
Real Estate Construction Loans [Member] | ||||
Accruing TDRs | 27,683 | |||
Real Estate Construction Loans [Member] | Payment Deferral [Member] | ||||
Accruing TDRs | 27,683 | |||
Real Estate Construction Loans [Member] | Contractual Interest Rate Reduction [Member] | ||||
Accruing TDRs | ||||
Real Estate Construction Loans [Member] | Rate Reduction and Payment Deferral [Member] | ||||
Accruing TDRs | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||
Accruing TDRs | 38,155 | 44,392 | ||
Commercial Real Estate Portfolio Segment [Member] | Payment Deferral [Member] | ||||
Accruing TDRs | 25,806 | 25,979 | ||
Commercial Real Estate Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||
Accruing TDRs | 5,939 | 5,961 | ||
Commercial Real Estate Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||
Accruing TDRs | 6,410 | 12,452 | ||
Residential Portfolio Segment [Member] | ||||
Accruing TDRs | 8,494 | 8,949 | ||
Residential Portfolio Segment [Member] | Payment Deferral [Member] | ||||
Accruing TDRs | 5,036 | 5,104 | ||
Residential Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||
Accruing TDRs | 596 | 789 | ||
Residential Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||
Accruing TDRs | $ 2,862 | $ 3,056 |
Note 7 - Loans - Non-accrual Tr
Note 7 - Loans - Non-accrual Troubled Debt Restructurings (Details) - Non-accruing Troubled Debt Restructuring [Member] - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Accruing TDRs | $ 32,779 | $ 29,722 | $ 23,209 | $ 39,923 |
Payment Deferral [Member] | ||||
Accruing TDRs | 15,898 | 17,431 | ||
Contractual Interest Rate Reduction [Member] | ||||
Accruing TDRs | 1,765 | 1,795 | ||
Rate Reduction and Payment Deferral [Member] | ||||
Accruing TDRs | 15,116 | 10,496 | ||
Commercial Portfolio Segment [Member] | ||||
Accruing TDRs | 13,560 | 14,565 | ||
Commercial Portfolio Segment [Member] | Payment Deferral [Member] | ||||
Accruing TDRs | 13,560 | 14,565 | ||
Commercial Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||
Accruing TDRs | ||||
Commercial Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||
Accruing TDRs | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||
Accruing TDRs | 18,923 | 14,633 | ||
Commercial Real Estate Portfolio Segment [Member] | Payment Deferral [Member] | ||||
Accruing TDRs | 2,206 | 2,510 | ||
Commercial Real Estate Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||
Accruing TDRs | 1,765 | 1,795 | ||
Commercial Real Estate Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||
Accruing TDRs | 14,952 | 10,328 | ||
Residential Portfolio Segment [Member] | ||||
Accruing TDRs | 296 | 524 | ||
Residential Portfolio Segment [Member] | Payment Deferral [Member] | ||||
Accruing TDRs | 132 | 356 | ||
Residential Portfolio Segment [Member] | Contractual Interest Rate Reduction [Member] | ||||
Accruing TDRs | ||||
Residential Portfolio Segment [Member] | Rate Reduction and Payment Deferral [Member] | ||||
Accruing TDRs | $ 164 | $ 168 |
Note 7 - Loans - Troubled Deb49
Note 7 - Loans - Troubled Debt Restructuring Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Charge-offs | ||
Accruing Troubled Debt Restructuring [Member] | ||
Beginning balance | 65,393 | $ 81,680 |
New restructurings | 27,683 | |
Restructured loans restored to accrual status | 10,303 | |
Payments | (4,595) | (1,811) |
Restructured loans placed on non-accrual status | (5,822) | |
Expiration of loan concession upon renewal | (2,240) | |
Ending balance | 80,419 | 90,172 |
Non-accruing Troubled Debt Restructuring [Member] | ||
Beginning balance | 29,722 | 39,923 |
New restructurings | ||
Restructured loans restored to accrual status | 5,822 | |
Payments | (990) | (6,411) |
Restructured loans placed on non-accrual status | (10,303) | |
Ending balance | 32,779 | 23,209 |
Charge-offs | (1,049) | |
Foreclosures | $ (726) |
Note 7 - Loans - Portfolio by R
Note 7 - Loans - Portfolio by Risk Rating (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Loans | $ 11,365,509 | $ 11,201,275 |
Loans held for sale | 5,835 | 7,500 |
Commercial Portfolio Segment [Member] | ||
Loans | 2,152,269 | 2,248,187 |
Real Estate Construction Portfolio Segment [Member] | ||
Loans | 554,218 | 548,088 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 5,906,084 | 5,785,248 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans | 2,748,354 | 2,615,759 |
Consumer Portfolio Segment [Member] | ||
Loans | 4,584 | 3,993 |
Pass [Member] | ||
Loans | 10,717,240 | 10,513,473 |
Loans held for sale | ||
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 1,975,243 | 2,023,114 |
Pass [Member] | Real Estate Construction Portfolio Segment [Member] | ||
Loans | 466,878 | 469,909 |
Pass [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 5,531,743 | 5,410,623 |
Pass [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans | 2,738,792 | 2,605,834 |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Loans | 4,584 | 3,993 |
Special Mention [Member] | ||
Loans | 418,609 | 435,032 |
Loans held for sale | ||
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 112,157 | 140,682 |
Special Mention [Member] | Real Estate Construction Portfolio Segment [Member] | ||
Loans | 45,466 | 44,129 |
Special Mention [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 260,717 | 250,221 |
Special Mention [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans | 269 | |
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||
Loans | ||
Substandard [Member] | ||
Loans | 229,585 | 252,672 |
Loans held for sale | 5,835 | 7,500 |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 64,794 | 84,293 |
Substandard [Member] | Real Estate Construction Portfolio Segment [Member] | ||
Loans | 41,874 | 34,050 |
Substandard [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | 113,624 | 124,404 |
Substandard [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans | 9,293 | 9,925 |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Loans | ||
Doubtful [Member] | ||
Loans | 75 | 98 |
Loans held for sale | ||
Doubtful [Member] | Commercial Portfolio Segment [Member] | ||
Loans | 75 | 98 |
Doubtful [Member] | Real Estate Construction Portfolio Segment [Member] | ||
Loans | ||
Doubtful [Member] | Commercial Real Estate Portfolio Segment [Member] | ||
Loans | ||
Doubtful [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans | ||
Doubtful [Member] | Consumer Portfolio Segment [Member] | ||
Loans |
Note 7 - Loans - Allowance for
Note 7 - Loans - Allowance for Loan Losses by Portfolio Segment and Based on Impairment Method (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Loans individually evaluated for impairment, allowance | $ 2,275 | $ 2,796 |
Loans individually evaluated for impairment, balance | 128,375 | 115,074 |
Loans collectively evaluated for impairment, allowance | 113,269 | 116,170 |
Loans collectively evaluated for impairment, balance | 11,237,134 | 11,086,201 |
Loans, allowance | 115,544 | 118,966 |
Loans | 11,365,509 | 11,201,275 |
Commercial Portfolio Segment [Member] | ||
Loans individually evaluated for impairment, allowance | 1,062 | 1,827 |
Loans individually evaluated for impairment, balance | 19,951 | 27,761 |
Loans collectively evaluated for impairment, allowance | 46,214 | 47,376 |
Loans collectively evaluated for impairment, balance | 2,132,318 | 2,220,426 |
Loans, allowance | 47,276 | 49,203 |
Loans | 2,152,269 | 2,248,187 |
Real Estate Construction Portfolio Segment [Member] | ||
Loans individually evaluated for impairment, allowance | ||
Loans individually evaluated for impairment, balance | 33,044 | 5,458 |
Loans collectively evaluated for impairment, allowance | 19,768 | 23,268 |
Loans collectively evaluated for impairment, balance | 521,174 | 542,630 |
Loans, allowance | 19,768 | 23,268 |
Loans | 554,218 | 548,088 |
Commercial Real Estate Portfolio Segment [Member] | ||
Loans individually evaluated for impairment, allowance | 818 | 573 |
Loans individually evaluated for impairment, balance | 59,272 | 64,470 |
Loans collectively evaluated for impairment, allowance | 35,142 | 34,291 |
Loans collectively evaluated for impairment, balance | 5,846,812 | 5,720,778 |
Loans, allowance | 35,960 | 34,864 |
Loans | 5,906,084 | 5,785,248 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Loans individually evaluated for impairment, allowance | 395 | 396 |
Loans individually evaluated for impairment, balance | 16,108 | 17,385 |
Loans collectively evaluated for impairment, allowance | 12,131 | 11,224 |
Loans collectively evaluated for impairment, balance | 2,732,246 | 2,598,374 |
Loans, allowance | 12,526 | 11,620 |
Loans | 2,748,354 | 2,615,759 |
Consumer Portfolio Segment [Member] | ||
Loans individually evaluated for impairment, allowance | ||
Loans individually evaluated for impairment, balance | ||
Loans collectively evaluated for impairment, allowance | 14 | 11 |
Loans collectively evaluated for impairment, balance | 4,584 | 3,993 |
Loans, allowance | 14 | 11 |
Loans | $ 4,584 | $ 3,993 |
Note 7 - Loans - Allowance fo52
Note 7 - Loans - Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Balance | $ 118,966 | $ 138,963 |
Provision/(credit) for possible credit losses | (2,500) | (10,500) |
Charge-offs | (1,759) | (2,329) |
Recoveries | 837 | 8,418 |
Net (charge-offs)/recoveries | (922) | 6,089 |
Balance | 115,544 | 134,552 |
Reserve for impaired loans | 2,275 | 7,190 |
Reserve for non-impaired loans | 113,269 | 127,362 |
Reserve for off-balance sheet credit commitments | 3,424 | 2,694 |
Commercial Portfolio Segment [Member] | ||
Balance | 49,203 | 56,199 |
Provision/(credit) for possible credit losses | (1,214) | |
Charge-offs | (1,204) | (2,070) |
Recoveries | 491 | 987 |
Net (charge-offs)/recoveries | (713) | (1,083) |
Balance | 47,276 | 56,381 |
Reserve for impaired loans | 1,062 | 225 |
Reserve for non-impaired loans | 46,214 | 56,156 |
Reserve for off-balance sheet credit commitments | 2,243 | 2,641 |
Real Estate Construction Portfolio Segment [Member] | ||
Balance | 23,268 | 22,170 |
Provision/(credit) for possible credit losses | (3,549) | (16,702) |
Charge-offs | ||
Recoveries | 49 | 7,276 |
Net (charge-offs)/recoveries | 49 | 7,276 |
Balance | 19,768 | 12,744 |
Reserve for impaired loans | ||
Reserve for non-impaired loans | 19,768 | 12,744 |
Reserve for off-balance sheet credit commitments | 909 | |
Commercial Real Estate Portfolio Segment [Member] | ||
Balance | 34,864 | 49,440 |
Provision/(credit) for possible credit losses | 1,362 | 978 |
Charge-offs | (555) | (110) |
Recoveries | 289 | 143 |
Net (charge-offs)/recoveries | (266) | 33 |
Balance | 35,960 | 50,451 |
Reserve for impaired loans | 818 | 6,593 |
Reserve for non-impaired loans | 35,142 | 43,858 |
Reserve for off-balance sheet credit commitments | 120 | 53 |
Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||
Balance | 11,620 | 11,145 |
Provision/(credit) for possible credit losses | 898 | 3,961 |
Charge-offs | (149) | |
Recoveries | 8 | 12 |
Net (charge-offs)/recoveries | 8 | (137) |
Balance | 12,526 | 14,969 |
Reserve for impaired loans | 395 | 372 |
Reserve for non-impaired loans | 12,131 | 14,597 |
Reserve for off-balance sheet credit commitments | 146 | |
Installment and Other Loans [Member ] | ||
Balance | 11 | 9 |
Provision/(credit) for possible credit losses | 3 | (2) |
Charge-offs | ||
Recoveries | ||
Net (charge-offs)/recoveries | ||
Balance | 14 | 7 |
Reserve for impaired loans | ||
Reserve for non-impaired loans | 14 | 7 |
Reserve for off-balance sheet credit commitments | $ 6 | |
Consumer Portfolio Segment [Member] | ||
Provision/(credit) for possible credit losses | $ 1,265 |
Note 9 - Borrowed Funds (Detail
Note 9 - Borrowed Funds (Details Textual) $ in Thousands | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Securities Sold under Agreements to Repurchase | $ 150,000 | $ 350,000 |
Weighted Average Rate Of Securities Sold Under Agreements | 2.81% | 4.06% |
Advances from Federal Home Loan Banks | $ 325,000 | $ 350,000 |
Mature in March 2018 [Member] | ||
Advances from Federal Home Loan Banks | 25,000 | |
Mature in December 2019 [Member] | ||
Advances from Federal Home Loan Banks | 50,000 | |
Over-night Borrowings [Member] | ||
Advances from Federal Home Loan Banks | $ 250,000 | $ 275,000 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 0.80% | 0.55% |
Non Overnight Borrowings [Member] | ||
Advances from Federal Home Loan Banks | $ 75,000 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Interest Rate | 1.48% | |
Securities Sold under Agreements to Repurchase [Member] | ||
Investment Securities Pledged As Collateral | $ 166,000 | $ 372,000 |
Non Callable Fixed Rate Securities [Member] | ||
Securities Sold under Agreements to Repurchase | $ 150,000 | |
Weighted Average Rate Of Securities Sold Under Agreements | 2.81% | |
Number Of Securities Sold Under Agreements To Repurchase | 3 | |
Non Callable Fixed Rate Securities [Member] | Mature in August 2016 [Member] | ||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | $ 50,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 50,000 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | $ 50,000 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Income Tax Expense (Benefit) | $ 20,505 | $ 22,675 | |
Effective Income Tax Rate Reconciliation, Percent | 29.50% | 32.90% | |
Income Taxes Receivable | $ 23,900 | $ 14,600 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | |||
Open Tax Year | 2,013 | ||
Domestic Tax Authority [Member] | California Franchise Tax Board [Member] | Earliest Tax Year [Member] | |||
Open Tax Year | 2,012 | ||
Accounting Standards Update 2016-09 [Member] | |||
Income Tax Expense (Benefit) | $ (2,600) |
Note 11 - Fair Value Measurem55
Note 11 - Fair Value Measurements (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Number of Reporting Units | 2 | |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Warrants | $ 102,000 | $ 79,000 |
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 19,865,000 | 20,070,000 |
Accounts Receivable Collateral [Member] | ||
Collateral Discount Rates | 55.00% | |
Inventory Collateral [Member] | ||
Collateral Discount Rates | 65.00% | |
Net of Estimated Disposal Costs [Member] | ||
Other Real Estate, Foreclosed Assets, and Repossessed Assets | $ 19,900,000 | $ 20,100,000 |
Minimum [Member] | ||
Expected Life Of Warrants | 1 year | |
Estimated Sales Cost Applied To Collateral | 3.00% | |
Minimum [Member] | Warrants Outstanding [Member] | ||
Fair Value Assumptions, Risk Free Interest Rate | 1.25% | |
Fair Value Assumptions, Expected Volatility Rate | 9.03% | |
Maximum [Member] | ||
Expected Life Of Warrants | 6 years | |
Estimated Sales Cost Applied To Collateral | 6.00% | |
Maximum [Member] | Warrants Outstanding [Member] | ||
Fair Value Assumptions, Risk Free Interest Rate | 2.39% | |
Fair Value Assumptions, Expected Volatility Rate | 14.32% | |
Core Deposits [Member] | Minimum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 4 years | |
Core Deposits [Member] | Maximum [Member] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years |
Note 11 - Fair Value Measurem56
Note 11 - Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | |
Securities available-for-sale | $ 1,227,729,000 | $ 1,314,345,000 | [1] | $ 1,300,000,000 |
Assets, fair value disclosure | 1,230,830,000 | 1,316,664,000 | ||
Liabilities, fair value disclosure | 4,055,000 | 6,997,000 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Securities available-for-sale | 440,570,000 | 513,376,000 | [1] | |
Assets, fair value disclosure | 440,570,000 | 513,376,000 | ||
Liabilities, fair value disclosure | ||||
Fair Value, Inputs, Level 2 [Member] | ||||
Securities available-for-sale | 787,159,000 | 800,969,000 | [1] | |
Assets, fair value disclosure | 790,158,000 | 803,209,000 | ||
Liabilities, fair value disclosure | 4,055,000 | 6,997,000 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Securities available-for-sale | [1] | |||
Assets, fair value disclosure | 102,000 | 79,000 | ||
Liabilities, fair value disclosure | ||||
US Treasury Securities [Member] | ||||
Securities available-for-sale | 419,470,000 | 489,017,000 | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Securities available-for-sale | 419,470,000 | 489,017,000 | ||
US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Securities available-for-sale | ||||
US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Securities available-for-sale | ||||
US Government-sponsored Enterprises Debt Securities [Member] | ||||
Securities available-for-sale | 391,986,000 | 390,331,000 | ||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Securities available-for-sale | ||||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Securities available-for-sale | 391,986,000 | 390,331,000 | ||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Securities available-for-sale | ||||
Commercial Mortgage Backed Securities [Member] | ||||
Securities available-for-sale | 320,163,000 | 336,260,000 | ||
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Securities available-for-sale | ||||
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Securities available-for-sale | 320,163,000 | 336,260,000 | ||
Commercial Mortgage Backed Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Securities available-for-sale | ||||
Corporate Debt Securities [Member] | ||||
Securities available-for-sale | 75,011,000 | 74,350,000 | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Securities available-for-sale | ||||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Securities available-for-sale | 75,010,000 | 74,350,000 | ||
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Securities available-for-sale | ||||
Collateralized Mortgage Obligations [Member] | ||||
Securities available-for-sale | 28,000 | |||
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Securities available-for-sale | ||||
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Securities available-for-sale | 28,000 | |||
Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Securities available-for-sale | ||||
Mutual Funds [Member] | ||||
Securities available-for-sale | 6,230,000 | 6,230,000 | ||
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Securities available-for-sale | 6,230,000 | 6,230,000 | ||
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Securities available-for-sale | ||||
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Securities available-for-sale | ||||
Preferred Stock of Government Sponsored Entities [Member] | ||||
Securities available-for-sale | 5,978,000 | 7,308,000 | [2] | |
Preferred Stock of Government Sponsored Entities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Securities available-for-sale | 5,978,000 | 7,308,000 | [2] | |
Preferred Stock of Government Sponsored Entities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Securities available-for-sale | [2] | |||
Preferred Stock of Government Sponsored Entities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Securities available-for-sale | [2] | |||
Other Equity Securities [Member] | ||||
Securities available-for-sale | 8,892,000 | 10,821,000 | [2] | |
Other Equity Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Securities available-for-sale | 8,892,000 | 10,821,000 | [2] | |
Other Equity Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Securities available-for-sale | [2] | |||
Other Equity Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Securities available-for-sale | ||||
Warrant [Member] | ||||
Assets, fair value disclosure | 102,000 | 79,000 | ||
Warrant [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Assets, fair value disclosure | ||||
Warrant [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Assets, fair value disclosure | ||||
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Assets, fair value disclosure | 102,000 | 79,000 | ||
Interest Rate Swap [Member] | ||||
Assets, fair value disclosure | 1,851,000 | 938,000 | ||
Liabilities, fair value disclosure | 3,228,000 | 3,744,000 | ||
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Assets, fair value disclosure | ||||
Liabilities, fair value disclosure | ||||
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Assets, fair value disclosure | 1,851,000 | 938,000 | ||
Liabilities, fair value disclosure | 3,228,000 | 3,744,000 | ||
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Assets, fair value disclosure | ||||
Liabilities, fair value disclosure | ||||
Foreign Exchange Contract [Member] | ||||
Assets, fair value disclosure | 1,148,000 | 1,302,000 | ||
Liabilities, fair value disclosure | 647,000 | 3,132,000 | ||
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Assets, fair value disclosure | ||||
Liabilities, fair value disclosure | ||||
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Assets, fair value disclosure | 1,148,000 | 1,302,000 | ||
Liabilities, fair value disclosure | 647,000 | 3,132,000 | ||
Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Assets, fair value disclosure | ||||
Liabilities, fair value disclosure | ||||
Option Contracts [Member] | ||||
Liabilities, fair value disclosure | 180,000 | 121,000 | ||
Option Contracts [Member] | Fair Value, Inputs, Level 1 [Member] | ||||
Liabilities, fair value disclosure | ||||
Option Contracts [Member] | Fair Value, Inputs, Level 2 [Member] | ||||
Liabilities, fair value disclosure | 180,000 | 121,000 | ||
Option Contracts [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Liabilities, fair value disclosure | ||||
[1] | Preferred stock of government sponsored entities and other equity securities as of December 31, 2015 were reclassified as level 1 rather than level 2 as originally classified due to the availability of quoted prices in active markets. | |||
[2] | Preferred stock of government sponsored entities and other equity securities as of December 31, 2015 were reclassified as level 1 rather than level 2 as originally classified due to the availability of quoted prices in active markets. |
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 | 12 Months Ended | ||||||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Total at Fair Value | $ 38,437 | $ 37,981 | ||||||
Total Losses | 494 | $ 238 | 1,307 | $ 2,507 | ||||
Fair Value, Inputs, Level 1 [Member] | ||||||||
Total at Fair Value | ||||||||
Fair Value, Inputs, Level 2 [Member] | ||||||||
Total at Fair Value | 3,280 | 6,006 | ||||||
Fair Value, Inputs, Level 3 [Member] | ||||||||
Total at Fair Value | 35,157 | 31,975 | ||||||
Impaired Loans [Member] | ||||||||
Total at Fair Value | 27,366 | 23,936 | ||||||
Total Losses | 270 | 322 | 1,550 | |||||
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 | 27,366 | 23,936 | ||||||
Impaired Loans [Member] | Commercial Portfolio Segment [Member] | ||||||||
Total at Fair Value | 917 | 2,813 | ||||||
Total Losses | 20 | 322 | 806 | |||||
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 | 917 | 2,813 | ||||||
Impaired Loans [Member] | Commercial Real Estate Portfolio Segment [Member] | ||||||||
Total at Fair Value | 14,996 | 9,444 | ||||||
Total Losses | 250 | 598 | ||||||
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 | 14,996 | 9,444 | ||||||
Impaired Loans [Member] | Residential Mortgage and Equity Lines Portfolio Segment [Member] | ||||||||
Total at Fair Value | 11,453 | 11,679 | ||||||
Total Losses | 146 | |||||||
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 | 11,453 | 11,679 | ||||||
Other Real Estate Owned [Member] | ||||||||
Total at Fair Value | 7,602 | [1] | 10,378 | [2] | ||||
Total Losses | 37 | [1] | 128 | [1] | 9 | [2] | 404 | [2] |
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 1 [Member] | ||||||||
Total at Fair Value | [1] | [2] | ||||||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Total at Fair Value | 3,280 | [1] | 6,006 | [2] | ||||
Other Real Estate Owned [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||||
Total at Fair Value | 4,322 | [1] | 4,372 | [2] | ||||
Equity Investments [Member] | ||||||||
Total at Fair Value | 3,469 | 3,667 | ||||||
Total Losses | 187 | $ 110 | 976 | $ 553 | ||||
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 | $ 3,469 | $ 3,667 | ||||||
[1] | Other real estate owned balance of $19.9 million in the Consolidated Balance Sheets is net of estimated disposal costs. | |||||||
[2] | Other real estate owned balance of $20.1 million in the Consolidated Balance Sheets is net of estimated disposal costs. |
Note 12 - Fair Value of Finan58
Note 12 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Cash and due from banks | $ 190,522,000 | $ 218,017,000 | $ 192,642,000 | $ 180,130,000 | |
Cash and due from banks, fair value | 190,522,000 | 218,017,000 | |||
Short-term investments | 630,058,000 | 967,067,000 | |||
Securities available-for-sale | 1,227,729,000 | 1,314,345,000 | [1] | $ 1,300,000,000 | |
Loans held for sale | 5,835,000 | 7,500,000 | |||
Loans held for sale, fair value | 5,835,000 | 7,500,000 | |||
Loans, net | 11,245,570,000 | 11,077,315,000 | |||
Loans, net, fair value | 11,170,158,000 | 11,006,344,000 | |||
Investment in Federal Home Loan Bank stock | 17,250,000 | 17,250,000 | |||
Investment in Federal Home Loan Bank stock, fair value | 17,250,000 | 17,250,000 | |||
Warrants | 102,000 | 79,000 | |||
Warrants, fair value | 102,000 | 79,000 | |||
Foreign exchange contracts with gain | 174,021,000 | 82,439,000 | |||
Foreign exchange contracts with gain, fair value | 1,148,000 | 1,302,000 | |||
Interest rate swaps | 424,223,000 | 361,526,000 | |||
Interest rate swaps, fair value | 1,851,000 | 938,000 | |||
Deposits | 11,587,275,000 | 11,674,726,000 | |||
Deposits, fair value | 11,595,618,000 | 11,680,017,000 | |||
Securities sold under agreements to repurchase | 150,000,000 | 350,000,000 | |||
Securities sold under agreements to repurchase, fair value | 149,982,000 | 351,989,000 | |||
Advances from Federal Home Loan Bank | 325,000,000 | 350,000,000 | |||
Advances from Federal Home Loan Bank, fair value | 325,053,000 | 350,062,000 | |||
Other borrowings | 17,614,000 | 17,662,000 | |||
Other borrowings, fair value | 15,865,000 | 15,944,000 | |||
Long-term debt | 119,136,000 | 119,136,000 | |||
Long-term debt, fair value | 63,076,000 | 63,169,000 | |||
Option contracts | 11,679,000 | 12,117,000 | |||
Option contracts, fair value | 180,000 | 121,000 | |||
Foreign exchange contracts with loss | 70,325,000 | 89,545,000 | |||
Foreign exchange contracts with loss, fair value | 647,000 | 3,132,000 | |||
Interest rate swaps | 119,136,000 | 119,136,000 | |||
Interest rate swaps, fair value | 3,228,000 | 3,744,000 | |||
Commitments to extend credit | 2,126,106,000 | 2,062,241,000 | |||
Commitments to extend credit, fair value | (6,345,000) | (6,025,000) | |||
Standby letters of credit | 96,582,000 | 75,396,000 | |||
Standby letters of credit, fair value | (1,038,000) | (668,000) | |||
Other letters of credit | 23,639,000 | 37,283,000 | |||
Other letters of credit, fair value | (12,000) | (16,000) | |||
Bill of lading guarantees | 24,000 | 75,000 | |||
Bill of lading guarantees, fair value | |||||
[1] | Preferred stock of government sponsored entities and other equity securities as of December 31, 2015 were reclassified as level 1 rather than level 2 as originally classified due to the availability of quoted prices in active markets. |
Note 12 - Fair Value of Finan59
Note 12 - Fair Value of Financial Instruments - Fair Value Hierarchy of Financial Instruments (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | |
Cash and due from banks | $ 190,522,000 | $ 218,017,000 | ||
Short-term investments | 630,058,000 | 967,067,000 | ||
Available-for-sale Securities | 1,227,729,000 | 1,314,345,000 | [1] | $ 1,300,000,000 |
Loans held-for-sale | 5,835,000 | 7,500,000 | ||
Loans, net | 11,170,158,000 | 11,006,344,000 | ||
Investment in Federal Home Loan Bank stock | 17,250,000 | 17,250,000 | ||
Warrants | 102,000 | 79,000 | ||
Deposits | 11,595,618,000 | 11,680,017,000 | ||
Securities sold under agreements to repurchase | 149,982,000 | 351,989,000 | ||
Advances from Federal Home Loan Bank | 325,053,000 | 350,062,000 | ||
Other borrowings | 15,865,000 | 15,944,000 | ||
Long-term debt | 63,076,000 | 63,169,000 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Cash and due from banks | 190,522,000 | 218,017,000 | ||
Short-term investments | 630,058,000 | 967,067,000 | ||
Available-for-sale Securities | 440,570,000 | 513,376,000 | [1] | |
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 | 787,159,000 | 800,969,000 | [1] | |
Loans held-for-sale | ||||
Loans, net | ||||
Investment in Federal Home Loan Bank stock | 17,250,000 | 17,250,000 | ||
Warrants | ||||
Deposits | ||||
Securities sold under agreements to repurchase | 149,982,000 | 351,989,000 | ||
Advances from Federal Home Loan Bank | 325,053,000 | 350,062,000 | ||
Other borrowings | ||||
Long-term debt | 63,076,000 | 63,169,000 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Cash and due from banks | ||||
Short-term investments | ||||
Available-for-sale Securities | [1] | |||
Loans held-for-sale | 5,835,000 | 7,500,000 | ||
Loans, net | 11,170,158,000 | 11,006,344,000 | ||
Investment in Federal Home Loan Bank stock | ||||
Warrants | 102,000 | 79,000 | ||
Deposits | 11,595,618,000 | 11,680,017,000 | ||
Securities sold under agreements to repurchase | ||||
Advances from Federal Home Loan Bank | ||||
Other borrowings | 15,865,000 | 15,944,000 | ||
Long-term debt | ||||
[1] | Preferred stock of government sponsored entities and other equity securities as of December 31, 2015 were reclassified as level 1 rather than level 2 as originally classified due to the availability of quoted prices in active markets. |
Note 13 - Goodwill and Goodwi60
Note 13 - Goodwill and Goodwill Impairment (Details Textual) | 3 Months Ended |
Mar. 31, 2017 | |
Number of Reporting Units | 2 |
Note 14 - Financial Derivativ61
Note 14 - Financial Derivatives (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||
May 31, 2014 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Junior Subordinated Notes | $ 119,100,000 | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $ 299,000 | $ (3,120,000) | ||
Cash [Member] | ||||
Collateral Already Posted, Aggregate Fair Value | 6,500,000 | |||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Outstanding, Notional Amount | $ 119,100,000 | 119,100,000 | ||
Derivative Original Maturity | 10 years | |||
Derivative, Average Fixed Interest Rate | 2.61% | |||
Derivative, Average Variable Interest Rate | 1.14% | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | 1,900,000 | |||
Interest Rate Swap [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Interest Expense [Member] | ||||
Net Accrued on Interest Rate Swaps | 479,000 | 620,000 | ||
Interest Rate Swap [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Outstanding, Notional Amount | $ 424,200,000 | |||
Derivative, Average Fixed Interest Rate | 4.62% | |||
Derivative, Average Variable Interest Rate | 3.90% | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | $ (1,900,000) | |||
Derivative, Average Basis Spread on Variable Rate | 3.07% | |||
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] | Interest Expense [Member] | ||||
Net Accrued on Interest Rate Swaps | $ 713,000 | $ 934,000 | ||
Negative Fair Value [Member] | ||||
Notional Amount Of Option Contract | 11,700,000 | $ 12,100,000 | ||
Open OptionContracts Fair Value | 180,000 | 121,000 | ||
Sum Of Spot And Forward Contract Notional Amount | 70,300,000 | 89,500,000 | ||
Negative Fair Value | 647,000 | 3,100,000 | ||
Positive Fair Value [Member] | ||||
Sum Of Spot And Forward Contract Notional Amount | 174,000,000 | 82,400,000 | ||
Positive Fair Value | $ 1,100,000 | $ 1,300,000 |
Note 15 - Balance Sheet Offse62
Note 15 - Balance Sheet Offsetting - Financial Instruments that are Eligible for Offset in the Consolidated Balance Sheet (Details) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Derivative assets, gross | $ 1,851,000 | $ 938,000 |
Derivative assets, net | 1,851,000 | 938,000 |
Derivative assets not offset | 1,851,000 | 938 |
Securities sold under agreements to repurchase, gross | 150,000,000 | 350,000,000 |
Securities sold under agreements to repurchase, net | 150,000,000 | 350,000,000 |
Securities sold under agreements to repurchase, collateral posted | (150,000,000) | (350,000,000) |
Derivative liabilities, gross | 3,228,000 | 3,744,000 |
Derivative liabilities, net | 3,228,000 | 3,744,000 |
Derivatives, collateral posted | $ (3,228,000) | $ (3,744,000) |
Note 16 - Stockholders' Equit63
Note 16 - Stockholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stockholders' Equity Attributable to Parent | $ 1,857,902 | $ 1,828,539 | ||
Stockholders' Equity, Period Increase (Decrease) | 29,400 | |||
Net Income (Loss) Attributable to Parent | 48,941 | $ 46,163 | ||
Dividends, Common Stock, Cash | 16,800 | |||
Adjustments Related to Tax Withholding for Share-based Compensation | $ 5,100 | |||
U.S. Treasury [Member] | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 943,345 | 943,345 | 1,846,374 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 20.65 | $ 20.96 | ||
Class of Warrant or Right, Increase in Warrants Exercisable, Percentage | 1.50% |
Note 16 - Stockholders' Equit64
Note 16 - Stockholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Beginning balance, loss, net of tax | $ 1,828,539 | |
Ending balance, loss, net of tax | 1,857,902 | |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | ||
Beginning balance, loss, net of tax | (1,545) | $ (5,431) |
Net unrealized (losses)/gains arising during the period, pre-tax | (856) | 17,863 |
Net unrealized (losses)/gains arising during the period, tax | (360) | 7,509 |
Net unrealized (losses)/gains arising during the period, net of tax | (496) | 10,354 |
Reclassification adjustment for net losses/(gains) included in net income, pre-tax | 466 | 206 |
Reclassification adjustment for net losses/(gains) included in net income, tax | 196 | 87 |
Reclassification adjustment for net losses/(gains) included in net income, net of tax | 270 | 119 |
Total other comprehensive (loss)/income, pre-tax | (390) | 18,069 |
Total other comprehensive (loss)/income, tax | (164) | 7,596 |
Total other comprehensive (loss)/income, net of tax | (226) | 10,473 |
Ending balance, loss, net of tax | (1,771) | 5,042 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||
Beginning balance, loss, net of tax | (2,170) | (2,995) |
Net unrealized (losses)/gains arising during the period, pre-tax | 516 | (5,383) |
Net unrealized (losses)/gains arising during the period, tax | 217 | (2,263) |
Net unrealized (losses)/gains arising during the period, net of tax | 299 | (3,120) |
Reclassification adjustment for net losses/(gains) included in net income, pre-tax | ||
Reclassification adjustment for net losses/(gains) included in net income, tax | ||
Reclassification adjustment for net losses/(gains) included in net income, net of tax | ||
Total other comprehensive (loss)/income, pre-tax | 516 | (5,383) |
Total other comprehensive (loss)/income, tax | 217 | (2,263) |
Total other comprehensive (loss)/income, net of tax | 299 | (3,120) |
Ending balance, loss, net of tax | (1,871) | (6,115) |
AOCI Attributable to Parent [Member] | ||
Beginning balance, loss, net of tax | (3,715) | (8,426) |
Net unrealized (losses)/gains arising during the period, pre-tax | (340) | 12,480 |
Net unrealized (losses)/gains arising during the period, tax | (143) | 5,246 |
Net unrealized (losses)/gains arising during the period, net of tax | (197) | 7,234 |
Reclassification adjustment for net losses/(gains) included in net income, pre-tax | 466 | 206 |
Reclassification adjustment for net losses/(gains) included in net income, tax | 196 | 87 |
Reclassification adjustment for net losses/(gains) included in net income, net of tax | 270 | 119 |
Total other comprehensive (loss)/income, pre-tax | 126 | 12,686 |
Total other comprehensive (loss)/income, tax | 53 | 5,333 |
Total other comprehensive (loss)/income, net of tax | 73 | 7,353 |
Ending balance, loss, net of tax | $ (3,642) | $ (1,073) |
Note 17 - Stock Repurchase Pr65
Note 17 - Stock Repurchase Program (Details Textual) - February 2016 Repurchase Program [Member] - USD ($) $ / shares in Thousands, $ in Millions | Feb. 01, 2016 | Mar. 31, 2017 | Dec. 31, 2016 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 45,000,000 | ||
Treasury Stock, Shares, Acquired | 1,380,578 | ||
Treasury Stock, Value, Acquired, Cost Method | $ 37.5 | ||
Treasury Stock Acquired, Average Cost Per Share | $ 27,130 | ||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased | 7,500,000 | 7,500,000 |