Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 04, 2016 | |
Document Documentand Entity Information [Abstract] | ||
Entity Registrant Name | CASCADE BANCORP | |
Entity Central Index Key | 865,911 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | cacb | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 72,806,717 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents: | ||
Cash and due from banks | $ 54,510 | $ 46,354 |
Interest bearing deposits | 288,740 | 31,178 |
Federal funds sold | 273 | 273 |
Total cash and cash equivalents | 343,523 | 77,805 |
Investment securities available-for-sale | 428,909 | 310,262 |
Investment securities held-to-maturity, estimated fair value of $149,268 at March 31, 2016; $142,260 at December 31, 2015 | 144,029 | 139,424 |
Federal Home Loan Bank (FHLB) stock | 3,137 | 3,000 |
Loans held for sale | 4,246 | 3,621 |
Loans, net | 1,758,598 | 1,662,095 |
Premises and equipment, net | 45,115 | 42,031 |
Bank-owned life insurance (BOLI) | 54,708 | 54,450 |
Other real estate owned (OREO), net | 3,274 | 3,274 |
Deferred tax asset (DTA), net | 49,387 | 50,673 |
Core deposit intangible (CDI) | 13,085 | 6,863 |
Goodwill | 82,594 | 78,610 |
Other assets | 51,400 | 35,921 |
Total assets | 2,982,005 | 2,468,029 |
Deposits: | ||
Demand | 867,646 | 727,730 |
Interest bearing demand | 1,317,725 | 1,044,134 |
Savings | 170,745 | 135,527 |
Time | 219,922 | 175,697 |
Total deposits | 2,576,038 | 2,083,088 |
Other liabilities | 66,242 | 48,167 |
Total liabilities | 2,642,280 | 2,131,255 |
Stockholders’ equity: | ||
Preferred stock, no par value; 5,000,000 shares authorized; none issued or outstanding | 0 | 0 |
Common stock, no par value; 100,000,000 shares authorized; 72,774,980 issued and outstanding as of March 31, 2016; 72,792,570 issued and outstanding as of December 31, 2015 | 453,626 | 452,925 |
Accumulated deficit | (115,832) | (117,772) |
Accumulated other comprehensive income | 1,931 | 1,621 |
Total stockholders’ equity | 339,725 | 336,774 |
Total liabilities and stockholders’ equity | $ 2,982,005 | $ 2,468,029 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (unaudited) [Parenthetical] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Investment Securities held-to-maturity, estimated fair value (in dollars) | $ 149,268 | $ 142,260 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 72,774,980 | 72,792,570 |
Common stock, shares outstanding | 72,774,980 | 72,792,570 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest income: | ||
Interest and fees on loans | $ 17,920 | $ 16,494 |
Interest on investments | 4,618 | 2,983 |
Other interest income | 156 | 33 |
Total interest income | 22,694 | 19,510 |
Deposits: | ||
Interest bearing demand | 413 | 312 |
Savings | 11 | 10 |
Time | 85 | 224 |
Other borrowings | 26 | 0 |
Total interest expense | 535 | 546 |
Net interest income | 22,159 | 18,964 |
Loan loss provision (recovery) | 0 | (2,000) |
Net interest income after loan loss provision (recovery) | 22,159 | 20,964 |
Non-interest income: | ||
Service charges on deposit accounts | 1,372 | 1,261 |
Card issuer and merchant services fees, net | 1,835 | 1,643 |
Earnings on BOLI | 258 | 242 |
Mortgage banking income, net | 495 | 788 |
Swap fee income | 666 | 515 |
SBA gain on sales and fee income | 174 | 362 |
Other income | 656 | 1,311 |
Total non-interest income | 5,456 | 6,122 |
Non-interest expense: | ||
Salaries and employee benefits | 13,029 | 11,130 |
Occupancy | 2,680 | 1,366 |
Information technology | 1,397 | 938 |
Equipment | 448 | 357 |
Communications | 610 | 541 |
Federal Deposit Insurance Corporation (FDIC) insurance | 377 | 398 |
OREO expense | 212 | 57 |
Professional services | 1,598 | 957 |
Card issuer | 909 | 863 |
Insurance | 175 | 209 |
Other expenses | 3,083 | 2,004 |
Total non-interest expense | 24,518 | 18,820 |
Income before income taxes | 3,097 | 8,266 |
Income tax provision | (1,157) | (3,148) |
Net income | $ 1,940 | $ 5,118 |
Basic and diluted income per share: | ||
Net income per common share (in dollars per share) | $ 0.03 | $ 0.07 |
Net income per common share (diluted) (in dollars per share) | $ 0.03 | $ 0.07 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 1,940 | $ 5,118 |
Other Comprehensive income: | ||
Change in unrealized gains on investment securities available-for-sale | 500 | 1,530 |
Tax effect on securities | (190) | (582) |
Total other comprehensive income | 310 | 948 |
Comprehensive income | $ 2,250 | $ 6,066 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Net cash provided by operating activities | $ 4,462 | $ 11,958 |
Investing activities: | ||
Purchases of investment securities available-for-sale | (145,318) | (19,883) |
Purchases of investment securities held to maturity | (5,116) | 0 |
Proceeds from maturities, calls, sales and prepayments of investment securities available-for-sale | 28,391 | 23,028 |
Proceeds from maturities and calls of investment securities held-to-maturity | 438 | 3,945 |
Proceeds from redemption of FHLB stock | 10,283 | 277 |
Purchases of FHLB stock | (10,420) | 0 |
Loan originations, net of collections | (96,179) | (78,305) |
Purchases of premises and equipment | (512) | (136) |
Proceeds from sales of premises and equipment | 28 | 26 |
Proceeds from sales of other assets | 0 | 730 |
Proceeds from sales of OREO | 0 | 32 |
Net cash assumed in Bank of America branch acquisition | 456,611 | |
Net cash provided by (used in) investing activities | 238,206 | (70,286) |
Financing activities: | ||
Net increase in deposits | 23,061 | 35,046 |
Tax effect of non-vested restricted stock | (11) | 0 |
FHLB advance borrowings | 257,000 | 5,000 |
Repayment of FHLB advances | (257,000) | (5,000) |
Net cash provided by financing activities | 23,050 | 35,046 |
Net increase (decrease) in cash and cash equivalents | 265,718 | (23,282) |
Cash and cash equivalents at beginning of period | 77,805 | 83,089 |
Cash and cash equivalents at end of period | 343,523 | 59,807 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 7,077 | 3,028 |
Taxes paid | 195 | 0 |
Loans transferred to OREO | $ 0 | 1,558 |
Bank Of America, Branch Locations | ||
Investing activities: | ||
Net cash assumed in Bank of America branch acquisition | $ 0 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying interim condensed consolidated financial statements include the accounts of Cascade Bancorp (“Bancorp”), an Oregon-chartered single bank holding company, and its wholly-owned subsidiary, Bank of the Cascades (the “Bank”) (collectively, the “Company” or “Cascade”). All significant inter-company accounts and transactions have been eliminated in consolidation. The interim condensed consolidated financial statements have been prepared by the Company without audit and in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information. Accordingly, certain financial information and footnotes have been omitted or condensed. In the opinion of management, the condensed consolidated financial statements include all adjustments (all of which are of a normal and recurring nature) necessary for the fair presentation of the results of the interim periods presented. In preparing the condensed consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the balance sheets and income and expenses for the reporting periods. Actual results could differ from those estimates. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. The condensed consolidated financial statements as of and for the year ended December 31, 2015 were derived from the Company’s audited consolidated financial statements, but do not include all disclosures contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 (the “2015 Annual Report”). The interim condensed consolidated financial statements should be read in conjunction with the December 31, 2015 consolidated financial statements, including the notes thereto, included in the 2015 Annual Report. Certain amounts in 2015 have been reclassified to conform to the 2016 presentation; however, the reclassifications do not have a material impact on the condensed consolidated financial statements. |
Business Combinations (Notes)
Business Combinations (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Business Combinations | Business Combinations On March 4, 2016 , the Bank completed the acquisition of 12 Oregon branch locations and three Washington branch locations from Bank of America, National Association (the “branch acquisition”). This transaction allows Cascade the opportunity to enhance and strengthen its footprint in Oregon, while providing entry into the Washington market. The Bank assumed approximately $469.9 million of branch deposits, paying a 2.00% premium on the average balance of deposits assumed, for a cash purchase price of $9.7 million . The following is a condensed balance sheet disclosing the estimated fair value amounts of the branches acquired in the branch acquisition assigned to the major consolidated asset and liability captions at the acquisition date (dollars in thousands): ASSETS Cash and cash equivalents $ 456,611 Premises and equipment, net 3,113 Core deposit intangibles 6,427 Goodwill 3,984 Other assets 463 Total assets $ 470,598 LIABILITIES Deposits $ 469,889 Other liabilities 709 Total liabilities $ 470,598 The core deposit intangible asset recognized as part of the branch acquisition will be amortized over its estimated useful life of approximately 10 years. The fair value of deposit accounts assumed from the branch acquisition approximated the carrying value as checking and savings accounts have no stated maturity and are payable on demand. Certificates of deposit were valued by comparing the contractual cost of the portfolio to a similar portfolio bearing current market rates. Direct costs related to the branch acquisition were expensed as incurred in the quarter ended March 31, 2016 . Such expenses primarily related to professional and legal services, human resource costs and information system charges. For the quarter ended March 31, 2016 , the Company incurred $2.3 million of expenses related to the branch acquisition. Pro forma income statements are not being presented as the information is not practicable to produce. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following table presents investment securities at March 31, 2016 and December 31, 2015 , showing that available-for-sale and held-to-maturity securities increased from December 31, 2015 primarily due to redeployment of cash assumed in the branch acquisition into securities (dollars in thousands): Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value March 31, 2016 Available-for-sale U.S. Agency mortgage-backed securities (MBS) $ 208,623 $ 2,760 $ (251 ) $ 211,132 Non-agency MBS 167,528 729 (803 ) 167,454 U.S. Agency asset-backed securities 7,172 811 (43 ) 7,940 Corporate securities 41,942 13 (119 ) 41,836 Mutual fund 528 19 — 547 $ 425,793 $ 4,332 $ (1,216 ) $ 428,909 Held-to-maturity U.S. Agency MBS $ 103,501 $ 3,597 $ (34 ) $ 107,064 Obligations of state and political subdivisions 40,107 1,676 — 41,783 Tax credit investments 421 — — 421 $ 144,029 $ 5,273 $ (34 ) $ 149,268 December 31, 2015 Available-for-sale U.S. Agency MBS $ 154,691 $ 2,698 $ (455 ) $ 156,934 Non-agency MBS 118,765 477 (1,016 ) 118,226 U.S. Agency asset-backed securities 7,468 800 (23 ) 8,245 Corporate securities 26,199 121 — 26,320 Mutual fund 525 12 — 537 $ 307,648 $ 4,108 $ (1,494 ) $ 310,262 Held-to-maturity U.S. Agency MBS $ 98,800 $ 1,875 $ (5 ) $ 100,670 Obligations of state and political subdivisions 421 — — 421 Tax credit investments 40,203 968 (2 ) 41,169 $ 139,424 $ 2,843 $ (7 ) $ 142,260 The following table presents the contractual maturities of investment securities at March 31, 2016 (dollars in thousands): Available-for-sale Held-to-maturity Amortized Estimated Amortized Estimated Due in one year or less $ 9,636 $ 9,616 $ — $ — Due after one year through five years 47,632 47,602 30,628 31,272 Due after five years through ten years 49,019 49,159 88,136 92,080 Due after ten years 318,978 321,985 24,844 25,495 Mutual fund 528 547 — — Tax credit investments — — 421 421 $ 425,793 $ 428,909 $ 144,029 $ 149,268 The following table presents the fair value and gross unrealized losses of the Bank’s investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2016 and December 31, 2015 (dollars in thousands): Less than 12 months 12 months or more Total Estimated fair value Unrealized losses Estimated fair value Unrealized losses Estimated fair value Unrealized losses March 31, 2016 Available-for-sale U.S. Agency MBS $ 50,006 $ (147 ) $ 17,058 $ (104 ) $ 67,064 $ (251 ) Non-Agency MBS 113,432 (696 ) 11,794 (107 ) 125,226 (803 ) U.S. Agency asset-backed securities — — 1,456 (43 ) 1,456 (43 ) Corporate Securities 36,746 (119 ) — — 36,746 (119 ) $ 200,184 $ (962 ) $ 30,308 $ (254 ) $ 230,492 $ (1,216 ) Held-to-maturity U.S. Agency MBS $ 5,072 $ (34 ) $ — $ — $ 5,072 $ (34 ) Obligations of state and political subdivisions $ — $ — $ — $ — $ — — $ 5,072 $ (34 ) $ — $ — $ 5,072 $ (34 ) December 31, 2015 Available-for-sale U.S. Agency MBS $ 23,630 $ (123 ) $ 34,576 $ (332 ) $ 58,206 $ (455 ) Non-Agency MBS 66,412 (765 ) 12,225 (251 ) 78,637 (1,016 ) U.S. Agency asset-backed securities — — 1,521 (23 ) 1,521 (23 ) $ 90,042 $ (888 ) $ 48,322 $ (606 ) $ 138,364 $ (1,494 ) Held-to-maturity U.S. Agency MBS 2,063 (5 ) — — $ 2,063 $ (5 ) Obligations of state and political subdivisions $ 725 $ (2 ) $ — $ — $ 725 $ (2 ) $ 2,788 $ (7 ) $ — $ — $ 2,788 $ (7 ) The unrealized losses on investments in U.S. Agency and non-agency MBS and U.S. Agency asset-backed securities are primarily due to changes in market yield/rate spreads at March 31, 2016 and December 31, 2015 as compared to yield/rate spread relationships prevailing at the time specific investment securities were purchased. Management expects the fair value of these investment securities to recover as securities approach their maturity dates. Management does not believe that the above gross unrealized losses on investment securities are other-than-temporary. Accordingly, no impairment adjustments have been recorded. Management intends to hold the investment securities classified as held-to-maturity until they mature, at which time the Company will receive full amortized cost value for such investment securities. Furthermore, as of March 31, 2016 , management did not have the intent to sell any of the securities classified as held-to-maturity in the table above and believes that it is more likely than not that the Company will not have to sell any such securities before a recovery of cost. |
Loans and reserve for credit lo
Loans and reserve for credit losses | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loans and reserve for credit losses | Loans and reserve for credit losses The composition of the loan portfolio at March 31, 2016 and December 31, 2015 was as follows (dollars in thousands): March 31, 2016 December 31, 2015 Amount Percent Amount Percent Originated loans (a): Commercial real estate: Owner occupied $ 270,034 17.4 % $ 263,095 18.1 % Non-owner occupied 455,123 29.1 % 431,379 29.7 % Total commercial real estate loans 725,157 46.5 % 694,474 47.8 % Construction 131,844 8.4 % 119,723 8.2 % Residential real estate 289,426 18.5 % 237,084 16.3 % Commercial and industrial 379,089 24.2 % 363,335 25.0 % Consumer 37,965 2.4 % 38,362 2.7 % Total loans 1,563,481 100.0 % 1,452,978 100.0 % Less: Deferred loan fees (1,805 ) (1,419 ) Reserve for loan losses (24,430 ) (24,415 ) Loans, net $ 1,537,246 $ 1,427,144 Acquired loans (b): Commercial real estate: Owner occupied $ 42,066 19.0 % $ 45,236 19.3 % Non-owner occupied 90,952 41.1 % 95,183 40.5 % Total commercial real estate loans 133,018 60.1 % 140,419 59.8 % Construction 10,429 4.7 % 10,629 4.5 % Residential real estate 55,527 25.1 % 61,306 26.1 % Commercial and industrial 21,077 9.5 % 21,109 9.0 % Consumer 1,301 0.6 % 1,488 0.6 % Total loans $ 221,352 100.0 % $ 234,951 100.0 % Total loans: Commercial real estate: Owner occupied $ 312,100 17.5 % $ 308,331 18.3 % Non-owner occupied 546,075 30.6 % 526,562 31.2 % Total commercial real estate loans 858,175 48.1 % 834,893 49.5 % Construction 142,273 8.0 % 130,352 7.7 % Residential real estate 344,953 19.3 % 298,390 17.7 % Commercial and industrial 400,166 22.4 % 384,444 22.8 % Consumer 39,266 2.2 % 39,850 2.3 % Total loans 1,784,833 100.0 % 1,687,929 100.0 % Less: Deferred loan fees (1,805 ) (1,419 ) Reserve for loan losses (24,430 ) (24,415 ) Loans, net $ 1,758,598 $ 1,662,095 (a) Originated loans are loans organically made through the Company’s normal and customary origination process. (b) Acquired loans are loans acquired in the acquisition of Home Federal Bancorp, Inc. The following describes the distinction between originated and acquired loan portfolios and certain significant accounting policies relevant to each of these portfolios. Originated loans Loans originated for investment are stated at their principal amount outstanding adjusted for partial charge-offs, the reserve for loan losses and net deferred loan fees and costs. Interest income on loans is accrued over the term of the loans. Interest is not accrued on loans where collectability is uncertain. Accrued interest on loans is presented in “Other assets” on the condensed consolidated balance sheet. Loan origination fees and certain direct costs incurred to extend credit are deferred and amortized over the term of the loan as an adjustment to the related loan yield. Approximately 73.4% of the Bank’s originated loan portfolio at March 31, 2016 consisted of real estate-related loans, including construction and development loans, residential mortgage loans, and commercial loans secured by commercial real estate. At March 31, 2016 , approximately 75.4% of the Bank’s total portfolio (inclusive of acquired loans) consisted of real estate-related loans as described above. The Bank’s results of operations and financial condition are affected by general economic trends and in particular, the strength of the local residential and commercial real estate markets in Central, Southern and Northwest Oregon, as well as the greater Boise/Treasure Valley, Idaho and Seattle, Washington metro areas. Real estate values could be affected by, among other things, a worsening of national and local economic conditions, an increase in foreclosures, a decline in home sale volumes, and an increase in interest rates. Furthermore, the Bank may experience an increase in the number of borrowers who become delinquent, file for protection under bankruptcy laws, or default on their loans or other obligations to the Bank in the event of a sustained downturn in business and economic conditions generally or specifically in the principal markets in which the Bank does business. An increase in the number of delinquencies, bankruptcies, or defaults could result in a higher level of non-performing assets, net charge-offs, and loan loss provision. Management expects to diversify its commercial real estate (“CRE”) concentration over time, but real estate-related loans will remain a significant portfolio component due to the nature of the economies, businesses, and markets the Bank serves. In the normal course of business, the Bank may participate portions of loans to third parties in order to extend the Bank’s lending capability or to mitigate risk. At March 31, 2016 and December 31, 2015 , the portion of loans participated to third parties (which are not included in the accompanying condensed consolidated financial statements) totaled $46.3 million and $44.2 million , respectively. Acquired loans Acquired loans are those purchased in the Company’s acquisition of Home Federal Bancorp, Inc. (“Home”), which was completed on May 16, 2014 (the “Acquisition Date”). These loans were recorded at estimated fair value at the Acquisition Date. The fair value estimates for acquired loans are based on expected prepayments, charge-offs and the amount and timing of undiscounted expected principal, interest and other cash flows. The net fair value adjustment to the acquired loans at acquisition was a reduction of $ 6.0 million , representing a valuation adjustment for interest rate and credit which will be accreted over the life of the loans (approximately 10 years). As of March 31, 2016 , the remaining net fair value adjustment was $2.3 million . Of the loans acquired on the Acquisition Date and still held at March 31, 2016 , $12.4 million , or 5.6% , were graded substandard. With the amount of classified loans acquired being nominal, all loans acquired are treated in a manner consistent with originated loans for credit risk management and accounting purposes. As of March 31, 2016 , $29.1 million , or 13.2% , of the $ 221.4 million in acquired loans were covered under loss sharing agreements with the FDIC (“covered loans”). The agreements were entered into in September 2009 and September 2010 between the FDIC and Home. The loss sharing agreements have limited terms ( 10 years for net losses on single-family residential real estate loans, as defined by the FDIC, five years for losses on non-residential real estate loans, as defined by the FDIC, and an additional three years with respect to recoveries on non-residential real estate loans). After the expiration of the loss sharing agreements, the Company will not be indemnified for losses and related expenses on covered loans. When the loss sharing agreements expire, the Company’s and the Bank’s risk-based capital ratios will be reduced. While the agreements are in place, the covered loans receive a 20% risk-weighting. When the agreements expire, the risk-weighting for previously covered loans will most likely increase to 100% , based on current regulatory capital definitions. Nearly all of the assets remaining in the covered loans portfolios are non-single family covered loans. Therefore, most of the covered loans were no longer indemnified after September 30, 2014 or were no longer indemnified after September 30, 2015. With the amount of classified loans covered under these agreements being nominal, amounts that may be due to or due from the FDIC under loss sharing agreements will be accounted for on a cash basis. A net loss share payable was recorded at the Acquisition Date which represents the estimated value of reimbursement the Company expects to pay to the FDIC for recoveries net of incurred losses on covered loans. These expected reimbursements are recorded as part of covered loans in the accompanying consolidated balance sheets. Upon the determination of an incurred loss or recovery, the loss share receivable/payable will be changed by the amount due to or due from the FDIC. Changes in the loss share payable associated with cov ered loans for the three months ended March 31, 2016 were as follows (dollars in thousands) : Three months ended March 31, 2016 Balance at beginning of period $ 289 Paid to FDIC (289 ) Increase due to impairment — FDIC reimbursement 428 Shared loss expenses (61 ) Adjustments from prior periods — OREO loss carryforward — Balance at end of period $ 367 Reserve for loan losses The reserve for loan losses represents management’s estimate of known and inherent losses in the loan portfolio as of the condensed consolidated balance sheet date and is recorded as a reduction to loans. The reserve for loan losses is increased by charges to operating expense through the loan loss provision, and decreased by loans charged-off, net of recoveries. The reserve for loan losses requires complex subjective judgments as a result of the need to make estimates about matters that are uncertain. The reserve for loan losses is maintained at a level currently considered adequate to provide for potential loan losses based on management’s assessment of various factors affecting the loan portfolio. However, the reserve for loan losses is based on estimates and actual losses may vary from the current estimates. These estimates are reviewed periodically, and, as adjustments become necessary, they are reported in earnings in the periods in which they become known. Therefore, management cannot provide assurance that, in any particular period, the Company will not have significant losses in relation to the amount reserved. The level of the reserve for loan losses is also determined after consideration of bank regulatory guidance and recommendations and is subject to review by such regulatory authorities who may require increases or decreases to the reserve based on their evaluation of the information available to them at the time of their examinations of the Bank. For purposes of assessing the appropriate level of the reserve for loan losses, the Company analyzes loans and commitments to loan, and the amount of reserves allocated to loans and commitments to loan in each of the following reserve categories: pooled reserves, specifically identified reserves for impaired loans, and the unallocated reserve. Also, for purposes of analyzing loan portfolio credit quality and determining the appropriate level of reserve for loan losses, the Company identifies loan portfolio segments and classes based on the nature of the underlying loan collateral. As of March 31, 2015, the reserve for loan loss methodology was enhanced within the Company’s commercial and industrial (“C&I”) loan portfolio with respect to its holdings of shared national credits (“SNCs”). Risk ratings for individual SNCs are estimated using analysis of both public debt ratings and internal ratings. Expected loss rates are determined based upon historical published specific loss data for similar loans based on average losses and losses stratified by public debt ratings. Public ratings combined with internal risk rates are used to determine a minimum historical loss factor for each SNC loan. This amount may be increased for qualitative conditions including macroeconomic environment and observations by the Company’s SNC management group. The SNC lending strategy is intended to diversify the Company’s credit risk profile geographically and by industry. Additionally, such loans enhance the Company’s interest rate risk profile as they float with LIBOR rates. The increase in the reserve for loan losses from December 31, 2015 to March 31, 2016 was related to net recoveries during the period. The unallocated reserve for loan losses at March 31, 2016 has increased $ 1.2 million from the balance at December 31, 2015 . Management believes that the amount of unallocated reserve for loan losses is appropriate and will continue to evaluate the amount going forward. Acquired reserve for loan losses The fair value estimates for acquired loans are based on expected prepayments, charge-offs, and the amount and timing of undiscounted expected principal, interest and other cash flows. The net fair value adjustment to the acquired loans was $ 6.0 million , representing a valuation adjustment for interest rate and credit quality. The credit portion of the fair value adjustment not accreted at any point in time represents the estimated reserve for loan losses for acquired loans. If the Company determines that this amount is insufficient, a provision to the reserve for loan losses will be made. As of March 31, 2016 , the remaining net fair value adjustment was $2.3 million . Transactions and allocations in the reserve for loan losses and unfunded loan commitments, by portfolio segment, for the three months ended March 31, 2016 and 2015 were as follows (dollars in thousands): Commercial Construction Residential Commercial Consumer Unallocated Total For the three months ended March 31, 2016 Allowance for Loan Losses Balance at December 31, 2015 $ 3,934 $ 1,044 $ 2,075 $ 13,969 $ 917 $ 2,476 $ 24,415 Loan loss provision (credit) (2,776 ) 16 204 1,129 265 1,162 — Recoveries 2,728 38 131 159 264 — 3,320 Loans charged off (40 ) — (18 ) (2,760 ) (487 ) — (3,305 ) Balance at end of period $ 3,846 $ 1,098 $ 2,392 $ 12,497 $ 959 $ 3,638 $ 24,430 Reserve for unfunded lending commitments Balance at December 31, 2015 $ 48 $ 268 $ 25 $ 75 $ 24 $ — $ 440 Provision for unfunded loan commitments — — — — — — — Balance at end of period $ 48 $ 268 $ 25 $ 75 $ 24 $ — $ 440 Reserve for credit losses Reserve for loan losses $ 3,846 $ 1,098 $ 2,392 $ 12,497 $ 959 $ 3,638 $ 24,430 Reserve for unfunded lending commitments 48 268 25 75 24 — 440 Total reserve for credit losses $ 3,894 $ 1,366 $ 2,417 $ 12,572 $ 983 $ 3,638 $ 24,870 Commercial Construction Residential Commercial Consumer Unallocated Total For the three months ended March 31, 2015 Allowance for Loan Losses Balance at December 31, 2014 $ 5,614 $ 1,133 $ 2,121 $ 6,844 $ 1,047 $ 5,294 $ 22,053 Loan loss provision (credit) (3,947 ) 23 276 4,436 147 (2,935 ) (2,000 ) Recoveries 3,390 99 325 211 115 — 4,140 Loans charged off (276 ) — (210 ) (132 ) (331 ) — (949 ) Balance at end of period $ 4,781 $ 1,255 $ 2,512 $ 11,359 $ 978 $ 2,359 $ 23,244 Reserve for unfunded lending commitments Balance at December 31, 2014 $ 48 $ 268 $ 25 $ 75 $ 24 $ — $ 440 Provision for unfunded loan commitments — — — — — — — Balance at end of period $ 48 $ 268 $ 25 $ 75 $ 24 $ — $ 440 Reserve for credit losses Reserve for loan losses $ 4,781 $ 1,255 $ 2,512 $ 11,359 $ 978 $ 2,359 $ 23,244 Reserve for unfunded lending commitments 48 268 25 75 24 — 440 Total reserve for credit losses $ 4,829 $ 1,523 $ 2,537 $ 11,434 $ 1,002 $ 2,359 $ 23,684 An individual loan is impaired when, based on current information and events, management believes that it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. The following table presents the reserve for loan losses and the recorded investment in loans by portfolio segment and impairment evaluation method at March 31, 2016 and December 31, 2015 (dollars in thousands): Reserve for loan losses Recorded investment in loans Individually Collectively Total Individually Collectively Total March 31, 2016 Commercial real estate $ 57 $ 3,789 $ 3,846 $ 5,132 $ 853,043 $ 858,175 Construction — 1,098 1,098 — 142,273 142,273 Residential real estate — 2,392 2,392 — 344,953 344,953 Commercial and industrial 144 12,353 12,497 7,677 392,489 400,166 Consumer — 959 959 — 39,266 39,266 $ 201 $ 20,591 20,792 $ 12,809 $ 1,772,024 $ 1,784,833 Unallocated 3,638 $ 24,430 December 31, 2015 Commercial real estate $ 78 $ 3,856 $ 3,934 $ 3,835 $ 831,058 $ 834,893 Construction — 1,044 1,044 365 129,987 130,352 Residential real estate — 2,075 2,075 18 298,372 298,390 Commercial and industrial 164 13,805 13,969 2,724 381,720 384,444 Consumer — 917 917 — 39,850 39,850 $ 242 $ 21,697 21,939 $ 6,942 $ 1,680,987 $ 1,687,929 Unallocated 2,476 $ 24,415 The above reserve for loan losses includes an unallocated allowance of $ 3.6 million at March 31, 2016 and $ 2.5 million at December 31, 2015 . The change in the unallocated allowance is mainly due to uncertainty associated with risk inherent in entering new loan markets and/or geographies, as well as, general uncertainty related to growth and economic conditions. The Company uses credit risk ratings, which reflect the Bank’s assessment of a loan’s risk or loss potential, for purposes of assessing the appropriate level of reserve for loan losses. The Bank’s credit risk rating definitions along with applicable borrower characteristics for each credit risk rating are as follows: Acceptable The borrower is a reasonable credit risk and demonstrates the ability to repay the loan from normal business operations. Loans are generally made to companies operating in an economy and/or industry that is generally sound. The borrower tends to operate in regional or local markets and has achieved sufficient revenues for the business to be financially viable. The borrowers financial performance has been consistent in normal economic times and has been average or better than average for its industry. A loan can also be considered Acceptable even though the borrower may have some vulnerability to downturns in the economy due to marginally satisfactory working capital and debt service cushion. Availability of alternate financing sources may be limited or nonexistent. In some cases, the borrower’s management may have limited depth or continuity but is still considered capable. An adequate primary source of repayment is identified while secondary sources may be illiquid, more speculative, less readily identified, or reliant upon collateral liquidation. Loan agreements will be well defined, including several financial performance covenants and detailed operating covenants. This category also includes commercial loans to individuals with average or better than average capacity to repay. Pass-Watch Loans are graded Pass-Watch when temporary situations increase the level of the Bank’s risk associated with the loan, and remain graded Pass-Watch until the situation has been corrected. These situations may involve one or more weaknesses in cash flow, collateral value or indebtedness that could, if not corrected within a reasonable period of time, jeopardize the full repayment of the debt. In general, loans in this category remain adequately protected by the borrower’s net worth and paying capacity, or pledged collateral. Special Mention A Special Mention credit has potential weaknesses that may, if not checked or corrected, weaken the loan or leave the Bank inadequately protected at some future date. Loans in this category are deemed by management of the Bank to be currently protected but reflect potential problems that warrant more than the usual management attention but do not justify a Substandard classification. Substandard Substandard loans are those inadequately protected by the net worth and paying capacity of the obligor and/or by the value of the pledged collateral, if any. Substandard loans have a high probability of payment default or they have other well-defined weaknesses. They require more intensive supervision and borrowers are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk mitigants. CRE and construction loans are classified Substandard when well-defined weaknesses are present which jeopardize the orderly liquidation of the loan. Well-defined weaknesses include a project’s lack of marketability, inadequate cash flow or collateral support, failure to complete construction on time, and/or the project’s failure to fulfill economic expectations. These loans are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Substandard loans also include impaired loans. Impaired loans bear the characteristics of Substandard loans as described above, and the Company has determined it does not expect timely payment of all contractually due interest and principal. Impaired loans may be adequately secured by collateral. During the three months ended March 31, 2016 , the Bank saw relatively steady credit quality metrics. An improvement in Special Mention loans was partially offset by an increase in the Substandard portfolio. Increases in the Substandard loan balances were largely due to certain energy/mining sector shared national credits, included in C&I loans. Aggregate portfolio exposure to the energy/mining sector is less than 1% of total loans outstanding. The following table presents, by portfolio class, the recorded investment in loans by internally assigned grades at March 31, 2016 and December 31, 2015 (dollars in thousands): Loan grades Acceptable Pass-Watch Special Mention Substandard Total March 31, 2016 Originated loans (a): Commercial real estate: Owner occupied $ 252,661 $ 8,715 $ 1,599 $ 7,059 $ 270,034 Non-owner occupied 438,127 8,917 3,488 4,591 455,123 Total commercial real estate loans 690,788 17,632 5,087 11,650 725,157 Construction 131,844 — — — 131,844 Residential real estate 288,820 — — 606 289,426 Commercial and industrial 335,841 15,127 3,326 24,795 379,089 Consumer 37,954 — — 11 37,965 $ 1,485,247 $ 32,759 $ 8,413 $ 37,062 $ 1,563,481 Acquired loans (b): Commercial real estate: Owner occupied $ 36,551 $ 2,088 $ 2,342 $ 1,085 $ 42,066 Non-owner occupied 71,612 557 9,295 9,488 90,952 Total commercial real estate loans 108,163 2,645 11,637 10,573 133,018 Construction 10,400 — — 29 10,429 Residential real estate 54,371 — — 1,156 55,527 Commercial and industrial 20,308 99 — 670 21,077 Consumer 1,301 — — — 1,301 $ 194,543 $ 2,744 $ 11,637 $ 12,428 $ 221,352 Total loans: Commercial real estate: Owner occupied $ 289,212 $ 10,803 $ 3,941 $ 8,144 $ 312,100 Non-owner occupied 509,739 9,474 12,783 14,079 546,075 Total commercial real estate loans 798,951 20,277 16,724 22,223 858,175 Construction 142,244 — — 29 142,273 Residential real estate 343,191 — — 1,762 344,953 Commercial and industrial 356,149 15,226 3,326 25,465 400,166 Consumer 39,255 — — 11 39,266 $ 1,679,790 $ 35,503 $ 20,050 $ 49,490 $ 1,784,833 (a) Originated loans are loans organically made through the Company’s normal and customary origination process. (b) Acquired loans are loans acquired in the acquisition of Home. Loan grades Acceptable Pass-Watch Special Substandard Total December 31, 2015 Originated loans (a): Commercial real estate: Owner occupied $ 243,113 $ 8,623 $ 1,426 $ 9,933 $ 263,095 Non-owner occupied 411,137 9,825 4,522 5,895 431,379 Total commercial real estate loans 654,250 18,448 5,948 15,828 694,474 Construction 118,752 — 971 — 119,723 Residential real estate 236,574 — — 510 237,084 Commercial and industrial 328,934 11,220 13,729 9,452 363,335 Consumer 38,350 — — 12 38,362 $ 1,376,860 $ 29,668 $ 20,648 $ 25,802 $ 1,452,978 Acquired loans (b): Commercial real estate: Owner occupied $ 34,081 $ 3,480 $ 7,341 $ 334 $ 45,236 Non-owner occupied 71,334 2,751 9,386 11,712 95,183 Total commercial real estate loans 105,415 6,231 16,727 12,046 140,419 Construction 10,597 — — 32 10,629 Residential real estate 60,151 — — 1,155 61,306 Commercial and industrial 17,034 153 3,461 461 21,109 Consumer 1,485 — — 3 1,488 $ 194,682 $ 6,384 $ 20,188 $ 13,697 $ 234,951 Total loans: Commercial real estate: Owner occupied $ 277,194 $ 12,103 $ 8,767 $ 10,267 $ 308,331 Non-owner occupied 482,471 12,576 13,908 17,607 526,562 Total commercial real estate loans 759,665 24,679 22,675 27,874 834,893 Construction 129,349 — 971 32 130,352 Residential real estate 296,725 — — 1,665 298,390 Commercial and industrial 345,968 11,373 17,190 9,913 384,444 Consumer 39,835 — — 15 39,850 $ 1,571,542 $ 36,052 $ 40,836 $ 39,499 $ 1,687,929 (a) Originated loans are loans organically made through the Company’s normal and customary origination process. (b) Acquired loans are loans acquired in the acquisition of Home. The following table presents, by portfolio class, an age analysis of past due loans, including loans placed on non-accrual at March 31, 2016 and December 31, 2015 (dollars in thousands): 30-89 days past due 90 days or more past due Total past due Current Total loans March 31, 2016 Originated loans (a): Commercial real estate: Owner occupied $ — $ 719 $ 719 $ 269,315 $ 270,034 Non-owner occupied — — — 455,123 455,123 Total commercial real estate loans — 719 719 724,438 725,157 Construction — — — 131,844 131,844 Residential real estate 1,001 93 1,094 288,332 289,426 Commercial and industrial 3,526 237 3,763 375,326 379,089 Consumer 127 11 138 37,827 37,965 $ 4,654 $ 1,060 $ 5,714 $ 1,557,767 $ 1,563,481 Acquired loans (b): Commercial real estate: Owner occupied $ 37 $ — $ 37 $ 42,029 $ 42,066 Non-owner occupied 124 — 124 90,828 90,952 Total commercial real estate loans 161 — 161 132,857 133,018 Construction 29 — 29 10,400 10,429 Residential real estate 654 520 1,174 54,353 55,527 Commercial and industrial 236 10 246 20,831 21,077 Consumer 16 — 16 1,285 1,301 $ 1,096 $ 530 $ 1,626 $ 219,726 $ 221,352 Total loans: Commercial real estate: Owner occupied $ 37 $ 719 $ 756 $ 311,344 $ 312,100 Non-owner occupied 124 — 124 545,951 546,075 Total commercial real estate loans 161 719 880 857,295 858,175 Construction 29 — 29 142,244 142,273 Residential real estate 1,655 613 2,268 342,685 344,953 Commercial and industrial 3,762 247 4,009 396,157 400,166 Consumer 143 11 154 39,112 39,266 $ 5,750 $ 1,590 $ 7,340 $ 1,777,493 $ 1,784,833 December 31, 2015 Originated loans (a): Commercial real estate: Owner occupied $ 1,020 $ 719 $ 1,739 $ 261,356 $ 263,095 Non-owner occupied 593 — 593 430,786 431,379 Total commercial real estate loans 1,613 719 2,332 692,142 694,474 Construction — — — 119,723 119,723 Residential real estate 196 — 196 236,888 237,084 Commercial and industrial 346 239 585 362,750 363,335 Consumer 209 12 221 38,141 38,362 $ 2,364 $ 970 $ 3,334 $ 1,449,644 $ 1,452,978 Acquired loans (b): Commercial real estate: Owner occupied $ — $ — $ — $ 45,236 $ 45,236 Non-owner occupied 2,049 — 2,049 93,134 95,183 Total commercial real estate loans 2,049 — 2,049 138,370 140,419 Construction 46 — 46 10,583 10,629 Residential real estate 748 534 1,282 60,024 61,306 Commercial and industrial 6 5 11 21,098 21,109 Consumer 53 — 53 1,435 1,488 $ 2,902 $ 539 $ 3,441 $ 231,510 $ 234,951 Total loans: Commercial real estate: Owner occupied $ 1,020 $ 719 $ 1,739 $ 306,592 $ 308,331 Non-owner occupied 2,642 — 2,642 523,920 526,562 Total commercial real estate loans 3,662 719 4,381 830,512 834,893 Construction 46 — 46 130,306 130,352 Residential real estate 944 534 1,478 296,912 298,390 Commercial and industrial 352 244 596 383,848 384,444 Consumer 262 12 274 39,576 39,850 $ 5,266 $ 1,509 $ 6,775 $ 1,681,154 $ 1,687,929 (a) Originated loans are loans organically made through the Company’s normal and customary origination process, including ARM purchases. (b) Acquired loans are loans acquired in the acquisition of Home. Loans contractually past due 90 days or more on which the Company continued to accrue interest were $0.03 million and $0.1 million at March 31, 2016 and December 31, 2015 , respectively. The following table presents information related to impaired loans, by portfolio class, at March 31, 2016 and December 31, 2015 (dollars in thousands): Impaired loans With a related allowance Without a related allowance Total recorded balance Unpaid principal balance Related allowance March 31, 2016 Commercial real estate: Owner occupied $ 589 $ 1,974 $ 2,563 $ 3,649 $ 52 Non-owner occupied 638 1,931 2,569 2,568 5 Total commercial real estate loans 1,227 3,905 5,132 6,217 57 Construction — — — — — Residential real estate — — — — — Commercial and industrial 270 7,407 7,677 11,050 144 Consumer — — — — — $ 1,497 $ 11,312 $ 12,809 $ 17,267 $ 201 December 31, 2015 Commercial real estate: Owner occupied $ 1,032 $ 2,157 $ 3,189 $ 4,285 $ 73 Non-owner occupied 646 — 646 646 5 Total commercial real estate loans 1,678 2,157 3,835 4,931 78 Construction — 365 365 365 — Residential real estate — 18 18 18 — Commercial and industrial 2,539 185 2,724 3,366 164 Consumer — — — — — $ 4,217 $ 2,725 $ 6,942 $ 8,680 $ 242 The increase in impaired C&I loans relates to energy/mining shared national credits. Aggregate portfolio exposure to the energy/mining sector is less than 1% of total loans outstanding. At March 31, 2016 and December 31, 2015 , the total recorded balance of impaired loans in the above table included $0 million and $0.8 million , respectively, of troubled debt restructuring (“TDR”) loans which were not on non-accrual status. The following table presents, by portfolio class, the average recorded investment in impaired loans for the three months ended March 31, 2016 and 2015 (dollars in thousands): Three Months Ended March 31, 2016 2015 Commercial real estate: Owner occupied $ 2,876 $ 4,804 Non-owner occupied 1,607 22,817 Total commercial real estate loans 4,483 27,621 Construction 183 853 Residential real estate 9 229 Commercial and industrial 5,201 3,259 Consumer — — $ 9,876 $ 31,962 Interest income recognized for cash payments received on impaired loans for the three months ended March 31, 2016 was $0.1 million . Information with respect to the Company’s non-performing loans, by portfolio class, at March 31, 2016 and December 31, 2015 is as follows (dollars in thousands): March 31, 2016 December 31, 2015 Commercial real estate: Owner occupied $ 1,961 $ 2,742 Non-owner occupied 320 434 Total commercial real estate loans 2,281 3,176 Construction — — Residential real estate 1,512 1,427 Commercial and industrial 7,542 447 Consumer — 3 Total non-accrual loans $ 11,335 $ 5,053 Accruing loans which are contractually past due 90 days or more: Commercial and industrial 18 56 Consumer 11 12 Total accruing loans which are contractually past due 90 days or more $ 29 $ 68 TDRs The Company allocated no specific reserves to customers whose loan terms have been modified in TDRs as of March 31, 2016 and December 31, 2015 , respectively. TDRs involve the restructuring of terms to allow customers to mitigate the risk of foreclosure by meeting a lower loan payment requirement based upon their current cash flow. As indicated above, TDRs may also include loans to borrowers experiencing financial distress that renewed at existing contractual rates, but below market rates for comparable credit quality. The Company has been actively utilizing these programs and working with its customers to improve obligor cash flow and related prospect for repayment. Concessions may include, but are not limited to, interest rate reductions, principal forgiveness, deferral of interest payments, extension of the maturity date, and other actions intended to minimize potential losses to the Company. For each commercial loan restructuring, a comprehensive credit underwriting analysis of the borrower’s financial condition and prospects of repayment under the revised terms is performed to assess whether the new structure can be successful and whether cash flows will be sufficient to support the restructured debt. Generally, if the loan is on accrual status at the time of restructuring, it will remain on accrual status after the restructuring. After six consecutive payments under the restructured terms, a non-accrual restructured loan is reviewed for possible upgrade to accrual status. Typically, once a loan is identified as a TDR it will retain that designation until it is paid off, because restructured loans generally are not at market rates following restructuring. Under certain circumstances, a TDR may be removed from TDR status if it is determined to no longer be impaired and the loan is at a competitive interest rate. Under such circumstances, allowance allocations for loans removed from TDR status would be based on the historical allocation for the applicable loan grade and loan class. The following table presents, by portfolio segment, the information with respect to the Company’s loans that were modified and recorded as TDRs during the three months ended March 31, 2016 and 2015 (dollars in thousands). Three months ended March 31, 2016 2015 Number of TDR outstanding Number of TDR outstanding Commercial real estate — $ — — $ — Construction — — — — Residential real estate — — — — Commercial and industrial 1 22 — — Consumer — — — — 1 $ 22 — $ — At both March 31, 2016 and 2015 , the Company had no remaining commitments to lend on loans accounted for as TDRs. The following table presents, by portfolio segment, the post modification recorded investment for TDRs restructured during the three mon |
Other Real Estate Owned ("OREO"
Other Real Estate Owned ("OREO"), net | 3 Months Ended |
Mar. 31, 2016 | |
Real Estate [Abstract] | |
Other Real Estate Owned (OREO), net | Other Real Estate Owned ( “ OREO ”) , net The following table presents activity related to OREO for the periods shown (dollars in thousands): Three months ended 2016 2015 Balance at beginning of period $ 3,274 $ 3,309 Additions — 1,558 Dispositions — (40 ) Change in valuation allowance — 3 Balances at end of period $ 3,274 $ 4,830 The following table summarizes activity in the OREO valuation allowance for the periods shown (dollars in thousands): Three months ended 2016 2015 Balance at beginning of period $ 776 $ 2,323 Additions to the valuation allowance — 5 Reductions due to sales — (8 ) Balance at end of period $ 776 $ 2,320 The following table summarizes OREO expenses for the periods shown (dollars in thousands): Three months ended 2016 2015 Operating costs $ 45 $ 52 Increases in valuation allowance 167 5 Total $ 212 $ 57 |
Mortgage Servicing Rights ("MSR
Mortgage Servicing Rights ("MSRs") | 3 Months Ended |
Mar. 31, 2016 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights (MSRs) | Mortgage Servicing Rights (“MSRs”) The Bank sells a predominant share of the fixed rate mortgage loans it originates into the secondary market while retaining servicing of such loans. MSRs included in other assets in the condensed consolidated financial statements as of March 31, 2016 and December 31, 2015 are accounted for at the lower of origination value less accumulated amortization or current fair value. The net carrying value of MSRs at March 31, 2016 and December 31, 2015 was $2.2 million . There was no valuation allowance at March 31, 2016 or December 31, 2015 . The following table presents activity in MSRs for the periods shown (dollars in thousands): Three months ended 2016 2015 Balance at beginning of period $ 2,186 $ 2,248 Additions 128 226 Amortization (163 ) (187 ) Change in valuation allowance — — Balances at end of period $ 2,151 $ 2,287 Mortgage banking income, net, consisted of the following for the periods shown (dollars in thousands): Three months ended 2016 2015 Origination and processing fees $ 58 $ 258 Gain on sales of mortgage loans, net 439 552 MSR valuation allowance — — Servicing fees 161 165 Amortization (163 ) (187 ) Mortgage banking income, net $ 495 $ 788 |
Goodwill and other intangible a
Goodwill and other intangible assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and other intangible assets | Goodwill and other intangibles assets On March 4, 2016 , the Bank completed its acquisition of 15 branches from Bank of America, National Association. The Company recorded $4.0 million of goodwill in connection with the branch acquisition. The Company recorded $78.6 million of goodwill in connection with the acquisition of Home in 2014. In accordance with the Intangibles - Goodwill and Other topic of the Financial Accounting Standards Board (“FASB”) ASC, goodwill is not amortized but is reviewed for potential impairment at the reporting unit level. Management analyzes its goodwill for impairment on an annual basis and between annual tests in certain circumstances, such as upon material adverse changes in legal, business, regulatory and economic factors. An impairment loss is recorded to the extent that the carrying amount of goodwill exceeds its implied fair value. The Company performed an impairment assessment as of December 31, 2015 and concluded that there was no impairment to goodwill. Core deposit intangibles (“CDI”) are evaluated for impairment if events and circumstances indicate a possible impairment. The CDI are amortized on a straight-line basis over an estimated life of 10 years. The following table sets forth activity for CDI for the three months ended March 31, 2016 and 2015 (dollars in thousands). Three months ended March 31, 2016 2015 Gross core deposit intangibles balance, beginning of period $ 8,196 $ 8,196 Accumulated amortization, beginning of period (1,333 ) (513 ) Core deposit intangible, net, beginning of period 6,863 7,683 Established through acquisitions 6,427 — CDI current period amortization (205 ) (205 ) Total core deposit intangible, end of period $ 13,085 $ 7,478 The following table provides the estimated future amortization expense of core deposit intangibles for the remaining period ending December 31, 2016 and the succeeding four years (dollars in thousands): Years Ending December 31, 2016 $ 1,097 2017 1,462 2018 1,462 2019 1,462 2020 1,462 |
Basic and Diluted Net Income pe
Basic and Diluted Net Income per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income per Share | Basic and Diluted Net Income per Share The Company’s basic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. The Company’s diluted net income per share is computed by dividing net income by the weighted-average number of common shares outstanding plus any incremental shares arising from the dilutive effect of stock-based compensation. The numerators and denominators used in computing basic and diluted net income per common share for the three months ended March 31, 2016 and 2015 can be reconciled as follows (dollars in thousands, except per share data): Three months ended 2016 2015 Net income $ 1,940 $ 5,118 Weighted-average shares outstanding - basic 71,883,745 71,673,368 Dilutive securities 269,191 178,113 Weighted-average shares outstanding - diluted 72,152,936 71,851,481 Common stock equivalent shares excluded due to antidilutive effect 3,361,524 3,368,731 Basic and diluted: Net income per common share $ 0.03 $ 0.07 Net income per common share (diluted) $ 0.03 $ 0.07 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation At March 31, 2016 , 286,709 shares reserved under the Company’s stock-based compensation plans were available for future grants. During the three months ended March 31, 2016 , no shares of restricted stock or stock options were granted by the Company. During the three months ended March 31, 2015 , the Company granted 4,598 shares of restricted stock with a weighted-average grant date fair value of $4.34 per share, which vest in 2018. During the same period, 3,300,000 stock options were granted. The Company used the Black-Scholes option-pricing model with the following weighted-average assumptions to value options that were granted in 2015 : 2015 Dividend yield 0 % Expected volatility 36.6 % Risk-free interest rate 1.3 % Expected option lives 5.0 years The dividend yield was based on historical dividend information. The Company has not paid dividends since the third quarter of 2008 resulting in the dividend yield of 0.0% . The expected volatility was based on the historical volatility of the Company’s common stock price as adjusted for certain historical periods of extraordinary volatility in order to provide a basis for a reasonable estimate of fair value. Periods that were determined to be extraordinary were replaced with the mean volatility of like publicly-traded community banks in the western U.S. Over time, identified periods of extraordinary volatility will recede and will be replaced with the Company’s actual historical volatility. The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the date of grant for periods corresponding with the expected lives of the options granted. The expected option lives represent the period of time that options are expected to be outstanding, giving consideration to vesting schedules and historical exercise and forfeiture patterns. The Black-Scholes option-pricing model was developed for use in estimating the fair value of publicly-traded options that have no vesting restrictions and are fully transferable. The Black-Scholes model is affected by subjective assumptions, including historical volatility of the Company’s common stock price. The following table presents the activity related to stock options for the three months ended March 31, 2016 : Options Weighted- Weighted- Aggregate Options outstanding at January 1, 2016 3,375,909 $ 5.44 9.0 $ 4,243.7 Granted — — N/A N/A Canceled / forfeited (234 ) 78.08 N/A N/A Expired (1,634 ) 151.20 N/A N/A Options outstanding at March 31, 2016 3,374,041 $ 5.34 8.8 $ 3,038.4 Options exercisable at March 31, 2016 74,041 $ 29.80 4.5 $ 2.4 Stock-based compensation expense related to stock options for the three months ended March 31, 2016 and 2015 was approximately $0.3 million and $0.2 million , respectively. As of March 31, 2016 , there was approximately $4.1 million of unrecognized compensation cost related to non-vested stock options that will be recognized over the remaining vesting periods of the stock options. The following table presents the activity related to non-vested restricted stock for the three months ended March 31, 2016 : Number of Weighted- Non-vested as of January 1, 2016 909,410 $ 6.37 Granted — — Vested (5,148 ) 6.80 Canceled / forfeited (15,571 ) 4.91 Non-vested as of March 31, 2016 888,691 $ 6.39 Non-vested restricted stock is scheduled to vest over a three to five year period. The unearned compensation on restricted stock is being amortized to expense on a straight-line basis over the estimated applicable service or vesting periods. As of March 31, 2016 , unrecognized compensation cost related to non-vested restricted stock totaled approximately $3.1 million , which is expected to be recognized over the next five years. Total expense recognized by the Company for non-vested restricted stock for the three months ended March 31, 2016 and 2015 was $0.4 million and $0.3 million , respectively. There was no unrecognized compensation cost related to restricted stock units (“RSUs”) at March 31, 2016 and December 31, 2015 , as all RSUs were fully-vested at the date of the grant. |
Interest Rate Swap Derivatives
Interest Rate Swap Derivatives | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Interest Rate Swap Derivatives | Interest Rate Swap Derivatives Derivative instruments are contracts between two or more parties that have a notional amount and an underlying variable, require no net investment and allow for the net settlement of positions. The notional amount serves as the basis for the payment provision of the contract and takes the form of units, such as shares or dollars. The underlying variable represents a specified interest rate, index, or other component. The interaction between the notional amount and the underlying variable determines the number of units to be exchanged between the parties and influences the market value of the derivative contract. The Company obtains dealer quotation to value its derivative contracts. The Company periodically enters into certain commercial loan interest rate swap agreements in order to provide commercial loan customers the ability to convert from variable to fixed interest rates. Under these agreements, the Company provides the customer with a variable rate loan and enters into an interest rate swap in which the customer receives a variable rate payment in exchange for a fixed rate payment. The Company offsets its risk exposure by entering into an offsetting interest rate swap with a dealer counterparty for the same notional amount and length of term as the customer interest rate swap providing the dealer counterparty with a fixed rate payment in exchange for a variable rate payment. Generally, these instruments help the Company manage exposure to market risk and meet customer financing needs. Market risk represents the possibility that economic value or net interest income will be adversely affected by fluctuations in external factors such as market-driven interest rates and prices or other economic factors. The Company is exposed to credit-related losses in the event of non-performance by the counterparty to these agreements. Credit risk of the financial contract is controlled through the credit approval, limits, and monitoring procedures and management does not expect the counterparties to fail their obligations. In connection with the interest rate swaps between the Company and the dealer counterparties, the agreements contain a provision that if the Company fails to maintain its status as a well-capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations. Similarly, the Company could be required to settle its obligations under certain of its agreements if certain credit ratings fall below specified standards or if specific regulatory events occur, such as a publicly issued memorandum of understanding, cease and desist order, or a termination of insurance coverage by the FDIC. As of March 31, 2016 and December 31, 2015 , the notional values or contractual amounts and fair values of the Company’s derivatives not designated in hedge relationships were as follows (dollars in thousands): Asset Derivatives Liability Derivatives March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 Notional/ Fair Value (1) Notional/ Fair Value (1) Notional/ Fair Value (2) Notional/ Fair Value (2) Interest rate swaps $ 185,781 $ 14,620 $ 169,720 $ 8,646 $ 185,781 $ 14,620 $ 169,720 $ 8,646 (1) Included in Other Assets on the condensed consolidated balance sheet. (2) Included in Other Liabilities on the condensed consolidated balance sheet. Swap fee income, as included in non-interest income, was $0.7 million and $0.5 million for the three months ended March 31, 2016 and 2015 , respectively. The Company generally posts collateral against derivative liabilities in the form of cash. Collateral posted against derivative liabilities was $14.2 million and $8.6 million as of March 31, 2016 and December 31, 2015 , respectively. Derivative assets and liabilities are recorded at fair value on the balance sheet and do not take into account the effects of master netting agreements. Master netting agreements allow the Company to settle all derivative contracts held with a single counterparty on a net basis and to offset net derivative position with related collateral where applicable. The following table illustrates the potential effect of the Company’s derivative master netting arrangements, by type of financial instrument, on the Company’s condensed consolidated balance sheet as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 Gross Amounts of Financial Instruments Not Offset in the Balance Sheet Gross Amounts Recognized Amounts offset in the Balance Sheet Net Amounts in the Balance Sheet Netting Adjustment Per Applicable Master Netting Agreements Fair Value of Financial Collateral in the Balance Sheet Net Amount Asset Derivatives Interest rate swaps $ 14,620 $ — $ 14,620 $ — $ — $ 14,620 Liability Derivatives Interest rate swaps $ 14,620 $ — $ 14,620 $ — $ 14,185 $ 435 December 31, 2015 Gross Amounts of Financial Instruments Not Offset in the Balance Sheet Gross Amounts Recognized Amounts offset in the Balance Sheet Net Amounts in the Balance Sheet Netting Adjustment Per Applicable Master Netting Agreements Fair Value of Financial Collateral in the Balance Sheet Net Amount Asset Derivatives Interest rate swaps $ 8,646 $ — $ 8,646 $ — $ — $ 8,646 Liability Derivatives Interest rate swaps $ 8,646 $ — $ 8,646 $ — $ 8,595 $ 51 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes In assessing the realizability of deferred tax assets (“DTA”), management considers whether it is more likely than not that some portion or all of the DTA will or will not be realized. The Company’s ultimate realization of the DTA is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. Management considers the nature and amount of historical and projected future taxable income, the scheduled reversal of deferred tax assets and liabilities, and available tax planning strategies in making this assessment. The amount of deferred taxes recognized could be impacted by changes to any of these variables. During the three months ended March 31, 2016 and 2015 , the Company recorded a $1.2 million and $3.1 million income tax provision, respectively. As of March 31, 2016 , the net DTA was $49.4 million compared with a net DTA of $50.7 million as of December 31, 2015 . During the first quarter of 2016 and 2015 , the Company’s current taxes consisted of federal and state alternative minimum taxes and other state minimum taxes. The Company’s estimated effective income tax rate differs from the statutory income tax rate primarily due to the exclusion of certain BOLI and municipal bond interest income from taxable income. There are a number of tax issues that impact the deferred tax asset balance, including changes in temporary differences between the financial statement recognition of revenue and expenses, estimates as to the deductibility of prior losses and potential consequence of Section 382 of the Internal Revenue Code. See also “Critical Accounting Policies and Accounting Estimates - Deferred Income Taxes” included in Part II, Item 7 of the 2015 Annual Report. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements GAAP establishes a hierarchy for determining fair value measurements which includes three levels and is based upon the valuation techniques used to measure assets and liabilities. The three levels are as follows: • Level 1 : Inputs that are quoted unadjusted prices in active markets - that the Company has the ability to access at the measurement date - for identical assets or liabilities. • Level 2: Inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, and inputs derived principally from, or corroborated by, observable market data by correlation or other means. • Level 3: Inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to all of the Company’s assets and liabilities carried at fair value. Where available, fair value is based upon quoted market prices. Significant balances of the Bank's financial assets and liabilities do not have quoted market prices. In such circumstances, fair value is based upon internal or third party models that primarily use, as inputs, observable market-based parameters, such as yields and discount rates of comparable instruments of like duration or credit quality. Valuation adjustments may be made to model results with respect to various assets or liabilities. These adjustments may include amounts to reflect counterparty credit quality and the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes that the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain assets and liabilities could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and, therefore, estimates of fair value after the condensed consolidated balance sheet date may differ significantly from the amounts presented herein. The following is a description of the valuation methodologies used for assets measured at fair value on a recurring or nonrecurring basis, as well as the general classification of such assets pursuant to valuation hierarchy: Investment securities available-for-sale : Where quoted prices for identical assets are available in an active market, investment securities available-for-sale are classified within level 1 of the hierarchy. If quoted market prices for identical securities are not available, then fair values are estimated by independent sources using pricing models and/or quoted prices of investment securities with similar characteristics or discounted cash flows. The Company has categorized its investment securities available-for-sale as level 2, since a majority of such securities are MBS which are mainly priced in this latter manner. Impaired loans : In accordance with GAAP, loans are measured for impairment using one of three methods: an observable market price (if available), the present value of expected future cash flows discounted at the loan’s effective interest rate, or at the fair value of the loan’s collateral (if collateral dependent). Estimated fair value of the loan’s collateral is determined by appraisals or independent valuations which are then adjusted for the estimated costs related to liquidation of the collateral. Management’s ongoing review of appraisal information may result in additional discounts or adjustments to valuation based upon more recent market sales activity or more current appraisal information derived from properties of similar type and/or locale. A significant portion of the Bank’s impaired loans are measured using the estimated fair market value of the collateral less the estimated costs to sell. The Company has categorized all its loans impaired during the calendar year utilizing fair value metrics as level 3. Loans that were impaired during the calendar year based on the present value of expected future cash flows discounted at the loans’ effective interest rates are not included in the table below as the loans’ effective interest rates are not based on current market rates. OREO : The Company’s OREO is measured at estimated fair value less estimated costs to sell. Fair value is generally determined based on third-party appraisals of fair value in an orderly sale. Historically, appraisals have considered comparable sales of like assets in reaching a conclusion as to fair value. Since many recent real estate sales could be termed “distressed sales”, and since a preponderance have been short-sale or foreclosure related, this has directly impacted appraisal valuation estimates. Estimated costs to sell OREO are based on standard market factors. The valuation of OREO is subject to significant external and internal judgment. Management periodically reviews OREO to determine whether the property continues to be carried at the lower of its recorded book value or estimated fair value, net of estimated costs to sell. The Company has categorized its OREO as level 3. The Company’s only financial assets measured at fair value on a recurring basis at March 31, 2016 and December 31, 2015 were as follows (dollars in thousands): Level 1 Level 2 Level 3 March 31, 2016 Assets: Investment securities available-for-sale $ — $ 428,909 $ — Interest rate swap derivatives — 14,620 — Total assets $ — $ 443,529 $ — Liabilities: Interest rate swap derivatives $ — $ 14,620 $ — December 31, 2015 Assets: Investment securities available-for-sale $ — $ 310,262 $ — Interest rate swap derivatives — 8,646 — Total assets $ — $ 318,908 $ — Liabilities: Interest rate swap derivatives — 8,646 — Certain assets are measured at fair value on a nonrecurring basis (e.g., the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments when there is evidence of impairment). The following table represents the assets measured at fair value on a nonrecurring basis by the Company at March 31, 2016 and December 31, 2015 (dollars in thousands): Level 1 Level 2 Level 3 March 31, 2016 Impaired loans $ — $ — $ 28 $ — $ — $ 28 December 31, 2015 Impaired loans $ — $ — $ 50 Other real estate owned — — 3,274 $ — $ — $ 3,324 The following table presents quantitative information about level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 Fair Value Estimate Valuation Techniques Unobservable Input Impaired loans $ 28 Market approach Appraised value less selling costs of 5% to 10% December 31, 2015 Fair Value Estimate Valuation Techniques Unobservable Input Impaired loans $ 50 Market approach Appraised value less selling costs of 5% to 10% Other real estate owned $ 3,274 Market approach Appraised value less selling costs of 5% to 10% The Company did not change the methodology used to determine fair value for any assets or liabilities during 2015 , or during the three months ended March 31, 2016 . In addition, for any given class of assets, the Company did not have any transfers between level 1, level 2, or level 3 during 2015 or the three months ended March 31, 2016 . The following disclosures are made in accordance with the provisions of GAAP, which requires the disclosure of fair value information about financial instruments where it is practicable to estimate that value. In cases where quoted market values are not available, the Company primarily uses present value techniques to estimate the fair value of its financial instruments. Valuation methods require considerable judgment, and the resulting estimates of fair value can be significantly affected by the assumptions made and methods used. Accordingly, the estimates provided herein do not necessarily indicate amounts which could be realized in a current market exchange. In addition, as the Company normally intends to hold the majority of its financial instruments until maturity, it does not expect to realize many of the estimated amounts disclosed. The disclosures also do not include estimated fair value amounts for items which are not defined as financial instruments but which may have significant value. The Company does not believe that it would be practicable to estimate a representational fair value for these types of items as of March 31, 2016 and December 31, 2015 . Because GAAP excludes certain financial instruments and all nonfinancial instruments from its disclosure requirements, any aggregation of the fair value amounts presented would not represent the underlying value of the Company. The Company uses the following methods and assumptions to estimate the fair value of its financial instruments: Cash and cash equivalents : The carrying amount approximates the estimated fair value of these instruments. Investment securities : See above description. FHLB stock : The carrying amount approximates the estimated fair value of this investment. Loans : The estimated fair value of non-impaired loans is calculated by discounting the contractual cash flows of the loans using March 31, 2016 and December 31, 2015 origination rates. The resulting amounts are adjusted to estimate the effect of changes in the credit quality of borrowers since the loans were originated. Estimated fair values for impaired loans are determined using an observable market price (if available) or the fair value of the loan’s collateral (if collateral dependent) as described above. Observable market prices for community bank loans are not generally available given the non-homogenous characteristics of such loans. BOLI : The carrying amount of both the separate and general account BOLI approximates the estimated fair value of these instruments. Fair values of insurance policies owned are based on the insurance contracts' cash surrender values. MSRs : The estimated fair value of MSRs is calculated by discounting the expected future contractual cash flows. Factors considered in the estimated fair value calculation include prepayment speed forecasts, market discount rates, earning rates, servicing costs, acquisition costs, ancillary income, and borrower rates. Deposits : The estimated fair value of demand deposits, consisting of checking, interest bearing demand, and savings deposit accounts, is represented by the amounts payable on demand. At the reporting date, the estimated fair value of time deposits is calculated by discounting the scheduled cash flows using the March 31, 2016 and December 31, 2015 rates offered on those instruments. Other borrowings: The fair value of other borrowings (including federal funds purchased, if any) are estimated using discounted cash flow analysis based on the Bank's March 31, 2016 and December 31, 2015 incremental borrowing rates for similar types of borrowing arrangements. Loan commitments and standby letters of credit : The majority of the Bank’s commitments to extend credit have variable interest rates and “escape” clauses if the customer’s credit quality deteriorates. Therefore, the fair values of these items are not significant and are not included in the following table. The estimated fair values of the Company’s significant on-balance sheet financial instruments at March 31, 2016 and December 31, 2015 were approximately as follows (dollars in thousands): March 31, 2016 December 31, 2015 Level in Fair Carrying Estimated Carrying Estimated Financial assets: Cash and cash equivalents Level 1 $ 343,523 $ 343,523 $ 77,805 $ 77,805 Investment securities: Available-for-sale Level 2 428,909 428,909 310,262 310,262 Held-to-maturity Level 2 144,029 149,268 139,424 142,260 FHLB stock Level 2 3,137 3,137 3,000 3,000 Loans held-for-sale Level 2 4,246 4,246 3,621 3,621 Loans, net Level 3 1,758,598 1,769,596 1,662,095 1,656,986 BOLI Level 3 54,708 54,708 54,450 54,450 MSRs Level 3 2,151 2,902 2,186 3,027 Interest rate swap derivatives Level 2 14,620 14,620 8,646 8,646 Financial liabilities: Deposits Level 2 2,576,038 2,575,876 2,083,088 2,082,748 Interest rate swap derivatives Level 2 14,620 14,620 8,646 8,646 |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2016 | |
Regulated Operations [Abstract] | |
Regulatory Matters | Regulatory Matters Bancorp and the Bank are subject to various regulatory capital requirements administered by the federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, Bancorp and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. Bancorp’s and the Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require Bancorp and the Bank to maintain minimum amounts and ratios (set forth in the tables below) of Tier 1 capital to average assets, common equity Tier 1 capital, and Tier 1 and total capital to risk-weighted assets (all as defined in the regulations). Federal banking regulators are required to take prompt corrective action if an insured depository institution fails to satisfy certain minimum capital requirements. Such actions could potentially include a leverage capital limit, a risk-based capital requirement, and any other measure of capital deemed appropriate by the federal banking regulator for measuring the capital adequacy of an insured depository institution. In addition, payment of dividends by Bancorp and the Bank are subject to restriction by state and federal regulators and availability of retained earnings. In July 2013, the Board of Governors of the Federal Reserve System and the FDIC approved the final rules implementing the Basel Committee on Banking Supervision’s capital guidelines for U.S. banks (“Basel III”). Under the final rules, which became effective for the Bancorp and the Bank on January 1, 2015 and are subject to a phase-in period through January 1, 2019, minimum requirements increased for both the quantity and quality of capital held by the Bancorp and the Bank. The rules include a new common equity Tier 1 capital to risk-weighted assets ratio (“CET1” ratio) of 4.5% and a capital conservation buffer of 2.5% above the regulatory minimum risk-based capital requirements, which when fully phased-in, effectively results in a minimum CET1 ratio of 7.0% . Basel III also (i) raises the minimum ratio of Tier 1 capital to risk-weighted assets from 4.0% to 6.0% (which, with the capital conservation buffer, effectively results in a minimum Tier 1 capital ratio of 8.5% when fully phased-in), (ii) effectively results in a minimum total capital to risk-weighted assets ratio of 10.5% (with the capital conservation buffer fully phased-in), and (iii) requires a minimum leverage ratio of 4.0% . Basel III also makes changes to risk weights for certain assets and off-balance-sheet exposures. Bancorp’s and Bank’s actual capital amounts and ratios and the required capital ratios under the prompt corrective action framework as of March 31, 2016 and December 31, 2015 are presented in the following table (dollars in thousands): Actual Regulatory minimum to be “adequately capitalized” Regulatory minimum to be “well capitalized” Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio March 31, 2016 Tier 1 leverage (to average assets) Bancorp $ 217,907 8.6 % $ 100,857 4.0 % $ 126,072 5.0 % Bank 213,514 8.5 % 100,663 4.0 % 125,829 5.0 % CET1 capital (to risk weighted assets) Bancorp 217,907 10.4 94,133 4.5 135,970 6.5 Bank 213,514 10.2 93,977 4.5 135,745 6.5 Tier 1 capital (to risk-weighted assets) Bancorp 217,907 10.4 125,511 6.0 167,348 8.0 Bank 213,514 10.2 125,303 6.0 167,070 8.0 Total capital (to risk-weighted assets) Bancorp 242,780 11.6 167,348 8.0 209,185 10.0 Bank 238,387 11.4 167,070 8.0 208,838 10.0 December 31, 2015 Tier 1 leverage (to average assets) Bancorp $ 227,542 9.4 % $ 96,817 4.0 % $ 121,022 5.0 % Bank 223,533 9.3 % 96,662 4.0 % 120,827 5.0 % CET1 capital (to risk weighted assets) Bancorp 227,542 11.5 88,818 4.5 128,292 6.5 Bank 223,533 11.4 88,663 4.5 128,069 6.5 Tier 1 capital (to risk-weighted assets) Bancorp 227,542 11.5 118,424 6.0 157,898 8.0 Bank 223,533 11.4 118,218 6.0 157,624 8.0 Total capital (to risk-weighted assets) Bancorp 252,401 12.8 157,898 8.0 197,373 10.0 Bank 248,346 12.6 157,624 8.0 197,030 10.0 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company is subject to legal proceedings, claims, and litigation arising in the ordinary course of business. While the outcome of these matters is currently not determinable, management does not expect that the ultimate costs to resolve these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On April 26, 2016, the Company entered into a definitive agreement and plan of merger pursuant to which it will acquire Prime Pacific Financial Services, the holding company of Prime Pacific Bank, a Snohomish county, national banking association with $119.4 million in assets, $94.7 million in net loans, and $104.8 million in total deposits at December 31, 2015. The board of directors of each company has approved this transaction, which is subject to customary closing conditions, including the approval of Prime Pacific’s shareholders and bank regulatory authorities, and is expected to close in the third quarter of 2016. Immediately following the completion of the transaction, it is anticipated that Prime Pacific Bank will be merged with and into Bank of the Cascades. Directors, Select shareholders and executive officers of Prime Pacific have entered into agreements with Cascade and Prime Pacific pursuant to which they have committed to vote their shares of Prime Pacific common stock in favor of the transaction. Under the terms of the definitive agreement and upon completion of the transaction, holders of Prime Pacific common stock will have the right to receive 0.3050 shares of Cascade common stock for each share of Prime Pacific common stock they own, subject to certain adjustments, including a possible pre-closing special dividend paid by Prime Pacific in the event adjusted equity at closing exceeds a minimum equity target. Based on a $5.86 closing price of Cascade’s common stock on April 22, 2016, the aggregate merger consideration is approximately $17.1 million , or $1.79 per share of Prime Pacific common stock. Holders of Prime Pacific’s stock options will receive stock options for Cascade stock at the exchange ratio. The exchange ratio reflecting the number of shares of Cascade’s common stock to be issued in exchange for each share of Prime Pacific common stock is fixed so long as Cascade’s stock price remains between $5.10 and $6.90 , as measured by the 20-day average volume weighted average price (“VWAP”) up to and including the fifth trading day prior to closing of the transaction. The value of the stock consideration will fluctuate based on the value of Cascade’s common stock within this range. In the event the VWAP of Cascade’s common stock is outside this range, then the exchange ratio will be adjusted. Giving effect to the transaction, and based upon an exchange ratio of 0.3050 , Prime Pacific common shareholders will own approximately 3.8% of the outstanding shares of the combined company. |
New Authoritative Accounting Gu
New Authoritative Accounting Guidance | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Authoritative Accounting Guidance | New Authoritative Accounting Guidance In March 2016, the FASB issued ASU 2016-09, “Compensation- Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” ( “ ASU 2016-09 ” ). ASU 2016-09 describes simplifications related to accounting and presenting share-based payment awards. ASU 2016-09 states that excess tax benefits and tax deficiencies are to be recognized as income tax expense or benefit in the income statement; excess tax benefits should be classified with other income tax as an operating activity on the statement of cash flows; an entity may make an entity-wide accounting policy to either estimate the number of awards that are expected to vest or account for forfeitures as they occur; and cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Adoption of ASU 2016-09 is not expected to have a material impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-04, “Liabilities- Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products” ( “ ASU 2016-04 ” ). ASU 2016-04 clarifies the accounting guidance for liabilities related to the sale of prepaid stored-value products. Prepaid stored-value products (for example traveler's checks) are to be treated as financial liabilities. Further ASU 2016-04 specifies that unless addressed by other guidance that a prepaid stored-value product should be derecognized only if it has been extinguished. ASU 2016-04 is effective for fiscal years beginning December 15, 2017, including interim periods within those fiscal years. Adoption of ASU 2016-04 is not expected to have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases” (“ASU 2016-02”). ASU 2016-02 establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. We are currently evaluating the impact of our pending adoption of the new standard on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments- Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). ASU 2016-01 simplifies the impairment assessment of equity investments, clarifies reporting disclosure requirements for financial instruments measured at amortized cost, and requires the exit price notion be disclosed when measuring fair value of financial instruments. ASU 2016-01 details the required separate presentation in other comprehensive income for the change in fair value of a liability related to change in instrument specific credit risk and details the required separate presentation of financial assets and liabilities by measurement category, and clarifies the need for a valuation allowance on deferred tax assets related to available-for-sale securities. ASU 2016-01 is effective for annual and interim reporting periods beginning after December 15, 2017. Adoption of ASU 2016-01 is not expected to have a material impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Interest- Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). ASU 2015-03 simplifies the presentation of debt issuance costs and requires that the debt issuance costs related to a recognized debt liability be presented in the balance sheet as direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance of debt issuance costs are not affected by the amendments in this update. ASU 2015-03 is effective for annual and interim reporting periods beginning after December 15, 2015. Adoption of ASU 2015-03 is not expected to have a material impact on our consolidated financial statements. In August 2014, the FASB issued ASU 2014-14. “Receivables- Troubled Debt Structurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure” (“ASU 2014-14”). ASU 2014-14 clarifies accounting and reporting for foreclosed mortgage loans when the loan is subject to a government guarantee. The provisions require that a mortgage loan be derecognized and that a separate other receivable recognized upon foreclosure if 1) the loan has a government guarantee that is not separable from the loan before foreclosure; 2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make claim on the guarantee, and the creditor has the ability to recover under that claim; and 3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. ASU 2014-14 is effective for annual period and interim periods within those annual periods, beginning after December 15, 2014. ASU 2014-14 was adopted in 2015 and did not have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 establishes a comprehensive revenue recognition standard for virtually all industries under U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate, construction and software industries. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this objective, the standard requires five basic steps: i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016 with three transition methods available - full retrospective, retrospective and cumulative effect approach. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers: Deferral of the Effective Date” (“ASU 2015-14”). ASU 2015-14 amended the effective date to December 15, 2017. In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers: Principal Versus Agent Considerations” (“ASU 2016-08”). ASU 2016-08 defines the roles of a principal and agent in revenue recognition and determines when control of the good or service is transferred to the customer. In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing” (“ASU 2016-10”). ASU 2016-10 establishes guidance on identifying performance obligations and licensing implementation. Adoption of ASU 2014-09, ASU 2015-14, ASU 2016-08, and ASU 2016-10 is not expected to have a material effect on our consolidated financial statements. In January 2014, the FASB issued ASU 2014-04, “Receivables- Troubled Debt Restructurings by Creditors (subtopic 310-40): Classification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure” (“ASU 2014-04”). The provisions of ASU 2014-04 clarify that when an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either 1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or 2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through similar legal agreement. The provisions of ASU 2014-04 are effective for annual and interim reporting periods beginning on or after December 15, 2014. ASU 2014-04 was adopted by the Company in 2015 and did not have a material impact on its consolidated financial statements. |
New Authoritative Accounting 23
New Authoritative Accounting Guidance (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Changes and Error Corrections [Abstract] | |
New Authoritative Accounting Guidance | In March 2016, the FASB issued ASU 2016-09, “Compensation- Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” ( “ ASU 2016-09 ” ). ASU 2016-09 describes simplifications related to accounting and presenting share-based payment awards. ASU 2016-09 states that excess tax benefits and tax deficiencies are to be recognized as income tax expense or benefit in the income statement; excess tax benefits should be classified with other income tax as an operating activity on the statement of cash flows; an entity may make an entity-wide accounting policy to either estimate the number of awards that are expected to vest or account for forfeitures as they occur; and cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Adoption of ASU 2016-09 is not expected to have a material impact on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-04, “Liabilities- Extinguishments of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Products” ( “ ASU 2016-04 ” ). ASU 2016-04 clarifies the accounting guidance for liabilities related to the sale of prepaid stored-value products. Prepaid stored-value products (for example traveler's checks) are to be treated as financial liabilities. Further ASU 2016-04 specifies that unless addressed by other guidance that a prepaid stored-value product should be derecognized only if it has been extinguished. ASU 2016-04 is effective for fiscal years beginning December 15, 2017, including interim periods within those fiscal years. Adoption of ASU 2016-04 is not expected to have a material impact on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases” (“ASU 2016-02”). ASU 2016-02 establishes a right-of-use (ROU) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. We are currently evaluating the impact of our pending adoption of the new standard on our consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments- Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”). ASU 2016-01 simplifies the impairment assessment of equity investments, clarifies reporting disclosure requirements for financial instruments measured at amortized cost, and requires the exit price notion be disclosed when measuring fair value of financial instruments. ASU 2016-01 details the required separate presentation in other comprehensive income for the change in fair value of a liability related to change in instrument specific credit risk and details the required separate presentation of financial assets and liabilities by measurement category, and clarifies the need for a valuation allowance on deferred tax assets related to available-for-sale securities. ASU 2016-01 is effective for annual and interim reporting periods beginning after December 15, 2017. Adoption of ASU 2016-01 is not expected to have a material impact on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, “Interest- Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). ASU 2015-03 simplifies the presentation of debt issuance costs and requires that the debt issuance costs related to a recognized debt liability be presented in the balance sheet as direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance of debt issuance costs are not affected by the amendments in this update. ASU 2015-03 is effective for annual and interim reporting periods beginning after December 15, 2015. Adoption of ASU 2015-03 is not expected to have a material impact on our consolidated financial statements. In August 2014, the FASB issued ASU 2014-14. “Receivables- Troubled Debt Structurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans Upon Foreclosure” (“ASU 2014-14”). ASU 2014-14 clarifies accounting and reporting for foreclosed mortgage loans when the loan is subject to a government guarantee. The provisions require that a mortgage loan be derecognized and that a separate other receivable recognized upon foreclosure if 1) the loan has a government guarantee that is not separable from the loan before foreclosure; 2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make claim on the guarantee, and the creditor has the ability to recover under that claim; and 3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. Upon foreclosure, the separate other receivable should be measured based on the amount of the loan balance (principal and interest) expected to be recovered from the guarantor. ASU 2014-14 is effective for annual period and interim periods within those annual periods, beginning after December 15, 2014. ASU 2014-14 was adopted in 2015 and did not have a material impact on our consolidated financial statements. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”). ASU 2014-09 establishes a comprehensive revenue recognition standard for virtually all industries under U.S. GAAP, including those that previously followed industry-specific guidance such as the real estate, construction and software industries. The revenue standard’s core principle is built on the contract between a vendor and a customer for the provision of goods and services. It attempts to depict the exchange of rights and obligations between the parties in the pattern of revenue recognition based on the consideration to which the vendor is entitled. To accomplish this objective, the standard requires five basic steps: i) identify the contract with the customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 is effective for annual and interim periods beginning after December 15, 2016 with three transition methods available - full retrospective, retrospective and cumulative effect approach. In August 2015, the FASB issued ASU 2015-14, “Revenue from Contracts with Customers: Deferral of the Effective Date” (“ASU 2015-14”). ASU 2015-14 amended the effective date to December 15, 2017. In March 2016, the FASB issued ASU 2016-08, “Revenue from Contracts with Customers: Principal Versus Agent Considerations” (“ASU 2016-08”). ASU 2016-08 defines the roles of a principal and agent in revenue recognition and determines when control of the good or service is transferred to the customer. In April 2016, the FASB issued ASU 2016-10, “Revenue from Contracts with Customers: Identifying Performance Obligations and Licensing” (“ASU 2016-10”). ASU 2016-10 establishes guidance on identifying performance obligations and licensing implementation. Adoption of ASU 2014-09, ASU 2015-14, ASU 2016-08, and ASU 2016-10 is not expected to have a material effect on our consolidated financial statements. In January 2014, the FASB issued ASU 2014-04, “Receivables- Troubled Debt Restructurings by Creditors (subtopic 310-40): Classification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure” (“ASU 2014-04”). The provisions of ASU 2014-04 clarify that when an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either 1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or 2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through similar legal agreement. The provisions of ASU 2014-04 are effective for annual and interim reporting periods beginning on or after December 15, 2014. ASU 2014-04 was adopted by the Company in 2015 and did not have a material impact on its consolidated financial statements. |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following is a condensed balance sheet disclosing the estimated fair value amounts of the branches acquired in the branch acquisition assigned to the major consolidated asset and liability captions at the acquisition date (dollars in thousands): ASSETS Cash and cash equivalents $ 456,611 Premises and equipment, net 3,113 Core deposit intangibles 6,427 Goodwill 3,984 Other assets 463 Total assets $ 470,598 LIABILITIES Deposits $ 469,889 Other liabilities 709 Total liabilities $ 470,598 |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Unrealized Gain (Loss) on Investments | The following table presents investment securities at March 31, 2016 and December 31, 2015 , showing that available-for-sale and held-to-maturity securities increased from December 31, 2015 primarily due to redeployment of cash assumed in the branch acquisition into securities (dollars in thousands): Amortized cost Gross unrealized gains Gross unrealized losses Estimated fair value March 31, 2016 Available-for-sale U.S. Agency mortgage-backed securities (MBS) $ 208,623 $ 2,760 $ (251 ) $ 211,132 Non-agency MBS 167,528 729 (803 ) 167,454 U.S. Agency asset-backed securities 7,172 811 (43 ) 7,940 Corporate securities 41,942 13 (119 ) 41,836 Mutual fund 528 19 — 547 $ 425,793 $ 4,332 $ (1,216 ) $ 428,909 Held-to-maturity U.S. Agency MBS $ 103,501 $ 3,597 $ (34 ) $ 107,064 Obligations of state and political subdivisions 40,107 1,676 — 41,783 Tax credit investments 421 — — 421 $ 144,029 $ 5,273 $ (34 ) $ 149,268 December 31, 2015 Available-for-sale U.S. Agency MBS $ 154,691 $ 2,698 $ (455 ) $ 156,934 Non-agency MBS 118,765 477 (1,016 ) 118,226 U.S. Agency asset-backed securities 7,468 800 (23 ) 8,245 Corporate securities 26,199 121 — 26,320 Mutual fund 525 12 — 537 $ 307,648 $ 4,108 $ (1,494 ) $ 310,262 Held-to-maturity U.S. Agency MBS $ 98,800 $ 1,875 $ (5 ) $ 100,670 Obligations of state and political subdivisions 421 — — 421 Tax credit investments 40,203 968 (2 ) 41,169 $ 139,424 $ 2,843 $ (7 ) $ 142,260 |
Investments Classified by Contractual Maturity Date | The following table presents the contractual maturities of investment securities at March 31, 2016 (dollars in thousands): Available-for-sale Held-to-maturity Amortized Estimated Amortized Estimated Due in one year or less $ 9,636 $ 9,616 $ — $ — Due after one year through five years 47,632 47,602 30,628 31,272 Due after five years through ten years 49,019 49,159 88,136 92,080 Due after ten years 318,978 321,985 24,844 25,495 Mutual fund 528 547 — — Tax credit investments — — 421 421 $ 425,793 $ 428,909 $ 144,029 $ 149,268 |
Available For Sale Securities Continuous Unrealized Loss Position Fair Value | The following table presents the fair value and gross unrealized losses of the Bank’s investment securities, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at March 31, 2016 and December 31, 2015 (dollars in thousands): Less than 12 months 12 months or more Total Estimated fair value Unrealized losses Estimated fair value Unrealized losses Estimated fair value Unrealized losses March 31, 2016 Available-for-sale U.S. Agency MBS $ 50,006 $ (147 ) $ 17,058 $ (104 ) $ 67,064 $ (251 ) Non-Agency MBS 113,432 (696 ) 11,794 (107 ) 125,226 (803 ) U.S. Agency asset-backed securities — — 1,456 (43 ) 1,456 (43 ) Corporate Securities 36,746 (119 ) — — 36,746 (119 ) $ 200,184 $ (962 ) $ 30,308 $ (254 ) $ 230,492 $ (1,216 ) Held-to-maturity U.S. Agency MBS $ 5,072 $ (34 ) $ — $ — $ 5,072 $ (34 ) Obligations of state and political subdivisions $ — $ — $ — $ — $ — — $ 5,072 $ (34 ) $ — $ — $ 5,072 $ (34 ) December 31, 2015 Available-for-sale U.S. Agency MBS $ 23,630 $ (123 ) $ 34,576 $ (332 ) $ 58,206 $ (455 ) Non-Agency MBS 66,412 (765 ) 12,225 (251 ) 78,637 (1,016 ) U.S. Agency asset-backed securities — — 1,521 (23 ) 1,521 (23 ) $ 90,042 $ (888 ) $ 48,322 $ (606 ) $ 138,364 $ (1,494 ) Held-to-maturity U.S. Agency MBS 2,063 (5 ) — — $ 2,063 $ (5 ) Obligations of state and political subdivisions $ 725 $ (2 ) $ — $ — $ 725 $ (2 ) $ 2,788 $ (7 ) $ — $ — $ 2,788 $ (7 ) |
Loans and reserve for credit 26
Loans and reserve for credit losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The composition of the loan portfolio at March 31, 2016 and December 31, 2015 was as follows (dollars in thousands): March 31, 2016 December 31, 2015 Amount Percent Amount Percent Originated loans (a): Commercial real estate: Owner occupied $ 270,034 17.4 % $ 263,095 18.1 % Non-owner occupied 455,123 29.1 % 431,379 29.7 % Total commercial real estate loans 725,157 46.5 % 694,474 47.8 % Construction 131,844 8.4 % 119,723 8.2 % Residential real estate 289,426 18.5 % 237,084 16.3 % Commercial and industrial 379,089 24.2 % 363,335 25.0 % Consumer 37,965 2.4 % 38,362 2.7 % Total loans 1,563,481 100.0 % 1,452,978 100.0 % Less: Deferred loan fees (1,805 ) (1,419 ) Reserve for loan losses (24,430 ) (24,415 ) Loans, net $ 1,537,246 $ 1,427,144 Acquired loans (b): Commercial real estate: Owner occupied $ 42,066 19.0 % $ 45,236 19.3 % Non-owner occupied 90,952 41.1 % 95,183 40.5 % Total commercial real estate loans 133,018 60.1 % 140,419 59.8 % Construction 10,429 4.7 % 10,629 4.5 % Residential real estate 55,527 25.1 % 61,306 26.1 % Commercial and industrial 21,077 9.5 % 21,109 9.0 % Consumer 1,301 0.6 % 1,488 0.6 % Total loans $ 221,352 100.0 % $ 234,951 100.0 % Total loans: Commercial real estate: Owner occupied $ 312,100 17.5 % $ 308,331 18.3 % Non-owner occupied 546,075 30.6 % 526,562 31.2 % Total commercial real estate loans 858,175 48.1 % 834,893 49.5 % Construction 142,273 8.0 % 130,352 7.7 % Residential real estate 344,953 19.3 % 298,390 17.7 % Commercial and industrial 400,166 22.4 % 384,444 22.8 % Consumer 39,266 2.2 % 39,850 2.3 % Total loans 1,784,833 100.0 % 1,687,929 100.0 % Less: Deferred loan fees (1,805 ) (1,419 ) Reserve for loan losses (24,430 ) (24,415 ) Loans, net $ 1,758,598 $ 1,662,095 (a) Originated loans are loans organically made through the Company’s normal and customary origination process. (b) Acquired loans are loans acquired in the acquisition of Home Federal Bancorp, Inc. |
Changes in Loss Share Payable Associated with Covered Loans | Changes in the loss share payable associated with cov ered loans for the three months ended March 31, 2016 were as follows (dollars in thousands) : Three months ended March 31, 2016 Balance at beginning of period $ 289 Paid to FDIC (289 ) Increase due to impairment — FDIC reimbursement 428 Shared loss expenses (61 ) Adjustments from prior periods — OREO loss carryforward — Balance at end of period $ 367 |
Allowance for Credit Losses on Financing Receivables | Transactions and allocations in the reserve for loan losses and unfunded loan commitments, by portfolio segment, for the three months ended March 31, 2016 and 2015 were as follows (dollars in thousands): Commercial Construction Residential Commercial Consumer Unallocated Total For the three months ended March 31, 2016 Allowance for Loan Losses Balance at December 31, 2015 $ 3,934 $ 1,044 $ 2,075 $ 13,969 $ 917 $ 2,476 $ 24,415 Loan loss provision (credit) (2,776 ) 16 204 1,129 265 1,162 — Recoveries 2,728 38 131 159 264 — 3,320 Loans charged off (40 ) — (18 ) (2,760 ) (487 ) — (3,305 ) Balance at end of period $ 3,846 $ 1,098 $ 2,392 $ 12,497 $ 959 $ 3,638 $ 24,430 Reserve for unfunded lending commitments Balance at December 31, 2015 $ 48 $ 268 $ 25 $ 75 $ 24 $ — $ 440 Provision for unfunded loan commitments — — — — — — — Balance at end of period $ 48 $ 268 $ 25 $ 75 $ 24 $ — $ 440 Reserve for credit losses Reserve for loan losses $ 3,846 $ 1,098 $ 2,392 $ 12,497 $ 959 $ 3,638 $ 24,430 Reserve for unfunded lending commitments 48 268 25 75 24 — 440 Total reserve for credit losses $ 3,894 $ 1,366 $ 2,417 $ 12,572 $ 983 $ 3,638 $ 24,870 Commercial Construction Residential Commercial Consumer Unallocated Total For the three months ended March 31, 2015 Allowance for Loan Losses Balance at December 31, 2014 $ 5,614 $ 1,133 $ 2,121 $ 6,844 $ 1,047 $ 5,294 $ 22,053 Loan loss provision (credit) (3,947 ) 23 276 4,436 147 (2,935 ) (2,000 ) Recoveries 3,390 99 325 211 115 — 4,140 Loans charged off (276 ) — (210 ) (132 ) (331 ) — (949 ) Balance at end of period $ 4,781 $ 1,255 $ 2,512 $ 11,359 $ 978 $ 2,359 $ 23,244 Reserve for unfunded lending commitments Balance at December 31, 2014 $ 48 $ 268 $ 25 $ 75 $ 24 $ — $ 440 Provision for unfunded loan commitments — — — — — — — Balance at end of period $ 48 $ 268 $ 25 $ 75 $ 24 $ — $ 440 Reserve for credit losses Reserve for loan losses $ 4,781 $ 1,255 $ 2,512 $ 11,359 $ 978 $ 2,359 $ 23,244 Reserve for unfunded lending commitments 48 268 25 75 24 — 440 Total reserve for credit losses $ 4,829 $ 1,523 $ 2,537 $ 11,434 $ 1,002 $ 2,359 $ 23,684 An individual loan is impaired when, based on current information and events, management believes that it is probable that the Bank will be unable to collect all amounts due according to the contractual terms of the loan agreement. The following table presents the reserve for loan losses and the recorded investment in loans by portfolio segment and impairment evaluation method at March 31, 2016 and December 31, 2015 (dollars in thousands): Reserve for loan losses Recorded investment in loans Individually Collectively Total Individually Collectively Total March 31, 2016 Commercial real estate $ 57 $ 3,789 $ 3,846 $ 5,132 $ 853,043 $ 858,175 Construction — 1,098 1,098 — 142,273 142,273 Residential real estate — 2,392 2,392 — 344,953 344,953 Commercial and industrial 144 12,353 12,497 7,677 392,489 400,166 Consumer — 959 959 — 39,266 39,266 $ 201 $ 20,591 20,792 $ 12,809 $ 1,772,024 $ 1,784,833 Unallocated 3,638 $ 24,430 December 31, 2015 Commercial real estate $ 78 $ 3,856 $ 3,934 $ 3,835 $ 831,058 $ 834,893 Construction — 1,044 1,044 365 129,987 130,352 Residential real estate — 2,075 2,075 18 298,372 298,390 Commercial and industrial 164 13,805 13,969 2,724 381,720 384,444 Consumer — 917 917 — 39,850 39,850 $ 242 $ 21,697 21,939 $ 6,942 $ 1,680,987 $ 1,687,929 Unallocated 2,476 $ 24,415 |
Financing Receivable Credit Quality Indicators | The following table presents, by portfolio class, the recorded investment in loans by internally assigned grades at March 31, 2016 and December 31, 2015 (dollars in thousands): Loan grades Acceptable Pass-Watch Special Mention Substandard Total March 31, 2016 Originated loans (a): Commercial real estate: Owner occupied $ 252,661 $ 8,715 $ 1,599 $ 7,059 $ 270,034 Non-owner occupied 438,127 8,917 3,488 4,591 455,123 Total commercial real estate loans 690,788 17,632 5,087 11,650 725,157 Construction 131,844 — — — 131,844 Residential real estate 288,820 — — 606 289,426 Commercial and industrial 335,841 15,127 3,326 24,795 379,089 Consumer 37,954 — — 11 37,965 $ 1,485,247 $ 32,759 $ 8,413 $ 37,062 $ 1,563,481 Acquired loans (b): Commercial real estate: Owner occupied $ 36,551 $ 2,088 $ 2,342 $ 1,085 $ 42,066 Non-owner occupied 71,612 557 9,295 9,488 90,952 Total commercial real estate loans 108,163 2,645 11,637 10,573 133,018 Construction 10,400 — — 29 10,429 Residential real estate 54,371 — — 1,156 55,527 Commercial and industrial 20,308 99 — 670 21,077 Consumer 1,301 — — — 1,301 $ 194,543 $ 2,744 $ 11,637 $ 12,428 $ 221,352 Total loans: Commercial real estate: Owner occupied $ 289,212 $ 10,803 $ 3,941 $ 8,144 $ 312,100 Non-owner occupied 509,739 9,474 12,783 14,079 546,075 Total commercial real estate loans 798,951 20,277 16,724 22,223 858,175 Construction 142,244 — — 29 142,273 Residential real estate 343,191 — — 1,762 344,953 Commercial and industrial 356,149 15,226 3,326 25,465 400,166 Consumer 39,255 — — 11 39,266 $ 1,679,790 $ 35,503 $ 20,050 $ 49,490 $ 1,784,833 (a) Originated loans are loans organically made through the Company’s normal and customary origination process. (b) Acquired loans are loans acquired in the acquisition of Home. Loan grades Acceptable Pass-Watch Special Substandard Total December 31, 2015 Originated loans (a): Commercial real estate: Owner occupied $ 243,113 $ 8,623 $ 1,426 $ 9,933 $ 263,095 Non-owner occupied 411,137 9,825 4,522 5,895 431,379 Total commercial real estate loans 654,250 18,448 5,948 15,828 694,474 Construction 118,752 — 971 — 119,723 Residential real estate 236,574 — — 510 237,084 Commercial and industrial 328,934 11,220 13,729 9,452 363,335 Consumer 38,350 — — 12 38,362 $ 1,376,860 $ 29,668 $ 20,648 $ 25,802 $ 1,452,978 Acquired loans (b): Commercial real estate: Owner occupied $ 34,081 $ 3,480 $ 7,341 $ 334 $ 45,236 Non-owner occupied 71,334 2,751 9,386 11,712 95,183 Total commercial real estate loans 105,415 6,231 16,727 12,046 140,419 Construction 10,597 — — 32 10,629 Residential real estate 60,151 — — 1,155 61,306 Commercial and industrial 17,034 153 3,461 461 21,109 Consumer 1,485 — — 3 1,488 $ 194,682 $ 6,384 $ 20,188 $ 13,697 $ 234,951 Total loans: Commercial real estate: Owner occupied $ 277,194 $ 12,103 $ 8,767 $ 10,267 $ 308,331 Non-owner occupied 482,471 12,576 13,908 17,607 526,562 Total commercial real estate loans 759,665 24,679 22,675 27,874 834,893 Construction 129,349 — 971 32 130,352 Residential real estate 296,725 — — 1,665 298,390 Commercial and industrial 345,968 11,373 17,190 9,913 384,444 Consumer 39,835 — — 15 39,850 $ 1,571,542 $ 36,052 $ 40,836 $ 39,499 $ 1,687,929 (a) Originated loans are loans organically made through the Company’s normal and customary origination process. (b) Acquired loans are loans acquired in the acquisition of Home. |
Past Due Financing Receivables | The following table presents, by portfolio class, an age analysis of past due loans, including loans placed on non-accrual at March 31, 2016 and December 31, 2015 (dollars in thousands): 30-89 days past due 90 days or more past due Total past due Current Total loans March 31, 2016 Originated loans (a): Commercial real estate: Owner occupied $ — $ 719 $ 719 $ 269,315 $ 270,034 Non-owner occupied — — — 455,123 455,123 Total commercial real estate loans — 719 719 724,438 725,157 Construction — — — 131,844 131,844 Residential real estate 1,001 93 1,094 288,332 289,426 Commercial and industrial 3,526 237 3,763 375,326 379,089 Consumer 127 11 138 37,827 37,965 $ 4,654 $ 1,060 $ 5,714 $ 1,557,767 $ 1,563,481 Acquired loans (b): Commercial real estate: Owner occupied $ 37 $ — $ 37 $ 42,029 $ 42,066 Non-owner occupied 124 — 124 90,828 90,952 Total commercial real estate loans 161 — 161 132,857 133,018 Construction 29 — 29 10,400 10,429 Residential real estate 654 520 1,174 54,353 55,527 Commercial and industrial 236 10 246 20,831 21,077 Consumer 16 — 16 1,285 1,301 $ 1,096 $ 530 $ 1,626 $ 219,726 $ 221,352 Total loans: Commercial real estate: Owner occupied $ 37 $ 719 $ 756 $ 311,344 $ 312,100 Non-owner occupied 124 — 124 545,951 546,075 Total commercial real estate loans 161 719 880 857,295 858,175 Construction 29 — 29 142,244 142,273 Residential real estate 1,655 613 2,268 342,685 344,953 Commercial and industrial 3,762 247 4,009 396,157 400,166 Consumer 143 11 154 39,112 39,266 $ 5,750 $ 1,590 $ 7,340 $ 1,777,493 $ 1,784,833 December 31, 2015 Originated loans (a): Commercial real estate: Owner occupied $ 1,020 $ 719 $ 1,739 $ 261,356 $ 263,095 Non-owner occupied 593 — 593 430,786 431,379 Total commercial real estate loans 1,613 719 2,332 692,142 694,474 Construction — — — 119,723 119,723 Residential real estate 196 — 196 236,888 237,084 Commercial and industrial 346 239 585 362,750 363,335 Consumer 209 12 221 38,141 38,362 $ 2,364 $ 970 $ 3,334 $ 1,449,644 $ 1,452,978 Acquired loans (b): Commercial real estate: Owner occupied $ — $ — $ — $ 45,236 $ 45,236 Non-owner occupied 2,049 — 2,049 93,134 95,183 Total commercial real estate loans 2,049 — 2,049 138,370 140,419 Construction 46 — 46 10,583 10,629 Residential real estate 748 534 1,282 60,024 61,306 Commercial and industrial 6 5 11 21,098 21,109 Consumer 53 — 53 1,435 1,488 $ 2,902 $ 539 $ 3,441 $ 231,510 $ 234,951 Total loans: Commercial real estate: Owner occupied $ 1,020 $ 719 $ 1,739 $ 306,592 $ 308,331 Non-owner occupied 2,642 — 2,642 523,920 526,562 Total commercial real estate loans 3,662 719 4,381 830,512 834,893 Construction 46 — 46 130,306 130,352 Residential real estate 944 534 1,478 296,912 298,390 Commercial and industrial 352 244 596 383,848 384,444 Consumer 262 12 274 39,576 39,850 $ 5,266 $ 1,509 $ 6,775 $ 1,681,154 $ 1,687,929 (a) Originated loans are loans organically made through the Company’s normal and customary origination process, including ARM purchases. (b) Acquired loans are loans acquired in the acquisition of Home. |
Impaired Financing Receivables, By Portfolio Class | The following table presents information related to impaired loans, by portfolio class, at March 31, 2016 and December 31, 2015 (dollars in thousands): Impaired loans With a related allowance Without a related allowance Total recorded balance Unpaid principal balance Related allowance March 31, 2016 Commercial real estate: Owner occupied $ 589 $ 1,974 $ 2,563 $ 3,649 $ 52 Non-owner occupied 638 1,931 2,569 2,568 5 Total commercial real estate loans 1,227 3,905 5,132 6,217 57 Construction — — — — — Residential real estate — — — — — Commercial and industrial 270 7,407 7,677 11,050 144 Consumer — — — — — $ 1,497 $ 11,312 $ 12,809 $ 17,267 $ 201 December 31, 2015 Commercial real estate: Owner occupied $ 1,032 $ 2,157 $ 3,189 $ 4,285 $ 73 Non-owner occupied 646 — 646 646 5 Total commercial real estate loans 1,678 2,157 3,835 4,931 78 Construction — 365 365 365 — Residential real estate — 18 18 18 — Commercial and industrial 2,539 185 2,724 3,366 164 Consumer — — — — — $ 4,217 $ 2,725 $ 6,942 $ 8,680 $ 242 The following table presents, by portfolio class, the average recorded investment in impaired loans for the three months ended March 31, 2016 and 2015 (dollars in thousands): Three Months Ended March 31, 2016 2015 Commercial real estate: Owner occupied $ 2,876 $ 4,804 Non-owner occupied 1,607 22,817 Total commercial real estate loans 4,483 27,621 Construction 183 853 Residential real estate 9 229 Commercial and industrial 5,201 3,259 Consumer — — $ 9,876 $ 31,962 |
Average Recorded Investment In Impaired Loans | The following table presents information related to impaired loans, by portfolio class, at March 31, 2016 and December 31, 2015 (dollars in thousands): Impaired loans With a related allowance Without a related allowance Total recorded balance Unpaid principal balance Related allowance March 31, 2016 Commercial real estate: Owner occupied $ 589 $ 1,974 $ 2,563 $ 3,649 $ 52 Non-owner occupied 638 1,931 2,569 2,568 5 Total commercial real estate loans 1,227 3,905 5,132 6,217 57 Construction — — — — — Residential real estate — — — — — Commercial and industrial 270 7,407 7,677 11,050 144 Consumer — — — — — $ 1,497 $ 11,312 $ 12,809 $ 17,267 $ 201 December 31, 2015 Commercial real estate: Owner occupied $ 1,032 $ 2,157 $ 3,189 $ 4,285 $ 73 Non-owner occupied 646 — 646 646 5 Total commercial real estate loans 1,678 2,157 3,835 4,931 78 Construction — 365 365 365 — Residential real estate — 18 18 18 — Commercial and industrial 2,539 185 2,724 3,366 164 Consumer — — — — — $ 4,217 $ 2,725 $ 6,942 $ 8,680 $ 242 The following table presents, by portfolio class, the average recorded investment in impaired loans for the three months ended March 31, 2016 and 2015 (dollars in thousands): Three Months Ended March 31, 2016 2015 Commercial real estate: Owner occupied $ 2,876 $ 4,804 Non-owner occupied 1,607 22,817 Total commercial real estate loans 4,483 27,621 Construction 183 853 Residential real estate 9 229 Commercial and industrial 5,201 3,259 Consumer — — $ 9,876 $ 31,962 |
Schedule of Financing Receivables, Non Accrual Status | Information with respect to the Company’s non-performing loans, by portfolio class, at March 31, 2016 and December 31, 2015 is as follows (dollars in thousands): March 31, 2016 December 31, 2015 Commercial real estate: Owner occupied $ 1,961 $ 2,742 Non-owner occupied 320 434 Total commercial real estate loans 2,281 3,176 Construction — — Residential real estate 1,512 1,427 Commercial and industrial 7,542 447 Consumer — 3 Total non-accrual loans $ 11,335 $ 5,053 Accruing loans which are contractually past due 90 days or more: Commercial and industrial 18 56 Consumer 11 12 Total accruing loans which are contractually past due 90 days or more $ 29 $ 68 |
Troubled Debt Restructurings on Financing Receivables | The following table presents, by portfolio segment, the information with respect to the Company’s loans that were modified and recorded as TDRs during the three months ended March 31, 2016 and 2015 (dollars in thousands). Three months ended March 31, 2016 2015 Number of TDR outstanding Number of TDR outstanding Commercial real estate — $ — — $ — Construction — — — — Residential real estate — — — — Commercial and industrial 1 22 — — Consumer — — — — 1 $ 22 — $ — The following table presents, by portfolio segment, the post modification recorded investment for TDRs restructured during the three months ended March 31, 2016 . Three Months Ended Rate Term Rate reduction Total Commercial real estate $ — $ — $ — $ — Construction — — — — Residential real estate — — — — Commercial and industrial — 22 — 22 Consumer — — — — $ — $ 22 $ — $ 22 |
Post Modification Troubled Debt Restructurings on Financing Receivables | The following table presents, by portfolio segment, the information with respect to the Company’s loans that were modified and recorded as TDRs during the three months ended March 31, 2016 and 2015 (dollars in thousands). Three months ended March 31, 2016 2015 Number of TDR outstanding Number of TDR outstanding Commercial real estate — $ — — $ — Construction — — — — Residential real estate — — — — Commercial and industrial 1 22 — — Consumer — — — — 1 $ 22 — $ — The following table presents, by portfolio segment, the post modification recorded investment for TDRs restructured during the three months ended March 31, 2016 . Three Months Ended Rate Term Rate reduction Total Commercial real estate $ — $ — $ — $ — Construction — — — — Residential real estate — — — — Commercial and industrial — 22 — 22 Consumer — — — — $ — $ 22 $ — $ 22 |
Other Real Estate Owned ("ORE27
Other Real Estate Owned ("OREO"), net (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Real Estate [Abstract] | |
Other Real Estate Roll Forward | The following table presents activity related to OREO for the periods shown (dollars in thousands): Three months ended 2016 2015 Balance at beginning of period $ 3,274 $ 3,309 Additions — 1,558 Dispositions — (40 ) Change in valuation allowance — 3 Balances at end of period $ 3,274 $ 4,830 |
Schedule Of Activity In Other Real Estate Owned Valuation Allowance | The following table summarizes activity in the OREO valuation allowance for the periods shown (dollars in thousands): Three months ended 2016 2015 Balance at beginning of period $ 776 $ 2,323 Additions to the valuation allowance — 5 Reductions due to sales — (8 ) Balance at end of period $ 776 $ 2,320 |
Schedule Of Other Real Estate Owned Expenses | The following table summarizes OREO expenses for the periods shown (dollars in thousands): Three months ended 2016 2015 Operating costs $ 45 $ 52 Increases in valuation allowance 167 5 Total $ 212 $ 57 |
Mortgage Servicing Rights ("M28
Mortgage Servicing Rights ("MSRs") (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Transfers and Servicing [Abstract] | |
Schedule of Servicing Assets at Fair Value | The following table presents activity in MSRs for the periods shown (dollars in thousands): Three months ended 2016 2015 Balance at beginning of period $ 2,186 $ 2,248 Additions 128 226 Amortization (163 ) (187 ) Change in valuation allowance — — Balances at end of period $ 2,151 $ 2,287 |
Mortgage Banking Income | Mortgage banking income, net, consisted of the following for the periods shown (dollars in thousands): Three months ended 2016 2015 Origination and processing fees $ 58 $ 258 Gain on sales of mortgage loans, net 439 552 MSR valuation allowance — — Servicing fees 161 165 Amortization (163 ) (187 ) Mortgage banking income, net $ 495 $ 788 |
Goodwill and other intangible29
Goodwill and other intangible assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of CDI activity | The following table sets forth activity for CDI for the three months ended March 31, 2016 and 2015 (dollars in thousands). Three months ended March 31, 2016 2015 Gross core deposit intangibles balance, beginning of period $ 8,196 $ 8,196 Accumulated amortization, beginning of period (1,333 ) (513 ) Core deposit intangible, net, beginning of period 6,863 7,683 Established through acquisitions 6,427 — CDI current period amortization (205 ) (205 ) Total core deposit intangible, end of period $ 13,085 $ 7,478 |
Schedule of CDI future amortization expenses | The following table provides the estimated future amortization expense of core deposit intangibles for the remaining period ending December 31, 2016 and the succeeding four years (dollars in thousands): Years Ending December 31, 2016 $ 1,097 2017 1,462 2018 1,462 2019 1,462 2020 1,462 |
Basic and Diluted Net Income 30
Basic and Diluted Net Income per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Reconciliation | The numerators and denominators used in computing basic and diluted net income per common share for the three months ended March 31, 2016 and 2015 can be reconciled as follows (dollars in thousands, except per share data): Three months ended 2016 2015 Net income $ 1,940 $ 5,118 Weighted-average shares outstanding - basic 71,883,745 71,673,368 Dilutive securities 269,191 178,113 Weighted-average shares outstanding - diluted 72,152,936 71,851,481 Common stock equivalent shares excluded due to antidilutive effect 3,361,524 3,368,731 Basic and diluted: Net income per common share $ 0.03 $ 0.07 Net income per common share (diluted) $ 0.03 $ 0.07 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The Company used the Black-Scholes option-pricing model with the following weighted-average assumptions to value options that were granted in 2015 : 2015 Dividend yield 0 % Expected volatility 36.6 % Risk-free interest rate 1.3 % Expected option lives 5.0 years |
Schedule of Share-based Compensation, Stock Options, Activity | The following table presents the activity related to stock options for the three months ended March 31, 2016 : Options Weighted- Weighted- Aggregate Options outstanding at January 1, 2016 3,375,909 $ 5.44 9.0 $ 4,243.7 Granted — — N/A N/A Canceled / forfeited (234 ) 78.08 N/A N/A Expired (1,634 ) 151.20 N/A N/A Options outstanding at March 31, 2016 3,374,041 $ 5.34 8.8 $ 3,038.4 Options exercisable at March 31, 2016 74,041 $ 29.80 4.5 $ 2.4 |
Schedule of Nonvested Restricted Stock Units Activity | The following table presents the activity related to non-vested restricted stock for the three months ended March 31, 2016 : Number of Weighted- Non-vested as of January 1, 2016 909,410 $ 6.37 Granted — — Vested (5,148 ) 6.80 Canceled / forfeited (15,571 ) 4.91 Non-vested as of March 31, 2016 888,691 $ 6.39 |
Interest Rate Swap Derivatives
Interest Rate Swap Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | As of March 31, 2016 and December 31, 2015 , the notional values or contractual amounts and fair values of the Company’s derivatives not designated in hedge relationships were as follows (dollars in thousands): Asset Derivatives Liability Derivatives March 31, 2016 December 31, 2015 March 31, 2016 December 31, 2015 Notional/ Fair Value (1) Notional/ Fair Value (1) Notional/ Fair Value (2) Notional/ Fair Value (2) Interest rate swaps $ 185,781 $ 14,620 $ 169,720 $ 8,646 $ 185,781 $ 14,620 $ 169,720 $ 8,646 (1) Included in Other Assets on the condensed consolidated balance sheet. (2) Included in Other Liabilities on the condensed consolidated balance sheet. |
Offsetting Assets and Liabilities | The following table illustrates the potential effect of the Company’s derivative master netting arrangements, by type of financial instrument, on the Company’s condensed consolidated balance sheet as of March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 Gross Amounts of Financial Instruments Not Offset in the Balance Sheet Gross Amounts Recognized Amounts offset in the Balance Sheet Net Amounts in the Balance Sheet Netting Adjustment Per Applicable Master Netting Agreements Fair Value of Financial Collateral in the Balance Sheet Net Amount Asset Derivatives Interest rate swaps $ 14,620 $ — $ 14,620 $ — $ — $ 14,620 Liability Derivatives Interest rate swaps $ 14,620 $ — $ 14,620 $ — $ 14,185 $ 435 December 31, 2015 Gross Amounts of Financial Instruments Not Offset in the Balance Sheet Gross Amounts Recognized Amounts offset in the Balance Sheet Net Amounts in the Balance Sheet Netting Adjustment Per Applicable Master Netting Agreements Fair Value of Financial Collateral in the Balance Sheet Net Amount Asset Derivatives Interest rate swaps $ 8,646 $ — $ 8,646 $ — $ — $ 8,646 Liability Derivatives Interest rate swaps $ 8,646 $ — $ 8,646 $ — $ 8,595 $ 51 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Financial Assets Measured On Recurring Basis | The Company’s only financial assets measured at fair value on a recurring basis at March 31, 2016 and December 31, 2015 were as follows (dollars in thousands): Level 1 Level 2 Level 3 March 31, 2016 Assets: Investment securities available-for-sale $ — $ 428,909 $ — Interest rate swap derivatives — 14,620 — Total assets $ — $ 443,529 $ — Liabilities: Interest rate swap derivatives $ — $ 14,620 $ — December 31, 2015 Assets: Investment securities available-for-sale $ — $ 310,262 $ — Interest rate swap derivatives — 8,646 — Total assets $ — $ 318,908 $ — Liabilities: Interest rate swap derivatives — 8,646 — |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | The following table represents the assets measured at fair value on a nonrecurring basis by the Company at March 31, 2016 and December 31, 2015 (dollars in thousands): Level 1 Level 2 Level 3 March 31, 2016 Impaired loans $ — $ — $ 28 $ — $ — $ 28 December 31, 2015 Impaired loans $ — $ — $ 50 Other real estate owned — — 3,274 $ — $ — $ 3,324 |
Fair Value Inputs, Assets, Quantitative Information | The following table presents quantitative information about level 3 fair value measurements for financial instruments measured at fair value on a nonrecurring basis at March 31, 2016 and December 31, 2015 (dollars in thousands): March 31, 2016 Fair Value Estimate Valuation Techniques Unobservable Input Impaired loans $ 28 Market approach Appraised value less selling costs of 5% to 10% December 31, 2015 Fair Value Estimate Valuation Techniques Unobservable Input Impaired loans $ 50 Market approach Appraised value less selling costs of 5% to 10% Other real estate owned $ 3,274 Market approach Appraised value less selling costs of 5% to 10% |
Fair Value, by Balance Sheet Grouping | The estimated fair values of the Company’s significant on-balance sheet financial instruments at March 31, 2016 and December 31, 2015 were approximately as follows (dollars in thousands): March 31, 2016 December 31, 2015 Level in Fair Carrying Estimated Carrying Estimated Financial assets: Cash and cash equivalents Level 1 $ 343,523 $ 343,523 $ 77,805 $ 77,805 Investment securities: Available-for-sale Level 2 428,909 428,909 310,262 310,262 Held-to-maturity Level 2 144,029 149,268 139,424 142,260 FHLB stock Level 2 3,137 3,137 3,000 3,000 Loans held-for-sale Level 2 4,246 4,246 3,621 3,621 Loans, net Level 3 1,758,598 1,769,596 1,662,095 1,656,986 BOLI Level 3 54,708 54,708 54,450 54,450 MSRs Level 3 2,151 2,902 2,186 3,027 Interest rate swap derivatives Level 2 14,620 14,620 8,646 8,646 Financial liabilities: Deposits Level 2 2,576,038 2,575,876 2,083,088 2,082,748 Interest rate swap derivatives Level 2 14,620 14,620 8,646 8,646 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Regulated Operations [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | Bancorp’s and Bank’s actual capital amounts and ratios and the required capital ratios under the prompt corrective action framework as of March 31, 2016 and December 31, 2015 are presented in the following table (dollars in thousands): Actual Regulatory minimum to be “adequately capitalized” Regulatory minimum to be “well capitalized” Capital Amount Ratio Capital Amount Ratio Capital Amount Ratio March 31, 2016 Tier 1 leverage (to average assets) Bancorp $ 217,907 8.6 % $ 100,857 4.0 % $ 126,072 5.0 % Bank 213,514 8.5 % 100,663 4.0 % 125,829 5.0 % CET1 capital (to risk weighted assets) Bancorp 217,907 10.4 94,133 4.5 135,970 6.5 Bank 213,514 10.2 93,977 4.5 135,745 6.5 Tier 1 capital (to risk-weighted assets) Bancorp 217,907 10.4 125,511 6.0 167,348 8.0 Bank 213,514 10.2 125,303 6.0 167,070 8.0 Total capital (to risk-weighted assets) Bancorp 242,780 11.6 167,348 8.0 209,185 10.0 Bank 238,387 11.4 167,070 8.0 208,838 10.0 December 31, 2015 Tier 1 leverage (to average assets) Bancorp $ 227,542 9.4 % $ 96,817 4.0 % $ 121,022 5.0 % Bank 223,533 9.3 % 96,662 4.0 % 120,827 5.0 % CET1 capital (to risk weighted assets) Bancorp 227,542 11.5 88,818 4.5 128,292 6.5 Bank 223,533 11.4 88,663 4.5 128,069 6.5 Tier 1 capital (to risk-weighted assets) Bancorp 227,542 11.5 118,424 6.0 157,898 8.0 Bank 223,533 11.4 118,218 6.0 157,624 8.0 Total capital (to risk-weighted assets) Bancorp 252,401 12.8 157,898 8.0 197,373 10.0 Bank 248,346 12.6 157,624 8.0 197,030 10.0 |
Business Combinations (Details)
Business Combinations (Details) $ in Thousands | Mar. 04, 2016USD ($)location | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||
Goodwill | $ 82,594 | $ 78,610 | |
Bank Of America, Branch Locations | |||
Business Acquisition [Line Items] | |||
Number of businesses acquired | location | 15 | ||
Premium on deposits, percentage | 2.00% | ||
Cash purchase price | $ 9,700 | ||
Cash and cash equivalents | 456,611 | ||
Premises and equipment, net | 3,113 | ||
Core deposit intangibles | 6,427 | ||
Goodwill | 3,984 | 4,000 | |
Other assets | 463 | ||
Total assets | 470,598 | ||
Deposits | 469,889 | ||
Other liabilities | 709 | ||
Total liabilities and shareholders' equity | $ 470,598 | ||
Expenses related to branch acquisition | $ 2,300 | ||
Core Deposits | |||
Business Acquisition [Line Items] | |||
Useful life | 10 years | ||
Core Deposits | Bank Of America, Branch Locations | |||
Business Acquisition [Line Items] | |||
Useful life | 9 years 12 months | ||
Oregon | Bank Of America, Branch Locations | |||
Business Acquisition [Line Items] | |||
Number of businesses acquired | location | 12 | ||
Washington | Bank Of America, Branch Locations | |||
Business Acquisition [Line Items] | |||
Number of businesses acquired | location | 3 |
Investment Securities (Unrealiz
Investment Securities (Unrealized Gain (Loss) on Investments) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule Of Available-For-Sale and Held-to-Maturity Securities Table [Line Items] | ||
Amortized cost | $ 425,793 | $ 307,648 |
Gross unrealized gains | 4,332 | 4,108 |
Gross unrealized losses | (1,216) | (1,494) |
Estimated fair value | 428,909 | 310,262 |
Amortized cost | 144,029 | 139,424 |
Gross unrealized gains | 5,273 | 2,843 |
Gross unrealized losses | (34) | (7) |
Estimated fair value | 149,268 | 142,260 |
U.S. Agency mortgage-backed securities (MBS) | ||
Schedule Of Available-For-Sale and Held-to-Maturity Securities Table [Line Items] | ||
Amortized cost | 208,623 | 154,691 |
Gross unrealized gains | 2,760 | 2,698 |
Gross unrealized losses | (251) | (455) |
Estimated fair value | 211,132 | 156,934 |
Amortized cost | 103,501 | 98,800 |
Gross unrealized gains | 3,597 | 1,875 |
Gross unrealized losses | (34) | (5) |
Estimated fair value | 107,064 | 100,670 |
Non-agency MBS | ||
Schedule Of Available-For-Sale and Held-to-Maturity Securities Table [Line Items] | ||
Amortized cost | 167,528 | 118,765 |
Gross unrealized gains | 729 | 477 |
Gross unrealized losses | (803) | (1,016) |
Estimated fair value | 167,454 | 118,226 |
U.S. Agency asset-backed securities | ||
Schedule Of Available-For-Sale and Held-to-Maturity Securities Table [Line Items] | ||
Amortized cost | 7,172 | 7,468 |
Gross unrealized gains | 811 | 800 |
Gross unrealized losses | (43) | (23) |
Estimated fair value | 7,940 | 8,245 |
Corporate securities | ||
Schedule Of Available-For-Sale and Held-to-Maturity Securities Table [Line Items] | ||
Amortized cost | 41,942 | 26,199 |
Gross unrealized gains | 13 | 121 |
Gross unrealized losses | (119) | 0 |
Estimated fair value | 41,836 | 26,320 |
Mutual fund | ||
Schedule Of Available-For-Sale and Held-to-Maturity Securities Table [Line Items] | ||
Amortized cost | 528 | 525 |
Gross unrealized gains | 19 | 12 |
Gross unrealized losses | 0 | 0 |
Estimated fair value | 547 | 537 |
Obligations of state and political subdivisions | ||
Schedule Of Available-For-Sale and Held-to-Maturity Securities Table [Line Items] | ||
Amortized cost | 40,107 | 421 |
Gross unrealized gains | 1,676 | 0 |
Gross unrealized losses | 0 | 0 |
Estimated fair value | 41,783 | 421 |
Tax credit investments | ||
Schedule Of Available-For-Sale and Held-to-Maturity Securities Table [Line Items] | ||
Amortized cost | 421 | 40,203 |
Gross unrealized gains | 0 | 968 |
Gross unrealized losses | 0 | (2) |
Estimated fair value | $ 421 | $ 41,169 |
Investment Securities (Investme
Investment Securities (Investments Classified by Contractual Maturity Date) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Available-for-sale Securities [Abstract] | ||
Available-for-sale, Amortized cost, Due in one year or less | $ 9,636 | |
Available-for-sale, Amortized cost, Due after one year through five years | 47,632 | |
Available-for-sale, Amortized cost, Due after five years through ten years | 49,019 | |
Available-for-sale, Amortized cost, Due after ten years | 318,978 | |
Available-for-sale, Amortized cost, Mutual fund | 528 | |
Available-for-sale, Amortized cost, Tax credit investments | 0 | |
Available-For-Sale Securities, Debt Maturities, Amortized Cost Basis | 425,793 | |
Available-for-sale, Estimated fair value, Due in one year or less | 9,616 | |
Available-for-sale, Estimated Fair Value, Due after one year through five years | 47,602 | |
Available-for-sale, Estimated fair value, Due after five years through ten years | 49,159 | |
Available-for-sale, Estimated fair value, Due after ten years | 321,985 | |
Available-for-sale, Estimated fair value, Mutual fund | 547 | |
Available-for-sale, Estimated fair value, Tax credit investments | 0 | |
Available-for-sale Securities, Debt Securities | 428,909 | |
Held-to-maturity Securities | ||
Held-to-maturity Securities, Amortized cost, Due in one year or less | 0 | |
Held-to-maturity Securities, Amortized cost, Due after one year through five years | 30,628 | |
Held-to-maturity Securities, Amortized cost, Due after five years through ten years | 88,136 | |
Held-to-maturity Securities, Amortized cost, Due after ten years | 24,844 | |
Held-to-maturity Securities, Amortized cost, Mutual fund | 0 | |
Held-to-maturity Securities, Amortized cost, Tax credit investments | 421 | |
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount | 144,029 | $ 139,424 |
Held-to-maturity, Estimated fair value, Due in one year or less | 0 | |
Held-to-maturity, Estimated fair value, Due after one year through five years | 31,272 | |
Held-to-maturity, Estimated fair value, Due after five years through ten years | 92,080 | |
Held-to-maturity, Estimated fair value, Due after ten years | 25,495 | |
Held-to-maturity, Estimated fair value, Mutual fund | 0 | |
Held-to-maturity, Estimated fair value, Tax credit investments | 421 | |
Held-to-maturity Securities, Estimated fair value | $ 149,268 | $ 142,260 |
Investment Securities (Availabl
Investment Securities (Available For Sale Securities Continuous Unrealized Loss Position Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule Of Available-For-Sale and Held-to-Maturity Securities Table [Line Items] | ||
Investment securities Estimated fair value, Less than 12 months | $ 200,184 | $ 90,042 |
Investment securities Estimated fair value, 12 months or more | 30,308 | 48,322 |
Investment securities Estimated fair value, Total | 230,492 | 138,364 |
Investment securities Unrealized losses, Less than 12 months | (962) | (888) |
Investment securities Unrealized losses,12 months or more | (254) | (606) |
Investment securities Unrealized losses, Total | (1,216) | (1,494) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,072 | 2,788 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 5,072 | 2,788 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (34) | (7) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (34) | (7) |
U.S. Agency MBS | ||
Schedule Of Available-For-Sale and Held-to-Maturity Securities Table [Line Items] | ||
Investment securities Estimated fair value, Less than 12 months | 50,006 | 23,630 |
Investment securities Estimated fair value, 12 months or more | 17,058 | 34,576 |
Investment securities Estimated fair value, Total | 67,064 | 58,206 |
Investment securities Unrealized losses, Less than 12 months | (147) | (123) |
Investment securities Unrealized losses,12 months or more | (104) | (332) |
Investment securities Unrealized losses, Total | (251) | (455) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,072 | 2,063 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 5,072 | 2,063 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (34) | (5) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | (34) | (5) |
Non-agency MBS | ||
Schedule Of Available-For-Sale and Held-to-Maturity Securities Table [Line Items] | ||
Investment securities Estimated fair value, Less than 12 months | 113,432 | 66,412 |
Investment securities Estimated fair value, 12 months or more | 11,794 | 12,225 |
Investment securities Estimated fair value, Total | 125,226 | 78,637 |
Investment securities Unrealized losses, Less than 12 months | (696) | (765) |
Investment securities Unrealized losses,12 months or more | (107) | (251) |
Investment securities Unrealized losses, Total | (803) | (1,016) |
U.S. Agency asset-backed securities | ||
Schedule Of Available-For-Sale and Held-to-Maturity Securities Table [Line Items] | ||
Investment securities Estimated fair value, Less than 12 months | 0 | 0 |
Investment securities Estimated fair value, 12 months or more | 1,456 | 1,521 |
Investment securities Estimated fair value, Total | 1,456 | 1,521 |
Investment securities Unrealized losses, Less than 12 months | 0 | 0 |
Investment securities Unrealized losses,12 months or more | (43) | (23) |
Investment securities Unrealized losses, Total | (43) | (23) |
Corporate Debt Securities | ||
Schedule Of Available-For-Sale and Held-to-Maturity Securities Table [Line Items] | ||
Investment securities Estimated fair value, Less than 12 months | 36,746 | |
Investment securities Estimated fair value, 12 months or more | 0 | |
Investment securities Estimated fair value, Total | 36,746 | |
Investment securities Unrealized losses, Less than 12 months | (119) | |
Investment securities Unrealized losses,12 months or more | 0 | |
Investment securities Unrealized losses, Total | (119) | |
Obligations of state and political subdivisions | ||
Schedule Of Available-For-Sale and Held-to-Maturity Securities Table [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 725 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value | 0 | 725 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (2) |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 0 | $ (2) |
Loans and reserve for credit 39
Loans and reserve for credit losses (Schedule of Accounts, Notes, Loans and Financing Receivable) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Commercial real estate: | |||
Owner occupied | $ 312,100 | $ 308,331 | |
Non-owner occupied | 546,075 | 526,562 | |
Total commercial real estate loans | 858,175 | 834,893 | |
Construction | 142,273 | 130,352 | |
Residential real estate | 344,953 | 298,390 | |
Commercial and industrial | 400,166 | 384,444 | |
Consumer | 39,266 | 39,850 | |
Total loans | 1,784,833 | 1,687,929 | |
Less: | |||
Deferred loan fees | (1,805) | (1,419) | |
Reserve for loan losses | (24,430) | (24,415) | |
Loans, net, Amount | $ 1,758,598 | $ 1,662,095 | |
Owner occupied, Percent | 17.50% | 18.30% | |
Non-owner occupied, Percent | 30.60% | 31.20% | |
Total commercial real estate loans, Percent | 48.10% | 49.50% | |
Construction, Percent | 8.00% | 7.70% | |
Residential real estate, Percent | 19.30% | 17.70% | |
Commercial and industrial, Percent | 22.40% | 22.80% | |
Consumer, Percent | 2.20% | 2.30% | |
Total loans, Percent | 100.00% | 100.00% | |
Originated Loans | |||
Commercial real estate: | |||
Owner occupied | [1],[2] | $ 270,034 | $ 263,095 |
Non-owner occupied | [1],[2] | 455,123 | 431,379 |
Total commercial real estate loans | [1],[2] | 725,157 | 694,474 |
Construction | [1],[2] | 131,844 | 119,723 |
Residential real estate | [1],[2] | 289,426 | 237,084 |
Commercial and industrial | [1],[2] | 379,089 | 363,335 |
Consumer | [1],[2] | 37,965 | 38,362 |
Total loans | [1],[2],[3] | 1,563,481 | 1,452,978 |
Less: | |||
Deferred loan fees | [2] | (1,805) | (1,419) |
Reserve for loan losses | [2] | (24,430) | (24,415) |
Loans, net, Amount | [2] | $ 1,537,246 | $ 1,427,144 |
Owner occupied, Percent | [2] | 17.40% | 18.10% |
Non-owner occupied, Percent | [2] | 29.10% | 29.70% |
Total commercial real estate loans, Percent | [2] | 46.50% | 47.80% |
Construction, Percent | [2] | 8.40% | 8.20% |
Residential real estate, Percent | [2] | 18.50% | 16.30% |
Commercial and industrial, Percent | [2] | 24.20% | 25.00% |
Consumer, Percent | [2] | 2.40% | 2.70% |
Total loans, Percent | [2] | 100.00% | 100.00% |
Acquired Loans | |||
Commercial real estate: | |||
Owner occupied | [4],[5] | $ 42,066 | $ 45,236 |
Non-owner occupied | [4],[5] | 90,952 | 95,183 |
Total commercial real estate loans | [4],[5] | 133,018 | 140,419 |
Construction | [4],[5] | 10,429 | 10,629 |
Residential real estate | [4],[5] | 55,527 | 61,306 |
Commercial and industrial | [4],[5] | 21,077 | 21,109 |
Consumer | [4],[5] | 1,301 | 1,488 |
Total loans | [4],[5],[6] | $ 221,352 | $ 234,951 |
Less: | |||
Owner occupied, Percent | [4] | 19.00% | 19.30% |
Non-owner occupied, Percent | [4] | 41.10% | 40.50% |
Total commercial real estate loans, Percent | [4] | 60.10% | 59.80% |
Construction, Percent | [4] | 4.70% | 4.50% |
Residential real estate, Percent | [4] | 25.10% | 26.10% |
Commercial and industrial, Percent | [4] | 9.50% | 9.00% |
Consumer, Percent | [4] | 0.60% | 0.60% |
Total loans, Percent | [4] | 100.00% | 100.00% |
Acquired Covered Loans | |||
Commercial real estate: | |||
Total loans | $ 29,100 | ||
[1] | Originated loans are loans organically made through the Company's normal and customary origination process | ||
[2] | Originated loans are loans organically made through the Company's normal and customary origination process | ||
[3] | Originated loans are loans organically made through the Company's normal and customary origination process, including ARM purchases. | ||
[4] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjE1ODk4NTFiMDFkNDQ3YTU5NGU4YzU2MDRiZTg1NDlkfFRleHRTZWxlY3Rpb246NDE4ODI1RURGQjYzMjAxMjU3RkVDQzc0NzI5NkY0QUYM} | ||
[5] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjE1ODk4NTFiMDFkNDQ3YTU5NGU4YzU2MDRiZTg1NDlkfFRleHRTZWxlY3Rpb246NDhENzI2NTJCMEMzRDM1OUYzMTZDQzc0NzI5NkY4RkQM} | ||
[6] | Acquired loans are loans acquired in the acquisition of Home. |
Loans, Covered Loans, Loss Shar
Loans, Covered Loans, Loss Share Payable (Receivable) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Covered Loans, Loss Share Payable (Receivable) [Roll Forward] | |
Balance at Beginning of Period | $ 289 |
Paid to FDIC | (289) |
Increase due to impairment | 0 |
FDIC reimbursement | 428 |
Shared loss expenses | (61) |
Adjustments from prior periods | 0 |
OREO loss carryforward | 0 |
Balance at End of Period | $ 367 |
Loans and reserve for credit 41
Loans and reserve for credit losses (Allowance for Credit Losses on Financing Receivables) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance at the beginning of period | $ 24,415 | |
Loan loss provision (recovery) | 0 | $ (2,000) |
Allowance at the end of period | 24,430 | |
Total reserve for credit losses | 24,870 | 23,684 |
Loan Receivables | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance at the beginning of period | 24,415 | 22,053 |
Loan loss provision (recovery) | 0 | (2,000) |
Recoveries | 3,320 | 4,140 |
Loans charged off | (3,305) | (949) |
Allowance at the end of period | 24,430 | 23,244 |
Unfunded Lending Commitments | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance at the beginning of period | 440 | 440 |
Loan loss provision (recovery) | 0 | 0 |
Allowance at the end of period | 440 | 440 |
Commercial real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance at the beginning of period | 3,934 | |
Allowance at the end of period | 3,846 | |
Total reserve for credit losses | 3,894 | 4,829 |
Commercial real estate | Loan Receivables | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance at the beginning of period | 3,934 | 5,614 |
Loan loss provision (recovery) | (2,776) | (3,947) |
Recoveries | 2,728 | 3,390 |
Loans charged off | (40) | (276) |
Allowance at the end of period | 3,846 | 4,781 |
Commercial real estate | Unfunded Lending Commitments | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance at the beginning of period | 48 | 48 |
Loan loss provision (recovery) | 0 | 0 |
Allowance at the end of period | 48 | 48 |
Construction | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance at the beginning of period | 1,044 | |
Allowance at the end of period | 1,098 | |
Total reserve for credit losses | 1,366 | 1,523 |
Construction | Loan Receivables | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance at the beginning of period | 1,044 | 1,133 |
Loan loss provision (recovery) | 16 | 23 |
Recoveries | 38 | 99 |
Loans charged off | 0 | 0 |
Allowance at the end of period | 1,098 | 1,255 |
Construction | Unfunded Lending Commitments | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance at the beginning of period | 268 | 268 |
Loan loss provision (recovery) | 0 | 0 |
Allowance at the end of period | 268 | 268 |
Residential real estate | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance at the beginning of period | 2,075 | |
Allowance at the end of period | 2,392 | |
Total reserve for credit losses | 2,417 | 2,537 |
Residential real estate | Loan Receivables | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance at the beginning of period | 2,075 | 2,121 |
Loan loss provision (recovery) | 204 | 276 |
Recoveries | 131 | 325 |
Loans charged off | (18) | (210) |
Allowance at the end of period | 2,392 | 2,512 |
Residential real estate | Unfunded Lending Commitments | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance at the beginning of period | 25 | 25 |
Loan loss provision (recovery) | 0 | 0 |
Allowance at the end of period | 25 | 25 |
Commercial and industrial | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance at the beginning of period | 13,969 | |
Allowance at the end of period | 12,497 | |
Total reserve for credit losses | 12,572 | 11,434 |
Commercial and industrial | Loan Receivables | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance at the beginning of period | 13,969 | 6,844 |
Loan loss provision (recovery) | 1,129 | 4,436 |
Recoveries | 159 | 211 |
Loans charged off | (2,760) | (132) |
Allowance at the end of period | 12,497 | 11,359 |
Commercial and industrial | Unfunded Lending Commitments | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance at the beginning of period | 75 | 75 |
Loan loss provision (recovery) | 0 | 0 |
Allowance at the end of period | 75 | 75 |
Consumer | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance at the beginning of period | 917 | |
Allowance at the end of period | 959 | |
Total reserve for credit losses | 983 | 1,002 |
Consumer | Loan Receivables | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance at the beginning of period | 917 | 1,047 |
Loan loss provision (recovery) | 265 | 147 |
Recoveries | 264 | 115 |
Loans charged off | (487) | (331) |
Allowance at the end of period | 959 | 978 |
Consumer | Unfunded Lending Commitments | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance at the beginning of period | 24 | 24 |
Loan loss provision (recovery) | 0 | 0 |
Allowance at the end of period | 24 | 24 |
Unallocated | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance at the beginning of period | 2,476 | |
Allowance at the end of period | 3,638 | |
Total reserve for credit losses | 3,638 | 2,359 |
Unallocated | Loan Receivables | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance at the beginning of period | 2,476 | 5,294 |
Loan loss provision (recovery) | 1,162 | (2,935) |
Recoveries | 0 | 0 |
Loans charged off | 0 | 0 |
Allowance at the end of period | 3,638 | 2,359 |
Unallocated | Unfunded Lending Commitments | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Allowance at the beginning of period | 0 | 0 |
Loan loss provision (recovery) | 0 | 0 |
Allowance at the end of period | $ 0 | $ 0 |
Loans and reserve for credit 42
Loans and reserve for credit losses (Reserve for Loan Losses and Recorded Investment in Loans) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Reserve for loan losses Total | $ 24,430 | $ 24,415 |
Total loans | 1,784,833 | 1,687,929 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Reserve for loan losses Individually evaluated for impairment | 57 | 78 |
Reserve for loan losses Collectively evaluated for impairment | 3,789 | 3,856 |
Reserve for loan losses Total | 3,846 | 3,934 |
Recorded investment in loans Individually evaluated for impairment | 5,132 | 3,835 |
Recorded investment in loans, Collectively evaluated for impairment | 853,043 | 831,058 |
Total loans | 858,175 | 834,893 |
Construction | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Reserve for loan losses Individually evaluated for impairment | 0 | 0 |
Reserve for loan losses Collectively evaluated for impairment | 1,098 | 1,044 |
Reserve for loan losses Total | 1,098 | 1,044 |
Recorded investment in loans Individually evaluated for impairment | 0 | 365 |
Recorded investment in loans, Collectively evaluated for impairment | 142,273 | 129,987 |
Total loans | 142,273 | 130,352 |
Residential real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Reserve for loan losses Individually evaluated for impairment | 0 | 0 |
Reserve for loan losses Collectively evaluated for impairment | 2,392 | 2,075 |
Reserve for loan losses Total | 2,392 | 2,075 |
Recorded investment in loans Individually evaluated for impairment | 0 | 18 |
Recorded investment in loans, Collectively evaluated for impairment | 344,953 | 298,372 |
Total loans | 344,953 | 298,390 |
Commercial and industrial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Reserve for loan losses Individually evaluated for impairment | 144 | 164 |
Reserve for loan losses Collectively evaluated for impairment | 12,353 | 13,805 |
Reserve for loan losses Total | 12,497 | 13,969 |
Recorded investment in loans Individually evaluated for impairment | 7,677 | 2,724 |
Recorded investment in loans, Collectively evaluated for impairment | 392,489 | 381,720 |
Total loans | 400,166 | 384,444 |
Consumer | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Reserve for loan losses Individually evaluated for impairment | 0 | 0 |
Reserve for loan losses Collectively evaluated for impairment | 959 | 917 |
Reserve for loan losses Total | 959 | 917 |
Recorded investment in loans Individually evaluated for impairment | 0 | 0 |
Recorded investment in loans, Collectively evaluated for impairment | 39,266 | 39,850 |
Total loans | 39,266 | 39,850 |
Allocated Financing Receivables | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Reserve for loan losses Individually evaluated for impairment | 201 | 242 |
Reserve for loan losses Collectively evaluated for impairment | 20,591 | 21,697 |
Reserve for loan losses Total | 20,792 | 21,939 |
Recorded investment in loans Individually evaluated for impairment | 12,809 | 6,942 |
Recorded investment in loans, Collectively evaluated for impairment | 1,772,024 | 1,680,987 |
Total loans | 1,784,833 | 1,687,929 |
Unallocated | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Reserve for loan losses Total | $ 3,638 | $ 2,476 |
Loans and reserve for credit 43
Loans and reserve for credit losses (Financing Receivable Credit Quality Indicators) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Commercial real estate: | |||
Owner occupied | $ 312,100 | $ 308,331 | |
Non-owner occupied | 546,075 | 526,562 | |
Total commercial real estate loans | 858,175 | 834,893 | |
Construction | 142,273 | 130,352 | |
Residential real estate | 344,953 | 298,390 | |
Commercial and industrial | 400,166 | 384,444 | |
Consumer | 39,266 | 39,850 | |
Loans and leases receivable, gross | 1,784,833 | 1,687,929 | |
Acceptable | |||
Commercial real estate: | |||
Owner occupied | 289,212 | 277,194 | |
Non-owner occupied | 509,739 | 482,471 | |
Total commercial real estate loans | 798,951 | 759,665 | |
Construction | 142,244 | 129,349 | |
Residential real estate | 343,191 | 296,725 | |
Commercial and industrial | 356,149 | 345,968 | |
Consumer | 39,255 | 39,835 | |
Loans and leases receivable, gross | 1,679,790 | 1,571,542 | |
Pass-Watch | |||
Commercial real estate: | |||
Owner occupied | 10,803 | 12,103 | |
Non-owner occupied | 9,474 | 12,576 | |
Total commercial real estate loans | 20,277 | 24,679 | |
Construction | 0 | 0 | |
Residential real estate | 0 | 0 | |
Commercial and industrial | 15,226 | 11,373 | |
Consumer | 0 | 0 | |
Loans and leases receivable, gross | 35,503 | 36,052 | |
Special Mention | |||
Commercial real estate: | |||
Owner occupied | 3,941 | 8,767 | |
Non-owner occupied | 12,783 | 13,908 | |
Total commercial real estate loans | 16,724 | 22,675 | |
Construction | 0 | 971 | |
Residential real estate | 0 | 0 | |
Commercial and industrial | 3,326 | 17,190 | |
Consumer | 0 | 0 | |
Loans and leases receivable, gross | 20,050 | 40,836 | |
Substandard | |||
Commercial real estate: | |||
Owner occupied | 8,144 | 10,267 | |
Non-owner occupied | 14,079 | 17,607 | |
Total commercial real estate loans | 22,223 | 27,874 | |
Construction | 29 | 32 | |
Residential real estate | 1,762 | 1,665 | |
Commercial and industrial | 25,465 | 9,913 | |
Consumer | 11 | 15 | |
Loans and leases receivable, gross | 49,490 | 39,499 | |
Originated Loans | |||
Commercial real estate: | |||
Owner occupied | [1],[2] | 270,034 | 263,095 |
Non-owner occupied | [1],[2] | 455,123 | 431,379 |
Total commercial real estate loans | [1],[2] | 725,157 | 694,474 |
Construction | [1],[2] | 131,844 | 119,723 |
Residential real estate | [1],[2] | 289,426 | 237,084 |
Commercial and industrial | [1],[2] | 379,089 | 363,335 |
Consumer | [1],[2] | 37,965 | 38,362 |
Loans and leases receivable, gross | [1],[2],[3] | 1,563,481 | 1,452,978 |
Originated Loans | Acceptable | |||
Commercial real estate: | |||
Owner occupied | [1] | 252,661 | 243,113 |
Non-owner occupied | [1] | 438,127 | 411,137 |
Total commercial real estate loans | [1] | 690,788 | 654,250 |
Construction | [1] | 131,844 | 118,752 |
Residential real estate | [1] | 288,820 | 236,574 |
Commercial and industrial | [1] | 335,841 | 328,934 |
Consumer | [1] | 37,954 | 38,350 |
Loans and leases receivable, gross | [1] | 1,485,247 | 1,376,860 |
Originated Loans | Pass-Watch | |||
Commercial real estate: | |||
Owner occupied | [1] | 8,715 | 8,623 |
Non-owner occupied | [1] | 8,917 | 9,825 |
Total commercial real estate loans | [1] | 17,632 | 18,448 |
Construction | [1] | 0 | 0 |
Residential real estate | [1] | 0 | 0 |
Commercial and industrial | [1] | 15,127 | 11,220 |
Consumer | [1] | 0 | 0 |
Loans and leases receivable, gross | [1] | 32,759 | 29,668 |
Originated Loans | Special Mention | |||
Commercial real estate: | |||
Owner occupied | [1] | 1,599 | 1,426 |
Non-owner occupied | [1] | 3,488 | 4,522 |
Total commercial real estate loans | [1] | 5,087 | 5,948 |
Construction | [1] | 0 | 971 |
Residential real estate | [1] | 0 | 0 |
Commercial and industrial | [1] | 3,326 | 13,729 |
Consumer | [1] | 0 | 0 |
Loans and leases receivable, gross | [1] | 8,413 | 20,648 |
Originated Loans | Substandard | |||
Commercial real estate: | |||
Owner occupied | [1] | 7,059 | 9,933 |
Non-owner occupied | [1] | 4,591 | 5,895 |
Total commercial real estate loans | [1] | 11,650 | 15,828 |
Construction | [1] | 0 | 0 |
Residential real estate | [1] | 606 | 510 |
Commercial and industrial | [1] | 24,795 | 9,452 |
Consumer | [1] | 11 | 12 |
Loans and leases receivable, gross | [1] | 37,062 | 25,802 |
Acquired Loans | |||
Commercial real estate: | |||
Owner occupied | [4],[5] | 42,066 | 45,236 |
Non-owner occupied | [4],[5] | 90,952 | 95,183 |
Total commercial real estate loans | [4],[5] | 133,018 | 140,419 |
Construction | [4],[5] | 10,429 | 10,629 |
Residential real estate | [4],[5] | 55,527 | 61,306 |
Commercial and industrial | [4],[5] | 21,077 | 21,109 |
Consumer | [4],[5] | 1,301 | 1,488 |
Loans and leases receivable, gross | [4],[5],[6] | 221,352 | 234,951 |
Acquired Loans | Acceptable | |||
Commercial real estate: | |||
Owner occupied | [5] | 36,551 | 34,081 |
Non-owner occupied | [5] | 71,612 | 71,334 |
Total commercial real estate loans | [5] | 108,163 | 105,415 |
Construction | [5] | 10,400 | 10,597 |
Residential real estate | [5] | 54,371 | 60,151 |
Commercial and industrial | [5] | 20,308 | 17,034 |
Consumer | [5] | 1,301 | 1,485 |
Loans and leases receivable, gross | [5] | 194,543 | 194,682 |
Acquired Loans | Pass-Watch | |||
Commercial real estate: | |||
Owner occupied | [5] | 2,088 | 3,480 |
Non-owner occupied | [5] | 557 | 2,751 |
Total commercial real estate loans | [5] | 2,645 | 6,231 |
Construction | [5] | 0 | 0 |
Residential real estate | [5] | 0 | 0 |
Commercial and industrial | [5] | 99 | 153 |
Consumer | [5] | 0 | 0 |
Loans and leases receivable, gross | [5] | 2,744 | 6,384 |
Acquired Loans | Special Mention | |||
Commercial real estate: | |||
Owner occupied | [5] | 2,342 | 7,341 |
Non-owner occupied | [5] | 9,295 | 9,386 |
Total commercial real estate loans | [5] | 11,637 | 16,727 |
Construction | [5] | 0 | 0 |
Residential real estate | [5] | 0 | 0 |
Commercial and industrial | [5] | 0 | 3,461 |
Consumer | [5] | 0 | 0 |
Loans and leases receivable, gross | [5] | 11,637 | 20,188 |
Acquired Loans | Substandard | |||
Commercial real estate: | |||
Owner occupied | [5] | 1,085 | 334 |
Non-owner occupied | [5] | 9,488 | 11,712 |
Total commercial real estate loans | [5] | 10,573 | 12,046 |
Construction | [5] | 29 | 32 |
Residential real estate | [5] | 1,156 | 1,155 |
Commercial and industrial | [5] | 670 | 461 |
Consumer | [5] | 0 | 3 |
Loans and leases receivable, gross | [5] | $ 12,428 | $ 13,697 |
[1] | Originated loans are loans organically made through the Company's normal and customary origination process | ||
[2] | Originated loans are loans organically made through the Company's normal and customary origination process | ||
[3] | Originated loans are loans organically made through the Company's normal and customary origination process, including ARM purchases. | ||
[4] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjE1ODk4NTFiMDFkNDQ3YTU5NGU4YzU2MDRiZTg1NDlkfFRleHRTZWxlY3Rpb246NDE4ODI1RURGQjYzMjAxMjU3RkVDQzc0NzI5NkY0QUYM} | ||
[5] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjE1ODk4NTFiMDFkNDQ3YTU5NGU4YzU2MDRiZTg1NDlkfFRleHRTZWxlY3Rpb246NDhENzI2NTJCMEMzRDM1OUYzMTZDQzc0NzI5NkY4RkQM} | ||
[6] | Acquired loans are loans acquired in the acquisition of Home. |
Loans and reserve for credit 44
Loans and reserve for credit losses (Past Due Financing Receivables) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | $ 5,750 | $ 5,266 | |
90 days or more past due | 1,590 | 1,509 | |
Total past due | 7,340 | 6,775 | |
Current | 1,777,493 | 1,681,154 | |
Total loans | 1,784,833 | 1,687,929 | |
Originated Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | [1] | 4,654 | 2,364 |
90 days or more past due | [1] | 1,060 | 970 |
Total past due | [1] | 5,714 | 3,334 |
Current | [1] | 1,557,767 | 1,449,644 |
Total loans | [1],[2],[3] | 1,563,481 | 1,452,978 |
Acquired Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | [4] | 1,096 | 2,902 |
90 days or more past due | [4] | 530 | 539 |
Total past due | [4] | 1,626 | 3,441 |
Current | [4] | 219,726 | 231,510 |
Total loans | [4],[5],[6] | 221,352 | 234,951 |
Acquired Covered Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total loans | 29,100 | ||
Owner occupied | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | 37 | 1,020 | |
90 days or more past due | 719 | 719 | |
Total past due | 756 | 1,739 | |
Current | 311,344 | 306,592 | |
Total loans | 312,100 | 308,331 | |
Owner occupied | Originated Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | [1] | 0 | 1,020 |
90 days or more past due | [1] | 719 | 719 |
Total past due | [1] | 719 | 1,739 |
Current | [1] | 269,315 | 261,356 |
Total loans | [1] | 270,034 | 263,095 |
Owner occupied | Acquired Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | [4] | 37 | 0 |
90 days or more past due | [4] | 0 | 0 |
Total past due | [4] | 37 | 0 |
Current | [4] | 42,029 | 45,236 |
Total loans | [4] | 42,066 | 45,236 |
Non-owner occupied | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | 124 | 2,642 | |
90 days or more past due | 0 | 0 | |
Total past due | 124 | 2,642 | |
Current | 545,951 | 523,920 | |
Total loans | 546,075 | 526,562 | |
Non-owner occupied | Originated Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | [1] | 0 | 593 |
90 days or more past due | [1] | 0 | 0 |
Total past due | [1] | 0 | 593 |
Current | [1] | 455,123 | 430,786 |
Total loans | [1] | 455,123 | 431,379 |
Non-owner occupied | Acquired Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | [4] | 124 | 2,049 |
90 days or more past due | [4] | 0 | 0 |
Total past due | [4] | 124 | 2,049 |
Current | [4] | 90,828 | 93,134 |
Total loans | [4] | 90,952 | 95,183 |
Commercial real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | 161 | 3,662 | |
90 days or more past due | 719 | 719 | |
Total past due | 880 | 4,381 | |
Current | 857,295 | 830,512 | |
Total loans | 858,175 | 834,893 | |
Commercial real estate | Originated Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | [1] | 0 | 1,613 |
90 days or more past due | [1] | 719 | 719 |
Total past due | [1] | 719 | 2,332 |
Current | [1] | 724,438 | 692,142 |
Total loans | [1] | 725,157 | 694,474 |
Commercial real estate | Acquired Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | [4] | 161 | 2,049 |
90 days or more past due | [4] | 0 | 0 |
Total past due | [4] | 161 | 2,049 |
Current | [4] | 132,857 | 138,370 |
Total loans | [4] | 133,018 | 140,419 |
Construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | 29 | 46 | |
90 days or more past due | 0 | 0 | |
Total past due | 29 | 46 | |
Current | 142,244 | 130,306 | |
Total loans | 142,273 | 130,352 | |
Construction | Originated Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | [1] | 0 | 0 |
90 days or more past due | [1] | 0 | 0 |
Total past due | [1] | 0 | 0 |
Current | [1] | 131,844 | 119,723 |
Total loans | [1] | 131,844 | 119,723 |
Construction | Acquired Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | [4] | 29 | 46 |
90 days or more past due | [4] | 0 | 0 |
Total past due | [4] | 29 | 46 |
Current | [4] | 10,400 | 10,583 |
Total loans | [4] | 10,429 | 10,629 |
Residential real estate | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | 1,655 | 944 | |
90 days or more past due | 613 | 534 | |
Total past due | 2,268 | 1,478 | |
Current | 342,685 | 296,912 | |
Total loans | 344,953 | 298,390 | |
Residential real estate | Originated Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | [1] | 1,001 | 196 |
90 days or more past due | [1] | 93 | 0 |
Total past due | [1] | 1,094 | 196 |
Current | [1] | 288,332 | 236,888 |
Total loans | [1] | 289,426 | 237,084 |
Residential real estate | Acquired Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | [4] | 654 | 748 |
90 days or more past due | [4] | 520 | 534 |
Total past due | [4] | 1,174 | 1,282 |
Current | [4] | 54,353 | 60,024 |
Total loans | [4] | 55,527 | 61,306 |
Commercial and industrial | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | 3,762 | 352 | |
90 days or more past due | 247 | 244 | |
Total past due | 4,009 | 596 | |
Current | 396,157 | 383,848 | |
Total loans | 400,166 | 384,444 | |
Commercial and industrial | Originated Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | [1] | 3,526 | 346 |
90 days or more past due | [1] | 237 | 239 |
Total past due | [1] | 3,763 | 585 |
Current | [1] | 375,326 | 362,750 |
Total loans | [1] | 379,089 | 363,335 |
Commercial and industrial | Acquired Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | [4] | 236 | 6 |
90 days or more past due | [4] | 10 | 5 |
Total past due | [4] | 246 | 11 |
Current | [4] | 20,831 | 21,098 |
Total loans | [4] | 21,077 | 21,109 |
Consumer | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | 143 | 262 | |
90 days or more past due | 11 | 12 | |
Total past due | 154 | 274 | |
Current | 39,112 | 39,576 | |
Total loans | 39,266 | 39,850 | |
Consumer | Originated Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | [1] | 127 | 209 |
90 days or more past due | [1] | 11 | 12 |
Total past due | [1] | 138 | 221 |
Current | [1] | 37,827 | 38,141 |
Total loans | [1] | 37,965 | 38,362 |
Consumer | Acquired Loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
30-89 days past due | [4] | 16 | 53 |
90 days or more past due | [4] | 0 | 0 |
Total past due | [4] | 16 | 53 |
Current | [4] | 1,285 | 1,435 |
Total loans | [4] | $ 1,301 | $ 1,488 |
[1] | Originated loans are loans organically made through the Company's normal and customary origination process, including ARM purchases. | ||
[2] | Originated loans are loans organically made through the Company's normal and customary origination process | ||
[3] | Originated loans are loans organically made through the Company's normal and customary origination process | ||
[4] | Acquired loans are loans acquired in the acquisition of Home. | ||
[5] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjE1ODk4NTFiMDFkNDQ3YTU5NGU4YzU2MDRiZTg1NDlkfFRleHRTZWxlY3Rpb246NDE4ODI1RURGQjYzMjAxMjU3RkVDQzc0NzI5NkY0QUYM} | ||
[6] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjE1ODk4NTFiMDFkNDQ3YTU5NGU4YzU2MDRiZTg1NDlkfFRleHRTZWxlY3Rpb246NDhENzI2NTJCMEMzRDM1OUYzMTZDQzc0NzI5NkY4RkQM} |
Loans and reserve for credit 45
Loans and reserve for credit losses (Impaired Financing Receivables) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, With specific valuation allowances | $ 1,497 | $ 4,217 |
Impaired loans, Without a related allowance | 11,312 | 2,725 |
Impaired loans, Total recorded balance | 12,809 | 6,942 |
Impaired loans, Unpaid principal balance | 17,267 | 8,680 |
Impaired loans, Related allowance | 201 | 242 |
Owner occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, With specific valuation allowances | 589 | 1,032 |
Impaired loans, Without a related allowance | 1,974 | 2,157 |
Impaired loans, Total recorded balance | 2,563 | 3,189 |
Impaired loans, Unpaid principal balance | 3,649 | 4,285 |
Impaired loans, Related allowance | 52 | 73 |
Non-owner occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, With specific valuation allowances | 638 | 646 |
Impaired loans, Without a related allowance | 1,931 | 0 |
Impaired loans, Total recorded balance | 2,569 | 646 |
Impaired loans, Unpaid principal balance | 2,568 | 646 |
Impaired loans, Related allowance | 5 | 5 |
Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, With specific valuation allowances | 1,227 | 1,678 |
Impaired loans, Without a related allowance | 3,905 | 2,157 |
Impaired loans, Total recorded balance | 5,132 | 3,835 |
Impaired loans, Unpaid principal balance | 6,217 | 4,931 |
Impaired loans, Related allowance | 57 | 78 |
Construction | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, With specific valuation allowances | 0 | 0 |
Impaired loans, Without a related allowance | 0 | 365 |
Impaired loans, Total recorded balance | 0 | 365 |
Impaired loans, Unpaid principal balance | 0 | 365 |
Impaired loans, Related allowance | 0 | 0 |
Residential real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, With specific valuation allowances | 0 | 0 |
Impaired loans, Without a related allowance | 0 | 18 |
Impaired loans, Total recorded balance | 0 | 18 |
Impaired loans, Unpaid principal balance | 0 | 18 |
Impaired loans, Related allowance | 0 | 0 |
Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, With specific valuation allowances | 270 | 2,539 |
Impaired loans, Without a related allowance | 7,407 | 185 |
Impaired loans, Total recorded balance | 7,677 | 2,724 |
Impaired loans, Unpaid principal balance | 11,050 | 3,366 |
Impaired loans, Related allowance | 144 | 164 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired loans, With specific valuation allowances | 0 | 0 |
Impaired loans, Without a related allowance | 0 | 0 |
Impaired loans, Total recorded balance | 0 | 0 |
Impaired loans, Unpaid principal balance | 0 | 0 |
Impaired loans, Related allowance | $ 0 | $ 0 |
Loans and reserve for credit 46
Loans and reserve for credit losses (Average Recorded Investment in Impaired Financing Receivables) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | $ 9,876 | $ 31,962 |
Owner occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 2,876 | 4,804 |
Non-owner occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 1,607 | 22,817 |
Commercial real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 4,483 | 27,621 |
Construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 183 | 853 |
Residential real estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 9 | 229 |
Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 5,201 | 3,259 |
Consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | $ 0 | $ 0 |
Loans and reserve for credit 47
Loans and reserve for credit losses (Schedule of Financing Receivables, Non Accrual Status) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Financing Receivables Nonaccrual [Line Items] | ||
Total non-accrual loans | $ 11,335 | $ 5,053 |
Total accruing loans which are contractually past due 90 days or more | 29 | 68 |
Owner occupied | ||
Schedule of Financing Receivables Nonaccrual [Line Items] | ||
Total non-accrual loans | 1,961 | 2,742 |
Non-owner occupied | ||
Schedule of Financing Receivables Nonaccrual [Line Items] | ||
Total non-accrual loans | 320 | 434 |
Commercial real estate | ||
Schedule of Financing Receivables Nonaccrual [Line Items] | ||
Total non-accrual loans | 2,281 | 3,176 |
Construction | ||
Schedule of Financing Receivables Nonaccrual [Line Items] | ||
Total non-accrual loans | 0 | 0 |
Residential real estate | ||
Schedule of Financing Receivables Nonaccrual [Line Items] | ||
Total non-accrual loans | 1,512 | 1,427 |
Commercial and industrial | ||
Schedule of Financing Receivables Nonaccrual [Line Items] | ||
Total non-accrual loans | 7,542 | 447 |
Total accruing loans which are contractually past due 90 days or more | 18 | 56 |
Consumer | ||
Schedule of Financing Receivables Nonaccrual [Line Items] | ||
Total non-accrual loans | 0 | 3 |
Total accruing loans which are contractually past due 90 days or more | $ 11 | $ 12 |
Loans and reserve for credit 48
Loans and reserve for credit losses Loans and reserve for credit losses (Schedule of Financing Receivables, Modified and Recorded as TDRs) ( (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)loan | Mar. 31, 2015USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | loan | 1 | 0 |
TDR outstanding recorded investment | $ | $ 22 | $ 0 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | loan | 0 | 0 |
TDR outstanding recorded investment | $ | $ 0 | $ 0 |
Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | loan | 0 | 0 |
TDR outstanding recorded investment | $ | $ 0 | $ 0 |
Residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | loan | 0 | 0 |
TDR outstanding recorded investment | $ | $ 0 | $ 0 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | loan | 1 | 0 |
TDR outstanding recorded investment | $ | $ 22 | $ 0 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of loans | loan | 0 | 0 |
TDR outstanding recorded investment | $ | $ 0 | $ 0 |
Loans and reserve for credit 49
Loans and reserve for credit losses Loans and reserve for credit losses (Schedule of Financing Receivables, Post Modification) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Rate reduction | $ 0 |
Term extension | 22 |
Rate reduction and term extension | 0 |
Total | 22 |
Commercial real estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Rate reduction | 0 |
Term extension | 0 |
Rate reduction and term extension | 0 |
Total | 0 |
Construction | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Rate reduction | 0 |
Term extension | 0 |
Rate reduction and term extension | 0 |
Total | 0 |
Residential real estate | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Rate reduction | 0 |
Term extension | 0 |
Rate reduction and term extension | 0 |
Total | 0 |
Commercial and industrial | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Rate reduction | 0 |
Term extension | 22 |
Rate reduction and term extension | 0 |
Total | 22 |
Consumer | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Rate reduction | 0 |
Term extension | 0 |
Rate reduction and term extension | 0 |
Total | $ 0 |
Loans and reserve for credit 50
Loans and reserve for credit losses (Narrative) (Details) | May. 16, 2014USD ($) | Mar. 31, 2016USD ($)payment | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Financing Receivable, Impaired [Line Items] | ||||||
Percentage of real estate related loans | 75.40% | |||||
Loans participated to third-parties | $ 46,300,000 | $ 44,200,000 | ||||
Loans and leases receivable, gross | $ 1,784,833,000 | $ 1,687,929,000 | ||||
Percentage of Loans Acquired, substandard | 5.60% | |||||
Loans And Leases Receivable Gross, percent | 100.00% | 100.00% | ||||
Percentage of Acquired Loans covered | 13.20% | |||||
Loan loss provision (recovery) | $ 0 | $ (2,000,000) | ||||
Loans and Leases Receivable, allowance | 24,430,000 | $ 24,415,000 | ||||
Total accruing loans which are contractually past due 90 days or more | 29,000 | 68,000 | ||||
Impaired loans, Total recorded balance | 12,809,000 | 6,942,000 | ||||
Impaired Financing Receivable, Interest Income, Cash Basis Method | 100,000 | |||||
Troubled Debt Restructuring | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Loan loss provision (recovery) | 0 | 0 | ||||
Loans and Leases Receivable, allowance | 0 | |||||
Impaired loans, Total recorded balance | $ 0 | 800,000 | ||||
Number of payments before upgrade to accrual status review | payment | 6 | |||||
Loans and Leases Receivable, impaired, commitment to lend | $ 0 | 0 | ||||
Unallocated | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Loans and Leases Receivable, allowance | 3,638,000 | 2,476,000 | ||||
Substandard | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Loans and leases receivable, gross | $ 49,490,000 | 39,499,000 | ||||
Originated Loans | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Percentage of real estate related loans | 73.40% | |||||
Loans and leases receivable, gross | [1],[2],[3] | $ 1,563,481,000 | $ 1,452,978,000 | |||
Loans And Leases Receivable Gross, percent | [2] | 100.00% | 100.00% | |||
Loans and Leases Receivable, allowance | [2] | $ 24,430,000 | $ 24,415,000 | |||
Originated Loans | Substandard | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Loans and leases receivable, gross | [1] | 37,062,000 | 25,802,000 | |||
Acquired Covered Loans | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Loans and leases receivable, gross | 29,100,000 | |||||
Loan Receivables | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Loan loss provision (recovery) | 0 | (2,000,000) | ||||
Loans and Leases Receivable, allowance | 24,430,000 | 23,244,000 | 24,415,000 | $ 22,053,000 | ||
Loan Receivables | Unallocated | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Loan loss provision (recovery) | 1,162,000 | (2,935,000) | ||||
Loans and Leases Receivable, allowance | 3,638,000 | $ 2,359,000 | $ 2,476,000 | $ 5,294,000 | ||
Acquired and Acquired Covered Loans | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Assets, fair value adjustment | $ 6,000,000 | 2,300,000 | ||||
Loans And Leases Receivable, Life of loans | 10 years | |||||
Loans and leases receivable, gross | $ 221,400,000 | |||||
Risk weighting for covered assets under loss sharing agreement, percentage | 20.00% | |||||
Risk weighting for covered assets not under loss sharing agreement, percentage | 100.00% | |||||
Acquired and Acquired Covered Loans | Single Family | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Loss Sharing Agreement, term | 10 years | |||||
Acquired and Acquired Covered Loans | Non-residential | ||||||
Financing Receivable, Impaired [Line Items] | ||||||
Loss Sharing Agreement, term | 5 years | |||||
Loss Sharing Agreement, recovery period | 3 years | |||||
[1] | Originated loans are loans organically made through the Company's normal and customary origination process | |||||
[2] | Originated loans are loans organically made through the Company's normal and customary origination process | |||||
[3] | Originated loans are loans organically made through the Company's normal and customary origination process, including ARM purchases. |
Other Real Estate Owned ("ORE51
Other Real Estate Owned ("OREO"), net (Other Real Estate Roll Forward) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Other Real Estate Owned [Roll Forward] | ||
Balance at beginning of period | $ 3,274 | $ 3,309 |
Additions | 0 | 1,558 |
Dispositions | 0 | (40) |
Change in valuation allowance | 0 | 3 |
Balances at end of period | $ 3,274 | $ 4,830 |
Other Real Estate Owned ("ORE52
Other Real Estate Owned ("OREO"), net (Schedule of Activity in Other Real Estate Owned Valuation Allowance) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Real Estate Owned Valuation Allowance [Roll Forward] | ||
Balance at beginning of period | $ 776 | $ 2,323 |
Additions to the valuation allowance | 0 | 5 |
Reductions due to sales | 0 | (8) |
Balance at end of period | $ 776 | $ 2,320 |
Other Real Estate Owned ("ORE53
Other Real Estate Owned ("OREO"), net (Schedule of Other Real Estate Owned Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Real Estate [Abstract] | ||
Operating costs | $ 45 | $ 52 |
Additions to the valuation allowance | 167 | 5 |
Total | $ 212 | $ 57 |
Mortgage Servicing Rights ("M54
Mortgage Servicing Rights ("MSRs") (Schedule of Serving Assets at Fair Value) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | ||
Balance at beginning of period | $ 2,186 | $ 2,248 |
Additions | 128 | 226 |
Amortization | (163) | (187) |
Change in valuation allowance | 0 | 0 |
Balances at end of period | $ 2,151 | $ 2,287 |
Mortgage Servicing Rights ("M55
Mortgage Servicing Rights ("MSRs") (Mortgage Banking Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Transfers and Servicing [Abstract] | ||
Origination and processing fees | $ 58 | $ 258 |
Gain on sales of mortgage loans, net | 439 | 552 |
MSR valuation allowance | 0 | 0 |
Servicing fees | 161 | 165 |
Amortization | (163) | (187) |
Mortgage banking income, net | $ 495 | $ 788 |
Mortgage Servicing Rights ("M56
Mortgage Servicing Rights ("MSRs") (Narrative) (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Transfers and Servicing [Abstract] | ||||
MSRs | $ 2,151,000 | $ 2,186,000 | $ 2,287,000 | $ 2,248,000 |
Valuation allowance | $ 0 | $ 0 |
Goodwill and other intangible57
Goodwill and other intangible assets (Details) $ in Thousands | Mar. 04, 2016USD ($)location | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Goodwill [Line Items] | |||
Goodwill | $ 82,594 | $ 78,610 | |
Core Deposits | |||
Goodwill [Line Items] | |||
Useful life | 10 years | ||
Bank Of America, Branch Locations | |||
Goodwill [Line Items] | |||
Number of Businesses Acquired | location | 15 | ||
Goodwill | $ 3,984 | $ 4,000 | |
Bank Of America, Branch Locations | Core Deposits | |||
Goodwill [Line Items] | |||
Useful life | 9 years 12 months | ||
Home Federal Bank | |||
Goodwill [Line Items] | |||
Goodwill | $ 78,600 |
Goodwill and other intangible58
Goodwill and other intangible assets - Intangible Assets (Details) - Core Deposits - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Gross core deposit intangibles balance, beginning of period | $ 8,196 | $ 8,196 | ||
Accumulated amortization, beginning of period | $ (1,333) | $ (513) | ||
Finite-lived Intangible Assets [Roll Forward] | ||||
Core deposit intangible, net, beginning of period | $ 6,863 | $ 7,683 | ||
Established through acquisitions | 6,427 | 0 | ||
CDI current period amortization | (205) | (205) | ||
Total core deposit intangible, end of period | $ 13,085 | $ 7,478 |
Goodwill and other intangible59
Goodwill and other intangible assets - Future Amortization Expense (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 1,097 |
2,017 | 1,462 |
2,018 | 1,462 |
2,019 | 1,462 |
2,020 | $ 1,462 |
Basic and Diluted Net Income 60
Basic and Diluted Net Income per Share (Schedule of Earnings Per Share Reconciliation) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net income | $ 1,940 | $ 5,118 |
Weighted-average shares outstanding - basic (in shares) | 71,883,745 | 71,673,368 |
Dilutive securities (in shares) | 269,191 | 178,113 |
Weighted-average shares outstanding - diluted (in shares) | 72,152,936 | 71,851,481 |
Common stock equivalent shares excluded due to antidilutive effect (in shares) | 3,361,524 | 3,368,731 |
Basic and diluted: | ||
Net income per common share (in dollars per share) | $ 0.03 | $ 0.07 |
Net income per common share (diluted) (in dollars per share) | $ 0.03 | $ 0.07 |
Stock-Based Compensation (Sched
Stock-Based Compensation (Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Dividend yield | 0.00% | 0.00% |
Expected volatility | 36.60% | |
Risk-free interest rate | 1.30% | |
Expected option lives | 5 years |
Stock-Based Compensation (Sch62
Stock-Based Compensation (Schedule of Share-based Compensation, Stock Options, Activity) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Options | |||
Options outstanding at beginning of period (in shares) | 3,375,909 | ||
Granted (in shares) | 0 | 3,300,000 | |
Canceled / forfeited (in shares) | (234) | ||
Expired (in shares) | (1,634) | ||
Options outstanding at end of period (in shares) | 3,374,041 | 3,375,909 | |
Options exercisable at end of period (in shares) | 74,041 | ||
Weighted- average exercise price | |||
Options outstanding at beginning of period ( in dollars per share) | $ 5.44 | ||
Granted (in dollars per share) | 0 | ||
Canceled / forfeited (in dollars per share) | 78.08 | ||
Expired (in dollars per share) | 151.20 | ||
Options outstanding at end of period (in dollars per share) | 5.34 | $ 5.44 | |
Options exercisable at end of period (in dollars per share) | $ 29.80 | ||
Options, Additional Disclosures | |||
Weighted-average remaining contractual term (years), Options outstanding | 8 years 9 months 30 days | 8 years 11 months 29 days | |
Weighted-average remaining contractual term (years), Options exercisable | 4 years 6 months 10 days | ||
Aggregate intrinsic value outstanding | $ 3,038,400 | $ 4,243,700 | |
Aggregate intrinsic value exercisable | $ 2,400 |
Stock-Based Compensation (Sch63
Stock-Based Compensation (Schedule of Nonvested Restricted Stock Units Activity) (Details) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Number of shares | |
Non-vested at beginning of period | shares | 909,410 |
Granted | shares | 0 |
Vested | shares | (5,148) |
Canceled / forfeited | shares | (15,571) |
Non-vested at end of period | shares | 888,691 |
Weighted- average grant date fair value per share | |
Non-vested at beginning of period (in dollars per share) | $ / shares | $ 6.37 |
Granted (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 6.80 |
Canceled / forfeited (in dollars per share) | $ / shares | 4.91 |
Non-vested at end of period (in dollars per share) | $ / shares | $ 6.39 |
Stock-Based Compensation (Narra
Stock-Based Compensation (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved under stock-based compensation plans, available for future grants | 286,709 | ||
Shares granted during period | 0 | ||
Options granted during period, gross | 0 | 3,300,000 | |
Granted (in dollars per share) | $ 0 | ||
Fair value assumptions, expected dividend rate | 0.00% | 0.00% | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 4.34 | ||
Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted during period | 0 | ||
Allocated share-based compensation expense | $ 300,000 | $ 200,000 | |
Total compensation cost not yet recognized, stock options | $ 4,100,000 | ||
Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted during period | 0 | 4,598 | |
Allocated share-based compensation expense | $ 400,000 | $ 300,000 | |
Unrecognized share based compensation - restricted stock units | $ 3,100,000 | ||
Restricted Stock | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Restricted Stock | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 5 years | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized share based compensation - restricted stock units | $ 0 | $ 0 |
Interest Rate Swap Derivative65
Interest Rate Swap Derivatives (Schedule Of Notional Amounts Of Outstanding Derivative Positions) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | ||
Derivative [Line Items] | ||||
Swap fee income | $ 666 | $ 515 | ||
Collateral already posted, fair value | 14,200 | $ 8,600 | ||
Interest Rate Swap | Not Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Asset derivative, notional/contract amount | 185,781 | 169,720 | ||
Liability derivatives, notional/contract amount | 185,781 | 169,720 | ||
Interest Rate Swap | Not Designated as Hedging Instrument | Other Assets | ||||
Derivative [Line Items] | ||||
Asset derivative, fair value | [1] | 14,620 | 8,646 | |
Interest Rate Swap | Not Designated as Hedging Instrument | Other Liabilities | ||||
Derivative [Line Items] | ||||
Liability derivatives, fair value | [2] | $ 14,620 | $ 8,646 | |
[1] | Included in Other Assets on the condensed consolidated balance sheet. | |||
[2] | Included in Other Liabilities on the condensed consolidated balance sheet. |
Interest Rate Swap Derivative66
Interest Rate Swap Derivatives (Offsetting Assets And Liabilities) (Details) - Interest Rate Swap - Not Designated as Hedging Instrument - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Other Assets | |||
Derivative [Line Items] | |||
Asset derivative, fair value | [1] | $ 14,620 | $ 8,646 |
Asset derivative, amounts offset in the Balance Sheet | 0 | 0 | |
Asset derivative, net amounts in the Balance Sheet | 14,620 | 8,646 | |
Asset derivative, netting adjustment per applicable master netting agreements | 0 | 0 | |
Asset derivative, fair value of financial collateral in the Balance Sheet | 0 | 0 | |
Asset derivative, net amount | 14,620 | 8,646 | |
Other Liabilities | |||
Derivative [Line Items] | |||
Liability derivatives, fair value | [2] | 14,620 | 8,646 |
Liability derivatives, amounts offset in Balance Sheet | 0 | 0 | |
Liability derivatives, net amounts in Balance Sheet | 14,620 | 8,646 | |
Liability derivatives, netting adjustment per applicable master netting agreements | 0 | 0 | |
Liability derivatives, fair value of financial collateral in the Balance Sheet | 14,185 | 8,595 | |
Liability derivatives, net amount | $ 435 | $ 51 | |
[1] | Included in Other Assets on the condensed consolidated balance sheet. | ||
[2] | Included in Other Liabilities on the condensed consolidated balance sheet. |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense (benefit) | $ 1,157 | $ 3,148 | |
Deferred tax assets, net | $ 49,387 | $ 50,673 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Financial Assets Measured on Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 428,909 | $ 310,262 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Interest rate swap derivatives | 0 | 0 |
Total assets | 0 | 0 |
Interest rate swap derivatives | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 428,909 | 310,262 |
Interest rate swap derivatives | 14,620 | 8,646 |
Total assets | 443,529 | 318,908 |
Interest rate swap derivatives | 14,620 | 8,646 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Interest rate swap derivatives | 0 | 0 |
Total assets | 0 | 0 |
Interest rate swap derivatives | $ 0 | $ 0 |
Fair Value Measurements (Fair69
Fair Value Measurements (Fair Value, Assets and Liabilities Measured on Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | $ 1,497 | $ 4,217 | ||
Other real estate owned | 3,274 | 3,274 | $ 4,830 | $ 3,309 |
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 0 | 0 | ||
Other real estate owned | 0 | |||
Assets, fair value, nonrecurring measurements | 0 | 0 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 0 | 0 | ||
Other real estate owned | 0 | |||
Assets, fair value, nonrecurring measurements | 0 | 0 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 28 | 50 | ||
Other real estate owned | 3,274 | |||
Assets, fair value, nonrecurring measurements | $ 28 | $ 3,324 |
Fair Value Measurements (Fair70
Fair Value Measurements (Fair Value Inputs, Assets, Quantitative Information) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Impaired loans | $ 1,497 | $ 4,217 | ||
Other real estate owned | 3,274 | 3,274 | $ 4,830 | $ 3,309 |
Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Impaired loans | 28 | 50 | ||
Other real estate owned | 3,274 | |||
Impaired Loans | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Impaired loans | $ 28 | $ 50 | ||
Valuation Techniques | Market approach | Market approach | ||
Unobservable Input | Appraised value less selling costs of 5% to 10% Additional discounts of 5% to 50% to appraised value to reflect liquidation value | Appraised value less selling costs of 5% to 10% Additional discounts of 5% to 50% to appraised value to reflect liquidation value | ||
Impaired Loans | Level 3 | Minimum | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Selling costs (as a percent) | 5.00% | 5.00% | ||
Discount to appraised value (as a percent) | 5.00% | 5.00% | ||
Impaired Loans | Level 3 | Maximum | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Selling costs (as a percent) | 10.00% | 10.00% | ||
Discount to appraised value (as a percent) | 50.00% | 50.00% | ||
Other Real Estate Owned | Level 3 | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Other real estate owned | $ 3,274 | |||
Valuation Techniques | Market approach | |||
Unobservable Input | Appraised value less selling costs of 5% to 10% | |||
Other Real Estate Owned | Level 3 | Minimum | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Selling costs (as a percent) | 5.00% | 5.00% | ||
Other Real Estate Owned | Level 3 | Maximum | ||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||
Selling costs (as a percent) | 10.00% | 10.00% |
Fair Value Measurements (Fair71
Fair Value Measurements (Fair Value, by Balance Sheet Grouping) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Estimated fair value | $ 428,909 | $ 310,262 | ||
Investment Securities held-to-maturity, estimated fair value (in dollars) | 149,268 | 142,260 | ||
MSRs | 2,151 | 2,186 | $ 2,287 | $ 2,248 |
Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Estimated fair value | 0 | 0 | ||
Interest rate swap derivatives | 0 | 0 | ||
Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Estimated fair value | 428,909 | 310,262 | ||
Interest rate swap derivatives | 14,620 | 8,646 | ||
Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Estimated fair value | 0 | 0 | ||
Interest rate swap derivatives | 0 | 0 | ||
Carrying Value | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 343,523 | 77,805 | ||
Estimated fair value | 428,909 | 310,262 | ||
Investment Securities held-to-maturity, estimated fair value (in dollars) | 144,029 | 139,424 | ||
FHLB stock | 3,137 | 3,000 | ||
Loans held-for-sale | 4,246 | 3,621 | ||
Loans, net | 1,758,598 | 1,662,095 | ||
BOLI | 54,708 | 54,450 | ||
MSRs | 2,151 | 2,186 | ||
Interest rate swap derivatives | 14,620 | 8,646 | ||
Deposits | 2,576,038 | 2,083,088 | ||
Interest rate swap derivatives | 14,620 | 8,646 | ||
Fair Value | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 343,523 | 77,805 | ||
Fair Value | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Estimated fair value | 428,909 | 310,262 | ||
Investment Securities held-to-maturity, estimated fair value (in dollars) | 149,268 | 142,260 | ||
FHLB stock | 3,137 | 3,000 | ||
Loans held-for-sale | 4,246 | 3,621 | ||
Interest rate swap derivatives | 14,620 | 8,646 | ||
Deposits | 2,575,876 | 2,082,748 | ||
Interest rate swap derivatives | 14,620 | 8,646 | ||
Fair Value | Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans, net | 1,769,596 | 1,656,986 | ||
BOLI | 54,708 | 54,450 | ||
MSRs | $ 2,902 | $ 3,027 |
Regulatory Matters (Schedule of
Regulatory Matters (Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations) (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Cascade Bancorp | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Actual capital amount Tier 1 leverage (to average assets) | $ 217,907 | $ 227,542 |
Actual capital amount to Tier 1 common (to risk-weighted assets) | 217,907 | 227,542 |
Actual capital amount Tier 1 capital (to risk-weighted assets) | 217,907 | 227,542 |
Actual capital amount total capital (to risk-weighted assets) | $ 242,780 | $ 252,401 |
Actual ratio Tier 1 leverage (to average assets) | 8.60% | 9.40% |
Actual ratio Tier 1 common (to risk-weighted assets) | 10.40% | 11.50% |
Actual ratio Tier 1 capital (to risk-weighted assets) | 10.40% | 11.50% |
Actual ratio Total capital (to risk-weighted assets) | 11.60% | 12.80% |
Regulatory minimum to be adequately capitalized capital amount Tier 1 leverage (to average assets) | $ 100,857 | $ 96,817 |
Regulatory minimum to be adequately capitalized capital amount Tier 1 common (to risk-weighted assets) | 94,133 | 88,818 |
Regulatory minimum to be adequately capitalized capital amount Tier 1capital (to risk-weighted assets) | 125,511 | 118,424 |
Regulatory minimum to be adequately capitalized total capital (to risk-weighted assets) | $ 167,348 | $ 157,898 |
Regulatory minimum to be adequately capitalized ratio Tier 1 leverage (to average assets) | 4.00% | 4.00% |
Regulatory minimum to be adequately capitalized ratio Tier 1 common (to risk-weighted assets) | 4.50% | 4.50% |
Regulatory minimum to be adequately capitalized ratio Tier 1capital (to risk-weighted assets) | 6.00% | 6.00% |
Regulatory minimum to be adequately capitalized ratio Total capital (to risk-weighted assets) | 8.00% | 8.00% |
Regulatory minimum to be well capitalized under prompt corrective action provisions capital amount Tier 1 leverage (to average assets) | $ 126,072 | $ 121,022 |
Regulatory minimum to be well capitalized under prompt corrective action provisions common equity Tier 1 (to risk-weighted assets) | 135,970 | 128,292 |
Regulatory minimum to be well capitalized under prompt corrective action provisions capital amount Tier 1 capital (to risk-weighted assets) | 167,348 | 157,898 |
Regulatory minimum to be well capitalized under prompt corrective action provisions total capital amount (to risk-weighted assets) | $ 209,185 | $ 197,373 |
Regulatory minimum to be well capitalized under prompt corrective action provisions capital ratio Tier 1 leverage (to average assets) | 5.00% | 5.00% |
Regulatory minimum to be well capitalized under prompt corrective action provisions capital ratio Tier 1 common (to risk-weighted assets) | 6.50% | 6.50% |
Regulatory minimum to be well capitalized under prompt corrective action provisions capital ratio Tier 1 capital (to risk-weighted assets) | 8.00% | 8.00% |
Regulatory minimum to be well capitalized under prompt corrective action provisions total capital ratio (to risk-weighted assets) | 10.00% | 10.00% |
Bank of the Cascades | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Actual capital amount Tier 1 leverage (to average assets) | $ 213,514 | $ 223,533 |
Actual capital amount to Tier 1 common (to risk-weighted assets) | 213,514 | 223,533 |
Actual capital amount Tier 1 capital (to risk-weighted assets) | 213,514 | 223,533 |
Actual capital amount total capital (to risk-weighted assets) | $ 238,387 | $ 248,346 |
Actual ratio Tier 1 leverage (to average assets) | 8.50% | 9.30% |
Actual ratio Tier 1 common (to risk-weighted assets) | 10.20% | 11.40% |
Actual ratio Tier 1 capital (to risk-weighted assets) | 10.20% | 11.40% |
Actual ratio Total capital (to risk-weighted assets) | 11.40% | 12.60% |
Regulatory minimum to be adequately capitalized capital amount Tier 1 leverage (to average assets) | $ 100,663 | $ 96,662 |
Regulatory minimum to be adequately capitalized capital amount Tier 1 common (to risk-weighted assets) | 93,977 | 88,663 |
Regulatory minimum to be adequately capitalized capital amount Tier 1capital (to risk-weighted assets) | 125,303 | 118,218 |
Regulatory minimum to be adequately capitalized total capital (to risk-weighted assets) | $ 167,070 | $ 157,624 |
Regulatory minimum to be adequately capitalized ratio Tier 1 leverage (to average assets) | 4.00% | 4.00% |
Regulatory minimum to be adequately capitalized ratio Tier 1 common (to risk-weighted assets) | 4.50% | 4.50% |
Regulatory minimum to be adequately capitalized ratio Tier 1capital (to risk-weighted assets) | 6.00% | 6.00% |
Regulatory minimum to be adequately capitalized ratio Total capital (to risk-weighted assets) | 8.00% | 8.00% |
Regulatory minimum to be well capitalized under prompt corrective action provisions capital amount Tier 1 leverage (to average assets) | $ 125,829 | $ 120,827 |
Regulatory minimum to be well capitalized under prompt corrective action provisions common equity Tier 1 (to risk-weighted assets) | 135,745 | 128,069 |
Regulatory minimum to be well capitalized under prompt corrective action provisions capital amount Tier 1 capital (to risk-weighted assets) | 167,070 | 157,624 |
Regulatory minimum to be well capitalized under prompt corrective action provisions total capital amount (to risk-weighted assets) | $ 208,838 | $ 197,030 |
Regulatory minimum to be well capitalized under prompt corrective action provisions capital ratio Tier 1 leverage (to average assets) | 5.00% | 5.00% |
Regulatory minimum to be well capitalized under prompt corrective action provisions capital ratio Tier 1 common (to risk-weighted assets) | 6.50% | 6.50% |
Regulatory minimum to be well capitalized under prompt corrective action provisions capital ratio Tier 1 capital (to risk-weighted assets) | 8.00% | 8.00% |
Regulatory minimum to be well capitalized under prompt corrective action provisions total capital ratio (to risk-weighted assets) | 10.00% | 10.00% |
Subsequent Event Agreement and
Subsequent Event Agreement and Plan of Merger (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 26, 2016 | Apr. 22, 2016 |
Prime Pacific Financial Services | ||
Subsequent Event [Line Items] | ||
Total assets | $ 119.4 | |
Prime Pacific Financial Services | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Net loans | 94.7 | |
Total deposits | $ 104.8 | |
Number of shares called by each right | 0.3050 | |
Share price (usd per share) | $ 1.79 | |
Consideration transferred | $ 17.1 | |
Percentage of voting interests acquired | 3.80% | |
Cascade Bancorp | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Share price (usd per share) | $ 5.86 | |
Minimum | Cascade Bancorp | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Share price (usd per share) | 5.10 | |
Maximum | Cascade Bancorp | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Share price (usd per share) | $ 6.90 |