Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 22, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'GLACIER BANCORP INC | ' |
Entity Central Index Key | '0000868671 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 74,321,966 |
Unaudited_Condensed_Consolidat
Unaudited Condensed Consolidated Statements of Financial Condition (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Assets | ' | ' |
Cash on hand and in banks | $130,285 | $123,270 |
Interest bearing cash deposits and federal funds sold | 124,399 | 63,770 |
Cash and cash equivalents | 254,684 | 187,040 |
Investment securities, available-for-sale | 3,318,953 | 3,683,005 |
Loans held for sale | 61,505 | 145,501 |
Loans receivable | 4,001,099 | 3,397,425 |
Allowance for loan and lease losses | -130,765 | -130,854 |
Loans receivable, net | 3,870,334 | 3,266,571 |
Premises and equipment, net | 168,633 | 158,989 |
Other real estate owned | 36,531 | 45,115 |
Accrued interest receivable | 44,261 | 37,770 |
Deferred tax asset | 47,957 | 20,394 |
Core deposit intangible, net | 10,228 | 6,174 |
Goodwill | 129,706 | 106,100 |
Non-marketable equity securities | 52,192 | 48,812 |
Other assets | 52,946 | 41,969 |
Total assets | 8,047,930 | 7,747,440 |
Liabilities | ' | ' |
Non-interest bearing deposits | 1,397,401 | 1,191,933 |
Interest bearing deposits | 4,215,479 | 4,172,528 |
Securities sold under agreements to repurchase | 314,313 | 289,508 |
Federal Home Loan Bank advances | 967,382 | 997,013 |
Other borrowed funds | 8,466 | 10,032 |
Subordinated debentures | 125,526 | 125,418 |
Accrued interest payable | 3,568 | 4,675 |
Other liabilities | 67,988 | 55,384 |
Total liabilities | 7,100,123 | 6,846,491 |
Stockholders' Equity | ' | ' |
Preferred shares, $0.01 par value per share, 1,000,000 shares authorized, none issued or outstanding | 0 | 0 |
Common stock, $0.01 par value per share, 117,187,500 shares authorized | 743 | 719 |
Paid-in capital | 689,751 | 641,737 |
Retained earnings - substantially restricted | 247,330 | 210,531 |
Accumulated other comprehensive income | 9,983 | 47,962 |
Total stockholders' equity | 947,807 | 900,949 |
Total liabilities and stockholders' equity | $8,047,930 | $7,747,440 |
Number of common stock shares issued and outstanding | 74,307,951 | 71,937,222 |
Unaudited_Condensed_Consolidat1
Unaudited Condensed Consolidated Statements of Financial Condition (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred shares, par value | $0.01 | $0.01 |
Preferred shares, authorized | 1,000,000 | 1,000,000 |
Preferred shares, issued | 0 | 0 |
Preferred shares, outstanding | 0 | 0 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 117,187,500 | 117,187,500 |
Unaudited_Condensed_Consolidat2
Unaudited Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Interest Income | ' | ' | ' | ' |
Residential real estate loans | $7,320 | $7,740 | $21,606 | $23,019 |
Commercial loans | 34,291 | 30,293 | 92,788 | 91,764 |
Consumer and other loans | 8,447 | 8,826 | 24,220 | 26,809 |
Investment securities | 19,473 | 15,156 | 51,023 | 52,499 |
Total interest income | 69,531 | 62,015 | 189,637 | 194,091 |
Interest Expense | ' | ' | ' | ' |
Deposits | 3,398 | 4,485 | 10,584 | 14,048 |
Securities sold under agreements to repurchase | 209 | 395 | 646 | 997 |
Federal Home Loan Bank advances | 2,730 | 3,116 | 8,029 | 9,715 |
Federal funds purchased and other borrowed funds | 54 | 53 | 160 | 176 |
Subordinated debentures | 795 | 858 | 2,410 | 2,613 |
Total interest expense | 7,186 | 8,907 | 21,829 | 27,549 |
Net Interest Income | 62,345 | 53,108 | 167,808 | 166,542 |
Provision for loan losses | 1,907 | 2,700 | 5,085 | 19,250 |
Net interest income after provision for loan losses | 60,438 | 50,408 | 162,723 | 147,292 |
Non-Interest Income | ' | ' | ' | ' |
Service charges and other fees | 13,711 | 11,939 | 36,115 | 33,722 |
Miscellaneous loan fees and charges | 1,408 | 1,080 | 3,650 | 3,139 |
Gain on sale of loans | 7,021 | 8,728 | 23,582 | 23,063 |
Loss on sale of investments | -403 | 0 | -299 | 0 |
Other income | 2,136 | 2,227 | 6,997 | 6,179 |
Total non-interest income | 23,873 | 23,974 | 70,045 | 66,103 |
Non-Interest Expense | ' | ' | ' | ' |
Compensation and employee benefits | 27,469 | 24,046 | 76,963 | 71,290 |
Occupancy and equipment | 6,421 | 6,001 | 18,152 | 17,794 |
Advertising and promotions | 1,897 | 1,820 | 5,066 | 4,935 |
Outsourced data processing | 1,232 | 801 | 2,870 | 2,435 |
Other real estate owned | 1,049 | 6,373 | 4,901 | 15,394 |
Federal Deposit Insurance Corporation premiums | 1,331 | 1,767 | 3,789 | 4,779 |
Core deposit intangibles amortization | 693 | 532 | 1,684 | 1,619 |
Other expense | 10,276 | 8,838 | 28,858 | 27,167 |
Total non-interest expense | 50,368 | 50,178 | 142,283 | 145,413 |
Income Before Income Taxes | 33,943 | 24,204 | 90,485 | 67,982 |
Federal and state income tax expense | 8,315 | 4,760 | 21,387 | 13,224 |
Net Income | $25,628 | $19,444 | $69,098 | $54,758 |
Basic earnings per share | $0.35 | $0.27 | $0.95 | $0.76 |
Diluted earnings per share | $0.35 | $0.27 | $0.95 | $0.76 |
Dividends declared per share | $0.15 | $0.13 | $0.44 | $0.39 |
Average outstanding shares - basic | 73,945,523 | 71,933,141 | 72,804,321 | 71,925,664 |
Average outstanding shares - diluted | 74,021,871 | 71,973,985 | 72,869,475 | 71,925,761 |
Unaudited_Condensed_Consolidat3
Unaudited Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $25,628 | $19,444 | $69,098 | $54,758 |
Other Comprehensive Income, Net of Tax | ' | ' | ' | ' |
Unrealized (losses) gains on available-for-sale securities | -21,600 | 8,733 | -77,285 | 31,965 |
Reclassification adjustment for losses included in net income | 403 | 0 | 299 | 0 |
Net unrealized (losses) gains on securities | -21,197 | 8,733 | -76,986 | 31,965 |
Tax effect | 8,246 | -3,398 | 29,948 | -12,435 |
Net of tax amount | -12,951 | 5,335 | -47,038 | 19,530 |
Unrealized (losses) gains on derivatives used for cash flow hedges | -735 | -2,507 | 14,827 | -8,446 |
Tax effect | 287 | 975 | -5,768 | 3,285 |
Net of tax amount | -448 | -1,532 | 9,059 | -5,161 |
Total other comprehensive (loss) income, net of tax | -13,399 | 3,803 | -37,979 | 14,369 |
Total Comprehensive Income | $12,229 | $23,247 | $31,119 | $69,127 |
Unaudited_Condensed_Consolidat4
Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity (USD $) | Total | Common Stock | Paid-in Capital | Retained Earnings Substantially Restricted | Accumulated Other Comprehensive Income |
In Thousands, except Share data | |||||
Balance, beginning at Dec. 31, 2011 | $850,227 | $719 | $642,882 | $173,139 | $33,487 |
Balance, beginning, shares at Dec. 31, 2011 | ' | 71,915,073 | ' | ' | ' |
Net income | 54,758 | ' | ' | 54,758 | ' |
Comprehensive income (loss), accumulated other comprehensive income | 14,369 | ' | ' | ' | 14,369 |
Comprehensive income, total | 69,127 | ' | ' | ' | ' |
Cash dividends declared | -28,052 | ' | ' | -28,052 | ' |
Stock issuances under stock incentive plans, shares | ' | 22,149 | ' | ' | ' |
Stock issuances under stock incentive plans, value | 323 | 0 | 323 | ' | ' |
Stock-based compensation and related taxes | -1,468 | ' | -1,468 | ' | ' |
Balance, ending at Sep. 30, 2012 | 890,157 | 719 | 641,737 | 199,845 | 47,856 |
Balance, ending, shares at Sep. 30, 2012 | ' | 71,937,222 | ' | ' | ' |
Balance, beginning at Dec. 31, 2012 | 900,949 | 719 | 641,737 | 210,531 | 47,962 |
Balance, beginning, shares at Dec. 31, 2012 | 71,937,222 | 71,937,222 | ' | ' | ' |
Net income | 69,098 | ' | ' | 69,098 | ' |
Comprehensive income (loss), accumulated other comprehensive income | -37,979 | ' | ' | ' | -37,979 |
Comprehensive income, total | 31,119 | ' | ' | ' | ' |
Cash dividends declared | -32,299 | ' | ' | -32,299 | ' |
Stock issuances under stock incentive plans, shares | ' | 227,597 | ' | ' | ' |
Stock issuances under stock incentive plans, value | 3,502 | 2 | 3,500 | ' | ' |
Stock issued in connection with acquisitions, shares | ' | 2,143,132 | ' | ' | ' |
Stock issued in connection with acquisitions, value | 45,034 | 22 | 45,012 | ' | ' |
Stock-based compensation and related taxes | -498 | ' | -498 | ' | ' |
Balance, ending at Sep. 30, 2013 | $947,807 | $743 | $689,751 | $247,330 | $9,983 |
Balance, ending, shares at Sep. 30, 2013 | 74,307,951 | 74,307,951 | ' | ' | ' |
Unaudited_Condensed_Consolidat5
Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Cash dividends declared per share | $0.44 | $0.39 |
Retained Earnings Substantially Restricted | ' | ' |
Cash dividends declared per share | $0.44 | $0.39 |
Unaudited_Condensed_Consolidat6
Unaudited Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities | ' | ' |
Net income | $69,098 | $54,758 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Provision for loan losses | 5,085 | 19,250 |
Net amortization of investment securities premiums and discounts | 55,043 | 48,712 |
Federal Home Loan Bank stock dividends | 0 | -5 |
Mortgage loans held for sale originated or acquired | -760,860 | -844,155 |
Proceeds from sales of mortgage loans held for sale | 904,066 | 872,659 |
Gain on sale of loans | -23,582 | -23,063 |
Loss on sale of investments | 299 | 0 |
Stock-based compensation expense, net of tax benefits | 800 | 255 |
Excess tax deficiencies from stock-based compensation | 219 | 8 |
Depreciation of premises and equipment | 7,408 | 7,384 |
Loss on sale of other real estate owned and writedown, net | 1,276 | 11,671 |
Amortization of core deposit intangibles | 1,684 | 1,619 |
Net increase in accrued interest receivable | -2,628 | -4,398 |
Net decrease (increase) in other assets | 3,459 | -3,649 |
Net decrease in accrued interest payable | -1,290 | -1,172 |
Net increase in other liabilities | 12,526 | 13,082 |
Net cash provided by operating activities | 272,603 | 152,956 |
Investing Activities | ' | ' |
Proceeds from sales, maturities and prepayments of investment securities, available-for-sale | 1,676,928 | 1,397,533 |
Purchases of investment securities, available-for-sale | -1,321,504 | -1,873,893 |
Principal collected on loans | 854,553 | 706,240 |
Loans originated or acquired | -1,121,384 | -716,729 |
Net addition of premises and equipment and other real estate owned | -6,861 | -7,896 |
Proceeds from sale of other real estate owned | 18,131 | 28,483 |
Net sale (purchase) of non-marketable equity securities | 583 | -664 |
Net cash received from acquisitions | 26,155 | 0 |
Net cash provided by (used in) investment activities | 126,601 | -466,926 |
Financing Activities | ' | ' |
Net (decrease) increase in deposits | -301,759 | 381,884 |
Net increase in securities sold under agreements to repurchase | 24,805 | 156,193 |
Net decrease in Federal Home Loan Bank advances | -35,098 | -152,025 |
Net (decrease) increase in federal funds purchased and other borrowed funds | -1,458 | 264 |
Cash dividends paid | -21,153 | -28,052 |
Excess tax deficiencies from stock-based compensation | -219 | -8 |
Proceeds from stock options exercised | 3,322 | 81 |
Net cash (used in) provided by financing activities | -331,560 | 358,337 |
Net increase in cash and cash equivalents | 67,644 | 44,367 |
Cash and cash equivalents at beginning of period | 187,040 | 128,032 |
Cash and cash equivalents at end of period | 254,684 | 172,399 |
Supplemental Disclosure of Cash Flow Information | ' | ' |
Cash paid during the period for interest | 23,120 | 28,721 |
Cash paid during the period for income taxes | 17,283 | 18,081 |
Supplemental Disclosure of Non-Cash Investing Activities | ' | ' |
Sale and refinancing of other real estate owned | 3,549 | 1,578 |
Transfer of loans to other real estate owned | 13,091 | 21,029 |
Fair value of common stock shares issued | 45,033 | 0 |
Cash consideration for outstanding shares | 24,858 | 0 |
Fair value of assets acquired | 630,569 | 0 |
Liabilities assumed | $560,678 | $0 |
Nature_of_Operations_and_Summa
Nature of Operations and Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||
Nature of Operations and Summary of Significant Accounting Policies | ' | ||||||||||||
Note 1. Nature of Operations and Summary of Significant Accounting Policies | |||||||||||||
General | |||||||||||||
Glacier Bancorp, Inc. (“Company”) is a Montana corporation headquartered in Kalispell, Montana. The Company provides a full range of banking services to individual and corporate customers in Montana, Idaho, Wyoming, Colorado, Utah and Washington through thirteen divisions of its wholly-owned bank subsidiary, Glacier Bank (“Bank”). The Company offers a wide range of banking products and services, including transaction and savings deposits, real estate, commercial, agriculture and consumer loans, mortgage origination services, and retail brokerage services. The Company serves individuals, small to medium-sized businesses, community organizations and public entities. | |||||||||||||
In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the Company’s financial condition as of September 30, 2013, the results of operations and comprehensive income for the three and nine month periods ended September 30, 2013 and 2012, and changes in stockholders’ equity and cash flows for the nine month periods ended September 30, 2013 and 2012. The condensed consolidated statement of financial condition of the Company as of December 31, 2012 has been derived from the audited consolidated statements of the Company as of that date. | |||||||||||||
The accompanying unaudited condensed consolidated financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. Operating results for the nine months ended September 30, 2013 are not necessarily indicative of the results anticipated for the year ending December 31, 2013. | |||||||||||||
The Company is a defendant in legal proceedings arising in the normal course of business. In the opinion of management, the disposition of pending litigation will not have a material affect on the Company’s consolidated financial position, results of operations or liquidity. | |||||||||||||
Material estimates that are particularly susceptible to significant change include the determination of the allowance for loan and lease losses (“ALLL” or “allowance”) and the valuations related to investments and real estate acquired in connection with foreclosures or in satisfaction of loans. For the determination of the ALLL and real estate valuation estimates, management obtains independent appraisals (new or updated) for significant items. Estimates relating to investment valuations are obtained from independent third parties. | |||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements of the Company include the parent holding company and the Bank. The Bank consists of thirteen bank divisions, a treasury division and an information technology division. Each of the bank divisions operate under separate names, management teams and directors. The Company considers the Bank to be its sole operating segment as the Bank 1) engages in similar bank business activity from which it earns revenues and incurs expenses, 2) the operating results of the Bank are regularly reviewed by the Chief Executive Officer (i.e., the chief operating decision maker) who makes decisions about resources to be allocated to the Bank, and 3) financial information is available for the Bank. All significant inter-company transactions have been eliminated in consolidation. | |||||||||||||
On May 31, 2013, the Company completed its acquisition of Wheatland Bankshares, Inc. (“Wheatland”) and its wholly-owned subsidiary, First State Bank, a community bank based in Wheatland, Wyoming. On July 31, 2013, the Company completed its acquisition of North Cascades Bancshares, Inc. (“NCBI”) and its wholly-owned subsidiary, North Cascades National Bank, a community bank based in Chelan, Washington. Both transactions were accounted for using the acquisition method, and their results of operations have been included in the Company’s consolidated financial statements as of the acquisition dates. | |||||||||||||
The Company formed GBCI Other Real Estate (“GORE”) to isolate certain bank foreclosed properties for legal protection and administrative purposes and the remaining properties are currently held for sale. GORE is included in the Bank operating segment due to its insignificant activity. | |||||||||||||
The Company owns the following trust subsidiaries, each of which issued trust preferred securities as Tier 1 capital instruments: Glacier Capital Trust II, Glacier Capital Trust III, Glacier Capital Trust IV, Citizens (ID) Statutory Trust I, Bank of the San Juans Bancorporation Trust I, First Company Statutory Trust 2001 and First Company Statutory Trust 2003. The trust subsidiaries are not included in the Company’s consolidated financial statements. | |||||||||||||
Variable Interest Entities | |||||||||||||
The Company has equity investments in Certified Development Entities (“CDE”) which have received allocations of New Markets Tax Credits (“NMTC”). The Company also has equity investments in Low-Income Housing Tax Credit (“LIHTC”) partnerships. The CDEs and the LIHTC partnerships are variable interest entities (“VIE”). | |||||||||||||
The following table summarizes the carrying amounts of the VIE’s assets and liabilities included in the Company’s consolidated financial statements at September 30, 2013 and December 31, 2012: | |||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||
(Dollars in thousands) | CDE (NMTC) | LIHTC | CDE (NMTC) | LIHTC | |||||||||
Assets | |||||||||||||
Loans receivable | $ | 35,956 | — | 35,480 | — | ||||||||
Premises and equipment, net | — | 13,641 | — | 16,066 | |||||||||
Accrued interest receivable | 113 | — | 117 | — | |||||||||
Other assets | 903 | 153 | 1,114 | 143 | |||||||||
Total assets | $ | 36,972 | 13,794 | 36,711 | 16,209 | ||||||||
Liabilities | |||||||||||||
Other borrowed funds | $ | 4,555 | 1,723 | 4,555 | 3,639 | ||||||||
Accrued interest payable | 4 | 5 | 4 | 6 | |||||||||
Other liabilities | 92 | 203 | 182 | 136 | |||||||||
Total liabilities | $ | 4,651 | 1,931 | 4,741 | 3,781 | ||||||||
Amounts presented in the table above are adjusted for intercompany eliminations. All assets presented can be used only to settle obligations of the consolidated VIEs and all liabilities presented consist of liabilities for which creditors and other beneficial interest holders therein have no recourse to the general credit of the Company. | |||||||||||||
Loans Receivable | |||||||||||||
Loans that are intended to be held-to-maturity are reported at the unpaid principal balance less net charge-offs and adjusted for deferred fees and costs on originated loans and unamortized premiums or discounts on acquired loans. Fees and costs on originated loans and premiums or discounts on acquired loans are deferred and subsequently amortized or accreted as a yield adjustment over the expected life of the loan utilizing the interest method. The objective of the interest method is to calculate periodic interest income at a constant effective yield. When a loan is paid off prior to maturity, the remaining fees and costs on originated loans and premiums or discounts on acquired loans are immediately recognized into interest income. | |||||||||||||
The Company’s loan segments, which are based on the purpose of the loan, include residential real estate, commercial, and consumer loans. The Company’s loan classes, a further disaggregation of segments, include residential real estate loans (residential real estate segment), commercial real estate and other commercial loans (commercial segment), and home equity and other consumer loans (consumer segment). | |||||||||||||
Loans that are thirty days or more past due based on payments received and applied to the loan are considered delinquent. Loans are designated non-accrual and the accrual of interest is discontinued when the collection of the contractual principal or interest is unlikely. A loan is typically placed on non-accrual when principal or interest is due and has remained unpaid for ninety days or more. When a loan is placed on non-accrual status, interest previously accrued but not collected is reversed against current period interest income. Subsequent payments are applied to the outstanding principal balance if doubt remains as to the ultimate collectability of the loan. Interest accruals are not resumed on partially charged-off impaired loans. For other loans on nonaccrual, interest accruals are resumed on such loans only when they are brought fully current with respect to interest and principal and when, in the judgment of management, the loans are estimated to be fully collectible as to both principal and interest. | |||||||||||||
The Company considers impaired loans to be the primary credit quality indicator for monitoring the credit quality of the loan portfolio. Loans are designated impaired when, based upon current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement and therefore, the Company has serious doubts as to the ability of such borrowers to fulfill the contractual obligation. Impaired loans include non-performing loans (i.e., non-accrual loans and accruing loans ninety days or more past due) and accruing loans under ninety days past due where it is probable payments will not be received according to the loan agreement (e.g., troubled debt restructuring). Interest income on accruing impaired loans is recognized using the interest method. The Company measures impairment on a loan-by-loan basis in the same manner for each class within the loan portfolio. An insignificant delay or shortfall in the amounts of payments would not cause a loan or lease to be considered impaired. The Company determines the significance of payment delays and shortfalls on a case-by-case basis, taking into consideration all of the facts and circumstances surrounding the loan and the borrower, including the length and reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest due. | |||||||||||||
A restructured loan is considered a troubled debt restructuring (“TDR”) if the creditor, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. A TDR loan is considered an impaired loan and a specific valuation allowance is established when the fair value of the collateral-dependent loan or present value of the loan’s expected future cash flows (discounted at the loan’s effective interest rate based on the original contractual rate) is lower than the carrying value of the impaired loan. The Company made the following types of loan modifications, some of which were considered a TDR: | |||||||||||||
• | Reduction of the stated interest rate for the remaining term of the debt; | ||||||||||||
• | Extension of the maturity date(s) at a stated rate of interest lower than the current market rate for newly originated debt having similar risk characteristics; and | ||||||||||||
• | Reduction of the face amount of the debt as stated in the debt agreements. | ||||||||||||
The Company recognizes that while borrowers may experience deterioration in their financial condition, many continue to be creditworthy customers who have the willingness and capacity for debt repayment. In determining whether non-restructured or unimpaired loans issued to a single or related party group of borrowers should continue to accrue interest when the borrower has other loans that are impaired or are TDRs, the Company on a quarterly or more frequent basis performs an updated and comprehensive assessment of the willingness and capacity of the borrowers to timely and ultimately repay their total debt obligations, including contingent obligations. Such analysis takes into account current financial information about the borrowers and financially responsible guarantors, if any, including for example: | |||||||||||||
• | analysis of global, i.e., aggregate debt service for total debt obligations; | ||||||||||||
• | assessment of the value and security protection of collateral pledged using current market conditions and alternative market assumptions across a variety of potential future situations; and | ||||||||||||
• | loan structures and related covenants. | ||||||||||||
For additional information relating to loans, see Note 3. | |||||||||||||
Allowance for Loan and Lease Losses | |||||||||||||
Based upon management’s analysis of the Company’s loan portfolio, the balance of the ALLL is an estimate of probable credit losses known and inherent within the Bank’s loan portfolio as of the date of the consolidated financial statements. The ALLL is analyzed at the loan class level and is maintained within a range of estimated losses. Determining the adequacy of the ALLL involves a high degree of judgment and is inevitably imprecise as the risk of loss is difficult to quantify. The determination of the ALLL and the related provision for loan losses is a critical accounting estimate that involves management’s judgments about all known relevant internal and external environmental factors that affect loan losses. The balance of the ALLL is highly dependent upon management’s evaluations of borrowers’ current and prospective performance, appraisals and other variables affecting the quality of the loan portfolio. Individually significant loans and major lending areas are reviewed periodically to determine potential problems at an early date. Changes in management’s estimates and assumptions are reasonably possible and may have a material impact upon the Company’s consolidated financial statements, results of operations or capital. | |||||||||||||
The ALLL consists of a specific valuation allowance component and a general valuation allowance component. The specific component relates to loans that are determined to be impaired and individually evaluated for impairment. The Company measures impairment on a loan-by-loan basis based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except when it is determined that repayment of the loan is expected to be provided solely by the underlying collateral. For impairment based on expected future cash flows, the Company considers all information available as of a measurement date, including past events, current conditions, potential prepayments, and estimated cost to sell when such costs are expected to reduce the cash flows available to repay or otherwise satisfy the loan. For alternative ranges of cash flows, the likelihood of the possible outcomes is considered in determining the best estimate of expected future cash flows. The effective interest rate for a loan restructured in a TDR is based on the original contractual rate. For collateral-dependent loans and real estate loans for which foreclosure or a deed-in-lieu of foreclosure is probable, impairment is measured by the fair value of the collateral, less estimated cost to sell. The fair value of the collateral is determined primarily based upon appraisal or evaluation of the underlying real property value. | |||||||||||||
The general valuation allowance component relates to probable credit losses inherent in the balance of the loan portfolio based on historical loss experience, adjusted for changes in trends and conditions of qualitative or environmental factors. The historical loss experience is based on the previous twelve quarters loss experience by loan class adjusted for risk characteristics in the existing loan portfolio. The same trends and conditions are evaluated for each class within the loan portfolio; however, the risk characteristics are weighted separately at the individual class level based on the Company’s judgment and experience. | |||||||||||||
The changes in trends and conditions of certain items include the following: | |||||||||||||
• | Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses; | ||||||||||||
• | Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; | ||||||||||||
• | Changes in the nature and volume of the portfolio and in the terms of loans; | ||||||||||||
• | Changes in experience, ability, and depth of lending management and other relevant staff; | ||||||||||||
• | Changes in the volume and severity of past due and nonaccrual loans; | ||||||||||||
• | Changes in the quality of the Company’s loan review system; | ||||||||||||
• | Changes in the value of underlying collateral for collateral-dependent loans; | ||||||||||||
• | The existence and effect of any concentrations of credit, and changes in the level of such concentrations; and | ||||||||||||
• | The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the Company’s existing portfolio. | ||||||||||||
The ALLL is increased by provisions for loan losses which are charged to expense. The portions of loan balances determined by management to be uncollectible are charged-off as a reduction of the ALLL and recoveries of amounts previously charged-off are credited as an increase to the ALLL. The Company’s charge-off policy is consistent with bank regulatory standards. Consumer loans generally are charged off when the loan becomes over 120 days delinquent. Real estate acquired as a result of foreclosure or by deed-in-lieu of foreclosure is classified as real estate owned until such time as it is sold. | |||||||||||||
At acquisition date, the assets and liabilities of acquired banks are recorded at their estimated fair values which results in no ALLL carried over from acquired banks. Subsequent to acquisition, an allowance will be recorded on the acquired loan portfolios for further credit deterioration, if any. | |||||||||||||
Impact of Recent Authoritative Accounting Guidance | |||||||||||||
The Accounting Standards Codification™ (“ASC”) is the Financial Accounting Standards Board’s (“FASB”) officially recognized source of authoritative GAAP applicable to all public and non-public non-governmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under the authority of the federal securities laws are also sources of authoritative GAAP for the Company as an SEC registrant. All other accounting literature is non-authoritative. | |||||||||||||
In June 2011, FASB amended FASB ASC Topic 220, Comprehensive Income. The amendment provides an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement or in two separate but consecutive statements. Accounting Standards Update (“ASU”) No. 2011-12, Comprehensive Income (Topic 220) deferred the specific requirement of the amendment to present items that are reclassified from accumulated other comprehensive income to net income separately with their respective components of net income and other comprehensive income. The amendments were effective retrospectively during interim and annual periods beginning after December 15, 2011. ASU No. 2013-2, Comprehensive Income (Topic 220) reversed the deferment of ASU 2011-12 and will be effective prospectively for reporting periods beginning after December 15, 2012 and early adoption is permitted. The Company early adopted ASU No. 2013-2 as of December 31, 2012. The Company has evaluated the impact of the adoption of these amendments and determined there was not a material effect on the Company’s financial position or results of operations. |
Investment_Securities_Availabl
Investment Securities, Available-for-Sale | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||
Investment Securities, Available-for-Sale | ' | ||||||||||||||||||
Note 2. Investment Securities, Available-for-Sale | |||||||||||||||||||
A comparison of the amortized cost and estimated fair value of the Company’s investment securities designated as available-for-sale is presented below. | |||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Weighted | Amortized | Gross Unrealized | Fair | ||||||||||||||||
(Dollars in thousands) | Yield | Cost | Gains | Losses | Value | ||||||||||||||
U.S. government sponsored enterprises | |||||||||||||||||||
Maturing after one year through five years | 2.29 | % | $ | 11,278 | 240 | — | 11,518 | ||||||||||||
Maturing after five years through ten years | 1.82 | % | 38 | — | — | 38 | |||||||||||||
2.29 | % | 11,316 | 240 | — | 11,556 | ||||||||||||||
State and local governments | |||||||||||||||||||
Maturing within one year | 2.18 | % | 6,059 | 52 | — | 6,111 | |||||||||||||
Maturing after one year through five years | 2.1 | % | 162,569 | 3,096 | (431 | ) | 165,234 | ||||||||||||
Maturing after five years through ten years | 3.17 | % | 57,892 | 1,122 | (832 | ) | 58,182 | ||||||||||||
Maturing after ten years | 4.46 | % | 1,104,890 | 28,571 | (21,604 | ) | 1,111,857 | ||||||||||||
4.1 | % | 1,331,410 | 32,841 | (22,867 | ) | 1,341,384 | |||||||||||||
Corporate bonds | |||||||||||||||||||
Maturing within one year | 2.1 | % | 73,064 | 736 | — | 73,800 | |||||||||||||
Maturing after one year through five years | 2.1 | % | 358,034 | 2,890 | (2,852 | ) | 358,072 | ||||||||||||
Maturing after five years through ten years | 2.22 | % | 11,058 | — | (85 | ) | 10,973 | ||||||||||||
2.1 | % | 442,156 | 3,626 | (2,937 | ) | 442,845 | |||||||||||||
Residential mortgage-backed securities | 2.44 | % | 1,515,728 | 15,357 | (7,917 | ) | 1,523,168 | ||||||||||||
Total investment securities | 3.06 | % | $ | 3,300,610 | 52,064 | (33,721 | ) | 3,318,953 | |||||||||||
31-Dec-12 | |||||||||||||||||||
Weighted | Amortized | Gross Unrealized | Fair | ||||||||||||||||
(Dollars in thousands) | Yield | Cost | Gains | Losses | Value | ||||||||||||||
U.S. government and federal agency | |||||||||||||||||||
Maturing within one year | 1.62 | % | $ | 201 | 1 | — | 202 | ||||||||||||
U.S. government sponsored enterprises | |||||||||||||||||||
Maturing after one year through five years | 2.3 | % | 17,064 | 371 | — | 17,435 | |||||||||||||
Maturing after five years through ten years | 2.03 | % | 44 | 1 | — | 45 | |||||||||||||
2.29 | % | 17,108 | 372 | — | 17,480 | ||||||||||||||
State and local governments | |||||||||||||||||||
Maturing within one year | 2.01 | % | 4,288 | 28 | (2 | ) | 4,314 | ||||||||||||
Maturing after one year through five years | 2.11 | % | 149,497 | 4,142 | (142 | ) | 153,497 | ||||||||||||
Maturing after five years through ten years | 2.95 | % | 38,346 | 1,102 | (99 | ) | 39,349 | ||||||||||||
Maturing after ten years | 4.7 | % | 935,897 | 82,823 | (1,362 | ) | 1,017,358 | ||||||||||||
4.29 | % | 1,128,028 | 88,095 | (1,605 | ) | 1,214,518 | |||||||||||||
Corporate bonds | |||||||||||||||||||
Maturing within one year | 1.73 | % | 18,412 | 51 | — | 18,463 | |||||||||||||
Maturing after one year through five years | 2.22 | % | 250,027 | 4,018 | (238 | ) | 253,807 | ||||||||||||
Maturing after five years through ten years | 2.23 | % | 16,144 | 381 | — | 16,525 | |||||||||||||
2.19 | % | 284,583 | 4,450 | (238 | ) | 288,795 | |||||||||||||
Collateralized debt obligations | |||||||||||||||||||
Maturing after ten years | 8.03 | % | 1,708 | — | — | 1,708 | |||||||||||||
Residential mortgage-backed securities | 1.95 | % | 2,156,049 | 8,860 | (4,607 | ) | 2,160,302 | ||||||||||||
Total investment securities | 2.71 | % | $ | 3,587,677 | 101,778 | (6,450 | ) | 3,683,005 | |||||||||||
Included in the residential mortgage-backed securities are $3,214,000 and $46,733,000 as of September 30, 2013 and December 31, 2012, respectively, of non-guaranteed private label whole loan mortgage-backed securities of which none of the underlying collateral is considered “subprime.” | |||||||||||||||||||
Maturities of securities do not reflect repricing opportunities present in adjustable rate securities, nor do they reflect expected shorter maturities based upon early prepayment of principal. Weighted average yields are based on the interest method taking into account premium amortization, discount accretion and mortgage-backed securities’ prepayment provisions. Weighted average yields on tax-exempt investment securities exclude the federal income tax benefit. | |||||||||||||||||||
The cost of each investment sold is determined by specific identification. Gain or loss on sale of investments consists of the following: | |||||||||||||||||||
Three Months ended | Nine Months ended | ||||||||||||||||||
(Dollars in thousands) | September 30, | September 30, | September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Gross proceeds | $ | 102,483 | — | 181,971 | — | ||||||||||||||
Less amortized cost | (102,886 | ) | — | (182,270 | ) | — | |||||||||||||
Net loss on sale of investments | $ | (403 | ) | — | (299 | ) | — | ||||||||||||
Gross gain on sale of investments | $ | 3,467 | — | 3,723 | — | ||||||||||||||
Gross loss on sale of investments | (3,870 | ) | — | (4,022 | ) | — | |||||||||||||
Net loss on sale of investments | $ | (403 | ) | — | (299 | ) | — | ||||||||||||
Investments with an unrealized loss position are summarized as follows: | |||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||
(Dollars in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||
State and local governments | $ | 405,834 | (21,121 | ) | 22,373 | (1,746 | ) | 428,207 | (22,867 | ) | |||||||||
Corporate bonds | 189,130 | (2,937 | ) | — | — | 189,130 | (2,937 | ) | |||||||||||
Residential mortgage-backed securities | 446,642 | (7,917 | ) | — | — | 446,642 | (7,917 | ) | |||||||||||
Total temporarily impaired securities | $ | 1,041,606 | (31,975 | ) | 22,373 | (1,746 | ) | 1,063,979 | (33,721 | ) | |||||||||
31-Dec-12 | |||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||
(Dollars in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||
State and local governments | $ | 102,896 | (1,531 | ) | 4,533 | (74 | ) | 107,429 | (1,605 | ) | |||||||||
Corporate bonds | 41,856 | (238 | ) | — | — | 41,856 | (238 | ) | |||||||||||
Residential mortgage-backed securities | 955,235 | (4,041 | ) | 62,905 | (566 | ) | 1,018,140 | (4,607 | ) | ||||||||||
Total temporarily impaired securities | $ | 1,099,987 | (5,810 | ) | 67,438 | (640 | ) | 1,167,425 | (6,450 | ) | |||||||||
With respect to the Company’s review of its securities in an unrealized loss position at September 30, 2013, management determined that it did not intend to sell and there was no expected requirement to sell any of its temporarily impaired securities. Based on an analysis of its impaired securities as of September 30, 2013 and December 31, 2012, the Company determined that none of such securities had other-than-temporary impairment. |
Loans_Receivable_Net
Loans Receivable, Net | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||
Loans Receivable, Net | ' | ||||||||||||||||||
Note 3. Loans Receivable, Net | |||||||||||||||||||
The following schedules summarize the activity in the ALLL on a portfolio class basis: | |||||||||||||||||||
Three Months ended September 30, 2013 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Allowance for loan and lease losses | |||||||||||||||||||
Balance at beginning of period | $ | 130,883 | 14,797 | 73,885 | 24,116 | 9,626 | 8,459 | ||||||||||||
Provision for loan losses | 1,907 | 950 | 381 | 385 | 125 | 66 | |||||||||||||
Charge-offs | (3,077 | ) | (42 | ) | (1,235 | ) | (1,065 | ) | (333 | ) | (402 | ) | |||||||
Recoveries | 1,052 | 45 | 367 | 385 | 73 | 182 | |||||||||||||
Balance at end of period | $ | 130,765 | 15,750 | 73,398 | 23,821 | 9,491 | 8,305 | ||||||||||||
Three Months ended September 30, 2012 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Allowance for loan and lease losses | |||||||||||||||||||
Balance at beginning of period | $ | 137,459 | 18,139 | 79,098 | 20,570 | 10,904 | 8,748 | ||||||||||||
Provision for loan losses | 2,700 | 209 | (1,210 | ) | 2,859 | (555 | ) | 1,397 | |||||||||||
Charge-offs | (5,052 | ) | (1,172 | ) | (586 | ) | (1,441 | ) | (1,044 | ) | (809 | ) | |||||||
Recoveries | 1,553 | 73 | 453 | 241 | 679 | 107 | |||||||||||||
Balance at end of period | $ | 136,660 | 17,249 | 77,755 | 22,229 | 9,984 | 9,443 | ||||||||||||
Nine Months ended September 30, 2013 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Allowance for loan and lease losses | |||||||||||||||||||
Balance at beginning of period | $ | 130,854 | 15,482 | 74,398 | 21,567 | 10,659 | 8,748 | ||||||||||||
Provision for loan losses | 5,085 | 464 | (51 | ) | 3,964 | 566 | 142 | ||||||||||||
Charge-offs | (8,962 | ) | (391 | ) | (2,538 | ) | (2,817 | ) | (1,962 | ) | (1,254 | ) | |||||||
Recoveries | 3,788 | 195 | 1,589 | 1,107 | 228 | 669 | |||||||||||||
Balance at end of period | $ | 130,765 | 15,750 | 73,398 | 23,821 | 9,491 | 8,305 | ||||||||||||
Nine Months ended September 30, 2012 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Allowance for loan and lease losses | |||||||||||||||||||
Balance at beginning of period | $ | 137,516 | 17,227 | 76,920 | 20,833 | 13,616 | 8,920 | ||||||||||||
Provision for loan losses | 19,250 | 2,294 | 11,800 | 4,163 | (1,025 | ) | 2,018 | ||||||||||||
Charge-offs | (24,789 | ) | (2,492 | ) | (13,120 | ) | (3,797 | ) | (3,402 | ) | (1,978 | ) | |||||||
Recoveries | 4,683 | 220 | 2,155 | 1,030 | 795 | 483 | |||||||||||||
Balance at end of period | $ | 136,660 | 17,249 | 77,755 | 22,229 | 9,984 | 9,443 | ||||||||||||
The following schedules disclose the ALLL and loans receivable on a portfolio class basis: | |||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Allowance for loan and lease losses | |||||||||||||||||||
Individually evaluated for impairment | $ | 12,728 | 1,088 | 6,662 | 3,810 | 109 | 1,059 | ||||||||||||
Collectively evaluated for impairment | 118,037 | 14,662 | 66,736 | 20,011 | 9,382 | 7,246 | |||||||||||||
Total allowance for loan and lease losses | $ | 130,765 | 15,750 | 73,398 | 23,821 | 9,491 | 8,305 | ||||||||||||
Loans receivable | |||||||||||||||||||
Individually evaluated for impairment | $ | 206,918 | 27,104 | 125,566 | 38,390 | 10,091 | 5,767 | ||||||||||||
Collectively evaluated for impairment | 3,794,181 | 556,713 | 1,868,492 | 795,839 | 363,421 | 209,716 | |||||||||||||
Total loans receivable | $ | 4,001,099 | 583,817 | 1,994,058 | 834,229 | 373,512 | 215,483 | ||||||||||||
31-Dec-12 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Allowance for loan and lease losses | |||||||||||||||||||
Individually evaluated for impairment | $ | 15,534 | 1,680 | 7,716 | 3,859 | 870 | 1,409 | ||||||||||||
Collectively evaluated for impairment | 115,320 | 13,802 | 66,682 | 17,708 | 9,789 | 7,339 | |||||||||||||
Total allowance for loan and lease losses | $ | 130,854 | 15,482 | 74,398 | 21,567 | 10,659 | 8,748 | ||||||||||||
Loans receivable | |||||||||||||||||||
Individually evaluated for impairment | $ | 201,735 | 25,862 | 125,282 | 33,593 | 11,074 | 5,924 | ||||||||||||
Collectively evaluated for impairment | 3,195,690 | 490,605 | 1,530,226 | 589,804 | 392,851 | 192,204 | |||||||||||||
Total loans receivable | $ | 3,397,425 | 516,467 | 1,655,508 | 623,397 | 403,925 | 198,128 | ||||||||||||
Substantially all of the Company’s loan receivables are with customers in the Company’s geographic market areas. Although the Company has a diversified loan portfolio, a substantial portion of its customers’ ability to honor their obligations is dependent upon the economic performance in the Company’s market areas. Net deferred fees, costs, premiums, and discounts of $10,870,000 and $1,379,000 were included in the loans receivable balance at September 30, 2013 and December 31, 2012, respectively. | |||||||||||||||||||
The following schedules disclose the impaired loans by portfolio class basis: | |||||||||||||||||||
At or for the Three or Nine Months ended September 30, 2013 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||
Recorded balance | $ | 62,614 | 7,887 | 28,194 | 22,368 | 673 | 3,492 | ||||||||||||
Unpaid principal balance | 64,969 | 8,032 | 29,463 | 22,986 | 717 | 3,771 | |||||||||||||
Specific valuation allowance | 12,728 | 1,088 | 6,662 | 3,810 | 109 | 1,059 | |||||||||||||
Average balance - three months | 59,817 | 7,431 | 26,525 | 21,780 | 495 | 3,586 | |||||||||||||
Average balance - nine months | 59,402 | 7,237 | 26,653 | 21,321 | 737 | 3,454 | |||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||
Recorded balance | $ | 144,304 | 19,217 | 97,372 | 16,022 | 9,418 | 2,275 | ||||||||||||
Unpaid principal balance | 174,258 | 20,681 | 120,914 | 19,233 | 11,026 | 2,404 | |||||||||||||
Average balance - three months | 139,928 | 18,481 | 95,175 | 15,768 | 8,766 | 1,738 | |||||||||||||
Average balance - nine months | 139,368 | 18,420 | 95,857 | 14,011 | 9,017 | 2,063 | |||||||||||||
Totals | |||||||||||||||||||
Recorded balance | $ | 206,918 | 27,104 | 125,566 | 38,390 | 10,091 | 5,767 | ||||||||||||
Unpaid principal balance | 239,227 | 28,713 | 150,377 | 42,219 | 11,743 | 6,175 | |||||||||||||
Specific valuation allowance | 12,728 | 1,088 | 6,662 | 3,810 | 109 | 1,059 | |||||||||||||
Average balance - three months | 199,745 | 25,912 | 121,700 | 37,548 | 9,261 | 5,324 | |||||||||||||
Average balance - nine months | 198,770 | 25,657 | 122,510 | 35,332 | 9,754 | 5,517 | |||||||||||||
At or for the Year ended December 31, 2012 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||
Recorded balance | $ | 62,759 | 7,334 | 29,595 | 21,205 | 1,354 | 3,271 | ||||||||||||
Unpaid principal balance | 70,261 | 7,459 | 36,887 | 21,278 | 1,362 | 3,275 | |||||||||||||
Specific valuation allowance | 15,534 | 1,680 | 7,716 | 3,859 | 870 | 1,409 | |||||||||||||
Average balance | 76,656 | 12,797 | 36,164 | 22,665 | 1,390 | 3,640 | |||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||
Recorded balance | $ | 138,976 | 18,528 | 95,687 | 12,388 | 9,720 | 2,653 | ||||||||||||
Unpaid principal balance | 149,412 | 19,613 | 102,798 | 14,318 | 9,965 | 2,718 | |||||||||||||
Average balance | 162,505 | 16,034 | 111,554 | 19,733 | 11,993 | 3,191 | |||||||||||||
Totals | |||||||||||||||||||
Recorded balance | $ | 201,735 | 25,862 | 125,282 | 33,593 | 11,074 | 5,924 | ||||||||||||
Unpaid principal balance | 219,673 | 27,072 | 139,685 | 35,596 | 11,327 | 5,993 | |||||||||||||
Specific valuation allowance | 15,534 | 1,680 | 7,716 | 3,859 | 870 | 1,409 | |||||||||||||
Average balance | 239,161 | 28,831 | 147,718 | 42,398 | 13,383 | 6,831 | |||||||||||||
Interest income recognized on impaired loans for the periods ended September 30, 2013 and December 31, 2012 was not significant. | |||||||||||||||||||
The following is a loans receivable aging analysis on a portfolio class basis: | |||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Accruing loans 30-59 days past due | $ | 21,294 | 516 | 11,829 | 5,854 | 1,828 | 1,267 | ||||||||||||
Accruing loans 60-89 days past due | 5,107 | 824 | 2,419 | 683 | 797 | 384 | |||||||||||||
Accruing loans 90 days or more past due | 174 | — | 109 | 35 | 28 | 2 | |||||||||||||
Non-accrual loans | 88,293 | 12,604 | 53,536 | 11,591 | 8,953 | 1,609 | |||||||||||||
Total past due and non-accrual loans | 114,868 | 13,944 | 67,893 | 18,163 | 11,606 | 3,262 | |||||||||||||
Current loans receivable | 3,886,231 | 569,873 | 1,926,165 | 816,066 | 361,906 | 212,221 | |||||||||||||
Total loans receivable | $ | 4,001,099 | 583,817 | 1,994,058 | 834,229 | 373,512 | 215,483 | ||||||||||||
December 31, 2012 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Accruing loans 30-59 days past due | $ | 17,454 | 3,897 | 7,424 | 2,020 | 2,872 | 1,241 | ||||||||||||
Accruing loans 60-89 days past due | 9,643 | 1,870 | 3,745 | 645 | 2,980 | 403 | |||||||||||||
Accruing loans 90 days or more past due | 1,479 | 451 | 594 | 197 | 188 | 49 | |||||||||||||
Non-accrual loans | 96,933 | 14,237 | 55,687 | 13,200 | 11,241 | 2,568 | |||||||||||||
Total past due and non-accrual loans | 125,509 | 20,455 | 67,450 | 16,062 | 17,281 | 4,261 | |||||||||||||
Current loans receivable | 3,271,916 | 496,012 | 1,588,058 | 607,335 | 386,644 | 193,867 | |||||||||||||
Total loans receivable | $ | 3,397,425 | 516,467 | 1,655,508 | 623,397 | 403,925 | 198,128 | ||||||||||||
The following is a summary of the TDRs that occurred during the periods presented and the TDRs that occurred within the previous twelve months that subsequently defaulted during the periods presented on a portfolio class basis: | |||||||||||||||||||
Three Months ended September 30, 2013 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Troubled debt restructurings | |||||||||||||||||||
Number of loans | 9 | 2 | 4 | — | 1 | 2 | |||||||||||||
Pre-modification recorded balance | $ | 2,926 | 284 | 2,481 | — | 57 | 104 | ||||||||||||
Post-modification recorded balance | $ | 3,141 | 499 | 2,481 | — | 57 | 104 | ||||||||||||
Troubled debt restructurings that subsequently defaulted | |||||||||||||||||||
Number of loans | 2 | — | — | 2 | — | — | |||||||||||||
Recorded balance | $ | 363 | — | — | 363 | — | — | ||||||||||||
Three Months ended September 30, 2012 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Troubled debt restructurings | |||||||||||||||||||
Number of loans | 46 | 1 | 21 | 19 | 2 | 3 | |||||||||||||
Pre-modification recorded balance | $ | 38,125 | 280 | 20,866 | 16,601 | 219 | 159 | ||||||||||||
Post-modification recorded balance | $ | 35,475 | 281 | 18,242 | 16,571 | 222 | 159 | ||||||||||||
Troubled debt restructurings that subsequently defaulted | |||||||||||||||||||
Number of loans | 3 | 2 | — | — | 1 | — | |||||||||||||
Recorded balance | $ | 1,792 | 1,622 | — | — | 170 | — | ||||||||||||
Nine Months ended September 30, 2013 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Troubled debt restructurings | |||||||||||||||||||
Number of loans | 50 | 9 | 17 | 17 | 2 | 5 | |||||||||||||
Pre-modification recorded balance | $ | 12,016 | 1,907 | 7,137 | 2,572 | 147 | 253 | ||||||||||||
Post-modification recorded balance | $ | 12,418 | 2,293 | 7,137 | 2,588 | 147 | 253 | ||||||||||||
Troubled debt restructurings that subsequently defaulted | |||||||||||||||||||
Number of loans | 10 | 1 | 4 | 5 | — | — | |||||||||||||
Recorded balance | $ | 2,772 | 265 | 1,918 | 589 | — | — | ||||||||||||
Nine Months ended September 30, 2012 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Troubled debt restructurings | |||||||||||||||||||
Number of loans | 149 | 9 | 61 | 60 | 9 | 10 | |||||||||||||
Pre-modification recorded balance | $ | 66,580 | 1,981 | 37,712 | 25,033 | 1,314 | 540 | ||||||||||||
Post-modification recorded balance | $ | 61,944 | 1,982 | 33,080 | 25,025 | 1,317 | 540 | ||||||||||||
Troubled debt restructurings that subsequently defaulted | |||||||||||||||||||
Number of loans | 17 | 2 | 10 | 3 | 1 | 1 | |||||||||||||
Recorded balance | $ | 10,204 | 1,622 | 7,553 | 801 | 170 | 58 | ||||||||||||
For the nine months ended September 30, 2013 and 2012, the majority of TDRs occurring in most loan classes was a result of an extension of the maturity date which aggregated 59 percent and 56 percent, respectively, of total TDRs. For commercial real estate, the class with the largest dollar amount of TDRs, approximately 63 percent and 44 percent, respectively, was a result of an extension of the maturity date and 25 percent and 24 percent, respectively, was due to a combination of an interest rate reduction, extension of the maturity date, or reduction in the face amount. | |||||||||||||||||||
In addition to the TDRs that occurred during the period provided in the preceding table, the Company had TDRs with pre-modification loan balances of $14,695,000 and $30,261,000 for the nine months ended September 30, 2013 and 2012, respectively, for which other real estate owned (“OREO”) was received in full or partial satisfaction of the loans. The majority of such TDRs for both periods was in commercial real estate. |
Goodwill
Goodwill | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill | ' | ||||||||||||
Note 4. Goodwill | |||||||||||||
The Company performed its annual goodwill impairment test during the third quarter of 2013 and determined the fair value of the aggregated reporting units exceeded the carrying value, such that the Company’s goodwill was not considered impaired. Changes in the economic environment, operations of the aggregated reporting units, or other factors could result in the decline in the fair value of the aggregated reporting units which could result in a goodwill impairment in the future. For additional information on goodwill related to acquisitions, see Note 9. | |||||||||||||
The following schedule discloses the changes in the carrying value of goodwill: | |||||||||||||
Three Months ended | Nine Months ended | ||||||||||||
(Dollars in thousands) | September 30, | September 30, | September 30, | September 30, | |||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Net carrying value at beginning of period | $ | 119,509 | 106,100 | 106,100 | 106,100 | ||||||||
Acquisitions | 10,197 | — | 23,606 | — | |||||||||
Net carrying value at end of period | $ | 129,706 | 106,100 | 129,706 | 106,100 | ||||||||
The gross carrying value of goodwill and the accumulated impairment charge consists of the following: | |||||||||||||
(Dollars in thousands) | September 30, | December 31, | |||||||||||
2013 | 2012 | ||||||||||||
Gross carrying value | $ | 169,865 | 146,259 | ||||||||||
Accumulated impairment charge | (40,159 | ) | (40,159 | ) | |||||||||
Net carrying value | $ | 129,706 | 106,100 | ||||||||||
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Derivatives and Hedging Activities | ' | ||||||||||
Note 5. Derivatives and Hedging Activities | |||||||||||
As of September 30, 2013, the Company’s interest rate swap derivative financial instruments were designated as cash flow hedges and are summarized as follows: | |||||||||||
(Dollars in thousands) | Forecasted | Variable | Fixed | Term 2 | |||||||
Notional Amount | Interest Rate 1 | Interest Rate 1 | |||||||||
Interest rate swap | $ | 160,000 | 3 month LIBOR | 3.378 | % | Oct. 21, 2014 - Oct. 21, 2021 | |||||
Interest rate swap | 100,000 | 3 month LIBOR | 2.498 | % | Nov 30, 2015 - Nov. 30, 2022 | ||||||
__________ | |||||||||||
1 The Company pays the fixed interest rate and the counterparties pay the Company the variable interest rate. | |||||||||||
2 No cash will be exchanged prior to the term. | |||||||||||
The hedging strategy converts the LIBOR based variable interest rate on forecasted borrowings to a fixed interest rate, thereby protecting the Company from floating interest rate variability. | |||||||||||
The following table summarizes the fair value of the Company’s interest rate swap derivative financial instruments: | |||||||||||
Fair Value | |||||||||||
(Dollars in thousands) | Balance Sheet | September 30, | December 31, | ||||||||
Location | 2013 | 2012 | |||||||||
Interest rate swaps | Other liabilities | $ | 2,004 | 16,832 | |||||||
Pursuant to the interest rate swap agreements, the Company pledged collateral to the counterparties in the form of investment securities totaling $7,856,000 at September 30, 2013. There was $0 collateral pledged from the counterparties to the Company as of September 30, 2013. There is the possibility that the Company may need to pledge additional collateral in the future if there were further declines in the fair value of the interest rate swap derivative financial instruments versus the collateral pledged. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Equity [Abstract] | ' | ||||||
Accumulated Other Comprehensive Income | ' | ||||||
Note 6. Accumulated Other Comprehensive Income | |||||||
The components of accumulated other comprehensive income, included in stockholders’ equity, are as follows: | |||||||
(Dollars in thousands) | September 30, | December 31, | |||||
2013 | 2012 | ||||||
Unrealized gains on available-for-sale securities | $ | 18,343 | 95,328 | ||||
Tax effect | (7,136 | ) | (37,083 | ) | |||
Net of tax amount | 11,207 | 58,245 | |||||
Unrealized losses on derivatives used for cash flow hedges | (2,004 | ) | (16,832 | ) | |||
Tax effect | 780 | 6,549 | |||||
Net of tax amount | (1,224 | ) | (10,283 | ) | |||
Total accumulated other comprehensive income | $ | 9,983 | 47,962 | ||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
Note 7. Earnings Per Share | |||||||||||||
Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period presented. Diluted earnings per share is computed by including the net increase in shares as if dilutive outstanding stock options were exercised, using the treasury stock method. | |||||||||||||
Basic and diluted earnings per share has been computed based on the following: | |||||||||||||
Three Months ended | Nine Months ended | ||||||||||||
(Dollars in thousands, except per share data) | September 30, | September 30, | September 30, | September 30, | |||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Net income available to common stockholders, basic and diluted | $ | 25,628 | 19,444 | 69,098 | 54,758 | ||||||||
Average outstanding shares - basic | 73,945,523 | 71,933,141 | 72,804,321 | 71,925,664 | |||||||||
Add: dilutive stock options and awards | 76,348 | 40,844 | 65,154 | 97 | |||||||||
Average outstanding shares - diluted | 74,021,871 | 71,973,985 | 72,869,475 | 71,925,761 | |||||||||
Basic earnings per share | $ | 0.35 | 0.27 | 0.95 | 0.76 | ||||||||
Diluted earnings per share | $ | 0.35 | 0.27 | 0.95 | 0.76 | ||||||||
There were 49,932 and 903,945 options excluded from the diluted average outstanding share calculation for the nine months ended September 30, 2013 and 2012, respectively, due to the option exercise price exceeding the market price of the Company’s common stock. |
Fair_Value_of_Assets_and_Liabi
Fair Value of Assets and Liabilities | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair Value of Assets and Liabilities | ' | ||||||||||||
Note 8. Fair Value of Assets and Liabilities | |||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. There is a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are as follows: | |||||||||||||
Level 1 Quoted prices in active markets for identical assets or liabilities | |||||||||||||
Level 2 | Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities | ||||||||||||
Level 3 | Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities | ||||||||||||
Transfers in and out of Level 1 (quoted prices in active markets), Level 2 (significant other observable inputs) and Level 3 (significant unobservable inputs) are recognized on the actual transfer date. There were no transfers between fair value hierarchy levels during the nine month periods ended September 30, 2013 and 2012. | |||||||||||||
Recurring Measurements | |||||||||||||
The following is a description of the inputs and valuation methodologies used for assets and liabilities measured at fair value on a recurring basis, as well as the general classification of such assets and liabilities pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the period ended September 30, 2013. | |||||||||||||
Investment securities: fair value for available-for-sale securities is estimated by obtaining quoted market prices for identical assets, where available. If such prices are not available, fair value is based on independent asset pricing services and models, the inputs of which are market-based or independently sourced market parameters, including but not limited to, yield curves, interest rates, volatilities, prepayments, defaults, cumulative loss projections, and cash flows. Such securities are classified in Level 2 of the valuation hierarchy. Where Level 1 or Level 2 inputs are not available, such securities are classified as Level 3 within the hierarchy. | |||||||||||||
Fair value determinations of investment securities are the responsibility of the Company’s corporate accounting department. The Company contracts with independent third party pricing vendors to generate fair value estimates and the Company reviews the vendors’ inputs for fair value estimates and the recommended assignments of levels within the fair value hierarchy on a quarterly basis. The review includes the extent to which markets for investment securities are determined to have limited or no activity, or are judged to be active markets. The Company reviews the extent to which observable and unobservable inputs are used as well as the appropriateness of the underlying assumptions about risk that a market participant would use in active markets, with adjustments for limited or inactive markets. In considering the inputs to the fair value estimates, the Company places less reliance on quotes that are judged to not reflect orderly transactions, or are non-binding indications. The Company makes independent inquiries of other knowledgeable parties in testing the reliability of the inputs, including consideration for illiquidity, credit risk, and cash flow estimates. In assessing credit risk, the Company reviews payment performance, collateral adequacy, credit rating histories, and issuers’ financial statements with follow-up discussion with issuers. For those markets determined to be inactive, the valuation techniques used are models for which management verifies that discount rates are appropriately adjusted to reflect illiquidity and credit risk. The Company also independently obtains cash flow estimates that are stressed at levels that exceed those used by the independent third party pricing vendors. | |||||||||||||
Interest rate swap derivative financial instruments: fair values for interest rate swap derivative financial instruments are based upon the estimated amounts to settle the contracts considering current interest rates and are calculated using discounted cash flows that are observable or that can be corroborated by observable market data and, therefore, are classified within Level 2 of the valuation hierarchy. The inputs used to determine fair value include the 3 month LIBOR forward curve to estimate variable rate cash inflows and the spot LIBOR curve to estimate the discount rate. The estimated variable rate cash inflows are compared to the fixed rate outflows and such difference is discounted to a present value to estimate the fair value of the interest rate swaps. The Company also obtains and compares the reasonableness of the pricing from an independent party. | |||||||||||||
The following schedules disclose the fair value measurement of assets and liabilities measured at fair value on a recurring basis: | |||||||||||||
Fair Value Measurements | |||||||||||||
At the End of the Reporting Period Using | |||||||||||||
(Dollars in thousands) | Fair Value September 30, 2013 | Quoted Prices | Significant | Significant | |||||||||
in Active Markets | Other | Unobservable | |||||||||||
for Identical | Observable | Inputs | |||||||||||
Assets | Inputs | (Level 3) | |||||||||||
(Level 1) | (Level 2) | ||||||||||||
Investment securities, available-for-sale | |||||||||||||
U.S. government sponsored enterprises | $ | 11,556 | — | 11,556 | — | ||||||||
State and local governments | 1,341,384 | — | 1,341,384 | — | |||||||||
Corporate bonds | 442,845 | — | 442,845 | — | |||||||||
Residential mortgage-backed securities | 1,523,168 | — | 1,523,168 | — | |||||||||
Total assets measured at fair value on a recurring basis | $ | 3,318,953 | — | 3,318,953 | — | ||||||||
Interest rate swaps | $ | 2,004 | — | 2,004 | — | ||||||||
Total liabilities measured at fair value on a recurring basis | $ | 2,004 | — | 2,004 | — | ||||||||
Fair Value Measurements | |||||||||||||
At the End of the Reporting Period Using | |||||||||||||
(Dollars in thousands) | Fair Value December 31, 2012 | Quoted Prices | Significant | Significant | |||||||||
in Active Markets | Other | Unobservable | |||||||||||
for Identical | Observable | Inputs | |||||||||||
Assets | Inputs | (Level 3) | |||||||||||
(Level 1) | (Level 2) | ||||||||||||
Investment securities, available-for-sale | |||||||||||||
U.S. government and federal agency | $ | 202 | — | 202 | — | ||||||||
U.S. government sponsored enterprises | 17,480 | — | 17,480 | — | |||||||||
State and local governments | 1,214,518 | — | 1,214,518 | — | |||||||||
Corporate bonds | 288,795 | — | 288,795 | — | |||||||||
Collateralized debt obligations | 1,708 | — | 1,708 | — | |||||||||
Residential mortgage-backed securities | 2,160,302 | — | 2,160,302 | — | |||||||||
Total assets measured at fair value on a recurring basis | $ | 3,683,005 | — | 3,683,005 | — | ||||||||
Interest rate swaps | $ | 16,832 | — | 16,832 | — | ||||||||
Total liabilities measured at fair value on a recurring basis | $ | 16,832 | — | 16,832 | — | ||||||||
Non-recurring Measurements | |||||||||||||
The following is a description of the inputs and valuation methodologies used for assets recorded at fair value on a non-recurring basis, as well as the general classification of such assets pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the period ended September 30, 2013. | |||||||||||||
Other real estate owned: OREO is carried at the lower of fair value at acquisition date or estimated fair value, less estimated cost to sell. Estimated fair value of OREO is based on appraisals or evaluations (new or updated). OREO is classified within Level 3 of the fair value hierarchy. | |||||||||||||
Collateral-dependent impaired loans, net of ALLL: loans included in the Company’s loan portfolio for which it is probable that the Company will not collect all principal and interest due according to contractual terms are considered impaired. Estimated fair value of collateral-dependent impaired loans is based on the fair value of the collateral, less estimated cost to sell. Collateral-dependent impaired loans are classified within Level 3 of the fair value hierarchy. | |||||||||||||
The Company’s credit departments review appraisals for OREO and collateral-dependent loans, giving consideration to the highest and best use of the collateral. The appraisal or evaluation (new or updated) is considered the starting point for determining fair value. The valuation techniques used in preparing appraisals or evaluations (new or updated) include the cost approach, income approach, sales comparison approach, or a combination of the preceding valuation techniques. The key inputs used to determine the fair value of the collateral-dependent loans and OREO include selling costs, discounted cash flow rate or capitalization rate, and adjustment to comparables. Valuations and significant inputs obtained by independent sources are reviewed by the Company for accuracy and reasonableness. The Company also considers other factors and events in the environment that may affect the fair value. The appraisals or evaluations (new or updated) are reviewed at least quarterly and more frequently based on current market conditions, including deterioration in a borrower’s financial condition and when property values may be subject to significant volatility. After review and acceptance of the collateral appraisal or evaluation (new or updated), adjustments to the impaired loan or OREO may occur. The Company generally obtains appraisals or evaluations (new or updated) annually. | |||||||||||||
The following schedules disclose the fair value measurement of assets with a recorded change during the period resulting from re-measuring the assets at fair value on a non-recurring basis: | |||||||||||||
Fair Value Measurements | |||||||||||||
At the End of the Reporting Period Using | |||||||||||||
(Dollars in thousands) | Fair Value September 30, 2013 | Quoted Prices | Significant | Significant | |||||||||
in Active Markets | Other | Unobservable | |||||||||||
for Identical | Observable | Inputs | |||||||||||
Assets | Inputs | (Level 3) | |||||||||||
(Level 1) | (Level 2) | ||||||||||||
Other real estate owned | $ | 7,646 | — | — | 7,646 | ||||||||
Collateral-dependent impaired loans, net of ALLL | 19,066 | — | — | 19,066 | |||||||||
Total assets measured at fair value on a non-recurring basis | $ | 26,712 | — | — | 26,712 | ||||||||
Fair Value Measurements | |||||||||||||
At the End of the Reporting Period Using | |||||||||||||
(Dollars in thousands) | Fair Value December 31, 2012 | Quoted Prices | Significant | Significant | |||||||||
in Active Markets | Other | Unobservable | |||||||||||
for Identical | Observable | Inputs | |||||||||||
Assets | Inputs | (Level 3) | |||||||||||
(Level 1) | (Level 2) | ||||||||||||
Other real estate owned | $ | 13,983 | — | — | 13,983 | ||||||||
Collateral-dependent impaired loans, net of ALLL | 22,966 | — | — | 22,966 | |||||||||
Total assets measured at fair value on a non-recurring basis | $ | 36,949 | — | — | 36,949 | ||||||||
Non-recurring Measurements Using Significant Unobservable Inputs (Level 3) | |||||||||||||
The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis and for which the Company has utilized Level 3 inputs to determine fair value: | |||||||||||||
Fair Value | Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||
(Dollars in thousands) | September 30, | Valuation Technique | Unobservable Input | Range (Weighted Average) 1 | |||||||||
2013 | |||||||||||||
Other real estate owned | $ | 6,828 | Sales comparison approach | Selling costs | 1.0% - 11.0% (7.0%) | ||||||||
Adjustment to comparables | 0.0% - 10.0% (0.0%) | ||||||||||||
818 | Combined approach | Selling costs | 5.0% - 5.0% (5.0%) | ||||||||||
Adjustment to comparables | 25.0% - 25.0% (25.0%) | ||||||||||||
$ | 7,646 | ||||||||||||
Collateral-dependent impaired loans, net of ALLL | $ | 442 | Cost approach | Selling costs | 10.0% - 50.0% (19.2%) | ||||||||
2,553 | Income approach | Selling costs | 8.0% - 8.0% (8.0%) | ||||||||||
Discount rate | 8.3% - 8.3% (8.3%) | ||||||||||||
13,700 | Sales comparison approach | Selling costs | 0.0% - 10.0% (8.0%) | ||||||||||
Discount rate | 0.0% - 0.0% (0.0%) | ||||||||||||
Adjustment to comparables | 0.0% - 1.0% (0.0%) | ||||||||||||
2,371 | Combined approach | Selling costs | 8.0% - 8.0% (8.0%) | ||||||||||
Adjustment to comparables | 10.0% - 36.0% (22.5%) | ||||||||||||
$ | 19,066 | ||||||||||||
__________ | |||||||||||||
1 The range for selling costs and adjustments to comparables indicate reductions to the fair value. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The following is a description of the methods used to estimate the fair value of all other assets and liabilities recognized at amounts other than fair value. | |||||||||||||
Cash and cash equivalents: fair value is estimated at book value. | |||||||||||||
Loans held for sale: fair value is estimated at book value. | |||||||||||||
Loans receivable, net of ALLL: fair value is estimated by discounting the future cash flows using the rates at which similar notes would be written for the same remaining maturities. The market rates used are based on current rates the Company would impose for similar loans and reflect a market participant assumption about risks associated with non-performance, illiquidity, and the structure and term of the loans along with local economic and market conditions. Estimated fair value of impaired loans is based on the fair value of the collateral, less estimated cost to sell, or the present value of the loan’s expected future cash flows (discounted at the loan’s effective interest rate). All impaired loans are classified as Level 3 and all other loans are classified as Level 2 within the hierarchy. | |||||||||||||
Accrued interest receivable: fair value is estimated at book value. | |||||||||||||
Non-marketable equity securities: fair value is estimated at book value due to restrictions that limit the sale or transfer of such securities. | |||||||||||||
Deposits: fair value of term deposits is estimated by discounting the future cash flows using rates of similar deposits with similar maturities. The market rates used were obtained from a knowledgeable independent third party and reviewed by the Company. The rates were the average of current rates offered by the Company’s local competitors. The estimated fair value of demand, NOW, savings, and money market deposits is the book value since rates are regularly adjusted to market rates and transactions are executed at book value daily. Therefore, such deposits are classified in Level 1 of the valuation hierarchy. Certificate accounts and wholesale deposits are classified as Level 2 within the hierarchy. | |||||||||||||
Federal Home Loan Bank (“FHLB”) advances: fair value of non-callable FHLB advances is estimated by discounting the future cash flows using rates of similar advances with similar maturities. Such rates were obtained from current rates offered by FHLB. The estimated fair value of callable FHLB advances was obtained from FHLB and the model was reviewed by the Company, including discussions with FHLB. | |||||||||||||
Securities sold under agreements to repurchase (“repurchase agreements”) and other borrowed funds: fair value of term repurchase agreements and other term borrowings is estimated based on current repurchase rates and borrowing rates currently available to the Company for repurchases and borrowings with similar terms and maturities. The estimated fair value for overnight repurchase agreements and other borrowings is book value. | |||||||||||||
Subordinated debentures: fair value of the subordinated debt is estimated by discounting the estimated future cash flows using current estimated market rates. The market rates used were averages of currently traded trust preferred securities with similar characteristics to the Company’s issuances and obtained from an independent third party. | |||||||||||||
Accrued interest payable: fair value is estimated at book value. | |||||||||||||
Off-balance sheet financial instruments: commitments to extend credit and letters of credit represent the principal categories of off-balance sheet financial instruments. Rates for these commitments are set at time of loan closing, such that no adjustment is necessary to reflect these commitments at market value. The Company has an insignificant amount of off-balance sheet financial instruments. | |||||||||||||
The following schedules present the carrying amounts, estimated fair values and the level within the fair value hierarchy of the Company’s financial instruments: | |||||||||||||
Fair Value Measurements | |||||||||||||
At the End of the Reporting Period Using | |||||||||||||
(Dollars in thousands) | Carrying Amount September 30, 2013 | Quoted Prices | Significant | Significant | |||||||||
in Active Markets | Other | Unobservable | |||||||||||
for Identical | Observable | Inputs | |||||||||||
Assets | Inputs | (Level 3) | |||||||||||
(Level 1) | (Level 2) | ||||||||||||
Financial assets | |||||||||||||
Cash and cash equivalents | $ | 254,684 | 254,684 | — | — | ||||||||
Investment securities, available-for-sale | 3,318,953 | — | 3,318,953 | — | |||||||||
Loans held for sale | 61,505 | 61,505 | — | — | |||||||||
Loans receivable, net of ALLL | 3,870,334 | — | 3,758,724 | 194,190 | |||||||||
Accrued interest receivable | 44,261 | 44,261 | — | — | |||||||||
Non-marketable equity securities | 52,192 | — | 52,192 | — | |||||||||
Total financial assets | $ | 7,601,929 | 360,450 | 7,129,869 | 194,190 | ||||||||
Financial liabilities | |||||||||||||
Deposits | $ | 5,612,880 | 4,153,782 | 1,486,996 | — | ||||||||
FHLB advances | 967,382 | — | 986,292 | — | |||||||||
Repurchase agreements and other borrowed funds | 322,779 | — | 322,779 | — | |||||||||
Subordinated debentures | 125,526 | — | 72,554 | — | |||||||||
Accrued interest payable | 3,568 | 3,568 | — | — | |||||||||
Interest rate swaps | 2,004 | — | 2,004 | — | |||||||||
Total financial liabilities | $ | 7,034,139 | 4,157,350 | 2,870,625 | — | ||||||||
Fair Value Measurements | |||||||||||||
At the End of the Reporting Period Using | |||||||||||||
(Dollars in thousands) | Carrying Amount December 31, 2012 | Quoted Prices | Significant | Significant | |||||||||
in Active Markets | Other | Unobservable | |||||||||||
for Identical | Observable | Inputs | |||||||||||
Assets | Inputs | (Level 3) | |||||||||||
(Level 1) | (Level 2) | ||||||||||||
Financial assets | |||||||||||||
Cash and cash equivalents | $ | 187,040 | 187,040 | — | — | ||||||||
Investment securities, available-for-sale | 3,683,005 | — | 3,683,005 | — | |||||||||
Loans held for sale | 145,501 | 145,501 | — | — | |||||||||
Loans receivable, net of ALLL | 3,266,571 | — | 3,184,987 | 186,201 | |||||||||
Accrued interest receivable | 37,770 | 37,770 | — | — | |||||||||
Non-marketable equity securities | 48,812 | — | 48,812 | — | |||||||||
Total financial assets | $ | 7,368,699 | 370,311 | 6,916,804 | 186,201 | ||||||||
Financial liabilities | |||||||||||||
Deposits | $ | 5,364,461 | 3,585,126 | 1,789,134 | — | ||||||||
FHLB advances | 997,013 | — | 1,027,101 | — | |||||||||
Repurchase agreements and other borrowed funds | 299,540 | — | 299,540 | — | |||||||||
Subordinated debentures | 125,418 | — | 70,895 | — | |||||||||
Accrued interest payable | 4,675 | 4,675 | — | — | |||||||||
Interest rate swaps | 16,832 | — | 16,832 | — | |||||||||
Total financial liabilities | $ | 6,807,939 | 3,589,801 | 3,203,502 | — | ||||||||
Mergers_and_Acquisitions
Mergers and Acquisitions | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Mergers and Acquisitions | ' | ||||||||||||
Note 9. Mergers and Acquisitions | |||||||||||||
On May 31, 2013, the Company acquired 100 percent of the outstanding common stock of Wheatland and its wholly-owned subsidiary, First State Bank, a community bank based in Wheatland, Wyoming. First State Bank provides community banking services to individuals and businesses from banking offices in Wheatland, Torrington and Guernsey, Wyoming. As a result of the acquisition, the Company has increased its presence in the State of Wyoming and will further diversify its loan, customer and deposit base with First State Bank’s strong commitment to agriculture. First State Bank operates as a division of the Bank under the name “First State Bank, division of Glacier Bank.” The Wheatland acquisition was valued at $39,315,000 and resulted in the Company issuing 1,455,256 shares of its common stock and $11,025,000 in cash in exchange for all of Wheatland’s outstanding common stock shares. The fair value of the Company’s common stock shares issued was determined on the basis of the closing market price of the Company’s common stock shares on the May 31, 2013 acquisition date. | |||||||||||||
On July 31, 2013, the Company acquired 100 percent of the outstanding common stock of NCBI and its wholly-owned subsidiary, North Cascades National Bank, a community bank based in Chelan, Washington. North Cascades National Bank provides community banking services to individuals and businesses in central Washington, with banking offices located in Chelan, Wenatchee, East Wenatchee, Omak, Brewster, Twisp, Okanogan, Grand Coulee and Waterville, Washington. The acquisition expands the Company’s market into central Washington and further diversifies the Company’s loan, customer and deposit base due to the region’s solid economic base of agriculture, fruit processing and tourism. North Cascades National Bank operates as a division of the Bank under the name “North Cascades Bank, division of Glacier Bank.” The NCBI acquisition was valued at $30,576,000 and resulted in the Company issuing 687,876 shares of its common stock and $13,833,000 in cash in exchange for all of NCBI's outstanding common stock shares. The fair value of the Company's common stock shares issued was determined on the basis of the closing market price of the Company's common stock shares on the July 31, 2013 acquisition date. | |||||||||||||
The assets and liabilities of Wheatland and NCBI were recorded on the Company’s consolidated statements of financial condition at their estimated fair values as of the May 31, 2013 and July 31, 2013 acquisition dates, respectively, and their results of operations have been included in the Company’s consolidated statements of operations since those dates. The excess of the fair value of consideration transferred over total identifiable net assets was recorded as goodwill. The goodwill arising from the acquisitions consists largely of the synergies and economies of scale expected from combining the operations of the Company, Wheatland and NCBI. None of the goodwill is deductible for income tax purposes as both acquisitions were accounted for as tax-free exchanges. The following table discloses the calculation of the fair value of consideration transferred, the total identifiable net assets acquired and the resulting goodwill relating to the Wheatland and NCBI acquisitions: | |||||||||||||
Wheatland | NCBI | ||||||||||||
(Dollars in thousands) | May 31, | July 31, | Total | ||||||||||
2013 | 2013 | ||||||||||||
Fair value of consideration transferred | |||||||||||||
Fair value of Company shares issued, net of equity issuance costs | $ | 28,290 | 16,743 | 45,033 | |||||||||
Cash consideration for outstanding shares | 11,025 | 13,833 | 24,858 | ||||||||||
Total fair value of consideration transferred | 39,315 | 30,576 | 69,891 | ||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||||||||||
Identifiable assets acquired | |||||||||||||
Cash and cash equivalents | 23,148 | 27,865 | 51,013 | ||||||||||
Investment securities, available-for-sale | 75,643 | 48,058 | 123,701 | ||||||||||
Loans receivable | 171,199 | 215,986 | 387,185 | ||||||||||
Core deposit intangible | 2,079 | 3,660 | 5,739 | ||||||||||
Accrued income and other assets | 15,063 | 24,262 | 39,325 | ||||||||||
Total identifiable assets acquired | 287,132 | 319,831 | 606,963 | ||||||||||
Liabilities assumed | |||||||||||||
Deposits | 255,197 | 294,980 | 550,177 | ||||||||||
Federal Home Loan Bank advances and other borrowed funds | 5,467 | — | 5,467 | ||||||||||
Accrued expenses and other liabilities | 562 | 4,472 | 5,034 | ||||||||||
Total liabilities assumed | 261,226 | 299,452 | 560,678 | ||||||||||
Total identifiable net assets | 25,906 | 20,379 | 46,285 | ||||||||||
Goodwill recognized | $ | 13,409 | 10,197 | 23,606 | |||||||||
The fair value of the Wheatland and NCBI assets acquired includes loans with fair values of $171,199,000 and $215,986,000, respectively. The gross principal and contractual interest due under the Wheatland and NCBI contracts is $176,698,000 and $223,949,000, respectively, all of which is expected to be collectible. | |||||||||||||
The Company incurred $594,000 and $478,000, respectively, of Wheatland and NCBI third-party acquisition-related costs during the nine month period ended September 30, 2013. The expenses are included in other expense in the Company's consolidated statements of operations. | |||||||||||||
Total income consisting of net interest income and non-interest income of the acquired operations of Wheatland was approximately $4,605,000 and net income was approximately $1,338,000 from May 31, 2013 to September 30, 2013. Total income consisting of net interest income and non-interest income of the acquired operations of NCBI was approximately $2,662,000 and net income was approximately $510,000 from July 31, 2013 to September 30, 2013. The following unaudited pro forma summary presents consolidated information of the Company as if the Wheatland and NCBI acquisitions had occurred on January 1, 2012: | |||||||||||||
Three Months ended | Nine Months ended | ||||||||||||
(Dollars in thousands) | September 30, | September 30, | September 30, | September 30, | |||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Net interest income and non-interest income | $ | 86,940 | 77,095 | 249,224 | 251,525 | ||||||||
Net income | 24,756 | 20,126 | 69,846 | 58,525 | |||||||||
Nature_of_Operations_and_Summa1
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||
General | ' | ||||||||||||
General | |||||||||||||
Glacier Bancorp, Inc. (“Company”) is a Montana corporation headquartered in Kalispell, Montana. The Company provides a full range of banking services to individual and corporate customers in Montana, Idaho, Wyoming, Colorado, Utah and Washington through thirteen divisions of its wholly-owned bank subsidiary, Glacier Bank (“Bank”). The Company offers a wide range of banking products and services, including transaction and savings deposits, real estate, commercial, agriculture and consumer loans, mortgage origination services, and retail brokerage services. The Company serves individuals, small to medium-sized businesses, community organizations and public entities. | |||||||||||||
In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the Company’s financial condition as of September 30, 2013, the results of operations and comprehensive income for the three and nine month periods ended September 30, 2013 and 2012, and changes in stockholders’ equity and cash flows for the nine month periods ended September 30, 2013 and 2012. The condensed consolidated statement of financial condition of the Company as of December 31, 2012 has been derived from the audited consolidated statements of the Company as of that date. | |||||||||||||
The accompanying unaudited condensed consolidated financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. Operating results for the nine months ended September 30, 2013 are not necessarily indicative of the results anticipated for the year ending December 31, 2013. | |||||||||||||
The Company is a defendant in legal proceedings arising in the normal course of business. In the opinion of management, the disposition of pending litigation will not have a material affect on the Company’s consolidated financial position, results of operations or liquidity. | |||||||||||||
Material estimates that are particularly susceptible to significant change include the determination of the allowance for loan and lease losses (“ALLL” or “allowance”) and the valuations related to investments and real estate acquired in connection with foreclosures or in satisfaction of loans. For the determination of the ALLL and real estate valuation estimates, management obtains independent appraisals (new or updated) for significant items. Estimates relating to investment valuations are obtained from independent third parties. | |||||||||||||
Principles of Consolidation | ' | ||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements of the Company include the parent holding company and the Bank. The Bank consists of thirteen bank divisions, a treasury division and an information technology division. Each of the bank divisions operate under separate names, management teams and directors. The Company considers the Bank to be its sole operating segment as the Bank 1) engages in similar bank business activity from which it earns revenues and incurs expenses, 2) the operating results of the Bank are regularly reviewed by the Chief Executive Officer (i.e., the chief operating decision maker) who makes decisions about resources to be allocated to the Bank, and 3) financial information is available for the Bank. All significant inter-company transactions have been eliminated in consolidation. | |||||||||||||
On May 31, 2013, the Company completed its acquisition of Wheatland Bankshares, Inc. (“Wheatland”) and its wholly-owned subsidiary, First State Bank, a community bank based in Wheatland, Wyoming. On July 31, 2013, the Company completed its acquisition of North Cascades Bancshares, Inc. (“NCBI”) and its wholly-owned subsidiary, North Cascades National Bank, a community bank based in Chelan, Washington. Both transactions were accounted for using the acquisition method, and their results of operations have been included in the Company’s consolidated financial statements as of the acquisition dates. | |||||||||||||
The Company formed GBCI Other Real Estate (“GORE”) to isolate certain bank foreclosed properties for legal protection and administrative purposes and the remaining properties are currently held for sale. GORE is included in the Bank operating segment due to its insignificant activity. | |||||||||||||
The Company owns the following trust subsidiaries, each of which issued trust preferred securities as Tier 1 capital instruments: Glacier Capital Trust II, Glacier Capital Trust III, Glacier Capital Trust IV, Citizens (ID) Statutory Trust I, Bank of the San Juans Bancorporation Trust I, First Company Statutory Trust 2001 and First Company Statutory Trust 2003. The trust subsidiaries are not included in the Company’s consolidated financial statements. | |||||||||||||
Variable Interest Entities | ' | ||||||||||||
Variable Interest Entities | |||||||||||||
The Company has equity investments in Certified Development Entities (“CDE”) which have received allocations of New Markets Tax Credits (“NMTC”). The Company also has equity investments in Low-Income Housing Tax Credit (“LIHTC”) partnerships. The CDEs and the LIHTC partnerships are variable interest entities (“VIE”). | |||||||||||||
The following table summarizes the carrying amounts of the VIE’s assets and liabilities included in the Company’s consolidated financial statements at September 30, 2013 and December 31, 2012: | |||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||
(Dollars in thousands) | CDE (NMTC) | LIHTC | CDE (NMTC) | LIHTC | |||||||||
Assets | |||||||||||||
Loans receivable | $ | 35,956 | — | 35,480 | — | ||||||||
Premises and equipment, net | — | 13,641 | — | 16,066 | |||||||||
Accrued interest receivable | 113 | — | 117 | — | |||||||||
Other assets | 903 | 153 | 1,114 | 143 | |||||||||
Total assets | $ | 36,972 | 13,794 | 36,711 | 16,209 | ||||||||
Liabilities | |||||||||||||
Other borrowed funds | $ | 4,555 | 1,723 | 4,555 | 3,639 | ||||||||
Accrued interest payable | 4 | 5 | 4 | 6 | |||||||||
Other liabilities | 92 | 203 | 182 | 136 | |||||||||
Total liabilities | $ | 4,651 | 1,931 | 4,741 | 3,781 | ||||||||
Amounts presented in the table above are adjusted for intercompany eliminations. All assets presented can be used only to settle obligations of the consolidated VIEs and all liabilities presented consist of liabilities for which creditors and other beneficial interest holders therein have no recourse to the general credit of the Company. | |||||||||||||
Loans Receivable | ' | ||||||||||||
Loans Receivable | |||||||||||||
Loans that are intended to be held-to-maturity are reported at the unpaid principal balance less net charge-offs and adjusted for deferred fees and costs on originated loans and unamortized premiums or discounts on acquired loans. Fees and costs on originated loans and premiums or discounts on acquired loans are deferred and subsequently amortized or accreted as a yield adjustment over the expected life of the loan utilizing the interest method. The objective of the interest method is to calculate periodic interest income at a constant effective yield. When a loan is paid off prior to maturity, the remaining fees and costs on originated loans and premiums or discounts on acquired loans are immediately recognized into interest income. | |||||||||||||
The Company’s loan segments, which are based on the purpose of the loan, include residential real estate, commercial, and consumer loans. The Company’s loan classes, a further disaggregation of segments, include residential real estate loans (residential real estate segment), commercial real estate and other commercial loans (commercial segment), and home equity and other consumer loans (consumer segment). | |||||||||||||
Loans that are thirty days or more past due based on payments received and applied to the loan are considered delinquent. Loans are designated non-accrual and the accrual of interest is discontinued when the collection of the contractual principal or interest is unlikely. A loan is typically placed on non-accrual when principal or interest is due and has remained unpaid for ninety days or more. When a loan is placed on non-accrual status, interest previously accrued but not collected is reversed against current period interest income. Subsequent payments are applied to the outstanding principal balance if doubt remains as to the ultimate collectability of the loan. Interest accruals are not resumed on partially charged-off impaired loans. For other loans on nonaccrual, interest accruals are resumed on such loans only when they are brought fully current with respect to interest and principal and when, in the judgment of management, the loans are estimated to be fully collectible as to both principal and interest. | |||||||||||||
The Company considers impaired loans to be the primary credit quality indicator for monitoring the credit quality of the loan portfolio. Loans are designated impaired when, based upon current information and events, it is probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the contractual terms of the loan agreement and therefore, the Company has serious doubts as to the ability of such borrowers to fulfill the contractual obligation. Impaired loans include non-performing loans (i.e., non-accrual loans and accruing loans ninety days or more past due) and accruing loans under ninety days past due where it is probable payments will not be received according to the loan agreement (e.g., troubled debt restructuring). Interest income on accruing impaired loans is recognized using the interest method. The Company measures impairment on a loan-by-loan basis in the same manner for each class within the loan portfolio. An insignificant delay or shortfall in the amounts of payments would not cause a loan or lease to be considered impaired. The Company determines the significance of payment delays and shortfalls on a case-by-case basis, taking into consideration all of the facts and circumstances surrounding the loan and the borrower, including the length and reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest due. | |||||||||||||
A restructured loan is considered a troubled debt restructuring (“TDR”) if the creditor, for economic or legal reasons related to the debtor’s financial difficulties, grants a concession to the debtor that it would not otherwise consider. A TDR loan is considered an impaired loan and a specific valuation allowance is established when the fair value of the collateral-dependent loan or present value of the loan’s expected future cash flows (discounted at the loan’s effective interest rate based on the original contractual rate) is lower than the carrying value of the impaired loan. The Company made the following types of loan modifications, some of which were considered a TDR: | |||||||||||||
• | Reduction of the stated interest rate for the remaining term of the debt; | ||||||||||||
• | Extension of the maturity date(s) at a stated rate of interest lower than the current market rate for newly originated debt having similar risk characteristics; and | ||||||||||||
• | Reduction of the face amount of the debt as stated in the debt agreements. | ||||||||||||
The Company recognizes that while borrowers may experience deterioration in their financial condition, many continue to be creditworthy customers who have the willingness and capacity for debt repayment. In determining whether non-restructured or unimpaired loans issued to a single or related party group of borrowers should continue to accrue interest when the borrower has other loans that are impaired or are TDRs, the Company on a quarterly or more frequent basis performs an updated and comprehensive assessment of the willingness and capacity of the borrowers to timely and ultimately repay their total debt obligations, including contingent obligations. Such analysis takes into account current financial information about the borrowers and financially responsible guarantors, if any, including for example: | |||||||||||||
• | analysis of global, i.e., aggregate debt service for total debt obligations; | ||||||||||||
• | assessment of the value and security protection of collateral pledged using current market conditions and alternative market assumptions across a variety of potential future situations; and | ||||||||||||
• | loan structures and related covenants. | ||||||||||||
For additional information relating to loans, see Note 3. | |||||||||||||
Allowance for Loan and Lease Losses | ' | ||||||||||||
Allowance for Loan and Lease Losses | |||||||||||||
Based upon management’s analysis of the Company’s loan portfolio, the balance of the ALLL is an estimate of probable credit losses known and inherent within the Bank’s loan portfolio as of the date of the consolidated financial statements. The ALLL is analyzed at the loan class level and is maintained within a range of estimated losses. Determining the adequacy of the ALLL involves a high degree of judgment and is inevitably imprecise as the risk of loss is difficult to quantify. The determination of the ALLL and the related provision for loan losses is a critical accounting estimate that involves management’s judgments about all known relevant internal and external environmental factors that affect loan losses. The balance of the ALLL is highly dependent upon management’s evaluations of borrowers’ current and prospective performance, appraisals and other variables affecting the quality of the loan portfolio. Individually significant loans and major lending areas are reviewed periodically to determine potential problems at an early date. Changes in management’s estimates and assumptions are reasonably possible and may have a material impact upon the Company’s consolidated financial statements, results of operations or capital. | |||||||||||||
The ALLL consists of a specific valuation allowance component and a general valuation allowance component. The specific component relates to loans that are determined to be impaired and individually evaluated for impairment. The Company measures impairment on a loan-by-loan basis based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except when it is determined that repayment of the loan is expected to be provided solely by the underlying collateral. For impairment based on expected future cash flows, the Company considers all information available as of a measurement date, including past events, current conditions, potential prepayments, and estimated cost to sell when such costs are expected to reduce the cash flows available to repay or otherwise satisfy the loan. For alternative ranges of cash flows, the likelihood of the possible outcomes is considered in determining the best estimate of expected future cash flows. The effective interest rate for a loan restructured in a TDR is based on the original contractual rate. For collateral-dependent loans and real estate loans for which foreclosure or a deed-in-lieu of foreclosure is probable, impairment is measured by the fair value of the collateral, less estimated cost to sell. The fair value of the collateral is determined primarily based upon appraisal or evaluation of the underlying real property value. | |||||||||||||
The general valuation allowance component relates to probable credit losses inherent in the balance of the loan portfolio based on historical loss experience, adjusted for changes in trends and conditions of qualitative or environmental factors. The historical loss experience is based on the previous twelve quarters loss experience by loan class adjusted for risk characteristics in the existing loan portfolio. The same trends and conditions are evaluated for each class within the loan portfolio; however, the risk characteristics are weighted separately at the individual class level based on the Company’s judgment and experience. | |||||||||||||
The changes in trends and conditions of certain items include the following: | |||||||||||||
• | Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses; | ||||||||||||
• | Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; | ||||||||||||
• | Changes in the nature and volume of the portfolio and in the terms of loans; | ||||||||||||
• | Changes in experience, ability, and depth of lending management and other relevant staff; | ||||||||||||
• | Changes in the volume and severity of past due and nonaccrual loans; | ||||||||||||
• | Changes in the quality of the Company’s loan review system; | ||||||||||||
• | Changes in the value of underlying collateral for collateral-dependent loans; | ||||||||||||
• | The existence and effect of any concentrations of credit, and changes in the level of such concentrations; and | ||||||||||||
• | The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the Company’s existing portfolio. | ||||||||||||
The ALLL is increased by provisions for loan losses which are charged to expense. The portions of loan balances determined by management to be uncollectible are charged-off as a reduction of the ALLL and recoveries of amounts previously charged-off are credited as an increase to the ALLL. The Company’s charge-off policy is consistent with bank regulatory standards. Consumer loans generally are charged off when the loan becomes over 120 days delinquent. Real estate acquired as a result of foreclosure or by deed-in-lieu of foreclosure is classified as real estate owned until such time as it is sold. | |||||||||||||
At acquisition date, the assets and liabilities of acquired banks are recorded at their estimated fair values which results in no ALLL carried over from acquired banks. Subsequent to acquisition, an allowance will be recorded on the acquired loan portfolios for further credit deterioration, if any. | |||||||||||||
Impact of Recent Authoritative Accounting Guidance | ' | ||||||||||||
Impact of Recent Authoritative Accounting Guidance | |||||||||||||
The Accounting Standards Codification™ (“ASC”) is the Financial Accounting Standards Board’s (“FASB”) officially recognized source of authoritative GAAP applicable to all public and non-public non-governmental entities. Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) under the authority of the federal securities laws are also sources of authoritative GAAP for the Company as an SEC registrant. All other accounting literature is non-authoritative. | |||||||||||||
In June 2011, FASB amended FASB ASC Topic 220, Comprehensive Income. The amendment provides an entity the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement or in two separate but consecutive statements. Accounting Standards Update (“ASU”) No. 2011-12, Comprehensive Income (Topic 220) deferred the specific requirement of the amendment to present items that are reclassified from accumulated other comprehensive income to net income separately with their respective components of net income and other comprehensive income. The amendments were effective retrospectively during interim and annual periods beginning after December 15, 2011. ASU No. 2013-2, Comprehensive Income (Topic 220) reversed the deferment of ASU 2011-12 and will be effective prospectively for reporting periods beginning after December 15, 2012 and early adoption is permitted. The Company early adopted ASU No. 2013-2 as of December 31, 2012. The Company has evaluated the impact of the adoption of these amendments and determined there was not a material effect on the Company’s financial position or results of operations. |
Nature_of_Operations_and_Summa2
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||
Summary of the carrying amounts of variable interest entities' assets and liabilities included in consolidated financial statements | ' | ||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||
(Dollars in thousands) | CDE (NMTC) | LIHTC | CDE (NMTC) | LIHTC | |||||||||
Assets | |||||||||||||
Loans receivable | $ | 35,956 | — | 35,480 | — | ||||||||
Premises and equipment, net | — | 13,641 | — | 16,066 | |||||||||
Accrued interest receivable | 113 | — | 117 | — | |||||||||
Other assets | 903 | 153 | 1,114 | 143 | |||||||||
Total assets | $ | 36,972 | 13,794 | 36,711 | 16,209 | ||||||||
Liabilities | |||||||||||||
Other borrowed funds | $ | 4,555 | 1,723 | 4,555 | 3,639 | ||||||||
Accrued interest payable | 4 | 5 | 4 | 6 | |||||||||
Other liabilities | 92 | 203 | 182 | 136 | |||||||||
Total liabilities | $ | 4,651 | 1,931 | 4,741 | 3,781 | ||||||||
Investment_Securities_Availabl1
Investment Securities, Available-for-Sale (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | ||||||||||||||||||
Comparison of amortized cost and estimated fair value of investment securities designated as available-for-sale | ' | ||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Weighted | Amortized | Gross Unrealized | Fair | ||||||||||||||||
(Dollars in thousands) | Yield | Cost | Gains | Losses | Value | ||||||||||||||
U.S. government sponsored enterprises | |||||||||||||||||||
Maturing after one year through five years | 2.29 | % | $ | 11,278 | 240 | — | 11,518 | ||||||||||||
Maturing after five years through ten years | 1.82 | % | 38 | — | — | 38 | |||||||||||||
2.29 | % | 11,316 | 240 | — | 11,556 | ||||||||||||||
State and local governments | |||||||||||||||||||
Maturing within one year | 2.18 | % | 6,059 | 52 | — | 6,111 | |||||||||||||
Maturing after one year through five years | 2.1 | % | 162,569 | 3,096 | (431 | ) | 165,234 | ||||||||||||
Maturing after five years through ten years | 3.17 | % | 57,892 | 1,122 | (832 | ) | 58,182 | ||||||||||||
Maturing after ten years | 4.46 | % | 1,104,890 | 28,571 | (21,604 | ) | 1,111,857 | ||||||||||||
4.1 | % | 1,331,410 | 32,841 | (22,867 | ) | 1,341,384 | |||||||||||||
Corporate bonds | |||||||||||||||||||
Maturing within one year | 2.1 | % | 73,064 | 736 | — | 73,800 | |||||||||||||
Maturing after one year through five years | 2.1 | % | 358,034 | 2,890 | (2,852 | ) | 358,072 | ||||||||||||
Maturing after five years through ten years | 2.22 | % | 11,058 | — | (85 | ) | 10,973 | ||||||||||||
2.1 | % | 442,156 | 3,626 | (2,937 | ) | 442,845 | |||||||||||||
Residential mortgage-backed securities | 2.44 | % | 1,515,728 | 15,357 | (7,917 | ) | 1,523,168 | ||||||||||||
Total investment securities | 3.06 | % | $ | 3,300,610 | 52,064 | (33,721 | ) | 3,318,953 | |||||||||||
31-Dec-12 | |||||||||||||||||||
Weighted | Amortized | Gross Unrealized | Fair | ||||||||||||||||
(Dollars in thousands) | Yield | Cost | Gains | Losses | Value | ||||||||||||||
U.S. government and federal agency | |||||||||||||||||||
Maturing within one year | 1.62 | % | $ | 201 | 1 | — | 202 | ||||||||||||
U.S. government sponsored enterprises | |||||||||||||||||||
Maturing after one year through five years | 2.3 | % | 17,064 | 371 | — | 17,435 | |||||||||||||
Maturing after five years through ten years | 2.03 | % | 44 | 1 | — | 45 | |||||||||||||
2.29 | % | 17,108 | 372 | — | 17,480 | ||||||||||||||
State and local governments | |||||||||||||||||||
Maturing within one year | 2.01 | % | 4,288 | 28 | (2 | ) | 4,314 | ||||||||||||
Maturing after one year through five years | 2.11 | % | 149,497 | 4,142 | (142 | ) | 153,497 | ||||||||||||
Maturing after five years through ten years | 2.95 | % | 38,346 | 1,102 | (99 | ) | 39,349 | ||||||||||||
Maturing after ten years | 4.7 | % | 935,897 | 82,823 | (1,362 | ) | 1,017,358 | ||||||||||||
4.29 | % | 1,128,028 | 88,095 | (1,605 | ) | 1,214,518 | |||||||||||||
Corporate bonds | |||||||||||||||||||
Maturing within one year | 1.73 | % | 18,412 | 51 | — | 18,463 | |||||||||||||
Maturing after one year through five years | 2.22 | % | 250,027 | 4,018 | (238 | ) | 253,807 | ||||||||||||
Maturing after five years through ten years | 2.23 | % | 16,144 | 381 | — | 16,525 | |||||||||||||
2.19 | % | 284,583 | 4,450 | (238 | ) | 288,795 | |||||||||||||
Collateralized debt obligations | |||||||||||||||||||
Maturing after ten years | 8.03 | % | 1,708 | — | — | 1,708 | |||||||||||||
Residential mortgage-backed securities | 1.95 | % | 2,156,049 | 8,860 | (4,607 | ) | 2,160,302 | ||||||||||||
Total investment securities | 2.71 | % | $ | 3,587,677 | 101,778 | (6,450 | ) | 3,683,005 | |||||||||||
Gain or loss on sale of Investments | ' | ||||||||||||||||||
Three Months ended | Nine Months ended | ||||||||||||||||||
(Dollars in thousands) | September 30, | September 30, | September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Gross proceeds | $ | 102,483 | — | 181,971 | — | ||||||||||||||
Less amortized cost | (102,886 | ) | — | (182,270 | ) | — | |||||||||||||
Net loss on sale of investments | $ | (403 | ) | — | (299 | ) | — | ||||||||||||
Gross gain on sale of investments | $ | 3,467 | — | 3,723 | — | ||||||||||||||
Gross loss on sale of investments | (3,870 | ) | — | (4,022 | ) | — | |||||||||||||
Net loss on sale of investments | $ | (403 | ) | — | (299 | ) | — | ||||||||||||
Summary of investments with an unrealized loss position | ' | ||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||
(Dollars in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||
State and local governments | $ | 405,834 | (21,121 | ) | 22,373 | (1,746 | ) | 428,207 | (22,867 | ) | |||||||||
Corporate bonds | 189,130 | (2,937 | ) | — | — | 189,130 | (2,937 | ) | |||||||||||
Residential mortgage-backed securities | 446,642 | (7,917 | ) | — | — | 446,642 | (7,917 | ) | |||||||||||
Total temporarily impaired securities | $ | 1,041,606 | (31,975 | ) | 22,373 | (1,746 | ) | 1,063,979 | (33,721 | ) | |||||||||
31-Dec-12 | |||||||||||||||||||
Less than 12 Months | 12 Months or More | Total | |||||||||||||||||
(Dollars in thousands) | Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||
Value | Loss | Value | Loss | Value | Loss | ||||||||||||||
State and local governments | $ | 102,896 | (1,531 | ) | 4,533 | (74 | ) | 107,429 | (1,605 | ) | |||||||||
Corporate bonds | 41,856 | (238 | ) | — | — | 41,856 | (238 | ) | |||||||||||
Residential mortgage-backed securities | 955,235 | (4,041 | ) | 62,905 | (566 | ) | 1,018,140 | (4,607 | ) | ||||||||||
Total temporarily impaired securities | $ | 1,099,987 | (5,810 | ) | 67,438 | (640 | ) | 1,167,425 | (6,450 | ) | |||||||||
Loans_Receivable_Net_Tables
Loans Receivable, Net (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||
Summary of the activity in the ALLL on a portfolio class basis | ' | ||||||||||||||||||
Three Months ended September 30, 2013 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Allowance for loan and lease losses | |||||||||||||||||||
Balance at beginning of period | $ | 130,883 | 14,797 | 73,885 | 24,116 | 9,626 | 8,459 | ||||||||||||
Provision for loan losses | 1,907 | 950 | 381 | 385 | 125 | 66 | |||||||||||||
Charge-offs | (3,077 | ) | (42 | ) | (1,235 | ) | (1,065 | ) | (333 | ) | (402 | ) | |||||||
Recoveries | 1,052 | 45 | 367 | 385 | 73 | 182 | |||||||||||||
Balance at end of period | $ | 130,765 | 15,750 | 73,398 | 23,821 | 9,491 | 8,305 | ||||||||||||
Three Months ended September 30, 2012 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Allowance for loan and lease losses | |||||||||||||||||||
Balance at beginning of period | $ | 137,459 | 18,139 | 79,098 | 20,570 | 10,904 | 8,748 | ||||||||||||
Provision for loan losses | 2,700 | 209 | (1,210 | ) | 2,859 | (555 | ) | 1,397 | |||||||||||
Charge-offs | (5,052 | ) | (1,172 | ) | (586 | ) | (1,441 | ) | (1,044 | ) | (809 | ) | |||||||
Recoveries | 1,553 | 73 | 453 | 241 | 679 | 107 | |||||||||||||
Balance at end of period | $ | 136,660 | 17,249 | 77,755 | 22,229 | 9,984 | 9,443 | ||||||||||||
Nine Months ended September 30, 2013 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Allowance for loan and lease losses | |||||||||||||||||||
Balance at beginning of period | $ | 130,854 | 15,482 | 74,398 | 21,567 | 10,659 | 8,748 | ||||||||||||
Provision for loan losses | 5,085 | 464 | (51 | ) | 3,964 | 566 | 142 | ||||||||||||
Charge-offs | (8,962 | ) | (391 | ) | (2,538 | ) | (2,817 | ) | (1,962 | ) | (1,254 | ) | |||||||
Recoveries | 3,788 | 195 | 1,589 | 1,107 | 228 | 669 | |||||||||||||
Balance at end of period | $ | 130,765 | 15,750 | 73,398 | 23,821 | 9,491 | 8,305 | ||||||||||||
Nine Months ended September 30, 2012 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Allowance for loan and lease losses | |||||||||||||||||||
Balance at beginning of period | $ | 137,516 | 17,227 | 76,920 | 20,833 | 13,616 | 8,920 | ||||||||||||
Provision for loan losses | 19,250 | 2,294 | 11,800 | 4,163 | (1,025 | ) | 2,018 | ||||||||||||
Charge-offs | (24,789 | ) | (2,492 | ) | (13,120 | ) | (3,797 | ) | (3,402 | ) | (1,978 | ) | |||||||
Recoveries | 4,683 | 220 | 2,155 | 1,030 | 795 | 483 | |||||||||||||
Balance at end of period | $ | 136,660 | 17,249 | 77,755 | 22,229 | 9,984 | 9,443 | ||||||||||||
Summary of the ALLL and loans receivable on a portfolio class basis | ' | ||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Allowance for loan and lease losses | |||||||||||||||||||
Individually evaluated for impairment | $ | 12,728 | 1,088 | 6,662 | 3,810 | 109 | 1,059 | ||||||||||||
Collectively evaluated for impairment | 118,037 | 14,662 | 66,736 | 20,011 | 9,382 | 7,246 | |||||||||||||
Total allowance for loan and lease losses | $ | 130,765 | 15,750 | 73,398 | 23,821 | 9,491 | 8,305 | ||||||||||||
Loans receivable | |||||||||||||||||||
Individually evaluated for impairment | $ | 206,918 | 27,104 | 125,566 | 38,390 | 10,091 | 5,767 | ||||||||||||
Collectively evaluated for impairment | 3,794,181 | 556,713 | 1,868,492 | 795,839 | 363,421 | 209,716 | |||||||||||||
Total loans receivable | $ | 4,001,099 | 583,817 | 1,994,058 | 834,229 | 373,512 | 215,483 | ||||||||||||
31-Dec-12 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Allowance for loan and lease losses | |||||||||||||||||||
Individually evaluated for impairment | $ | 15,534 | 1,680 | 7,716 | 3,859 | 870 | 1,409 | ||||||||||||
Collectively evaluated for impairment | 115,320 | 13,802 | 66,682 | 17,708 | 9,789 | 7,339 | |||||||||||||
Total allowance for loan and lease losses | $ | 130,854 | 15,482 | 74,398 | 21,567 | 10,659 | 8,748 | ||||||||||||
Loans receivable | |||||||||||||||||||
Individually evaluated for impairment | $ | 201,735 | 25,862 | 125,282 | 33,593 | 11,074 | 5,924 | ||||||||||||
Collectively evaluated for impairment | 3,195,690 | 490,605 | 1,530,226 | 589,804 | 392,851 | 192,204 | |||||||||||||
Total loans receivable | $ | 3,397,425 | 516,467 | 1,655,508 | 623,397 | 403,925 | 198,128 | ||||||||||||
Summary of impaired loans by portfolio class of loans | ' | ||||||||||||||||||
At or for the Three or Nine Months ended September 30, 2013 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||
Recorded balance | $ | 62,614 | 7,887 | 28,194 | 22,368 | 673 | 3,492 | ||||||||||||
Unpaid principal balance | 64,969 | 8,032 | 29,463 | 22,986 | 717 | 3,771 | |||||||||||||
Specific valuation allowance | 12,728 | 1,088 | 6,662 | 3,810 | 109 | 1,059 | |||||||||||||
Average balance - three months | 59,817 | 7,431 | 26,525 | 21,780 | 495 | 3,586 | |||||||||||||
Average balance - nine months | 59,402 | 7,237 | 26,653 | 21,321 | 737 | 3,454 | |||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||
Recorded balance | $ | 144,304 | 19,217 | 97,372 | 16,022 | 9,418 | 2,275 | ||||||||||||
Unpaid principal balance | 174,258 | 20,681 | 120,914 | 19,233 | 11,026 | 2,404 | |||||||||||||
Average balance - three months | 139,928 | 18,481 | 95,175 | 15,768 | 8,766 | 1,738 | |||||||||||||
Average balance - nine months | 139,368 | 18,420 | 95,857 | 14,011 | 9,017 | 2,063 | |||||||||||||
Totals | |||||||||||||||||||
Recorded balance | $ | 206,918 | 27,104 | 125,566 | 38,390 | 10,091 | 5,767 | ||||||||||||
Unpaid principal balance | 239,227 | 28,713 | 150,377 | 42,219 | 11,743 | 6,175 | |||||||||||||
Specific valuation allowance | 12,728 | 1,088 | 6,662 | 3,810 | 109 | 1,059 | |||||||||||||
Average balance - three months | 199,745 | 25,912 | 121,700 | 37,548 | 9,261 | 5,324 | |||||||||||||
Average balance - nine months | 198,770 | 25,657 | 122,510 | 35,332 | 9,754 | 5,517 | |||||||||||||
At or for the Year ended December 31, 2012 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Loans with a specific valuation allowance | |||||||||||||||||||
Recorded balance | $ | 62,759 | 7,334 | 29,595 | 21,205 | 1,354 | 3,271 | ||||||||||||
Unpaid principal balance | 70,261 | 7,459 | 36,887 | 21,278 | 1,362 | 3,275 | |||||||||||||
Specific valuation allowance | 15,534 | 1,680 | 7,716 | 3,859 | 870 | 1,409 | |||||||||||||
Average balance | 76,656 | 12,797 | 36,164 | 22,665 | 1,390 | 3,640 | |||||||||||||
Loans without a specific valuation allowance | |||||||||||||||||||
Recorded balance | $ | 138,976 | 18,528 | 95,687 | 12,388 | 9,720 | 2,653 | ||||||||||||
Unpaid principal balance | 149,412 | 19,613 | 102,798 | 14,318 | 9,965 | 2,718 | |||||||||||||
Average balance | 162,505 | 16,034 | 111,554 | 19,733 | 11,993 | 3,191 | |||||||||||||
Totals | |||||||||||||||||||
Recorded balance | $ | 201,735 | 25,862 | 125,282 | 33,593 | 11,074 | 5,924 | ||||||||||||
Unpaid principal balance | 219,673 | 27,072 | 139,685 | 35,596 | 11,327 | 5,993 | |||||||||||||
Specific valuation allowance | 15,534 | 1,680 | 7,716 | 3,859 | 870 | 1,409 | |||||||||||||
Average balance | 239,161 | 28,831 | 147,718 | 42,398 | 13,383 | 6,831 | |||||||||||||
Loans receivable aging analysis on a portfolio class basis | ' | ||||||||||||||||||
30-Sep-13 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Accruing loans 30-59 days past due | $ | 21,294 | 516 | 11,829 | 5,854 | 1,828 | 1,267 | ||||||||||||
Accruing loans 60-89 days past due | 5,107 | 824 | 2,419 | 683 | 797 | 384 | |||||||||||||
Accruing loans 90 days or more past due | 174 | — | 109 | 35 | 28 | 2 | |||||||||||||
Non-accrual loans | 88,293 | 12,604 | 53,536 | 11,591 | 8,953 | 1,609 | |||||||||||||
Total past due and non-accrual loans | 114,868 | 13,944 | 67,893 | 18,163 | 11,606 | 3,262 | |||||||||||||
Current loans receivable | 3,886,231 | 569,873 | 1,926,165 | 816,066 | 361,906 | 212,221 | |||||||||||||
Total loans receivable | $ | 4,001,099 | 583,817 | 1,994,058 | 834,229 | 373,512 | 215,483 | ||||||||||||
December 31, 2012 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Accruing loans 30-59 days past due | $ | 17,454 | 3,897 | 7,424 | 2,020 | 2,872 | 1,241 | ||||||||||||
Accruing loans 60-89 days past due | 9,643 | 1,870 | 3,745 | 645 | 2,980 | 403 | |||||||||||||
Accruing loans 90 days or more past due | 1,479 | 451 | 594 | 197 | 188 | 49 | |||||||||||||
Non-accrual loans | 96,933 | 14,237 | 55,687 | 13,200 | 11,241 | 2,568 | |||||||||||||
Total past due and non-accrual loans | 125,509 | 20,455 | 67,450 | 16,062 | 17,281 | 4,261 | |||||||||||||
Current loans receivable | 3,271,916 | 496,012 | 1,588,058 | 607,335 | 386,644 | 193,867 | |||||||||||||
Total loans receivable | $ | 3,397,425 | 516,467 | 1,655,508 | 623,397 | 403,925 | 198,128 | ||||||||||||
Summary of troubled debt restructurings on a portfolio class basis | ' | ||||||||||||||||||
Three Months ended September 30, 2013 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Troubled debt restructurings | |||||||||||||||||||
Number of loans | 9 | 2 | 4 | — | 1 | 2 | |||||||||||||
Pre-modification recorded balance | $ | 2,926 | 284 | 2,481 | — | 57 | 104 | ||||||||||||
Post-modification recorded balance | $ | 3,141 | 499 | 2,481 | — | 57 | 104 | ||||||||||||
Troubled debt restructurings that subsequently defaulted | |||||||||||||||||||
Number of loans | 2 | — | — | 2 | — | — | |||||||||||||
Recorded balance | $ | 363 | — | — | 363 | — | — | ||||||||||||
Three Months ended September 30, 2012 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Troubled debt restructurings | |||||||||||||||||||
Number of loans | 46 | 1 | 21 | 19 | 2 | 3 | |||||||||||||
Pre-modification recorded balance | $ | 38,125 | 280 | 20,866 | 16,601 | 219 | 159 | ||||||||||||
Post-modification recorded balance | $ | 35,475 | 281 | 18,242 | 16,571 | 222 | 159 | ||||||||||||
Troubled debt restructurings that subsequently defaulted | |||||||||||||||||||
Number of loans | 3 | 2 | — | — | 1 | — | |||||||||||||
Recorded balance | $ | 1,792 | 1,622 | — | — | 170 | — | ||||||||||||
Nine Months ended September 30, 2013 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Troubled debt restructurings | |||||||||||||||||||
Number of loans | 50 | 9 | 17 | 17 | 2 | 5 | |||||||||||||
Pre-modification recorded balance | $ | 12,016 | 1,907 | 7,137 | 2,572 | 147 | 253 | ||||||||||||
Post-modification recorded balance | $ | 12,418 | 2,293 | 7,137 | 2,588 | 147 | 253 | ||||||||||||
Troubled debt restructurings that subsequently defaulted | |||||||||||||||||||
Number of loans | 10 | 1 | 4 | 5 | — | — | |||||||||||||
Recorded balance | $ | 2,772 | 265 | 1,918 | 589 | — | — | ||||||||||||
Nine Months ended September 30, 2012 | |||||||||||||||||||
(Dollars in thousands) | Total | Residential | Commercial | Other | Home | Other | |||||||||||||
Real Estate | Real Estate | Commercial | Equity | Consumer | |||||||||||||||
Troubled debt restructurings | |||||||||||||||||||
Number of loans | 149 | 9 | 61 | 60 | 9 | 10 | |||||||||||||
Pre-modification recorded balance | $ | 66,580 | 1,981 | 37,712 | 25,033 | 1,314 | 540 | ||||||||||||
Post-modification recorded balance | $ | 61,944 | 1,982 | 33,080 | 25,025 | 1,317 | 540 | ||||||||||||
Troubled debt restructurings that subsequently defaulted | |||||||||||||||||||
Number of loans | 17 | 2 | 10 | 3 | 1 | 1 | |||||||||||||
Recorded balance | $ | 10,204 | 1,622 | 7,553 | 801 | 170 | 58 | ||||||||||||
Goodwill_Tables
Goodwill (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Changes in the Carrying Value of Goodwill | ' | ||||||||||||
Three Months ended | Nine Months ended | ||||||||||||
(Dollars in thousands) | September 30, | September 30, | September 30, | September 30, | |||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Net carrying value at beginning of period | $ | 119,509 | 106,100 | 106,100 | 106,100 | ||||||||
Acquisitions | 10,197 | — | 23,606 | — | |||||||||
Net carrying value at end of period | $ | 129,706 | 106,100 | 129,706 | 106,100 | ||||||||
Net Carrying Value of Goodwill | ' | ||||||||||||
(Dollars in thousands) | September 30, | December 31, | |||||||||||
2013 | 2012 | ||||||||||||
Gross carrying value | $ | 169,865 | 146,259 | ||||||||||
Accumulated impairment charge | (40,159 | ) | (40,159 | ) | |||||||||
Net carrying value | $ | 129,706 | 106,100 | ||||||||||
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||
Summary of interest rate swap derivative financial instruments | ' | ||||||||||
(Dollars in thousands) | Forecasted | Variable | Fixed | Term 2 | |||||||
Notional Amount | Interest Rate 1 | Interest Rate 1 | |||||||||
Interest rate swap | $ | 160,000 | 3 month LIBOR | 3.378 | % | Oct. 21, 2014 - Oct. 21, 2021 | |||||
Interest rate swap | 100,000 | 3 month LIBOR | 2.498 | % | Nov 30, 2015 - Nov. 30, 2022 | ||||||
__________ | |||||||||||
1 The Company pays the fixed interest rate and the counterparties pay the Company the variable interest rate. | |||||||||||
2 No cash will be exchanged prior to the term. | |||||||||||
Fair value of interest rate swap derivative financial instruments | ' | ||||||||||
Fair Value | |||||||||||
(Dollars in thousands) | Balance Sheet | September 30, | December 31, | ||||||||
Location | 2013 | 2012 | |||||||||
Interest rate swaps | Other liabilities | $ | 2,004 | 16,832 | |||||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Equity [Abstract] | ' | ||||||
Components of accumulated other comprehensive income | ' | ||||||
(Dollars in thousands) | September 30, | December 31, | |||||
2013 | 2012 | ||||||
Unrealized gains on available-for-sale securities | $ | 18,343 | 95,328 | ||||
Tax effect | (7,136 | ) | (37,083 | ) | |||
Net of tax amount | 11,207 | 58,245 | |||||
Unrealized losses on derivatives used for cash flow hedges | (2,004 | ) | (16,832 | ) | |||
Tax effect | 780 | 6,549 | |||||
Net of tax amount | (1,224 | ) | (10,283 | ) | |||
Total accumulated other comprehensive income | $ | 9,983 | 47,962 | ||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Basic and diluted earnings per share | ' | ||||||||||||
Three Months ended | Nine Months ended | ||||||||||||
(Dollars in thousands, except per share data) | September 30, | September 30, | September 30, | September 30, | |||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Net income available to common stockholders, basic and diluted | $ | 25,628 | 19,444 | 69,098 | 54,758 | ||||||||
Average outstanding shares - basic | 73,945,523 | 71,933,141 | 72,804,321 | 71,925,664 | |||||||||
Add: dilutive stock options and awards | 76,348 | 40,844 | 65,154 | 97 | |||||||||
Average outstanding shares - diluted | 74,021,871 | 71,973,985 | 72,869,475 | 71,925,761 | |||||||||
Basic earnings per share | $ | 0.35 | 0.27 | 0.95 | 0.76 | ||||||||
Diluted earnings per share | $ | 0.35 | 0.27 | 0.95 | 0.76 | ||||||||
Fair_Value_of_Assets_and_Liabi1
Fair Value of Assets and Liabilities (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||
Fair value measurement of assets and liabilities measured at fair value on a recurring basis | ' | ||||||||||||
Fair Value Measurements | |||||||||||||
At the End of the Reporting Period Using | |||||||||||||
(Dollars in thousands) | Fair Value September 30, 2013 | Quoted Prices | Significant | Significant | |||||||||
in Active Markets | Other | Unobservable | |||||||||||
for Identical | Observable | Inputs | |||||||||||
Assets | Inputs | (Level 3) | |||||||||||
(Level 1) | (Level 2) | ||||||||||||
Investment securities, available-for-sale | |||||||||||||
U.S. government sponsored enterprises | $ | 11,556 | — | 11,556 | — | ||||||||
State and local governments | 1,341,384 | — | 1,341,384 | — | |||||||||
Corporate bonds | 442,845 | — | 442,845 | — | |||||||||
Residential mortgage-backed securities | 1,523,168 | — | 1,523,168 | — | |||||||||
Total assets measured at fair value on a recurring basis | $ | 3,318,953 | — | 3,318,953 | — | ||||||||
Interest rate swaps | $ | 2,004 | — | 2,004 | — | ||||||||
Total liabilities measured at fair value on a recurring basis | $ | 2,004 | — | 2,004 | — | ||||||||
Fair Value Measurements | |||||||||||||
At the End of the Reporting Period Using | |||||||||||||
(Dollars in thousands) | Fair Value December 31, 2012 | Quoted Prices | Significant | Significant | |||||||||
in Active Markets | Other | Unobservable | |||||||||||
for Identical | Observable | Inputs | |||||||||||
Assets | Inputs | (Level 3) | |||||||||||
(Level 1) | (Level 2) | ||||||||||||
Investment securities, available-for-sale | |||||||||||||
U.S. government and federal agency | $ | 202 | — | 202 | — | ||||||||
U.S. government sponsored enterprises | 17,480 | — | 17,480 | — | |||||||||
State and local governments | 1,214,518 | — | 1,214,518 | — | |||||||||
Corporate bonds | 288,795 | — | 288,795 | — | |||||||||
Collateralized debt obligations | 1,708 | — | 1,708 | — | |||||||||
Residential mortgage-backed securities | 2,160,302 | — | 2,160,302 | — | |||||||||
Total assets measured at fair value on a recurring basis | $ | 3,683,005 | — | 3,683,005 | — | ||||||||
Interest rate swaps | $ | 16,832 | — | 16,832 | — | ||||||||
Total liabilities measured at fair value on a recurring basis | $ | 16,832 | — | 16,832 | — | ||||||||
Fair value measurement of assets measured at fair value on a non-recurring basis | ' | ||||||||||||
Fair Value Measurements | |||||||||||||
At the End of the Reporting Period Using | |||||||||||||
(Dollars in thousands) | Fair Value September 30, 2013 | Quoted Prices | Significant | Significant | |||||||||
in Active Markets | Other | Unobservable | |||||||||||
for Identical | Observable | Inputs | |||||||||||
Assets | Inputs | (Level 3) | |||||||||||
(Level 1) | (Level 2) | ||||||||||||
Other real estate owned | $ | 7,646 | — | — | 7,646 | ||||||||
Collateral-dependent impaired loans, net of ALLL | 19,066 | — | — | 19,066 | |||||||||
Total assets measured at fair value on a non-recurring basis | $ | 26,712 | — | — | 26,712 | ||||||||
Fair Value Measurements | |||||||||||||
At the End of the Reporting Period Using | |||||||||||||
(Dollars in thousands) | Fair Value December 31, 2012 | Quoted Prices | Significant | Significant | |||||||||
in Active Markets | Other | Unobservable | |||||||||||
for Identical | Observable | Inputs | |||||||||||
Assets | Inputs | (Level 3) | |||||||||||
(Level 1) | (Level 2) | ||||||||||||
Other real estate owned | $ | 13,983 | — | — | 13,983 | ||||||||
Collateral-dependent impaired loans, net of ALLL | 22,966 | — | — | 22,966 | |||||||||
Total assets measured at fair value on a non-recurring basis | $ | 36,949 | — | — | 36,949 | ||||||||
Quantitative information about assets measured at fair value on a non-recurring basis for which Level 3 inputs were used | ' | ||||||||||||
Fair Value | Quantitative Information about Level 3 Fair Value Measurements | ||||||||||||
(Dollars in thousands) | September 30, | Valuation Technique | Unobservable Input | Range (Weighted Average) 1 | |||||||||
2013 | |||||||||||||
Other real estate owned | $ | 6,828 | Sales comparison approach | Selling costs | 1.0% - 11.0% (7.0%) | ||||||||
Adjustment to comparables | 0.0% - 10.0% (0.0%) | ||||||||||||
818 | Combined approach | Selling costs | 5.0% - 5.0% (5.0%) | ||||||||||
Adjustment to comparables | 25.0% - 25.0% (25.0%) | ||||||||||||
$ | 7,646 | ||||||||||||
Collateral-dependent impaired loans, net of ALLL | $ | 442 | Cost approach | Selling costs | 10.0% - 50.0% (19.2%) | ||||||||
2,553 | Income approach | Selling costs | 8.0% - 8.0% (8.0%) | ||||||||||
Discount rate | 8.3% - 8.3% (8.3%) | ||||||||||||
13,700 | Sales comparison approach | Selling costs | 0.0% - 10.0% (8.0%) | ||||||||||
Discount rate | 0.0% - 0.0% (0.0%) | ||||||||||||
Adjustment to comparables | 0.0% - 1.0% (0.0%) | ||||||||||||
2,371 | Combined approach | Selling costs | 8.0% - 8.0% (8.0%) | ||||||||||
Adjustment to comparables | 10.0% - 36.0% (22.5%) | ||||||||||||
$ | 19,066 | ||||||||||||
__________ | |||||||||||||
1 The range for selling costs and adjustments to comparables indicate reductions to the fair value. | |||||||||||||
Carrying amounts and estimated fair values of financial instruments | ' | ||||||||||||
Fair Value Measurements | |||||||||||||
At the End of the Reporting Period Using | |||||||||||||
(Dollars in thousands) | Carrying Amount September 30, 2013 | Quoted Prices | Significant | Significant | |||||||||
in Active Markets | Other | Unobservable | |||||||||||
for Identical | Observable | Inputs | |||||||||||
Assets | Inputs | (Level 3) | |||||||||||
(Level 1) | (Level 2) | ||||||||||||
Financial assets | |||||||||||||
Cash and cash equivalents | $ | 254,684 | 254,684 | — | — | ||||||||
Investment securities, available-for-sale | 3,318,953 | — | 3,318,953 | — | |||||||||
Loans held for sale | 61,505 | 61,505 | — | — | |||||||||
Loans receivable, net of ALLL | 3,870,334 | — | 3,758,724 | 194,190 | |||||||||
Accrued interest receivable | 44,261 | 44,261 | — | — | |||||||||
Non-marketable equity securities | 52,192 | — | 52,192 | — | |||||||||
Total financial assets | $ | 7,601,929 | 360,450 | 7,129,869 | 194,190 | ||||||||
Financial liabilities | |||||||||||||
Deposits | $ | 5,612,880 | 4,153,782 | 1,486,996 | — | ||||||||
FHLB advances | 967,382 | — | 986,292 | — | |||||||||
Repurchase agreements and other borrowed funds | 322,779 | — | 322,779 | — | |||||||||
Subordinated debentures | 125,526 | — | 72,554 | — | |||||||||
Accrued interest payable | 3,568 | 3,568 | — | — | |||||||||
Interest rate swaps | 2,004 | — | 2,004 | — | |||||||||
Total financial liabilities | $ | 7,034,139 | 4,157,350 | 2,870,625 | — | ||||||||
Fair Value Measurements | |||||||||||||
At the End of the Reporting Period Using | |||||||||||||
(Dollars in thousands) | Carrying Amount December 31, 2012 | Quoted Prices | Significant | Significant | |||||||||
in Active Markets | Other | Unobservable | |||||||||||
for Identical | Observable | Inputs | |||||||||||
Assets | Inputs | (Level 3) | |||||||||||
(Level 1) | (Level 2) | ||||||||||||
Financial assets | |||||||||||||
Cash and cash equivalents | $ | 187,040 | 187,040 | — | — | ||||||||
Investment securities, available-for-sale | 3,683,005 | — | 3,683,005 | — | |||||||||
Loans held for sale | 145,501 | 145,501 | — | — | |||||||||
Loans receivable, net of ALLL | 3,266,571 | — | 3,184,987 | 186,201 | |||||||||
Accrued interest receivable | 37,770 | 37,770 | — | — | |||||||||
Non-marketable equity securities | 48,812 | — | 48,812 | — | |||||||||
Total financial assets | $ | 7,368,699 | 370,311 | 6,916,804 | 186,201 | ||||||||
Financial liabilities | |||||||||||||
Deposits | $ | 5,364,461 | 3,585,126 | 1,789,134 | — | ||||||||
FHLB advances | 997,013 | — | 1,027,101 | — | |||||||||
Repurchase agreements and other borrowed funds | 299,540 | — | 299,540 | — | |||||||||
Subordinated debentures | 125,418 | — | 70,895 | — | |||||||||
Accrued interest payable | 4,675 | 4,675 | — | — | |||||||||
Interest rate swaps | 16,832 | — | 16,832 | — | |||||||||
Total financial liabilities | $ | 6,807,939 | 3,589,801 | 3,203,502 | — | ||||||||
Mergers_and_Acquisitions_Table
Mergers and Acquisitions (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Consideration transferred, identifiable net assets and resulting goodwill | ' | ||||||||||||
Wheatland | NCBI | ||||||||||||
(Dollars in thousands) | May 31, | July 31, | Total | ||||||||||
2013 | 2013 | ||||||||||||
Fair value of consideration transferred | |||||||||||||
Fair value of Company shares issued, net of equity issuance costs | $ | 28,290 | 16,743 | 45,033 | |||||||||
Cash consideration for outstanding shares | 11,025 | 13,833 | 24,858 | ||||||||||
Total fair value of consideration transferred | 39,315 | 30,576 | 69,891 | ||||||||||
Recognized amounts of identifiable assets acquired and liabilities assumed | |||||||||||||
Identifiable assets acquired | |||||||||||||
Cash and cash equivalents | 23,148 | 27,865 | 51,013 | ||||||||||
Investment securities, available-for-sale | 75,643 | 48,058 | 123,701 | ||||||||||
Loans receivable | 171,199 | 215,986 | 387,185 | ||||||||||
Core deposit intangible | 2,079 | 3,660 | 5,739 | ||||||||||
Accrued income and other assets | 15,063 | 24,262 | 39,325 | ||||||||||
Total identifiable assets acquired | 287,132 | 319,831 | 606,963 | ||||||||||
Liabilities assumed | |||||||||||||
Deposits | 255,197 | 294,980 | 550,177 | ||||||||||
Federal Home Loan Bank advances and other borrowed funds | 5,467 | — | 5,467 | ||||||||||
Accrued expenses and other liabilities | 562 | 4,472 | 5,034 | ||||||||||
Total liabilities assumed | 261,226 | 299,452 | 560,678 | ||||||||||
Total identifiable net assets | 25,906 | 20,379 | 46,285 | ||||||||||
Goodwill recognized | $ | 13,409 | 10,197 | 23,606 | |||||||||
Unaudited Pro Forma Summary of the Company as if the Acquisitions had Occurred at the Beginning of the Period | ' | ||||||||||||
Three Months ended | Nine Months ended | ||||||||||||
(Dollars in thousands) | September 30, | September 30, | September 30, | September 30, | |||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Net interest income and non-interest income | $ | 86,940 | 77,095 | 249,224 | 251,525 | ||||||||
Net income | 24,756 | 20,126 | 69,846 | 58,525 | |||||||||
VIE_Carrying_Amounts_Included_
VIE Carrying Amounts Included in Financial Statements (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CDE (NMTC) | ' | ' |
Carrying amounts of the entities assets and liabilities | ' | ' |
Loans receivable | $35,956 | $35,480 |
Premises and equipment, net | 0 | 0 |
Accrued interest receivable | 113 | 117 |
Other assets | 903 | 1,114 |
Total assets | 36,972 | 36,711 |
Other borrowed funds | 4,555 | 4,555 |
Accrued interest payable | 4 | 4 |
Other liabilities | 92 | 182 |
Total liabilities | 4,651 | 4,741 |
LIHTC | ' | ' |
Carrying amounts of the entities assets and liabilities | ' | ' |
Loans receivable | 0 | 0 |
Premises and equipment, net | 13,641 | 16,066 |
Accrued interest receivable | 0 | 0 |
Other assets | 153 | 143 |
Total assets | 13,794 | 16,209 |
Other borrowed funds | 1,723 | 3,639 |
Accrued interest payable | 5 | 6 |
Other liabilities | 203 | 136 |
Total liabilities | $1,931 | $3,781 |
Nature_of_Operations_and_Summa3
Nature of Operations and Summary of Significant Accounting Policies (Details Textual) | 9 Months Ended |
Sep. 30, 2013 | |
Nature of Operations and Summary of Significant Accounting Policies | ' |
Number of Bank Divisions | 13 |
Number of Operating Segments | 1 |
Minimum Period Past Due to Consider Loan as Delinquent | '30 days |
Minimum Period Past Due to Consider Loan as Non Accrual | '90 days |
Minimum Number of Days Delinquent to Charge off Consumer Loans | '120 days |
Amortized_Cost_and_Fair_Value_
Amortized Cost and Fair Value of Investment Securities (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Comparison of amortized cost and estimated fair value of investment securities, available-for-sale | ' | ' |
Total investment securities, weighted yield | 3.06% | 2.71% |
Total investment securities, amortized cost | $3,300,610 | $3,587,677 |
Total investment securities, gross unrealized gains | 52,064 | 101,778 |
Total investment securities, gross unrealized losses | -33,721 | -6,450 |
Total investment securities, fair value | 3,318,953 | 3,683,005 |
U.S. government and federal agency | ' | ' |
Comparison of amortized cost and estimated fair value of investment securities, available-for-sale | ' | ' |
Maturing within one year, weighted yield | ' | 1.62% |
Maturing within one year, amortized cost | ' | 201 |
Maturing within one year, gross unrealized gains | ' | 1 |
Maturing within one year, gross unrealized losses | ' | 0 |
Maturing within one year, fair value | ' | 202 |
U.S. government sponsored enterprises | ' | ' |
Comparison of amortized cost and estimated fair value of investment securities, available-for-sale | ' | ' |
Maturing after one year through five years, weighted yield | 2.29% | 2.30% |
Maturing after five years through ten years, weighted yield | 1.82% | 2.03% |
Total investment securities, weighted yield | 2.29% | 2.29% |
Maturing after one year through five years, amortized cost | 11,278 | 17,064 |
Maturing after five years through ten years, amortized cost | 38 | 44 |
Total investment securities, amortized cost | 11,316 | 17,108 |
Maturing after one year through five years, gross unrealized gains | 240 | 371 |
Maturing after five years through ten years, gross unrealized gains | 0 | 1 |
Total investment securities, gross unrealized gains | 240 | 372 |
Maturing after one year through five years, gross unrealized losses | 0 | 0 |
Maturing after five years through ten years, gross unrealized losses | 0 | 0 |
Total investment securities, gross unrealized losses | 0 | 0 |
Maturing after one year through five years, fair value | 11,518 | 17,435 |
Maturing after five years through ten years, fair value | 38 | 45 |
Total investment securities, fair value | 11,556 | 17,480 |
State and local governments | ' | ' |
Comparison of amortized cost and estimated fair value of investment securities, available-for-sale | ' | ' |
Maturing within one year, weighted yield | 2.18% | 2.01% |
Maturing after one year through five years, weighted yield | 2.10% | 2.11% |
Maturing after five years through ten years, weighted yield | 3.17% | 2.95% |
Maturing after ten years, weighted yield | 4.46% | 4.70% |
Total investment securities, weighted yield | 4.10% | 4.29% |
Maturing within one year, amortized cost | 6,059 | 4,288 |
Maturing after one year through five years, amortized cost | 162,569 | 149,497 |
Maturing after five years through ten years, amortized cost | 57,892 | 38,346 |
Maturing after ten years, amortized cost | 1,104,890 | 935,897 |
Total investment securities, amortized cost | 1,331,410 | 1,128,028 |
Maturing within one year, gross unrealized gains | 52 | 28 |
Maturing after one year through five years, gross unrealized gains | 3,096 | 4,142 |
Maturing after five years through ten years, gross unrealized gains | 1,122 | 1,102 |
Maturing after ten years, gross unrealized gains | 28,571 | 82,823 |
Total investment securities, gross unrealized gains | 32,841 | 88,095 |
Maturing within one year, gross unrealized losses | 0 | -2 |
Maturing after one year through five years, gross unrealized losses | -431 | -142 |
Maturing after five years through ten years, gross unrealized losses | -832 | -99 |
Maturing after ten years, gross unrealized losses | -21,604 | -1,362 |
Total investment securities, gross unrealized losses | -22,867 | -1,605 |
Maturing within one year, fair value | 6,111 | 4,314 |
Maturing after one year through five years, fair value | 165,234 | 153,497 |
Maturing after five years through ten years, fair value | 58,182 | 39,349 |
Maturing after ten years, fair value | 1,111,857 | 1,017,358 |
Total investment securities, fair value | 1,341,384 | 1,214,518 |
Corporate bonds | ' | ' |
Comparison of amortized cost and estimated fair value of investment securities, available-for-sale | ' | ' |
Maturing within one year, weighted yield | 2.10% | 1.73% |
Maturing after one year through five years, weighted yield | 2.10% | 2.22% |
Maturing after five years through ten years, weighted yield | 2.22% | 2.23% |
Total investment securities, weighted yield | 2.10% | 2.19% |
Maturing within one year, amortized cost | 73,064 | 18,412 |
Maturing after one year through five years, amortized cost | 358,034 | 250,027 |
Maturing after five years through ten years, amortized cost | 11,058 | 16,144 |
Total investment securities, amortized cost | 442,156 | 284,583 |
Maturing within one year, gross unrealized gains | 736 | 51 |
Maturing after one year through five years, gross unrealized gains | 2,890 | 4,018 |
Maturing after five years through ten years, gross unrealized gains | 0 | 381 |
Total investment securities, gross unrealized gains | 3,626 | 4,450 |
Maturing within one year, gross unrealized losses | 0 | 0 |
Maturing after one year through five years, gross unrealized losses | -2,852 | -238 |
Maturing after five years through ten years, gross unrealized losses | -85 | 0 |
Total investment securities, gross unrealized losses | -2,937 | -238 |
Maturing within one year, fair value | 73,800 | 18,463 |
Maturing after one year through five years, fair value | 358,072 | 253,807 |
Maturing after five years through ten years, fair value | 10,973 | 16,525 |
Total investment securities, fair value | 442,845 | 288,795 |
Collateralized debt obligations | ' | ' |
Comparison of amortized cost and estimated fair value of investment securities, available-for-sale | ' | ' |
Maturing after ten years, weighted yield | ' | 8.03% |
Maturing after ten years, amortized cost | ' | 1,708 |
Maturing after ten years, gross unrealized gains | ' | 0 |
Maturing after ten years, gross unrealized losses | ' | 0 |
Maturing after ten years, fair value | ' | 1,708 |
Residential mortgage-backed securities | ' | ' |
Comparison of amortized cost and estimated fair value of investment securities, available-for-sale | ' | ' |
Total investment securities, weighted yield | 2.44% | 1.95% |
Total investment securities, amortized cost | 1,515,728 | 2,156,049 |
Total investment securities, gross unrealized gains | 15,357 | 8,860 |
Total investment securities, gross unrealized losses | -7,917 | -4,607 |
Total investment securities, fair value | $1,523,168 | $2,160,302 |
Gain_or_Loss_on_Sale_of_Invest
Gain or Loss on Sale of Investments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Gain or loss on sale of investments | ' | ' | ' | ' |
Gross proceeds | $102,483 | $0 | $181,971 | $0 |
Less amortized cost | -102,886 | 0 | -182,270 | 0 |
Net loss on sale of investments | -403 | 0 | -299 | 0 |
Gross gain on sale of investments | 3,467 | 0 | 3,723 | 0 |
Gross loss on sale of investments | ($3,870) | $0 | ($4,022) | $0 |
Investment_with_an_Unrealized_
Investment with an Unrealized Loss Position (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value | ' | ' |
Fair Value, Less than 12 Months | $1,041,606 | $1,099,987 |
Fair Value, 12 Months or More | 22,373 | 67,438 |
Fair Value, Total | 1,063,979 | 1,167,425 |
Unrealized Loss | ' | ' |
Unrealized Loss, Less than 12 Months | -31,975 | -5,810 |
Unrealized Loss, 12 Months or More | -1,746 | -640 |
Unrealized Loss, Total | -33,721 | -6,450 |
State and local governments | ' | ' |
Fair Value | ' | ' |
Fair Value, Less than 12 Months | 405,834 | 102,896 |
Fair Value, 12 Months or More | 22,373 | 4,533 |
Fair Value, Total | 428,207 | 107,429 |
Unrealized Loss | ' | ' |
Unrealized Loss, Less than 12 Months | -21,121 | -1,531 |
Unrealized Loss, 12 Months or More | -1,746 | -74 |
Unrealized Loss, Total | -22,867 | -1,605 |
Corporate bonds | ' | ' |
Fair Value | ' | ' |
Fair Value, Less than 12 Months | 189,130 | 41,856 |
Fair Value, 12 Months or More | 0 | 0 |
Fair Value, Total | 189,130 | 41,856 |
Unrealized Loss | ' | ' |
Unrealized Loss, Less than 12 Months | -2,937 | -238 |
Unrealized Loss, 12 Months or More | 0 | 0 |
Unrealized Loss, Total | -2,937 | -238 |
Residential mortgage-backed securities | ' | ' |
Fair Value | ' | ' |
Fair Value, Less than 12 Months | 446,642 | 955,235 |
Fair Value, 12 Months or More | 0 | 62,905 |
Fair Value, Total | 446,642 | 1,018,140 |
Unrealized Loss | ' | ' |
Unrealized Loss, Less than 12 Months | -7,917 | -4,041 |
Unrealized Loss, 12 Months or More | 0 | -566 |
Unrealized Loss, Total | ($7,917) | ($4,607) |
Investment_Securities_Availabl2
Investment Securities, Available-for-Sale (Details Textual) (Residential mortgage-backed securities, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Residential mortgage-backed securities | ' | ' |
Investment Securities, Available-for-Sale (Textual) [Abstract] | ' | ' |
Non-guaranteed private label whole loan mortgage-backed securities | $3,214,000 | $46,733,000 |
ALLL_Activity_Details
ALLL Activity (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Allowance for loan and lease losses | ' | ' | ' | ' |
Balance at beginning of period | $130,883 | $137,459 | $130,854 | $137,516 |
Provision for loan losses | 1,907 | 2,700 | 5,085 | 19,250 |
Charge-offs | -3,077 | -5,052 | -8,962 | -24,789 |
Recoveries | 1,052 | 1,553 | 3,788 | 4,683 |
Balance at end of period | 130,765 | 136,660 | 130,765 | 136,660 |
Residential Real Estate | ' | ' | ' | ' |
Allowance for loan and lease losses | ' | ' | ' | ' |
Balance at beginning of period | 14,797 | 18,139 | 15,482 | 17,227 |
Provision for loan losses | 950 | 209 | 464 | 2,294 |
Charge-offs | -42 | -1,172 | -391 | -2,492 |
Recoveries | 45 | 73 | 195 | 220 |
Balance at end of period | 15,750 | 17,249 | 15,750 | 17,249 |
Commercial Real Estate | ' | ' | ' | ' |
Allowance for loan and lease losses | ' | ' | ' | ' |
Balance at beginning of period | 73,885 | 79,098 | 74,398 | 76,920 |
Provision for loan losses | 381 | -1,210 | -51 | 11,800 |
Charge-offs | -1,235 | -586 | -2,538 | -13,120 |
Recoveries | 367 | 453 | 1,589 | 2,155 |
Balance at end of period | 73,398 | 77,755 | 73,398 | 77,755 |
Other Commercial | ' | ' | ' | ' |
Allowance for loan and lease losses | ' | ' | ' | ' |
Balance at beginning of period | 24,116 | 20,570 | 21,567 | 20,833 |
Provision for loan losses | 385 | 2,859 | 3,964 | 4,163 |
Charge-offs | -1,065 | -1,441 | -2,817 | -3,797 |
Recoveries | 385 | 241 | 1,107 | 1,030 |
Balance at end of period | 23,821 | 22,229 | 23,821 | 22,229 |
Home Equity | ' | ' | ' | ' |
Allowance for loan and lease losses | ' | ' | ' | ' |
Balance at beginning of period | 9,626 | 10,904 | 10,659 | 13,616 |
Provision for loan losses | 125 | -555 | 566 | -1,025 |
Charge-offs | -333 | -1,044 | -1,962 | -3,402 |
Recoveries | 73 | 679 | 228 | 795 |
Balance at end of period | 9,491 | 9,984 | 9,491 | 9,984 |
Other Consumer | ' | ' | ' | ' |
Allowance for loan and lease losses | ' | ' | ' | ' |
Balance at beginning of period | 8,459 | 8,748 | 8,748 | 8,920 |
Provision for loan losses | 66 | 1,397 | 142 | 2,018 |
Charge-offs | -402 | -809 | -1,254 | -1,978 |
Recoveries | 182 | 107 | 669 | 483 |
Balance at end of period | $8,305 | $9,443 | $8,305 | $9,443 |
ALLL_and_Loans_Receivable_Summ
ALLL and Loans Receivable Summary (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Allowance for Loan and Lease Losses and Loans Receivable | ' | ' |
Individually evaluated for impairment | $12,728 | $15,534 |
Collectively evaluated for impairment | 118,037 | 115,320 |
Total allowances for loan and lease losses | 130,765 | 130,854 |
Individually evaluated for impairment | 206,918 | 201,735 |
Collectively evaluated for impairment | 3,794,181 | 3,195,690 |
Total loans receivable | 4,001,099 | 3,397,425 |
Residential Real Estate | ' | ' |
Allowance for Loan and Lease Losses and Loans Receivable | ' | ' |
Individually evaluated for impairment | 1,088 | 1,680 |
Collectively evaluated for impairment | 14,662 | 13,802 |
Total allowances for loan and lease losses | 15,750 | 15,482 |
Individually evaluated for impairment | 27,104 | 25,862 |
Collectively evaluated for impairment | 556,713 | 490,605 |
Total loans receivable | 583,817 | 516,467 |
Commercial Real Estate | ' | ' |
Allowance for Loan and Lease Losses and Loans Receivable | ' | ' |
Individually evaluated for impairment | 6,662 | 7,716 |
Collectively evaluated for impairment | 66,736 | 66,682 |
Total allowances for loan and lease losses | 73,398 | 74,398 |
Individually evaluated for impairment | 125,566 | 125,282 |
Collectively evaluated for impairment | 1,868,492 | 1,530,226 |
Total loans receivable | 1,994,058 | 1,655,508 |
Other Commercial | ' | ' |
Allowance for Loan and Lease Losses and Loans Receivable | ' | ' |
Individually evaluated for impairment | 3,810 | 3,859 |
Collectively evaluated for impairment | 20,011 | 17,708 |
Total allowances for loan and lease losses | 23,821 | 21,567 |
Individually evaluated for impairment | 38,390 | 33,593 |
Collectively evaluated for impairment | 795,839 | 589,804 |
Total loans receivable | 834,229 | 623,397 |
Home Equity | ' | ' |
Allowance for Loan and Lease Losses and Loans Receivable | ' | ' |
Individually evaluated for impairment | 109 | 870 |
Collectively evaluated for impairment | 9,382 | 9,789 |
Total allowances for loan and lease losses | 9,491 | 10,659 |
Individually evaluated for impairment | 10,091 | 11,074 |
Collectively evaluated for impairment | 363,421 | 392,851 |
Total loans receivable | 373,512 | 403,925 |
Other Consumer | ' | ' |
Allowance for Loan and Lease Losses and Loans Receivable | ' | ' |
Individually evaluated for impairment | 1,059 | 1,409 |
Collectively evaluated for impairment | 7,246 | 7,339 |
Total allowances for loan and lease losses | 8,305 | 8,748 |
Individually evaluated for impairment | 5,767 | 5,924 |
Collectively evaluated for impairment | 209,716 | 192,204 |
Total loans receivable | $215,483 | $198,128 |
Impaired_Loans_Details
Impaired Loans (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 |
Summary of the impaired loans by portfolio class of loans | ' | ' | ' |
Loans with a specific valuation allowance, Recorded balance | $62,614 | $62,614 | $62,759 |
Loans with a specific valuation allowance, Unpaid principal balance | 64,969 | 64,969 | 70,261 |
Loans with a specific valuation allowance, Specific valuation allowance | 12,728 | 12,728 | 15,534 |
Loans with a specific valuation allowance, Average balance | 59,817 | 59,402 | 76,656 |
Loans without a specific valuation allowance, Recorded balance | 144,304 | 144,304 | 138,976 |
Loans without a specific valuation allowance, Unpaid principal balance | 174,258 | 174,258 | 149,412 |
Loans without a specific valuation allowance, Average balance | 139,928 | 139,368 | 162,505 |
Recorded balance | 206,918 | 206,918 | 201,735 |
Unpaid principal balance | 239,227 | 239,227 | 219,673 |
Specific valuation allowance | 12,728 | 12,728 | 15,534 |
Average balance | 199,745 | 198,770 | 239,161 |
Residential Real Estate | ' | ' | ' |
Summary of the impaired loans by portfolio class of loans | ' | ' | ' |
Loans with a specific valuation allowance, Recorded balance | 7,887 | 7,887 | 7,334 |
Loans with a specific valuation allowance, Unpaid principal balance | 8,032 | 8,032 | 7,459 |
Loans with a specific valuation allowance, Specific valuation allowance | 1,088 | 1,088 | 1,680 |
Loans with a specific valuation allowance, Average balance | 7,431 | 7,237 | 12,797 |
Loans without a specific valuation allowance, Recorded balance | 19,217 | 19,217 | 18,528 |
Loans without a specific valuation allowance, Unpaid principal balance | 20,681 | 20,681 | 19,613 |
Loans without a specific valuation allowance, Average balance | 18,481 | 18,420 | 16,034 |
Recorded balance | 27,104 | 27,104 | 25,862 |
Unpaid principal balance | 28,713 | 28,713 | 27,072 |
Specific valuation allowance | 1,088 | 1,088 | 1,680 |
Average balance | 25,912 | 25,657 | 28,831 |
Commercial Real Estate | ' | ' | ' |
Summary of the impaired loans by portfolio class of loans | ' | ' | ' |
Loans with a specific valuation allowance, Recorded balance | 28,194 | 28,194 | 29,595 |
Loans with a specific valuation allowance, Unpaid principal balance | 29,463 | 29,463 | 36,887 |
Loans with a specific valuation allowance, Specific valuation allowance | 6,662 | 6,662 | 7,716 |
Loans with a specific valuation allowance, Average balance | 26,525 | 26,653 | 36,164 |
Loans without a specific valuation allowance, Recorded balance | 97,372 | 97,372 | 95,687 |
Loans without a specific valuation allowance, Unpaid principal balance | 120,914 | 120,914 | 102,798 |
Loans without a specific valuation allowance, Average balance | 95,175 | 95,857 | 111,554 |
Recorded balance | 125,566 | 125,566 | 125,282 |
Unpaid principal balance | 150,377 | 150,377 | 139,685 |
Specific valuation allowance | 6,662 | 6,662 | 7,716 |
Average balance | 121,700 | 122,510 | 147,718 |
Other Commercial | ' | ' | ' |
Summary of the impaired loans by portfolio class of loans | ' | ' | ' |
Loans with a specific valuation allowance, Recorded balance | 22,368 | 22,368 | 21,205 |
Loans with a specific valuation allowance, Unpaid principal balance | 22,986 | 22,986 | 21,278 |
Loans with a specific valuation allowance, Specific valuation allowance | 3,810 | 3,810 | 3,859 |
Loans with a specific valuation allowance, Average balance | 21,780 | 21,321 | 22,665 |
Loans without a specific valuation allowance, Recorded balance | 16,022 | 16,022 | 12,388 |
Loans without a specific valuation allowance, Unpaid principal balance | 19,233 | 19,233 | 14,318 |
Loans without a specific valuation allowance, Average balance | 15,768 | 14,011 | 19,733 |
Recorded balance | 38,390 | 38,390 | 33,593 |
Unpaid principal balance | 42,219 | 42,219 | 35,596 |
Specific valuation allowance | 3,810 | 3,810 | 3,859 |
Average balance | 37,548 | 35,332 | 42,398 |
Home Equity | ' | ' | ' |
Summary of the impaired loans by portfolio class of loans | ' | ' | ' |
Loans with a specific valuation allowance, Recorded balance | 673 | 673 | 1,354 |
Loans with a specific valuation allowance, Unpaid principal balance | 717 | 717 | 1,362 |
Loans with a specific valuation allowance, Specific valuation allowance | 109 | 109 | 870 |
Loans with a specific valuation allowance, Average balance | 495 | 737 | 1,390 |
Loans without a specific valuation allowance, Recorded balance | 9,418 | 9,418 | 9,720 |
Loans without a specific valuation allowance, Unpaid principal balance | 11,026 | 11,026 | 9,965 |
Loans without a specific valuation allowance, Average balance | 8,766 | 9,017 | 11,993 |
Recorded balance | 10,091 | 10,091 | 11,074 |
Unpaid principal balance | 11,743 | 11,743 | 11,327 |
Specific valuation allowance | 109 | 109 | 870 |
Average balance | 9,261 | 9,754 | 13,383 |
Other Consumer | ' | ' | ' |
Summary of the impaired loans by portfolio class of loans | ' | ' | ' |
Loans with a specific valuation allowance, Recorded balance | 3,492 | 3,492 | 3,271 |
Loans with a specific valuation allowance, Unpaid principal balance | 3,771 | 3,771 | 3,275 |
Loans with a specific valuation allowance, Specific valuation allowance | 1,059 | 1,059 | 1,409 |
Loans with a specific valuation allowance, Average balance | 3,586 | 3,454 | 3,640 |
Loans without a specific valuation allowance, Recorded balance | 2,275 | 2,275 | 2,653 |
Loans without a specific valuation allowance, Unpaid principal balance | 2,404 | 2,404 | 2,718 |
Loans without a specific valuation allowance, Average balance | 1,738 | 2,063 | 3,191 |
Recorded balance | 5,767 | 5,767 | 5,924 |
Unpaid principal balance | 6,175 | 6,175 | 5,993 |
Specific valuation allowance | 1,059 | 1,059 | 1,409 |
Average balance | $5,324 | $5,517 | $6,831 |
Loans_Receivable_Aging_Analysi
Loans Receivable Aging Analysis (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Loan portfolio aging analysis | ' | ' |
Accruing loans 30-59 days past due | $21,294 | $17,454 |
Accruing loans 60-89 days past due | 5,107 | 9,643 |
Accruing loans 90 days or more past due | 174 | 1,479 |
Non-accrual loans | 88,293 | 96,933 |
Total past due and non-accrual loans | 114,868 | 125,509 |
Current loans receivable | 3,886,231 | 3,271,916 |
Total loans receivable | 4,001,099 | 3,397,425 |
Residential Real Estate | ' | ' |
Loan portfolio aging analysis | ' | ' |
Accruing loans 30-59 days past due | 516 | 3,897 |
Accruing loans 60-89 days past due | 824 | 1,870 |
Accruing loans 90 days or more past due | 0 | 451 |
Non-accrual loans | 12,604 | 14,237 |
Total past due and non-accrual loans | 13,944 | 20,455 |
Current loans receivable | 569,873 | 496,012 |
Total loans receivable | 583,817 | 516,467 |
Commercial Real Estate | ' | ' |
Loan portfolio aging analysis | ' | ' |
Accruing loans 30-59 days past due | 11,829 | 7,424 |
Accruing loans 60-89 days past due | 2,419 | 3,745 |
Accruing loans 90 days or more past due | 109 | 594 |
Non-accrual loans | 53,536 | 55,687 |
Total past due and non-accrual loans | 67,893 | 67,450 |
Current loans receivable | 1,926,165 | 1,588,058 |
Total loans receivable | 1,994,058 | 1,655,508 |
Other Commercial | ' | ' |
Loan portfolio aging analysis | ' | ' |
Accruing loans 30-59 days past due | 5,854 | 2,020 |
Accruing loans 60-89 days past due | 683 | 645 |
Accruing loans 90 days or more past due | 35 | 197 |
Non-accrual loans | 11,591 | 13,200 |
Total past due and non-accrual loans | 18,163 | 16,062 |
Current loans receivable | 816,066 | 607,335 |
Total loans receivable | 834,229 | 623,397 |
Home Equity | ' | ' |
Loan portfolio aging analysis | ' | ' |
Accruing loans 30-59 days past due | 1,828 | 2,872 |
Accruing loans 60-89 days past due | 797 | 2,980 |
Accruing loans 90 days or more past due | 28 | 188 |
Non-accrual loans | 8,953 | 11,241 |
Total past due and non-accrual loans | 11,606 | 17,281 |
Current loans receivable | 361,906 | 386,644 |
Total loans receivable | 373,512 | 403,925 |
Other Consumer | ' | ' |
Loan portfolio aging analysis | ' | ' |
Accruing loans 30-59 days past due | 1,267 | 1,241 |
Accruing loans 60-89 days past due | 384 | 403 |
Accruing loans 90 days or more past due | 2 | 49 |
Non-accrual loans | 1,609 | 2,568 |
Total past due and non-accrual loans | 3,262 | 4,261 |
Current loans receivable | 212,221 | 193,867 |
Total loans receivable | $215,483 | $198,128 |
Troubled_Debt_Restructurings_D
Troubled Debt Restructurings (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Loan | Loan | Loan | Loan | |
Troubled Debt Restructurings | ' | ' | ' | ' |
Troubled debt restructurings, Number of Loans | 9 | 46 | 50 | 149 |
Troubled debt restructurings, Pre-modification recorded balance | $2,926 | $38,125 | $12,016 | $66,580 |
Troubled debt restructurings, Post-modification recorded balance | 3,141 | 35,475 | 12,418 | 61,944 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 2 | 3 | 10 | 17 |
Financing Receivable Modifications Subsequent Defaults Recorded Investment | 363 | 1,792 | 2,772 | 10,204 |
Residential Real Estate | ' | ' | ' | ' |
Troubled Debt Restructurings | ' | ' | ' | ' |
Troubled debt restructurings, Number of Loans | 2 | 1 | 9 | 9 |
Troubled debt restructurings, Pre-modification recorded balance | 284 | 280 | 1,907 | 1,981 |
Troubled debt restructurings, Post-modification recorded balance | 499 | 281 | 2,293 | 1,982 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 2 | 1 | 2 |
Financing Receivable Modifications Subsequent Defaults Recorded Investment | 0 | 1,622 | 265 | 1,622 |
Commercial Real Estate | ' | ' | ' | ' |
Troubled Debt Restructurings | ' | ' | ' | ' |
Troubled debt restructurings, Number of Loans | 4 | 21 | 17 | 61 |
Troubled debt restructurings, Pre-modification recorded balance | 2,481 | 20,866 | 7,137 | 37,712 |
Troubled debt restructurings, Post-modification recorded balance | 2,481 | 18,242 | 7,137 | 33,080 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | 4 | 10 |
Financing Receivable Modifications Subsequent Defaults Recorded Investment | 0 | 0 | 1,918 | 7,553 |
Other Commercial | ' | ' | ' | ' |
Troubled Debt Restructurings | ' | ' | ' | ' |
Troubled debt restructurings, Number of Loans | 0 | 19 | 17 | 60 |
Troubled debt restructurings, Pre-modification recorded balance | 0 | 16,601 | 2,572 | 25,033 |
Troubled debt restructurings, Post-modification recorded balance | 0 | 16,571 | 2,588 | 25,025 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 2 | 0 | 5 | 3 |
Financing Receivable Modifications Subsequent Defaults Recorded Investment | 363 | 0 | 589 | 801 |
Home Equity | ' | ' | ' | ' |
Troubled Debt Restructurings | ' | ' | ' | ' |
Troubled debt restructurings, Number of Loans | 1 | 2 | 2 | 9 |
Troubled debt restructurings, Pre-modification recorded balance | 57 | 219 | 147 | 1,314 |
Troubled debt restructurings, Post-modification recorded balance | 57 | 222 | 147 | 1,317 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 1 | 0 | 1 |
Financing Receivable Modifications Subsequent Defaults Recorded Investment | 0 | 170 | 0 | 170 |
Other Consumer | ' | ' | ' | ' |
Troubled Debt Restructurings | ' | ' | ' | ' |
Troubled debt restructurings, Number of Loans | 2 | 3 | 5 | 10 |
Troubled debt restructurings, Pre-modification recorded balance | 104 | 159 | 253 | 540 |
Troubled debt restructurings, Post-modification recorded balance | 104 | 159 | 253 | 540 |
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 0 | 0 | 1 |
Financing Receivable Modifications Subsequent Defaults Recorded Investment | $0 | $0 | $0 | $58 |
Loans_Receivable_Net_Details_T
Loans Receivable, Net (Details Textual) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Loans and Leases Receivable Disclosure | ' | ' | ' |
Net deferred fees, costs, premiums, and discounts included in loans receivable | $10,870,000 | ' | $1,379,000 |
Troubled Debt Restructurings | ' | ' | ' |
Percentage of Troubled Debt Restructurings Resulting from Extensions of Maturity Date | 59.00% | 56.00% | ' |
TDR With Pre Modification Loan Balance for Which Oreo Was Received | $14,695,000 | $30,261,000 | ' |
Commercial Real Estate | ' | ' | ' |
Troubled Debt Restructurings | ' | ' | ' |
Percentage of Troubled Debt Restructurings Resulting from Extensions of Maturity Date | 63.00% | 44.00% | ' |
Percentage of Troubled Debt Restructurings Resulting of Combination of Interest Rate Reduction Extension of Maturity Date or Reduction in Face Amount | 25.00% | 24.00% | ' |
Goodwill_Changes_in_the_Carryi
Goodwill Changes in the Carrying Value of Goodwill (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Goodwill Roll Forward | ' | ' | ' | ' |
Net carrying value at beginning of period | $119,509 | $106,100 | $106,100 | $106,100 |
Acquisitions | 10,197 | 0 | 23,606 | 0 |
Net carrying value at end of period | $129,706 | $106,100 | $129,706 | $106,100 |
Net_Carrying_Value_of_Goodwill
Net Carrying Value of Goodwill (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||||
Gross carrying value of goodwill and the accumulated impairment charge | ' | ' | ' | ' | ' | ' |
Gross carrying value | $169,865 | ' | $146,259 | ' | ' | ' |
Accumulated impairment charge | -40,159 | ' | -40,159 | ' | ' | ' |
Net carrying value | $129,706 | $119,509 | $106,100 | $106,100 | $106,100 | $106,100 |
Interest_Rate_Swap_Summary_Det
Interest Rate Swap Summary (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | |
Interest Rate Swap One | ' | |
Derivatives | ' | |
Derivative Liability, Notional Amount | $160,000 | |
Debt Instrument, Description of Variable Rate Basis | '3 month LIBOR | [1] |
Derivative, Fixed Interest Rate | 3.38% | [1] |
Derivative, Inception Date | 21-Oct-14 | [2] |
Derivative, Maturity Date | 21-Oct-21 | [2] |
Interest Rate Swap Two | ' | |
Derivatives | ' | |
Derivative Liability, Notional Amount | $100,000 | |
Debt Instrument, Description of Variable Rate Basis | '3B monthB LIBOR | [1] |
Derivative, Fixed Interest Rate | 2.50% | [1] |
Derivative, Inception Date | 30-Nov-15 | [2] |
Derivative, Maturity Date | 30-Nov-22 | [2] |
[1] | The Company pays the fixed interest rate and the counterparties pay the Company the variable interest rate. | |
[2] | No cash will be exchanged prior to the term. |
Fair_Value_of_Interest_Rate_Sw
Fair Value of Interest Rate Swaps (Details) (Interest Rate Swaps, Designated as Hedging Instrument, Other Liabilities, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Interest Rate Swaps | Designated as Hedging Instrument | Other Liabilities | ' | ' |
Fair value of interest rate derivative financial instruments | ' | ' |
Fair Value | $2,004 | $16,832 |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Details Textual) (USD $) | Sep. 30, 2013 |
Derivatives | ' |
Investment securities pledged to counterparties as collateral | $7,856,000 |
Collateral pledged from the counterparties to the Company | $0 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss) | ' | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $9,983 | $47,962 |
Accumulated Net Unrealized Gain (Loss) on Available-For-Sale Securities | ' | ' |
Accumulated Other Comprehensive Income (Loss) | ' | ' |
Accumulated Other Comprehensive Income (Loss), before Tax | 18,343 | 95,328 |
Tax effect | -7,136 | -37,083 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | 11,207 | 58,245 |
Accumulated Net Unrealized Gain (Loss) on Derivatives Used for Cash Flow Hedges | ' | ' |
Accumulated Other Comprehensive Income (Loss) | ' | ' |
Accumulated Other Comprehensive Income (Loss), before Tax | -2,004 | -16,832 |
Tax effect | 780 | 6,549 |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ($1,224) | ($10,283) |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Basic and diluted earnings per share computation | ' | ' | ' | ' |
Net income available to common stockholders, basic and diluted | $25,628 | $19,444 | $69,098 | $54,758 |
Average outstanding shares - basic | 73,945,523 | 71,933,141 | 72,804,321 | 71,925,664 |
Add: dilutive stock options and awards | 76,348 | 40,844 | 65,154 | 97 |
Average outstanding shares - diluted | 74,021,871 | 71,973,985 | 72,869,475 | 71,925,761 |
Basic earnings per share | $0.35 | $0.27 | $0.95 | $0.76 |
Diluted earnings per share | $0.35 | $0.27 | $0.95 | $0.76 |
Earnings Per Share | ' | ' | ' | ' |
Options excluded from the diluted average outstanding share calculation | ' | ' | 49,932 | 903,945 |
Fair_Value_Measurements_on_a_R
Fair Value Measurements on a Recurring Basis (Details) (Recurring Measurements, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial Assets | ' | ' |
Total assets measured at fair value on a recurring basis | $3,318,953 | $3,683,005 |
Financial Liabilities | ' | ' |
Total liabilities measured at fair value on a recurring basis | 2,004 | 16,832 |
Interest rate swaps | ' | ' |
Financial Liabilities | ' | ' |
Interest rate swaps | 2,004 | 16,832 |
U.S. government and federal agency | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | ' | 202 |
U.S. government sponsored enterprises | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | 11,556 | 17,480 |
State and local governments | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | 1,341,384 | 1,214,518 |
Corporate bonds | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | 442,845 | 288,795 |
Collateralized debt obligations | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | ' | 1,708 |
Residential mortgage-backed securities | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | 1,523,168 | 2,160,302 |
Level 1 | ' | ' |
Financial Assets | ' | ' |
Total assets measured at fair value on a recurring basis | 0 | 0 |
Financial Liabilities | ' | ' |
Total liabilities measured at fair value on a recurring basis | 0 | 0 |
Level 1 | Interest rate swaps | ' | ' |
Financial Liabilities | ' | ' |
Interest rate swaps | 0 | 0 |
Level 1 | U.S. government and federal agency | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | ' | 0 |
Level 1 | U.S. government sponsored enterprises | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | 0 | 0 |
Level 1 | State and local governments | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | 0 | 0 |
Level 1 | Corporate bonds | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | 0 | 0 |
Level 1 | Collateralized debt obligations | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | ' | 0 |
Level 1 | Residential mortgage-backed securities | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | 0 | 0 |
Level 2 | ' | ' |
Financial Assets | ' | ' |
Total assets measured at fair value on a recurring basis | 3,318,953 | 3,683,005 |
Financial Liabilities | ' | ' |
Total liabilities measured at fair value on a recurring basis | 2,004 | 16,832 |
Level 2 | Interest rate swaps | ' | ' |
Financial Liabilities | ' | ' |
Interest rate swaps | 2,004 | 16,832 |
Level 2 | U.S. government and federal agency | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | ' | 202 |
Level 2 | U.S. government sponsored enterprises | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | 11,556 | 17,480 |
Level 2 | State and local governments | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | 1,341,384 | 1,214,518 |
Level 2 | Corporate bonds | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | 442,845 | 288,795 |
Level 2 | Collateralized debt obligations | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | ' | 1,708 |
Level 2 | Residential mortgage-backed securities | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | 1,523,168 | 2,160,302 |
Level 3 | ' | ' |
Financial Assets | ' | ' |
Total assets measured at fair value on a recurring basis | 0 | 0 |
Financial Liabilities | ' | ' |
Total liabilities measured at fair value on a recurring basis | 0 | 0 |
Level 3 | Interest rate swaps | ' | ' |
Financial Liabilities | ' | ' |
Interest rate swaps | 0 | 0 |
Level 3 | U.S. government and federal agency | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | ' | 0 |
Level 3 | U.S. government sponsored enterprises | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | 0 | 0 |
Level 3 | State and local governments | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | 0 | 0 |
Level 3 | Corporate bonds | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | 0 | 0 |
Level 3 | Collateralized debt obligations | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | ' | 0 |
Level 3 | Residential mortgage-backed securities | ' | ' |
Financial Assets | ' | ' |
Investment securities, available-for-sale | $0 | $0 |
Fair_Value_Measurements_on_a_N
Fair Value Measurements on a Non-Recurring Basis (Details) (Non-Recurring Measurements, USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets with a recorded change resulting from re-measuring at fair value on a non-recurring basis | ' | ' |
Other real estate owned | $7,646 | $13,983 |
Collateral-dependent impaired loans, net of ALLL | 19,066 | 22,966 |
Total assets measured at fair value on a non-recurring basis | 26,712 | 36,949 |
Level 1 | ' | ' |
Assets with a recorded change resulting from re-measuring at fair value on a non-recurring basis | ' | ' |
Other real estate owned | 0 | 0 |
Collateral-dependent impaired loans, net of ALLL | 0 | 0 |
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
Level 2 | ' | ' |
Assets with a recorded change resulting from re-measuring at fair value on a non-recurring basis | ' | ' |
Other real estate owned | 0 | 0 |
Collateral-dependent impaired loans, net of ALLL | 0 | 0 |
Total assets measured at fair value on a non-recurring basis | 0 | 0 |
Level 3 | ' | ' |
Assets with a recorded change resulting from re-measuring at fair value on a non-recurring basis | ' | ' |
Other real estate owned | 7,646 | 13,983 |
Collateral-dependent impaired loans, net of ALLL | 19,066 | 22,966 |
Total assets measured at fair value on a non-recurring basis | $26,712 | $36,949 |
Quantitative_Information_about
Quantitative Information about Level 3 Fair Value Measurements (Details) (Non-Recurring Measurements, USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | ||||||||||||||||||
In Thousands, unless otherwise specified | Level 3 | Level 3 | Other real estate owned | Other real estate owned | Other real estate owned | Other real estate owned | Other real estate owned | Other real estate owned | Other real estate owned | Other real estate owned | Other real estate owned | Collateral-dependent Impaired Loans, Net of ALLL | Collateral-dependent Impaired Loans, Net of ALLL | Collateral-dependent Impaired Loans, Net of ALLL | Collateral-dependent Impaired Loans, Net of ALLL | Collateral-dependent Impaired Loans, Net of ALLL | Collateral-dependent Impaired Loans, Net of ALLL | Collateral-dependent Impaired Loans, Net of ALLL | Collateral-dependent Impaired Loans, Net of ALLL | Collateral-dependent Impaired Loans, Net of ALLL | Collateral-dependent Impaired Loans, Net of ALLL | Collateral-dependent Impaired Loans, Net of ALLL | Collateral-dependent Impaired Loans, Net of ALLL | Collateral-dependent Impaired Loans, Net of ALLL | Collateral-dependent Impaired Loans, Net of ALLL | Collateral-dependent Impaired Loans, Net of ALLL | Collateral-dependent Impaired Loans, Net of ALLL | Collateral-dependent Impaired Loans, Net of ALLL | ||||||||||||||||||||
Level 3 | Sales Comparison Approach | Combined Approach | Minimum Range | Minimum Range | Maximum Range | Maximum Range | Weighted Average Range | Weighted Average Range | Level 3 | Cost Approach | Income Approach | Sales Comparison Approach | Combined Approach | Minimum Range | Minimum Range | Minimum Range | Minimum Range | Maximum Range | Maximum Range | Maximum Range | Maximum Range | Weighted Average Range | Weighted Average Range | Weighted Average Range | Weighted Average Range | |||||||||||||||||||||||
Level 3 | Level 3 | Sales Comparison Approach | Combined Approach | Sales Comparison Approach | Combined Approach | Sales Comparison Approach | Combined Approach | Level 3 | Level 3 | Level 3 | Level 3 | Cost Approach | Income Approach | Sales Comparison Approach | Combined Approach | Cost Approach | Income Approach | Sales Comparison Approach | Combined Approach | Cost Approach | Income Approach | Sales Comparison Approach | Combined Approach | |||||||||||||||||||||||||
Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | Level 3 | |||||||||||||||||||||||||||||||
Quantitative Information About Level 3 Fair Value Measurements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Fair Value | $26,712 | $36,949 | $26,712 | $36,949 | $7,646 | $6,828 | $818 | ' | ' | ' | ' | ' | ' | $19,066 | $442 | $2,553 | $13,700 | $2,371 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Unobservable Inputs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Selling Costs | ' | ' | ' | ' | ' | ' | ' | 1.00% | [1] | 5.00% | [1] | 11.00% | [1] | 5.00% | [1] | 7.00% | [1] | 5.00% | [1] | ' | ' | ' | ' | ' | 10.00% | [1] | 8.00% | [1] | 0.00% | [1] | 8.00% | [1] | 50.00% | [1] | 8.00% | [1] | 10.00% | [1] | 8.00% | [1] | 19.20% | [1] | 8.00% | [1] | 8.00% | [1] | 8.00% | [1] |
Discount Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.30% | 0.00% | ' | ' | 8.30% | 0.00% | ' | ' | 8.30% | 0.00% | ' | ||||||||||||||||||
Adjustment to Comparables | ' | ' | ' | ' | ' | ' | ' | 0.00% | [1] | 25.00% | [1] | 10.00% | [1] | 25.00% | [1] | 0.00% | [1] | 25.00% | [1] | ' | ' | ' | ' | ' | ' | ' | 0.00% | [1] | 10.00% | [1] | ' | ' | 1.00% | [1] | 36.00% | [1] | ' | ' | 0.00% | [1] | 22.50% | [1] | ||||||
[1] | The range for selling costs and adjustments to comparables indicate reductions to the fair value. |
Carrying_Amount_and_Fair_Value
Carrying Amount and Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Carrying Amount | ' | ' |
Financial assets | ' | ' |
Cash and cash equivalents | $254,684 | $187,040 |
Investment securities, available-for-sale | 3,318,953 | 3,683,005 |
Loans held for sale | 61,505 | 145,501 |
Loans receivable, net of ALLL | 3,870,334 | 3,266,571 |
Accrued interest receivable | 44,261 | 37,770 |
Non-marketable equity securities | 52,192 | 48,812 |
Total financial assets | 7,601,929 | 7,368,699 |
Financial liabilities | ' | ' |
Deposits | 5,612,880 | 5,364,461 |
FHLB advances | 967,382 | 997,013 |
Repurchase agreements and other borrowed funds | 322,779 | 299,540 |
Subordinated debentures | 125,526 | 125,418 |
Accrued interest payable | 3,568 | 4,675 |
Interest rate swaps | 2,004 | 16,832 |
Total financial liabilities | 7,034,139 | 6,807,939 |
Estimated Fair Value | Level 1 | ' | ' |
Financial assets | ' | ' |
Cash and cash equivalents | 254,684 | 187,040 |
Investment securities, available-for-sale | 0 | 0 |
Loans held for sale | 61,505 | 145,501 |
Loans receivable, net of ALLL | 0 | 0 |
Accrued interest receivable | 44,261 | 37,770 |
Non-marketable equity securities | 0 | 0 |
Total financial assets | 360,450 | 370,311 |
Financial liabilities | ' | ' |
Deposits | 4,153,782 | 3,585,126 |
FHLB advances | 0 | 0 |
Repurchase agreements and other borrowed funds | 0 | 0 |
Subordinated debentures | 0 | 0 |
Accrued interest payable | 3,568 | 4,675 |
Interest rate swaps | 0 | 0 |
Total financial liabilities | 4,157,350 | 3,589,801 |
Estimated Fair Value | Level 2 | ' | ' |
Financial assets | ' | ' |
Cash and cash equivalents | 0 | 0 |
Investment securities, available-for-sale | 3,318,953 | 3,683,005 |
Loans held for sale | 0 | 0 |
Loans receivable, net of ALLL | 3,758,724 | 3,184,987 |
Accrued interest receivable | 0 | 0 |
Non-marketable equity securities | 52,192 | 48,812 |
Total financial assets | 7,129,869 | 6,916,804 |
Financial liabilities | ' | ' |
Deposits | 1,486,996 | 1,789,134 |
FHLB advances | 986,292 | 1,027,101 |
Repurchase agreements and other borrowed funds | 322,779 | 299,540 |
Subordinated debentures | 72,554 | 70,895 |
Accrued interest payable | 0 | 0 |
Interest rate swaps | 2,004 | 16,832 |
Total financial liabilities | 2,870,625 | 3,203,502 |
Estimated Fair Value | Level 3 | ' | ' |
Financial assets | ' | ' |
Cash and cash equivalents | 0 | 0 |
Investment securities, available-for-sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans receivable, net of ALLL | 194,190 | 186,201 |
Accrued interest receivable | 0 | 0 |
Non-marketable equity securities | 0 | 0 |
Total financial assets | 194,190 | 186,201 |
Financial liabilities | ' | ' |
Deposits | 0 | 0 |
FHLB advances | 0 | 0 |
Repurchase agreements and other borrowed funds | 0 | 0 |
Subordinated debentures | 0 | 0 |
Accrued interest payable | 0 | 0 |
Interest rate swaps | 0 | 0 |
Total financial liabilities | $0 | $0 |
Consideration_Transferred_Iden
Consideration Transferred, Identifiable Net Assets Acquired and Goodwill Recognized (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair value of consideration transferred | ' | ' | ' | ' |
Fair value of Company shares issued, net of equity issuance costs | ' | ' | $45,033 | ' |
Cash consideration for outstanding shares | ' | ' | 24,858 | ' |
Total fair value of consideration transferred | ' | ' | 69,891 | ' |
Identifiable assets acquired | ' | ' | ' | ' |
Cash and cash equivalents | 51,013 | ' | 51,013 | ' |
Investment securities, available-for-sale | 123,701 | ' | 123,701 | ' |
Loans receivable | 387,185 | ' | 387,185 | ' |
Core deposit intangible | 5,739 | ' | 5,739 | ' |
Accrued income and other assets | 39,325 | ' | 39,325 | ' |
Total identifiable assets acquired | 606,963 | ' | 606,963 | ' |
Liabilities assumed | ' | ' | ' | ' |
Deposits | 550,177 | ' | 550,177 | ' |
Federal Home Loan Bank advances and other borrowed funds | 5,467 | ' | 5,467 | ' |
Accrued expenses and other liabilities | 5,034 | ' | 5,034 | ' |
Total liabilities assumed | 560,678 | ' | 560,678 | ' |
Total identifiable net assets | 46,285 | ' | 46,285 | ' |
Goodwill recognized | 10,197 | 0 | 23,606 | 0 |
Wheatland Bankshares | ' | ' | ' | ' |
Fair value of consideration transferred | ' | ' | ' | ' |
Fair value of Company shares issued, net of equity issuance costs | ' | ' | 28,290 | ' |
Cash consideration for outstanding shares | ' | ' | 11,025 | ' |
Total fair value of consideration transferred | ' | ' | 39,315 | ' |
Identifiable assets acquired | ' | ' | ' | ' |
Cash and cash equivalents | 23,148 | ' | 23,148 | ' |
Investment securities, available-for-sale | 75,643 | ' | 75,643 | ' |
Loans receivable | 171,199 | ' | 171,199 | ' |
Core deposit intangible | 2,079 | ' | 2,079 | ' |
Accrued income and other assets | 15,063 | ' | 15,063 | ' |
Total identifiable assets acquired | 287,132 | ' | 287,132 | ' |
Liabilities assumed | ' | ' | ' | ' |
Deposits | 255,197 | ' | 255,197 | ' |
Federal Home Loan Bank advances and other borrowed funds | 5,467 | ' | 5,467 | ' |
Accrued expenses and other liabilities | 562 | ' | 562 | ' |
Total liabilities assumed | 261,226 | ' | 261,226 | ' |
Total identifiable net assets | 25,906 | ' | 25,906 | ' |
Goodwill recognized | ' | ' | 13,409 | ' |
North Cascades Bancshares | ' | ' | ' | ' |
Fair value of consideration transferred | ' | ' | ' | ' |
Fair value of Company shares issued, net of equity issuance costs | ' | ' | 16,743 | ' |
Cash consideration for outstanding shares | ' | ' | 13,833 | ' |
Total fair value of consideration transferred | ' | ' | 30,576 | ' |
Identifiable assets acquired | ' | ' | ' | ' |
Cash and cash equivalents | 27,865 | ' | 27,865 | ' |
Investment securities, available-for-sale | 48,058 | ' | 48,058 | ' |
Loans receivable | 215,986 | ' | 215,986 | ' |
Core deposit intangible | 3,660 | ' | 3,660 | ' |
Accrued income and other assets | 24,262 | ' | 24,262 | ' |
Total identifiable assets acquired | 319,831 | ' | 319,831 | ' |
Liabilities assumed | ' | ' | ' | ' |
Deposits | 294,980 | ' | 294,980 | ' |
Federal Home Loan Bank advances and other borrowed funds | 0 | ' | 0 | ' |
Accrued expenses and other liabilities | 4,472 | ' | 4,472 | ' |
Total liabilities assumed | 299,452 | ' | 299,452 | ' |
Total identifiable net assets | 20,379 | ' | 20,379 | ' |
Goodwill recognized | ' | ' | $10,197 | ' |
Pro_Forma_Summary_Details
Pro Forma Summary (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Business Acquisition, Pro Forma Information [Abstract] | ' | ' | ' | ' |
Net interest income and non-interest income | $86,940 | $77,095 | $249,224 | $251,525 |
Net income | $24,756 | $20,126 | $69,846 | $58,525 |
Mergers_and_Acquisitions_Detai
Mergers and Acquisitions (Details Textual) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Business Acquisition | ' |
Business Combination, Consideration Transferred | $69,891,000 |
Cash consideration for outstanding shares | 24,858,000 |
Wheatland Bankshares | ' |
Business Acquisition | ' |
Effective Date of Acquisition | 31-May-13 |
Percentage of Outstanding Common Stock Acquired | 100.00% |
Business Combination, Consideration Transferred | 39,315,000 |
Number of Shares Issued for Aquisition | 1,455,256 |
Cash consideration for outstanding shares | 11,025,000 |
Loans receivable | 171,199,000 |
Loans Receivable Acquired, Gross Principal and Contractual Interest Due | 176,698,000 |
Loans Receivable Acquired, Gross Principal and Contractual Interest Due, Expected to be Uncollectible | 0 |
Third-party Acquisition Related Costs | 594,000 |
Net interest income and non-interest income | 4,605,000 |
Net income | 1,338,000 |
North Cascades Bancshares | ' |
Business Acquisition | ' |
Effective Date of Acquisition | 31-Jul-13 |
Percentage of Outstanding Common Stock Acquired | 100.00% |
Business Combination, Consideration Transferred | 30,576,000 |
Number of Shares Issued for Aquisition | 687,876 |
Cash consideration for outstanding shares | 13,833,000 |
Loans receivable | 215,986,000 |
Loans Receivable Acquired, Gross Principal and Contractual Interest Due | 223,949,000 |
Loans Receivable Acquired, Gross Principal and Contractual Interest Due, Expected to be Uncollectible | 0 |
Third-party Acquisition Related Costs | 478,000 |
Net interest income and non-interest income | 2,662,000 |
Net income | $510,000 |