Document_and_Entity_Informatio
Document and Entity Information Document | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Banner Corporation | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0000946673 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 19,572,823 |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
CONSOLIDATED_STATEMENTS_OF_FIN
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $146,561 | $137,349 |
Securities—trading, amortized cost $70,472 and $75,150, respectively | 61,393 | 62,472 |
Securities—available-for-sale, amortized cost $455,232 and $474,960, respectively | 455,353 | 470,280 |
Securities—held-to-maturity, fair value $138,065 and $103,610, respectively | 133,186 | 102,513 |
Federal Home Loan Bank (FHLB) stock | 31,191 | 35,390 |
Loans receivable: | ' | ' |
Held for sale | 7,322 | 2,734 |
Held for portfolio | 3,755,277 | 3,415,711 |
Allowance for loan losses | -74,310 | -74,258 |
Total loans, net | 3,688,289 | 3,344,187 |
Accrued interest receivable | 15,579 | 13,996 |
Real estate owned (REO), held for sale, net | 4,388 | 4,044 |
Property and equipment, net | 91,912 | 90,267 |
Intangible assets, net | 3,892 | 2,449 |
Bank-owned life insurance (BOLI) | 62,815 | 61,945 |
Deferred tax assets, net | 22,065 | 27,479 |
Income tax receivable | 166 | 9,728 |
Other assets | 28,509 | 26,799 |
Total assets | 4,745,299 | 4,388,898 |
Deposits: | ' | ' |
Non-interest-bearing | 1,210,068 | 1,115,346 |
Interest-bearing transaction and savings accounts | 1,771,865 | 1,629,885 |
Interest-bearing certificates | 936,986 | 872,695 |
Total deposit liabilities | 3,918,919 | 3,617,926 |
Advances from FHLB at fair value | 45,251 | 27,250 |
Other borrowings | 88,946 | 83,056 |
Junior subordinated debentures at fair value (issued in connection with Trust Preferred Securities) | 77,313 | 73,928 |
Accrued expenses and other liabilities | 35,619 | 31,324 |
Deferred compensation | 16,238 | 16,442 |
Total liabilities | 4,182,286 | 3,849,926 |
COMMITMENTS AND CONTINGENCIES (Note 15) | ' | ' |
STOCKHOLDERS’ EQUITY | ' | ' |
Common stock and paid in capital - $0.01 par value per share, 50,000,000 shares authorized, 19,568,704 shares issued and outstanding at June 30, 2014; 19,543,769 shares issued and 19,509,429 shares outstanding at December 31, 2013 | 567,483 | 569,028 |
Accumulated deficit | -4,541 | -25,073 |
Accumulated other comprehensive income (loss) | 71 | -2,996 |
Unearned shares of common stock issued to Employee Stock Ownership Plan (ESOP) trust at cost: no shares outstanding at June 30, 2014 and 34,340 shares outstanding at December 31, 2013 | 0 | -1,987 |
Total Stockholders' Equity | 563,013 | 538,972 |
Total Liabilities and Stockholders' Equity | $4,745,299 | $4,388,898 |
CONSOLIDATED_STATEMENTS_OF_FIN1
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
ASSETS | ' | ' |
Securities—trading, Amortized Cost Basis | $70,472 | $75,150 |
Securities—available-for-sale, Amortized Cost Basis | 455,232 | 474,960 |
Securities—held-to-maturity, Fair Value | $138,065 | $103,610 |
STOCKHOLDERS’ EQUITY | ' | ' |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares Issued | 19,568,704 | 19,543,769 |
Common Stock, Shares Outstanding | 19,568,704 | 19,509,429 |
Common Stock, Shares Held in Employee Trust | 0 | 34,340 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
INTEREST INCOME: | ' | ' | ' | ' |
Loans receivable | $43,199 | $42,292 | $84,942 | $83,781 |
Mortgage-backed securities | 1,446 | 1,394 | 2,917 | 2,566 |
Securities and cash equivalents | 1,895 | 1,885 | 3,787 | 3,733 |
Total Interest Income | 46,540 | 45,571 | 91,646 | 90,080 |
INTEREST EXPENSE: | ' | ' | ' | ' |
Deposits | 1,910 | 2,490 | 3,874 | 5,210 |
FHLB advances | 51 | 40 | 90 | 64 |
Other borrowings | 45 | 51 | 89 | 107 |
Junior subordinated debentures | 726 | 742 | 1,446 | 1,482 |
Total Interest Expense | 2,732 | 3,323 | 5,499 | 6,863 |
Net interest income before provision for loan losses | 43,808 | 42,248 | 86,147 | 83,217 |
PROVISION FOR LOAN LOSSES | 0 | 0 | 0 | 0 |
Net interest income | 43,808 | 42,248 | 86,147 | 83,217 |
OTHER OPERATING INCOME: | ' | ' | ' | ' |
Deposit fees and other service charges | 7,346 | 6,628 | 13,947 | 12,928 |
Mortgage banking operations | 2,600 | 3,574 | 4,440 | 6,412 |
Miscellaneous | 644 | 664 | 1,281 | 1,455 |
Other operating income (loss) | 10,590 | 10,866 | 19,668 | 20,795 |
Gain on sale of securities | 0 | 12 | 35 | 1,018 |
Other-than-temporary impairment recovery | 0 | 0 | 0 | 409 |
Net change in valuation of financial instruments carried at fair value | 464 | -255 | 209 | -1,601 |
Acquisition bargain purchase gain | 9,079 | 0 | 9,079 | 0 |
Total other operating income | 20,133 | 10,623 | 28,991 | 20,621 |
OTHER OPERATING EXPENSES: | ' | ' | ' | ' |
Salary and employee benefits | 22,330 | 21,224 | 43,486 | 41,953 |
Less capitalized loan origination costs | -3,282 | -3,070 | -5,477 | -5,941 |
Occupancy and equipment | 5,540 | 5,415 | 11,236 | 10,744 |
Information/computer data services | 1,918 | 1,923 | 3,853 | 3,643 |
Payment and card processing expenses | 2,746 | 2,449 | 5,261 | 4,753 |
Professional services | 1,109 | 820 | 2,115 | 1,726 |
Advertising and marketing | 1,370 | 1,798 | 2,425 | 3,297 |
Deposit insurance | 637 | 617 | 1,213 | 1,263 |
State/municipal business and use taxes | 388 | 538 | 547 | 1,003 |
REO operations | -109 | -195 | -70 | -446 |
Amortization of core deposit intangibles | 450 | 477 | 929 | 982 |
Acquisition related costs | 1,979 | 0 | 2,024 | 0 |
Miscellaneous | 3,359 | 3,461 | 6,473 | 6,580 |
Total other operating expenses | 38,435 | 35,457 | 74,015 | 69,557 |
Income before provision for income taxes | 25,506 | 17,414 | 41,123 | 34,281 |
PROVISION FOR INCOME TAXES | 8,499 | 5,661 | 13,545 | 10,945 |
NET INCOME | $17,007 | $11,753 | $27,578 | $23,336 |
Earnings per common share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.88 | $0.61 | $1.43 | $1.21 |
Diluted (in dollars per share) | $0.88 | $0.60 | $1.42 | $1.20 |
Cumulative dividends declared per common share (in dollars per share) | $0.18 | $0.12 | $0.36 | $0.24 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
NET INCOME | $17,007 | $11,753 | $27,578 | $23,336 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF INCOME TAXES: | ' | ' | ' | ' |
Unrealized holding gain (loss) on AFS securities arising during the period | 2,330 | -8,476 | 4,767 | -8,854 |
Income tax benefit (expense) related to AFS unrealized holding gains (losses) | -845 | 3,043 | -1,722 | 3,179 |
Reclassification for net (gains) losses on AFS securities realized in earnings | 0 | 1 | 34 | -116 |
Income tax benefit (expense) related to AFS realized gains (losses) | 0 | 0 | -12 | 42 |
Other comprehensive income (loss) | 1,485 | -5,432 | 3,067 | -5,749 |
COMPREHENSIVE INCOME | $18,492 | $6,321 | $30,645 | $17,587 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock and Paid in Capital [Member] | (Accumulated Deficit) [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Unearned Restricted ESOP Shares [Member] |
In Thousands, except Share data, unless otherwise specified | |||||
Balance, beginning of the period at Dec. 31, 2012 | $506,919 | $567,907 | ($61,102) | $2,101 | ($1,987) |
Balance, beginning of the period (in shares) at Dec. 31, 2012 | ' | 19,420,625 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 46,555 | ' | 46,555 | ' | ' |
Other comprehensive income, net of income tax | -5,097 | ' | ' | -5,097 | ' |
Accrual of dividends on common stock | -10,526 | ' | -10,526 | ' | ' |
Proceeds from issuance of common stock for stockholder reinvestment program (in shares) | ' | 2,098 | ' | ' | ' |
Proceeds from issuance of common stock for stockholder reinvestment program | 72 | 72 | ' | ' | ' |
Issuance of restricted stock and amortization of related compensation (in shares) | ' | 86,706 | ' | ' | ' |
Issuance of restricted stock and amortization of related compensation | 1,049 | 1,049 | ' | ' | ' |
Balance, end of the period at Dec. 31, 2013 | 538,972 | 569,028 | -25,073 | -2,996 | -1,987 |
Balance, end of the period (in shares) at Dec. 31, 2013 | ' | 19,509,429 | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' |
Net income | 27,578 | ' | 27,578 | ' | ' |
Other comprehensive income, net of income tax | 3,067 | ' | ' | 3,067 | ' |
Accrual of dividends on common stock | -7,046 | ' | -7,046 | ' | ' |
Redemption of unallocated shares upon termination of ESOP | 0 | -1,987 | ' | ' | 1,987 |
Repurchase of shares upon termination of ESOP (in shares) | ' | -13,550 | ' | ' | ' |
Repurchase of shares upon termination of ESOP | -556 | -556 | ' | ' | ' |
Proceeds from issuance of common stock for stockholder reinvestment program (in shares) | ' | 1,451 | ' | ' | ' |
Proceeds from issuance of common stock for stockholder reinvestment program | 60 | 60 | ' | ' | ' |
Issuance of restricted stock and amortization of related compensation (in shares) | ' | 71,374 | ' | ' | ' |
Issuance of restricted stock and amortization of related compensation | 938 | 938 | ' | ' | ' |
Balance, end of the period at Jun. 30, 2014 | $563,013 | $567,483 | ($4,541) | $71 | $0 |
Balance, end of the period (in shares) at Jun. 30, 2014 | ' | 19,568,704 | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' | ' | ' | ' |
Cumulative dividends declared per common share (in dollars per share) | $0.18 | $0.12 | $0.36 | $0.24 | $0.54 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
OPERATING ACTIVITIES: | ' | ' |
Net income | $27,578 | $23,336 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation | 4,053 | 3,679 |
Deferred income and expense, net of amortization | 1,883 | 2,233 |
Amortization of core deposit intangibles | 929 | 982 |
Gain on sale of securities | -35 | -1,018 |
Other-than-temporary impairment recovery | 0 | -409 |
Net change in valuation of financial instruments carried at fair value | -209 | 1,601 |
Purchases of securities—trading | -2,387 | -23,377 |
Proceeds from sales of securities—trading | 2,387 | 25,267 |
Principal repayments and maturities of securities—trading | 4,702 | 3,657 |
Bargain purchase gain on acquisition | -9,079 | 0 |
Decrease in deferred taxes | 5,414 | 570 |
Increase (decrease) in current taxes payable | 9,562 | -4,245 |
Equity-based compensation | 818 | 478 |
Increase in cash surrender value of BOLI | -858 | -982 |
Gain on sale of loans, net of capitalized servicing rights | -2,528 | -4,303 |
Gain on disposal of real estate held for sale and property and equipment | -453 | -1,454 |
Provision for losses on real estate held for sale | 37 | 299 |
Origination of loans held for sale | -160,625 | -263,111 |
Proceeds from sales of loans held for sale | 158,565 | 272,941 |
Net change in: | ' | ' |
Other assets | -1,967 | 19,440 |
Other liabilities and equity | 2,946 | -5,019 |
Net cash provided from operating activities | 40,733 | 50,565 |
INVESTING ACTIVITIES: | ' | ' |
Purchases of securities—available-for-sale | -30,272 | -179,555 |
Principal repayments and maturities of securities—available-for-sale | 20,085 | 68,488 |
Proceeds from sales of securities—available-for-sale | 28,207 | 103,274 |
Purchases of securities—held-to-maturity | -33,686 | -9,029 |
Principal repayments and maturities of securities—held-to-maturity | 2,603 | 987 |
Loan originations, net of principal repayments | -155,279 | -66,066 |
Purchases of loans and participating interest in loans | -101,840 | -91 |
Proceeds from sales of other loans | 2,491 | 3,288 |
Net cash received from acquisition | 127,557 | 0 |
Purchases of property and equipment | -2,617 | -2,439 |
Proceeds from sale of real estate held for sale, net | 2,672 | 11,787 |
Proceeds from FHLB stock repurchase program | 4,199 | 665 |
Other | -2,054 | 120 |
Net cash used by investing activities | -137,934 | -68,571 |
FINANCING ACTIVITIES: | ' | ' |
Increase (decrease) in deposits, net | 88,907 | -97,480 |
Advances, net of repayments of FHLB borrowings | 17,996 | 43,997 |
Increase in other borrowings, net | 5,889 | 14,146 |
Cash dividends paid | -6,439 | -2,530 |
Cash proceeds from issuance of stock for stockholder reinvestment plan | 60 | 23 |
Net cash provided from (used by) financing activities | 106,413 | -41,844 |
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS | 9,212 | -59,850 |
CASH AND DUE FROM BANKS, BEGINNING OF PERIOD | 137,349 | 181,298 |
CASH AND DUE FROM BANKS, END OF PERIOD | 146,561 | 121,448 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' |
Interest paid in cash | 5,527 | 7,087 |
Taxes paid, net of refunds received in cash | 292 | 11,376 |
NON-CASH INVESTING AND FINANCING TRANSACTIONS: | ' | ' |
Loans, net of discounts, specific loss allowances and unearned income, transferred to real estate owned and other repossessed assets | 2,885 | 1,770 |
ACQUISITIONS (Note 2): | ' | ' |
Assets acquired | 221,206 | 0 |
Liabilities assumed | $212,127 | $0 |
BASIS_OF_PRESENTATION_AND_CRIT
BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES | ' |
BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES | |
The accompanying unaudited consolidated interim financial statements include the accounts of Banner Corporation (the Company or Banner), a bank holding company incorporated in the State of Washington and its wholly-owned subsidiaries, Banner Bank and Islanders Bank (the Banks). | |
These unaudited consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Certain information and disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. Certain reclassifications have been made to the 2013 Consolidated Financial Statements and/or schedules to conform to the 2014 presentation. These reclassifications may have affected certain ratios for the prior periods. The effect of these reclassifications is considered immaterial. All significant intercompany transactions and balances have been eliminated. | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements. Various elements of the Company’s accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions and other subjective assessments. In particular, management has identified several accounting policies that, due to the judgments, estimates and assumptions inherent in those policies, are critical to an understanding of Banner’s financial statements. These policies relate to (i) the methodology for the recognition of interest income, (ii) determination of the provision and allowance for loan and lease losses, (iii) the valuation of financial assets and liabilities recorded at fair value, including other-than-temporary impairment (OTTI) losses, (iv) the valuation of intangibles, such as core deposit intangibles and mortgage servicing rights, (v) the valuation of real estate held for sale and (vi) the valuation of or recognition of deferred tax assets and liabilities. These policies and judgments, estimates and assumptions are described in greater detail in subsequent notes to the Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations (Critical Accounting Policies) in our Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC. Management believes that the judgments, estimates and assumptions used in the preparation of the financial statements are appropriate based on the factual circumstances at the time. However, given the sensitivity of the financial statements to these critical accounting policies, the use of other judgments, estimates and assumptions could result in material differences in the Company’s results of operations or financial condition. Further, subsequent changes in economic or market conditions could have a material impact on these estimates and the Company’s financial condition and operating results in future periods. | |
The information included in this Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2013 as filed with the SEC (2013 Form 10-K). Interim results are not necessarily indicative of results for a full year. |
RECENT_DEVELOPMENTS_AND_SIGNIF
RECENT DEVELOPMENTS AND SIGNIFICANT EVENTS | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Recent Developments and Significant Events [Abstract] | ' | |||||||
RECENT DEVELOPMENTS AND SIGNIFICANT EVENTS | ' | |||||||
RECENT DEVELOPMENTS AND SIGNIFICANT EVENTS | ||||||||
Proposed Acquisition of Siuslaw Financial Group, Inc. | ||||||||
On August 7, 2014, the Company announced the execution of a definitive agreement to purchase Siuslaw Financial Group, Inc. (Siuslaw), the holding company of Siuslaw Bank, an Oregon state charted commercial bank. The consideration for the transaction is approximately 90% stock and 10% cash. Based on the Banner closing priced of $39.14 per share on August 7, 2014 the aggregate consideration would be $57.5 million. The purchase is subject to approval by Siuslaw shareholders, regulatory approval and other customary conditions of closing. Upon closing of the transaction, which is anticipated to take place in the latter part of the fourth quarter of 2014, Siuslaw will be merged into Banner and Siuslaw Bank will be merged into Banner Bank. | ||||||||
Termination of Proposed Acquisition of Idaho Banking Company | ||||||||
On June 30, 2014, the Company announced it had terminated its agreement to acquire Idaho Banking Company (Idaho Banking) through the bidding process under Section 363 of Chapter 11 of the United States Bankruptcy Code in the U.S. Bankruptcy Court for the District of Idaho (Bankruptcy Court). Banner proposed to purchase all of the issued and outstanding shares of Idaho Banking Company pursuant to an Asset Purchase Agreement (Agreement) it had entered into with Idaho Bancorp, the bank holding company of Idaho Banking, on April 24, 2014. In connection with the June 26, 2014 Bankruptcy Court-supervised auction process, as contemplated by the Agreement, Idaho Banking received the highest offer from another bidder. Accordingly, the Agreement has been terminated. Pursuant to the Agreement, the Company will be reimbursed for its expenses in connection with the transaction. | ||||||||
Acquisition of Six Oregon Branches | ||||||||
Effective as of the close of business on June 20, 2014, Banner Bank completed the purchase of six branches from Umpqua Bank, successor to Sterling Savings Bank. Five of the six branches are located in Coos County, Oregon and the sixth branch is located in Douglas County, Oregon. The purchase provided $212 million in deposit accounts, $88 million in loans, and $3 million in branch properties. Banner Bank received $128 million in cash from the transaction. | ||||||||
The assets acquired and liabilities assumed in the purchase have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the acquisition date, and are subject to change for up to one year after the closing date of the acquisition. The application of the acquisition method of accounting resulted in recognition of a core deposit intangible asset of $2.4 million and an acquisition bargain purchase gain of $9.1 million. The bargain purchase gain represents the excess fair value of the net assets acquired over the purchase price, including fair value of liabilities assumed. The bargain purchase gain consisted primarily of a $7 million discount on the assets acquired in this required branch divestiture combined with a $2.4 million core deposit intangible, net of approximately $300,000 in fair value adjustments. The acquired core deposit intangible has been determined to have a useful life of approximately eight years and will be amortized on an accelerated basis. | ||||||||
The following table displays the fair value as of the acquisition date for each major class of assets acquired and liabilities assumed (in thousands): | ||||||||
Fair Value at | ||||||||
20-Jun-14 | ||||||||
Assets: | ||||||||
Cash | $ | 127,557 | ||||||
Loans receivable, net (contractual amount of $88.3 million) | 87,923 | |||||||
Property and equipment, net | 3,079 | |||||||
Core deposit intangible | 2,372 | |||||||
Other assets | 275 | |||||||
Total assets | 221,206 | |||||||
Liabilities: | ||||||||
Deposits | 212,085 | |||||||
Other liabilities | 42 | |||||||
Total liabilities | 212,127 | |||||||
Acquisition bargain purchase gain | $ | 9,079 | ||||||
Amounts recorded are preliminary estimates of fair value. The primary reason for the acquisition was to continue the Company's growth strategy, including expanding our geographic footprint in markets throughout the Northwest. As of June 20, 2014 the transaction had no remaining contingencies. Pro forma results of operations for the three and six months ended June 30, 2014 and 2013, as if the branch acquisitions had occurred on January 1, 2013, have not been presented because historical financial information was not available. | ||||||||
The operating results of the Company include the operating results produced by the six acquired branches from June 21, 2014 to June 30, 2014. In connection with the acquisition, Banner recognized $2.0 million of acquisition-related expenses for the three and six months ended June 30, 2014 as follows (in thousands): | ||||||||
Three Months Ended | Six Months Ended | |||||||
30-Jun-14 | 30-Jun-14 | |||||||
Acquisition-related costs recognized in other operating expenses: | ||||||||
Non-capitalized equipment | $ | 29 | $ | 29 | ||||
Client communications | 236 | 238 | ||||||
Information/computer data services | 632 | 632 | ||||||
Payment and processing expenses | 271 | 271 | ||||||
Professional services | 587 | 619 | ||||||
Miscellaneous | 224 | 235 | ||||||
$ | 1,979 | $ | 2,024 | |||||
Stockholder Equity Transactions: | ||||||||
Omnibus Incentive Plan: On January 28, 2014, the Company's board of directors unanimously adopted, and on April 22, 2014 the Company's shareholders approved, the Banner Corporation 2014 Omnibus Incentive Plan. The purpose of the Plan is to promote the success and enhance the value of Banner by linking the personal interests of employees and directors with those of Banner's shareholders. The Plan is further intended to provide flexibility to Banner in its ability to motivate, attract, and retain the services of employees and directors upon whose judgment, interest and special effort Banner depends. The Plan also allows performance-based compensation to be provided in a manner that exempts such compensation from the deduction limits imposed by Section 162(m) of the Internal Revenue Code. |
ACCOUNTING_STANDARDS_RECENTLY_
ACCOUNTING STANDARDS RECENTLY ADOPTED | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
ACCOUNTING STANDARDS RECENTLY ADOPTED | ' |
ACCOUNTING STANDARDS RECENTLY ADOPTED | |
Unrecognized Tax Benefits | |
In July 2013, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2013-11, Presentation of an Unrecognized Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. This ASU requires an unrecognized tax benefit to be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. An exception exists to the extent that a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax of the applicable jurisdiction does not require the entity to use, and entity does not intend to use, the deferred tax asset for such a purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. ASU No. 2013-11 is effective for fiscal years and interim periods beginning after December 15, 2013. The Company adopted the provisions of ASU No. 2013-11 effective January 1, 2014. The adoption of this guidance did not have a material effect on the Company's consolidated financial statements. | |
Investing in Qualified Affordable Housing Projects | |
In January 2014, FASB issued ASU No. 2014-01, Accounting for Investments in Qualified Affordable Housing Projects. The objective of this ASU is to provide guidance on accounting for investments by a reporting entity in flow-through limited liability entities that manage or invest in affordable housing projects that qualify for the low-income housing tax credit. The amendments in this ASU modify the conditions that a reporting entity must meet to be eligible to use a method other than the equity or cost methods to account for qualified affordable housing project investments. If the modified conditions are met, the amendments permit an entity to amortize the initial cost of the investment in proportion to the amount of tax credits and other tax benefits received and recognize the net investment performance in the income statement as a component of income tax expense (benefit). Additionally, the amendments introduce new recurring disclosures about all investments in qualified affordable housing projects irrespective of the method used to account for the investments. The amendments in this ASU should be applied retrospectively to all periods presented. ASU No. 2014-01 is effective beginning after December 15, 2014 and is not expected to have a material impact on the Company's consolidated financial statements. | |
Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure | |
In January 2014, FASB issued ASU No. 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. The amendments in this ASU clarify that an in-substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. ASU No. 2014-04 is effective for fiscal years and interim periods beginning after December 15, 2014 and is not expected to have a material impact on the Company's consolidated financial statements. | |
Revenue from Contracts with Customers | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which creates Topic 606 and supersedes Topic 605, Revenue Recognition. The core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In general, the new guidance requires companies to use more judgment and make more estimates than under current guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The standard is effective for public entities for interim and annual periods beginning after December 15, 2016; early adoption is not permitted. For financial reporting purposes, the standard allows for either full retrospective adoption, meaning the standard is applied to all of the periods presented, or modified retrospective adoption, meaning the standard is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the standard recognized at the date of initial application. The Company is currently evaluating the provisions of ASU No. 2014-09 to determine the potential impact the standard will have on the Company’s consolidated financial statements. |
BUSINESS_SEGMENTS
BUSINESS SEGMENTS | 6 Months Ended |
Jun. 30, 2014 | |
Segment Reporting [Abstract] | ' |
BUSINESS SEGMENTS | ' |
BUSINESS SEGMENTS | |
The Company is managed by legal entity and not by lines of business. Each of the Banks is a community oriented commercial bank chartered in the State of Washington. Each of the Banks’ primary business is that of a traditional banking institution, gathering deposits and originating loans for its portfolios in its markets. The Banks offer a wide variety of deposit products to their consumer and commercial customers. Lending activities include the origination of real estate, commercial/agriculture business and consumer loans. Banner Bank is also an active participant in the secondary market, originating residential loans for sale on both a servicing released and servicing retained basis. In addition to interest income on loans and investment securities, the Banks receive other income from deposit service charges, loan servicing fees and from the sale of loans and investments. The performance of the Banks is reviewed by the Company’s executive management and Board of Directors on a monthly basis. All of the executive officers of the Company are members of Banner Bank’s management team. | |
Generally Accepted Accounting Principles, or GAAP, establish standards to report information about operating segments in annual financial statements and require reporting of selected information about operating segments in interim reports to stockholders. The Company has determined that its current business and operations consist of a single business segment. |
INTERESTBEARING_DEPOSITS_AND_S
INTEREST-BEARING DEPOSITS AND SECURITIES | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
INTEREST-BEARING DEPOSITS AND SECURITIES | ' | |||||||||||||||||||||||
INTEREST-BEARING DEPOSITS AND SECURITIES | ||||||||||||||||||||||||
The following table sets forth additional detail regarding our interest-bearing deposits and securities at the dates indicated (includes securities—trading, available-for-sale and held-to-maturity, all at carrying value) (in thousands): | ||||||||||||||||||||||||
June 30 | December 31 | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Interest-bearing deposits included in cash and due from banks | $ | 62,990 | $ | 67,638 | ||||||||||||||||||||
U.S. Government and agency obligations | 55,908 | 61,327 | ||||||||||||||||||||||
Municipal bonds: | ||||||||||||||||||||||||
Taxable | 35,227 | 34,216 | ||||||||||||||||||||||
Tax exempt | 138,859 | 119,588 | ||||||||||||||||||||||
Total municipal bonds | 174,086 | 153,804 | ||||||||||||||||||||||
Corporate bonds | 45,340 | 44,154 | ||||||||||||||||||||||
Mortgage-backed or related securities: | ||||||||||||||||||||||||
One- to four-family residential agency guaranteed | 56,063 | 58,117 | ||||||||||||||||||||||
One- to four-family residential other | 911 | 1,051 | ||||||||||||||||||||||
Multifamily agency guaranteed | 281,421 | 281,319 | ||||||||||||||||||||||
Multifamily other | 10,676 | 10,234 | ||||||||||||||||||||||
Total mortgage-backed or related securities | 349,071 | 350,721 | ||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||
Student Loan Marketing Association (SLMA) | 15,732 | 15,681 | ||||||||||||||||||||||
Other asset-backed securities | 9,734 | 9,510 | ||||||||||||||||||||||
Total asset-backed securities | 25,466 | 25,191 | ||||||||||||||||||||||
Equity securities (excludes FHLB stock) | 61 | 68 | ||||||||||||||||||||||
Total securities | 649,932 | 635,265 | ||||||||||||||||||||||
Total interest-bearing deposits and securities | $ | 712,922 | $ | 702,903 | ||||||||||||||||||||
Securities—Trading: The amortized cost and estimated fair value of securities—trading at June 30, 2014 and December 31, 2013 are summarized as follows (dollars in thousands): | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Amortized Cost | Fair Value | Percent of Total | Amortized Cost | Fair Value | Percent of Total | |||||||||||||||||||
U.S. Government and agency obligations | $ | 1,370 | $ | 1,530 | 2.5 | % | $ | 1,370 | $ | 1,481 | 2.4 | % | ||||||||||||
Municipal bonds: | ||||||||||||||||||||||||
Tax exempt | 1,666 | 1,716 | 2.8 | 4,969 | 5,023 | 8 | ||||||||||||||||||
Corporate bonds | 49,466 | 38,529 | 62.7 | 49,498 | 35,140 | 56.2 | ||||||||||||||||||
Mortgage-backed or related securities: | ||||||||||||||||||||||||
One- to four-family residential agency guaranteed | 9,222 | 9,987 | 16.3 | 10,483 | 11,230 | 18 | ||||||||||||||||||
Multifamily agency guaranteed | 8,734 | 9,570 | 15.6 | 8,816 | 9,530 | 15.3 | ||||||||||||||||||
Total mortgage-backed or related securities | 17,956 | 19,557 | 31.9 | 19,299 | 20,760 | 33.3 | ||||||||||||||||||
Equity securities | 14 | 61 | 0.1 | 14 | 68 | 0.1 | ||||||||||||||||||
$ | 70,472 | $ | 61,393 | 100 | % | $ | 75,150 | $ | 62,472 | 100 | % | |||||||||||||
There were three sales of securities—trading totaling $2.4 million with a resulting net gain of $1,000 during the six months ended June 30, 2014. There were 37 sales of securities—trading totaling $25.3 million with a resulting net gain of $1.0 million during the six months ended June 30, 2013, including $1.0 million which represented recoveries on certain collateralized debt obligations that had previously been written off. In addition to the $1.0 million net gain, the Company also recognized a $409,000 OTTI recovery on sales of securities—trading during the six months ended June 30, 2013, which was related to the sale of certain equity securities issued by government-sponsored entities. The Company did not recognize any OTTI charges or recoveries on securities—trading during the six months ended June 30, 2014. No securities—trading were on nonaccrual status at June 30, 2014 and 2013. | ||||||||||||||||||||||||
The amortized cost and estimated fair value of securities—trading at June 30, 2014 and December 31, 2013, by contractual maturity, are shown below (in thousands). Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties. | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||
Maturing in one year or less | $ | 11,759 | $ | 11,763 | $ | 260 | $ | 263 | ||||||||||||||||
Maturing after one year through five years | 6,524 | 6,969 | 7,056 | 7,298 | ||||||||||||||||||||
Maturing after five years through ten years | 8,976 | 9,915 | 12,602 | 13,572 | ||||||||||||||||||||
Maturing after ten years through twenty years | 21,352 | 17,930 | 33,335 | 27,472 | ||||||||||||||||||||
Maturing after twenty years | 21,847 | 14,755 | 21,883 | 13,799 | ||||||||||||||||||||
70,458 | 61,332 | 75,136 | 62,404 | |||||||||||||||||||||
Equity securities | 14 | 61 | 14 | 68 | ||||||||||||||||||||
$ | 70,472 | $ | 61,393 | $ | 75,150 | $ | 62,472 | |||||||||||||||||
Securities—Available-for-Sale: The amortized cost and estimated fair value of securities—available-for-sale at June 30, 2014 and December 31, 2013 are summarized as follows (dollars in thousands): | ||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Percent of Total | ||||||||||||||||||||
U.S. Government and agency obligations | $ | 52,424 | $ | 41 | $ | (253 | ) | $ | 52,212 | 11.5 | % | |||||||||||||
Municipal bonds: | ||||||||||||||||||||||||
Taxable | 19,733 | 116 | (40 | ) | 19,809 | 4.4 | ||||||||||||||||||
Tax exempt | 30,876 | 194 | (78 | ) | 30,992 | 6.8 | ||||||||||||||||||
Total municipal bonds | 50,609 | 310 | (118 | ) | 50,801 | 11.2 | ||||||||||||||||||
Corporate bonds | 5,000 | 11 | — | 5,011 | 1.1 | |||||||||||||||||||
Mortgage-backed or related securities: | ||||||||||||||||||||||||
One- to four-family residential agency guaranteed | 43,883 | 839 | (452 | ) | 44,270 | 9.7 | ||||||||||||||||||
One- to four-family residential other | 860 | 51 | — | 911 | 0.2 | |||||||||||||||||||
Multifamily agency guaranteed | 266,339 | 877 | (1,210 | ) | 266,006 | 58.4 | ||||||||||||||||||
Multifamily other | 10,554 | 122 | — | 10,676 | 2.3 | |||||||||||||||||||
Total mortgage-backed or related securities | 321,636 | 1,889 | (1,662 | ) | 321,863 | 70.6 | ||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||
SLMA | 15,508 | 224 | — | 15,732 | 3.5 | |||||||||||||||||||
Other asset-backed securities | 10,055 | — | (321 | ) | 9,734 | 2.1 | ||||||||||||||||||
Total asset-backed securities | 25,563 | 224 | (321 | ) | 25,466 | 5.6 | ||||||||||||||||||
$ | 455,232 | $ | 2,475 | $ | (2,354 | ) | $ | 455,353 | 100 | % | ||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Percent of Total | ||||||||||||||||||||
U.S. Government and agency obligations | $ | 59,178 | $ | 117 | $ | (635 | ) | $ | 58,660 | 12.5 | % | |||||||||||||
Municipal bonds: | ||||||||||||||||||||||||
Taxable | 23,842 | 100 | (278 | ) | 23,664 | 5 | ||||||||||||||||||
Tax exempt | 29,229 | 170 | (208 | ) | 29,191 | 6.2 | ||||||||||||||||||
Total municipal bonds | 53,071 | 270 | (486 | ) | 52,855 | 11.2 | ||||||||||||||||||
Corporate bonds | 7,001 | 2 | (39 | ) | 6,964 | 1.5 | ||||||||||||||||||
Mortgage-backed or related securities: | ||||||||||||||||||||||||
One- to four-family residential agency guaranteed | 47,077 | 648 | (838 | ) | 46,887 | 10 | ||||||||||||||||||
One- to four-family residential other | 988 | 63 | — | 1,051 | 0.2 | |||||||||||||||||||
Multifamily agency guaranteed | 271,428 | 402 | (3,392 | ) | 268,438 | 57.1 | ||||||||||||||||||
Multifamily other | 10,604 | — | (370 | ) | 10,234 | 2.2 | ||||||||||||||||||
Total mortgage-backed or related securities | 330,097 | 1,113 | (4,600 | ) | 326,610 | 69.5 | ||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||
SLMA | 15,553 | 128 | — | 15,681 | 3.3 | |||||||||||||||||||
Other asset-backed securities | 10,060 | — | (550 | ) | 9,510 | 2 | ||||||||||||||||||
Total asset-backed securities | 25,613 | 128 | (550 | ) | 25,191 | 5.3 | ||||||||||||||||||
$ | 474,960 | $ | 1,630 | $ | (6,310 | ) | $ | 470,280 | 100 | % | ||||||||||||||
At June 30, 2014 and December 31, 2013, an aging of unrealized losses and fair value of related securities—available-for-sale was as follows (in thousands): | ||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
U.S. Government and agency obligations | $ | 6,691 | $ | (8 | ) | $ | 20,299 | $ | (245 | ) | $ | 26,990 | $ | (253 | ) | |||||||||
Municipal bonds: | ||||||||||||||||||||||||
Taxable | 3,031 | (6 | ) | 3,829 | (34 | ) | 6,860 | (40 | ) | |||||||||||||||
Tax exempt | 1,617 | (3 | ) | 3,757 | (75 | ) | 5,374 | (78 | ) | |||||||||||||||
Total municipal bonds | 4,648 | (9 | ) | 7,586 | (109 | ) | 12,234 | (118 | ) | |||||||||||||||
Mortgage-backed or related securities: | ||||||||||||||||||||||||
One- to four-family residential agency guaranteed | 10,338 | (79 | ) | 12,107 | (373 | ) | 22,445 | (452 | ) | |||||||||||||||
Multifamily agency guaranteed | 21,224 | (84 | ) | 119,731 | (1,126 | ) | 140,955 | (1,210 | ) | |||||||||||||||
Total mortgage-backed or related securities | 31,562 | (163 | ) | 131,838 | (1,499 | ) | 163,400 | (1,662 | ) | |||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||
Other asset-backed securities | — | — | 9,734 | (321 | ) | 9,734 | (321 | ) | ||||||||||||||||
$ | 42,901 | $ | (180 | ) | $ | 169,457 | $ | (2,174 | ) | $ | 212,358 | $ | (2,354 | ) | ||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
U.S. Government and agency obligations | $ | 39,621 | $ | (633 | ) | $ | 998 | $ | (2 | ) | $ | 40,619 | $ | (635 | ) | |||||||||
Municipal bonds: | ||||||||||||||||||||||||
Taxable | 15,580 | (261 | ) | 413 | (17 | ) | 15,993 | (278 | ) | |||||||||||||||
Tax exempt | 8,217 | (205 | ) | 487 | (3 | ) | 8,704 | (208 | ) | |||||||||||||||
Total municipal bonds | 23,797 | (466 | ) | 900 | (20 | ) | 24,697 | (486 | ) | |||||||||||||||
Corporate bonds | 4,961 | (39 | ) | — | — | 4,961 | (39 | ) | ||||||||||||||||
Mortgage-backed or related securities: | ||||||||||||||||||||||||
One- to four-family residential agency guaranteed | 14,972 | (133 | ) | 22,560 | (705 | ) | 37,532 | (838 | ) | |||||||||||||||
Multifamily agency guaranteed | 199,407 | (3,162 | ) | 10,096 | (230 | ) | 209,503 | (3,392 | ) | |||||||||||||||
Multifamily other | 10,234 | (370 | ) | — | — | 10,234 | (370 | ) | ||||||||||||||||
Total mortgage-backed or related securities | 224,613 | (3,665 | ) | 32,656 | (935 | ) | 257,269 | (4,600 | ) | |||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||
Other asset-backed securities | — | — | 9,510 | (550 | ) | 9,510 | (550 | ) | ||||||||||||||||
$ | 292,992 | $ | (4,803 | ) | $ | 44,064 | $ | (1,507 | ) | $ | 337,056 | $ | (6,310 | ) | ||||||||||
There were six sales of securities—available-for-sale totaling $28.2 million with a resulting net gain of $34,000 during the six months ended June 30, 2014. There were 35 sales of securities—available-for-sale totaling $103.3 million with a resulting net loss of $116,000 during the six months ended June 30, 2013. At June 30, 2014, there were 64 securities—available for sale with unrealized losses, compared to 114 securities at December 31, 2013. Management does not believe that any individual unrealized loss as of June 30, 2014 represents OTTI. The decline in fair market values of these securities was generally due to changes in interest rates and changes in market-desired spreads subsequent to their purchase. There were no securities—available-for-sale on nonaccrual status at June 30, 2014 or 2013. | ||||||||||||||||||||||||
The amortized cost and estimated fair value of securities—available-for-sale at June 30, 2014 and December 31, 2013, by contractual maturity, are shown below (in thousands). Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties. | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||
Maturing in one year or less | $ | 20,198 | $ | 20,248 | $ | 25,136 | $ | 25,256 | ||||||||||||||||
Maturing after one year through five years | 314,605 | 314,067 | 322,493 | 319,489 | ||||||||||||||||||||
Maturing after five years through ten years | 56,558 | 56,708 | 58,468 | 57,782 | ||||||||||||||||||||
Maturing after ten years through twenty years | 5,923 | 5,819 | 15,535 | 15,135 | ||||||||||||||||||||
Maturing after twenty years | 57,948 | 58,511 | 53,328 | 52,618 | ||||||||||||||||||||
$ | 455,232 | $ | 455,353 | $ | 474,960 | $ | 470,280 | |||||||||||||||||
Securities—Held-to-Maturity: The amortized cost and estimated fair value of securities—held-to-maturity at June 30, 2014 and December 31, 2013 are summarized as follows (dollars in thousands): | ||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Percent of Total Amortized Cost | ||||||||||||||||||||
U.S. Government and agency obligations | $ | 2,166 | $ | — | $ | (29 | ) | $ | 2,137 | 1.6 | % | |||||||||||||
Municipal bonds: | ||||||||||||||||||||||||
Taxable | 15,418 | 287 | (38 | ) | 15,667 | 11.6 | ||||||||||||||||||
Tax exempt | 106,151 | 4,970 | (361 | ) | 110,760 | 79.7 | ||||||||||||||||||
Total municipal bonds | 121,569 | 5,257 | (399 | ) | 126,427 | 91.3 | ||||||||||||||||||
Corporate bonds | 1,800 | — | — | 1,800 | 1.4 | |||||||||||||||||||
Mortgage-backed or related securities: | ||||||||||||||||||||||||
One- to four-family residential agency guaranteed | 1,806 | — | (10 | ) | 1,796 | 1.4 | ||||||||||||||||||
Multifamily agency guaranteed | 5,845 | 60 | — | 5,905 | 4.3 | |||||||||||||||||||
Total mortgage-backed or related securities | 7,651 | 60 | (10 | ) | 7,701 | 5.7 | ||||||||||||||||||
$ | 133,186 | $ | 5,317 | $ | (438 | ) | $ | 138,065 | 100 | % | ||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Percent of Total Amortized Cost | ||||||||||||||||||||
U.S. Government and agency obligations | $ | 1,186 | $ | — | $ | (80 | ) | $ | 1,106 | 1.2 | % | |||||||||||||
Municipal bonds: | ||||||||||||||||||||||||
Taxable | 10,552 | 193 | (204 | ) | 10,541 | 10.3 | ||||||||||||||||||
Tax exempt | 85,374 | 2,545 | (1,299 | ) | 86,620 | 83.3 | ||||||||||||||||||
Total municipal bonds | 95,926 | 2,738 | (1,503 | ) | 97,161 | 93.6 | ||||||||||||||||||
Corporate bonds | 2,050 | — | — | 2,050 | 2 | |||||||||||||||||||
Mortgage-backed or related securities: | ||||||||||||||||||||||||
Multifamily agency guaranteed | 3,351 | — | (58 | ) | 3,293 | 3.2 | ||||||||||||||||||
$ | 102,513 | $ | 2,738 | $ | (1,641 | ) | $ | 103,610 | 100 | % | ||||||||||||||
At June 30, 2014 and December 31, 2013, an age analysis of unrealized losses and fair value of related securities—held-to-maturity was as follows (in thousands): | ||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
U.S. Government and agency obligations | $ | 1,000 | $ | (1 | ) | $ | 1,137 | $ | (28 | ) | $ | 2,137 | $ | (29 | ) | |||||||||
Municipal bonds: | ||||||||||||||||||||||||
Taxable | 2,222 | (8 | ) | 2,837 | (30 | ) | 5,059 | (38 | ) | |||||||||||||||
Tax exempt | 7,499 | (82 | ) | 9,080 | (279 | ) | 16,579 | (361 | ) | |||||||||||||||
Total municipal bonds | 9,721 | (90 | ) | 11,917 | (309 | ) | 21,638 | (399 | ) | |||||||||||||||
Mortgage-backed or related securities: | ||||||||||||||||||||||||
One- to four-family residential agency guaranteed | 1,796 | (10 | ) | — | — | 1,796 | (10 | ) | ||||||||||||||||
$ | 12,517 | $ | (101 | ) | $ | 13,054 | $ | (337 | ) | $ | 25,571 | $ | (438 | ) | ||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
U.S. Government and agency obligations | $ | 1,106 | $ | (80 | ) | $ | — | $ | — | $ | 1,106 | $ | (80 | ) | ||||||||||
Municipal bonds: | ||||||||||||||||||||||||
Taxable | 3,344 | (110 | ) | 2,964 | (94 | ) | 6,308 | (204 | ) | |||||||||||||||
Tax exempt | 31,234 | (1,282 | ) | 303 | (17 | ) | 31,537 | (1,299 | ) | |||||||||||||||
Total municipal bonds | 34,578 | (1,392 | ) | 3,267 | (111 | ) | 37,845 | (1,503 | ) | |||||||||||||||
Mortgage-backed or related securities: | ||||||||||||||||||||||||
Multifamily agency guaranteed | 3,293 | (58 | ) | — | — | 3,293 | (58 | ) | ||||||||||||||||
$ | 38,977 | $ | (1,530 | ) | $ | 3,267 | $ | (111 | ) | $ | 42,244 | $ | (1,641 | ) | ||||||||||
There were no sales of securities—held-to-maturity during the six months ended June 30, 2014 and 2013. At June 30, 2014, there were 37 securities—held-to-maturity with unrealized losses, compared to 36 securities at December 31, 2013. Management does not believe that any individual unrealized loss as of June 30, 2014 represents OTTI. The decline in fair market value of these securities was generally due to changes in interest rates and changes in market-desired spreads subsequent to their purchase. There were no securities—held-to-maturity on nonaccrual status at June 30, 2014 or 2013. | ||||||||||||||||||||||||
The amortized cost and estimated fair value of securities—held-to-maturity at June 30, 2014 and December 31, 2013, by contractual maturity, are shown below (in thousands). Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties. | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||
Maturing in one year or less | $ | 1,365 | $ | 1,377 | $ | 1,270 | $ | 1,281 | ||||||||||||||||
Maturing after one year through five years | 14,447 | 14,774 | 10,834 | 11,206 | ||||||||||||||||||||
Maturing after five years through ten years | 26,912 | 27,231 | 17,948 | 17,908 | ||||||||||||||||||||
Maturing after ten years through twenty years | 64,444 | 68,049 | 59,643 | 60,791 | ||||||||||||||||||||
Maturing after twenty years | 26,018 | 26,634 | 12,818 | 12,424 | ||||||||||||||||||||
$ | 133,186 | $ | 138,065 | $ | 102,513 | $ | 103,610 | |||||||||||||||||
Pledged Securities: The following table presents, as of June 30, 2014, investment securities and interest-bearing deposits which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands): | ||||||||||||||||||||||||
Carrying Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
Purpose or beneficiary: | ||||||||||||||||||||||||
State and local governments public deposits | $ | 131,022 | $ | 130,863 | $ | 135,798 | ||||||||||||||||||
Interest rate swap counterparties | 9,902 | 9,468 | 9,902 | |||||||||||||||||||||
Retail repurchase agreements | 102,175 | 101,574 | 102,175 | |||||||||||||||||||||
Other | 248 | 248 | 248 | |||||||||||||||||||||
Total pledged securities and interest-bearing deposits | $ | 243,347 | $ | 242,153 | $ | 248,123 | ||||||||||||||||||
FHLB_STOCK
FHLB STOCK | 6 Months Ended |
Jun. 30, 2014 | |
Banking and Thrift [Abstract] | ' |
FHLB STOCK | ' |
FHLB STOCK | |
The Banks’ investments in Federal Home Loan Bank of Seattle stock are carried at cost, which is its par value ($100 per share), and which reasonably approximates its fair value. As members of the FHLB system, the Banks are required to maintain a minimum level of investment in FHLB stock based on specific percentages of their outstanding FHLB advances. At June 30, 2014 and December 31, 2013, respectively, the Company had recorded $31.2 million and $35.4 million in investments in FHLB stock. This stock is generally viewed as a long-term investment and it does not have a readily determinable fair value. Ownership of FHLB stock is restricted to the FHLB and member institutions and can only be purchased and redeemed at par. For the six months ended June 30, 2014, the Banks received dividend income of $18,000 on FHLB stock. For the six months ended June 30, 2013, the Banks did not receive any dividend income on FHLB stock. | |
Management periodically evaluates FHLB stock for impairment. Management’s determination of whether these investments are impaired is based on its assessment of the ultimate recoverability of cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of cost is influenced by criteria such as (1) the significance of any decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time this situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, (3) the impact of legislative and regulatory changes on institutions and, accordingly, the customer base of the FHLB, and (4) the liquidity position of the FHLB. | |
Previously, the Federal Housing Finance Agency (the FHFA), the FHLB of Seattle's primary regulator, determined that the FHLB of Seattle had a risk-based capital deficiency as of December 31, 2008, and required the FHLB to suspend future dividends and the repurchase and redemption of outstanding common stock. Subsequent improvement in the FHLB's operating performance and financial condition, however, led to a September 7, 2012 announcement by the FHLB that the FHFA now considers the FHLB of Seattle to be adequately capitalized. Dividends on, or repurchases of, the FHLB of Seattle stock continue to require the consent of the FHFA. Since the third quarter of 2012, the FHFA has approved the repurchase of portions of FHLB of Seattle stock in each subsequent quarter and since the third quarter of 2013 has approved the payment of cash dividends by the FHLB of Seattle in each subsequent quarter. The FHLB repurchased $2.1 million of the Banks' stock during the quarter ending June 30, 2014. The FHLB of Seattle announced on July 29, 2014 that, based on second quarter 2014 financial results, its Board of Directors had declared a $0.025 per share cash dividend. This is the fourth dividend received since dividends recommenced in the third quarter of 2013. Even though the payment of dividends and stock repurchases have resumed, the Company will continue to monitor the financial condition of the FHLB as it relates to, among other things, the recoverability of Banner's investment. Based on the above, the Company has determined there is no impairment on the FHLB stock investment as of June 30, 2014. |
LOANS_RECEIVABLE_AND_THE_ALLOW
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES | 6 Months Ended | |||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||||||
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES | ' | |||||||||||||||||||||||||||||||||||
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES | ||||||||||||||||||||||||||||||||||||
The Banks originate residential mortgage loans for both portfolio investment and sale in the secondary market. At the time of origination, mortgage loans are designated as held for sale or held for investment. Loans held for sale are stated at the lower of cost or estimated market value determined on an aggregate basis. Net unrealized losses on loans held for sale are recognized through a valuation allowance by charges to income. The Banks also originate construction, land and land development, commercial and multifamily real estate, commercial business, agricultural business and consumer loans for portfolio investment. Loans receivable not designated as held for sale are recorded at the principal amount outstanding, net of deferred fees and origination costs, and discounts and premiums. Premiums, discounts and deferred loan fees and origination costs are amortized to maturity using the level-yield methodology. | ||||||||||||||||||||||||||||||||||||
Interest is accrued as earned unless management doubts the collectability of the loan or the unpaid interest. Interest accruals are generally discontinued when loans become 90 days past due for scheduled interest payments. All previously accrued but uncollected interest is deducted from interest income upon transfer to nonaccrual status. Future collection of interest is included in interest income based upon an assessment of the likelihood that the loans will be repaid or recovered. A loan may be put on nonaccrual status sooner than this policy would dictate if, in management’s judgment, the loan may be uncollectable. Such interest is then recognized as income only if it is ultimately collected. | ||||||||||||||||||||||||||||||||||||
Loans receivable, including loans held for sale, at June 30, 2014, December 31, 2013 and June 30, 2013 are summarized as follows (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | June 30, 2013 | ||||||||||||||||||||||||||||||||||
Amount | Percent of Total | Amount | Percent of Total | Amount | Percent of Total | |||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | $ | 541,558 | 14.4 | % | $ | 502,601 | 14.7 | % | $ | 500,812 | 15.2 | % | ||||||||||||||||||||||||
Investment properties | 807,499 | 21.5 | 692,457 | 20.3 | 595,896 | 18.1 | ||||||||||||||||||||||||||||||
Multifamily real estate | 188,792 | 5 | 137,153 | 4 | 137,027 | 4.2 | ||||||||||||||||||||||||||||||
Commercial construction | 12,638 | 0.3 | 12,168 | 0.4 | 25,629 | 0.8 | ||||||||||||||||||||||||||||||
Multifamily construction | 39,864 | 1.1 | 52,081 | 1.5 | 39,787 | 1.2 | ||||||||||||||||||||||||||||||
One- to four-family construction | 213,414 | 5.7 | 200,864 | 5.8 | 191,003 | 5.8 | ||||||||||||||||||||||||||||||
Land and land development: | ||||||||||||||||||||||||||||||||||||
Residential | 73,030 | 1.9 | 75,695 | 2.2 | 86,037 | 2.6 | ||||||||||||||||||||||||||||||
Commercial | 10,679 | 0.3 | 10,450 | 0.3 | 11,228 | 0.3 | ||||||||||||||||||||||||||||||
Commercial business | 735,128 | 19.5 | 682,169 | 20 | 639,840 | 19.5 | ||||||||||||||||||||||||||||||
Agricultural business, including secured by farmland | 245,742 | 6.5 | 228,291 | 6.7 | 233,967 | 7.1 | ||||||||||||||||||||||||||||||
One- to four-family residential | 558,744 | 14.9 | 529,494 | 15.5 | 552,698 | 16.8 | ||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 209,511 | 5.6 | 173,188 | 5.1 | 163,339 | 5 | ||||||||||||||||||||||||||||||
Consumer-other | 126,000 | 3.3 | 121,834 | 3.5 | 112,938 | 3.4 | ||||||||||||||||||||||||||||||
Total loans outstanding | 3,762,599 | 100 | % | 3,418,445 | 100 | % | 3,290,201 | 100 | % | |||||||||||||||||||||||||||
Less allowance for loan losses | (74,310 | ) | (74,258 | ) | (76,121 | ) | ||||||||||||||||||||||||||||||
Net loans | $ | 3,688,289 | $ | 3,344,187 | $ | 3,214,080 | ||||||||||||||||||||||||||||||
Loan amounts are net of unearned loan fees in excess of unamortized costs of $8.4 million as of June 30, 2014, $8.3 million as of December 31, 2013 and $8.9 million as of June 30, 2013. | ||||||||||||||||||||||||||||||||||||
The Company’s total loans by geographic concentration at June 30, 2014 were as follows (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Washington | Oregon | Idaho | Other | Total | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | $ | 388,662 | $ | 85,787 | $ | 54,529 | $ | 12,580 | $ | 541,558 | ||||||||||||||||||||||||||
Investment properties | 535,393 | 116,493 | 59,700 | 95,913 | 807,499 | |||||||||||||||||||||||||||||||
Multifamily real estate | 146,291 | 27,175 | 14,932 | 394 | 188,792 | |||||||||||||||||||||||||||||||
Commercial construction | 11,770 | — | 868 | — | 12,638 | |||||||||||||||||||||||||||||||
Multifamily construction | 33,454 | 6,410 | — | — | 39,864 | |||||||||||||||||||||||||||||||
One- to four-family construction | 127,627 | 83,832 | 1,955 | — | 213,414 | |||||||||||||||||||||||||||||||
Land and land development: | ||||||||||||||||||||||||||||||||||||
Residential | 40,492 | 31,358 | 1,180 | — | 73,030 | |||||||||||||||||||||||||||||||
Commercial | 5,163 | 2,605 | 2,911 | — | 10,679 | |||||||||||||||||||||||||||||||
Commercial business | 397,570 | 120,286 | 66,940 | 150,332 | 735,128 | |||||||||||||||||||||||||||||||
Agricultural business, including secured by farmland | 134,477 | 59,120 | 52,145 | — | 245,742 | |||||||||||||||||||||||||||||||
One- to four-family residential | 332,850 | 202,853 | 22,025 | 1,016 | 558,744 | |||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 125,888 | 68,272 | 14,314 | 1,037 | 209,511 | |||||||||||||||||||||||||||||||
Consumer—other | 81,884 | 37,708 | 6,000 | 408 | 126,000 | |||||||||||||||||||||||||||||||
Total loans | $ | 2,361,521 | $ | 841,899 | $ | 297,499 | $ | 261,680 | $ | 3,762,599 | ||||||||||||||||||||||||||
Percent of total loans | 62.7 | % | 22.4 | % | 7.9 | % | 7 | % | 100 | % | ||||||||||||||||||||||||||
The geographic concentrations of the Company’s land and land development loans by state at June 30, 2014 were as follows (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Washington | Oregon | Idaho | Total | |||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||
Acquisition and development | $ | 15,752 | $ | 13,457 | $ | 983 | $ | 30,192 | ||||||||||||||||||||||||||||
Improved land and lots | 19,261 | 17,289 | 197 | 36,747 | ||||||||||||||||||||||||||||||||
Unimproved land | 5,479 | 612 | — | 6,091 | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||
Acquisition and development | — | — | — | — | ||||||||||||||||||||||||||||||||
Improved land and lots | 2,913 | 500 | 1,785 | 5,198 | ||||||||||||||||||||||||||||||||
Unimproved land | 2,250 | 2,105 | 1,126 | 5,481 | ||||||||||||||||||||||||||||||||
Total land and land development loans | $ | 45,655 | $ | 33,963 | $ | 4,091 | $ | 83,709 | ||||||||||||||||||||||||||||
Percent of land and land development loans | 54.5 | % | 40.6 | % | 4.9 | % | 100 | % | ||||||||||||||||||||||||||||
The Company originates both adjustable- and fixed-rate loans. The maturity and repricing composition of those loans, less undisbursed amounts and deferred fees and origination costs, at June 30, 2014, December 31, 2013 and June 30, 2013 were as follows (in thousands): | ||||||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | June 30, 2013 | ||||||||||||||||||||||||||||||||||
Fixed-rate (term to maturity): | ||||||||||||||||||||||||||||||||||||
Maturing in one year or less | $ | 122,304 | $ | 122,313 | $ | 145,221 | ||||||||||||||||||||||||||||||
Maturing after one year through three years | 148,398 | 143,322 | 167,187 | |||||||||||||||||||||||||||||||||
Maturing after three years through five years | 195,309 | 187,279 | 201,672 | |||||||||||||||||||||||||||||||||
Maturing after five years through ten years | 222,369 | 209,869 | 192,594 | |||||||||||||||||||||||||||||||||
Maturing after ten years | 511,972 | 439,004 | 425,603 | |||||||||||||||||||||||||||||||||
Total fixed-rate loans | 1,200,352 | 1,101,787 | 1,132,277 | |||||||||||||||||||||||||||||||||
Adjustable-rate (term to rate adjustment): | ||||||||||||||||||||||||||||||||||||
Maturing or repricing in one year or less | 1,510,684 | 1,390,579 | 1,292,387 | |||||||||||||||||||||||||||||||||
Maturing or repricing after one year through three years | 372,477 | 279,791 | 266,841 | |||||||||||||||||||||||||||||||||
Maturing or repricing after three years through five years | 568,997 | 541,529 | 526,563 | |||||||||||||||||||||||||||||||||
Maturing or repricing after five years through ten years | 108,989 | 99,503 | 69,797 | |||||||||||||||||||||||||||||||||
Maturing or repricing after ten years | 1,100 | 5,256 | 2,336 | |||||||||||||||||||||||||||||||||
Total adjustable-rate loans | 2,562,247 | 2,316,658 | 2,157,924 | |||||||||||||||||||||||||||||||||
Total loans | $ | 3,762,599 | $ | 3,418,445 | $ | 3,290,201 | ||||||||||||||||||||||||||||||
The adjustable-rate loans have interest rate adjustment limitations and are generally indexed to various prime or London Inter-bank Offering Rate (LIBOR) rates, One to Five Year Constant Maturity Treasury Indices or FHLB advance rates. Future market factors may affect the correlation of the interest rate adjustment with the rates the Banks pay on the short-term deposits that were primarily utilized to fund these loans. | ||||||||||||||||||||||||||||||||||||
Impaired Loans and the Allowance for Loan Losses. A loan is considered impaired when, based on current information and circumstances, the Company determines it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan agreement, including scheduled interest payments. Impaired loans are comprised of loans on nonaccrual, troubled debt restructurings (TDRs) that are performing under their restructured terms, and loans that are 90 days or more past due, but are still on accrual. | ||||||||||||||||||||||||||||||||||||
Troubled Debt Restructures. Some of the Company’s loans are reported as TDRs. Loans are reported as TDRs when the bank grants one or more concessions to a borrower experiencing financial difficulties that it would not otherwise consider. Examples of such concessions include forgiveness of principal or accrued interest, extending the maturity date(s) or providing a lower interest rate than would be normally available for a transaction of similar risk. Our TDRs have generally not involved forgiveness of amounts due, but almost always include a modification of multiple factors; the most common combination includes interest rate, payment amount and maturity date. As a result of these concessions, restructured loans are impaired as the Company will not collect all amounts due, both principal and interest, in accordance with the terms of the original loan agreement. Loans identified as TDRs are accounted for in accordance with the Company's impaired loan accounting policies. | ||||||||||||||||||||||||||||||||||||
The amount of impaired loans and the related allocated reserve for loan losses as of June 30, 2014 and December 31, 2013 were as follows (in thousands): | ||||||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||||||
Loan Amount | Allocated Reserves | Loan Amount | Allocated Reserves | |||||||||||||||||||||||||||||||||
Impaired loans: | ||||||||||||||||||||||||||||||||||||
Nonaccrual loans | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | $ | 2,381 | $ | 36 | $ | 2,466 | $ | 31 | ||||||||||||||||||||||||||||
Investment properties | 311 | 62 | 3,821 | 89 | ||||||||||||||||||||||||||||||||
Multifamily real estate | 422 | 60 | — | — | ||||||||||||||||||||||||||||||||
One- to four-family construction | — | — | 269 | — | ||||||||||||||||||||||||||||||||
Land and land development: | ||||||||||||||||||||||||||||||||||||
Residential | 1,296 | 176 | 924 | 6 | ||||||||||||||||||||||||||||||||
Commercial business | 925 | 69 | 724 | 104 | ||||||||||||||||||||||||||||||||
Agricultural business, including secured by farmland | 104 | 6 | — | — | ||||||||||||||||||||||||||||||||
One- to four-family residential | 9,354 | 53 | 12,532 | 250 | ||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 1,024 | 49 | 903 | 13 | ||||||||||||||||||||||||||||||||
Consumer—other | 181 | — | 269 | 1 | ||||||||||||||||||||||||||||||||
Total nonaccrual loans | 15,998 | 511 | 21,908 | 494 | ||||||||||||||||||||||||||||||||
Loans 90 days or more past due and still accruing | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | 993 | 1 | — | — | ||||||||||||||||||||||||||||||||
Commercial business | 280 | 6 | — | — | ||||||||||||||||||||||||||||||||
Agricultural business, including secured by farmland | — | — | 105 | 8 | ||||||||||||||||||||||||||||||||
One- to four-family residential | 2,181 | 11 | 2,611 | 16 | ||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 6 | — | 13 | — | ||||||||||||||||||||||||||||||||
Consumer—other | 287 | — | 131 | 1 | ||||||||||||||||||||||||||||||||
Total loans past due and still accruing | 3,747 | 18 | 2,860 | 25 | ||||||||||||||||||||||||||||||||
Troubled debt restructuring on accrual status: | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | 184 | 4 | 186 | 4 | ||||||||||||||||||||||||||||||||
Investment properties | 6,101 | 747 | 5,367 | 415 | ||||||||||||||||||||||||||||||||
Multifamily real estate | 5,705 | 850 | 5,744 | 1,139 | ||||||||||||||||||||||||||||||||
One- to four-family construction | 4,831 | 656 | 6,864 | 1,002 | ||||||||||||||||||||||||||||||||
Land and land development: | ||||||||||||||||||||||||||||||||||||
Residential | 1,638 | 459 | 4,061 | 754 | ||||||||||||||||||||||||||||||||
Commercial business | 989 | 163 | 1,299 | 222 | ||||||||||||||||||||||||||||||||
One- to four-family residential | 17,521 | 1,131 | 23,302 | 1,355 | ||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 259 | 28 | 360 | 33 | ||||||||||||||||||||||||||||||||
Consumer—other | 233 | 33 | 245 | 34 | ||||||||||||||||||||||||||||||||
Total troubled debt restructurings on accrual status | 37,461 | 4,071 | 47,428 | 4,958 | ||||||||||||||||||||||||||||||||
Total impaired loans | $ | 57,206 | $ | 4,600 | $ | 72,196 | $ | 5,477 | ||||||||||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, the Company had commitments to advance funds up to an additional amount of $731,000 and $225,000, respectively, related to TDRs. | ||||||||||||||||||||||||||||||||||||
The following tables provide additional information on impaired loans with and without specific allowance reserves at or for the six months ended June 30, 2014 and at or for the year ended December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||||||||||
At or For the Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||||||||||
Without a specific allowance reserve (1) | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | $ | 1,599 | $ | 1,649 | $ | 37 | $ | 1,604 | $ | 18 | ||||||||||||||||||||||||||
Investment properties | 311 | 857 | 62 | 334 | — | |||||||||||||||||||||||||||||||
Multifamily real estate | 422 | 422 | 60 | 433 | — | |||||||||||||||||||||||||||||||
Commercial business | 1,205 | 1,571 | 75 | 1,299 | 5 | |||||||||||||||||||||||||||||||
Agricultural business/farmland | 104 | 104 | 6 | 104 | — | |||||||||||||||||||||||||||||||
One- to four-family residential | 7,923 | 8,395 | 26 | 7,804 | 13 | |||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 663 | 676 | 11 | 672 | — | |||||||||||||||||||||||||||||||
Consumer—other | 348 | 352 | — | 354 | 4 | |||||||||||||||||||||||||||||||
12,575 | 14,026 | 277 | 12,604 | 40 | ||||||||||||||||||||||||||||||||
With a specific allowance reserve (2) | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | 1,959 | 1,959 | 4 | 2,070 | 6 | |||||||||||||||||||||||||||||||
Investment properties | 6,101 | 6,506 | 747 | 6,147 | 160 | |||||||||||||||||||||||||||||||
Multifamily real estate | 5,705 | 5,705 | 850 | 5,719 | 127 | |||||||||||||||||||||||||||||||
One- to-four family construction | 4,831 | 4,831 | 656 | 4,592 | 103 | |||||||||||||||||||||||||||||||
Land and land development: | ||||||||||||||||||||||||||||||||||||
Residential | 2,934 | 4,089 | 635 | 2,943 | 46 | |||||||||||||||||||||||||||||||
Commercial business | 989 | 989 | 162 | 1,035 | 28 | |||||||||||||||||||||||||||||||
One- to four-family residential | 21,133 | 21,892 | 1,170 | 21,870 | 453 | |||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 627 | 627 | 66 | 677 | 9 | |||||||||||||||||||||||||||||||
Consumer—other | 352 | 369 | 33 | 360 | 11 | |||||||||||||||||||||||||||||||
44,631 | 46,967 | 4,323 | 45,413 | 943 | ||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | 3,558 | 3,608 | 41 | 3,674 | 24 | |||||||||||||||||||||||||||||||
Investment properties | 6,412 | 7,363 | 809 | 6,481 | 160 | |||||||||||||||||||||||||||||||
Multifamily real estate | 6,127 | 6,127 | 910 | 6,152 | 127 | |||||||||||||||||||||||||||||||
One- to four-family construction | 4,831 | 4,831 | 656 | 4,592 | 103 | |||||||||||||||||||||||||||||||
Land and land development: | ||||||||||||||||||||||||||||||||||||
Residential | 2,934 | 4,089 | 635 | 2,943 | 46 | |||||||||||||||||||||||||||||||
Commercial business | 2,194 | 2,560 | 237 | 2,334 | 33 | |||||||||||||||||||||||||||||||
Agricultural business/farmland | 104 | 104 | 6 | 104 | — | |||||||||||||||||||||||||||||||
One- to four-family residential | 29,056 | 30,287 | 1,196 | 29,674 | 466 | |||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 1,290 | 1,303 | 77 | 1,349 | 9 | |||||||||||||||||||||||||||||||
Consumer—other | 700 | 721 | 33 | 714 | 15 | |||||||||||||||||||||||||||||||
$ | 57,206 | $ | 60,993 | $ | 4,600 | $ | 58,017 | $ | 983 | |||||||||||||||||||||||||||
At or For the Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||||||||||
Without a specific allowance reserve (1) | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | $ | 534 | $ | 584 | $ | 31 | $ | 569 | $ | — | ||||||||||||||||||||||||||
Investment properties | 429 | 974 | 89 | 624 | — | |||||||||||||||||||||||||||||||
Commercial business | 724 | 1,040 | 104 | 896 | — | |||||||||||||||||||||||||||||||
Agricultural business/farmland | 105 | 105 | 8 | 110 | 8 | |||||||||||||||||||||||||||||||
One- to four-family residential | 8,611 | 9,229 | 42 | 8,889 | 31 | |||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 870 | 1,013 | 13 | 900 | 1 | |||||||||||||||||||||||||||||||
Consumer—other | 276 | 285 | 2 | 287 | 8 | |||||||||||||||||||||||||||||||
11,549 | 13,230 | 289 | 12,275 | 48 | ||||||||||||||||||||||||||||||||
With a specific allowance reserve (2) | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | 2,118 | 2,118 | 4 | 2,192 | 12 | |||||||||||||||||||||||||||||||
Investment properties | 8,759 | 10,395 | 415 | 8,353 | 241 | |||||||||||||||||||||||||||||||
Multifamily real estate | 5,744 | 5,744 | 1,139 | 5,705 | 298 | |||||||||||||||||||||||||||||||
One- to-four family construction | 7,133 | 7,213 | 1,002 | 5,870 | 239 | |||||||||||||||||||||||||||||||
Land and land development: | ||||||||||||||||||||||||||||||||||||
Residential | 4,985 | 6,140 | 760 | 6,053 | 221 | |||||||||||||||||||||||||||||||
Commercial business | 1,298 | 1,298 | 222 | 1,340 | 59 | |||||||||||||||||||||||||||||||
One- to four-family residential | 29,834 | 31,440 | 1,579 | 31,668 | 1,032 | |||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 406 | 407 | 33 | 503 | 24 | |||||||||||||||||||||||||||||||
Consumer—other | 370 | 386 | 34 | 390 | 21 | |||||||||||||||||||||||||||||||
60,647 | 65,141 | 5,188 | 62,074 | 2,147 | ||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||
Owner-occupied | 2,652 | 2,702 | 35 | 2,761 | 12 | |||||||||||||||||||||||||||||||
Investment properties | 9,188 | 11,369 | 504 | 8,977 | 241 | |||||||||||||||||||||||||||||||
Multifamily real estate | 5,744 | 5,744 | 1,139 | 5,705 | 298 | |||||||||||||||||||||||||||||||
One- to four-family construction | 7,133 | 7,213 | 1,002 | 5,870 | 239 | |||||||||||||||||||||||||||||||
Land and land development | ||||||||||||||||||||||||||||||||||||
Residential | 4,985 | 6,140 | 760 | 6,053 | 221 | |||||||||||||||||||||||||||||||
Commercial business | 2,022 | 2,338 | 326 | 2,236 | 59 | |||||||||||||||||||||||||||||||
Agricultural business/farmland | 105 | 105 | 8 | 110 | 8 | |||||||||||||||||||||||||||||||
One- to four-family residential | 38,445 | 40,669 | 1,621 | 40,557 | 1,063 | |||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 1,276 | 1,420 | 46 | 1,403 | 25 | |||||||||||||||||||||||||||||||
Consumer—other | 646 | 671 | 36 | 677 | 29 | |||||||||||||||||||||||||||||||
$ | 72,196 | $ | 78,371 | $ | 5,477 | $ | 74,349 | $ | 2,195 | |||||||||||||||||||||||||||
(1) | Loans without a specific allowance reserve have not been individually evaluated for impairment, but have been included in pools of homogeneous loans for evaluation of related allowance reserves. | |||||||||||||||||||||||||||||||||||
(2) | Loans with a specific allowance reserve have been individually evaluated for impairment using either a discounted cash flow analysis or, for collateral dependent loans, current appraisals to establish realizable value. These analyses may identify a specific impairment amount needed or may conclude that no reserve is needed. Any specific impairment that is identified is included in the category’s Related Allowance column. | |||||||||||||||||||||||||||||||||||
The following tables present TDRs at June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Accrual | Nonaccrual | Total | ||||||||||||||||||||||||||||||||||
Status | Status | TDRs | ||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | $ | 184 | $ | 710 | $ | 894 | ||||||||||||||||||||||||||||||
Investment properties | 6,101 | 45 | 6,146 | |||||||||||||||||||||||||||||||||
Multifamily real estate | 5,705 | — | 5,705 | |||||||||||||||||||||||||||||||||
One- to four-family construction | 4,831 | — | 4,831 | |||||||||||||||||||||||||||||||||
Land and land development: | ||||||||||||||||||||||||||||||||||||
Residential | 1,638 | 546 | 2,184 | |||||||||||||||||||||||||||||||||
Commercial business | 989 | 123 | 1,112 | |||||||||||||||||||||||||||||||||
One- to four-family residential | 17,521 | 2,211 | 19,732 | |||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 259 | 168 | 427 | |||||||||||||||||||||||||||||||||
Consumer—other | 233 | 119 | 352 | |||||||||||||||||||||||||||||||||
$ | 37,461 | $ | 3,922 | $ | 41,383 | |||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Accrual | Nonaccrual | Total | ||||||||||||||||||||||||||||||||||
Status | Status | TDRs | ||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | $ | 186 | $ | 613 | $ | 799 | ||||||||||||||||||||||||||||||
Investment properties | 5,367 | 1,630 | 6,997 | |||||||||||||||||||||||||||||||||
Multifamily real estate | 5,744 | — | 5,744 | |||||||||||||||||||||||||||||||||
One- to four-family construction | 6,864 | 269 | 7,133 | |||||||||||||||||||||||||||||||||
Land and land development: | ||||||||||||||||||||||||||||||||||||
Residential | 4,061 | 174 | 4,235 | |||||||||||||||||||||||||||||||||
Commercial business | 1,299 | 164 | 1,463 | |||||||||||||||||||||||||||||||||
One- to four-family residential | 23,302 | 2,474 | 25,776 | |||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 360 | 252 | 612 | |||||||||||||||||||||||||||||||||
Consumer—other | 245 | 123 | 368 | |||||||||||||||||||||||||||||||||
$ | 47,428 | $ | 5,699 | $ | 53,127 | |||||||||||||||||||||||||||||||
The following tables present new TDRs that occurred during the three and six months ended June 30, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||
Number of | Pre-modification Outstanding | Post-modification Outstanding | Number of | Pre- | Post- | |||||||||||||||||||||||||||||||
Contracts | Recorded Investment | Recorded Investment | Contracts | modification Outstanding | modification Outstanding | |||||||||||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||||||
Recorded Investment (1) (2) | ||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||
Owner occupied | — | $ | — | $ | — | 1 | $ | 94 | $ | 94 | ||||||||||||||||||||||||||
One- to four-family construction | 4 | 980 | 980 | 4 | 980 | 980 | ||||||||||||||||||||||||||||||
Commercial business | — | — | — | 1 | 100 | 100 | ||||||||||||||||||||||||||||||
4 | $ | 980 | $ | 980 | 6 | $ | 1,174 | $ | 1,174 | |||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||
Number of | Pre-modification Outstanding | Post-modification Outstanding | Number of | Pre- | Post- | |||||||||||||||||||||||||||||||
Contracts | Recorded Investment | Recorded Investment | Contracts | modification Outstanding | modification Outstanding | |||||||||||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||||||
Recorded Investment (1) (2) | ||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||
Investment properties | 1 | $ | 900 | $ | 781 | 1 | $ | 900 | $ | 781 | ||||||||||||||||||||||||||
Multifamily real estate | 1 | 378 | 378 | 1 | 378 | 378 | ||||||||||||||||||||||||||||||
Land and land development—residential | 5 | 521 | 521 | 9 | 1,597 | 1,597 | ||||||||||||||||||||||||||||||
One- to four-family residential | — | — | — | 9 | 3,115 | 3,115 | ||||||||||||||||||||||||||||||
7 | $ | 1,799 | $ | 1,680 | 20 | $ | 5,990 | $ | 5,871 | |||||||||||||||||||||||||||
(1) | Since most loans were already considered classified and/or on nonaccrual status prior to restructuring, the modifications did not have a material effect on the Company’s determination of the allowance for loan losses. | |||||||||||||||||||||||||||||||||||
(2) | The majority of these modifications do not fit into one separate type, such as rate, term, amount, interest-only or payment, but instead are a combination of multiple types of modifications; therefore, they are disclosed in aggregate. | |||||||||||||||||||||||||||||||||||
The following table presents TDRs which incurred a payment default within twelve months of the restructure date during the three and six month periods ended June 30, 2014 and 2013 (in thousands). A default on a TDR results in either a transfer to nonaccrual status or a partial charge-off: | ||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||
30-Jun | 30-Jun | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
Commercial business | $ | — | $ | — | $ | — | $ | 343 | ||||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | 343 | ||||||||||||||||||||||||||||
Credit Quality Indicators: To appropriately and effectively manage the ongoing credit quality of the Company’s loan portfolio, management has implemented a risk-rating or loan grading system for its loans. The system is a tool to evaluate portfolio asset quality throughout each applicable loan’s life as an asset of the Company. Generally, loans and leases are risk rated on an aggregate borrower/relationship basis with individual loans sharing similar ratings. There are some instances when specific situations relating to individual loans will provide the basis for different risk ratings within the aggregate relationship. Loans are graded on a scale of 1 to 9. A description of the general characteristics of these categories is shown below: | ||||||||||||||||||||||||||||||||||||
Overall Risk Rating Definitions: Risk-ratings contain both qualitative and quantitative measurements and take into account the financial strength of a borrower and the structure of the loan or lease. Consequently, the definitions are to be applied in the context of each lending transaction and judgment must also be used to determine the appropriate risk rating, as it is not unusual for a loan or lease to exhibit characteristics of more than one risk-rating category. Consideration for the final rating is centered in the borrower’s ability to repay, in a timely fashion, both principal and interest. There were no material changes in the risk-rating or loan grading system in the six months ended June 30, 2014. | ||||||||||||||||||||||||||||||||||||
Risk Rating 1: Exceptional | ||||||||||||||||||||||||||||||||||||
A credit supported by exceptional financial strength, stability, and liquidity. The risk rating of 1 is reserved for the Company’s top quality loans, generally reserved for investment grade credits underwritten to the standards of institutional credit providers. | ||||||||||||||||||||||||||||||||||||
Risk Rating 2: Excellent | ||||||||||||||||||||||||||||||||||||
A credit supported by excellent financial strength, stability and liquidity. The risk rating of 2 is reserved for very strong and highly stable customers with ready access to alternative financing sources. | ||||||||||||||||||||||||||||||||||||
Risk Rating 3: Strong | ||||||||||||||||||||||||||||||||||||
A credit supported by good overall financial strength and stability. Collateral margins are strong; cash flow is stable although susceptible to cyclical market changes. | ||||||||||||||||||||||||||||||||||||
Risk Rating 4: Acceptable | ||||||||||||||||||||||||||||||||||||
A credit supported by the borrower’s adequate financial strength and stability. Assets and cash flow are reasonably sound and provide for orderly debt reduction. Access to alternative financing sources will be more difficult to obtain. | ||||||||||||||||||||||||||||||||||||
Risk Rating 5: Watch | ||||||||||||||||||||||||||||||||||||
A credit with the characteristics of an acceptable credit which requires, however, more than the normal level of supervision and warrants formal quarterly management reporting. Credits in this category are not yet criticized or classified, but due to adverse events or aspects of underwriting require closer than normal supervision. Generally, credits should be watch credits in most cases for six months or less as the impact of stress factors are analyzed. | ||||||||||||||||||||||||||||||||||||
Risk Rating 6: Special Mention | ||||||||||||||||||||||||||||||||||||
A credit with potential weaknesses that deserves management’s close attention is risk rated a 6. If left uncorrected, these potential weaknesses will result in deterioration in the capacity to repay debt. A key distinction between Special Mention and Substandard is that in a Special Mention credit, there are identified weaknesses that pose potential risk(s) to the repayment sources, versus well defined weaknesses that pose risk(s) to the repayment sources. Assets in this category are expected to be in this category no more than 9-12 months as the potential weaknesses in the credit are resolved. | ||||||||||||||||||||||||||||||||||||
Risk Rating 7: Substandard | ||||||||||||||||||||||||||||||||||||
A credit with well defined weaknesses that jeopardize the ability to repay in full is risk rated a 7. These credits are inadequately protected by either the sound net worth and payment capacity of the borrower or the value of pledged collateral. These are credits with a distinct possibility of loss. Loans headed for foreclosure and/or legal action due to deterioration are rated 7 or worse. | ||||||||||||||||||||||||||||||||||||
Risk Rating 8: Doubtful | ||||||||||||||||||||||||||||||||||||
A credit with an extremely high probability of loss is risk rated 8. These credits have all the same critical weaknesses that are found in a substandard loan; however, the weaknesses are elevated to the point that based upon current information, collection or liquidation in full is improbable. While some loss on doubtful credits is expected, pending events may strengthen a credit making the amount and timing of any loss indeterminable. In these situations taking the loss is inappropriate until it is clear that the pending event has failed to strengthen the credit and improve the capacity to repay debt. | ||||||||||||||||||||||||||||||||||||
Risk Rating 9: Loss | ||||||||||||||||||||||||||||||||||||
A credit that is considered to be currently uncollectible or of such little value that it is no longer a viable Bank asset is risk rated 9. Losses should be taken in the accounting period in which the credit is determined to be uncollectible. Taking a loss does not mean that a credit has absolutely no recovery or salvage value but, rather, it is not practical or desirable to defer writing off the credit, even though partial recovery may occur in the future. | ||||||||||||||||||||||||||||||||||||
The following table shows the Company’s portfolio of risk-rated loans and non-risk-rated loans by grade or other characteristics as of June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Commercial | Multifamily | Construction and Land | Commercial Business | Agricultural Business | One- to Four-Family | Consumer | Total Loans | |||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||||
Risk-rated loans: | ||||||||||||||||||||||||||||||||||||
Pass (Risk Ratings 1-5) (1) | $ | 1,316,537 | $ | 182,634 | $ | 331,354 | $ | 717,421 | $ | 244,510 | $ | 545,231 | $ | 332,059 | $ | 3,669,746 | ||||||||||||||||||||
Special mention | 5,623 | — | — | 8,188 | 578 | 64 | 134 | 14,587 | ||||||||||||||||||||||||||||
Substandard | 26,453 | 6,158 | 18,271 | 9,511 | 654 | 13,449 | 3,306 | 77,802 | ||||||||||||||||||||||||||||
Doubtful | 444 | — | — | 8 | — | — | 12 | 464 | ||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total loans | $ | 1,349,057 | $ | 188,792 | $ | 349,625 | $ | 735,128 | $ | 245,742 | $ | 558,744 | $ | 335,511 | $ | 3,762,599 | ||||||||||||||||||||
Performing loans | $ | 1,345,372 | $ | 188,370 | $ | 348,329 | $ | 733,923 | $ | 245,638 | $ | 547,209 | $ | 334,013 | $ | 3,742,854 | ||||||||||||||||||||
Non-performing loans (2) | 3,685 | 422 | 1,296 | 1,205 | 104 | 11,535 | 1,498 | 19,745 | ||||||||||||||||||||||||||||
Total loans | $ | 1,349,057 | $ | 188,792 | $ | 349,625 | $ | 735,128 | $ | 245,742 | $ | 558,744 | $ | 335,511 | $ | 3,762,599 | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial | Multifamily | Construction and Land | Commercial Business | Agricultural Business | One- to Four-Family | Consumer | Total Loans | |||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||||
Risk-rated loans: | ||||||||||||||||||||||||||||||||||||
Pass (Risk Ratings 1-5) (1) | $ | 1,160,921 | $ | 131,523 | $ | 332,150 | $ | 655,007 | $ | 225,329 | $ | 511,967 | $ | 291,992 | $ | 3,308,889 | ||||||||||||||||||||
Special mention | 6,614 | — | 350 | 10,484 | 561 | — | 106 | 18,115 | ||||||||||||||||||||||||||||
Substandard | 26,979 | 5,630 | 18,758 | 16,669 | 2,401 | 17,527 | 2,924 | 90,888 | ||||||||||||||||||||||||||||
Doubtful | 544 | — | — | 9 | — | — | — | 553 | ||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total loans | $ | 1,195,058 | $ | 137,153 | $ | 351,258 | $ | 682,169 | $ | 228,291 | $ | 529,494 | $ | 295,022 | $ | 3,418,445 | ||||||||||||||||||||
Performing loans | $ | 1,188,771 | $ | 137,153 | $ | 350,065 | $ | 681,445 | $ | 228,187 | $ | 514,351 | $ | 293,705 | $ | 3,393,677 | ||||||||||||||||||||
Non-performing loans (2) | 6,287 | — | 1,193 | 724 | 104 | 15,143 | 1,317 | 24,768 | ||||||||||||||||||||||||||||
Total loans | $ | 1,195,058 | $ | 137,153 | $ | 351,258 | $ | 682,169 | $ | 228,291 | $ | 529,494 | $ | 295,022 | $ | 3,418,445 | ||||||||||||||||||||
(1) | The Pass category includes some performing loans that are part of homogenous pools which are not individually risk-rated. This includes all consumer loans, all one- to four-family residential loans and, as of June 30, 2014 and December 31, 2013, in the commercial business category, $103 million and $94 million, respectively, of credit-scored small business loans. As loans in these pools become non-performing, they are individually risk-rated. | |||||||||||||||||||||||||||||||||||
(2) | Non-performing loans include non-accrual loans and loans past due greater than 90 days and on accrual status. | |||||||||||||||||||||||||||||||||||
The following tables provide additional detail on the age analysis of the Company’s past due loans as of June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or More | Total | Current | Total Loans | Loans 90 Days or More Past Due and Accruing | ||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | |||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | $ | 2,896 | $ | 18 | $ | 1,437 | $ | 4,351 | $ | 537,207 | $ | 541,558 | $ | 993 | ||||||||||||||||||||||
Investment properties | — | — | — | — | 807,499 | 807,499 | — | |||||||||||||||||||||||||||||
Multifamily real estate | 423 | — | — | 423 | 188,369 | 188,792 | — | |||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | 12,638 | 12,638 | — | |||||||||||||||||||||||||||||
Multifamily construction | — | — | — | — | 39,864 | 39,864 | — | |||||||||||||||||||||||||||||
One-to-four-family construction | — | — | — | — | 213,414 | 213,414 | — | |||||||||||||||||||||||||||||
Land and land development: | ||||||||||||||||||||||||||||||||||||
Residential | — | — | — | — | 73,030 | 73,030 | — | |||||||||||||||||||||||||||||
Commercial | — | — | — | — | 10,679 | 10,679 | — | |||||||||||||||||||||||||||||
Commercial business | 673 | 209 | 1,622 | 2,504 | 732,624 | 735,128 | 280 | |||||||||||||||||||||||||||||
Agricultural business, including secured by farmland | 12 | 250 | 104 | 366 | 245,376 | 245,742 | — | |||||||||||||||||||||||||||||
One- to four-family residential | 484 | 2,720 | 7,552 | 10,756 | 547,988 | 558,744 | 2,181 | |||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 182 | 757 | 474 | 1,413 | 208,098 | 209,511 | 6 | |||||||||||||||||||||||||||||
Consumer—other | 545 | 75 | 287 | 907 | 125,093 | 126,000 | 287 | |||||||||||||||||||||||||||||
Total | $ | 5,215 | $ | 4,029 | $ | 11,476 | $ | 20,720 | $ | 3,741,879 | $ | 3,762,599 | $ | 3,747 | ||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or More | Total | Current | Total Loans | Loans 90 Days or More Past Due and Accruing | ||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | |||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | $ | 883 | $ | 550 | $ | 813 | $ | 2,246 | $ | 500,355 | $ | 502,601 | $ | — | ||||||||||||||||||||||
Investment properties | — | — | — | — | 692,457 | 692,457 | — | |||||||||||||||||||||||||||||
Multifamily real estate | 1,845 | 785 | — | 2,630 | 134,523 | 137,153 | — | |||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | 12,168 | 12,168 | — | |||||||||||||||||||||||||||||
Multifamily construction | — | — | — | — | 52,081 | 52,081 | — | |||||||||||||||||||||||||||||
One-to-four-family construction | 9 | 7 | 4 | 20 | 200,844 | 200,864 | — | |||||||||||||||||||||||||||||
Land and land development: | ||||||||||||||||||||||||||||||||||||
Residential | — | — | 251 | 251 | 75,444 | 75,695 | — | |||||||||||||||||||||||||||||
Commercial | — | — | — | — | 10,450 | 10,450 | — | |||||||||||||||||||||||||||||
Commercial business | 2,001 | 2 | 299 | 2,302 | 679,867 | 682,169 | — | |||||||||||||||||||||||||||||
Agricultural business, including secured by farmland | — | — | — | — | 228,291 | 228,291 | 105 | |||||||||||||||||||||||||||||
One-to four-family residential | 521 | 2,550 | 9,142 | 12,213 | 517,281 | 529,494 | 2,611 | |||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 723 | 93 | 918 | 1,734 | 171,454 | 173,188 | 13 | |||||||||||||||||||||||||||||
Consumer—other | 384 | 99 | 131 | 614 | 121,220 | 121,834 | 131 | |||||||||||||||||||||||||||||
Total | $ | 6,366 | $ | 4,086 | $ | 11,558 | $ | 22,010 | $ | 3,396,435 | $ | 3,418,445 | $ | 2,860 | ||||||||||||||||||||||
The following tables provide additional information on the allowance for loan losses and loan balances individually and collectively evaluated for impairment at or for the three and six months ended June 30, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Commercial | Multifamily | Construction and Land | Commercial Business | Agricultural Business | One- to Four-Family | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 17,412 | $ | 5,652 | $ | 18,620 | $ | 11,363 | $ | 2,636 | $ | 10,913 | $ | 912 | $ | 6,863 | $ | 74,371 | ||||||||||||||||||
Provision for loan losses | 2,199 | 113 | (1,048 | ) | 625 | (123 | ) | (1,833 | ) | (38 | ) | 105 | — | |||||||||||||||||||||||
Recoveries | 274 | — | 472 | 286 | 311 | 204 | 58 | — | 1,605 | |||||||||||||||||||||||||||
Charge-offs | (1,001 | ) | — | (207 | ) | (260 | ) | — | (14 | ) | (184 | ) | — | (1,666 | ) | |||||||||||||||||||||
Ending balance | $ | 18,884 | $ | 5,765 | $ | 17,837 | $ | 12,014 | $ | 2,824 | $ | 9,270 | $ | 748 | $ | 6,968 | $ | 74,310 | ||||||||||||||||||
For the Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Commercial | Multifamily | Construction and Land | Commercial | Agricultural | One- to Four- | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||
Real Estate | Business | business | Family | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 16,759 | $ | 5,306 | $ | 17,640 | $ | 11,773 | $ | 2,841 | $ | 11,486 | $ | 1,335 | $ | 7,118 | $ | 74,258 | ||||||||||||||||||
Provision for loan losses | 2,794 | 459 | (300 | ) | 660 | (678 | ) | (2,215 | ) | (570 | ) | (150 | ) | — | ||||||||||||||||||||||
Recoveries | 570 | — | 704 | 579 | 661 | 392 | 340 | — | 3,246 | |||||||||||||||||||||||||||
Charge-offs | (1,239 | ) | — | (207 | ) | (998 | ) | — | (393 | ) | (357 | ) | — | (3,194 | ) | |||||||||||||||||||||
Ending balance | $ | 18,884 | $ | 5,765 | $ | 17,837 | $ | 12,014 | $ | 2,824 | $ | 9,270 | $ | 748 | $ | 6,968 | $ | 74,310 | ||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Commercial | Multifamily | Construction and Land | Commercial Business | Agricultural Business | One- to Four-Family | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||||
Allowance individually evaluated for impairment | $ | 751 | $ | 850 | $ | 1,291 | $ | 162 | $ | — | $ | 1,170 | $ | 99 | $ | — | $ | 4,323 | ||||||||||||||||||
Allowance collectively evaluated for impairment | 18,133 | 4,915 | 16,546 | 11,852 | 2,824 | 8,100 | 649 | 6,968 | 69,987 | |||||||||||||||||||||||||||
Total allowance for loan losses | $ | 18,884 | $ | 5,765 | $ | 17,837 | $ | 12,014 | $ | 2,824 | $ | 9,270 | $ | 748 | $ | 6,968 | $ | 74,310 | ||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Commercial | Multifamily | Construction and Land | Commercial Business | Agricultural Business | One- to Four-Family | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||||
Loan balances: | ||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 8,060 | $ | 5,705 | $ | 7,765 | $ | 989 | $ | — | $ | 21,133 | $ | 979 | $ | — | $ | 44,631 | ||||||||||||||||||
Loans collectively evaluated for impairment | 1,340,997 | 183,087 | 341,860 | 734,139 | 245,742 | 537,611 | 334,532 | — | 3,717,968 | |||||||||||||||||||||||||||
Total loans | $ | 1,349,057 | $ | 188,792 | $ | 349,625 | $ | 735,128 | $ | 245,742 | $ | 558,744 | $ | 335,511 | $ | — | $ | 3,762,599 | ||||||||||||||||||
For the Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial | Multifamily | Construction and Land | Commercial Business | Agricultural Business | One- to Four-Family | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 14,776 | $ | 5,075 | $ | 15,214 | $ | 10,011 | $ | 2,282 | $ | 15,930 | $ | 1,238 | $ | 11,870 | $ | 76,396 | ||||||||||||||||||
Provision for loan losses | 162 | (102 | ) | 1,493 | 527 | 1,213 | (557 | ) | 105 | (2,841 | ) | — | ||||||||||||||||||||||||
Recoveries | 378 | — | 337 | 666 | 310 | 3 | 117 | — | 1,811 | |||||||||||||||||||||||||||
Charge-offs | (418 | ) | — | (419 | ) | (398 | ) | — | (402 | ) | (449 | ) | — | (2,086 | ) | |||||||||||||||||||||
Ending balance | $ | 14,898 | $ | 4,973 | $ | 16,625 | $ | 10,806 | $ | 3,805 | $ | 14,974 | $ | 1,011 | $ | 9,029 | $ | 76,121 | ||||||||||||||||||
For the Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial | Multifamily | Construction and Land | Commercial | Agricultural | One- to Four- | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||
Real Estate | Business | business | Family | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 15,322 | $ | 4,506 | $ | 14,991 | $ | 9,957 | $ | 2,295 | $ | 16,475 | $ | 1,348 | $ | 11,865 | $ | 76,759 | ||||||||||||||||||
Provision for loan losses | (1,622 | ) | 467 | 2,050 | 1,124 | 1,163 | (567 | ) | 221 | (2,836 | ) | — | ||||||||||||||||||||||||
Recoveries | 1,964 | — | 438 | 1,052 | 347 | 119 | 219 | — | 4,139 | |||||||||||||||||||||||||||
Charge-offs | (766 | ) | — | (854 | ) | (1,327 | ) | — | (1,053 | ) | (777 | ) | — | (4,777 | ) | |||||||||||||||||||||
Ending balance | $ | 14,898 | $ | 4,973 | $ | 16,625 | $ | 10,806 | $ | 3,805 | $ | 14,974 | $ | 1,011 | $ | 9,029 | $ | 76,121 | ||||||||||||||||||
At June 30, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial | Multifamily | Construction and Land | Commercial Business | Agricultural Business | One- to Four-Family | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||||
Allowance individually evaluated for impairment | $ | 750 | $ | 1,326 | $ | 1,955 | $ | 216 | $ | — | $ | 1,923 | $ | 84 | $ | — | $ | 6,254 | ||||||||||||||||||
Allowance collectively evaluated for impairment | 14,148 | 3,647 | 14,670 | 10,590 | 3,805 | 13,051 | 927 | 9,029 | 69,867 | |||||||||||||||||||||||||||
Total allowance for loan losses | $ | 14,898 | $ | 4,973 | $ | 16,625 | $ | 10,806 | $ | 3,805 | $ | 14,974 | $ | 1,011 | $ | 9,029 | $ | 76,121 | ||||||||||||||||||
At June 30, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Multifamily | Construction and Land | Commercial Business | Agricultural Business | One- to Four-Family | Unallocated | ||||||||||||||||||||||||||||||
Consumer | Total | |||||||||||||||||||||||||||||||||||
Loan balances: | ||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 10,647 | $ | 5,815 | $ | 12,723 | $ | 2,818 | $ | — | $ | 29,419 | $ | 1,066 | $ | — | $ | 62,488 | ||||||||||||||||||
Loans collectively evaluated for impairment | 1,086,061 | 131,212 | 340,961 | 637,022 | 233,967 | 523,279 | 275,211 | — | 3,227,713 | |||||||||||||||||||||||||||
Total loans | $ | 1,096,708 | $ | 137,027 | $ | 353,684 | $ | 639,840 | $ | 233,967 | $ | 552,698 | $ | 276,277 | $ | — | $ | 3,290,201 | ||||||||||||||||||
REAL_ESTATE_OWNED_NET
REAL ESTATE OWNED, NET | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Real Estate [Abstract] | ' | |||||||||||||||
REAL ESTATE OWNED, NET | ' | |||||||||||||||
REAL ESTATE OWNED, NET | ||||||||||||||||
The following table presents the changes in REO for the three and six months ended June 30, 2014 and 2013 (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance, beginning of the period | $ | 3,236 | $ | 11,160 | $ | 4,044 | $ | 15,778 | ||||||||
Additions from loan foreclosures | 1,996 | 418 | 2,703 | 1,504 | ||||||||||||
Additions from capitalized costs | 33 | — | 37 | 46 | ||||||||||||
Proceeds from dispositions of REO | (1,034 | ) | (5,305 | ) | (2,675 | ) | (11,787 | ) | ||||||||
Gain on sale of REO | 157 | 667 | 316 | 1,472 | ||||||||||||
Valuation adjustments in the period | — | (226 | ) | (37 | ) | (299 | ) | |||||||||
Balance, end of the period | $ | 4,388 | $ | 6,714 | $ | 4,388 | $ | 6,714 | ||||||||
The following table shows REO by type and geographic location by state as of June 30, 2014 (in thousands): | ||||||||||||||||
Washington | Oregon | Idaho | Total | |||||||||||||
Commercial real estate | $ | — | $ | — | $ | 175 | $ | 175 | ||||||||
Land development—residential | 614 | 1,637 | 32 | 2,283 | ||||||||||||
One- to four-family real estate | 1,187 | 743 | — | 1,930 | ||||||||||||
Balance, end of period | $ | 1,801 | $ | 2,380 | $ | 207 | $ | 4,388 | ||||||||
REO properties are recorded at the lower of the estimated fair value of the property, less expected selling costs, or the carrying value of the defaulted loan, establishing a new cost basis. Subsequently, REO properties are carried at the lower of the new cost basis or updated fair market values, based on updated appraisals of the underlying properties, as received. Valuation allowances on the carrying value of REO may be recognized based on updated appraisals or on management’s authorization to reduce the selling price of a property. |
INTANGIBLE_ASSETS_AND_MORTGAGE
INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Other Intangible Assets and Mortgage Servicing Rights [Abstract] | ' | |||||||||||||||
INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS | ' | |||||||||||||||
INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS | ||||||||||||||||
Intangible Assets: At June 30, 2014, intangible assets consisted primarily of core deposit intangibles (CDI), which are amounts recorded in business combinations or deposit purchase transactions related to the value of transaction-related deposits and the value of the customer relationships associated with the deposits. | ||||||||||||||||
The Company amortizes CDI over their estimated useful life and reviews them at least annually for events or circumstances that could impair their value. The CDI assets shown in the table below represent the value ascribed to the long-term deposit relationships acquired in three separate bank acquisitions during 2007, a single branch acquisition in the quarter ended September 30, 2013, and the acquisition of six branches in the quarter ended June 30, 2014. These intangible assets are being amortized using an accelerated method over estimated useful lives of three to eight years. The CDI assets are not estimated to have a significant residual value. | ||||||||||||||||
The following table summarizes the changes in the Company’s core deposit intangibles for the six months ended June 30, 2014 and the year ended December 31, 2013 (in thousands): | ||||||||||||||||
CDI | ||||||||||||||||
Balance, December 31, 2013 | $ | 2,449 | ||||||||||||||
Additions through acquisitions | 2,372 | |||||||||||||||
Amortization | (929 | ) | ||||||||||||||
Balance, June 30, 2014 | $ | 3,892 | ||||||||||||||
CDI | ||||||||||||||||
Balance, December 31, 2012 | $ | 4,230 | ||||||||||||||
Additions through acquisitions | 160 | |||||||||||||||
Amortization | (1,941 | ) | ||||||||||||||
Balance, December 31, 2013 | $ | 2,449 | ||||||||||||||
The following table presents the estimated amortization expense with respect to intangibles for the periods indicated (in thousands): | ||||||||||||||||
CDI | ||||||||||||||||
Remainder of 2014 | $ | 1,061 | ||||||||||||||
2015 | 1,007 | |||||||||||||||
2016 | 353 | |||||||||||||||
2017 | 321 | |||||||||||||||
2018 | 296 | |||||||||||||||
Thereafter | 854 | |||||||||||||||
$ | 3,892 | |||||||||||||||
Mortgage Servicing Rights: Mortgage servicing rights are reported in other assets. Mortgage servicing rights are initially recorded at fair value and are amortized in proportion to, and over the period of, the estimated future net servicing income of the underlying financial assets. Mortgage servicing rights are subsequently evaluated for impairment based upon the fair value of the rights compared to the amortized cost (remaining unamortized initial fair value). If the fair value is less than the amortized cost, a valuation allowance is created through an impairment charge to servicing fee income. However, if the fair value is greater than the amortized cost, the amount above the amortized cost is not recognized in the carrying value. During the six months ended June 30, 2014, the Company did not record an impairment charge. During the six months ended June 30, 2013, the Company reversed $600,000 of valuation allowance for previously recorded impairment charges. Loans serviced for others totaled $1.190 billion and $1.116 billion at June 30, 2014 and December 31, 2013, respectively. Custodial accounts maintained in connection with this servicing totaled $6.3 million and $5.4 million at June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||
An analysis of our mortgage servicing rights, net of valuation allowances, for the three and six months ended June 30, 2014 and 2013 is presented below (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance, beginning of the period | $ | 8,199 | $ | 6,335 | $ | 8,086 | $ | 6,244 | ||||||||
Amounts capitalized | 794 | 807 | 1,369 | 1,583 | ||||||||||||
Amortization (1) | (512 | ) | (706 | ) | (974 | ) | (1,391 | ) | ||||||||
Valuation adjustments in the period | — | 600 | — | 600 | ||||||||||||
Balance, end of the period (2) | $ | 8,481 | $ | 7,036 | $ | 8,481 | $ | 7,036 | ||||||||
(1) | Amortization of mortgage servicing rights is recorded as a reduction of loan servicing income and any unamortized balance is fully written off if the loan repays in full. | |||||||||||||||
(2) | There was no valuation allowance as of June 30, 2014 and a $700,000 valuation allowance as of June 30, 2013. |
DEPOSITS_AND_CUSTOMER_REPURCHA
DEPOSITS AND CUSTOMER REPURCHASE AGREEMENTS | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||||||
DEPOSITS AND CUSTOMER REPURCHASE AGREEMENTS | ' | |||||||||||||||
DEPOSITS AND RETAIL REPURCHASE AGREEMENTS | ||||||||||||||||
Deposits consisted of the following at June 30, 2014 and December 31, 2013 (dollars in thousands): | ||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||
Amount | Percent of Total | Amount | Percent of Total | |||||||||||||
Non-interest-bearing accounts | $ | 1,210,068 | 30.9 | % | $ | 1,115,346 | 30.8 | % | ||||||||
Interest-bearing checking | 437,810 | 11.2 | 422,910 | 11.7 | ||||||||||||
Regular savings accounts | 843,950 | 21.5 | 798,764 | 22.1 | ||||||||||||
Money market accounts | 490,105 | 12.5 | 408,211 | 11.3 | ||||||||||||
Total transaction and saving accounts | 2,981,933 | 76.1 | 2,745,231 | 75.9 | ||||||||||||
Certificates of deposit | 936,986 | 23.9 | 872,695 | 24.1 | ||||||||||||
Total deposits | $ | 3,918,919 | 100 | % | $ | 3,617,926 | 100 | % | ||||||||
Included in total deposits: | ||||||||||||||||
Public fund transaction accounts | $ | 93,550 | 2.4 | % | $ | 87,521 | 2.4 | % | ||||||||
Public fund interest-bearing certificates | 48,180 | 1.2 | 51,465 | 1.4 | ||||||||||||
Total public deposits | $ | 141,730 | 3.6 | % | $ | 138,986 | 3.8 | % | ||||||||
Total brokered deposits | $ | 88,209 | 2.3 | % | $ | 4,291 | 0.1 | % | ||||||||
Certificate of deposit accounts by total balance at June 30, 2014 and December 31, 2013 were as follows (in thousands): | ||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||
Certificates of deposit less than $100,000 | $ | 467,058 | $ | 386,745 | ||||||||||||
Certificates of deposit $100,000 through $250,000 | 301,075 | 308,130 | ||||||||||||||
Certificates of deposit more than $250,000 | 168,853 | 177,820 | ||||||||||||||
Total certificates of deposit | $ | 936,986 | $ | 872,695 | ||||||||||||
Scheduled maturities and repricing of certificate accounts at June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||
Certificates which mature or reprice: | ||||||||||||||||
Within one year or less | $ | 709,335 | $ | 660,394 | ||||||||||||
After one year through two years | 135,677 | 117,789 | ||||||||||||||
After two years through three years | 45,403 | 47,362 | ||||||||||||||
After three years through four years | 24,414 | 26,443 | ||||||||||||||
After four years through five years | 16,991 | 17,075 | ||||||||||||||
After five years | 5,166 | 3,632 | ||||||||||||||
Total certificates of deposit | $ | 936,986 | $ | 872,695 | ||||||||||||
The following table presents the geographic concentration of deposits at June 30, 2014 (dollars in thousands): | ||||||||||||||||
Washington | Oregon | Idaho | Total | |||||||||||||
Total deposits | $ | 2,835,383 | $ | 848,991 | $ | 234,545 | $ | 3,918,919 | ||||||||
Percent of total deposits | 72.3 | % | 21.7 | % | 6 | % | 100 | % | ||||||||
In addition to deposits, the banks also offer retail repurchase agreements which are customer funds that are primarily associated with sweep account arrangements tied to transaction deposit accounts. While the banks include these collateralized borrowings in other borrowings reported in our Consolidated Statements of Financial Condition, these accounts primarily represent customer utilization of our cash management services and related deposit accounts. | ||||||||||||||||
The following table presents retail repurchase agreement balances as of June 30, 2014, December 31, 2013 and June 30, 2013 (in thousands): | ||||||||||||||||
June 30, 2014 | December 31, 2013 | June 30, 2013 | ||||||||||||||
Retail repurchase agreements | $ | 88,946 | $ | 83,056 | $ | 90,779 | ||||||||||
FAIR_VALUE_ACCOUNTING_AND_MEAS
FAIR VALUE ACCOUNTING AND MEASUREMENT | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
FAIR VALUE ACCOUNTING AND MEASUREMENT | ' | |||||||||||||||||||
FAIR VALUE ACCOUNTING AND MEASUREMENT | ||||||||||||||||||||
The Company measures and discloses certain assets and liabilities at fair value. 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 (that is, not a forced liquidation or distressed sale). GAAP (ASC 820, Fair Value Measurements) establishes a consistent framework for measuring fair value and disclosure requirements about fair value measurements. Among other things, the accounting standard requires the reporting entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s estimates for market assumptions. These two types of inputs create the following fair value hierarchy: | ||||||||||||||||||||
• | Level 1 – Quoted prices in active markets for identical instruments. An active market is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. A quoted price in an active market provides the most reliable evidence of fair value and shall be used to measure fair value whenever available. | |||||||||||||||||||
• | Level 2 – Observable inputs other than Level 1 including quoted prices in active markets for similar instruments, quoted prices in less active markets for identical or similar instruments, or other observable inputs that can be corroborated by observable market data. | |||||||||||||||||||
• | Level 3 – Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs from non-binding single dealer quotes not corroborated by observable market data. | |||||||||||||||||||
The estimated fair value amounts of financial instruments have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. In addition, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates that must be made given the absence of active secondary markets for certain financial instruments. This lack of uniform valuation methodologies also introduces a greater degree of subjectivity to these estimated fair values. Transfers between levels of the fair value hierarchy are deemed to occur at the end of the reporting period. | ||||||||||||||||||||
Items Measured at Fair Value on a Recurring Basis: | ||||||||||||||||||||
Banner records trading account securities, securities available-for-sale, FHLB advances, junior subordinated debentures and certain derivative transactions at fair value on a recurring basis. | ||||||||||||||||||||
• | The securities assets primarily consist of U.S. Government and agency obligations, municipal bonds, corporate bonds, single issue trust preferred securities (TPS), pooled trust preferred collateralized debt obligation securities (TRUP CDO), mortgage-backed securities, asset-backed securities, equity securities and certain other financial instruments. | |||||||||||||||||||
From mid-2008 through the current quarter, the lack of active markets and market participants for certain securities resulted in an increase in Level 3 measurements. In particular, the market for our TRUP CDO securities has been generally inactive during this period. This was evidenced first by a significant widening of the bid-ask spread in the brokered markets in which TRUP CDOs trade and then by a significant decrease in the volume of trades relative to historical levels. The new issue market also has been inactive as almost no new TRUP CDOs have been issued since 2007. There are still very few market participants who are willing and/or able to transact for these securities. Thus, a low market price for a particular bond may only provide evidence of stress in the credit markets in general rather than being an indicator of credit problems with a particular issuer or of the fair value of the security. As of June 30, 2014, Banner owned $31 million in par value of these securities. | ||||||||||||||||||||
Given these conditions in the debt markets and the absence of observable transactions in the secondary and new issue markets, management determined that for the TRUP CDOs at June 30, 2014 and December 31, 2013: | ||||||||||||||||||||
• | The few observable transactions and market quotations that were available were not reliable for purposes of determining fair value, | |||||||||||||||||||
• | An income valuation approach technique (present value technique) that maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs was equally or more representative of fair value than the market approach valuation technique, and | |||||||||||||||||||
• | The Company’s TRUP CDOs should be classified exclusively within Level 3 of the fair value hierarchy because of the significant assumptions required to determine fair value at the measurement date. | |||||||||||||||||||
The TRUP CDO valuations were derived using input from independent third parties who used proprietary cash flow models for analyzing collateralized debt obligations. Their approaches to determining fair value involve considering the credit quality of the collateral, assuming a level of defaults based on the probability of default of each underlying trust preferred security, creating expected cash flows for each TRUP CDO security and discounting that cash flow at an appropriate risk-adjusted rate plus a liquidity premium. | ||||||||||||||||||||
Where appropriate, management reviewed the valuation methodologies and assumptions used by the independent third party providers and determined that the fair value estimates were reasonable and utilized those estimates in the Company’s reported financial statements. For one TRUP CDO, management became aware that a marketplace auction occurred one day after quarter-end that would payoff this security at par in the subsequent quarter. That successful auction caused management to increase the fair value of this security at June 30, 2014 to par and resulted in the recognition of a fair value gain on this security of $2.9 million. The aggregate result of the fair value analysis of all the Level 3 TRUP CDO measurements was a fair value gain of $2.9 million in the quarter ended June 30, 2014. | ||||||||||||||||||||
At June 30, 2014, Banner also owned approximately $19 million in amortized cost of single issuer TPS securities for which no direct market data or independent valuation source is available. Similar to the TRUP CDOs above, there were too few, if any, issuances of new TPS securities or sales of existing TPS securities to provide Level 1 or even Level 2 fair value measurements for these securities. Management, therefore, utilized a discounted cash-flow model to calculate the present value of each security’s expected future cash flows to determine their respective fair values. Management took into consideration the limited market data that was available regarding similar securities and assessed the performance of the three individual issuers of TPS securities owned by the Company. In the current quarter, the Company again sought input from independent third parties to help it establish an appropriate set of parameters to identify a reasonable range of discount rates for use in its fair value model. Management concluded that the indicated spreads and implied yields for non-investment grade securities as well as the yields associated with individual issuers in the third party analyst reports indicated that spreads have tightened in the six months ended June 30, 2014 and that the previous spread of 525 basis points over the three-month LIBOR index was no longer appropriate. At June 30, 2014, the spread to three-month LIBOR used to estimate the fair value analysis of these securities was decreased by 25 basis points to 500 basis points. The result of this Level 3 fair value measurement was a fair value gain of $518,000 in the quarter ended June 30, 2014. The Company has and will continue to assess the appropriate fair value hierarchy for determination of fair values on TRUP CDO and TPS securities on a quarterly basis. For all other trading securities and securities available-for-sale we used matrix pricing models from investment reporting and valuation services. Management considers this to be a Level 2 input method. | ||||||||||||||||||||
• | Fair valuations for FHLB advances are estimated using fair market values provided by the lender, the FHLB of Seattle. The FHLB of Seattle prices advances by discounting the future contractual cash flows for individual advances using its current cost of funds curve to provide the discount rate. Management considers this to be a Level 2 input method. | |||||||||||||||||||
• | The fair valuations of junior subordinated debentures (TPS-related debt that the Company has issued) were also valued using discounted cash flows. These debentures carry interest rates that reset quarterly, using the three-month LIBOR index plus spreads of 1.38% to 3.35%. While the quarterly reset of the index on this debt would seemingly keep its fair value reasonably close to book value, the disparity in the fixed spreads above the index and the inability to determine realistic current market spreads, due to lack of new issuances and trades, resulted in having to rely more heavily on assumptions about what spread would be appropriate if market transactions were to take place. In periods prior to the third quarter of 2008, the discount rate used was based on recent issuances or quotes from brokers on the date of valuation for comparable bank holding companies and was considered to be a Level 2 input method. However, as noted above in the discussions of TPS and TRUP CDOs, due to the unprecedented disruption of certain financial markets, management concluded that there were insufficient transactions or other indicators to continue to reflect these measurements as Level 2 inputs. Due to this reliance on assumptions and not on directly observable transactions, management believes fair value for these instruments should follow a Level 3 input methodology. Since the discount rate used in the fair value modeling is the most sensitive unobservable estimate in the calculation, the Company again utilized input from the same independent third party noted above to help it establish an appropriate set of parameters to identify a reasonable range of discount rates for use in its fair value model. In valuing the debentures at June 30, 2014, management evaluated the general market for credit spreads as noted above and for the discount rate used the period-ending three-month LIBOR plus 500 basis points. As noted above in the discussion about single-issuer TPS securities, since market spreads have tightened in the six months ended June 30, 2014, management also decreased the spread on the debentures by 25 basis points, resulting in a fair value loss on these instruments of $3.2 million for the quarter ended June 30, 2014. The fair value adjustment in the current period was primarily the result of the decreased spread with a minor amount attributed to the passage of time on the years to maturity in the discounted present value calculation used to estimate the fair value. | |||||||||||||||||||
• | Derivative instruments include interest rate commitments related to one- to four-family loans and residential mortgage-backed securities and interest rate swaps. The fair value of interest rate lock commitments and forward sales commitments are estimated using quoted or published market prices for similar instruments, adjusted for factors such as pull-through rate assumptions based on historical trends, where appropriate. The fair value of interest rate swaps is determined by using current market quotes on similar instruments provided by active broker/dealers in the swap market. Management considers these to be Level 2 input methods. The changes in the fair value of all of these derivative instruments are primarily attributable to changes in the level of market interest rates. The Company has elected to record the fair value of these derivative instruments on a net basis. | |||||||||||||||||||
The following tables present financial assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy of the fair value measurements for those assets as of June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Assets: | ||||||||||||||||||||
Securities—available-for-sale | ||||||||||||||||||||
U.S. Government and agency | $ | — | $ | 52,212 | $ | — | $ | 52,212 | ||||||||||||
Municipal bonds | — | 50,801 | — | 50,801 | ||||||||||||||||
Corporate bonds | — | 5,011 | — | 5,011 | ||||||||||||||||
Mortgage-backed or related securities | — | 321,863 | — | 321,863 | ||||||||||||||||
Asset-backed securities | — | 25,466 | — | 25,466 | ||||||||||||||||
— | 455,353 | — | 455,353 | |||||||||||||||||
Securities—trading | ||||||||||||||||||||
U.S. Government and agency | — | 1,530 | — | 1,530 | ||||||||||||||||
Municipal bonds | — | 1,716 | — | 1,716 | ||||||||||||||||
TPS and TRUP CDOs | — | — | 38,529 | 38,529 | ||||||||||||||||
Mortgage-backed or related securities | — | 19,557 | — | 19,557 | ||||||||||||||||
Equity securities and other | — | 61 | — | 61 | ||||||||||||||||
— | 22,864 | 38,529 | 61,393 | |||||||||||||||||
Derivatives | ||||||||||||||||||||
Interest rate lock commitments | — | 563 | — | 563 | ||||||||||||||||
Interest rate swaps | — | 5,650 | — | 5,650 | ||||||||||||||||
$ | — | $ | 484,430 | $ | 38,529 | $ | 522,959 | |||||||||||||
Liabilities: | ||||||||||||||||||||
Advances from FHLB at fair value | $ | — | $ | 45,251 | $ | — | $ | 45,251 | ||||||||||||
Junior subordinated debentures net of unamortized deferred issuance costs at fair value | — | — | 77,313 | 77,313 | ||||||||||||||||
Derivatives | ||||||||||||||||||||
Interest rate sales forward commitments, net | — | 351 | — | 351 | ||||||||||||||||
Interest rate swaps | — | 5,650 | — | 5,650 | ||||||||||||||||
$ | — | $ | 51,252 | $ | 77,313 | $ | 128,565 | |||||||||||||
December 31, 2013 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Assets: | ||||||||||||||||||||
Securities—available-for-sale | ||||||||||||||||||||
U.S. Government and agency | $ | — | $ | 58,660 | $ | — | $ | 58,660 | ||||||||||||
Municipal bonds | — | 52,855 | — | 52,855 | ||||||||||||||||
Corporate bonds | — | 6,964 | — | 6,964 | ||||||||||||||||
Mortgage-backed or related securities | — | 326,610 | — | 326,610 | ||||||||||||||||
Asset-backed securities | — | 25,191 | — | 25,191 | ||||||||||||||||
— | 470,280 | — | 470,280 | |||||||||||||||||
Securities—trading | ||||||||||||||||||||
U.S. Government and agency | — | 1,481 | — | 1,481 | ||||||||||||||||
Municipal bonds | — | 5,023 | — | 5,023 | ||||||||||||||||
TPS and TRUP CDOs | — | — | 35,140 | 35,140 | ||||||||||||||||
Mortgage-backed or related securities | — | 20,760 | — | 20,760 | ||||||||||||||||
Equity securities and other | — | 68 | — | 68 | ||||||||||||||||
— | 27,332 | 35,140 | 62,472 | |||||||||||||||||
Derivatives | ||||||||||||||||||||
Interest rate lock commitments | — | 130 | — | 130 | ||||||||||||||||
Interest rate swaps | — | 4,946 | — | 4,946 | ||||||||||||||||
$ | — | $ | 502,688 | $ | 35,140 | $ | 537,828 | |||||||||||||
Liabilities: | ||||||||||||||||||||
Advances from FHLB at fair value | $ | — | $ | 27,250 | $ | — | $ | 27,250 | ||||||||||||
Junior subordinated debentures net of unamortized deferred issuance costs at fair value | — | — | 73,928 | 73,928 | ||||||||||||||||
Derivatives | ||||||||||||||||||||
Interest rate sales forward commitments, net | — | 43 | — | 43 | ||||||||||||||||
Interest rate swaps | — | 4,946 | — | 4,946 | ||||||||||||||||
$ | — | $ | 32,239 | $ | 73,928 | $ | 106,167 | |||||||||||||
The following table provides a reconciliation of the assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the three and six months ended June 30, 2014 and 2013 (in thousands): | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, 2014 | June 30, 2014 | |||||||||||||||||||
Level 3 Fair Value Inputs | Level 3 Fair Value Inputs | |||||||||||||||||||
TPS and TRUP CDOs | Borrowings—Junior Subordinated Debentures | TPS and TRUP | Borrowings— | |||||||||||||||||
CDOs | Junior | |||||||||||||||||||
Subordinated | ||||||||||||||||||||
Debentures | ||||||||||||||||||||
Beginning balance | $ | 35,062 | $ | 74,135 | $ | 35,140 | $ | 73,928 | ||||||||||||
Total gains or losses recognized | ||||||||||||||||||||
Assets gains, including OTTI | 3,464 | — | 3,420 | — | ||||||||||||||||
Liabilities losses | — | 3,178 | — | 3,385 | ||||||||||||||||
Maturities and paydowns net of discount amortization | 3 | — | (31 | ) | — | |||||||||||||||
Ending balance at June 30, 2014 | $ | 38,529 | $ | 77,313 | $ | 38,529 | $ | 77,313 | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, 2013 | June 30, 2013 | |||||||||||||||||||
Level 3 Fair Value Inputs | Level 3 Fair Value Inputs | |||||||||||||||||||
TPS and TRUP CDOs | Borrowings—Junior Subordinated Debentures | TPS and TRUP | Borrowings— | |||||||||||||||||
CDOs | Junior | |||||||||||||||||||
Subordinated | ||||||||||||||||||||
Debentures | ||||||||||||||||||||
Beginning balance | $ | 34,520 | $ | 73,220 | $ | 35,741 | $ | 73,063 | ||||||||||||
Total gains or losses recognized | ||||||||||||||||||||
Assets gains (losses), including OTTI | 585 | — | (636 | ) | — | |||||||||||||||
Liabilities losses | — | 251 | — | 408 | ||||||||||||||||
Ending balance at June 30, 2013 | $ | 35,105 | $ | 73,471 | $ | 35,105 | $ | 73,471 | ||||||||||||
The Company has elected to continue to recognize the interest income and dividends from the securities reclassified to fair value as a component of interest income as was done in prior years when they were classified as available-for-sale. Interest expense related to the FHLB advances and junior subordinated debentures continues to be measured based on contractual interest rates and reported in interest expense. The change in fair market value of these financial instruments has been recorded as a component of other operating income. | ||||||||||||||||||||
Items Measured at Fair Value on a Non-recurring Basis: | ||||||||||||||||||||
Carrying values of certain impaired loans are periodically evaluated to determine if valuation adjustments, or partial write-downs, should be recorded. These non-recurring fair value adjustments are recorded when observable market prices or current appraised values of collateral indicate a shortfall in collateral value or discounted cash flows indicate a shortfall compared to current carrying values of the related loan. If the Company determines that the value of the impaired loan is less than the carrying value of the loan, the Company either establishes an impairment reserve as a specific component of the allowance for loan and lease losses (ALLL) or charges off the impaired amount. The remaining impaired loans are evaluated for reserve needs in homogenous pools within the Company’s ALLL methodology. As of June 30, 2014, the Company reviewed all of its adversely classified loans totaling $78 million and identified $57 million which were considered impaired. Of those $57 million in impaired loans, $45 million were individually evaluated to determine if valuation adjustments, or partial write-downs, should be recorded, or if specific impairment reserves should be established. The $45 million had original carrying values of $47 million which have been reduced by partial write-downs totaling $2 million. In addition to these write-downs, in order to bring the impaired loan balances to fair value, Banner has also established $4 million in specific reserves on these impaired loans. Impaired loans that were collectively evaluated for reserve purposes within homogenous pools totaled $13 million and were found to require allowances totaling $277,000. The valuation inputs for impaired loans are considered to be Level 3 inputs. | ||||||||||||||||||||
The Company records REO (acquired through a lending relationship) at fair value on a non-recurring basis. All REO properties are recorded at the lower of the estimated fair value of the properties, less expected selling costs, or the carrying amount of the defaulted loans. From time to time, non-recurring fair value adjustments to REO are recorded to reflect partial write-downs based on an observable market price or current appraised value of property. Banner considers any valuation inputs related to REO to be Level 3 inputs. The individual carrying values of these assets are reviewed for impairment at least annually and any additional impairment charges are expensed to operations. For the three months ended June 30, 2014, the Company recognized no impairment charges related to REO assets, compared to $226,000 for the same quarter one year earlier. | ||||||||||||||||||||
The following tables present financial assets measured at fair value on a non-recurring basis and the level within the fair value hierarchy of the fair value measurements for those assets as of June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||
At or For the Six Months Ended June 30, 2014 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Net Gains/(Losses) Recognized During the Period | ||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 5,046 | $ | 5,046 | $ | (2,678 | ) | |||||||||
REO | — | — | 4,388 | 4,388 | (433 | ) | ||||||||||||||
At or For the Year Ended December 31, 2013 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Net Gains/(Losses) Recognized During the Period | ||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 10,627 | $ | 10,627 | $ | (4,890 | ) | |||||||||
REO | — | — | 4,044 | 4,044 | (853 | ) | ||||||||||||||
The following table provides a description of the valuation technique, unobservable inputs, and qualitative information about the unobservable inputs for the Company's assets and liabilities classified as Level 3 and measured at fair value on a recurring and nonrecurring basis at June 30, 2014 and December 31, 2013: | ||||||||||||||||||||
Weighted Average Rate | ||||||||||||||||||||
Financial Instruments | Valuation Techniques | Unobservable Inputs | June 30, 2014 | 31-Dec-13 | ||||||||||||||||
TPS securities | Discounted cash flows | Discount rate | 5.23 | % | 5.5 | % | ||||||||||||||
TRUP CDOs | Discounted cash flows | Discount rate | 3.3 | 3.85 | ||||||||||||||||
Junior subordinated debentures | Discounted cash flows | Discount rate | 5.23 | 5.5 | ||||||||||||||||
Impaired loans | Discounted cash flows | Discount rate | Various | Various | ||||||||||||||||
Collateral Valuations | Market values | n/a | n/a | |||||||||||||||||
REO | Appraisals | Market values | n/a | n/a | ||||||||||||||||
TPS and TRUP CDOs: Management believes that the credit risk-adjusted spread used to develop the discount rate utilized in the fair value measurement of TPS and TRUP CDOs is indicative of the risk premium a willing market participant would require under current market conditions for instruments with similar contractual rates and terms and conditions and issuers with similar credit risk profiles and with similar expected probability of default. Management attributes the change in fair value of these instruments, compared to their par value, primarily to perceived general market adjustments to the risk premiums for these types of assets subsequent to their issuance. | ||||||||||||||||||||
Junior subordinated debentures: Similar to the TPS and TRUP CDOs discussed above, management believes that the credit risk-adjusted spread utilized in the fair value measurement of the junior subordinated debentures is indicative of the risk premium a willing market participant would require under current market conditions for an issuer with Banner's credit risk profile. Management attributes the change in fair value of the junior subordinated debentures, compared to their par value, primarily to perceived general market adjustments to the risk premiums for these types of liabilities subsequent to their issuance. Future contractions in the risk adjusted spread relative to the spread currently utilized to measure the Company's junior subordinated debentures at fair value as of June 30, 2014, or the passage of time, will result in negative fair value adjustments. At June 30, 2014, the discount rate utilized was based on a credit spread of 500 basis points and three-month LIBOR of 23 basis points. | ||||||||||||||||||||
Impaired loans: Loans are considered impaired when, based on current information and events, management determines that it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. Factors involved in determining impairment include, but are not limited to, the financial condition of the borrower, the value of the underlying collateral and the current status of the economy. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan's effective interest rate or, as a practical expedient, at the loan's observable market price or the fair value of collateral if the loan is collateral dependent. If this practical expedient is used, the impaired loans are considered to be held at fair value. Subsequent changes in the value of impaired loans are included within the provision for loan losses in the same manner in which impairment initially was recognized or as a reduction in the provision that would otherwise be reported. | ||||||||||||||||||||
REO: Fair value adjustments on REO are based on updated real estate appraisals which are based on current market conditions. In many of our markets real estate sales are still slow and prices are negatively affected by an over-supply of properties for sale. These market conditions decrease the amount of comparable sales data and increase the reliance on estimates and assumptions about current and future market conditions and could negatively affect our operating results. | ||||||||||||||||||||
Fair Values of Financial Instruments: | ||||||||||||||||||||
The following table presents estimated fair values of the Company’s financial instruments as of June 30, 2014 and December 31, 2013, whether or not measured at fair value in the consolidated Statements of Financial Condition. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is necessary to interpret market data in the development of the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. The carrying value and estimated fair value of financial instruments are as follows (in thousands): | ||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||
Carrying Value | Estimated | Carrying Value | Estimated | |||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and due from banks | $ | 146,561 | $ | 146,561 | $ | 137,349 | $ | 137,349 | ||||||||||||
Securities—trading | 61,393 | 61,393 | 62,472 | 62,472 | ||||||||||||||||
Securities—available-for-sale | 455,353 | 455,353 | 470,280 | 470,280 | ||||||||||||||||
Securities—held-to-maturity | 133,186 | 138,065 | 102,513 | 103,610 | ||||||||||||||||
Loans receivable held for sale | 7,322 | 7,350 | 2,734 | 2,751 | ||||||||||||||||
Loans receivable | 3,755,277 | 3,642,023 | 3,415,711 | 3,297,936 | ||||||||||||||||
FHLB stock | 31,191 | 31,191 | 35,390 | 35,390 | ||||||||||||||||
Bank-owned life insurance | 62,815 | 62,815 | 61,945 | 61,945 | ||||||||||||||||
Mortgage servicing rights | 8,481 | 12,287 | 8,086 | 11,529 | ||||||||||||||||
Derivatives | 6,213 | 6,213 | 5,076 | 5,076 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Demand, interest checking and money market accounts | 2,137,983 | 1,909,240 | 1,946,467 | 1,697,095 | ||||||||||||||||
Regular savings | 843,950 | 747,164 | 798,764 | 695,863 | ||||||||||||||||
Certificates of deposit | 936,986 | 931,701 | 872,695 | 867,904 | ||||||||||||||||
FHLB advances at fair value | 45,251 | 45,251 | 27,250 | 27,250 | ||||||||||||||||
Junior subordinated debentures at fair value | 77,313 | 77,313 | 73,928 | 73,928 | ||||||||||||||||
Other borrowings | 88,946 | 88,946 | 83,056 | 83,056 | ||||||||||||||||
Derivatives | 6,001 | 6,001 | 4,989 | 4,989 | ||||||||||||||||
Fair value estimates, methods, assumptions and the level within the fair value hierarchy of the fair value measurements are set forth below for the Company’s financial and off-balance-sheet instruments: | ||||||||||||||||||||
Cash and Due from Banks: The carrying amount of these items is a reasonable estimate of their fair value. These values are considered Level 1 measures. | ||||||||||||||||||||
Securities: The estimated fair values of investment securities and mortgaged-backed securities are priced using current active market quotes, if available, which are considered Level 1 measurements. For most of the portfolio, matrix pricing based on the securities’ relationship to other benchmark quoted prices is used to establish the fair value. These measurements are considered Level 2. Due to the continued credit concerns in the capital markets and inactivity in the trust preferred markets that have limited the observability of market spreads for some of the Company’s TPS and TRUP CDO securities (see earlier discussion above in determining the securities’ fair market value), management has classified these securities as a Level 3 fair value measure. | ||||||||||||||||||||
Loans Receivable: Fair values are estimated first by stratifying the portfolios of loans with similar financial characteristics. Loans are segregated by type such as multifamily real estate, residential mortgage, nonresidential mortgage, commercial/agricultural, consumer and other. Each loan category is further segmented into fixed- and adjustable-rate interest terms and by performing and non-performing categories. A preliminary estimate of fair value is then calculated based on discounted cash flows using as a discount rate the current rate offered on similar products, plus an adjustment for liquidity to reflect the non-homogeneous nature of the loans. The preliminary estimate is then further reduced by the amount of the allowance for loan losses to arrive at a final estimate of fair value. Fair value for significant non-performing loans is also based on recent appraisals or estimated cash flows discounted using rates commensurate with risk associated with the estimated cash flows. Assumptions regarding credit risk, cash flows and discount rates are judgmentally determined using available market information and specific borrower information. Management considers this to be a Level 2 measure. | ||||||||||||||||||||
FHLB Stock: The fair value is based upon the redemption value of the stock which equates to its carrying value. This fair value is considered a Level 3 measure. | ||||||||||||||||||||
Mortgage Servicing Rights: Fair values are estimated based on current pricing for sales of servicing for new loans adjusted up or down based on the serviced loan’s interest rate versus current new loan rates. Management considers this to be a Level 3 measure. | ||||||||||||||||||||
Deposit Liabilities: The fair value of deposits with no stated maturity, such as savings and checking accounts, is estimated by applying decay rate assumptions to segregated portfolios of similar deposit types to generate cash flows which are then discounted using short-term market interest rates. The market value of certificates of deposit is based upon the discounted value of contractual cash flows. The discount rate is determined using the rates currently offered on comparable instruments. Fair value estimates for deposits are considered Level 3 measures. | ||||||||||||||||||||
FHLB Advances and Other Borrowings: Fair valuations for Banner’s FHLB advances are estimated using fair market values provided by the lender, the FHLB of Seattle. The FHLB of Seattle prices advances by discounting the future contractual cash flows for individual advances using its current cost of funds curve to provide the discount rate. This is considered to be a Level 2 input method. Other borrowings are priced using discounted cash flows to the date of maturity based on using current rates at which such borrowings can currently be obtained. This fair value is considered to be a Level 3 measure. | ||||||||||||||||||||
Junior Subordinated Debentures: Due to continued credit concerns in the capital markets and inactivity in the trust preferred markets that have limited the observability of market spreads (see earlier discussion above in determining the junior subordinated debentures’ fair market value), junior subordinated debentures have been classified as a Level 3 fair value measure. Management believes that the credit risk adjusted spread and resulting discount rate utilized is indicative of those that would be used by market participants. | ||||||||||||||||||||
Derivatives: Derivatives include interest rate swap agreements, interest rate lock commitments to originate loans held for sale and forward sales contracts to sell loans and securities related to mortgage banking activities. Fair values for these instruments, which generally change as a result of changes in the level of market interest rates, are estimated based on dealer quotes and secondary market sources. Management considers these to be Level 2 inputs. | ||||||||||||||||||||
Off-Balance Sheet Items: Off-balance sheet financial instruments include unfunded commitments to extend credit, including standby letters of credit, and commitments to purchase investment securities. The fair value of these instruments is not considered to be material. Other commitments to fund loans totaled $1.182 billion and $1.097 billion at June 30, 2014 and December 31, 2013, respectively, and have no carrying value at both dates, representing the cost of such commitments. There were no commitments to purchase securities at June 30, 2014 or at December 31, 2013. | ||||||||||||||||||||
Limitations: The fair value estimates presented herein are based on pertinent information available to management as of June 30, 2014 and December 31, 2013. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date and, therefore, current estimates of fair value may differ significantly from the amounts presented herein. | ||||||||||||||||||||
Fair value estimates are based on existing on- and off-balance-sheet financial instruments without attempting to estimate the value of anticipated future business. The fair value has not been estimated for assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not financial instruments include the deferred tax assets/liabilities; land, buildings and equipment; costs in excess of net assets acquired; and real estate held for sale. |
INCOME_TAXES_AND_DEFERRED_TAXE
INCOME TAXES AND DEFERRED TAXES | 6 Months Ended | |||
Jun. 30, 2014 | ||||
Income Tax Disclosure [Abstract] | ' | |||
INCOME TAXES AND DEFERRED TAXES | ' | |||
INCOME TAXES AND DEFERRED TAXES | ||||
The Company files a consolidated income tax return including all of its wholly-owned subsidiaries on a calendar year basis. Income taxes are accounted for using the asset and liability method. Under this method, a deferred tax asset or liability is determined based on the enacted tax rates which will be in effect when the differences between the financial statement carrying amounts and tax bases of existing assets and liabilities are expected to be reported in the Company’s income tax returns. The effect on deferred taxes of a change in tax rates is recognized in income in the period of change. A valuation allowance is recognized as a reduction to deferred tax assets when management determines it is more likely than not that deferred tax assets will not be available to offset future income tax liabilities. | ||||
Accounting standards for income taxes prescribe a recognition threshold and measurement process for financial statement recognition and measurement of uncertain tax positions taken or expected to be taken in a tax return, and also provide guidance on the de-recognition of previously recorded benefits and their classification, as well as the proper recording of interest and penalties, accounting in interim periods, disclosures and transition. The Company periodically reviews its income tax positions based on tax laws and regulations and financial reporting considerations, and records adjustments as appropriate. This review takes into consideration the status of current taxing authorities’ examinations of the Company’s tax returns, recent positions taken by the taxing authorities on similar transactions, if any, and the overall tax environment. | ||||
As of June 30, 2014, the Company had an insignificant amount of unrecognized tax benefits for uncertain tax positions, none of which would materially affect the effective tax rate if recognized. The Company does not anticipate that the amount of unrecognized tax benefits will significantly increase or decrease in the next twelve months. The Company’s policy is to recognize interest and penalties on unrecognized tax benefits in the income tax expense. The Company files consolidated income tax returns in U.S. federal jurisdiction and in the Oregon and Idaho state jurisdictions. The tax years which remain subject to examination by the taxing authorities are the years ended December 31, 2013, 2012, 2011, and 2010. Tax years 2006 - 2009 are not open for assessment of additional tax, but remain open for adjustments to the amount of NOLs, credit, and other carryforwards utilized in open years or to be utilized in the future. |
CALCULATION_OF_WEIGHTED_AVERAG
CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS (LOSS) PER SHARE (EPS) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS (LOSS) PER SHARE (EPS) | ' | |||||||||||||||
CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS PER SHARE (EPS) | ||||||||||||||||
The following table reconciles basic to diluted weighted shares outstanding used to calculate earnings per share data dollars and shares (in thousands, except per share data): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income | $ | 17,007 | $ | 11,753 | $ | 27,578 | $ | 23,336 | ||||||||
Basic weighted average shares outstanding | 19,342 | 19,333 | 19,344 | 19,323 | ||||||||||||
Plus unvested restricted stock | 68 | 64 | 62 | 62 | ||||||||||||
Diluted weighted shares outstanding | 19,410 | 19,397 | 19,406 | 19,385 | ||||||||||||
Earnings per common share | ||||||||||||||||
Basic | $ | 0.88 | $ | 0.61 | $ | 1.43 | $ | 1.21 | ||||||||
Diluted | $ | 0.88 | $ | 0.6 | $ | 1.42 | $ | 1.2 | ||||||||
Options to purchase an additional 19,964 shares of common stock as of June 30, 2014 were not included in the computation of diluted earnings per share because their exercise price resulted in them being anti-dilutive. Also, as of June 30, 2014, the warrants originally issued to the U.S. Treasury in the fourth quarter of 2008 to purchase up to $18.6 million (243,998 shares, post reverse-split) of common stock were not included in the computation of diluted EPS for the quarters ended June 30, 2014 and 2013 because the exercise price of the warrants was greater than the average market price of common shares. In June 2013, the Treasury sold the warrants in a public auction. That sale did not change the Company's capital position and did not have any impact on the financial accounting and reporting for these securities. |
STOCKBASED_COMPENSATION_PLANS_
STOCK-BASED COMPENSATION PLANS AND STOCK OPTIONS | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
STOCK-BASED COMPENSATION PLANS AND STOCK OPTIONS | ' |
STOCK-BASED COMPENSATION PLANS | |
The Company operates the following stock-based compensation plans as approved by the shareholders: the 1998 Stock Option Plan, and 2001 Stock Option Plan (collectively the SOPs), the 2012 Restricted Stock and Incentive Bonus Plan, and the 2014 Omnibus Incentive Plan. In addition, the Board approved in 2006 the Long Term Incentive Plan. The purpose of these plans is to promote the success and enhance the value of the Company by providing a means for attracting and retaining highly skilled employees, officers and directors of Banner Corporation and its affiliates and linking their personal interests with those of the Company's shareholders. Under these plans the Company currently has outstanding restricted stock grants, stock options and stock appreciation rights. | |
Restricted Stock Grants. Under the 2012 Restricted Stock and Incentive Bonus Plan, which was initially approved on April 24, 2012, the Company is authorized to issue up to 300,000 shares of its common stock to provide a means for attracting and retaining highly skilled officers of Banner Corporation and its affiliates. Shares granted under the Plan have a minimum vesting period of three years. The Plan will continue in effect for a term of ten years, after which no further awards may be granted. The 2012 Restricted Stock Plan was amended on April 23, 2013 to provide for the ability to grant (1) cash-denominated incentive-based awards payable in cash or common stock, including those that are eligible to qualify as qualified performance-based compensation for the purposes of Section 162(m) of the Code and (2) restricted stock awards that qualify as qualified performance-based compensation for the purposes of Section 162(m) of the Code. Vesting requirements may include time-based conditions, performance-based conditions, or market-based conditions. As of June 30, 2014, the Company had granted 267,827 shares of restricted stock from the 2012 Restricted Stock and Incentive Bonus Plan, of which 57,243 shares had vested and 210,584 shares remain unvested. | |
The expense associated with all restricted stock grants was $610,000 and $1.1 million, respectively, for the three and six month period ended June 30, 2014 and was $315,000 and $522,000, respectively, for the three and six month period ended June 30, 2013. Unrecognized compensation expense for these awards as of June 30, 2014 was $5.0 million and will be amortized over the next 36 months. | |
Stock Options. Under the SOPs, Banner reserved 2,284,186 shares for issuance pursuant to the exercise of stock options to be granted to directors and employees. Authority to grant additional options under the 1998 Stock Option Plan terminated on July 24, 2008. Authority to grant additional options under the 2001 Stock Option Plan terminated on April 20, 2011. The exercise price of the stock options is set at 100% of the fair market value of the stock price on the date of grant. Options granted vest at a rate of 20% per year from the date of grant and any unexercised incentive stock options will expire ten years after date of grant or 90 days after employment or service ends. | |
During the six months ended June 30, 2014 and 2013, the Company did not grant any stock options. Additionally, there were no significant modifications made to any stock option grants during the period. The fair values of stock options granted are amortized as compensation expense on a straight-line basis over the vesting period of the grant. | |
There were no stock-based compensation costs related to the SOPs for the quarters ended June 30, 2014 or June 30, 2013. The SOPs’ stock option grant compensation costs are generally based on the fair value calculated from the Black-Scholes option pricing on the date of the grant award. The Black-Scholes model assumes an expected stock price volatility based on the historical volatility at the date of the grant and an expected term based on the remaining contractual life of the vesting period. The Company bases the estimate of risk-free interest rate on the U.S. Treasury Constant Maturities Indices in effect at the time of the grant. The dividend yield is based on the current quarterly dividend in effect at the time of the grant. | |
During the three and six months ended June 30, 2014 and 2013, there were no exercises of stock options. Cash was not used to settle any equity instruments previously granted. The Company issues shares from authorized but unissued shares upon the exercise of stock options. The Company does not currently expect to repurchase shares from any source to satisfy such obligations under the SOPs. | |
Banner Corporation Long-Term Incentive Plan: In June 2006, the Board of Directors adopted the Banner Corporation Long-Term Incentive Plan effective July 1, 2006. The Plan is an account-based type of benefit, the value of which is directly related to changes in the value of Company common stock, dividends declared on Company common stock and changes in Banner Bank’s average earnings rate, and is considered a stock appreciation right (SAR). Each SAR entitles the holder to receive cash upon vesting, equal to the excess of the fair market value of a share of the Company’s common stock on the date of maturity of the SAR over the fair market value of such share on the date granted plus, for some grants, the dividends declared on the stock from the date of grant to the date of vesting. The primary objective of the Plan is to create a retention incentive by allowing officers who remain with the Company or the Banks for a sufficient period of time to share in the increases in the value of Company stock. The Company re-measures the fair value of SARs each reporting period until the award is settled and recognizes changes in fair value and vesting in compensation expense. The Company recognized compensation expense of $11,000 for the three months ended June 30, 2014 and a net reversal of compensation expense of $137,000 for the six months ended June 30, 2014 due to variations in market value of the underlying stock, compared to compensation expense of $150,000 for the three months ended June 30, 2013 and a compensation expense of $239,000 for the six months ended June 30, 2013. At June 30, 2014, the aggregate liability related to SARs was $858,000 and was included in deferred compensation. | |
Banner Corporation 2014 Omnibus Incentive Plan: The Banner Corporation 2014 Omnibus Incentive Plan (2014 Plan) was approved by shareholders on April 22, 2014. The 2014 Plan provides for the grant of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares, performance units, other stock-based awards and other cash awards, and provides for vesting requirements which may include time-based or performance-based conditions. The Company has reserved 900,000 shares of its common stock for issuance under the 2014 Plan in connection with exercise of awards. As of June 30, 2014, no awards had been granted under the 2014 Omnibus Plan. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
COMMITMENTS AND CONTINGENCIES | ' | |||||||
COMMITMENTS AND CONTINGENCIES | ||||||||
Lease Commitments — The Company leases 64 sites under non-cancelable operating leases. The leases contain various provisions for increases in rental rates, based either on changes in the published Consumer Price Index or a predetermined escalation schedule. Substantially all of the leases provide the Company with the option to extend the lease term one or more times following expiration of the initial term. | ||||||||
Financial Instruments with Off-Balance-Sheet Risk—The Company has financial instruments with off-balance-sheet risk generated in the normal course of business to meet the financing needs of our customers. These financial instruments include commitments to extend credit, commitments related to standby letters of credit, commitments to originate loans, commitments to sell loans, commitments to buy and sell securities. These instruments involve, to varying degrees, elements of credit and interest rate risk similar to the risk involved in on-balance sheet items recognized in our Consolidated Statements of Financial Condition. | ||||||||
Our exposure to credit loss in the event of nonperformance by the other party to the financial instrument from commitments to extend credit and standby letters of credit is represented by the contractual notional amount of those instruments. We use the same credit policies in making commitments and conditional obligations as for on-balance-sheet instruments. | ||||||||
Outstanding commitments for which no asset or liability for the notional amount has been recorded consisted of the following at the dates indicated (in thousands): | ||||||||
Contract or Notional Amount | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Commitments to extend credit | $ | 1,140,644 | $ | 1,073,897 | ||||
Standby letters of credit and financial guarantees | 8,392 | 6,990 | ||||||
Commitments to originate loans | 32,525 | 15,776 | ||||||
Derivatives also included in Note 16: | ||||||||
Commitments to originate loans held for sale | 43,639 | 21,434 | ||||||
Commitments to sell loans secured by one- to four-family residential properties | 17,714 | 9,378 | ||||||
Commitments to sell securities related to mortgage banking activities | 29,166 | 15,200 | ||||||
Commitments to extend credit are agreements to lend to a customer, as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Many of the commitments may expire without being drawn upon; therefore, the total commitment amounts do not necessarily represent future cash requirements. Each customer’s creditworthiness is evaluated on a case-by-case basis. The amount of collateral obtained, if deemed necessary upon extension of credit, is based on management’s credit evaluation of the customer. The type of collateral held varies, but may include accounts receivable, inventory, property, plant and equipment, and income producing commercial properties. | ||||||||
Standby letters of credit are conditional commitments issued to guarantee a customer’s performance or payment to a third party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. | ||||||||
Interest rates on residential one- to four-family mortgage loan applications are typically rate locked (committed) to customers during the application stage for periods ranging from 30 to 60 days, the most typical period being 45 days. Traditionally these loan applications with rate lock commitments had the pricing for the sale of these loans locked with various qualified investors under a best-efforts delivery program at or near the time the interest rate is locked with the customer. The Company then attempts to deliver these loans before their rate locks expired. This arrangement generally required delivery of the loans prior to the expiration of the rate lock. Delays in funding the loans required a lock extension. The cost of a lock extension at times was borne by the customer and at times by the Bank. These lock extension costs have not had a material impact to our operations. In 2012, the Company also began entering into forward commitments at specific prices and settlement dates to deliver either: (1) residential mortgage loans for purchase by secondary market investors (i.e., Freddie Mac or Fannie Mae), or (2) mortgage-backed securities to broker/dealers. The purpose of these forward commitments is to offset the movement in interest rates between the execution of its residential mortgage rate lock commitments with borrowers and the sale of those loans to the secondary market investor. There were no counterparty default losses on forward contracts in the six months ended June 30, 2014 or June 30, 2013. Market risk with respect to forward contracts arises principally from changes in the value of contractual positions due to changes in interest rates. We limit our exposure to market risk by monitoring differences between commitments to customers and forward contracts with market investors and securities broker/dealers. In the event we have forward delivery contract commitments in excess of available mortgage loans, the transaction is completed by either paying or receiving a fee to or from the investor or broker/dealer equal to the increase or decrease in the market value of the forward contract. | ||||||||
Legal Proceedings—In the normal course of business, the Company and/or its subsidiaries have various legal proceedings and other contingent matters outstanding. These proceedings and the associated legal claims are often contested and the outcome of individual matters is not always predictable. The claims and counter-claims typically arise during the course of collection efforts on problem loans or with respect to action to enforce liens on properties in which the Company holds a security interest. Based on information known to management at this time, the Company is not a party to any legal proceedings that management believes would have a material adverse effect on the Company's results of operations or consolidated financial position at June 30, 2014. |
DERIVATIVES_AND_HEDGING
DERIVATIVES AND HEDGING | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
DERIVATIVES AND HEDGING | ' | |||||||||||||||||||||||||||||||
DERIVATIVES AND HEDGING | ||||||||||||||||||||||||||||||||
The Company, through its Banner Bank subsidiary, is party to various derivative instruments that are used for asset and liability management and customer financing needs. Derivative instruments are contracts between two or more parties that have a notional amount and an underlying variable, require no net investment and allow for the net settlement of positions. The notional amount serves as the basis for the payment provision of the contract and takes the form of units, such as shares or dollars. The underlying variable represents a specified interest rate, index, or other component. The interaction between the notional amount and the underlying variable determines the number of units to be exchanged between the parties and influences the market value of the derivative contract. The Company obtains dealer quotations to value its derivative contracts. | ||||||||||||||||||||||||||||||||
The Company's predominant derivative and hedging activities involve interest rate swaps related to certain term loans and forward sales contracts associated with mortgage banking activities. Generally, these instruments help the Company manage exposure to market risk and meet customer financing needs. Market risk represents the possibility that economic value or net interest income will be adversely affected by fluctuations in external factors such as market-driven interest rates and prices or other economic factors. | ||||||||||||||||||||||||||||||||
Derivatives Designated in Hedge Relationships | ||||||||||||||||||||||||||||||||
The Company's fixed rate loans result in exposure to losses in value or net interest income as interest rates change. The risk management objective for hedging fixed rate loans is to effectively convert the fixed rate received to a floating rate. The Company has hedged exposure to changes in the fair value of certain fixed rate loans through the use of interest rate swaps. For a qualifying fair value hedge, changes in the value of the derivatives are recognized in current period earnings along with the corresponding changes in the fair value of the designated hedged item attributable to the risk being hedged. | ||||||||||||||||||||||||||||||||
In a program brought to Banner Bank through its merger with F&M Bank in 2007, customers received fixed interest rate commercial loans and the Bank subsequently hedged that fixed rate loan by entering into an interest rate swap with a dealer counterparty. The Bank receives fixed rate payments from the customers on the loans and makes similar fixed rate payments to the dealer counterparty on the swaps in exchange for variable rate payments based on the one-month LIBOR index. Some of these interest rate swaps are designated as fair value hedges. Through application of the “short cut method of accounting,” there is an assumption that the hedges are effective. The Bank discontinued originating interest rate swaps under this program in 2008. | ||||||||||||||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, the notional values or contractual amounts and fair values of the Company's derivatives designated in hedge relationships were as follows (in thousands): | ||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||
Notional/ | Fair | Notional/ | Fair | Notional/ | Fair | Notional/ | Fair | |||||||||||||||||||||||||
Contract Amount | Value (1) | Contract Amount | Value (1) | Contract Amount | Value (2) | Contract Amount | Value (2) | |||||||||||||||||||||||||
Interest rate swaps | $ | 7,257 | $ | 1,263 | $ | 7,420 | $ | 1,295 | $ | 7,257 | $ | 1,263 | $ | 7,420 | $ | 1,295 | ||||||||||||||||
(1) | Included in Loans receivable on the Consolidated Statements of Financial Condition. | |||||||||||||||||||||||||||||||
(2) | Included in Other liabilities on the Consolidated Statements of Financial Condition. | |||||||||||||||||||||||||||||||
Derivatives Not Designated in Hedge Relationships | ||||||||||||||||||||||||||||||||
Interest Rate Swaps. Banner Bank has been using an interest rate swap program for commercial loan customers, termed the Back-to-Back Program, since 2010. In the Back-to-Back Program, the Bank provides the client with a variable rate loan and enters into an interest rate swap in which the client receives a variable rate payment in exchange for a fixed rate payment. The Bank offsets its risk exposure by entering into an offsetting interest rate swap with a dealer counterparty for the same notional amount and length of term as the client interest rate swap providing the dealer counterparty with a fixed rate payment in exchange for a variable rate payment. There are also a few interest rate swaps from prior to 2009 that were not designated in hedge relationships that are included in these totals. These swaps do not qualify as designated hedges; therefore, each swap is accounted for as a free standing derivative. | ||||||||||||||||||||||||||||||||
Mortgage Banking. In the normal course of business, the Company sells originated mortgage loans into the secondary mortgage loan markets. During the period of loan origination and prior to the sale of the loans in the secondary market, the Company has exposure to movements in interest rates associated with written rate lock commitments with potential borrowers to originate loans that are intended to be sold and for closed loans that are awaiting sale and delivery into the secondary market. | ||||||||||||||||||||||||||||||||
Written loan commitments that relate to the origination of mortgage loans that will be held for resale are considered free-standing derivatives and do not qualify for hedge accounting. Written loan commitments generally have a term of up to 60 days before the closing of the loan. The loan commitment does not bind the potential borrower to enter into the loan, nor does it guarantee that the Company will approve the potential borrower for the loan. Therefore, when determining fair value, the Company makes estimates of expected “fallout” (loan commitments not expected to close), using models which consider cumulative historical fallout rates, current market interest rates and other factors. | ||||||||||||||||||||||||||||||||
Written loan commitments in which the borrower has locked in an interest rate results in market risk to the Company to the extent market interest rates change from the rate quoted to the borrower. The Company economically hedges the risk of changing interest rates associated with its interest rate lock commitments by entering into forward sales contracts. | ||||||||||||||||||||||||||||||||
Mortgage loans which are held for sale are subject to changes in fair value due to fluctuations in interest rates from the loan's closing date through the date of sale of the loans into the secondary market. Typically, the fair value of these loans declines when interest rates increase and rises when interest rates decrease. To mitigate this risk, the Company enters into forward sales contracts on a significant portion of these loans to provide an economic hedge against those changes in fair value. Mortgage loans held for sale and the forward sales contracts are recorded at fair value with ineffective changes in value recorded in current earnings as loan sales and servicing income. | ||||||||||||||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, the notional values or contractual amounts and fair values of the Company's derivatives not designated in hedge relationships were as follows (in thousands): | ||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||
Notional/ | Fair | Notional/ | Fair | Notional/ | Fair | Notional/ | Fair | |||||||||||||||||||||||||
Contract Amount | Value (1) | Contract Amount | Value (1) | Contract Amount | Value (2) | Contract Amount | Value (2) | |||||||||||||||||||||||||
Interest rate swaps | $ | 138,345 | $ | 4,387 | $ | 135,122 | $ | 3,651 | $ | 138,345 | $ | 4,387 | $ | 135,122 | $ | 3,651 | ||||||||||||||||
Mortgage loan commitments | 28,254 | 448 | 14,107 | 57 | 15,177 | 115 | 7,326 | 43 | ||||||||||||||||||||||||
Forward sales contracts | 15,177 | 115 | 22,526 | 73 | 29,166 | 236 | — | — | ||||||||||||||||||||||||
$ | 181,776 | $ | 4,950 | $ | 171,755 | $ | 3,781 | $ | 182,688 | $ | 4,738 | $ | 142,448 | $ | 3,694 | |||||||||||||||||
(1) | Included in Other assets on the Consolidated Statement of Financial Condition, with the exception of those interest rate swaps from prior to 2009 that were not designated in hedge relationships (with a fair value of $689,000 at June 30, 2014 and $791,000 at December 31, 2013), which are included in Loans receivable. | |||||||||||||||||||||||||||||||
(2) | Included in Other liabilities on the Consolidated Statement of Financial Condition. | |||||||||||||||||||||||||||||||
Gains (losses) recognized in income on non-designated hedging instruments for the three and six months ended June 30, 2014 and 2013 were as follows (in thousands): | ||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
30-Jun | 30-Jun | |||||||||||||||||||||||||||||||
Location on Income Statement | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Mortgage loan commitments | Mortgage banking operations | $ | 321 | $ | (878 | ) | $ | 391 | $ | (816 | ) | |||||||||||||||||||||
Forward sales contracts | Mortgage banking operations | (199 | ) | 878 | (265 | ) | 823 | |||||||||||||||||||||||||
$ | 122 | $ | — | $ | 126 | $ | 7 | |||||||||||||||||||||||||
The Company is exposed to credit-related losses in the event of nonperformance by the counterparty to these agreements. Credit risk of the financial contract is controlled through the credit approval, limits, and monitoring procedures and management does not expect the counterparties to fail their obligations. | ||||||||||||||||||||||||||||||||
In connection with the interest rate swaps between Banner Bank and the dealer counterparties, the agreements contain a provision where if Banner Bank fails to maintain its status as a well/adequately capitalized institution, then the counterparty could terminate the derivative positions and Banner Bank would be required to settle its obligations. Similarly, Banner Bank could be required to settle its obligations under certain of its agreements if specific regulatory events occur, such as a publicly issued prompt corrective action directive, cease and desist order, or a capital maintenance agreement that required Banner Bank to maintain a specific capital level. If Banner Bank had breached any of these provisions at June 30, 2014 or December 31, 2013, it could have been required to settle its obligations under the agreements at the termination value. As of June 30, 2014 and December 31, 2013, the termination value of derivatives in a net liability position related to these agreements was $5.4 million and $2.7 million, respectively. The Company generally posts collateral against derivative liabilities in the form of government agency-issued bonds, mortgage-backed securities, or commercial mortgage-backed securities. Collateral posted against derivative liabilities was $9.9 million and $8.9 million as of June 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||||||||||||||
Derivative assets and liabilities are recorded at fair value on the balance sheet and do not take into account the effects of master netting agreements. Master netting agreements allow the Company to settle all derivative contracts held with a single counterparty on a net basis and to offset net derivative positions with related collateral where applicable. | ||||||||||||||||||||||||||||||||
The following table illustrates the potential effect of the Company's derivative master netting arrangements, by type of financial instrument, on the Company's Statements of Financial Condition as of June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||
Gross Amounts of Financial Instruments Not Offset in the Statement of Financial Condition | ||||||||||||||||||||||||||||||||
Gross Amounts Recognized | Amounts offset | Net Amounts | Netting Adjustment Per Applicable Master Netting Agreements | Fair Value | Net Amount | |||||||||||||||||||||||||||
in the Statement | in the Statement | of Financial Collateral | ||||||||||||||||||||||||||||||
of Financial Condition | of Financial Condition | in the Statement | ||||||||||||||||||||||||||||||
of Financial Condition | ||||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 5,650 | $ | — | $ | 5,650 | $ | (148 | ) | $ | — | $ | 5,502 | |||||||||||||||||||
$ | 5,650 | $ | — | $ | 5,650 | $ | (148 | ) | $ | — | $ | 5,502 | ||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 5,650 | $ | — | $ | 5,650 | $ | (148 | ) | $ | — | $ | 5,502 | |||||||||||||||||||
$ | 5,650 | $ | — | $ | 5,650 | $ | (148 | ) | $ | — | $ | 5,502 | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Gross Amounts of Financial Instruments Not Offset in the Statement of Financial Condition | ||||||||||||||||||||||||||||||||
Gross Amounts Recognized | Amounts offset | Net Amounts | Netting Adjustment Per Applicable Master Netting Agreements | Fair Value | Net Amount | |||||||||||||||||||||||||||
in the Statement | in the Statement | of Financial Collateral | ||||||||||||||||||||||||||||||
of Financial Condition | of Financial Condition | in the Statement | ||||||||||||||||||||||||||||||
of Financial Condition | ||||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 4,946 | $ | — | $ | 4,946 | $ | (554 | ) | $ | — | $ | 4,392 | |||||||||||||||||||
$ | 4,946 | $ | — | $ | 4,946 | $ | (554 | ) | $ | — | $ | 4,392 | ||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 4,946 | $ | — | $ | 4,946 | $ | (554 | ) | $ | (2,657 | ) | $ | 1,735 | ||||||||||||||||||
$ | 4,946 | $ | — | $ | 4,946 | $ | (554 | ) | $ | (2,657 | ) | $ | 1,735 | |||||||||||||||||||
BASIS_OF_PRESENTATION_AND_CRIT1
BASIS OF PRESENTATION AND CRITICAL ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Accounting | ' |
The accompanying unaudited consolidated interim financial statements include the accounts of Banner Corporation (the Company or Banner), a bank holding company incorporated in the State of Washington and its wholly-owned subsidiaries, Banner Bank and Islanders Bank (the Banks). | |
These unaudited consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission (SEC). In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the financial position and results of operations for the periods presented have been included. Certain information and disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC. Certain reclassifications have been made to the 2013 Consolidated Financial Statements and/or schedules to conform to the 2014 presentation. These reclassifications may have affected certain ratios for the prior periods. The effect of these reclassifications is considered immaterial. All significant intercompany transactions and balances have been eliminated. | |
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect amounts reported in the financial statements. Various elements of the Company’s accounting policies, by their nature, are inherently subject to estimation techniques, valuation assumptions and other subjective assessments. In particular, management has identified several accounting policies that, due to the judgments, estimates and assumptions inherent in those policies, are critical to an understanding of Banner’s financial statements. These policies relate to (i) the methodology for the recognition of interest income, (ii) determination of the provision and allowance for loan and lease losses, (iii) the valuation of financial assets and liabilities recorded at fair value, including other-than-temporary impairment (OTTI) losses, (iv) the valuation of intangibles, such as core deposit intangibles and mortgage servicing rights, (v) the valuation of real estate held for sale and (vi) the valuation of or recognition of deferred tax assets and liabilities. These policies and judgments, estimates and assumptions are described in greater detail in subsequent notes to the Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations (Critical Accounting Policies) in our Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC. Management believes that the judgments, estimates and assumptions used in the preparation of the financial statements are appropriate based on the factual circumstances at the time. However, given the sensitivity of the financial statements to these critical accounting policies, the use of other judgments, estimates and assumptions could result in material differences in the Company’s results of operations or financial condition. Further, subsequent changes in economic or market conditions could have a material impact on these estimates and the Company’s financial condition and operating results in future periods. | |
The information included in this Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2013 as filed with the SEC (2013 Form 10-K). Interim results are not necessarily indicative of results for a full year. | |
Segment Reporting Policy | ' |
The Company is managed by legal entity and not by lines of business. Each of the Banks is a community oriented commercial bank chartered in the State of Washington. Each of the Banks’ primary business is that of a traditional banking institution, gathering deposits and originating loans for its portfolios in its markets. The Banks offer a wide variety of deposit products to their consumer and commercial customers. Lending activities include the origination of real estate, commercial/agriculture business and consumer loans. Banner Bank is also an active participant in the secondary market, originating residential loans for sale on both a servicing released and servicing retained basis. In addition to interest income on loans and investment securities, the Banks receive other income from deposit service charges, loan servicing fees and from the sale of loans and investments. The performance of the Banks is reviewed by the Company’s executive management and Board of Directors on a monthly basis. All of the executive officers of the Company are members of Banner Bank’s management team. | |
Generally Accepted Accounting Principles, or GAAP, establish standards to report information about operating segments in annual financial statements and require reporting of selected information about operating segments in interim reports to stockholders. The Company has determined that its current business and operations consist of a single business segment. |
RECENT_DEVELOPMENTS_AND_SIGNIF1
RECENT DEVELOPMENTS AND SIGNIFICANT EVENTS RECENT DEVELOPMENTS AND SIGNIFICANT EVENTS (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Schedule of Components of Business Acquisition [Table Text Block] | ' | |||||||
The following table displays the fair value as of the acquisition date for each major class of assets acquired and liabilities assumed (in thousands): | ||||||||
Fair Value at | ||||||||
20-Jun-14 | ||||||||
Assets: | ||||||||
Cash | $ | 127,557 | ||||||
Loans receivable, net (contractual amount of $88.3 million) | 87,923 | |||||||
Property and equipment, net | 3,079 | |||||||
Core deposit intangible | 2,372 | |||||||
Other assets | 275 | |||||||
Total assets | 221,206 | |||||||
Liabilities: | ||||||||
Deposits | 212,085 | |||||||
Other liabilities | 42 | |||||||
Total liabilities | 212,127 | |||||||
Acquisition bargain purchase gain | $ | 9,079 | ||||||
Schedule of Acquisition-Related Costs [Text Block] | ' | |||||||
In connection with the acquisition, Banner recognized $2.0 million of acquisition-related expenses for the three and six months ended June 30, 2014 as follows (in thousands): | ||||||||
Three Months Ended | Six Months Ended | |||||||
30-Jun-14 | 30-Jun-14 | |||||||
Acquisition-related costs recognized in other operating expenses: | ||||||||
Non-capitalized equipment | $ | 29 | $ | 29 | ||||
Client communications | 236 | 238 | ||||||
Information/computer data services | 632 | 632 | ||||||
Payment and processing expenses | 271 | 271 | ||||||
Professional services | 587 | 619 | ||||||
Miscellaneous | 224 | 235 | ||||||
$ | 1,979 | $ | 2,024 | |||||
INTERESTBEARING_DEPOSITS_AND_S1
INTEREST-BEARING DEPOSITS AND SECURITIES (Tables) | 6 Months Ended | |||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||
Marketable Securities [Line Items] | ' | |||||||||||||||||||||||
Schedule of Investments | ' | |||||||||||||||||||||||
The following table sets forth additional detail regarding our interest-bearing deposits and securities at the dates indicated (includes securities—trading, available-for-sale and held-to-maturity, all at carrying value) (in thousands): | ||||||||||||||||||||||||
June 30 | December 31 | |||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Interest-bearing deposits included in cash and due from banks | $ | 62,990 | $ | 67,638 | ||||||||||||||||||||
U.S. Government and agency obligations | 55,908 | 61,327 | ||||||||||||||||||||||
Municipal bonds: | ||||||||||||||||||||||||
Taxable | 35,227 | 34,216 | ||||||||||||||||||||||
Tax exempt | 138,859 | 119,588 | ||||||||||||||||||||||
Total municipal bonds | 174,086 | 153,804 | ||||||||||||||||||||||
Corporate bonds | 45,340 | 44,154 | ||||||||||||||||||||||
Mortgage-backed or related securities: | ||||||||||||||||||||||||
One- to four-family residential agency guaranteed | 56,063 | 58,117 | ||||||||||||||||||||||
One- to four-family residential other | 911 | 1,051 | ||||||||||||||||||||||
Multifamily agency guaranteed | 281,421 | 281,319 | ||||||||||||||||||||||
Multifamily other | 10,676 | 10,234 | ||||||||||||||||||||||
Total mortgage-backed or related securities | 349,071 | 350,721 | ||||||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||
Student Loan Marketing Association (SLMA) | 15,732 | 15,681 | ||||||||||||||||||||||
Other asset-backed securities | 9,734 | 9,510 | ||||||||||||||||||||||
Total asset-backed securities | 25,466 | 25,191 | ||||||||||||||||||||||
Equity securities (excludes FHLB stock) | 61 | 68 | ||||||||||||||||||||||
Total securities | 649,932 | 635,265 | ||||||||||||||||||||||
Total interest-bearing deposits and securities | $ | 712,922 | $ | 702,903 | ||||||||||||||||||||
Schedule of Trading Securities | ' | |||||||||||||||||||||||
Securities—Trading: The amortized cost and estimated fair value of securities—trading at June 30, 2014 and December 31, 2013 are summarized as follows (dollars in thousands): | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Amortized Cost | Fair Value | Percent of Total | Amortized Cost | Fair Value | Percent of Total | |||||||||||||||||||
U.S. Government and agency obligations | $ | 1,370 | $ | 1,530 | 2.5 | % | $ | 1,370 | $ | 1,481 | 2.4 | % | ||||||||||||
Municipal bonds: | ||||||||||||||||||||||||
Tax exempt | 1,666 | 1,716 | 2.8 | 4,969 | 5,023 | 8 | ||||||||||||||||||
Corporate bonds | 49,466 | 38,529 | 62.7 | 49,498 | 35,140 | 56.2 | ||||||||||||||||||
Mortgage-backed or related securities: | ||||||||||||||||||||||||
One- to four-family residential agency guaranteed | 9,222 | 9,987 | 16.3 | 10,483 | 11,230 | 18 | ||||||||||||||||||
Multifamily agency guaranteed | 8,734 | 9,570 | 15.6 | 8,816 | 9,530 | 15.3 | ||||||||||||||||||
Total mortgage-backed or related securities | 17,956 | 19,557 | 31.9 | 19,299 | 20,760 | 33.3 | ||||||||||||||||||
Equity securities | 14 | 61 | 0.1 | 14 | 68 | 0.1 | ||||||||||||||||||
$ | 70,472 | $ | 61,393 | 100 | % | $ | 75,150 | $ | 62,472 | 100 | % | |||||||||||||
Schedule of Available-for-sale Securities | ' | |||||||||||||||||||||||
Securities—Available-for-Sale: The amortized cost and estimated fair value of securities—available-for-sale at June 30, 2014 and December 31, 2013 are summarized as follows (dollars in thousands): | ||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Percent of Total | ||||||||||||||||||||
U.S. Government and agency obligations | $ | 52,424 | $ | 41 | $ | (253 | ) | $ | 52,212 | 11.5 | % | |||||||||||||
Municipal bonds: | ||||||||||||||||||||||||
Taxable | 19,733 | 116 | (40 | ) | 19,809 | 4.4 | ||||||||||||||||||
Tax exempt | 30,876 | 194 | (78 | ) | 30,992 | 6.8 | ||||||||||||||||||
Total municipal bonds | 50,609 | 310 | (118 | ) | 50,801 | 11.2 | ||||||||||||||||||
Corporate bonds | 5,000 | 11 | — | 5,011 | 1.1 | |||||||||||||||||||
Mortgage-backed or related securities: | ||||||||||||||||||||||||
One- to four-family residential agency guaranteed | 43,883 | 839 | (452 | ) | 44,270 | 9.7 | ||||||||||||||||||
One- to four-family residential other | 860 | 51 | — | 911 | 0.2 | |||||||||||||||||||
Multifamily agency guaranteed | 266,339 | 877 | (1,210 | ) | 266,006 | 58.4 | ||||||||||||||||||
Multifamily other | 10,554 | 122 | — | 10,676 | 2.3 | |||||||||||||||||||
Total mortgage-backed or related securities | 321,636 | 1,889 | (1,662 | ) | 321,863 | 70.6 | ||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||
SLMA | 15,508 | 224 | — | 15,732 | 3.5 | |||||||||||||||||||
Other asset-backed securities | 10,055 | — | (321 | ) | 9,734 | 2.1 | ||||||||||||||||||
Total asset-backed securities | 25,563 | 224 | (321 | ) | 25,466 | 5.6 | ||||||||||||||||||
$ | 455,232 | $ | 2,475 | $ | (2,354 | ) | $ | 455,353 | 100 | % | ||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Percent of Total | ||||||||||||||||||||
U.S. Government and agency obligations | $ | 59,178 | $ | 117 | $ | (635 | ) | $ | 58,660 | 12.5 | % | |||||||||||||
Municipal bonds: | ||||||||||||||||||||||||
Taxable | 23,842 | 100 | (278 | ) | 23,664 | 5 | ||||||||||||||||||
Tax exempt | 29,229 | 170 | (208 | ) | 29,191 | 6.2 | ||||||||||||||||||
Total municipal bonds | 53,071 | 270 | (486 | ) | 52,855 | 11.2 | ||||||||||||||||||
Corporate bonds | 7,001 | 2 | (39 | ) | 6,964 | 1.5 | ||||||||||||||||||
Mortgage-backed or related securities: | ||||||||||||||||||||||||
One- to four-family residential agency guaranteed | 47,077 | 648 | (838 | ) | 46,887 | 10 | ||||||||||||||||||
One- to four-family residential other | 988 | 63 | — | 1,051 | 0.2 | |||||||||||||||||||
Multifamily agency guaranteed | 271,428 | 402 | (3,392 | ) | 268,438 | 57.1 | ||||||||||||||||||
Multifamily other | 10,604 | — | (370 | ) | 10,234 | 2.2 | ||||||||||||||||||
Total mortgage-backed or related securities | 330,097 | 1,113 | (4,600 | ) | 326,610 | 69.5 | ||||||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||
SLMA | 15,553 | 128 | — | 15,681 | 3.3 | |||||||||||||||||||
Other asset-backed securities | 10,060 | — | (550 | ) | 9,510 | 2 | ||||||||||||||||||
Total asset-backed securities | 25,613 | 128 | (550 | ) | 25,191 | 5.3 | ||||||||||||||||||
$ | 474,960 | $ | 1,630 | $ | (6,310 | ) | $ | 470,280 | 100 | % | ||||||||||||||
Schedule of Available-for-sale Securities with Continuous Loss Position | ' | |||||||||||||||||||||||
At June 30, 2014 and December 31, 2013, an aging of unrealized losses and fair value of related securities—available-for-sale was as follows (in thousands): | ||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
U.S. Government and agency obligations | $ | 6,691 | $ | (8 | ) | $ | 20,299 | $ | (245 | ) | $ | 26,990 | $ | (253 | ) | |||||||||
Municipal bonds: | ||||||||||||||||||||||||
Taxable | 3,031 | (6 | ) | 3,829 | (34 | ) | 6,860 | (40 | ) | |||||||||||||||
Tax exempt | 1,617 | (3 | ) | 3,757 | (75 | ) | 5,374 | (78 | ) | |||||||||||||||
Total municipal bonds | 4,648 | (9 | ) | 7,586 | (109 | ) | 12,234 | (118 | ) | |||||||||||||||
Mortgage-backed or related securities: | ||||||||||||||||||||||||
One- to four-family residential agency guaranteed | 10,338 | (79 | ) | 12,107 | (373 | ) | 22,445 | (452 | ) | |||||||||||||||
Multifamily agency guaranteed | 21,224 | (84 | ) | 119,731 | (1,126 | ) | 140,955 | (1,210 | ) | |||||||||||||||
Total mortgage-backed or related securities | 31,562 | (163 | ) | 131,838 | (1,499 | ) | 163,400 | (1,662 | ) | |||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||
Other asset-backed securities | — | — | 9,734 | (321 | ) | 9,734 | (321 | ) | ||||||||||||||||
$ | 42,901 | $ | (180 | ) | $ | 169,457 | $ | (2,174 | ) | $ | 212,358 | $ | (2,354 | ) | ||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
U.S. Government and agency obligations | $ | 39,621 | $ | (633 | ) | $ | 998 | $ | (2 | ) | $ | 40,619 | $ | (635 | ) | |||||||||
Municipal bonds: | ||||||||||||||||||||||||
Taxable | 15,580 | (261 | ) | 413 | (17 | ) | 15,993 | (278 | ) | |||||||||||||||
Tax exempt | 8,217 | (205 | ) | 487 | (3 | ) | 8,704 | (208 | ) | |||||||||||||||
Total municipal bonds | 23,797 | (466 | ) | 900 | (20 | ) | 24,697 | (486 | ) | |||||||||||||||
Corporate bonds | 4,961 | (39 | ) | — | — | 4,961 | (39 | ) | ||||||||||||||||
Mortgage-backed or related securities: | ||||||||||||||||||||||||
One- to four-family residential agency guaranteed | 14,972 | (133 | ) | 22,560 | (705 | ) | 37,532 | (838 | ) | |||||||||||||||
Multifamily agency guaranteed | 199,407 | (3,162 | ) | 10,096 | (230 | ) | 209,503 | (3,392 | ) | |||||||||||||||
Multifamily other | 10,234 | (370 | ) | — | — | 10,234 | (370 | ) | ||||||||||||||||
Total mortgage-backed or related securities | 224,613 | (3,665 | ) | 32,656 | (935 | ) | 257,269 | (4,600 | ) | |||||||||||||||
Asset-backed securities: | ||||||||||||||||||||||||
Other asset-backed securities | — | — | 9,510 | (550 | ) | 9,510 | (550 | ) | ||||||||||||||||
$ | 292,992 | $ | (4,803 | ) | $ | 44,064 | $ | (1,507 | ) | $ | 337,056 | $ | (6,310 | ) | ||||||||||
Schedule of Held-to-maturity Securities | ' | |||||||||||||||||||||||
Securities—Held-to-Maturity: The amortized cost and estimated fair value of securities—held-to-maturity at June 30, 2014 and December 31, 2013 are summarized as follows (dollars in thousands): | ||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Percent of Total Amortized Cost | ||||||||||||||||||||
U.S. Government and agency obligations | $ | 2,166 | $ | — | $ | (29 | ) | $ | 2,137 | 1.6 | % | |||||||||||||
Municipal bonds: | ||||||||||||||||||||||||
Taxable | 15,418 | 287 | (38 | ) | 15,667 | 11.6 | ||||||||||||||||||
Tax exempt | 106,151 | 4,970 | (361 | ) | 110,760 | 79.7 | ||||||||||||||||||
Total municipal bonds | 121,569 | 5,257 | (399 | ) | 126,427 | 91.3 | ||||||||||||||||||
Corporate bonds | 1,800 | — | — | 1,800 | 1.4 | |||||||||||||||||||
Mortgage-backed or related securities: | ||||||||||||||||||||||||
One- to four-family residential agency guaranteed | 1,806 | — | (10 | ) | 1,796 | 1.4 | ||||||||||||||||||
Multifamily agency guaranteed | 5,845 | 60 | — | 5,905 | 4.3 | |||||||||||||||||||
Total mortgage-backed or related securities | 7,651 | 60 | (10 | ) | 7,701 | 5.7 | ||||||||||||||||||
$ | 133,186 | $ | 5,317 | $ | (438 | ) | $ | 138,065 | 100 | % | ||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Percent of Total Amortized Cost | ||||||||||||||||||||
U.S. Government and agency obligations | $ | 1,186 | $ | — | $ | (80 | ) | $ | 1,106 | 1.2 | % | |||||||||||||
Municipal bonds: | ||||||||||||||||||||||||
Taxable | 10,552 | 193 | (204 | ) | 10,541 | 10.3 | ||||||||||||||||||
Tax exempt | 85,374 | 2,545 | (1,299 | ) | 86,620 | 83.3 | ||||||||||||||||||
Total municipal bonds | 95,926 | 2,738 | (1,503 | ) | 97,161 | 93.6 | ||||||||||||||||||
Corporate bonds | 2,050 | — | — | 2,050 | 2 | |||||||||||||||||||
Mortgage-backed or related securities: | ||||||||||||||||||||||||
Multifamily agency guaranteed | 3,351 | — | (58 | ) | 3,293 | 3.2 | ||||||||||||||||||
$ | 102,513 | $ | 2,738 | $ | (1,641 | ) | $ | 103,610 | 100 | % | ||||||||||||||
Schedule of Held-to-maturity Securities with Continuous Loss Position | ' | |||||||||||||||||||||||
At June 30, 2014 and December 31, 2013, an age analysis of unrealized losses and fair value of related securities—held-to-maturity was as follows (in thousands): | ||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
U.S. Government and agency obligations | $ | 1,000 | $ | (1 | ) | $ | 1,137 | $ | (28 | ) | $ | 2,137 | $ | (29 | ) | |||||||||
Municipal bonds: | ||||||||||||||||||||||||
Taxable | 2,222 | (8 | ) | 2,837 | (30 | ) | 5,059 | (38 | ) | |||||||||||||||
Tax exempt | 7,499 | (82 | ) | 9,080 | (279 | ) | 16,579 | (361 | ) | |||||||||||||||
Total municipal bonds | 9,721 | (90 | ) | 11,917 | (309 | ) | 21,638 | (399 | ) | |||||||||||||||
Mortgage-backed or related securities: | ||||||||||||||||||||||||
One- to four-family residential agency guaranteed | 1,796 | (10 | ) | — | — | 1,796 | (10 | ) | ||||||||||||||||
$ | 12,517 | $ | (101 | ) | $ | 13,054 | $ | (337 | ) | $ | 25,571 | $ | (438 | ) | ||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
U.S. Government and agency obligations | $ | 1,106 | $ | (80 | ) | $ | — | $ | — | $ | 1,106 | $ | (80 | ) | ||||||||||
Municipal bonds: | ||||||||||||||||||||||||
Taxable | 3,344 | (110 | ) | 2,964 | (94 | ) | 6,308 | (204 | ) | |||||||||||||||
Tax exempt | 31,234 | (1,282 | ) | 303 | (17 | ) | 31,537 | (1,299 | ) | |||||||||||||||
Total municipal bonds | 34,578 | (1,392 | ) | 3,267 | (111 | ) | 37,845 | (1,503 | ) | |||||||||||||||
Mortgage-backed or related securities: | ||||||||||||||||||||||||
Multifamily agency guaranteed | 3,293 | (58 | ) | — | — | 3,293 | (58 | ) | ||||||||||||||||
$ | 38,977 | $ | (1,530 | ) | $ | 3,267 | $ | (111 | ) | $ | 42,244 | $ | (1,641 | ) | ||||||||||
Schedule of Pledged Securities | ' | |||||||||||||||||||||||
The following table presents, as of June 30, 2014, investment securities and interest-bearing deposits which were pledged to secure borrowings, public deposits or other obligations as permitted or required by law (in thousands): | ||||||||||||||||||||||||
Carrying Value | Amortized Cost | Fair Value | ||||||||||||||||||||||
Purpose or beneficiary: | ||||||||||||||||||||||||
State and local governments public deposits | $ | 131,022 | $ | 130,863 | $ | 135,798 | ||||||||||||||||||
Interest rate swap counterparties | 9,902 | 9,468 | 9,902 | |||||||||||||||||||||
Retail repurchase agreements | 102,175 | 101,574 | 102,175 | |||||||||||||||||||||
Other | 248 | 248 | 248 | |||||||||||||||||||||
Total pledged securities and interest-bearing deposits | $ | 243,347 | $ | 242,153 | $ | 248,123 | ||||||||||||||||||
Trading Securities [Member] | ' | |||||||||||||||||||||||
Marketable Securities [Line Items] | ' | |||||||||||||||||||||||
Schedule of Securities by Contractual Maturity Date | ' | |||||||||||||||||||||||
The amortized cost and estimated fair value of securities—trading at June 30, 2014 and December 31, 2013, by contractual maturity, are shown below (in thousands). Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties. | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||
Maturing in one year or less | $ | 11,759 | $ | 11,763 | $ | 260 | $ | 263 | ||||||||||||||||
Maturing after one year through five years | 6,524 | 6,969 | 7,056 | 7,298 | ||||||||||||||||||||
Maturing after five years through ten years | 8,976 | 9,915 | 12,602 | 13,572 | ||||||||||||||||||||
Maturing after ten years through twenty years | 21,352 | 17,930 | 33,335 | 27,472 | ||||||||||||||||||||
Maturing after twenty years | 21,847 | 14,755 | 21,883 | 13,799 | ||||||||||||||||||||
70,458 | 61,332 | 75,136 | 62,404 | |||||||||||||||||||||
Equity securities | 14 | 61 | 14 | 68 | ||||||||||||||||||||
$ | 70,472 | $ | 61,393 | $ | 75,150 | $ | 62,472 | |||||||||||||||||
Available-for-sale Securities [Member] | ' | |||||||||||||||||||||||
Marketable Securities [Line Items] | ' | |||||||||||||||||||||||
Schedule of Securities by Contractual Maturity Date | ' | |||||||||||||||||||||||
The amortized cost and estimated fair value of securities—available-for-sale at June 30, 2014 and December 31, 2013, by contractual maturity, are shown below (in thousands). Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties. | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||
Maturing in one year or less | $ | 20,198 | $ | 20,248 | $ | 25,136 | $ | 25,256 | ||||||||||||||||
Maturing after one year through five years | 314,605 | 314,067 | 322,493 | 319,489 | ||||||||||||||||||||
Maturing after five years through ten years | 56,558 | 56,708 | 58,468 | 57,782 | ||||||||||||||||||||
Maturing after ten years through twenty years | 5,923 | 5,819 | 15,535 | 15,135 | ||||||||||||||||||||
Maturing after twenty years | 57,948 | 58,511 | 53,328 | 52,618 | ||||||||||||||||||||
$ | 455,232 | $ | 455,353 | $ | 474,960 | $ | 470,280 | |||||||||||||||||
Held-to-maturity Securities [Member] | ' | |||||||||||||||||||||||
Marketable Securities [Line Items] | ' | |||||||||||||||||||||||
Schedule of Securities by Contractual Maturity Date | ' | |||||||||||||||||||||||
The amortized cost and estimated fair value of securities—held-to-maturity at June 30, 2014 and December 31, 2013, by contractual maturity, are shown below (in thousands). Expected maturities will differ from contractual maturities because some securities may be called or prepaid with or without call or prepayment penalties. | ||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||
Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||
Maturing in one year or less | $ | 1,365 | $ | 1,377 | $ | 1,270 | $ | 1,281 | ||||||||||||||||
Maturing after one year through five years | 14,447 | 14,774 | 10,834 | 11,206 | ||||||||||||||||||||
Maturing after five years through ten years | 26,912 | 27,231 | 17,948 | 17,908 | ||||||||||||||||||||
Maturing after ten years through twenty years | 64,444 | 68,049 | 59,643 | 60,791 | ||||||||||||||||||||
Maturing after twenty years | 26,018 | 26,634 | 12,818 | 12,424 | ||||||||||||||||||||
$ | 133,186 | $ | 138,065 | $ | 102,513 | $ | 103,610 | |||||||||||||||||
LOANS_RECEIVABLE_AND_THE_ALLOW1
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Schedule of Loans Receivable, Including Loans Held for Sale | ' | |||||||||||||||||||||||||||||||||||
Loans receivable, including loans held for sale, at June 30, 2014, December 31, 2013 and June 30, 2013 are summarized as follows (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | June 30, 2013 | ||||||||||||||||||||||||||||||||||
Amount | Percent of Total | Amount | Percent of Total | Amount | Percent of Total | |||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | $ | 541,558 | 14.4 | % | $ | 502,601 | 14.7 | % | $ | 500,812 | 15.2 | % | ||||||||||||||||||||||||
Investment properties | 807,499 | 21.5 | 692,457 | 20.3 | 595,896 | 18.1 | ||||||||||||||||||||||||||||||
Multifamily real estate | 188,792 | 5 | 137,153 | 4 | 137,027 | 4.2 | ||||||||||||||||||||||||||||||
Commercial construction | 12,638 | 0.3 | 12,168 | 0.4 | 25,629 | 0.8 | ||||||||||||||||||||||||||||||
Multifamily construction | 39,864 | 1.1 | 52,081 | 1.5 | 39,787 | 1.2 | ||||||||||||||||||||||||||||||
One- to four-family construction | 213,414 | 5.7 | 200,864 | 5.8 | 191,003 | 5.8 | ||||||||||||||||||||||||||||||
Land and land development: | ||||||||||||||||||||||||||||||||||||
Residential | 73,030 | 1.9 | 75,695 | 2.2 | 86,037 | 2.6 | ||||||||||||||||||||||||||||||
Commercial | 10,679 | 0.3 | 10,450 | 0.3 | 11,228 | 0.3 | ||||||||||||||||||||||||||||||
Commercial business | 735,128 | 19.5 | 682,169 | 20 | 639,840 | 19.5 | ||||||||||||||||||||||||||||||
Agricultural business, including secured by farmland | 245,742 | 6.5 | 228,291 | 6.7 | 233,967 | 7.1 | ||||||||||||||||||||||||||||||
One- to four-family residential | 558,744 | 14.9 | 529,494 | 15.5 | 552,698 | 16.8 | ||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 209,511 | 5.6 | 173,188 | 5.1 | 163,339 | 5 | ||||||||||||||||||||||||||||||
Consumer-other | 126,000 | 3.3 | 121,834 | 3.5 | 112,938 | 3.4 | ||||||||||||||||||||||||||||||
Total loans outstanding | 3,762,599 | 100 | % | 3,418,445 | 100 | % | 3,290,201 | 100 | % | |||||||||||||||||||||||||||
Less allowance for loan losses | (74,310 | ) | (74,258 | ) | (76,121 | ) | ||||||||||||||||||||||||||||||
Net loans | $ | 3,688,289 | $ | 3,344,187 | $ | 3,214,080 | ||||||||||||||||||||||||||||||
Loan amounts are net of unearned loan fees in excess of unamortized costs of $8.4 million as of June 30, 2014, $8.3 million as of December 31, 2013 and $8.9 million as of June 30, 2013. | ||||||||||||||||||||||||||||||||||||
Schedule of Loans Receivable by Geographic Location | ' | |||||||||||||||||||||||||||||||||||
The Company’s total loans by geographic concentration at June 30, 2014 were as follows (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Washington | Oregon | Idaho | Other | Total | ||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | $ | 388,662 | $ | 85,787 | $ | 54,529 | $ | 12,580 | $ | 541,558 | ||||||||||||||||||||||||||
Investment properties | 535,393 | 116,493 | 59,700 | 95,913 | 807,499 | |||||||||||||||||||||||||||||||
Multifamily real estate | 146,291 | 27,175 | 14,932 | 394 | 188,792 | |||||||||||||||||||||||||||||||
Commercial construction | 11,770 | — | 868 | — | 12,638 | |||||||||||||||||||||||||||||||
Multifamily construction | 33,454 | 6,410 | — | — | 39,864 | |||||||||||||||||||||||||||||||
One- to four-family construction | 127,627 | 83,832 | 1,955 | — | 213,414 | |||||||||||||||||||||||||||||||
Land and land development: | ||||||||||||||||||||||||||||||||||||
Residential | 40,492 | 31,358 | 1,180 | — | 73,030 | |||||||||||||||||||||||||||||||
Commercial | 5,163 | 2,605 | 2,911 | — | 10,679 | |||||||||||||||||||||||||||||||
Commercial business | 397,570 | 120,286 | 66,940 | 150,332 | 735,128 | |||||||||||||||||||||||||||||||
Agricultural business, including secured by farmland | 134,477 | 59,120 | 52,145 | — | 245,742 | |||||||||||||||||||||||||||||||
One- to four-family residential | 332,850 | 202,853 | 22,025 | 1,016 | 558,744 | |||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 125,888 | 68,272 | 14,314 | 1,037 | 209,511 | |||||||||||||||||||||||||||||||
Consumer—other | 81,884 | 37,708 | 6,000 | 408 | 126,000 | |||||||||||||||||||||||||||||||
Total loans | $ | 2,361,521 | $ | 841,899 | $ | 297,499 | $ | 261,680 | $ | 3,762,599 | ||||||||||||||||||||||||||
Percent of total loans | 62.7 | % | 22.4 | % | 7.9 | % | 7 | % | 100 | % | ||||||||||||||||||||||||||
Schedule of Land and Land Development Loans Receivable by State | ' | |||||||||||||||||||||||||||||||||||
The geographic concentrations of the Company’s land and land development loans by state at June 30, 2014 were as follows (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Washington | Oregon | Idaho | Total | |||||||||||||||||||||||||||||||||
Residential: | ||||||||||||||||||||||||||||||||||||
Acquisition and development | $ | 15,752 | $ | 13,457 | $ | 983 | $ | 30,192 | ||||||||||||||||||||||||||||
Improved land and lots | 19,261 | 17,289 | 197 | 36,747 | ||||||||||||||||||||||||||||||||
Unimproved land | 5,479 | 612 | — | 6,091 | ||||||||||||||||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||||||||||
Acquisition and development | — | — | — | — | ||||||||||||||||||||||||||||||||
Improved land and lots | 2,913 | 500 | 1,785 | 5,198 | ||||||||||||||||||||||||||||||||
Unimproved land | 2,250 | 2,105 | 1,126 | 5,481 | ||||||||||||||||||||||||||||||||
Total land and land development loans | $ | 45,655 | $ | 33,963 | $ | 4,091 | $ | 83,709 | ||||||||||||||||||||||||||||
Percent of land and land development loans | 54.5 | % | 40.6 | % | 4.9 | % | 100 | % | ||||||||||||||||||||||||||||
Schedule of Adjustable and Fixed Rate Loans by Contractual Maturity Date | ' | |||||||||||||||||||||||||||||||||||
The Company originates both adjustable- and fixed-rate loans. The maturity and repricing composition of those loans, less undisbursed amounts and deferred fees and origination costs, at June 30, 2014, December 31, 2013 and June 30, 2013 were as follows (in thousands): | ||||||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | June 30, 2013 | ||||||||||||||||||||||||||||||||||
Fixed-rate (term to maturity): | ||||||||||||||||||||||||||||||||||||
Maturing in one year or less | $ | 122,304 | $ | 122,313 | $ | 145,221 | ||||||||||||||||||||||||||||||
Maturing after one year through three years | 148,398 | 143,322 | 167,187 | |||||||||||||||||||||||||||||||||
Maturing after three years through five years | 195,309 | 187,279 | 201,672 | |||||||||||||||||||||||||||||||||
Maturing after five years through ten years | 222,369 | 209,869 | 192,594 | |||||||||||||||||||||||||||||||||
Maturing after ten years | 511,972 | 439,004 | 425,603 | |||||||||||||||||||||||||||||||||
Total fixed-rate loans | 1,200,352 | 1,101,787 | 1,132,277 | |||||||||||||||||||||||||||||||||
Adjustable-rate (term to rate adjustment): | ||||||||||||||||||||||||||||||||||||
Maturing or repricing in one year or less | 1,510,684 | 1,390,579 | 1,292,387 | |||||||||||||||||||||||||||||||||
Maturing or repricing after one year through three years | 372,477 | 279,791 | 266,841 | |||||||||||||||||||||||||||||||||
Maturing or repricing after three years through five years | 568,997 | 541,529 | 526,563 | |||||||||||||||||||||||||||||||||
Maturing or repricing after five years through ten years | 108,989 | 99,503 | 69,797 | |||||||||||||||||||||||||||||||||
Maturing or repricing after ten years | 1,100 | 5,256 | 2,336 | |||||||||||||||||||||||||||||||||
Total adjustable-rate loans | 2,562,247 | 2,316,658 | 2,157,924 | |||||||||||||||||||||||||||||||||
Total loans | $ | 3,762,599 | $ | 3,418,445 | $ | 3,290,201 | ||||||||||||||||||||||||||||||
Schedule of Impaired Loans and Related Allocated Reserve for Loan Losses | ' | |||||||||||||||||||||||||||||||||||
The amount of impaired loans and the related allocated reserve for loan losses as of June 30, 2014 and December 31, 2013 were as follows (in thousands): | ||||||||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||||||||
Loan Amount | Allocated Reserves | Loan Amount | Allocated Reserves | |||||||||||||||||||||||||||||||||
Impaired loans: | ||||||||||||||||||||||||||||||||||||
Nonaccrual loans | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | $ | 2,381 | $ | 36 | $ | 2,466 | $ | 31 | ||||||||||||||||||||||||||||
Investment properties | 311 | 62 | 3,821 | 89 | ||||||||||||||||||||||||||||||||
Multifamily real estate | 422 | 60 | — | — | ||||||||||||||||||||||||||||||||
One- to four-family construction | — | — | 269 | — | ||||||||||||||||||||||||||||||||
Land and land development: | ||||||||||||||||||||||||||||||||||||
Residential | 1,296 | 176 | 924 | 6 | ||||||||||||||||||||||||||||||||
Commercial business | 925 | 69 | 724 | 104 | ||||||||||||||||||||||||||||||||
Agricultural business, including secured by farmland | 104 | 6 | — | — | ||||||||||||||||||||||||||||||||
One- to four-family residential | 9,354 | 53 | 12,532 | 250 | ||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 1,024 | 49 | 903 | 13 | ||||||||||||||||||||||||||||||||
Consumer—other | 181 | — | 269 | 1 | ||||||||||||||||||||||||||||||||
Total nonaccrual loans | 15,998 | 511 | 21,908 | 494 | ||||||||||||||||||||||||||||||||
Loans 90 days or more past due and still accruing | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | 993 | 1 | — | — | ||||||||||||||||||||||||||||||||
Commercial business | 280 | 6 | — | — | ||||||||||||||||||||||||||||||||
Agricultural business, including secured by farmland | — | — | 105 | 8 | ||||||||||||||||||||||||||||||||
One- to four-family residential | 2,181 | 11 | 2,611 | 16 | ||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 6 | — | 13 | — | ||||||||||||||||||||||||||||||||
Consumer—other | 287 | — | 131 | 1 | ||||||||||||||||||||||||||||||||
Total loans past due and still accruing | 3,747 | 18 | 2,860 | 25 | ||||||||||||||||||||||||||||||||
Troubled debt restructuring on accrual status: | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | 184 | 4 | 186 | 4 | ||||||||||||||||||||||||||||||||
Investment properties | 6,101 | 747 | 5,367 | 415 | ||||||||||||||||||||||||||||||||
Multifamily real estate | 5,705 | 850 | 5,744 | 1,139 | ||||||||||||||||||||||||||||||||
One- to four-family construction | 4,831 | 656 | 6,864 | 1,002 | ||||||||||||||||||||||||||||||||
Land and land development: | ||||||||||||||||||||||||||||||||||||
Residential | 1,638 | 459 | 4,061 | 754 | ||||||||||||||||||||||||||||||||
Commercial business | 989 | 163 | 1,299 | 222 | ||||||||||||||||||||||||||||||||
One- to four-family residential | 17,521 | 1,131 | 23,302 | 1,355 | ||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 259 | 28 | 360 | 33 | ||||||||||||||||||||||||||||||||
Consumer—other | 233 | 33 | 245 | 34 | ||||||||||||||||||||||||||||||||
Total troubled debt restructurings on accrual status | 37,461 | 4,071 | 47,428 | 4,958 | ||||||||||||||||||||||||||||||||
Total impaired loans | $ | 57,206 | $ | 4,600 | $ | 72,196 | $ | 5,477 | ||||||||||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, the Company had commitments to advance funds up to an additional amount of $731,000 and $225,000, respectively, related to TDRs. | ||||||||||||||||||||||||||||||||||||
Schedule of Impaired Loans With and Without Specific Reserves | ' | |||||||||||||||||||||||||||||||||||
The following tables provide additional information on impaired loans with and without specific allowance reserves at or for the six months ended June 30, 2014 and at or for the year ended December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||||||||||
At or For the Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||||||||||
Without a specific allowance reserve (1) | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | $ | 1,599 | $ | 1,649 | $ | 37 | $ | 1,604 | $ | 18 | ||||||||||||||||||||||||||
Investment properties | 311 | 857 | 62 | 334 | — | |||||||||||||||||||||||||||||||
Multifamily real estate | 422 | 422 | 60 | 433 | — | |||||||||||||||||||||||||||||||
Commercial business | 1,205 | 1,571 | 75 | 1,299 | 5 | |||||||||||||||||||||||||||||||
Agricultural business/farmland | 104 | 104 | 6 | 104 | — | |||||||||||||||||||||||||||||||
One- to four-family residential | 7,923 | 8,395 | 26 | 7,804 | 13 | |||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 663 | 676 | 11 | 672 | — | |||||||||||||||||||||||||||||||
Consumer—other | 348 | 352 | — | 354 | 4 | |||||||||||||||||||||||||||||||
12,575 | 14,026 | 277 | 12,604 | 40 | ||||||||||||||||||||||||||||||||
With a specific allowance reserve (2) | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | 1,959 | 1,959 | 4 | 2,070 | 6 | |||||||||||||||||||||||||||||||
Investment properties | 6,101 | 6,506 | 747 | 6,147 | 160 | |||||||||||||||||||||||||||||||
Multifamily real estate | 5,705 | 5,705 | 850 | 5,719 | 127 | |||||||||||||||||||||||||||||||
One- to-four family construction | 4,831 | 4,831 | 656 | 4,592 | 103 | |||||||||||||||||||||||||||||||
Land and land development: | ||||||||||||||||||||||||||||||||||||
Residential | 2,934 | 4,089 | 635 | 2,943 | 46 | |||||||||||||||||||||||||||||||
Commercial business | 989 | 989 | 162 | 1,035 | 28 | |||||||||||||||||||||||||||||||
One- to four-family residential | 21,133 | 21,892 | 1,170 | 21,870 | 453 | |||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 627 | 627 | 66 | 677 | 9 | |||||||||||||||||||||||||||||||
Consumer—other | 352 | 369 | 33 | 360 | 11 | |||||||||||||||||||||||||||||||
44,631 | 46,967 | 4,323 | 45,413 | 943 | ||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | 3,558 | 3,608 | 41 | 3,674 | 24 | |||||||||||||||||||||||||||||||
Investment properties | 6,412 | 7,363 | 809 | 6,481 | 160 | |||||||||||||||||||||||||||||||
Multifamily real estate | 6,127 | 6,127 | 910 | 6,152 | 127 | |||||||||||||||||||||||||||||||
One- to four-family construction | 4,831 | 4,831 | 656 | 4,592 | 103 | |||||||||||||||||||||||||||||||
Land and land development: | ||||||||||||||||||||||||||||||||||||
Residential | 2,934 | 4,089 | 635 | 2,943 | 46 | |||||||||||||||||||||||||||||||
Commercial business | 2,194 | 2,560 | 237 | 2,334 | 33 | |||||||||||||||||||||||||||||||
Agricultural business/farmland | 104 | 104 | 6 | 104 | — | |||||||||||||||||||||||||||||||
One- to four-family residential | 29,056 | 30,287 | 1,196 | 29,674 | 466 | |||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 1,290 | 1,303 | 77 | 1,349 | 9 | |||||||||||||||||||||||||||||||
Consumer—other | 700 | 721 | 33 | 714 | 15 | |||||||||||||||||||||||||||||||
$ | 57,206 | $ | 60,993 | $ | 4,600 | $ | 58,017 | $ | 983 | |||||||||||||||||||||||||||
At or For the Year Ended December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||||||||||||||||||||||||
Without a specific allowance reserve (1) | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | $ | 534 | $ | 584 | $ | 31 | $ | 569 | $ | — | ||||||||||||||||||||||||||
Investment properties | 429 | 974 | 89 | 624 | — | |||||||||||||||||||||||||||||||
Commercial business | 724 | 1,040 | 104 | 896 | — | |||||||||||||||||||||||||||||||
Agricultural business/farmland | 105 | 105 | 8 | 110 | 8 | |||||||||||||||||||||||||||||||
One- to four-family residential | 8,611 | 9,229 | 42 | 8,889 | 31 | |||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 870 | 1,013 | 13 | 900 | 1 | |||||||||||||||||||||||||||||||
Consumer—other | 276 | 285 | 2 | 287 | 8 | |||||||||||||||||||||||||||||||
11,549 | 13,230 | 289 | 12,275 | 48 | ||||||||||||||||||||||||||||||||
With a specific allowance reserve (2) | ||||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | 2,118 | 2,118 | 4 | 2,192 | 12 | |||||||||||||||||||||||||||||||
Investment properties | 8,759 | 10,395 | 415 | 8,353 | 241 | |||||||||||||||||||||||||||||||
Multifamily real estate | 5,744 | 5,744 | 1,139 | 5,705 | 298 | |||||||||||||||||||||||||||||||
One- to-four family construction | 7,133 | 7,213 | 1,002 | 5,870 | 239 | |||||||||||||||||||||||||||||||
Land and land development: | ||||||||||||||||||||||||||||||||||||
Residential | 4,985 | 6,140 | 760 | 6,053 | 221 | |||||||||||||||||||||||||||||||
Commercial business | 1,298 | 1,298 | 222 | 1,340 | 59 | |||||||||||||||||||||||||||||||
One- to four-family residential | 29,834 | 31,440 | 1,579 | 31,668 | 1,032 | |||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 406 | 407 | 33 | 503 | 24 | |||||||||||||||||||||||||||||||
Consumer—other | 370 | 386 | 34 | 390 | 21 | |||||||||||||||||||||||||||||||
60,647 | 65,141 | 5,188 | 62,074 | 2,147 | ||||||||||||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||
Owner-occupied | 2,652 | 2,702 | 35 | 2,761 | 12 | |||||||||||||||||||||||||||||||
Investment properties | 9,188 | 11,369 | 504 | 8,977 | 241 | |||||||||||||||||||||||||||||||
Multifamily real estate | 5,744 | 5,744 | 1,139 | 5,705 | 298 | |||||||||||||||||||||||||||||||
One- to four-family construction | 7,133 | 7,213 | 1,002 | 5,870 | 239 | |||||||||||||||||||||||||||||||
Land and land development | ||||||||||||||||||||||||||||||||||||
Residential | 4,985 | 6,140 | 760 | 6,053 | 221 | |||||||||||||||||||||||||||||||
Commercial business | 2,022 | 2,338 | 326 | 2,236 | 59 | |||||||||||||||||||||||||||||||
Agricultural business/farmland | 105 | 105 | 8 | 110 | 8 | |||||||||||||||||||||||||||||||
One- to four-family residential | 38,445 | 40,669 | 1,621 | 40,557 | 1,063 | |||||||||||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 1,276 | 1,420 | 46 | 1,403 | 25 | |||||||||||||||||||||||||||||||
Consumer—other | 646 | 671 | 36 | 677 | 29 | |||||||||||||||||||||||||||||||
$ | 72,196 | $ | 78,371 | $ | 5,477 | $ | 74,349 | $ | 2,195 | |||||||||||||||||||||||||||
(1) | Loans without a specific allowance reserve have not been individually evaluated for impairment, but have been included in pools of homogeneous loans for evaluation of related allowance reserves. | |||||||||||||||||||||||||||||||||||
(2) | Loans with a specific allowance reserve have been individually evaluated for impairment using either a discounted cash flow analysis or, for collateral dependent loans, current appraisals to establish realizable value. These analyses may identify a specific impairment amount needed or may conclude that no reserve is needed. Any specific impairment that is identified is included in the category’s Related Allowance column. | |||||||||||||||||||||||||||||||||||
Schedule of Troubled Debt Restructurings | ' | |||||||||||||||||||||||||||||||||||
The following tables present TDRs at June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Accrual | Nonaccrual | Total | ||||||||||||||||||||||||||||||||||
Status | Status | TDRs | ||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | $ | 184 | $ | 710 | $ | 894 | ||||||||||||||||||||||||||||||
Investment properties | 6,101 | 45 | 6,146 | |||||||||||||||||||||||||||||||||
Multifamily real estate | 5,705 | — | 5,705 | |||||||||||||||||||||||||||||||||
One- to four-family construction | 4,831 | — | 4,831 | |||||||||||||||||||||||||||||||||
Land and land development: | ||||||||||||||||||||||||||||||||||||
Residential | 1,638 | 546 | 2,184 | |||||||||||||||||||||||||||||||||
Commercial business | 989 | 123 | 1,112 | |||||||||||||||||||||||||||||||||
One- to four-family residential | 17,521 | 2,211 | 19,732 | |||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 259 | 168 | 427 | |||||||||||||||||||||||||||||||||
Consumer—other | 233 | 119 | 352 | |||||||||||||||||||||||||||||||||
$ | 37,461 | $ | 3,922 | $ | 41,383 | |||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Accrual | Nonaccrual | Total | ||||||||||||||||||||||||||||||||||
Status | Status | TDRs | ||||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | $ | 186 | $ | 613 | $ | 799 | ||||||||||||||||||||||||||||||
Investment properties | 5,367 | 1,630 | 6,997 | |||||||||||||||||||||||||||||||||
Multifamily real estate | 5,744 | — | 5,744 | |||||||||||||||||||||||||||||||||
One- to four-family construction | 6,864 | 269 | 7,133 | |||||||||||||||||||||||||||||||||
Land and land development: | ||||||||||||||||||||||||||||||||||||
Residential | 4,061 | 174 | 4,235 | |||||||||||||||||||||||||||||||||
Commercial business | 1,299 | 164 | 1,463 | |||||||||||||||||||||||||||||||||
One- to four-family residential | 23,302 | 2,474 | 25,776 | |||||||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 360 | 252 | 612 | |||||||||||||||||||||||||||||||||
Consumer—other | 245 | 123 | 368 | |||||||||||||||||||||||||||||||||
$ | 47,428 | $ | 5,699 | $ | 53,127 | |||||||||||||||||||||||||||||||
Schedule of Newly Restructured Loans | ' | |||||||||||||||||||||||||||||||||||
The following tables present new TDRs that occurred during the three and six months ended June 30, 2014 and 2013 (dollars in thousands): | ||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, 2014 | Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||||
Number of | Pre-modification Outstanding | Post-modification Outstanding | Number of | Pre- | Post- | |||||||||||||||||||||||||||||||
Contracts | Recorded Investment | Recorded Investment | Contracts | modification Outstanding | modification Outstanding | |||||||||||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||||||
Recorded Investment (1) (2) | ||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||
Owner occupied | — | $ | — | $ | — | 1 | $ | 94 | $ | 94 | ||||||||||||||||||||||||||
One- to four-family construction | 4 | 980 | 980 | 4 | 980 | 980 | ||||||||||||||||||||||||||||||
Commercial business | — | — | — | 1 | 100 | 100 | ||||||||||||||||||||||||||||||
4 | $ | 980 | $ | 980 | 6 | $ | 1,174 | $ | 1,174 | |||||||||||||||||||||||||||
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||||||
Number of | Pre-modification Outstanding | Post-modification Outstanding | Number of | Pre- | Post- | |||||||||||||||||||||||||||||||
Contracts | Recorded Investment | Recorded Investment | Contracts | modification Outstanding | modification Outstanding | |||||||||||||||||||||||||||||||
Recorded | Recorded | |||||||||||||||||||||||||||||||||||
Investment | Investment | |||||||||||||||||||||||||||||||||||
Recorded Investment (1) (2) | ||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||
Investment properties | 1 | $ | 900 | $ | 781 | 1 | $ | 900 | $ | 781 | ||||||||||||||||||||||||||
Multifamily real estate | 1 | 378 | 378 | 1 | 378 | 378 | ||||||||||||||||||||||||||||||
Land and land development—residential | 5 | 521 | 521 | 9 | 1,597 | 1,597 | ||||||||||||||||||||||||||||||
One- to four-family residential | — | — | — | 9 | 3,115 | 3,115 | ||||||||||||||||||||||||||||||
7 | $ | 1,799 | $ | 1,680 | 20 | $ | 5,990 | $ | 5,871 | |||||||||||||||||||||||||||
(1) | Since most loans were already considered classified and/or on nonaccrual status prior to restructuring, the modifications did not have a material effect on the Company’s determination of the allowance for loan losses. | |||||||||||||||||||||||||||||||||||
(2) | The majority of these modifications do not fit into one separate type, such as rate, term, amount, interest-only or payment, but instead are a combination of multiple types of modifications; therefore, they are disclosed in aggregate. | |||||||||||||||||||||||||||||||||||
Schedule of Troubled Debt Restructurings Which Incurred A Payment Default | ' | |||||||||||||||||||||||||||||||||||
The following table presents TDRs which incurred a payment default within twelve months of the restructure date during the three and six month periods ended June 30, 2014 and 2013 (in thousands). A default on a TDR results in either a transfer to nonaccrual status or a partial charge-off: | ||||||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||
30-Jun | 30-Jun | |||||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||||
Commercial business | $ | — | $ | — | $ | — | $ | 343 | ||||||||||||||||||||||||||||
Total | $ | — | $ | — | $ | — | $ | 343 | ||||||||||||||||||||||||||||
Schedule of the Company's Portfolio of Risk-Rated Loans and Non-Risk Rated Loans by Grade and Other Characteristics | ' | |||||||||||||||||||||||||||||||||||
The following table shows the Company’s portfolio of risk-rated loans and non-risk-rated loans by grade or other characteristics as of June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Commercial | Multifamily | Construction and Land | Commercial Business | Agricultural Business | One- to Four-Family | Consumer | Total Loans | |||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||||
Risk-rated loans: | ||||||||||||||||||||||||||||||||||||
Pass (Risk Ratings 1-5) (1) | $ | 1,316,537 | $ | 182,634 | $ | 331,354 | $ | 717,421 | $ | 244,510 | $ | 545,231 | $ | 332,059 | $ | 3,669,746 | ||||||||||||||||||||
Special mention | 5,623 | — | — | 8,188 | 578 | 64 | 134 | 14,587 | ||||||||||||||||||||||||||||
Substandard | 26,453 | 6,158 | 18,271 | 9,511 | 654 | 13,449 | 3,306 | 77,802 | ||||||||||||||||||||||||||||
Doubtful | 444 | — | — | 8 | — | — | 12 | 464 | ||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total loans | $ | 1,349,057 | $ | 188,792 | $ | 349,625 | $ | 735,128 | $ | 245,742 | $ | 558,744 | $ | 335,511 | $ | 3,762,599 | ||||||||||||||||||||
Performing loans | $ | 1,345,372 | $ | 188,370 | $ | 348,329 | $ | 733,923 | $ | 245,638 | $ | 547,209 | $ | 334,013 | $ | 3,742,854 | ||||||||||||||||||||
Non-performing loans (2) | 3,685 | 422 | 1,296 | 1,205 | 104 | 11,535 | 1,498 | 19,745 | ||||||||||||||||||||||||||||
Total loans | $ | 1,349,057 | $ | 188,792 | $ | 349,625 | $ | 735,128 | $ | 245,742 | $ | 558,744 | $ | 335,511 | $ | 3,762,599 | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial | Multifamily | Construction and Land | Commercial Business | Agricultural Business | One- to Four-Family | Consumer | Total Loans | |||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||||
Risk-rated loans: | ||||||||||||||||||||||||||||||||||||
Pass (Risk Ratings 1-5) (1) | $ | 1,160,921 | $ | 131,523 | $ | 332,150 | $ | 655,007 | $ | 225,329 | $ | 511,967 | $ | 291,992 | $ | 3,308,889 | ||||||||||||||||||||
Special mention | 6,614 | — | 350 | 10,484 | 561 | — | 106 | 18,115 | ||||||||||||||||||||||||||||
Substandard | 26,979 | 5,630 | 18,758 | 16,669 | 2,401 | 17,527 | 2,924 | 90,888 | ||||||||||||||||||||||||||||
Doubtful | 544 | — | — | 9 | — | — | — | 553 | ||||||||||||||||||||||||||||
Loss | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Total loans | $ | 1,195,058 | $ | 137,153 | $ | 351,258 | $ | 682,169 | $ | 228,291 | $ | 529,494 | $ | 295,022 | $ | 3,418,445 | ||||||||||||||||||||
Performing loans | $ | 1,188,771 | $ | 137,153 | $ | 350,065 | $ | 681,445 | $ | 228,187 | $ | 514,351 | $ | 293,705 | $ | 3,393,677 | ||||||||||||||||||||
Non-performing loans (2) | 6,287 | — | 1,193 | 724 | 104 | 15,143 | 1,317 | 24,768 | ||||||||||||||||||||||||||||
Total loans | $ | 1,195,058 | $ | 137,153 | $ | 351,258 | $ | 682,169 | $ | 228,291 | $ | 529,494 | $ | 295,022 | $ | 3,418,445 | ||||||||||||||||||||
(1) | The Pass category includes some performing loans that are part of homogenous pools which are not individually risk-rated. This includes all consumer loans, all one- to four-family residential loans and, as of June 30, 2014 and December 31, 2013, in the commercial business category, $103 million and $94 million, respectively, of credit-scored small business loans. As loans in these pools become non-performing, they are individually risk-rated. | |||||||||||||||||||||||||||||||||||
(2) | Non-performing loans include non-accrual loans and loans past due greater than 90 days and on accrual status. | |||||||||||||||||||||||||||||||||||
Schedule of Age Analysis of the Company's Past Due Loans | ' | |||||||||||||||||||||||||||||||||||
The following tables provide additional detail on the age analysis of the Company’s past due loans as of June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or More | Total | Current | Total Loans | Loans 90 Days or More Past Due and Accruing | ||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | |||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | $ | 2,896 | $ | 18 | $ | 1,437 | $ | 4,351 | $ | 537,207 | $ | 541,558 | $ | 993 | ||||||||||||||||||||||
Investment properties | — | — | — | — | 807,499 | 807,499 | — | |||||||||||||||||||||||||||||
Multifamily real estate | 423 | — | — | 423 | 188,369 | 188,792 | — | |||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | 12,638 | 12,638 | — | |||||||||||||||||||||||||||||
Multifamily construction | — | — | — | — | 39,864 | 39,864 | — | |||||||||||||||||||||||||||||
One-to-four-family construction | — | — | — | — | 213,414 | 213,414 | — | |||||||||||||||||||||||||||||
Land and land development: | ||||||||||||||||||||||||||||||||||||
Residential | — | — | — | — | 73,030 | 73,030 | — | |||||||||||||||||||||||||||||
Commercial | — | — | — | — | 10,679 | 10,679 | — | |||||||||||||||||||||||||||||
Commercial business | 673 | 209 | 1,622 | 2,504 | 732,624 | 735,128 | 280 | |||||||||||||||||||||||||||||
Agricultural business, including secured by farmland | 12 | 250 | 104 | 366 | 245,376 | 245,742 | — | |||||||||||||||||||||||||||||
One- to four-family residential | 484 | 2,720 | 7,552 | 10,756 | 547,988 | 558,744 | 2,181 | |||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 182 | 757 | 474 | 1,413 | 208,098 | 209,511 | 6 | |||||||||||||||||||||||||||||
Consumer—other | 545 | 75 | 287 | 907 | 125,093 | 126,000 | 287 | |||||||||||||||||||||||||||||
Total | $ | 5,215 | $ | 4,029 | $ | 11,476 | $ | 20,720 | $ | 3,741,879 | $ | 3,762,599 | $ | 3,747 | ||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||||||||||||||
30-59 Days | 60-89 Days | 90 Days or More | Total | Current | Total Loans | Loans 90 Days or More Past Due and Accruing | ||||||||||||||||||||||||||||||
Past Due | Past Due | Past Due | Past Due | |||||||||||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||||||||||||||
Owner-occupied | $ | 883 | $ | 550 | $ | 813 | $ | 2,246 | $ | 500,355 | $ | 502,601 | $ | — | ||||||||||||||||||||||
Investment properties | — | — | — | — | 692,457 | 692,457 | — | |||||||||||||||||||||||||||||
Multifamily real estate | 1,845 | 785 | — | 2,630 | 134,523 | 137,153 | — | |||||||||||||||||||||||||||||
Commercial construction | — | — | — | — | 12,168 | 12,168 | — | |||||||||||||||||||||||||||||
Multifamily construction | — | — | — | — | 52,081 | 52,081 | — | |||||||||||||||||||||||||||||
One-to-four-family construction | 9 | 7 | 4 | 20 | 200,844 | 200,864 | — | |||||||||||||||||||||||||||||
Land and land development: | ||||||||||||||||||||||||||||||||||||
Residential | — | — | 251 | 251 | 75,444 | 75,695 | — | |||||||||||||||||||||||||||||
Commercial | — | — | — | — | 10,450 | 10,450 | — | |||||||||||||||||||||||||||||
Commercial business | 2,001 | 2 | 299 | 2,302 | 679,867 | 682,169 | — | |||||||||||||||||||||||||||||
Agricultural business, including secured by farmland | — | — | — | — | 228,291 | 228,291 | 105 | |||||||||||||||||||||||||||||
One-to four-family residential | 521 | 2,550 | 9,142 | 12,213 | 517,281 | 529,494 | 2,611 | |||||||||||||||||||||||||||||
Consumer: | ||||||||||||||||||||||||||||||||||||
Consumer secured by one- to four-family | 723 | 93 | 918 | 1,734 | 171,454 | 173,188 | 13 | |||||||||||||||||||||||||||||
Consumer—other | 384 | 99 | 131 | 614 | 121,220 | 121,834 | 131 | |||||||||||||||||||||||||||||
Total | $ | 6,366 | $ | 4,086 | $ | 11,558 | $ | 22,010 | $ | 3,396,435 | $ | 3,418,445 | $ | 2,860 | ||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables | ' | |||||||||||||||||||||||||||||||||||
The following tables provide additional information on the allowance for loan losses and loan balances individually and collectively evaluated for impairment at or for the three and six months ended June 30, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Commercial | Multifamily | Construction and Land | Commercial Business | Agricultural Business | One- to Four-Family | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 17,412 | $ | 5,652 | $ | 18,620 | $ | 11,363 | $ | 2,636 | $ | 10,913 | $ | 912 | $ | 6,863 | $ | 74,371 | ||||||||||||||||||
Provision for loan losses | 2,199 | 113 | (1,048 | ) | 625 | (123 | ) | (1,833 | ) | (38 | ) | 105 | — | |||||||||||||||||||||||
Recoveries | 274 | — | 472 | 286 | 311 | 204 | 58 | — | 1,605 | |||||||||||||||||||||||||||
Charge-offs | (1,001 | ) | — | (207 | ) | (260 | ) | — | (14 | ) | (184 | ) | — | (1,666 | ) | |||||||||||||||||||||
Ending balance | $ | 18,884 | $ | 5,765 | $ | 17,837 | $ | 12,014 | $ | 2,824 | $ | 9,270 | $ | 748 | $ | 6,968 | $ | 74,310 | ||||||||||||||||||
For the Six Months Ended June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Commercial | Multifamily | Construction and Land | Commercial | Agricultural | One- to Four- | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||
Real Estate | Business | business | Family | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 16,759 | $ | 5,306 | $ | 17,640 | $ | 11,773 | $ | 2,841 | $ | 11,486 | $ | 1,335 | $ | 7,118 | $ | 74,258 | ||||||||||||||||||
Provision for loan losses | 2,794 | 459 | (300 | ) | 660 | (678 | ) | (2,215 | ) | (570 | ) | (150 | ) | — | ||||||||||||||||||||||
Recoveries | 570 | — | 704 | 579 | 661 | 392 | 340 | — | 3,246 | |||||||||||||||||||||||||||
Charge-offs | (1,239 | ) | — | (207 | ) | (998 | ) | — | (393 | ) | (357 | ) | — | (3,194 | ) | |||||||||||||||||||||
Ending balance | $ | 18,884 | $ | 5,765 | $ | 17,837 | $ | 12,014 | $ | 2,824 | $ | 9,270 | $ | 748 | $ | 6,968 | $ | 74,310 | ||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Commercial | Multifamily | Construction and Land | Commercial Business | Agricultural Business | One- to Four-Family | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||||
Allowance individually evaluated for impairment | $ | 751 | $ | 850 | $ | 1,291 | $ | 162 | $ | — | $ | 1,170 | $ | 99 | $ | — | $ | 4,323 | ||||||||||||||||||
Allowance collectively evaluated for impairment | 18,133 | 4,915 | 16,546 | 11,852 | 2,824 | 8,100 | 649 | 6,968 | 69,987 | |||||||||||||||||||||||||||
Total allowance for loan losses | $ | 18,884 | $ | 5,765 | $ | 17,837 | $ | 12,014 | $ | 2,824 | $ | 9,270 | $ | 748 | $ | 6,968 | $ | 74,310 | ||||||||||||||||||
At June 30, 2014 | ||||||||||||||||||||||||||||||||||||
Commercial | Multifamily | Construction and Land | Commercial Business | Agricultural Business | One- to Four-Family | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||||
Loan balances: | ||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 8,060 | $ | 5,705 | $ | 7,765 | $ | 989 | $ | — | $ | 21,133 | $ | 979 | $ | — | $ | 44,631 | ||||||||||||||||||
Loans collectively evaluated for impairment | 1,340,997 | 183,087 | 341,860 | 734,139 | 245,742 | 537,611 | 334,532 | — | 3,717,968 | |||||||||||||||||||||||||||
Total loans | $ | 1,349,057 | $ | 188,792 | $ | 349,625 | $ | 735,128 | $ | 245,742 | $ | 558,744 | $ | 335,511 | $ | — | $ | 3,762,599 | ||||||||||||||||||
For the Three Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial | Multifamily | Construction and Land | Commercial Business | Agricultural Business | One- to Four-Family | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 14,776 | $ | 5,075 | $ | 15,214 | $ | 10,011 | $ | 2,282 | $ | 15,930 | $ | 1,238 | $ | 11,870 | $ | 76,396 | ||||||||||||||||||
Provision for loan losses | 162 | (102 | ) | 1,493 | 527 | 1,213 | (557 | ) | 105 | (2,841 | ) | — | ||||||||||||||||||||||||
Recoveries | 378 | — | 337 | 666 | 310 | 3 | 117 | — | 1,811 | |||||||||||||||||||||||||||
Charge-offs | (418 | ) | — | (419 | ) | (398 | ) | — | (402 | ) | (449 | ) | — | (2,086 | ) | |||||||||||||||||||||
Ending balance | $ | 14,898 | $ | 4,973 | $ | 16,625 | $ | 10,806 | $ | 3,805 | $ | 14,974 | $ | 1,011 | $ | 9,029 | $ | 76,121 | ||||||||||||||||||
For the Six Months Ended June 30, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial | Multifamily | Construction and Land | Commercial | Agricultural | One- to Four- | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||
Real Estate | Business | business | Family | |||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 15,322 | $ | 4,506 | $ | 14,991 | $ | 9,957 | $ | 2,295 | $ | 16,475 | $ | 1,348 | $ | 11,865 | $ | 76,759 | ||||||||||||||||||
Provision for loan losses | (1,622 | ) | 467 | 2,050 | 1,124 | 1,163 | (567 | ) | 221 | (2,836 | ) | — | ||||||||||||||||||||||||
Recoveries | 1,964 | — | 438 | 1,052 | 347 | 119 | 219 | — | 4,139 | |||||||||||||||||||||||||||
Charge-offs | (766 | ) | — | (854 | ) | (1,327 | ) | — | (1,053 | ) | (777 | ) | — | (4,777 | ) | |||||||||||||||||||||
Ending balance | $ | 14,898 | $ | 4,973 | $ | 16,625 | $ | 10,806 | $ | 3,805 | $ | 14,974 | $ | 1,011 | $ | 9,029 | $ | 76,121 | ||||||||||||||||||
At June 30, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial | Multifamily | Construction and Land | Commercial Business | Agricultural Business | One- to Four-Family | Consumer | Unallocated | Total | ||||||||||||||||||||||||||||
Real Estate | ||||||||||||||||||||||||||||||||||||
Allowance individually evaluated for impairment | $ | 750 | $ | 1,326 | $ | 1,955 | $ | 216 | $ | — | $ | 1,923 | $ | 84 | $ | — | $ | 6,254 | ||||||||||||||||||
Allowance collectively evaluated for impairment | 14,148 | 3,647 | 14,670 | 10,590 | 3,805 | 13,051 | 927 | 9,029 | 69,867 | |||||||||||||||||||||||||||
Total allowance for loan losses | $ | 14,898 | $ | 4,973 | $ | 16,625 | $ | 10,806 | $ | 3,805 | $ | 14,974 | $ | 1,011 | $ | 9,029 | $ | 76,121 | ||||||||||||||||||
At June 30, 2013 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Multifamily | Construction and Land | Commercial Business | Agricultural Business | One- to Four-Family | Unallocated | ||||||||||||||||||||||||||||||
Consumer | Total | |||||||||||||||||||||||||||||||||||
Loan balances: | ||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment | $ | 10,647 | $ | 5,815 | $ | 12,723 | $ | 2,818 | $ | — | $ | 29,419 | $ | 1,066 | $ | — | $ | 62,488 | ||||||||||||||||||
Loans collectively evaluated for impairment | 1,086,061 | 131,212 | 340,961 | 637,022 | 233,967 | 523,279 | 275,211 | — | 3,227,713 | |||||||||||||||||||||||||||
Total loans | $ | 1,096,708 | $ | 137,027 | $ | 353,684 | $ | 639,840 | $ | 233,967 | $ | 552,698 | $ | 276,277 | $ | — | $ | 3,290,201 | ||||||||||||||||||
REAL_ESTATE_OWNED_NET_Tables
REAL ESTATE OWNED, NET (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Real Estate [Abstract] | ' | |||||||||||||||
Schedule of Changes in Real Estate Owned, Net of Valuation Adjustments | ' | |||||||||||||||
The following table presents the changes in REO for the three and six months ended June 30, 2014 and 2013 (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance, beginning of the period | $ | 3,236 | $ | 11,160 | $ | 4,044 | $ | 15,778 | ||||||||
Additions from loan foreclosures | 1,996 | 418 | 2,703 | 1,504 | ||||||||||||
Additions from capitalized costs | 33 | — | 37 | 46 | ||||||||||||
Proceeds from dispositions of REO | (1,034 | ) | (5,305 | ) | (2,675 | ) | (11,787 | ) | ||||||||
Gain on sale of REO | 157 | 667 | 316 | 1,472 | ||||||||||||
Valuation adjustments in the period | — | (226 | ) | (37 | ) | (299 | ) | |||||||||
Balance, end of the period | $ | 4,388 | $ | 6,714 | $ | 4,388 | $ | 6,714 | ||||||||
Schedule of Real Estate Owned by Type and Geographic Location by State | ' | |||||||||||||||
The following table shows REO by type and geographic location by state as of June 30, 2014 (in thousands): | ||||||||||||||||
Washington | Oregon | Idaho | Total | |||||||||||||
Commercial real estate | $ | — | $ | — | $ | 175 | $ | 175 | ||||||||
Land development—residential | 614 | 1,637 | 32 | 2,283 | ||||||||||||
One- to four-family real estate | 1,187 | 743 | — | 1,930 | ||||||||||||
Balance, end of period | $ | 1,801 | $ | 2,380 | $ | 207 | $ | 4,388 | ||||||||
INTANGIBLE_ASSETS_AND_MORTGAGE1
INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Other Intangible Assets and Mortgage Servicing Rights [Abstract] | ' | |||||||||||||||
Schedule of Changes in Intangible Assets | ' | |||||||||||||||
The following table summarizes the changes in the Company’s core deposit intangibles for the six months ended June 30, 2014 and the year ended December 31, 2013 (in thousands): | ||||||||||||||||
CDI | ||||||||||||||||
Balance, December 31, 2013 | $ | 2,449 | ||||||||||||||
Additions through acquisitions | 2,372 | |||||||||||||||
Amortization | (929 | ) | ||||||||||||||
Balance, June 30, 2014 | $ | 3,892 | ||||||||||||||
CDI | ||||||||||||||||
Balance, December 31, 2012 | $ | 4,230 | ||||||||||||||
Additions through acquisitions | 160 | |||||||||||||||
Amortization | (1,941 | ) | ||||||||||||||
Balance, December 31, 2013 | $ | 2,449 | ||||||||||||||
Schedule of Estimated Annual Amortization Expense | ' | |||||||||||||||
The following table presents the estimated amortization expense with respect to intangibles for the periods indicated (in thousands): | ||||||||||||||||
CDI | ||||||||||||||||
Remainder of 2014 | $ | 1,061 | ||||||||||||||
2015 | 1,007 | |||||||||||||||
2016 | 353 | |||||||||||||||
2017 | 321 | |||||||||||||||
2018 | 296 | |||||||||||||||
Thereafter | 854 | |||||||||||||||
$ | 3,892 | |||||||||||||||
Schedule of Servicing Assets at Amortized Value | ' | |||||||||||||||
An analysis of our mortgage servicing rights, net of valuation allowances, for the three and six months ended June 30, 2014 and 2013 is presented below (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Balance, beginning of the period | $ | 8,199 | $ | 6,335 | $ | 8,086 | $ | 6,244 | ||||||||
Amounts capitalized | 794 | 807 | 1,369 | 1,583 | ||||||||||||
Amortization (1) | (512 | ) | (706 | ) | (974 | ) | (1,391 | ) | ||||||||
Valuation adjustments in the period | — | 600 | — | 600 | ||||||||||||
Balance, end of the period (2) | $ | 8,481 | $ | 7,036 | $ | 8,481 | $ | 7,036 | ||||||||
(1) | Amortization of mortgage servicing rights is recorded as a reduction of loan servicing income and any unamortized balance is fully written off if the loan repays in full. | |||||||||||||||
(2) | There was no valuation allowance as of June 30, 2014 and a $700,000 valuation allowance as of June 30, 2013. |
DEPOSITS_AND_CUSTOMER_REPURCHA1
DEPOSITS AND CUSTOMER REPURCHASE AGREEMENTS (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Banking and Thrift [Abstract] | ' | |||||||||||||||
Schedule of Deposit Liabilities | ' | |||||||||||||||
Deposits consisted of the following at June 30, 2014 and December 31, 2013 (dollars in thousands): | ||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||
Amount | Percent of Total | Amount | Percent of Total | |||||||||||||
Non-interest-bearing accounts | $ | 1,210,068 | 30.9 | % | $ | 1,115,346 | 30.8 | % | ||||||||
Interest-bearing checking | 437,810 | 11.2 | 422,910 | 11.7 | ||||||||||||
Regular savings accounts | 843,950 | 21.5 | 798,764 | 22.1 | ||||||||||||
Money market accounts | 490,105 | 12.5 | 408,211 | 11.3 | ||||||||||||
Total transaction and saving accounts | 2,981,933 | 76.1 | 2,745,231 | 75.9 | ||||||||||||
Certificates of deposit | 936,986 | 23.9 | 872,695 | 24.1 | ||||||||||||
Total deposits | $ | 3,918,919 | 100 | % | $ | 3,617,926 | 100 | % | ||||||||
Included in total deposits: | ||||||||||||||||
Public fund transaction accounts | $ | 93,550 | 2.4 | % | $ | 87,521 | 2.4 | % | ||||||||
Public fund interest-bearing certificates | 48,180 | 1.2 | 51,465 | 1.4 | ||||||||||||
Total public deposits | $ | 141,730 | 3.6 | % | $ | 138,986 | 3.8 | % | ||||||||
Total brokered deposits | $ | 88,209 | 2.3 | % | $ | 4,291 | 0.1 | % | ||||||||
Schedule of Certificate Accounts by Total Balance | ' | |||||||||||||||
Certificate of deposit accounts by total balance at June 30, 2014 and December 31, 2013 were as follows (in thousands): | ||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||
Certificates of deposit less than $100,000 | $ | 467,058 | $ | 386,745 | ||||||||||||
Certificates of deposit $100,000 through $250,000 | 301,075 | 308,130 | ||||||||||||||
Certificates of deposit more than $250,000 | 168,853 | 177,820 | ||||||||||||||
Total certificates of deposit | $ | 936,986 | $ | 872,695 | ||||||||||||
Schedule of Maturities Certificate Accounts | ' | |||||||||||||||
Scheduled maturities and repricing of certificate accounts at June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||
Certificates which mature or reprice: | ||||||||||||||||
Within one year or less | $ | 709,335 | $ | 660,394 | ||||||||||||
After one year through two years | 135,677 | 117,789 | ||||||||||||||
After two years through three years | 45,403 | 47,362 | ||||||||||||||
After three years through four years | 24,414 | 26,443 | ||||||||||||||
After four years through five years | 16,991 | 17,075 | ||||||||||||||
After five years | 5,166 | 3,632 | ||||||||||||||
Total certificates of deposit | $ | 936,986 | $ | 872,695 | ||||||||||||
Schedule of Deposit Liabilities by Geographic Concentration | ' | |||||||||||||||
The following table presents the geographic concentration of deposits at June 30, 2014 (dollars in thousands): | ||||||||||||||||
Washington | Oregon | Idaho | Total | |||||||||||||
Total deposits | $ | 2,835,383 | $ | 848,991 | $ | 234,545 | $ | 3,918,919 | ||||||||
Percent of total deposits | 72.3 | % | 21.7 | % | 6 | % | 100 | % | ||||||||
Schedule of Repurchase Agreements | ' | |||||||||||||||
The following table presents retail repurchase agreement balances as of June 30, 2014, December 31, 2013 and June 30, 2013 (in thousands): | ||||||||||||||||
June 30, 2014 | December 31, 2013 | June 30, 2013 | ||||||||||||||
Retail repurchase agreements | $ | 88,946 | $ | 83,056 | $ | 90,779 | ||||||||||
FAIR_VALUE_ACCOUNTING_AND_MEAS1
FAIR VALUE ACCOUNTING AND MEASUREMENT (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | |||||||||||||||||||
The following tables present financial assets and liabilities measured at fair value on a recurring basis and the level within the fair value hierarchy of the fair value measurements for those assets as of June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Assets: | ||||||||||||||||||||
Securities—available-for-sale | ||||||||||||||||||||
U.S. Government and agency | $ | — | $ | 52,212 | $ | — | $ | 52,212 | ||||||||||||
Municipal bonds | — | 50,801 | — | 50,801 | ||||||||||||||||
Corporate bonds | — | 5,011 | — | 5,011 | ||||||||||||||||
Mortgage-backed or related securities | — | 321,863 | — | 321,863 | ||||||||||||||||
Asset-backed securities | — | 25,466 | — | 25,466 | ||||||||||||||||
— | 455,353 | — | 455,353 | |||||||||||||||||
Securities—trading | ||||||||||||||||||||
U.S. Government and agency | — | 1,530 | — | 1,530 | ||||||||||||||||
Municipal bonds | — | 1,716 | — | 1,716 | ||||||||||||||||
TPS and TRUP CDOs | — | — | 38,529 | 38,529 | ||||||||||||||||
Mortgage-backed or related securities | — | 19,557 | — | 19,557 | ||||||||||||||||
Equity securities and other | — | 61 | — | 61 | ||||||||||||||||
— | 22,864 | 38,529 | 61,393 | |||||||||||||||||
Derivatives | ||||||||||||||||||||
Interest rate lock commitments | — | 563 | — | 563 | ||||||||||||||||
Interest rate swaps | — | 5,650 | — | 5,650 | ||||||||||||||||
$ | — | $ | 484,430 | $ | 38,529 | $ | 522,959 | |||||||||||||
Liabilities: | ||||||||||||||||||||
Advances from FHLB at fair value | $ | — | $ | 45,251 | $ | — | $ | 45,251 | ||||||||||||
Junior subordinated debentures net of unamortized deferred issuance costs at fair value | — | — | 77,313 | 77,313 | ||||||||||||||||
Derivatives | ||||||||||||||||||||
Interest rate sales forward commitments, net | — | 351 | — | 351 | ||||||||||||||||
Interest rate swaps | — | 5,650 | — | 5,650 | ||||||||||||||||
$ | — | $ | 51,252 | $ | 77,313 | $ | 128,565 | |||||||||||||
December 31, 2013 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
Assets: | ||||||||||||||||||||
Securities—available-for-sale | ||||||||||||||||||||
U.S. Government and agency | $ | — | $ | 58,660 | $ | — | $ | 58,660 | ||||||||||||
Municipal bonds | — | 52,855 | — | 52,855 | ||||||||||||||||
Corporate bonds | — | 6,964 | — | 6,964 | ||||||||||||||||
Mortgage-backed or related securities | — | 326,610 | — | 326,610 | ||||||||||||||||
Asset-backed securities | — | 25,191 | — | 25,191 | ||||||||||||||||
— | 470,280 | — | 470,280 | |||||||||||||||||
Securities—trading | ||||||||||||||||||||
U.S. Government and agency | — | 1,481 | — | 1,481 | ||||||||||||||||
Municipal bonds | — | 5,023 | — | 5,023 | ||||||||||||||||
TPS and TRUP CDOs | — | — | 35,140 | 35,140 | ||||||||||||||||
Mortgage-backed or related securities | — | 20,760 | — | 20,760 | ||||||||||||||||
Equity securities and other | — | 68 | — | 68 | ||||||||||||||||
— | 27,332 | 35,140 | 62,472 | |||||||||||||||||
Derivatives | ||||||||||||||||||||
Interest rate lock commitments | — | 130 | — | 130 | ||||||||||||||||
Interest rate swaps | — | 4,946 | — | 4,946 | ||||||||||||||||
$ | — | $ | 502,688 | $ | 35,140 | $ | 537,828 | |||||||||||||
Liabilities: | ||||||||||||||||||||
Advances from FHLB at fair value | $ | — | $ | 27,250 | $ | — | $ | 27,250 | ||||||||||||
Junior subordinated debentures net of unamortized deferred issuance costs at fair value | — | — | 73,928 | 73,928 | ||||||||||||||||
Derivatives | ||||||||||||||||||||
Interest rate sales forward commitments, net | — | 43 | — | 43 | ||||||||||||||||
Interest rate swaps | — | 4,946 | — | 4,946 | ||||||||||||||||
$ | — | $ | 32,239 | $ | 73,928 | $ | 106,167 | |||||||||||||
Schedule of Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | |||||||||||||||||||
The following table provides a reconciliation of the assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the three and six months ended June 30, 2014 and 2013 (in thousands): | ||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, 2014 | June 30, 2014 | |||||||||||||||||||
Level 3 Fair Value Inputs | Level 3 Fair Value Inputs | |||||||||||||||||||
TPS and TRUP CDOs | Borrowings—Junior Subordinated Debentures | TPS and TRUP | Borrowings— | |||||||||||||||||
CDOs | Junior | |||||||||||||||||||
Subordinated | ||||||||||||||||||||
Debentures | ||||||||||||||||||||
Beginning balance | $ | 35,062 | $ | 74,135 | $ | 35,140 | $ | 73,928 | ||||||||||||
Total gains or losses recognized | ||||||||||||||||||||
Assets gains, including OTTI | 3,464 | — | 3,420 | — | ||||||||||||||||
Liabilities losses | — | 3,178 | — | 3,385 | ||||||||||||||||
Maturities and paydowns net of discount amortization | 3 | — | (31 | ) | — | |||||||||||||||
Ending balance at June 30, 2014 | $ | 38,529 | $ | 77,313 | $ | 38,529 | $ | 77,313 | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, 2013 | June 30, 2013 | |||||||||||||||||||
Level 3 Fair Value Inputs | Level 3 Fair Value Inputs | |||||||||||||||||||
TPS and TRUP CDOs | Borrowings—Junior Subordinated Debentures | TPS and TRUP | Borrowings— | |||||||||||||||||
CDOs | Junior | |||||||||||||||||||
Subordinated | ||||||||||||||||||||
Debentures | ||||||||||||||||||||
Beginning balance | $ | 34,520 | $ | 73,220 | $ | 35,741 | $ | 73,063 | ||||||||||||
Total gains or losses recognized | ||||||||||||||||||||
Assets gains (losses), including OTTI | 585 | — | (636 | ) | — | |||||||||||||||
Liabilities losses | — | 251 | — | 408 | ||||||||||||||||
Ending balance at June 30, 2013 | $ | 35,105 | $ | 73,471 | $ | 35,105 | $ | 73,471 | ||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ' | |||||||||||||||||||
The following tables present financial assets measured at fair value on a non-recurring basis and the level within the fair value hierarchy of the fair value measurements for those assets as of June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||
At or For the Six Months Ended June 30, 2014 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Net Gains/(Losses) Recognized During the Period | ||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 5,046 | $ | 5,046 | $ | (2,678 | ) | |||||||||
REO | — | — | 4,388 | 4,388 | (433 | ) | ||||||||||||||
At or For the Year Ended December 31, 2013 | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Net Gains/(Losses) Recognized During the Period | ||||||||||||||||
Impaired loans | $ | — | $ | — | $ | 10,627 | $ | 10,627 | $ | (4,890 | ) | |||||||||
REO | — | — | 4,044 | 4,044 | (853 | ) | ||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | ' | |||||||||||||||||||
The following table provides a description of the valuation technique, unobservable inputs, and qualitative information about the unobservable inputs for the Company's assets and liabilities classified as Level 3 and measured at fair value on a recurring and nonrecurring basis at June 30, 2014 and December 31, 2013: | ||||||||||||||||||||
Weighted Average Rate | ||||||||||||||||||||
Financial Instruments | Valuation Techniques | Unobservable Inputs | June 30, 2014 | 31-Dec-13 | ||||||||||||||||
TPS securities | Discounted cash flows | Discount rate | 5.23 | % | 5.5 | % | ||||||||||||||
TRUP CDOs | Discounted cash flows | Discount rate | 3.3 | 3.85 | ||||||||||||||||
Junior subordinated debentures | Discounted cash flows | Discount rate | 5.23 | 5.5 | ||||||||||||||||
Impaired loans | Discounted cash flows | Discount rate | Various | Various | ||||||||||||||||
Collateral Valuations | Market values | n/a | n/a | |||||||||||||||||
REO | Appraisals | Market values | n/a | n/a | ||||||||||||||||
Schedule of Fair Value of Financial Instruments, by Balance Sheet Grouping | ' | |||||||||||||||||||
The carrying value and estimated fair value of financial instruments are as follows (in thousands): | ||||||||||||||||||||
June 30, 2014 | December 31, 2013 | |||||||||||||||||||
Carrying Value | Estimated | Carrying Value | Estimated | |||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and due from banks | $ | 146,561 | $ | 146,561 | $ | 137,349 | $ | 137,349 | ||||||||||||
Securities—trading | 61,393 | 61,393 | 62,472 | 62,472 | ||||||||||||||||
Securities—available-for-sale | 455,353 | 455,353 | 470,280 | 470,280 | ||||||||||||||||
Securities—held-to-maturity | 133,186 | 138,065 | 102,513 | 103,610 | ||||||||||||||||
Loans receivable held for sale | 7,322 | 7,350 | 2,734 | 2,751 | ||||||||||||||||
Loans receivable | 3,755,277 | 3,642,023 | 3,415,711 | 3,297,936 | ||||||||||||||||
FHLB stock | 31,191 | 31,191 | 35,390 | 35,390 | ||||||||||||||||
Bank-owned life insurance | 62,815 | 62,815 | 61,945 | 61,945 | ||||||||||||||||
Mortgage servicing rights | 8,481 | 12,287 | 8,086 | 11,529 | ||||||||||||||||
Derivatives | 6,213 | 6,213 | 5,076 | 5,076 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||
Demand, interest checking and money market accounts | 2,137,983 | 1,909,240 | 1,946,467 | 1,697,095 | ||||||||||||||||
Regular savings | 843,950 | 747,164 | 798,764 | 695,863 | ||||||||||||||||
Certificates of deposit | 936,986 | 931,701 | 872,695 | 867,904 | ||||||||||||||||
FHLB advances at fair value | 45,251 | 45,251 | 27,250 | 27,250 | ||||||||||||||||
Junior subordinated debentures at fair value | 77,313 | 77,313 | 73,928 | 73,928 | ||||||||||||||||
Other borrowings | 88,946 | 88,946 | 83,056 | 83,056 | ||||||||||||||||
Derivatives | 6,001 | 6,001 | 4,989 | 4,989 | ||||||||||||||||
CALCULATION_OF_WEIGHTED_AVERAG1
CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS (LOSS) PER SHARE (EPS) (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Basic and Diluted Weighted Shares Outstanding | ' | |||||||||||||||
The following table reconciles basic to diluted weighted shares outstanding used to calculate earnings per share data dollars and shares (in thousands, except per share data): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
30-Jun | 30-Jun | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income | $ | 17,007 | $ | 11,753 | $ | 27,578 | $ | 23,336 | ||||||||
Basic weighted average shares outstanding | 19,342 | 19,333 | 19,344 | 19,323 | ||||||||||||
Plus unvested restricted stock | 68 | 64 | 62 | 62 | ||||||||||||
Diluted weighted shares outstanding | 19,410 | 19,397 | 19,406 | 19,385 | ||||||||||||
Earnings per common share | ||||||||||||||||
Basic | $ | 0.88 | $ | 0.61 | $ | 1.43 | $ | 1.21 | ||||||||
Diluted | $ | 0.88 | $ | 0.6 | $ | 1.42 | $ | 1.2 | ||||||||
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 6 Months Ended | |||||||
Jun. 30, 2014 | ||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||
Schedule of Financial Instruments With Off-Balance-Sheet Risks | ' | |||||||
Outstanding commitments for which no asset or liability for the notional amount has been recorded consisted of the following at the dates indicated (in thousands): | ||||||||
Contract or Notional Amount | ||||||||
June 30, 2014 | December 31, 2013 | |||||||
Commitments to extend credit | $ | 1,140,644 | $ | 1,073,897 | ||||
Standby letters of credit and financial guarantees | 8,392 | 6,990 | ||||||
Commitments to originate loans | 32,525 | 15,776 | ||||||
Derivatives also included in Note 16: | ||||||||
Commitments to originate loans held for sale | 43,639 | 21,434 | ||||||
Commitments to sell loans secured by one- to four-family residential properties | 17,714 | 9,378 | ||||||
Commitments to sell securities related to mortgage banking activities | 29,166 | 15,200 | ||||||
DERIVATIVES_AND_HEDGING_Tables
DERIVATIVES AND HEDGING (Tables) | 6 Months Ended | |||||||||||||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||||||||||||||||||||||
Schedule of Derivatives Designated in Hedge Relationships | ' | |||||||||||||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, the notional values or contractual amounts and fair values of the Company's derivatives designated in hedge relationships were as follows (in thousands): | ||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||
Notional/ | Fair | Notional/ | Fair | Notional/ | Fair | Notional/ | Fair | |||||||||||||||||||||||||
Contract Amount | Value (1) | Contract Amount | Value (1) | Contract Amount | Value (2) | Contract Amount | Value (2) | |||||||||||||||||||||||||
Interest rate swaps | $ | 7,257 | $ | 1,263 | $ | 7,420 | $ | 1,295 | $ | 7,257 | $ | 1,263 | $ | 7,420 | $ | 1,295 | ||||||||||||||||
(1) | Included in Loans receivable on the Consolidated Statements of Financial Condition. | |||||||||||||||||||||||||||||||
(2) | Included in Other liabilities on the Consolidated Statements of Financial Condition. | |||||||||||||||||||||||||||||||
Schedule of Derivatives Not Designated in Hedge Relationships | ' | |||||||||||||||||||||||||||||||
As of June 30, 2014 and December 31, 2013, the notional values or contractual amounts and fair values of the Company's derivatives not designated in hedge relationships were as follows (in thousands): | ||||||||||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | |||||||||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | June 30, 2014 | December 31, 2013 | |||||||||||||||||||||||||||||
Notional/ | Fair | Notional/ | Fair | Notional/ | Fair | Notional/ | Fair | |||||||||||||||||||||||||
Contract Amount | Value (1) | Contract Amount | Value (1) | Contract Amount | Value (2) | Contract Amount | Value (2) | |||||||||||||||||||||||||
Interest rate swaps | $ | 138,345 | $ | 4,387 | $ | 135,122 | $ | 3,651 | $ | 138,345 | $ | 4,387 | $ | 135,122 | $ | 3,651 | ||||||||||||||||
Mortgage loan commitments | 28,254 | 448 | 14,107 | 57 | 15,177 | 115 | 7,326 | 43 | ||||||||||||||||||||||||
Forward sales contracts | 15,177 | 115 | 22,526 | 73 | 29,166 | 236 | — | — | ||||||||||||||||||||||||
$ | 181,776 | $ | 4,950 | $ | 171,755 | $ | 3,781 | $ | 182,688 | $ | 4,738 | $ | 142,448 | $ | 3,694 | |||||||||||||||||
(1) | Included in Other assets on the Consolidated Statement of Financial Condition, with the exception of those interest rate swaps from prior to 2009 that were not designated in hedge relationships (with a fair value of $689,000 at June 30, 2014 and $791,000 at December 31, 2013), which are included in Loans receivable. | |||||||||||||||||||||||||||||||
(2) | Included in Other liabilities on the Consolidated Statement of Financial Condition. | |||||||||||||||||||||||||||||||
Gains (losses) recognized in income on non-designated hedging instruments for the three and six months ended June 30, 2014 and 2013 were as follows (in thousands): | ||||||||||||||||||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||
30-Jun | 30-Jun | |||||||||||||||||||||||||||||||
Location on Income Statement | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Mortgage loan commitments | Mortgage banking operations | $ | 321 | $ | (878 | ) | $ | 391 | $ | (816 | ) | |||||||||||||||||||||
Forward sales contracts | Mortgage banking operations | (199 | ) | 878 | (265 | ) | 823 | |||||||||||||||||||||||||
$ | 122 | $ | — | $ | 126 | $ | 7 | |||||||||||||||||||||||||
Offsetting Assets and Liabilities | ' | |||||||||||||||||||||||||||||||
The following table illustrates the potential effect of the Company's derivative master netting arrangements, by type of financial instrument, on the Company's Statements of Financial Condition as of June 30, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||||||||||||||
Gross Amounts of Financial Instruments Not Offset in the Statement of Financial Condition | ||||||||||||||||||||||||||||||||
Gross Amounts Recognized | Amounts offset | Net Amounts | Netting Adjustment Per Applicable Master Netting Agreements | Fair Value | Net Amount | |||||||||||||||||||||||||||
in the Statement | in the Statement | of Financial Collateral | ||||||||||||||||||||||||||||||
of Financial Condition | of Financial Condition | in the Statement | ||||||||||||||||||||||||||||||
of Financial Condition | ||||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 5,650 | $ | — | $ | 5,650 | $ | (148 | ) | $ | — | $ | 5,502 | |||||||||||||||||||
$ | 5,650 | $ | — | $ | 5,650 | $ | (148 | ) | $ | — | $ | 5,502 | ||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 5,650 | $ | — | $ | 5,650 | $ | (148 | ) | $ | — | $ | 5,502 | |||||||||||||||||||
$ | 5,650 | $ | — | $ | 5,650 | $ | (148 | ) | $ | — | $ | 5,502 | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||
Gross Amounts of Financial Instruments Not Offset in the Statement of Financial Condition | ||||||||||||||||||||||||||||||||
Gross Amounts Recognized | Amounts offset | Net Amounts | Netting Adjustment Per Applicable Master Netting Agreements | Fair Value | Net Amount | |||||||||||||||||||||||||||
in the Statement | in the Statement | of Financial Collateral | ||||||||||||||||||||||||||||||
of Financial Condition | of Financial Condition | in the Statement | ||||||||||||||||||||||||||||||
of Financial Condition | ||||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 4,946 | $ | — | $ | 4,946 | $ | (554 | ) | $ | — | $ | 4,392 | |||||||||||||||||||
$ | 4,946 | $ | — | $ | 4,946 | $ | (554 | ) | $ | — | $ | 4,392 | ||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 4,946 | $ | — | $ | 4,946 | $ | (554 | ) | $ | (2,657 | ) | $ | 1,735 | ||||||||||||||||||
$ | 4,946 | $ | — | $ | 4,946 | $ | (554 | ) | $ | (2,657 | ) | $ | 1,735 | |||||||||||||||||||
RECENT_DEVELOPMENTS_AND_SIGNIF2
RECENT DEVELOPMENTS AND SIGNIFICANT EVENTS RECENT DEVELOPMENTS AND SIGNIFICANT EVENTS (Textual) (Details) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 1 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Aug. 08, 2014 | Aug. 07, 2014 | Aug. 08, 2014 | |
Six Oregon Branches [Member] | Proposed Business Acquisition [Member] | Proposed Business Acquisition [Member] | Scenario, Forecast [Member] | |||||
location | Siuslaw Financial Group, Inc [Member] | Siuslaw Financial Group, Inc [Member] | Proposed Business Acquisition [Member] | |||||
Siuslaw Financial Group, Inc [Member] | ||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Date of Acquisition Agreement | ' | ' | ' | ' | ' | 7-Aug-14 | ' | ' |
Business Acquisition, Share Price | ' | ' | ' | ' | ' | ' | $39.14 | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | ' | ' | ' | $57,500,000 |
Business Acquisition, Effective Date of Acquisition | ' | ' | ' | ' | 20-Jun-14 | ' | ' | ' |
Business Combination, Number of Branches | ' | ' | ' | ' | 6 | ' | ' | ' |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | ' | ' | ' | ' | '8 years | ' | ' | ' |
Acquisition bargain purchase gain | $9,079,000 | $0 | $9,079,000 | $0 | ' | ' | ' | ' |
RECENT_DEVELOPMENTS_AND_SIGNIF3
RECENT DEVELOPMENTS AND SIGNIFICANT EVENTS RECENT DEVELOPMENTS AND SIGNIFICANT EVENTS (Schedule of Components of Acquisition) (Details) (Six Oregon Branches [Member], USD $) | Jun. 20, 2014 |
Six Oregon Branches [Member] | ' |
ASSETS | ' |
Cash | $127,557,000 |
Loans receivable, net (contractual amount of $88.3 million) | 87,923,000 |
Property and equipment, net | 3,079,000 |
Core deposit intangible | 2,372,000 |
Other assets | 275,000 |
Total assets | 221,206,000 |
LIABILITIES | ' |
Deposits | 212,085,000 |
Other liabilities | 42,000 |
Total liabilities | 212,127,000 |
Acquisition bargain purchase gain | 9,079,000 |
Loans receivable, contractual amount | $88,300,000 |
RECENT_DEVELOPMENTS_AND_SIGNIF4
RECENT DEVELOPMENTS AND SIGNIFICANT EVENTS RECENT DEVELOPMENTS AND SIGNIFICANT EVENTS (Schedule of Acquisition-Related Costs) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Acquisition Related Costs | $1,979 | $0 | $2,024 | $0 |
Six Oregon Branches [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Non-capitalized equipment | 29 | ' | 29 | ' |
Client communications | 236 | ' | 238 | ' |
Information/computer data services | 632 | ' | 632 | ' |
Payment and processing expenses | 271 | ' | 271 | ' |
Professional services | 587 | ' | 619 | ' |
Miscellaneous | 224 | ' | 235 | ' |
Acquisition Related Costs | $1,979 | ' | $2,024 | ' |
INTERESTBEARING_DEPOSITS_AND_S2
INTEREST-BEARING DEPOSITS AND SECURITIES (Schedule of Investments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Open Option Contracts Written [Line Items] | ' | ' |
Interest-bearing deposits included in cash and due from banks | $62,990 | $67,638 |
Securities | 649,932 | 635,265 |
Interest-bearing deposits and securities | 712,922 | 702,903 |
U.S. Government and agency obligations [Member] | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Securities | 55,908 | 61,327 |
Total municipal bonds [Member] | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Securities | 174,086 | 153,804 |
Taxable municipal bonds [Member] | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Securities | 35,227 | 34,216 |
Tax exempt municipal bonds [Member] | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Securities | 138,859 | 119,588 |
Corporate bonds [Member] | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Securities | 45,340 | 44,154 |
Total mortgage-backed or related securities [Member] | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Securities | 349,071 | 350,721 |
1-4 residential agency guaranteed [Member] | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Securities | 56,063 | 58,117 |
1-4 residential other [Member] | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Securities | 911 | 1,051 |
Multifamily agency guaranteed [Member] | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Securities | 281,421 | 281,319 |
Multifamily other [Member] | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Securities | 10,676 | 10,234 |
Asset-backed Securities [Member] | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Securities | 25,466 | 25,191 |
Student Loan Marketing Association (SLMA) [Member] | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Securities | 15,732 | 15,681 |
Other asset-backed securities [Member] | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Securities | 9,734 | 9,510 |
Equity securities (excludes FHLB stock) [Member] | ' | ' |
Open Option Contracts Written [Line Items] | ' | ' |
Securities | $61 | $68 |
INTERESTBEARING_DEPOSITS_AND_S3
INTEREST-BEARING DEPOSITS AND SECURITIES (Trading Securities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Trading Securities [Line Items] | ' | ' |
Securities—trading, Amortized Cost | $70,472 | $75,150 |
Securities—trading, Fair Value | 61,393 | 62,472 |
Securities—trading, Percent of Total Fair Value | 100.00% | 100.00% |
U.S. Government and agency obligations [Member] | ' | ' |
Schedule of Trading Securities [Line Items] | ' | ' |
Securities—trading, Amortized Cost | 1,370 | 1,370 |
Securities—trading, Fair Value | 1,530 | 1,481 |
Securities—trading, Percent of Total Fair Value | 2.50% | 2.40% |
Tax exempt municipal bonds [Member] | ' | ' |
Schedule of Trading Securities [Line Items] | ' | ' |
Securities—trading, Amortized Cost | 1,666 | 4,969 |
Securities—trading, Fair Value | 1,716 | 5,023 |
Securities—trading, Percent of Total Fair Value | 2.80% | 8.00% |
Corporate bonds [Member] | ' | ' |
Schedule of Trading Securities [Line Items] | ' | ' |
Securities—trading, Amortized Cost | 49,466 | 49,498 |
Securities—trading, Fair Value | 38,529 | 35,140 |
Securities—trading, Percent of Total Fair Value | 62.70% | 56.20% |
Total mortgage-backed or related securities [Member] | ' | ' |
Schedule of Trading Securities [Line Items] | ' | ' |
Securities—trading, Amortized Cost | 17,956 | 19,299 |
Securities—trading, Fair Value | 19,557 | 20,760 |
Securities—trading, Percent of Total Fair Value | 31.90% | 33.30% |
1-4 residential agency guaranteed [Member] | ' | ' |
Schedule of Trading Securities [Line Items] | ' | ' |
Securities—trading, Amortized Cost | 9,222 | 10,483 |
Securities—trading, Fair Value | 9,987 | 11,230 |
Securities—trading, Percent of Total Fair Value | 16.30% | 18.00% |
Multifamily agency guaranteed [Member] | ' | ' |
Schedule of Trading Securities [Line Items] | ' | ' |
Securities—trading, Amortized Cost | 8,734 | 8,816 |
Securities—trading, Fair Value | 9,570 | 9,530 |
Securities—trading, Percent of Total Fair Value | 15.60% | 15.30% |
Equity securities [Member] | ' | ' |
Schedule of Trading Securities [Line Items] | ' | ' |
Securities—trading, Amortized Cost | 14 | 14 |
Securities—trading, Fair Value | $61 | $68 |
Securities—trading, Percent of Total Fair Value | 0.10% | 0.10% |
INTERESTBEARING_DEPOSITS_AND_S4
INTEREST-BEARING DEPOSITS AND SECURITIES (Trading Securities Debt Maturities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Trading Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ' | ' |
Maturing in one year or less, amortized cost | $11,759 | $260 |
Maturing after one year through five years, amortized cost | 6,524 | 7,056 |
Maturing after five years through ten years, amortized cost | 8,976 | 12,602 |
Maturing after ten years through twenty years, amortized cost | 21,352 | 33,335 |
Maturing after twenty, amortized cost | 21,847 | 21,883 |
Total with maturity date, amortized cost | 70,458 | 75,136 |
Without maturity date, amortized cost | 14 | 14 |
Amortized Cost | 70,472 | 75,150 |
Trading Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ' | ' |
Maturing in one year or less, fair value | 11,763 | 263 |
Maturing after one year through five years, fair value | 6,969 | 7,298 |
Maturing after five years, through ten years, fair value | 9,915 | 13,572 |
Maturing after ten years through twenty years, fair value | 17,930 | 27,472 |
Maturing after twenty years, fair value | 14,755 | 13,799 |
Total with maturity date, fair value | 61,332 | 62,404 |
Without maturity date, fair value | 61 | 68 |
Fair Value | $61,393 | $62,472 |
INTERESTBEARING_DEPOSITS_AND_S5
INTEREST-BEARING DEPOSITS AND SECURITIES (Available-for-sale Securities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $455,232 | $474,960 |
Gross Unrealized Gains | 2,475 | 1,630 |
Gross Unrealized Losses | -2,354 | -6,310 |
Fair Value | 455,353 | 470,280 |
Percent of Total | 100.00% | 100.00% |
U.S. Government and agency obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 52,424 | 59,178 |
Gross Unrealized Gains | 41 | 117 |
Gross Unrealized Losses | -253 | -635 |
Fair Value | 52,212 | 58,660 |
Percent of Total | 11.50% | 12.50% |
Total municipal bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 50,609 | 53,071 |
Gross Unrealized Gains | 310 | 270 |
Gross Unrealized Losses | -118 | -486 |
Fair Value | 50,801 | 52,855 |
Percent of Total | 11.20% | 11.20% |
Taxable municipal bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 19,733 | 23,842 |
Gross Unrealized Gains | 116 | 100 |
Gross Unrealized Losses | -40 | -278 |
Fair Value | 19,809 | 23,664 |
Percent of Total | 4.40% | 5.00% |
Tax exempt municipal bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 30,876 | 29,229 |
Gross Unrealized Gains | 194 | 170 |
Gross Unrealized Losses | -78 | -208 |
Fair Value | 30,992 | 29,191 |
Percent of Total | 6.80% | 6.20% |
Corporate bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 5,000 | 7,001 |
Gross Unrealized Gains | 11 | 2 |
Gross Unrealized Losses | 0 | -39 |
Fair Value | 5,011 | 6,964 |
Percent of Total | 1.10% | 1.50% |
Total mortgage-backed or related securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 321,636 | 330,097 |
Gross Unrealized Gains | 1,889 | 1,113 |
Gross Unrealized Losses | -1,662 | -4,600 |
Fair Value | 321,863 | 326,610 |
Percent of Total | 70.60% | 69.50% |
1-4 residential agency guaranteed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 43,883 | 47,077 |
Gross Unrealized Gains | 839 | 648 |
Gross Unrealized Losses | -452 | -838 |
Fair Value | 44,270 | 46,887 |
Percent of Total | 9.70% | 10.00% |
1-4 residential other [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 860 | 988 |
Gross Unrealized Gains | 51 | 63 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 911 | 1,051 |
Percent of Total | 0.20% | 0.20% |
Multifamily agency guaranteed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 266,339 | 271,428 |
Gross Unrealized Gains | 877 | 402 |
Gross Unrealized Losses | -1,210 | -3,392 |
Fair Value | 266,006 | 268,438 |
Percent of Total | 58.40% | 57.10% |
Multifamily other [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 10,554 | 10,604 |
Gross Unrealized Gains | 122 | 0 |
Gross Unrealized Losses | 0 | -370 |
Fair Value | 10,676 | 10,234 |
Percent of Total | 2.30% | 2.20% |
Asset-backed Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 25,563 | 25,613 |
Gross Unrealized Gains | 224 | 128 |
Gross Unrealized Losses | -321 | -550 |
Fair Value | 25,466 | 25,191 |
Percent of Total | 5.60% | 5.30% |
SLMA [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 15,508 | 15,553 |
Gross Unrealized Gains | 224 | 128 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 15,732 | 15,681 |
Percent of Total | 3.50% | 3.30% |
Other asset-backed securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 10,055 | 10,060 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -321 | -550 |
Fair Value | $9,734 | $9,510 |
Percent of Total | 2.10% | 2.00% |
INTERESTBEARING_DEPOSITS_AND_S6
INTEREST-BEARING DEPOSITS AND SECURITIES (Available-for-sale Securities with Continuous Loss Position) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | $42,901 | $292,992 |
Less than 12 Months, Unrealized Losses | -180 | -4,803 |
12 Months or More, Fair Value | 169,457 | 44,064 |
12 Months or More, Unrealized Losses | -2,174 | -1,507 |
Total Fair Value | 212,358 | 337,056 |
Total Unrealized Losses | -2,354 | -6,310 |
U.S. Government and agency obligations [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 6,691 | 39,621 |
Less than 12 Months, Unrealized Losses | -8 | -633 |
12 Months or More, Fair Value | 20,299 | 998 |
12 Months or More, Unrealized Losses | -245 | -2 |
Total Fair Value | 26,990 | 40,619 |
Total Unrealized Losses | -253 | -635 |
Total municipal bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 4,648 | 23,797 |
Less than 12 Months, Unrealized Losses | -9 | -466 |
12 Months or More, Fair Value | 7,586 | 900 |
12 Months or More, Unrealized Losses | -109 | -20 |
Total Fair Value | 12,234 | 24,697 |
Total Unrealized Losses | -118 | -486 |
Taxable municipal bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 3,031 | 15,580 |
Less than 12 Months, Unrealized Losses | -6 | -261 |
12 Months or More, Fair Value | 3,829 | 413 |
12 Months or More, Unrealized Losses | -34 | -17 |
Total Fair Value | 6,860 | 15,993 |
Total Unrealized Losses | -40 | -278 |
Tax exempt municipal bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 1,617 | 8,217 |
Less than 12 Months, Unrealized Losses | -3 | -205 |
12 Months or More, Fair Value | 3,757 | 487 |
12 Months or More, Unrealized Losses | -75 | -3 |
Total Fair Value | 5,374 | 8,704 |
Total Unrealized Losses | -78 | -208 |
Corporate bonds [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | ' | 4,961 |
Less than 12 Months, Unrealized Losses | ' | -39 |
12 Months or More, Fair Value | ' | 0 |
12 Months or More, Unrealized Losses | ' | 0 |
Total Fair Value | ' | 4,961 |
Total Unrealized Losses | ' | -39 |
Total mortgage-backed or related securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 31,562 | 224,613 |
Less than 12 Months, Unrealized Losses | -163 | -3,665 |
12 Months or More, Fair Value | 131,838 | 32,656 |
12 Months or More, Unrealized Losses | -1,499 | -935 |
Total Fair Value | 163,400 | 257,269 |
Total Unrealized Losses | -1,662 | -4,600 |
1-4 residential agency guaranteed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 10,338 | 14,972 |
Less than 12 Months, Unrealized Losses | -79 | -133 |
12 Months or More, Fair Value | 12,107 | 22,560 |
12 Months or More, Unrealized Losses | -373 | -705 |
Total Fair Value | 22,445 | 37,532 |
Total Unrealized Losses | -452 | -838 |
Multifamily agency guaranteed [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 21,224 | 199,407 |
Less than 12 Months, Unrealized Losses | -84 | -3,162 |
12 Months or More, Fair Value | 119,731 | 10,096 |
12 Months or More, Unrealized Losses | -1,126 | -230 |
Total Fair Value | 140,955 | 209,503 |
Total Unrealized Losses | -1,210 | -3,392 |
Multifamily other [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | ' | 10,234 |
Less than 12 Months, Unrealized Losses | ' | -370 |
12 Months or More, Fair Value | ' | 0 |
12 Months or More, Unrealized Losses | ' | 0 |
Total Fair Value | ' | 10,234 |
Total Unrealized Losses | ' | -370 |
Other asset-backed securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 0 | 0 |
Less than 12 Months, Unrealized Losses | 0 | 0 |
12 Months or More, Fair Value | 9,734 | 9,510 |
12 Months or More, Unrealized Losses | -321 | -550 |
Total Fair Value | 9,734 | 9,510 |
Total Unrealized Losses | ($321) | ($550) |
INTERESTBEARING_DEPOSITS_AND_S7
INTEREST-BEARING DEPOSITS AND SECURITIES (Available-for-sale Securities Debt Maturities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | ' | ' |
Maturing in one year or less, amortized cost | $20,198 | $25,136 |
Maturing after one year thorugh five years, amortized cost | 314,605 | 322,493 |
Maturing after five years through ten years, amortized cost | 56,558 | 58,468 |
Maturing after ten years through twenty years, amortized cost | 5,923 | 15,535 |
Maturing after twenty years, amortized cost | 57,948 | 53,328 |
Amoritzed cost | 455,232 | 474,960 |
Available-for-sale Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ' | ' |
Maturing one year or less, fair value | 20,248 | 25,256 |
Maturing after one year through five years, fair value | 314,067 | 319,489 |
Maturing after five years through ten years, fair value | 56,708 | 57,782 |
Maturing after ten years through twenty years, fair value | 5,819 | 15,135 |
Maturing after twenty years, fair value | 58,511 | 52,618 |
Fair Value | $455,353 | $470,280 |
INTERESTBEARING_DEPOSITS_AND_S8
INTEREST-BEARING DEPOSITS AND SECURITIES (Held-to-maturity Securities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | $133,186 | $102,513 |
Gross Unrealized Gains | 5,317 | 2,738 |
Gross Unrealized Losses | -438 | -1,641 |
Fair Value | 138,065 | 103,610 |
Percent of Total Amortized Cost | 100.00% | 100.00% |
U.S. Government and agency obligations [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 2,166 | 1,186 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | -29 | -80 |
Fair Value | 2,137 | 1,106 |
Percent of Total Amortized Cost | 1.60% | 1.20% |
Total municipal bonds [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 121,569 | 95,926 |
Gross Unrealized Gains | 5,257 | 2,738 |
Gross Unrealized Losses | -399 | -1,503 |
Fair Value | 126,427 | 97,161 |
Percent of Total Amortized Cost | 91.30% | 93.60% |
Taxable municipal bonds [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 15,418 | 10,552 |
Gross Unrealized Gains | 287 | 193 |
Gross Unrealized Losses | -38 | -204 |
Fair Value | 15,667 | 10,541 |
Percent of Total Amortized Cost | 11.60% | 10.30% |
Tax exempt municipal bonds [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 106,151 | 85,374 |
Gross Unrealized Gains | 4,970 | 2,545 |
Gross Unrealized Losses | -361 | -1,299 |
Fair Value | 110,760 | 86,620 |
Percent of Total Amortized Cost | 79.70% | 83.30% |
Corporate bonds [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 1,800 | 2,050 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 1,800 | 2,050 |
Percent of Total Amortized Cost | 1.40% | 2.00% |
Total mortgage-backed or related securities [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 7,651 | ' |
Gross Unrealized Gains | 60 | ' |
Gross Unrealized Losses | -10 | ' |
Fair Value | 7,701 | ' |
Percent of Total Amortized Cost | 5.70% | ' |
1-4 residential agency guaranteed [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 1,806 | ' |
Gross Unrealized Gains | 0 | ' |
Gross Unrealized Losses | -10 | ' |
Fair Value | 1,796 | ' |
Percent of Total Amortized Cost | 1.40% | ' |
Multifamily agency guaranteed [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Amortized Cost | 5,845 | 3,351 |
Gross Unrealized Gains | 60 | 0 |
Gross Unrealized Losses | 0 | -58 |
Fair Value | $5,905 | $3,293 |
Percent of Total Amortized Cost | 4.30% | 3.20% |
INTERESTBEARING_DEPOSITS_AND_S9
INTEREST-BEARING DEPOSITS AND SECURITIES (Held-to-Maturity Securities with Continuous Loss Position) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | $12,517 | $38,977 |
Less Than 12 Months, Unrealized Losses | -101 | -1,530 |
12 Months or More, Fair Value | 13,054 | 3,267 |
12 Months or More, Unrealized Losses | -337 | -111 |
Total Fair Value | 25,571 | 42,244 |
Total Unrealized Losses | -438 | -1,641 |
U.S. Government and agency obligations [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 1,000 | 1,106 |
Less Than 12 Months, Unrealized Losses | -1 | -80 |
12 Months or More, Fair Value | 1,137 | 0 |
12 Months or More, Unrealized Losses | -28 | 0 |
Total Fair Value | 2,137 | 1,106 |
Total Unrealized Losses | -29 | -80 |
Total municipal bonds [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 9,721 | 34,578 |
Less Than 12 Months, Unrealized Losses | -90 | -1,392 |
12 Months or More, Fair Value | 11,917 | 3,267 |
12 Months or More, Unrealized Losses | -309 | -111 |
Total Fair Value | 21,638 | 37,845 |
Total Unrealized Losses | -399 | -1,503 |
Taxable municipal bonds [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 2,222 | 3,344 |
Less Than 12 Months, Unrealized Losses | -8 | -110 |
12 Months or More, Fair Value | 2,837 | 2,964 |
12 Months or More, Unrealized Losses | -30 | -94 |
Total Fair Value | 5,059 | 6,308 |
Total Unrealized Losses | -38 | -204 |
Tax exempt municipal bonds [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 7,499 | 31,234 |
Less Than 12 Months, Unrealized Losses | -82 | -1,282 |
12 Months or More, Fair Value | 9,080 | 303 |
12 Months or More, Unrealized Losses | -279 | -17 |
Total Fair Value | 16,579 | 31,537 |
Total Unrealized Losses | -361 | -1,299 |
1-4 residential agency guaranteed [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | 1,796 | ' |
Less Than 12 Months, Unrealized Losses | -10 | ' |
12 Months or More, Fair Value | 0 | ' |
12 Months or More, Unrealized Losses | 0 | ' |
Total Fair Value | 1,796 | ' |
Total Unrealized Losses | -10 | ' |
Multifamily agency guaranteed [Member] | ' | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' | ' |
Less than 12 Months, Fair Value | ' | 3,293 |
Less Than 12 Months, Unrealized Losses | ' | -58 |
12 Months or More, Fair Value | ' | 0 |
12 Months or More, Unrealized Losses | ' | 0 |
Total Fair Value | ' | 3,293 |
Total Unrealized Losses | $0 | ($58) |
Recovered_Sheet1
INTEREST-BEARING DEPOSITS AND SECURITIES (Held-to-maturity Securities Debt Maturities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Held-to-maturity Securities, Debt Maturities, Net Carrying Amount [Abstract] | ' | ' |
Maturing in one year or less, amortized cost | $1,365 | $1,270 |
Maturing after one year through five years, amortized cost | 14,447 | 10,834 |
Maturing after five years through ten years, amortized cost | 26,912 | 17,948 |
Maturing after ten years through twenty years, amortized cost | 64,444 | 59,643 |
Maturing after twenty years, amortized cost | 26,018 | 12,818 |
Amortized cost | 133,186 | 102,513 |
Held-to-maturity Securities, Debt Maturities, Fair Value, Fiscal Year Maturity [Abstract] | ' | ' |
Maturing in one year or less, fair value | 1,377 | 1,281 |
Maturing after one year through five years, fair value | 14,774 | 11,206 |
Maturing after five years through ten years, fair value | 27,231 | 17,908 |
Maturing after ten years through twenty years, fair value | 68,049 | 60,791 |
Maturing after twenty years, fair value | 26,634 | 12,424 |
Fair Value | $138,065 | $103,610 |
Recovered_Sheet2
INTEREST-BEARING DEPOSITS AND SECURITIES (Securities Pledged) (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Pledged Financial Instruments, Not Separately Reported, Securities [Abstract] | ' |
State and local governments public deposits | $131,022 |
Interest rate swap counterparties | 9,902 |
Retail repurchase agreements | 102,175 |
Other | 248 |
Total pledged securities and interest-bearing deposits | 243,347 |
State and local governments public deposits, amortized cost | 130,863 |
Interest rate swap counterparties, amortized cost | 9,468 |
Retail repurchase agreements, amortized cost | 101,574 |
Other, Amortized Cost | 248 |
Total pledged securities and interest-bearing deposits, amortized cost | 242,153 |
State and local governments public deposits, fair value | 135,798 |
Interest rate swap counterparties, fair value | 9,902 |
Retail repurchase agreements, fair value | 102,175 |
Other, Fair Value | 248 |
Total pledged securities and interest-bearing deposits, fair value | $248,123 |
Recovered_Sheet3
INTEREST-BEARING DEPOSITS AND SECURITIES (Textual) (Details) (USD $) | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
security | security | security | |
Trading Securities [Abstract] | ' | ' | ' |
Trading Securities, Number of Securities Sold | 3 | 37 | ' |
Trading Securities, Sale Proceeds | $2,387,000 | $25,267,000 | ' |
Trading Securities, Realized Gain (Loss) | 1,000 | 1,000,000 | ' |
Trading Securities, Realized Gain, Recoveries | ' | 1,000,000 | ' |
Trading Securities, OTTI (Recovery) Charges | 0 | -409,000 | ' |
Trading Securities, Number of Securities on Nonaccrual Status | 0 | 0 | ' |
Available-for-sale Securities [Abstract] | ' | ' | ' |
Available-for-sale Securities, Number of Securities Sold | 6 | 35 | ' |
Available-for-sale Securities, Sale Proceeds | 28,207,000 | 103,274,000 | ' |
Available-for-sale Securities, Gross Realized Gain (Loss) | 34,000 | -116,000 | ' |
Available-for-sale Securities, Number of Securities in Unrealized Loss Position | 64 | ' | 114 |
Available-for-sale Securities, OTTI Charges | 0 | 0 | ' |
Available-for-sale Securities, Number of Securities in Nonaccrual Status | 0 | 0 | ' |
Held-to-maturity Securities [Abstract] | ' | ' | ' |
Held-to-maturity Securities, Number of Securities Sold | 0 | 0 | ' |
Held-to-maturity Securities, Number of Securities in Unrealized Loss Position | 37 | ' | 36 |
Held-to-maturity Securities, OTTI Charges | $0 | $0 | ' |
Held-to-maturity Securities, Number of Securities in Nonaccrual Status | 0 | 0 | ' |
FHLB_STOCK_Details
FHLB STOCK (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Banking and Thrift [Abstract] | ' | ' | ' | ' | ' |
Federal Home Loan Bank Stock, Par Value Per Share | $100 | ' | $100 | ' | ' |
Federal Home Loan Bank (FHLB) stock | $31,191,000 | ' | $31,191,000 | ' | $35,390,000 |
Dividend Income on FHLB Stock | 9,000 | 0 | 18,000 | 0 | ' |
Proceeds from Sale of Federal Reserve Stock | 2,100,000 | ' | ' | ' | ' |
Impairment Recognized on FHLB Stock | ' | ' | $0 | ' | ' |
LOANS_RECEIVABLE_AND_THE_ALLOW2
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Loans by Type) (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans outstanding | $3,762,599,000 | ' | $3,418,445,000 | $3,290,201,000 | ' | ' |
Less allowance for loan losses | -74,310,000 | -74,371,000 | -74,258,000 | -76,121,000 | -76,396,000 | -76,759,000 |
Total loans, net | 3,688,289,000 | ' | 3,344,187,000 | 3,214,080,000 | ' | ' |
Percent of total loans | 100.00% | ' | 100.00% | 100.00% | ' | ' |
Unearned loan (fees) in excess of unamortized costs | 8,400,000 | ' | 8,300,000 | 8,900,000 | ' | ' |
Commerical real estate - owner-occupied [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans outstanding | 541,558,000 | ' | 502,601,000 | 500,812,000 | ' | ' |
Percent of total loans | 14.40% | ' | 14.70% | 15.20% | ' | ' |
Commerical real estate - investment properties [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans outstanding | 807,499,000 | ' | 692,457,000 | 595,896,000 | ' | ' |
Percent of total loans | 21.50% | ' | 20.30% | 18.10% | ' | ' |
Multifamily real estate [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans outstanding | 188,792,000 | ' | 137,153,000 | 137,027,000 | ' | ' |
Percent of total loans | 5.00% | ' | 4.00% | 4.20% | ' | ' |
Commercial construction [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans outstanding | 12,638,000 | ' | 12,168,000 | 25,629,000 | ' | ' |
Percent of total loans | 0.30% | ' | 0.40% | 0.80% | ' | ' |
Multifamily construction [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans outstanding | 39,864,000 | ' | 52,081,000 | 39,787,000 | ' | ' |
Percent of total loans | 1.10% | ' | 1.50% | 1.20% | ' | ' |
One-to four-family construction [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans outstanding | 213,414,000 | ' | 200,864,000 | 191,003,000 | ' | ' |
Percent of total loans | 5.70% | ' | 5.80% | 5.80% | ' | ' |
Land and land development - residential [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans outstanding | 73,030,000 | ' | 75,695,000 | 86,037,000 | ' | ' |
Percent of total loans | 1.90% | ' | 2.20% | 2.60% | ' | ' |
Land and land development - commercial [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans outstanding | 10,679,000 | ' | 10,450,000 | 11,228,000 | ' | ' |
Percent of total loans | 0.30% | ' | 0.30% | 0.30% | ' | ' |
Commercial business [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans outstanding | 735,128,000 | ' | 682,169,000 | 639,840,000 | ' | ' |
Less allowance for loan losses | -12,014,000 | -11,363,000 | -11,773,000 | -10,806,000 | -10,011,000 | -9,957,000 |
Percent of total loans | 19.50% | ' | 20.00% | 19.50% | ' | ' |
Agricultural business, including secured by farmland [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans outstanding | 245,742,000 | ' | 228,291,000 | 233,967,000 | ' | ' |
Less allowance for loan losses | -2,824,000 | -2,636,000 | -2,841,000 | -3,805,000 | -2,282,000 | -2,295,000 |
Percent of total loans | 6.50% | ' | 6.70% | 7.10% | ' | ' |
One- to four-family residential [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans outstanding | 558,744,000 | ' | 529,494,000 | 552,698,000 | ' | ' |
Percent of total loans | 14.90% | ' | 15.50% | 16.80% | ' | ' |
Consumer secured by one- to four-family [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans outstanding | 209,511,000 | ' | 173,188,000 | 163,339,000 | ' | ' |
Percent of total loans | 5.60% | ' | 5.10% | 5.00% | ' | ' |
Consumer - other [Member] | ' | ' | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' |
Total loans outstanding | $126,000,000 | ' | $121,834,000 | $112,938,000 | ' | ' |
Percent of total loans | 3.30% | ' | 3.50% | 3.40% | ' | ' |
LOANS_RECEIVABLE_AND_THE_ALLOW3
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Loans by Geographic Type) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | $3,762,599 | $3,418,445 | $3,290,201 |
Percent of total loans | 100.00% | 100.00% | 100.00% |
Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 2,361,521 | ' | ' |
Percent of total loans | 62.70% | ' | ' |
Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 841,899 | ' | ' |
Percent of total loans | 22.40% | ' | ' |
Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 297,499 | ' | ' |
Percent of total loans | 7.90% | ' | ' |
Other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 261,680 | ' | ' |
Percent of total loans | 7.00% | ' | ' |
Commerical real estate - owner-occupied [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 541,558 | 502,601 | 500,812 |
Percent of total loans | 14.40% | 14.70% | 15.20% |
Commerical real estate - owner-occupied [Member] | Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 388,662 | ' | ' |
Commerical real estate - owner-occupied [Member] | Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 85,787 | ' | ' |
Commerical real estate - owner-occupied [Member] | Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 54,529 | ' | ' |
Commerical real estate - owner-occupied [Member] | Other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 12,580 | ' | ' |
Commerical real estate - investment properties [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 807,499 | 692,457 | 595,896 |
Percent of total loans | 21.50% | 20.30% | 18.10% |
Commerical real estate - investment properties [Member] | Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 535,393 | ' | ' |
Commerical real estate - investment properties [Member] | Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 116,493 | ' | ' |
Commerical real estate - investment properties [Member] | Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 59,700 | ' | ' |
Commerical real estate - investment properties [Member] | Other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 95,913 | ' | ' |
Multifamily real estate [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 188,792 | 137,153 | 137,027 |
Percent of total loans | 5.00% | 4.00% | 4.20% |
Multifamily real estate [Member] | Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 146,291 | ' | ' |
Multifamily real estate [Member] | Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 27,175 | ' | ' |
Multifamily real estate [Member] | Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 14,932 | ' | ' |
Multifamily real estate [Member] | Other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 394 | ' | ' |
Commercial construction [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 12,638 | 12,168 | 25,629 |
Percent of total loans | 0.30% | 0.40% | 0.80% |
Commercial construction [Member] | Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 11,770 | ' | ' |
Commercial construction [Member] | Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 0 | ' | ' |
Commercial construction [Member] | Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 868 | ' | ' |
Commercial construction [Member] | Other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 0 | ' | ' |
Multifamily construction [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 39,864 | 52,081 | 39,787 |
Percent of total loans | 1.10% | 1.50% | 1.20% |
Multifamily construction [Member] | Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 33,454 | ' | ' |
Multifamily construction [Member] | Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 6,410 | ' | ' |
Multifamily construction [Member] | Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 0 | ' | ' |
Multifamily construction [Member] | Other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 0 | ' | ' |
One-to four-family construction [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 213,414 | 200,864 | 191,003 |
Percent of total loans | 5.70% | 5.80% | 5.80% |
One-to four-family construction [Member] | Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 127,627 | ' | ' |
One-to four-family construction [Member] | Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 83,832 | ' | ' |
One-to four-family construction [Member] | Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 1,955 | ' | ' |
One-to four-family construction [Member] | Other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 0 | ' | ' |
Land and land development - residential [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 73,030 | 75,695 | 86,037 |
Percent of total loans | 1.90% | 2.20% | 2.60% |
Land and land development - residential [Member] | Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 40,492 | ' | ' |
Land and land development - residential [Member] | Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 31,358 | ' | ' |
Land and land development - residential [Member] | Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 1,180 | ' | ' |
Land and land development - residential [Member] | Other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 0 | ' | ' |
Land and land development - commercial [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 10,679 | 10,450 | 11,228 |
Percent of total loans | 0.30% | 0.30% | 0.30% |
Land and land development - commercial [Member] | Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 5,163 | ' | ' |
Land and land development - commercial [Member] | Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 2,605 | ' | ' |
Land and land development - commercial [Member] | Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 2,911 | ' | ' |
Land and land development - commercial [Member] | Other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 0 | ' | ' |
Commercial business [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 735,128 | 682,169 | 639,840 |
Percent of total loans | 19.50% | 20.00% | 19.50% |
Commercial business [Member] | Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 397,570 | ' | ' |
Commercial business [Member] | Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 120,286 | ' | ' |
Commercial business [Member] | Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 66,940 | ' | ' |
Commercial business [Member] | Other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 150,332 | ' | ' |
Agricultural business, including secured by farmland [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 245,742 | 228,291 | 233,967 |
Percent of total loans | 6.50% | 6.70% | 7.10% |
Agricultural business, including secured by farmland [Member] | Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 134,477 | ' | ' |
Agricultural business, including secured by farmland [Member] | Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 59,120 | ' | ' |
Agricultural business, including secured by farmland [Member] | Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 52,145 | ' | ' |
Agricultural business, including secured by farmland [Member] | Other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 0 | ' | ' |
One- to four-family residential [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 558,744 | 529,494 | 552,698 |
Percent of total loans | 14.90% | 15.50% | 16.80% |
One- to four-family residential [Member] | Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 332,850 | ' | ' |
One- to four-family residential [Member] | Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 202,853 | ' | ' |
One- to four-family residential [Member] | Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 22,025 | ' | ' |
One- to four-family residential [Member] | Other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 1,016 | ' | ' |
Consumer secured by one- to four-family [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 209,511 | 173,188 | 163,339 |
Percent of total loans | 5.60% | 5.10% | 5.00% |
Consumer secured by one- to four-family [Member] | Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 125,888 | ' | ' |
Consumer secured by one- to four-family [Member] | Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 68,272 | ' | ' |
Consumer secured by one- to four-family [Member] | Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 14,314 | ' | ' |
Consumer secured by one- to four-family [Member] | Other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 1,037 | ' | ' |
Consumer - other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 126,000 | 121,834 | 112,938 |
Percent of total loans | 3.30% | 3.50% | 3.40% |
Consumer - other [Member] | Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 81,884 | ' | ' |
Consumer - other [Member] | Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 37,708 | ' | ' |
Consumer - other [Member] | Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 6,000 | ' | ' |
Consumer - other [Member] | Other [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | $408 | ' | ' |
LOANS_RECEIVABLE_AND_THE_ALLOW4
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Land and Land Development by State) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | $3,762,599 | $3,418,445 | $3,290,201 |
Percent of total loans | 100.00% | 100.00% | 100.00% |
Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 2,361,521 | ' | ' |
Percent of total loans | 62.70% | ' | ' |
Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 841,899 | ' | ' |
Percent of total loans | 22.40% | ' | ' |
Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 297,499 | ' | ' |
Percent of total loans | 7.90% | ' | ' |
Land and land development [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 83,709 | ' | ' |
Percent of total loans | 100.00% | ' | ' |
Land and land development [Member] | Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 45,655 | ' | ' |
Percent of total loans | 54.50% | ' | ' |
Land and land development [Member] | Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 33,963 | ' | ' |
Percent of total loans | 40.60% | ' | ' |
Land and land development [Member] | Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 4,091 | ' | ' |
Percent of total loans | 4.90% | ' | ' |
Land and land development - residential [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 73,030 | 75,695 | 86,037 |
Percent of total loans | 1.90% | 2.20% | 2.60% |
Land and land development - residential [Member] | Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 40,492 | ' | ' |
Land and land development - residential [Member] | Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 31,358 | ' | ' |
Land and land development - residential [Member] | Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 1,180 | ' | ' |
Land and land development - residential [Member] | Acquisition and Development [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 30,192 | ' | ' |
Land and land development - residential [Member] | Acquisition and Development [Member] | Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 15,752 | ' | ' |
Land and land development - residential [Member] | Acquisition and Development [Member] | Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 13,457 | ' | ' |
Land and land development - residential [Member] | Acquisition and Development [Member] | Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 983 | ' | ' |
Land and land development - residential [Member] | Improved Land and Lots [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 36,747 | ' | ' |
Land and land development - residential [Member] | Improved Land and Lots [Member] | Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 19,261 | ' | ' |
Land and land development - residential [Member] | Improved Land and Lots [Member] | Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 17,289 | ' | ' |
Land and land development - residential [Member] | Improved Land and Lots [Member] | Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 197 | ' | ' |
Land and land development - residential [Member] | Unimproved Land [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 6,091 | ' | ' |
Land and land development - residential [Member] | Unimproved Land [Member] | Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 5,479 | ' | ' |
Land and land development - residential [Member] | Unimproved Land [Member] | Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 612 | ' | ' |
Land and land development - residential [Member] | Unimproved Land [Member] | Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 0 | ' | ' |
Land and land development - commercial and industrial [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 10,679 | 10,450 | 11,228 |
Percent of total loans | 0.30% | 0.30% | 0.30% |
Land and land development - commercial and industrial [Member] | Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 5,163 | ' | ' |
Land and land development - commercial and industrial [Member] | Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 2,605 | ' | ' |
Land and land development - commercial and industrial [Member] | Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 2,911 | ' | ' |
Land and land development - commercial and industrial [Member] | Acquisition and Development [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 0 | ' | ' |
Land and land development - commercial and industrial [Member] | Acquisition and Development [Member] | Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 0 | ' | ' |
Land and land development - commercial and industrial [Member] | Acquisition and Development [Member] | Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 0 | ' | ' |
Land and land development - commercial and industrial [Member] | Acquisition and Development [Member] | Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 0 | ' | ' |
Land and land development - commercial and industrial [Member] | Improved Land and Lots [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 5,198 | ' | ' |
Land and land development - commercial and industrial [Member] | Improved Land and Lots [Member] | Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 2,913 | ' | ' |
Land and land development - commercial and industrial [Member] | Improved Land and Lots [Member] | Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 500 | ' | ' |
Land and land development - commercial and industrial [Member] | Improved Land and Lots [Member] | Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 1,785 | ' | ' |
Land and land development - commercial and industrial [Member] | Unimproved Land [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 5,481 | ' | ' |
Land and land development - commercial and industrial [Member] | Unimproved Land [Member] | Washington [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 2,250 | ' | ' |
Land and land development - commercial and industrial [Member] | Unimproved Land [Member] | Oregon [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | 2,105 | ' | ' |
Land and land development - commercial and industrial [Member] | Unimproved Land [Member] | Idaho [Member] | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' |
Total loans | $1,126 | ' | ' |
LOANS_RECEIVABLE_AND_THE_ALLOW5
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Fixed-rate and Adjustable-Rate Maturity) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Fixed-rate (term to maturity): | ' | ' | ' |
Maturing in one year or less | $122,304 | $122,313 | $145,221 |
Maturing after one year through three years | 148,398 | 143,322 | 167,187 |
Maturing after three years through five years | 195,309 | 187,279 | 201,672 |
Maturing after five years through ten years | 222,369 | 209,869 | 192,594 |
Maturing after ten years | 511,972 | 439,004 | 425,603 |
Total fixed-rate loans | 1,200,352 | 1,101,787 | 1,132,277 |
Adjustable-Rate (term to rate adjustment): | ' | ' | ' |
Maturing or repricing in one year or less | 1,510,684 | 1,390,579 | 1,292,387 |
Maturing or repricing after one year through three years | 372,477 | 279,791 | 266,841 |
Maturing or repricing after three years through five years | 568,997 | 541,529 | 526,563 |
Maturing or repricing after five years through ten years | 108,989 | 99,503 | 69,797 |
Maturing or repricing after ten years | 1,100 | 5,256 | 2,336 |
Total adjustable-rate loans | 2,562,247 | 2,316,658 | 2,157,924 |
Total loans outstanding | $3,762,599 | $3,418,445 | $3,290,201 |
LOANS_RECEIVABLE_AND_THE_ALLOW6
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Impaired Loans and Related Allowance Reserve) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ' | ' |
Nonaccrual loans | $15,998 | $21,908 |
Past due and still accruing | 3,747 | 2,860 |
Troubled debt restructuring on accrual status | 37,461 | 47,428 |
Total impaired loans | 57,206 | 72,196 |
Nonaccrual loans, allocated reserves | 511 | 494 |
Past due and still accruing, allocated reserves | 18 | 25 |
Troubled debt restructuring on accrual status, allocated reserves | 4,071 | 4,958 |
Allocated Reserve | 4,600 | 5,477 |
Commitments to advance additional funds related to TDRs | 731 | 225 |
Commerical real estate - owner-occupied [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Nonaccrual loans | 2,381 | 2,466 |
Past due and still accruing | 993 | 0 |
Troubled debt restructuring on accrual status | 184 | 186 |
Total impaired loans | 3,558 | 2,652 |
Nonaccrual loans, allocated reserves | 36 | 31 |
Past due and still accruing, allocated reserves | 1 | 0 |
Troubled debt restructuring on accrual status, allocated reserves | 4 | 4 |
Allocated Reserve | 41 | 35 |
Commerical real estate - investment properties [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Nonaccrual loans | 311 | 3,821 |
Past due and still accruing | 0 | 0 |
Troubled debt restructuring on accrual status | 6,101 | 5,367 |
Total impaired loans | 6,412 | 9,188 |
Nonaccrual loans, allocated reserves | 62 | 89 |
Troubled debt restructuring on accrual status, allocated reserves | 747 | 415 |
Allocated Reserve | 809 | 504 |
Multifamily real estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Nonaccrual loans | 422 | 0 |
Past due and still accruing | 0 | 0 |
Troubled debt restructuring on accrual status | 5,705 | 5,744 |
Total impaired loans | 6,127 | 5,744 |
Nonaccrual loans, allocated reserves | 60 | 0 |
Troubled debt restructuring on accrual status, allocated reserves | 850 | 1,139 |
Allocated Reserve | 910 | 1,139 |
One-to four-family construction [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Nonaccrual loans | 0 | 269 |
Past due and still accruing | 0 | 0 |
Troubled debt restructuring on accrual status | 4,831 | 6,864 |
Total impaired loans | 4,831 | 7,133 |
Nonaccrual loans, allocated reserves | 0 | 0 |
Troubled debt restructuring on accrual status, allocated reserves | 656 | 1,002 |
Allocated Reserve | 656 | 1,002 |
Land and land development - residential [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Nonaccrual loans | 1,296 | 924 |
Past due and still accruing | 0 | 0 |
Troubled debt restructuring on accrual status | 1,638 | 4,061 |
Total impaired loans | 2,934 | 4,985 |
Nonaccrual loans, allocated reserves | 176 | 6 |
Troubled debt restructuring on accrual status, allocated reserves | 459 | 754 |
Allocated Reserve | 635 | 760 |
Commercial business [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Nonaccrual loans | 925 | 724 |
Past due and still accruing | 280 | 0 |
Troubled debt restructuring on accrual status | 989 | 1,299 |
Total impaired loans | 2,194 | 2,022 |
Nonaccrual loans, allocated reserves | 69 | 104 |
Past due and still accruing, allocated reserves | 6 | 0 |
Troubled debt restructuring on accrual status, allocated reserves | 163 | 222 |
Allocated Reserve | 237 | 326 |
Agricultural business, including secured by farmland [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Nonaccrual loans | 104 | 0 |
Past due and still accruing | 0 | 105 |
Total impaired loans | 104 | 105 |
Nonaccrual loans, allocated reserves | 6 | 0 |
Past due and still accruing, allocated reserves | 0 | 8 |
Allocated Reserve | 6 | 8 |
One- to four-family residential [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Nonaccrual loans | 9,354 | 12,532 |
Past due and still accruing | 2,181 | 2,611 |
Troubled debt restructuring on accrual status | 17,521 | 23,302 |
Total impaired loans | 29,056 | 38,445 |
Nonaccrual loans, allocated reserves | 53 | 250 |
Past due and still accruing, allocated reserves | 11 | 16 |
Troubled debt restructuring on accrual status, allocated reserves | 1,131 | 1,355 |
Allocated Reserve | 1,196 | 1,621 |
Consumer secured by one- to four-family [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Nonaccrual loans | 1,024 | 903 |
Past due and still accruing | 6 | 13 |
Troubled debt restructuring on accrual status | 259 | 360 |
Total impaired loans | 1,290 | 1,276 |
Nonaccrual loans, allocated reserves | 49 | 13 |
Past due and still accruing, allocated reserves | 0 | 0 |
Troubled debt restructuring on accrual status, allocated reserves | 28 | 33 |
Allocated Reserve | 77 | 46 |
Consumer - other [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Nonaccrual loans | 181 | 269 |
Past due and still accruing | 287 | 131 |
Troubled debt restructuring on accrual status | 233 | 245 |
Total impaired loans | 700 | 646 |
Nonaccrual loans, allocated reserves | 0 | 1 |
Past due and still accruing, allocated reserves | 0 | 1 |
Troubled debt restructuring on accrual status, allocated reserves | 33 | 34 |
Allocated Reserve | $33 | $36 |
LOANS_RECEIVABLE_AND_THE_ALLOW7
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Impaired Loans With and Without Specific Reserves) (Details) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | $57,206 | $72,196 | ||
Unpaid Principal Balance | 60,993 | 78,371 | ||
Related Allowance | 4,600 | 5,477 | ||
Average Recorded Investment | 58,017 | 74,349 | ||
Interest Income Recognized | 983 | 2,195 | ||
Commerical real estate - owner-occupied [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 3,558 | 2,652 | ||
Unpaid Principal Balance | 3,608 | 2,702 | ||
Related Allowance | 41 | 35 | ||
Average Recorded Investment | 3,674 | 2,761 | ||
Interest Income Recognized | 24 | 12 | ||
Commerical real estate - investment properties [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 6,412 | 9,188 | ||
Unpaid Principal Balance | 7,363 | 11,369 | ||
Related Allowance | 809 | 504 | ||
Average Recorded Investment | 6,481 | 8,977 | ||
Interest Income Recognized | 160 | 241 | ||
Multifamily real estate [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 6,127 | 5,744 | ||
Unpaid Principal Balance | 6,127 | 5,744 | ||
Related Allowance | 910 | 1,139 | ||
Average Recorded Investment | 6,152 | 5,705 | ||
Interest Income Recognized | 127 | 298 | ||
One-to four-family construction [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 4,831 | 7,133 | ||
Unpaid Principal Balance | 4,831 | 7,213 | ||
Related Allowance | 656 | 1,002 | ||
Average Recorded Investment | 4,592 | 5,870 | ||
Interest Income Recognized | 103 | 239 | ||
Land and land development - residential [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 2,934 | 4,985 | ||
Unpaid Principal Balance | 4,089 | 6,140 | ||
Related Allowance | 635 | 760 | ||
Average Recorded Investment | 2,943 | 6,053 | ||
Interest Income Recognized | 46 | 221 | ||
Commercial business [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 2,194 | 2,022 | ||
Unpaid Principal Balance | 2,560 | 2,338 | ||
Related Allowance | 237 | 326 | ||
Average Recorded Investment | 2,334 | 2,236 | ||
Interest Income Recognized | 33 | 59 | ||
Agricultural business, including secured by farmland [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 104 | 105 | ||
Unpaid Principal Balance | 104 | 105 | ||
Related Allowance | 6 | 8 | ||
Average Recorded Investment | 104 | 110 | ||
Interest Income Recognized | 0 | 8 | ||
One- to four-family residential [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 29,056 | 38,445 | ||
Unpaid Principal Balance | 30,287 | 40,669 | ||
Related Allowance | 1,196 | 1,621 | ||
Average Recorded Investment | 29,674 | 40,557 | ||
Interest Income Recognized | 466 | 1,063 | ||
Consumer secured by one- to four-family [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 1,290 | 1,276 | ||
Unpaid Principal Balance | 1,303 | 1,420 | ||
Related Allowance | 77 | 46 | ||
Average Recorded Investment | 1,349 | 1,403 | ||
Interest Income Recognized | 9 | 25 | ||
Consumer - other [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 700 | 646 | ||
Unpaid Principal Balance | 721 | 671 | ||
Related Allowance | 33 | 36 | ||
Average Recorded Investment | 714 | 677 | ||
Interest Income Recognized | 15 | 29 | ||
Loans Without Specific Allowance Reserve, Collectively Evaluated for Impairment [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | ' | 11,549 | [1] | |
Unpaid Principal Balance | 14,026 | [1] | 13,230 | [1] |
Related Allowance | ' | 289 | [1] | |
Average Recorded Investment | 12,604 | [1] | 12,275 | [1] |
Interest Income Recognized | 40 | [1] | 48 | [1] |
Loans Without Specific Allowance Reserve, Collectively Evaluated for Impairment [Member] | Commerical real estate - owner-occupied [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 1,599 | [1] | 534 | [1] |
Unpaid Principal Balance | 1,649 | [1] | 584 | [1] |
Related Allowance | 37 | [1] | 31 | [1] |
Average Recorded Investment | 1,604 | [1] | 569 | [1] |
Interest Income Recognized | 18 | [1] | 0 | [1] |
Loans Without Specific Allowance Reserve, Collectively Evaluated for Impairment [Member] | Commerical real estate - investment properties [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 311 | [1] | 429 | [1] |
Unpaid Principal Balance | 857 | [1] | 974 | [1] |
Related Allowance | 62 | [1] | 89 | [1] |
Average Recorded Investment | 334 | [1] | 624 | [1] |
Interest Income Recognized | 0 | [1] | 0 | [1] |
Loans Without Specific Allowance Reserve, Collectively Evaluated for Impairment [Member] | Multifamily real estate [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 422 | [1] | ' | |
Unpaid Principal Balance | 422 | [1] | ' | |
Related Allowance | 60 | [1] | ' | |
Average Recorded Investment | 433 | [1] | ' | |
Interest Income Recognized | 0 | [1] | ' | |
Loans Without Specific Allowance Reserve, Collectively Evaluated for Impairment [Member] | Commercial business [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 1,205 | [1] | 724 | [1] |
Unpaid Principal Balance | 1,571 | [1] | 1,040 | [1] |
Related Allowance | 75 | [1] | 104 | [1] |
Average Recorded Investment | 1,299 | [1] | 896 | [1] |
Interest Income Recognized | 5 | [1] | 0 | [1] |
Loans Without Specific Allowance Reserve, Collectively Evaluated for Impairment [Member] | Agricultural business, including secured by farmland [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 104 | [1] | 105 | [1] |
Unpaid Principal Balance | 104 | [1] | 105 | [1] |
Related Allowance | 6 | [1] | 8 | [1] |
Average Recorded Investment | 104 | [1] | 110 | [1] |
Interest Income Recognized | 0 | [1] | 8 | [1] |
Loans Without Specific Allowance Reserve, Collectively Evaluated for Impairment [Member] | One- to four-family residential [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 7,923 | [1] | 8,611 | [1] |
Unpaid Principal Balance | 8,395 | [1] | 9,229 | [1] |
Related Allowance | 26 | [1] | 42 | [1] |
Average Recorded Investment | 7,804 | [1] | 8,889 | [1] |
Interest Income Recognized | 13 | [1] | 31 | [1] |
Loans Without Specific Allowance Reserve, Collectively Evaluated for Impairment [Member] | Consumer secured by one- to four-family [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 663 | [1] | 870 | [1] |
Unpaid Principal Balance | 676 | [1] | 1,013 | [1] |
Related Allowance | 11 | [1] | 13 | [1] |
Average Recorded Investment | 672 | [1] | 900 | [1] |
Interest Income Recognized | 0 | [1] | 1 | [1] |
Loans Without Specific Allowance Reserve, Collectively Evaluated for Impairment [Member] | Consumer - other [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 348 | [1] | 276 | [1] |
Unpaid Principal Balance | 352 | [1] | 285 | [1] |
Related Allowance | 0 | [1] | 2 | [1] |
Average Recorded Investment | 354 | [1] | 287 | [1] |
Interest Income Recognized | 4 | [1] | 8 | [1] |
With Specific Allowance Reserve , Individually Evaluated for Impairment [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | ' | 60,647 | [2] | |
Unpaid Principal Balance | ' | 65,141 | [2] | |
Related Allowance | ' | 5,188 | [2] | |
Average Recorded Investment | 45,413 | [2] | 62,074 | [2] |
Interest Income Recognized | 943 | [2] | 2,147 | [2] |
With Specific Allowance Reserve , Individually Evaluated for Impairment [Member] | Commerical real estate - owner-occupied [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 1,959 | [2] | 2,118 | [2] |
Unpaid Principal Balance | 1,959 | [2] | 2,118 | [2] |
Related Allowance | 4 | [2] | 4 | [2] |
Average Recorded Investment | 2,070 | [2] | 2,192 | [2] |
Interest Income Recognized | 6 | [2] | 12 | [2] |
With Specific Allowance Reserve , Individually Evaluated for Impairment [Member] | Commerical real estate - investment properties [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 6,101 | [2] | 8,759 | [2] |
Unpaid Principal Balance | 6,506 | [2] | 10,395 | [2] |
Related Allowance | 747 | [2] | 415 | [2] |
Average Recorded Investment | 6,147 | [2] | 8,353 | [2] |
Interest Income Recognized | 160 | [2] | 241 | [2] |
With Specific Allowance Reserve , Individually Evaluated for Impairment [Member] | Multifamily real estate [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 5,705 | [2] | 5,744 | [2] |
Unpaid Principal Balance | 5,705 | [2] | 5,744 | [2] |
Related Allowance | 850 | [2] | 1,139 | [2] |
Average Recorded Investment | 5,719 | [2] | 5,705 | [2] |
Interest Income Recognized | 127 | [2] | 298 | [2] |
With Specific Allowance Reserve , Individually Evaluated for Impairment [Member] | One-to four-family construction [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 4,831 | [2] | 7,133 | [2] |
Unpaid Principal Balance | 4,831 | [2] | 7,213 | [2] |
Related Allowance | 656 | [2] | 1,002 | [2] |
Average Recorded Investment | 4,592 | [2] | 5,870 | [2] |
Interest Income Recognized | 103 | [2] | 239 | [2] |
With Specific Allowance Reserve , Individually Evaluated for Impairment [Member] | Land and land development - residential [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 2,934 | [2] | 4,985 | [2] |
Unpaid Principal Balance | 4,089 | [2] | 6,140 | [2] |
Related Allowance | 635 | [2] | 760 | [2] |
Average Recorded Investment | 2,943 | [2] | 6,053 | [2] |
Interest Income Recognized | 46 | [2] | 221 | [2] |
With Specific Allowance Reserve , Individually Evaluated for Impairment [Member] | Commercial business [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 989 | [2] | 1,298 | [2] |
Unpaid Principal Balance | 989 | [2] | 1,298 | [2] |
Related Allowance | 162 | [2] | 222 | [2] |
Average Recorded Investment | 1,035 | [2] | 1,340 | [2] |
Interest Income Recognized | 28 | [2] | 59 | [2] |
With Specific Allowance Reserve , Individually Evaluated for Impairment [Member] | One- to four-family residential [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 21,133 | [2] | 29,834 | [2] |
Unpaid Principal Balance | 21,892 | [2] | 31,440 | [2] |
Related Allowance | 1,170 | [2] | 1,579 | |
Average Recorded Investment | 21,870 | [2] | 31,668 | [2] |
Interest Income Recognized | 453 | [2] | 1,032 | [2] |
With Specific Allowance Reserve , Individually Evaluated for Impairment [Member] | Consumer secured by one- to four-family [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 627 | [2] | 406 | [2] |
Unpaid Principal Balance | 627 | [2] | 407 | [2] |
Related Allowance | 66 | [2] | 33 | [2] |
Average Recorded Investment | 677 | [2] | 503 | [2] |
Interest Income Recognized | 9 | [2] | 24 | [2] |
With Specific Allowance Reserve , Individually Evaluated for Impairment [Member] | Consumer - other [Member] | ' | ' | ||
Financing Receivable, Impaired [Line Items] | ' | ' | ||
Recorded Investment | 352 | [2] | 370 | [2] |
Unpaid Principal Balance | 369 | [2] | 386 | [2] |
Related Allowance | 33 | [2] | 34 | [2] |
Average Recorded Investment | 360 | [2] | 390 | [2] |
Interest Income Recognized | $11 | [2] | $21 | [2] |
[1] | Loans without a specific allowance reserve have not been individually evaluated for impairment, but have been included in pools of homogeneous loans for evaluation of related allowance reserves. | |||
[2] | Loans with a specific allowance reserve have been individually evaluated for impairment using either a discounted cash flow analysis or, for collateral dependent loans, current appraisals to establish realizable value. These analyses may identify a specific impairment amount needed or may conclude that no reserve is needed. Any specific impairment that is identified is included in the category’s Related Allowance column. |
LOANS_RECEIVABLE_AND_THE_ALLOW8
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Troubled Debt Restructuring) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
TDRs on Accrual Status | $37,461 | $47,428 |
TDRs on Nonaccrual Status | 3,922 | 5,699 |
Total TDRs | 41,383 | 53,127 |
Commerical real estate - owner-occupied [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
TDRs on Accrual Status | 184 | 186 |
TDRs on Nonaccrual Status | 710 | 613 |
Total TDRs | 894 | 799 |
Commerical real estate - investment properties [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
TDRs on Accrual Status | 6,101 | 5,367 |
TDRs on Nonaccrual Status | 45 | 1,630 |
Total TDRs | 6,146 | 6,997 |
Multifamily real estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
TDRs on Accrual Status | 5,705 | 5,744 |
TDRs on Nonaccrual Status | 0 | 0 |
Total TDRs | 5,705 | 5,744 |
One-to four-family construction [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
TDRs on Accrual Status | 4,831 | 6,864 |
TDRs on Nonaccrual Status | 0 | 269 |
Total TDRs | 4,831 | 7,133 |
Land and land development - residential [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
TDRs on Accrual Status | 1,638 | 4,061 |
TDRs on Nonaccrual Status | 546 | 174 |
Total TDRs | 2,184 | 4,235 |
Commercial business [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
TDRs on Accrual Status | 989 | 1,299 |
TDRs on Nonaccrual Status | 123 | 164 |
Total TDRs | 1,112 | 1,463 |
One- to four-family residential [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
TDRs on Accrual Status | 17,521 | 23,302 |
TDRs on Nonaccrual Status | 2,211 | 2,474 |
Total TDRs | 19,732 | 25,776 |
Consumer secured by one- to four-family [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
TDRs on Accrual Status | 259 | 360 |
TDRs on Nonaccrual Status | 168 | 252 |
Total TDRs | 427 | 612 |
Consumer - other [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
TDRs on Accrual Status | 233 | 245 |
TDRs on Nonaccrual Status | 119 | 123 |
Total TDRs | $352 | $368 |
LOANS_RECEIVABLE_AND_THE_ALLOW9
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Newly Restructured Loans) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | ||||
contract | contract | contract | contract | |||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Contracts | 4 | [1],[2] | 7 | [1],[2] | 6 | [1],[2] | 20 | [1],[2] |
Pre-Modification Outstanding Recorded Investments | $980 | [1],[2] | $1,799 | [1],[2] | $1,174 | [1],[2] | $5,990 | [1],[2] |
Post-Modification Outstanding Recorded Investments | 980 | [1],[2] | 1,680 | [1],[2] | 1,174 | [1],[2] | 5,871 | [1],[2] |
Commerical real estate - owner-occupied [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Contracts | 0 | [1],[2] | ' | 1 | [1],[2] | ' | ||
Pre-Modification Outstanding Recorded Investments | 0 | [1],[2] | ' | 94 | [1],[2] | ' | ||
Post-Modification Outstanding Recorded Investments | 0 | [1],[2] | ' | 94 | [1],[2] | ' | ||
Commerical real estate - investment properties [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Contracts | ' | 1 | [1],[2] | ' | 1 | [1],[2] | ||
Pre-Modification Outstanding Recorded Investments | ' | 900 | [1],[2] | ' | 900 | [1],[2] | ||
Post-Modification Outstanding Recorded Investments | ' | 781 | [1],[2] | ' | 781 | [1],[2] | ||
Multifamily real estate [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Contracts | ' | 1 | [1],[2] | ' | 1 | [1],[2] | ||
Pre-Modification Outstanding Recorded Investments | ' | 378 | [1],[2] | ' | 378 | [1],[2] | ||
Post-Modification Outstanding Recorded Investments | ' | 378 | [1],[2] | ' | 378 | [1],[2] | ||
One-to four-family construction [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Contracts | 4 | [1],[2] | ' | 4 | [1],[2] | ' | ||
Pre-Modification Outstanding Recorded Investments | 980 | [1],[2] | ' | 980 | [1],[2] | ' | ||
Post-Modification Outstanding Recorded Investments | 980 | [1],[2] | ' | 980 | [1],[2] | ' | ||
Land and land development - residential [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Contracts | ' | 5 | [1],[2] | ' | 9 | [1],[2] | ||
Pre-Modification Outstanding Recorded Investments | ' | 521 | [1],[2] | ' | 1,597 | [1],[2] | ||
Post-Modification Outstanding Recorded Investments | ' | 521 | [1],[2] | ' | 1,597 | [1],[2] | ||
Commercial business [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Contracts | 0 | [1],[2] | ' | 1 | [1],[2] | ' | ||
Pre-Modification Outstanding Recorded Investments | 0 | [1],[2] | ' | 100 | [1],[2] | ' | ||
Post-Modification Outstanding Recorded Investments | 0 | [1],[2] | ' | 100 | [1],[2] | ' | ||
One- to four-family residential [Member] | ' | ' | ' | ' | ||||
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' | ||||
Number of Contracts | ' | 0 | [1],[2] | ' | 9 | [1],[2] | ||
Pre-Modification Outstanding Recorded Investments | ' | 0 | [1],[2] | ' | 3,115 | [1],[2] | ||
Post-Modification Outstanding Recorded Investments | ' | $0 | [1],[2] | ' | $3,115 | [1],[2] | ||
[1] | Since most loans were already considered classified and/or on nonaccrual status prior to restructuring, the modifications did not have a material effect on the Company’s determination of the allowance for loan losses. | |||||||
[2] | The majority of these modifications do not fit into one separate type, such as rate, term, amount, interest-only or payment, but instead are a combination of multiple types of modifications; therefore, they are disclosed in aggregate. |
Recovered_Sheet4
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Troubled Debt Restructuring Which Incurred Payment Default) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
TDRs Which Incurred a Payment Default | $0 | $0 | $0 | $343 |
Commercial business [Member] | ' | ' | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
TDRs Which Incurred a Payment Default | $0 | $0 | $0 | $343 |
Recovered_Sheet5
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Risk-Rated and Non-Risk Rated Loans by Grade and Other Characteristic) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | |||||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | $3,762,599 | $3,418,445 | $3,290,201 | ||
Commercial real estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 1,349,057 | 1,195,058 | 1,096,708 | ||
Multifamily real estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 188,792 | 137,153 | 137,027 | ||
Construction and Land [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 349,625 | 351,258 | 353,684 | ||
Commercial business [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 735,128 | 682,169 | 639,840 | ||
Agricultural Business [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 245,742 | 228,291 | 233,967 | ||
One- to four-family [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 558,744 | 529,494 | 552,698 | ||
Consumer [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 335,511 | 295,022 | 276,277 | ||
Pass (Risk Ratings 1-5) [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 3,669,746 | [1] | 3,308,889 | [1] | ' |
Pass (Risk Ratings 1-5) [Member] | Commercial real estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 1,316,537 | [1] | 1,160,921 | [1] | ' |
Pass (Risk Ratings 1-5) [Member] | Multifamily real estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 182,634 | [1] | 131,523 | [1] | ' |
Pass (Risk Ratings 1-5) [Member] | Construction and Land [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 331,354 | [1] | 332,150 | [1] | ' |
Pass (Risk Ratings 1-5) [Member] | Commercial business [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 717,421 | [1] | 655,007 | [1] | ' |
Pass (Risk Ratings 1-5) [Member] | Small Credit-Scored Business Loans [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 103,000 | 94,000 | ' | ||
Pass (Risk Ratings 1-5) [Member] | Agricultural Business [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 244,510 | [1] | 225,329 | [1] | ' |
Pass (Risk Ratings 1-5) [Member] | One- to four-family [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 545,231 | [1] | 511,967 | [1] | ' |
Pass (Risk Ratings 1-5) [Member] | Consumer [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 332,059 | [1] | 291,992 | [1] | ' |
Special mention [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 14,587 | 18,115 | ' | ||
Special mention [Member] | Commercial real estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 5,623 | 6,614 | ' | ||
Special mention [Member] | Multifamily real estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 0 | 0 | ' | ||
Special mention [Member] | Construction and Land [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 0 | 350 | ' | ||
Special mention [Member] | Commercial business [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 8,188 | 10,484 | ' | ||
Special mention [Member] | Agricultural Business [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 578 | 561 | ' | ||
Special mention [Member] | One- to four-family [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 64 | 0 | ' | ||
Special mention [Member] | Consumer [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 134 | 106 | ' | ||
Substandard [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 77,802 | 90,888 | ' | ||
Substandard [Member] | Commercial real estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 26,453 | 26,979 | ' | ||
Substandard [Member] | Multifamily real estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 6,158 | 5,630 | ' | ||
Substandard [Member] | Construction and Land [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 18,271 | 18,758 | ' | ||
Substandard [Member] | Commercial business [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 9,511 | 16,669 | ' | ||
Substandard [Member] | Agricultural Business [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 654 | 2,401 | ' | ||
Substandard [Member] | One- to four-family [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 13,449 | 17,527 | ' | ||
Substandard [Member] | Consumer [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 3,306 | 2,924 | ' | ||
Doubtful [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 464 | 553 | ' | ||
Doubtful [Member] | Commercial real estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 444 | 544 | ' | ||
Doubtful [Member] | Multifamily real estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 0 | 0 | ' | ||
Doubtful [Member] | Construction and Land [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 0 | 0 | ' | ||
Doubtful [Member] | Commercial business [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 8 | 9 | ' | ||
Doubtful [Member] | Agricultural Business [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 0 | 0 | ' | ||
Doubtful [Member] | One- to four-family [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 0 | 0 | ' | ||
Doubtful [Member] | Consumer [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 12 | 0 | ' | ||
Loss [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 0 | 0 | ' | ||
Loss [Member] | Commercial real estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 0 | 0 | ' | ||
Loss [Member] | Multifamily real estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 0 | 0 | ' | ||
Loss [Member] | Construction and Land [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 0 | 0 | ' | ||
Loss [Member] | Commercial business [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 0 | 0 | ' | ||
Loss [Member] | Agricultural Business [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 0 | 0 | ' | ||
Loss [Member] | One- to four-family [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 0 | 0 | ' | ||
Loss [Member] | Consumer [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 0 | 0 | ' | ||
Performing loans [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 3,742,854 | 3,393,677 | ' | ||
Performing loans [Member] | Commercial real estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 1,345,372 | 1,188,771 | ' | ||
Performing loans [Member] | Multifamily real estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 188,370 | 137,153 | ' | ||
Performing loans [Member] | Construction and Land [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 348,329 | 350,065 | ' | ||
Performing loans [Member] | Commercial business [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 733,923 | 681,445 | ' | ||
Performing loans [Member] | Agricultural Business [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 245,638 | 228,187 | ' | ||
Performing loans [Member] | One- to four-family [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 547,209 | 514,351 | ' | ||
Performing loans [Member] | Consumer [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 334,013 | 293,705 | ' | ||
Nonperforming loans [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 19,745 | [2] | 24,768 | [2] | ' |
Nonperforming loans [Member] | Commercial real estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 3,685 | [2] | 6,287 | [2] | ' |
Nonperforming loans [Member] | Multifamily real estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 422 | [2] | 0 | [2] | ' |
Nonperforming loans [Member] | Construction and Land [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 1,296 | [2] | 1,193 | [2] | ' |
Nonperforming loans [Member] | Commercial business [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 1,205 | [2] | 724 | [2] | ' |
Nonperforming loans [Member] | Agricultural Business [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 104 | [2] | 104 | [2] | ' |
Nonperforming loans [Member] | One- to four-family [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | 11,535 | [2] | 15,143 | [2] | ' |
Nonperforming loans [Member] | Consumer [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' | ||
Total loans outstanding | $1,498 | [2] | $1,317 | [2] | ' |
[1] | The Pass category includes some performing loans that are part of homogenous pools which are not individually risk-rated. This includes all consumer loans, all one- to four-family residential loans and, as of June 30, 2014 and December 31, 2013, in the commercial business category, $103 million and $94 million, respectively, of credit-scored small business loans. As loans in these pools become non-performing, they are individually risk-rated. | ||||
[2] | Non-performing loans include non-accrual loans and loans past due greater than 90 days and on accrual status. |
Recovered_Sheet6
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Age Analysis of Company's Past Due Loans) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30 to 59 Days Past Due | $5,215 | $6,366 | ' |
60 to 89 Days Past Due | 4,029 | 4,086 | ' |
90 Days or More Past Due | 11,476 | 11,558 | ' |
Total Past Due | 20,720 | 22,010 | ' |
Current | 3,741,879 | 3,396,435 | ' |
Total loans outstanding | 3,762,599 | 3,418,445 | 3,290,201 |
Loans 90 Days or More Past Due and Accruing | 3,747 | 2,860 | ' |
Commerical real estate - owner-occupied [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30 to 59 Days Past Due | 2,896 | 883 | ' |
60 to 89 Days Past Due | 18 | 550 | ' |
90 Days or More Past Due | 1,437 | 813 | ' |
Total Past Due | 4,351 | 2,246 | ' |
Current | 537,207 | 500,355 | ' |
Total loans outstanding | 541,558 | 502,601 | 500,812 |
Loans 90 Days or More Past Due and Accruing | 993 | 0 | ' |
Commerical real estate - investment properties [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30 to 59 Days Past Due | 0 | 0 | ' |
60 to 89 Days Past Due | 0 | 0 | ' |
90 Days or More Past Due | 0 | 0 | ' |
Total Past Due | 0 | 0 | ' |
Current | 807,499 | 692,457 | ' |
Total loans outstanding | 807,499 | 692,457 | 595,896 |
Loans 90 Days or More Past Due and Accruing | 0 | 0 | ' |
Multifamily real estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30 to 59 Days Past Due | 423 | 1,845 | ' |
60 to 89 Days Past Due | 0 | 785 | ' |
90 Days or More Past Due | 0 | 0 | ' |
Total Past Due | 423 | 2,630 | ' |
Current | 188,369 | 134,523 | ' |
Total loans outstanding | 188,792 | 137,153 | 137,027 |
Loans 90 Days or More Past Due and Accruing | 0 | 0 | ' |
Commercial construction [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30 to 59 Days Past Due | 0 | 0 | ' |
60 to 89 Days Past Due | 0 | 0 | ' |
90 Days or More Past Due | 0 | 0 | ' |
Total Past Due | 0 | 0 | ' |
Current | 12,638 | 12,168 | ' |
Total loans outstanding | 12,638 | 12,168 | 25,629 |
Loans 90 Days or More Past Due and Accruing | 0 | 0 | ' |
Multifamily construction [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30 to 59 Days Past Due | 0 | 0 | ' |
60 to 89 Days Past Due | 0 | 0 | ' |
90 Days or More Past Due | 0 | 0 | ' |
Total Past Due | 0 | 0 | ' |
Current | 39,864 | 52,081 | ' |
Total loans outstanding | 39,864 | 52,081 | 39,787 |
Loans 90 Days or More Past Due and Accruing | 0 | 0 | ' |
One-to four-family construction [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30 to 59 Days Past Due | 0 | 9 | ' |
60 to 89 Days Past Due | 0 | 7 | ' |
90 Days or More Past Due | 0 | 4 | ' |
Total Past Due | 0 | 20 | ' |
Current | 213,414 | 200,844 | ' |
Total loans outstanding | 213,414 | 200,864 | 191,003 |
Loans 90 Days or More Past Due and Accruing | 0 | 0 | ' |
Land and land development - residential [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30 to 59 Days Past Due | 0 | 0 | ' |
60 to 89 Days Past Due | 0 | 0 | ' |
90 Days or More Past Due | 0 | 251 | ' |
Total Past Due | 0 | 251 | ' |
Current | 73,030 | 75,444 | ' |
Total loans outstanding | 73,030 | 75,695 | 86,037 |
Loans 90 Days or More Past Due and Accruing | 0 | 0 | ' |
Land and land development - commercial [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30 to 59 Days Past Due | 0 | 0 | ' |
60 to 89 Days Past Due | 0 | 0 | ' |
90 Days or More Past Due | 0 | 0 | ' |
Total Past Due | 0 | 0 | ' |
Current | 10,679 | 10,450 | ' |
Total loans outstanding | 10,679 | 10,450 | 11,228 |
Loans 90 Days or More Past Due and Accruing | 0 | 0 | ' |
Commercial business [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30 to 59 Days Past Due | 673 | 2,001 | ' |
60 to 89 Days Past Due | 209 | 2 | ' |
90 Days or More Past Due | 1,622 | 299 | ' |
Total Past Due | 2,504 | 2,302 | ' |
Current | 732,624 | 679,867 | ' |
Total loans outstanding | 735,128 | 682,169 | 639,840 |
Loans 90 Days or More Past Due and Accruing | 280 | 0 | ' |
Agricultural business, including secured by farmland [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30 to 59 Days Past Due | 12 | 0 | ' |
60 to 89 Days Past Due | 250 | 0 | ' |
90 Days or More Past Due | 104 | 0 | ' |
Total Past Due | 366 | 0 | ' |
Current | 245,376 | 228,291 | ' |
Total loans outstanding | 245,742 | 228,291 | 233,967 |
Loans 90 Days or More Past Due and Accruing | 0 | 105 | ' |
One- to four-family residential [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30 to 59 Days Past Due | 484 | 521 | ' |
60 to 89 Days Past Due | 2,720 | 2,550 | ' |
90 Days or More Past Due | 7,552 | 9,142 | ' |
Total Past Due | 10,756 | 12,213 | ' |
Current | 547,988 | 517,281 | ' |
Total loans outstanding | 558,744 | 529,494 | 552,698 |
Loans 90 Days or More Past Due and Accruing | 2,181 | 2,611 | ' |
Consumer secured by one- to four-family [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30 to 59 Days Past Due | 182 | 723 | ' |
60 to 89 Days Past Due | 757 | 93 | ' |
90 Days or More Past Due | 474 | 918 | ' |
Total Past Due | 1,413 | 1,734 | ' |
Current | 208,098 | 171,454 | ' |
Total loans outstanding | 209,511 | 173,188 | 163,339 |
Loans 90 Days or More Past Due and Accruing | 6 | 13 | ' |
Consumer - other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' |
30 to 59 Days Past Due | 545 | 384 | ' |
60 to 89 Days Past Due | 75 | 99 | ' |
90 Days or More Past Due | 287 | 131 | ' |
Total Past Due | 907 | 614 | ' |
Current | 125,093 | 121,220 | ' |
Total loans outstanding | 126,000 | 121,834 | 112,938 |
Loans 90 Days or More Past Due and Accruing | $287 | $131 | ' |
Recovered_Sheet7
LOANS RECEIVABLE AND THE ALLOWANCE FOR LOAN LOSSES (Allowance for Loan Losses) (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Financing Receivable, Allowance for Loan Losses [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | $74,371 | $76,396 | $74,258 | $76,759 | ' |
PROVISION FOR LOAN LOSSES | 0 | 0 | 0 | 0 | ' |
Recoveries | 1,605 | 1,811 | 3,246 | 4,139 | ' |
Charge-offs | -1,666 | -2,086 | -3,194 | -4,777 | ' |
Ending balance | 74,310 | 76,121 | 74,310 | 76,121 | ' |
Financing Receivable, Allowance for Loan Losses, Additional Information [Abstract] | ' | ' | ' | ' | ' |
Allowance individually evaluated for impairment | 4,323 | 6,254 | 4,323 | 6,254 | ' |
Allowance collectively evaluated for impairment | 69,987 | 69,867 | 69,987 | 69,867 | ' |
Total allowance for loan losses | 74,310 | 76,121 | 74,310 | 76,121 | ' |
Loans individually evaluated for impairment | 44,631 | 62,488 | 44,631 | 62,488 | ' |
Loans collectively evaluated for impairment | 3,717,968 | 3,227,713 | 3,717,968 | 3,227,713 | ' |
Total loans outstanding | 3,762,599 | 3,290,201 | 3,762,599 | 3,290,201 | 3,418,445 |
Commercial real estate [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Loan Losses [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | 17,412 | 14,776 | 16,759 | 15,322 | ' |
PROVISION FOR LOAN LOSSES | 2,199 | 162 | 2,794 | -1,622 | ' |
Recoveries | 274 | 378 | 570 | 1,964 | ' |
Charge-offs | -1,001 | -418 | -1,239 | -766 | ' |
Ending balance | 18,884 | 14,898 | 18,884 | 14,898 | ' |
Financing Receivable, Allowance for Loan Losses, Additional Information [Abstract] | ' | ' | ' | ' | ' |
Allowance individually evaluated for impairment | 751 | 750 | 751 | 750 | ' |
Allowance collectively evaluated for impairment | 18,133 | 14,148 | 18,133 | 14,148 | ' |
Total allowance for loan losses | 18,884 | 14,898 | 18,884 | 14,898 | ' |
Loans individually evaluated for impairment | 8,060 | 10,647 | 8,060 | 10,647 | ' |
Loans collectively evaluated for impairment | 1,340,997 | 1,086,061 | 1,340,997 | 1,086,061 | ' |
Total loans outstanding | 1,349,057 | 1,096,708 | 1,349,057 | 1,096,708 | 1,195,058 |
Multifamily [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Loan Losses [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | 5,652 | 5,075 | 5,306 | 4,506 | ' |
PROVISION FOR LOAN LOSSES | 113 | -102 | 459 | 467 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Charge-offs | 0 | 0 | 0 | 0 | ' |
Ending balance | 5,765 | 4,973 | 5,765 | 4,973 | ' |
Financing Receivable, Allowance for Loan Losses, Additional Information [Abstract] | ' | ' | ' | ' | ' |
Allowance individually evaluated for impairment | 850 | 1,326 | 850 | 1,326 | ' |
Allowance collectively evaluated for impairment | 4,915 | 3,647 | 4,915 | 3,647 | ' |
Total allowance for loan losses | 5,765 | 4,973 | 5,765 | 4,973 | ' |
Loans individually evaluated for impairment | 5,705 | 5,815 | 5,705 | 5,815 | ' |
Loans collectively evaluated for impairment | 183,087 | 131,212 | 183,087 | 131,212 | ' |
Total loans outstanding | 188,792 | 137,027 | 188,792 | 137,027 | ' |
Construction and Land [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Loan Losses [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | 18,620 | 15,214 | 17,640 | 14,991 | ' |
PROVISION FOR LOAN LOSSES | -1,048 | 1,493 | -300 | 2,050 | ' |
Recoveries | 472 | 337 | 704 | 438 | ' |
Charge-offs | -207 | -419 | -207 | -854 | ' |
Ending balance | 17,837 | 16,625 | 17,837 | 16,625 | ' |
Financing Receivable, Allowance for Loan Losses, Additional Information [Abstract] | ' | ' | ' | ' | ' |
Allowance individually evaluated for impairment | 1,291 | 1,955 | 1,291 | 1,955 | ' |
Allowance collectively evaluated for impairment | 16,546 | 14,670 | 16,546 | 14,670 | ' |
Total allowance for loan losses | 17,837 | 16,625 | 17,837 | 16,625 | ' |
Loans individually evaluated for impairment | 7,765 | 12,723 | 7,765 | 12,723 | ' |
Loans collectively evaluated for impairment | 341,860 | 340,961 | 341,860 | 340,961 | ' |
Total loans outstanding | 349,625 | 353,684 | 349,625 | 353,684 | 351,258 |
Commercial business [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Loan Losses [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | 11,363 | 10,011 | 11,773 | 9,957 | ' |
PROVISION FOR LOAN LOSSES | 625 | 527 | 660 | 1,124 | ' |
Recoveries | 286 | 666 | 579 | 1,052 | ' |
Charge-offs | -260 | -398 | -998 | -1,327 | ' |
Ending balance | 12,014 | 10,806 | 12,014 | 10,806 | ' |
Financing Receivable, Allowance for Loan Losses, Additional Information [Abstract] | ' | ' | ' | ' | ' |
Allowance individually evaluated for impairment | 162 | 216 | 162 | 216 | ' |
Allowance collectively evaluated for impairment | 11,852 | 10,590 | 11,852 | 10,590 | ' |
Total allowance for loan losses | 12,014 | 10,806 | 12,014 | 10,806 | ' |
Loans individually evaluated for impairment | 989 | 2,818 | 989 | 2,818 | ' |
Loans collectively evaluated for impairment | 734,139 | 637,022 | 734,139 | 637,022 | ' |
Total loans outstanding | 735,128 | 639,840 | 735,128 | 639,840 | 682,169 |
Agricultural Business [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Loan Losses [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | 2,636 | 2,282 | 2,841 | 2,295 | ' |
PROVISION FOR LOAN LOSSES | -123 | 1,213 | -678 | 1,163 | ' |
Recoveries | 311 | 310 | 661 | 347 | ' |
Charge-offs | 0 | 0 | 0 | 0 | ' |
Ending balance | 2,824 | 3,805 | 2,824 | 3,805 | ' |
Financing Receivable, Allowance for Loan Losses, Additional Information [Abstract] | ' | ' | ' | ' | ' |
Allowance individually evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Allowance collectively evaluated for impairment | 2,824 | 3,805 | 2,824 | 3,805 | ' |
Total allowance for loan losses | 2,824 | 3,805 | 2,824 | 3,805 | ' |
Loans individually evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Loans collectively evaluated for impairment | 245,742 | 233,967 | 245,742 | 233,967 | ' |
Total loans outstanding | 245,742 | 233,967 | 245,742 | 233,967 | 228,291 |
One- to Four-Family [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Loan Losses [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | 10,913 | 15,930 | 11,486 | 16,475 | ' |
PROVISION FOR LOAN LOSSES | -1,833 | -557 | -2,215 | -567 | ' |
Recoveries | 204 | 3 | 392 | 119 | ' |
Charge-offs | -14 | -402 | -393 | -1,053 | ' |
Ending balance | 9,270 | 14,974 | 9,270 | 14,974 | ' |
Financing Receivable, Allowance for Loan Losses, Additional Information [Abstract] | ' | ' | ' | ' | ' |
Allowance individually evaluated for impairment | 1,170 | 1,923 | 1,170 | 1,923 | ' |
Allowance collectively evaluated for impairment | 8,100 | 13,051 | 8,100 | 13,051 | ' |
Total allowance for loan losses | 9,270 | 14,974 | 9,270 | 14,974 | ' |
Loans individually evaluated for impairment | 21,133 | 29,419 | 21,133 | 29,419 | ' |
Loans collectively evaluated for impairment | 537,611 | 523,279 | 537,611 | 523,279 | ' |
Total loans outstanding | 558,744 | 552,698 | 558,744 | 552,698 | ' |
Consumer [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Loan Losses [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | 912 | 1,238 | 1,335 | 1,348 | ' |
PROVISION FOR LOAN LOSSES | -38 | 105 | -570 | 221 | ' |
Recoveries | 58 | 117 | 340 | 219 | ' |
Charge-offs | -184 | -449 | -357 | -777 | ' |
Ending balance | 748 | 1,011 | 748 | 1,011 | ' |
Financing Receivable, Allowance for Loan Losses, Additional Information [Abstract] | ' | ' | ' | ' | ' |
Allowance individually evaluated for impairment | 99 | 84 | 99 | 84 | ' |
Allowance collectively evaluated for impairment | 649 | 927 | 649 | 927 | ' |
Total allowance for loan losses | 748 | 1,011 | 748 | 1,011 | ' |
Loans individually evaluated for impairment | 979 | 1,066 | 979 | 1,066 | ' |
Loans collectively evaluated for impairment | 334,532 | 275,211 | 334,532 | 275,211 | ' |
Total loans outstanding | 335,511 | 276,277 | 335,511 | 276,277 | 295,022 |
Unallocated [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Allowance for Loan Losses [Roll Forward] | ' | ' | ' | ' | ' |
Beginning balance | 6,863 | 11,870 | 7,118 | 11,865 | ' |
PROVISION FOR LOAN LOSSES | 105 | -2,841 | -150 | -2,836 | ' |
Recoveries | 0 | 0 | 0 | 0 | ' |
Charge-offs | 0 | 0 | 0 | 0 | ' |
Ending balance | 6,968 | 9,029 | 6,968 | 9,029 | ' |
Financing Receivable, Allowance for Loan Losses, Additional Information [Abstract] | ' | ' | ' | ' | ' |
Allowance individually evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Allowance collectively evaluated for impairment | 6,968 | 9,029 | 6,968 | 9,029 | ' |
Total allowance for loan losses | 6,968 | 9,029 | 6,968 | 9,029 | ' |
Loans individually evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Loans collectively evaluated for impairment | 0 | 0 | 0 | 0 | ' |
Total loans outstanding | $0 | $0 | $0 | $0 | ' |
REAL_ESTATE_OWNED_NET_REO_Roll
REAL ESTATE OWNED, NET (REO Rollforward) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Real Estate Owned [Roll Forward] | ' | ' | ' | ' |
Balance, beginning of the period | $3,236 | $11,160 | $4,044 | $15,778 |
Additions from loan foreclosures | 1,996 | 418 | 2,703 | 1,504 |
Additions from capitalized costs | 33 | 0 | 37 | 46 |
Proceeds from dispositions of REO | -1,034 | -5,305 | -2,675 | -11,787 |
Gain on sale of REO | 157 | 667 | 316 | 1,472 |
Valuation adjustments in the period | 0 | -226 | -37 | -299 |
Balance, end of the period | $4,388 | $6,714 | $4,388 | $6,714 |
REAL_ESTATE_OWNED_NET_REO_by_T
REAL ESTATE OWNED, NET (REO by Type and Geographic Location by State) (Details) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||||
Real Estate Owned [Line Items] | ' | ' | ' | ' | ' | ' |
Real Estate Owned, Net | $4,388 | $3,236 | $4,044 | $6,714 | $11,160 | $15,778 |
Washington [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Owned [Line Items] | ' | ' | ' | ' | ' | ' |
Real Estate Owned, Net | 1,801 | ' | ' | ' | ' | ' |
Oregon [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Owned [Line Items] | ' | ' | ' | ' | ' | ' |
Real Estate Owned, Net | 2,380 | ' | ' | ' | ' | ' |
Idaho [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Owned [Line Items] | ' | ' | ' | ' | ' | ' |
Real Estate Owned, Net | 207 | ' | ' | ' | ' | ' |
Commercial real estate [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Owned [Line Items] | ' | ' | ' | ' | ' | ' |
Real Estate Owned, Net | 175 | ' | ' | ' | ' | ' |
Commercial real estate [Member] | Washington [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Owned [Line Items] | ' | ' | ' | ' | ' | ' |
Real Estate Owned, Net | 0 | ' | ' | ' | ' | ' |
Commercial real estate [Member] | Oregon [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Owned [Line Items] | ' | ' | ' | ' | ' | ' |
Real Estate Owned, Net | 0 | ' | ' | ' | ' | ' |
Commercial real estate [Member] | Idaho [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Owned [Line Items] | ' | ' | ' | ' | ' | ' |
Real Estate Owned, Net | 175 | ' | ' | ' | ' | ' |
Land development-residential [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Owned [Line Items] | ' | ' | ' | ' | ' | ' |
Real Estate Owned, Net | 2,283 | ' | ' | ' | ' | ' |
Land development-residential [Member] | Washington [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Owned [Line Items] | ' | ' | ' | ' | ' | ' |
Real Estate Owned, Net | 614 | ' | ' | ' | ' | ' |
Land development-residential [Member] | Oregon [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Owned [Line Items] | ' | ' | ' | ' | ' | ' |
Real Estate Owned, Net | 1,637 | ' | ' | ' | ' | ' |
Land development-residential [Member] | Idaho [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Owned [Line Items] | ' | ' | ' | ' | ' | ' |
Real Estate Owned, Net | 32 | ' | ' | ' | ' | ' |
One- to four-family real estate [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Owned [Line Items] | ' | ' | ' | ' | ' | ' |
Real Estate Owned, Net | 1,930 | ' | ' | ' | ' | ' |
One- to four-family real estate [Member] | Washington [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Owned [Line Items] | ' | ' | ' | ' | ' | ' |
Real Estate Owned, Net | 1,187 | ' | ' | ' | ' | ' |
One- to four-family real estate [Member] | Oregon [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Owned [Line Items] | ' | ' | ' | ' | ' | ' |
Real Estate Owned, Net | 743 | ' | ' | ' | ' | ' |
One- to four-family real estate [Member] | Idaho [Member] | ' | ' | ' | ' | ' | ' |
Real Estate Owned [Line Items] | ' | ' | ' | ' | ' | ' |
Real Estate Owned, Net | $0 | ' | ' | ' | ' | ' |
INTANGIBLE_ASSETS_AND_MORTGAGE2
INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS (Finite-Lived Intangible Assets) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 6 Months Ended | 12 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2007 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 |
acquisition | acquisition | acquisition | Core Deposit Intangibles [Member] | Core Deposit Intangibles [Member] | Minimum [Member] | Maximum [Member] | |
Core Deposit Intangibles [Member] | Core Deposit Intangibles [Member] | ||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of Bank Acquisitions, Created Finite-Lived Intangible Asset | 1 | 1 | 3 | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | '3 years | '8 years |
Finite-lived Intangible Assets [Roll Forward] | ' | ' | ' | ' | ' | ' | ' |
Balance, beginning of period | ' | ' | ' | $2,449 | $4,230 | ' | ' |
Additions through acquisitions | ' | ' | ' | 2,372 | 160 | ' | ' |
Amortization | ' | ' | ' | -929 | -1,941 | ' | ' |
Balance, end of period | ' | ' | ' | $3,892 | $2,449 | ' | ' |
INTANGIBLE_ASSETS_AND_MORTGAGE3
INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS (Estimated Annual Amortization Expense) (Details) (Core Deposit Intangibles [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Core Deposit Intangibles [Member] | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' |
Remainder of 2014 | $1,061 | ' | ' |
2015 | 1,007 | ' | ' |
2016 | 353 | ' | ' |
2017 | 321 | ' | ' |
2018 | 296 | ' | ' |
Thereafter | 854 | ' | ' |
Finite-Lived Intangible Assets, net | $3,892 | $2,449 | $4,230 |
INTANGIBLE_ASSETS_AND_MORTGAGE4
INTANGIBLE ASSETS AND MORTGAGE SERVICING RIGHTS (Mortgage Servicing Rights) (Details) (Mortgage Servicing Rights [Member], USD $) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||||
Mortgage Servicing Rights [Member] | ' | ' | ' | ' | ' | ||||
Morgage Servicing Rights at Amortized Value [Line Items] | ' | ' | ' | ' | ' | ||||
Loans Serviced For Others | $1,190,000,000 | ' | $1,190,000,000 | ' | $1,116,000,000 | ||||
Custodial Accounts | 6,300,000 | ' | 6,300,000 | ' | 5,400,000 | ||||
Servicing Asset at Amortized Value, Balance [Roll Forward] | ' | ' | ' | ' | ' | ||||
Balance, beginning of the period | 8,199,000 | 6,335,000 | 8,086,000 | 6,244,000 | ' | ||||
Amounts capitalized | 794,000 | 807,000 | 1,369,000 | 1,583,000 | ' | ||||
Amortization | -512,000 | [1] | -706,000 | [1] | -974,000 | [1] | -1,391,000 | [1] | ' |
Valuation adjustments in the period | 0 | 600,000 | 0 | 600,000 | ' | ||||
Balance, end of the period | 8,481,000 | [2] | 7,036,000 | [2] | 8,481,000 | [2] | 7,036,000 | [2] | ' |
Valuation allowance, end of period | $0 | [2] | $700,000 | [2] | $0 | [2] | $700,000 | [2] | ' |
[1] | Amortization of mortgage servicing rights is recorded as a reduction of loan servicing income and any unamortized balance is fully written off if the loan repays in full. | ||||||||
[2] | There was no valuation allowance as of June 30, 2014 and a $700,000 valuation allowance as of June 30, 2013. |
DEPOSITS_AND_CUSTOMER_REPURCHA2
DEPOSITS AND CUSTOMER REPURCHASE AGREEMENTS (Deposit Liabilities) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposits: | ' | ' |
Non-interest-bearing accounts | $1,210,068 | $1,115,346 |
Interest-bearing checking | 437,810 | 422,910 |
Regular savings accounts | 843,950 | 798,764 |
Money market accounts | 490,105 | 408,211 |
Total transaction and saving accounts | 2,981,933 | 2,745,231 |
Certificates of deposit | 936,986 | 872,695 |
Total deposits | 3,918,919 | 3,617,926 |
Non-interest-bearing accounts, percent of total | 30.90% | 30.80% |
Interest-bearing checking, percent of total | 11.20% | 11.70% |
Regular savings accounts, percent of total | 21.50% | 22.10% |
Money market accounts, percent of total | 12.50% | 11.30% |
Total transaction and saving accounts, percent of total | 76.10% | 75.90% |
Certificates of deposit, percent of total | 23.90% | 24.10% |
Total deposits, percent of total | 100.00% | 100.00% |
Included in total deposits: | ' | ' |
Public fund transaction accounts | 93,550 | 87,521 |
Public fund interest-bearing certificates | 48,180 | 51,465 |
Total public deposits | 141,730 | 138,986 |
Total brokered deposits | $88,209 | $4,291 |
Public fund transaction accounts, percent of total | 2.40% | 2.40% |
Public fund interest-bearing certificates, percent of total | 1.20% | 1.40% |
Total public deposits, percent of total | 3.60% | 3.80% |
Total brokered deposits, percent of total | 2.30% | 0.10% |
DEPOSITS_AND_CUSTOMER_REPURCHA3
DEPOSITS AND CUSTOMER REPURCHASE AGREEMENTS DEPOSITS AND CUSTOMER REPURCHASE AGREEMENTS (Certificates of Deposit by Balance) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Banking and Thrift [Abstract] | ' | ' |
Certificates of deposit less than $100,000 | $467,058 | $386,745 |
Certificates of deposit $100,000 through $250,000 | 301,075 | 308,130 |
Certificates of deposit more than $250,000 | 168,853 | 177,820 |
Total certificate accounts | $936,986 | $872,695 |
DEPOSITS_AND_CUSTOMER_REPURCHA4
DEPOSITS AND CUSTOMER REPURCHASE AGREEMENTS DEPOSITS AND CUSTOMER REPURCHASE AGREEMENTS (Maturities of Certificates of Deposit) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Banking and Thrift [Abstract] | ' | ' |
Certificates which mature or reprice within one year or less | $709,335 | $660,394 |
Certificates which mature or reprice after one year through two years | 135,677 | 117,789 |
Certificates which mature or reprice after two years through three years | 45,403 | 47,362 |
Certificates which mature or reprice after three years through four years | 24,414 | 26,443 |
Certificates which mature or reprice after four years through five years | 16,991 | 17,075 |
Certificates which mature or reprice after five years | 5,166 | 3,632 |
Total certificate accounts | $936,986 | $872,695 |
DEPOSITS_AND_CUSTOMER_REPURCHA5
DEPOSITS AND CUSTOMER REPURCHASE AGREEMENTS (Geographic Concentration of Deposits) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deposit Liabilities [Line Items] | ' | ' |
Total deposits | $3,918,919 | $3,617,926 |
Percent of total deposits | 100.00% | 100.00% |
Washington [Member] | ' | ' |
Deposit Liabilities [Line Items] | ' | ' |
Total deposits | 2,835,383 | ' |
Percent of total deposits | 72.30% | ' |
Oregon [Member] | ' | ' |
Deposit Liabilities [Line Items] | ' | ' |
Total deposits | 848,991 | ' |
Percent of total deposits | 21.70% | ' |
Idaho [Member] | ' | ' |
Deposit Liabilities [Line Items] | ' | ' |
Total deposits | $234,545 | ' |
Percent of total deposits | 6.00% | ' |
DEPOSITS_AND_CUSTOMER_REPURCHA6
DEPOSITS AND CUSTOMER REPURCHASE AGREEMENTS (Retail Repurchase Agreements) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | |||
Banking and Thrift [Abstract] | ' | ' | ' |
Retail repurchase agreements | $88,946 | $83,056 | $90,779 |
FAIR_VALUE_ACCOUNTING_AND_MEAS2
FAIR VALUE ACCOUNTING AND MEASUREMENT (Asset Inputs) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | TRUP CDO Securities [Member] | TPS Securities [Member] | TPS Securities [Member] | ||
Income approach, using discounted cash-flow model [Member] | Income approach, using discounted cash-flow model [Member] | Income approach, using discounted cash-flow model [Member] | |||
Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | |||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' | ' | ' | ' |
Securities—trading, Amortized Cost | $70,472 | $75,150 | $31,000 | $19,000 | ' |
Asset gains (losses) | ' | ' | $2,900 | $518 | ' |
Discount Rate, Description of Variable Rate Basis | ' | ' | ' | 'three-month LIBOR | 'three-month LIBOR |
Discount Rate, Basis Spread on Variable Rate Basis | ' | ' | ' | 5.00% | 5.25% |
FAIR_VALUE_ACCOUNTING_AND_MEAS3
FAIR VALUE ACCOUNTING AND MEASUREMENT (Liability Inputs) (Details) (Junior Subordinated Debt [Member], USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Discounted cash flows [Member] | Discounted cash flows [Member] | Discounted cash flows [Member] | Junior Subordinated Debentures with Variable Interest Rates Which Reset Quarterly [Member] | Junior Subordinated Debentures with Variable Interest Rates Which Reset Quarterly [Member] | Junior Subordinated Debentures with Variable Interest Rates Which Reset Quarterly [Member] | |||||
Level 3 [Member] | Level 3 [Member] | Level 3 [Member] | Discounted cash flows [Member] | Minimum [Member] | Maximum [Member] | |||||
Level 3 [Member] | Discounted cash flows [Member] | Discounted cash flows [Member] | ||||||||
Level 3 [Member] | Level 3 [Member] | |||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | ' | ' | ' | ' | 'three-month LIBOR | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | ' | ' | 1.38% | 3.35% |
Discount Rate, Description of Variable Rate Basis | ' | ' | ' | ' | 'three-month LIBOR | 'three-month LIBOR | 'three-month LIBOR | ' | ' | ' |
Discount Rate, Basis Spread on Variable Rate Basis | ' | ' | ' | ' | 5.00% | 5.25% | 5.00% | ' | ' | ' |
Fair Value Loss on Instruments | $3,178 | $251 | $3,385 | $408 | $3,200 | ' | ' | ' | ' | ' |
FAIR_VALUE_ACCOUNTING_AND_MEAS4
FAIR VALUE ACCOUNTING AND MEASUREMENT (Assets and Liabilities Measured at Fair Value) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | $455,353 | $470,280 |
Securities—trading, Fair Value | 61,393 | 62,472 |
Advances from FHLB at fair value | 45,251 | 27,250 |
Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 455,353 | 470,280 |
Securities—trading, Fair Value | 61,393 | 62,472 |
Total assets | 522,959 | 537,828 |
Advances from FHLB at fair value | 45,251 | 27,250 |
Junior subordinated debentures net of unamortized deferred issuance costs at fair value | 77,313 | 73,928 |
Total liabilities | 128,565 | 106,167 |
Recurring [Member] | Interest rate lock commitments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 563 | 130 |
Derivative liabilities | 351 | 43 |
Recurring [Member] | Interest rate swaps [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 5,650 | 4,946 |
Derivative liabilities | 5,650 | 4,946 |
Recurring [Member] | U.S. Government and agency obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 52,212 | 58,660 |
Securities—trading, Fair Value | 1,530 | 1,481 |
Recurring [Member] | Municipal bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 50,801 | 52,855 |
Securities—trading, Fair Value | 1,716 | 5,023 |
Recurring [Member] | Corporate bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 5,011 | 6,964 |
Recurring [Member] | TPS and TRUP CDOs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—trading, Fair Value | 38,529 | 35,140 |
Recurring [Member] | Mortgage-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 321,863 | 326,610 |
Securities—trading, Fair Value | 19,557 | 20,760 |
Recurring [Member] | Asset-backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 25,466 | 25,191 |
Recurring [Member] | Equity securities and other [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—trading, Fair Value | 61 | 68 |
Recurring [Member] | Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 0 | 0 |
Securities—trading, Fair Value | 0 | 0 |
Total assets | 0 | 0 |
Advances from FHLB at fair value | 0 | 0 |
Junior subordinated debentures net of unamortized deferred issuance costs at fair value | 0 | 0 |
Total liabilities | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Interest rate lock commitments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Interest rate swaps [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Recurring [Member] | Level 1 [Member] | U.S. Government and agency obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 0 | 0 |
Securities—trading, Fair Value | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Municipal bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 0 | 0 |
Securities—trading, Fair Value | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Corporate bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 0 | 0 |
Recurring [Member] | Level 1 [Member] | TPS and TRUP CDOs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—trading, Fair Value | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Mortgage-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 0 | 0 |
Securities—trading, Fair Value | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Asset-backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 0 | 0 |
Recurring [Member] | Level 1 [Member] | Equity securities and other [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—trading, Fair Value | 0 | 0 |
Recurring [Member] | Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 455,353 | 470,280 |
Securities—trading, Fair Value | 22,864 | 27,332 |
Total assets | 484,430 | 502,688 |
Advances from FHLB at fair value | 45,251 | 27,250 |
Junior subordinated debentures net of unamortized deferred issuance costs at fair value | 0 | 0 |
Total liabilities | 51,252 | 32,239 |
Recurring [Member] | Level 2 [Member] | Interest rate lock commitments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 563 | 130 |
Derivative liabilities | 351 | 43 |
Recurring [Member] | Level 2 [Member] | Interest rate swaps [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 5,650 | 4,946 |
Derivative liabilities | 5,650 | 4,946 |
Recurring [Member] | Level 2 [Member] | U.S. Government and agency obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 52,212 | 58,660 |
Securities—trading, Fair Value | 1,530 | 1,481 |
Recurring [Member] | Level 2 [Member] | Municipal bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 50,801 | 52,855 |
Securities—trading, Fair Value | 1,716 | 5,023 |
Recurring [Member] | Level 2 [Member] | Corporate bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 5,011 | 6,964 |
Recurring [Member] | Level 2 [Member] | TPS and TRUP CDOs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—trading, Fair Value | 0 | 0 |
Recurring [Member] | Level 2 [Member] | Mortgage-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 321,863 | 326,610 |
Securities—trading, Fair Value | 19,557 | 20,760 |
Recurring [Member] | Level 2 [Member] | Asset-backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 25,466 | 25,191 |
Recurring [Member] | Level 2 [Member] | Equity securities and other [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—trading, Fair Value | 61 | 68 |
Recurring [Member] | Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 0 | 0 |
Securities—trading, Fair Value | 38,529 | 35,140 |
Total assets | 38,529 | 35,140 |
Advances from FHLB at fair value | 0 | 0 |
Junior subordinated debentures net of unamortized deferred issuance costs at fair value | 77,313 | 73,928 |
Total liabilities | 77,313 | 73,928 |
Recurring [Member] | Level 3 [Member] | Interest rate lock commitments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Interest rate swaps [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Recurring [Member] | Level 3 [Member] | U.S. Government and agency obligations [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 0 | 0 |
Securities—trading, Fair Value | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Municipal bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 0 | 0 |
Securities—trading, Fair Value | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Corporate bonds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 0 | 0 |
Recurring [Member] | Level 3 [Member] | TPS and TRUP CDOs [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—trading, Fair Value | 38,529 | 35,140 |
Recurring [Member] | Level 3 [Member] | Mortgage-backed securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 0 | 0 |
Securities—trading, Fair Value | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Asset-backed Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—available-for-sale | 0 | 0 |
Recurring [Member] | Level 3 [Member] | Equity securities and other [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Securities—trading, Fair Value | $0 | $0 |
FAIR_VALUE_ACCOUNTING_AND_MEAS5
FAIR VALUE ACCOUNTING AND MEASUREMENT (Unobservable Inputs Rollforward) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Junior Subordinated Debt [Member] | ' | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Beginning balance | $74,135 | $73,220 | $73,928 | $73,063 |
Liabilities (gains) losses | 3,178 | 251 | 3,385 | 408 |
Paydowns and maturities | 0 | ' | 0 | ' |
Ending balance | 77,313 | 73,471 | 77,313 | 73,471 |
TPS and TRUP CDOs [Member] | ' | ' | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' | ' |
Beginning balance | 35,062 | 34,520 | 35,140 | 35,741 |
Assets gains (losses), including OTTI | 3,464 | 585 | 3,420 | -636 |
Payowns and maturities | -3 | ' | -31 | ' |
Ending balance | $38,529 | $35,105 | $38,529 | $35,105 |
FAIR_VALUE_ACCOUNTING_AND_MEAS6
FAIR VALUE ACCOUNTING AND MEASUREMENT (Non-recurring Basis) (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Loans individually evaluated for impairment | $44,631,000 | $62,488,000 | $44,631,000 | $62,488,000 | ||
Write-downs on loans individually evaluated for impairment | 1,666,000 | 2,086,000 | 3,194,000 | 4,777,000 | ||
Allowance on loans individually evaluated for impairment | 4,323,000 | 6,254,000 | 4,323,000 | 6,254,000 | ||
Loans collectively evaluated for impairment | 3,717,968,000 | 3,227,713,000 | 3,717,968,000 | 3,227,713,000 | ||
Allowance on loans collectively evaluated for impairment | 69,987,000 | 69,867,000 | 69,987,000 | 69,867,000 | ||
Nonrecurring [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Classifed loans | 78,000,000 | ' | 78,000,000 | ' | ||
Impaired loans | 57,206,000 | ' | 57,206,000 | ' | ||
Loans individually evaluated for impairment | 44,631,000 | [1] | ' | 44,631,000 | [1] | ' |
Loans individually evaluated for impairment, original carrying value | 46,967,000 | [1] | ' | 46,967,000 | [1] | ' |
Write-downs on loans individually evaluated for impairment | ' | ' | 2,000,000 | ' | ||
Allowance on loans individually evaluated for impairment | 4,323,000 | [1] | ' | 4,323,000 | [1] | ' |
Loans collectively evaluated for impairment | 12,575,000 | [2] | ' | 12,575,000 | [2] | ' |
Allowance on loans collectively evaluated for impairment | 277,000 | [2] | ' | 277,000 | [2] | ' |
Impairment of real estate owned | $0 | $226,000 | ' | ' | ||
[1] | Loans with a specific allowance reserve have been individually evaluated for impairment using either a discounted cash flow analysis or, for collateral dependent loans, current appraisals to establish realizable value. These analyses may identify a specific impairment amount needed or may conclude that no reserve is needed. Any specific impairment that is identified is included in the category’s Related Allowance column. | |||||
[2] | Loans without a specific allowance reserve have not been individually evaluated for impairment, but have been included in pools of homogeneous loans for evaluation of related allowance reserves. |
FAIR_VALUE_ACCOUNTING_AND_MEAS7
FAIR VALUE ACCOUNTING AND MEASUREMENT (Assets Measured on Nonrecurring Basis) (Details) (Nonrecurring [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | $0 | $0 |
REO | 0 | 0 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 0 | 0 |
REO | 0 | 0 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 5,046 | 10,627 |
REO | 4,388 | 4,044 |
Total Estimated Fair Value | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | 5,046 | 10,627 |
REO | 4,388 | 4,044 |
Net Gains/(Losses) Recognized During the Period [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Impaired loans | -2,678 | -4,890 |
REO | ($433) | ($853) |
FAIR_VALUE_ACCOUNTING_AND_MEAS8
FAIR VALUE ACCOUNTING AND MEASUREMENT (Valuation Technique) (Details) (Weighted Average [Member], Discounted cash flows [Member], Level 3 [Member]) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Junior Subordinated Debt [Member] | ' | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' |
Discount rate | 5.23% | 5.50% |
TPS Securities [Member] | ' | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' |
Discount rate | 5.23% | 5.50% |
TRUP CDO Securities [Member] | ' | ' |
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ' | ' |
Discount rate | 3.30% | 3.85% |
FAIR_VALUE_ACCOUNTING_AND_MEAS9
FAIR VALUE ACCOUNTING AND MEASUREMENT (Fair Value By Balance Sheet Location) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Securities—trading, Fair Value | $61,393 | $62,472 |
Securities—available-for-sale | 455,353 | 470,280 |
Securities—held-to-maturity | 138,065 | 103,610 |
Liabilities: | ' | ' |
FHLB advances at fair value | 45,251 | 27,250 |
Carrying Value | ' | ' |
Assets: | ' | ' |
Cash and due from banks | 146,561 | 137,349 |
Securities—trading, Fair Value | 61,393 | 62,472 |
Securities—available-for-sale | 455,353 | 470,280 |
Securities—held-to-maturity | 133,186 | 102,513 |
Loans receivable held for sale | 7,322 | 2,734 |
Loans receivable | 3,755,277 | 3,415,711 |
FHLB stock | 31,191 | 35,390 |
Bank-owned life insurance | 62,815 | 61,945 |
Mortgage servicing rights | 8,481 | 8,086 |
Derivatives | 6,213 | 5,076 |
Liabilities: | ' | ' |
Demand, interest checking and money market accounts | 2,137,983 | 1,946,467 |
Regular savings | 843,950 | 798,764 |
Certificates of deposit | 936,986 | 872,695 |
FHLB advances at fair value | 45,251 | 27,250 |
Junior subordinated debentures at fair value | 77,313 | 73,928 |
Other borrowings | 88,946 | 83,056 |
Derivatives | 6,001 | 4,989 |
Estimated Fair Value | ' | ' |
Assets: | ' | ' |
Cash and due from banks | 146,561 | 137,349 |
Securities—trading, Fair Value | 61,393 | 62,472 |
Securities—available-for-sale | 455,353 | 470,280 |
Securities—held-to-maturity | 138,065 | 103,610 |
Loans receivable held for sale | 7,350 | 2,751 |
Loans receivable | 3,642,023 | 3,297,936 |
FHLB stock | 31,191 | 35,390 |
Bank-owned life insurance | 62,815 | 61,945 |
Mortgage servicing rights | 12,287 | 11,529 |
Derivatives | 6,213 | 5,076 |
Liabilities: | ' | ' |
Demand, interest checking and money market accounts | 1,909,240 | 1,697,095 |
Regular savings | 747,164 | 695,863 |
Certificates of deposit | 931,701 | 867,904 |
FHLB advances at fair value | 45,251 | 27,250 |
Junior subordinated debentures at fair value | 77,313 | 73,928 |
Other borrowings | 88,946 | 83,056 |
Derivatives | $6,001 | $4,989 |
Recovered_Sheet8
FAIR VALUE ACCOUNTING AND MEASUREMENT (Commitments) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Commitments to originate loans held for sale [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Commitments to fund loans, notional amount | $43,639,000 | $21,434,000 |
Commitments to sell loans [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Commitments to fund loans, notional amount | 17,714,000 | 9,378,000 |
Commitments to originate loans [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Commitments to fund loans, notional amount | 32,525,000 | 15,776,000 |
Commitment to fund loans [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Commitments to fund loans, notional amount | 1,182,000,000 | 1,097,000,000 |
Commitment to fund loans [Member] | Level 2 [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Commitments to fund loans, carrying value | 0 | ' |
Commitments to purchase securities [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Commitments to fund loans, notional amount | 0 | 0 |
Number of commitments to purchase securities | 0 | 0 |
Commitments to sell mortgage backed securities [Member] | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' |
Commitments to fund loans, notional amount | $29,166,000 | $15,200,000 |
CALCULATION_OF_WEIGHTED_AVERAG2
CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS (LOSS) PER SHARE (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' |
Net income | $17,007 | $11,753 | $27,578 | $23,336 | $46,555 |
Basic weighted average shares outstanding | 19,342 | 19,333 | 19,344 | 19,323 | ' |
Plus unvested restricted stock | 68 | 64 | 62 | 62 | ' |
Diluted weighted shares outstanding | 19,410 | 19,397 | 19,406 | 19,385 | ' |
Earnings (loss) per common share | ' | ' | ' | ' | ' |
Basic (in dollars per share) | $0.88 | $0.61 | $1.43 | $1.21 | ' |
Diluted (in dollars per share) | $0.88 | $0.60 | $1.42 | $1.20 | ' |
CALCULATION_OF_WEIGHTED_AVERAG3
CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS (LOSS) PER SHARE - Textuals (Details) (USD $) | 6 Months Ended |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 |
Stock Options [Member] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share | 19,964 |
Warrant [Member] | U.S. Treasury Capital Purchase Program [Member] | Common Stock [Member] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Warrants outstanding | 18.6 |
Warrant [Member] | U.S. Treasury Capital Purchase Program [Member] | Common Stock [Member] | Warrant [Member] | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' |
Warrants outstanding, number of shares | 243,998 |
STOCKBASED_COMPENSATION_PLANS_1
STOCK-BASED COMPENSATION PLANS AND STOCK OPTIONS (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 24, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Apr. 22, 2014 |
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | 2012 Restricted Stock Plan [Member] | 2012 Restricted Stock Plan [Member] | SOPs [Member] | SOPs [Member] | SOPs [Member] | SOPs [Member] | Banner Corporation Long-Term Incentive Plan [Member] | Banner Corporation Long-Term Incentive Plan [Member] | Banner Corporation Long-Term Incentive Plan [Member] | Banner Corporation Long-Term Incentive Plan [Member] | 2014 Omnibus Incentive Plan [Member] | 2014 Omnibus Incentive Plan [Member] | |||
Restricted Stock [Member] | Restricted Stock [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Stock Appreciation Rights (SARs) [Member] | Restricted Stock [Member] | Restricted Stock [Member] | |||||||
increment | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares Authorized | ' | ' | ' | ' | ' | ' | 300,000 | ' | 2,284,186 | ' | 2,284,186 | ' | ' | ' | ' | ' | ' | 900,000 |
Number of Increments Shares Vest Annually | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award Vesting Period | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Contractual Term | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock granted | ' | ' | ' | ' | ' | ' | ' | 267,827 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Restricted stock grants, shares vested | ' | ' | ' | ' | ' | ' | ' | 57,243 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock grants, shares non-vested | ' | ' | ' | ' | ' | ' | ' | 210,584 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Expense | ' | ' | $610,000 | $315,000 | $1,100,000 | $522,000 | ' | ' | $0 | $0 | $0 | $0 | $11,000 | $150,000 | $137,000 | $239,000 | ' | ' |
Compensation Cost Not yet Recognized | ' | ' | 5,000,000 | ' | 5,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | '36 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized Under Stock Option Plans, Exercise Price Percentage of Fair Value of Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Annual Vesting Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' |
Award Termination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Forfeiture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' |
Options, Grants in Period | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' |
Oprtions, Exercises in Period | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' |
Deferred compensation | $16,238,000 | $16,442,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $858,000 | ' | $858,000 | ' | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Commitments Without Recorded Liability) (Details) (USD $) | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ' |
Number of Properties Subject to Non-cancelable Operating Leases | 64 | ' | ' |
Mortgage loan applications, day interest rate is locked | '45 days | ' | ' |
Minimum [Member] | ' | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ' |
Mortgage loan applications, day interest rate is locked | '30 days | ' | ' |
Maximum [Member] | ' | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ' |
Mortgage loan applications, day interest rate is locked | '60 days | ' | ' |
Commitments to extend credit [Member] | ' | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ' |
Contract or Notional Amount | $1,140,644 | ' | $1,073,897 |
Standby letters of credit and financial guarantees [Member] | ' | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ' |
Contract or Notional Amount | 8,392 | ' | 6,990 |
Commitments to originate loans [Member] | ' | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ' |
Contract or Notional Amount | 32,525 | ' | 15,776 |
Commitments to originate loans held for sale [Member] | ' | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ' |
Contract or Notional Amount | 43,639 | ' | 21,434 |
Commitmenst to sell loans secured by one- to four residential properties [Member] | ' | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ' |
Contract or Notional Amount | 17,714 | ' | 9,378 |
Counterparty default losses on forward contracts | 0 | 0 | ' |
Commitments to sell securities related to mortgage banking activities [Member] | ' | ' | ' |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ' | ' | ' |
Contract or Notional Amount | 29,166 | ' | 15,200 |
Counterparty default losses on forward contracts | $0 | $0 | ' |
DERIVATIVES_AND_HEDGING_Deriva
DERIVATIVES AND HEDGING (Derivatives Designated as Hedging, by Balance Sheet Location) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset Derivatives, Fair Value | $5,650,000 | $4,946,000 | ||
Liability Derivatives, Fair Value | 5,650,000 | 4,946,000 | ||
Interest rate swaps [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset Derivatives, Fair Value | 5,650,000 | 4,946,000 | ||
Liability Derivatives, Fair Value | 5,650,000 | 4,946,000 | ||
Interest rate swaps [Member] | Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset Derivatives, Notional/Contract Amount | 7,257,000 | 7,420,000 | ||
Liability Derivatives, Notional/Contract Amount | 7,257,000 | 7,420,000 | ||
Interest rate swaps [Member] | Designated as Hedging Instrument [Member] | Loans Receivable [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset Derivatives, Fair Value | 1,263,000 | [1] | 1,295,000 | [1] |
Interest rate swaps [Member] | Designated as Hedging Instrument [Member] | Other liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Liability Derivatives, Fair Value | $1,263,000 | [2] | $1,295,000 | [2] |
[1] | Included in Loans receivable on the Consolidated Statements of Financial Condition. | |||
[2] | Included in Other liabilities on the Consolidated Statements of Financial Condition. |
DERIVATIVES_AND_HEDGING_Deriva1
DERIVATIVES AND HEDGING (Derivatives Not Designated as Hedging, by Balance Sheet Location) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset Derivatives, Fair Value | $5,650,000 | $4,946,000 | ||
Liability Derivatives, Fair Value | 5,650,000 | 4,946,000 | ||
Interest rate swaps [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset Derivatives, Fair Value | 5,650,000 | 4,946,000 | ||
Liability Derivatives, Fair Value | 5,650,000 | 4,946,000 | ||
Not Designated as Hedging Instrument [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset Derivatives, Notional/Contract Amount | 181,776,000 | 171,755,000 | ||
Liability Derivatives, Notional/Contract Amount | 182,688,000 | 142,448,000 | ||
Not Designated as Hedging Instrument [Member] | Other assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset Derivatives, Fair Value | 4,950,000 | 3,781,000 | ||
Not Designated as Hedging Instrument [Member] | Other liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Liability Derivatives, Fair Value | 4,738,000 | 3,694,000 | [1] | |
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset Derivatives, Notional/Contract Amount | 138,345,000 | 135,122,000 | ||
Liability Derivatives, Notional/Contract Amount | 138,345,000 | 135,122,000 | ||
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Other assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset Derivatives, Fair Value | 4,387,000 | 3,651,000 | ||
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Loans Receivable [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset Derivatives, Fair Value | 689,000 | 791,000 | ||
Not Designated as Hedging Instrument [Member] | Interest rate swaps [Member] | Other liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Liability Derivatives, Fair Value | 4,387,000 | 3,651,000 | ||
Not Designated as Hedging Instrument [Member] | Mortgage loan commitments [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset Derivatives, Notional/Contract Amount | 28,254,000 | 14,107,000 | ||
Liability Derivatives, Notional/Contract Amount | 15,177,000 | 7,326,000 | ||
Not Designated as Hedging Instrument [Member] | Mortgage loan commitments [Member] | Other assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset Derivatives, Fair Value | 448,000 | 57,000 | ||
Not Designated as Hedging Instrument [Member] | Mortgage loan commitments [Member] | Other liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Liability Derivatives, Fair Value | 115,000 | 43,000 | ||
Not Designated as Hedging Instrument [Member] | Forward sales contracts [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset Derivatives, Notional/Contract Amount | 15,177,000 | 22,526,000 | ||
Liability Derivatives, Notional/Contract Amount | 29,166,000 | 0 | ||
Not Designated as Hedging Instrument [Member] | Forward sales contracts [Member] | Other assets [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Asset Derivatives, Fair Value | 115,000 | [2] | 73,000 | |
Not Designated as Hedging Instrument [Member] | Forward sales contracts [Member] | Other liabilities [Member] | ' | ' | ||
Derivatives, Fair Value [Line Items] | ' | ' | ||
Liability Derivatives, Fair Value | $236,000 | [1] | $0 | |
[1] | Included in Other liabilities on the Consolidated Statement of Financial Condition. | |||
[2] | Included in Other assets on the Consolidated Statement of Financial Condition |
DERIVATIVES_AND_HEDGING_Gain_L
DERIVATIVES AND HEDGING (Gain (Loss) On Derivatives Not Designated in Hedging Relationship) (Details) (Not Designated as Hedging Instrument [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (loss) recognized in income, net | $122 | $0 | $126 | $7 |
Mortgage loan commitments [Member] | Mortgage banking operations [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (loss) recognized in income, net | 321 | -878 | 391 | -816 |
Forward sales contracts [Member] | Mortgage banking operations [Member] | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' |
Gain (loss) recognized in income, net | ($199) | $878 | ($265) | $823 |
DERIVATIVES_AND_HEDGING_Narrat
DERIVATIVES AND HEDGING (Narrative) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' |
Derivative net liability position | $5.40 | $2.70 |
Collateral posted | $9.90 | $8.90 |
DERIVATIVES_AND_HEDGING_Deriva2
DERIVATIVES AND HEDGING (Derivative Offsetting) (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Offsetting Derivative Assets [Abstract] | ' | ' |
Derivative Assets, Gross Amounts Recognized | $5,650,000 | $4,946,000 |
Derivative Assets, Amounts offsett in the Statement of Financial Condition | 0 | 0 |
Derivative Assets, Net Amounts in the Statement of Financial Condition | 5,650,000 | 4,946,000 |
Derivative Assets, Netting Adjustment Per Applicable Master Netting Agreements | -148,000 | -554,000 |
Derivative Assets, Fair Value of Financial Collateral in the Statement of Financial Condiation | 0 | 0 |
Derivative Assets, Net Amount | 5,502,000 | 4,392,000 |
Offsetting Derivative Liabilities [Abstract] | ' | ' |
Derivative Liabilities, Gross Amounts Recognized | 5,650,000 | 4,946,000 |
Derivative Liabilities, Amounts offset in the Statement of Financial Condition | 0 | 0 |
Derivative Liabilities, Net Amounts of the Statement of Financial Condition | 5,650,000 | 4,946,000 |
Derivative Liabilities, Net Adjustment Per Applicable Master Netting Agreements | -148,000 | -554,000 |
Derivative Liabilities, Fair Value of Financial Collateral in the Statement of Financial Condition | 0 | -2,657,000 |
Derivative Liabilities, Net Amount | 5,502,000 | 1,735,000 |
Interest rate swaps [Member] | ' | ' |
Offsetting Derivative Assets [Abstract] | ' | ' |
Derivative Assets, Gross Amounts Recognized | 5,650,000 | 4,946,000 |
Derivative Assets, Amounts offsett in the Statement of Financial Condition | 0 | 0 |
Derivative Assets, Net Amounts in the Statement of Financial Condition | 5,650,000 | 4,946,000 |
Derivative Assets, Netting Adjustment Per Applicable Master Netting Agreements | -148,000 | -554,000 |
Derivative Assets, Fair Value of Financial Collateral in the Statement of Financial Condiation | 0 | 0 |
Derivative Assets, Net Amount | 5,502,000 | 4,392,000 |
Offsetting Derivative Liabilities [Abstract] | ' | ' |
Derivative Liabilities, Gross Amounts Recognized | 5,650,000 | 4,946,000 |
Derivative Liabilities, Amounts offset in the Statement of Financial Condition | 0 | 0 |
Derivative Liabilities, Net Amounts of the Statement of Financial Condition | 5,650,000 | 4,946,000 |
Derivative Liabilities, Net Adjustment Per Applicable Master Netting Agreements | -148,000 | -554,000 |
Derivative Liabilities, Fair Value of Financial Collateral in the Statement of Financial Condition | 0 | -2,657,000 |
Derivative Liabilities, Net Amount | $5,502,000 | $1,735,000 |