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Noncovered Loans | 12 Months Ended
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Dec. 31, 2011
Noncovered Loans [Abstract] |
Noncovered Loans | Noncovered Loans Noncovered loans include loans originated through our branch network and loan departments as well as acquired loans that are not subject to FDIC loss share, including the loans acquired in the Bank of Whitman transaction described in Note 2. The following is an analysis of the noncovered loan portfolio by major types of loans (net of unearned income):
|  | December 31, 2011 |  | December 31, 2010
|  | (in thousands)
Noncovered loans: |  |  |  |
Commercial business |  | $ | 1,031,721 |  |  | $ | 795,369 |
Real estate: |  |  |  |
One-to-four family residential |  | 64,491 |  |  | 49,383 |
Commercial and multifamily residential |  | 998,165 |  |  | 794,329 |
Total real estate |  | 1,062,656 |  |  | 843,712 |
Real estate construction: |  |  |  |
One-to-four family residential |  | 50,208 |  |  | 67,961 |
Commercial and multifamily residential |  | 36,768 |  |  | 30,185 |
Total real estate construction |  | 86,976 |  |  | 98,146 |
Consumer |  | 183,235 |  |  | 182,017 |
Less: Net unearned income |  | (16,217 | ) |  | (3,490 | )
Total noncovered loans, net of unearned income |  | 2,348,371 |  |  | 1,915,754 |
Less: Allowance for loan and lease losses |  | (53,041 | ) |  | (60,993 | )
Total noncovered loans, net |  | $ | 2,295,330 |  |  | $ | 1,854,761 |
Loans held for sale |  | $ | 2,148 |  |  | $ | 754 |
At December 31, 2011 and 2010, the Company had no loans to foreign domiciled businesses or foreign countries, or loans related to highly leveraged transactions. Substantially all of the Company’s loans and unfunded commitments are geographically concentrated in its service areas within the states of Washington and Oregon. The Company and its banking subsidiary have granted loans to officers and directors of the Company and related interests. These loans are made on the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and do not involve more than the normal risk of collectability. The aggregate dollar amount of these loans was $9.0 million and $12.9 million at December 31, 2011 and 2010, respectively. During 2011, advances on related party loans were $3.7 million and repayments totaled $7.6 million. At December 31, 2011 and 2010, $462.0 million and $426.6 million of commercial and residential real estate loans were pledged as collateral on Federal Home Loan Bank advances. Non-accrual loans totaled $53.5 million and $89.2 million at December 31, 2011 and 2010, respectively. The amount of interest income foregone as a result of these loans being placed on non-accrual status totaled $5.3 million for 2011, $6.4 million for 2010 and $7.6 million for 2009. There were no loans 90 days past due and still accruing interest as of December 31, 2011 and there was one loan totaling $1 thousand 90 days past due still accruing interest as of December 31, 2010. At December 31, 2011 and 2010, there were $2.0 million and $5.6 million, respectively, of commitments of additional funds for loans accounted for on a non-accrual basis. The following is an analysis of noncovered, nonaccrual loans as of December 31, 2011 and 2010:
|  | December 31, 2011 |  | December 31, 2010
|  | Recorded Investment Nonaccrual Loans |  | Unpaid Principal Balance Nonaccrual Loans |  | Recorded Investment Nonaccrual Loans |  | Unpaid Principal Balance Nonaccrual Loans
|  | (in thousands)
Commercial business |  |  |  |  |  |  |  |
Secured |  | $ | 10,124 |  |  | $ | 16,820 |  |  | $ | 32,368 |  |  | $ | 44,316 |
Unsecured |  | 119 |  |  | 719 |  |  | — |  |  | 327 |
Real estate: |  |  |  |  |  |  |  |
One-to-four family residential |  | 2,696 |  |  | 3,011 |  |  | 2,999 |  |  | 3,353 |
Commercial and multifamily residential |  |  |  |  |  |  |  |
Commercial land |  | 3,739 |  |  | 7,230 |  |  | 4,093 |  |  | 6,279 |
Income property multifamily |  | 6,775 |  |  | 9,265 |  |  | 11,716 |  |  | 12,737 |
Owner occupied |  | 8,971 |  |  | 10,932 |  |  | 7,407 |  |  | 8,990 |
Real estate construction: |  |  |  |  |  |  |  |
One-to-four family residential |  |  |  |  |  |  |  |
Land and acquisition |  | 7,799 |  |  | 16,703 |  |  | 11,608 |  |  | 21,344 |
Residential construction |  | 2,986 |  |  | 5,316 |  |  | 6,503 |  |  | 11,547 |
Commercial and multifamily residential |  |  |  |  |  |  |  |
Income property multifamily |  | 7,067 |  |  | 14,912 |  |  | 7,585 |  |  | 12,916 |
Owner occupied |  | — |  |  | — |  |  | — |  |  | — |
Consumer |  | 3,207 |  |  | 3,960 |  |  | 5,022 |  |  | 5,192 |
Total |  | $ | 53,483 |  |  | $ | 88,868 |  |  | $ | 89,301 |  |  | $ | 127,001 |
The following is an analysis of the recorded investment of the aged loan portfolio as of December 31, 2011 and 2010:
|  | Current Loans |  | 30 - 59 Days Past Due |  | 60 - 89 Days Past Due |  | Greater than 90 Days Past Due |  | Total Past Due |  | Nonaccrual Loans |  | Total Loans
December 31, 2011 |  | (in thousands)
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured |  | $ | 966,563 |  |  | $ | 1,741 |  |  | $ | 2,989 |  |  | $ | — |  |  | $ | 4,730 |  |  | $ | 10,124 |  |  | $ | 981,417 |
Unsecured |  | 46,880 |  |  | 407 |  |  | — |  |  | — |  |  | 407 |  |  | 119 |  |  | 47,406 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  | 60,764 |  |  | 603 |  |  | — |  |  | — |  |  | 603 |  |  | 2,696 |  |  | 64,063 |
Commercial and multifamily residential |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial land |  | 46,161 |  |  | 781 |  |  | — |  |  | — |  |  | 781 |  |  | 3,739 |  |  | 50,681 |
Income property multifamily |  | 524,225 |  |  | 2,872 |  |  | 121 |  |  | — |  |  | 2,993 |  |  | 6,775 |  |  | 533,993 |
Owner occupied |  | 394,691 |  |  | 829 |  |  | 298 |  |  | — |  |  | 1,127 |  |  | 8,971 |  |  | 404,789 |
Real estate construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land and acquisition |  | 17,249 |  |  | 153 |  |  | — |  |  | — |  |  | 153 |  |  | 7,799 |  |  | 25,201 |
Residential construction |  | 19,555 |  |  | 1,390 |  |  | — |  |  | — |  |  | 1,390 |  |  | 2,986 |  |  | 23,931 |
Commercial and multifamily residential |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income property multifamily |  | 13,810 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,067 |  |  | 20,877 |
Owner occupied |  | 12,790 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 12,790 |
Consumer |  | 179,753 |  |  | 141 |  |  | 122 |  |  | — |  |  | 263 |  |  | 3,207 |  |  | 183,223 |
Total |  | $ | 2,282,441 |  |  | $ | 8,917 |  |  | $ | 3,530 |  |  | $ | — |  |  | $ | 12,447 |  |  | $ | 53,483 |  |  | $ | 2,348,371 |
|  | Current Loans |  | 30 - 59 Days Past Due |  | 60 - 89 Days Past Due |  | Greater than 90 Days Past Due |  | Total Past Due |  | Nonaccrual Loans |  | Total Loans
December 31, 2010 |  | (in thousands)
Commercial business |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured |  | $ | 720,926 |  |  | $ | 919 |  |  | $ | 692 |  |  | $ | 1 |  |  | $ | 1,612 |  |  | $ | 31,919 |  |  | $ | 754,457 |
Unsecured |  | 40,455 |  |  | 9 |  |  | — |  |  | — |  |  | 9 |  |  | 448 |  |  | 40,912 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  | 46,167 |  |  | 220 |  |  | — |  |  | — |  |  | 220 |  |  | 2,996 |  |  | 49,383 |
Commercial and multifamily residential |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial land |  | 18,979 |  |  | — |  |  | 1,752 |  |  | — |  |  | 1,752 |  |  | 4,091 |  |  | 24,822 |
Income property multifamily |  | 426,320 |  |  | 1,208 |  |  | 121 |  |  | — |  |  | 1,329 |  |  | 10,745 |  |  | 438,394 |
Owner occupied |  | 318,508 |  |  | 497 |  |  | 3,752 |  |  | — |  |  | 4,249 |  |  | 8,356 |  |  | 331,113 |
Real Estate Construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land and acquisition |  | 24,883 |  |  | 214 |  |  | 205 |  |  | — |  |  | 419 |  |  | 11,604 |  |  | 36,906 |
Residential construction |  | 24,655 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,400 |  |  | 31,055 |
Commercial and multifamily residential |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income property multifamily |  | 10,666 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,584 |  |  | 18,250 |
Owner occupied |  | 11,935 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,935 |
Consumer |  | 176,005 |  |  | 397 |  |  | 595 |  |  | — |  |  | 992 |  |  | 5,020 |  |  | 182,017 |
Total |  | $ | 1,819,499 |  |  | $ | 3,464 |  |  | $ | 7,117 |  |  | $ | 1 |  |  | $ | 10,582 |  |  | $ | 89,163 |  |  | $ | 1,919,244 |
The following is an analysis of impaired loans (see Note 1) as of December 31, 2011 and 2010:
|  | Recorded Investment of Loans Collectively Measured for Contingency Provision |  | Recorded Investment of Loans Individually Measured for Specific Impairment |  | Impaired Loans With Recorded Allowance |  | Impaired Loans Without Recorded Allowance |  | Average Recorded Investment Impaired Loans |  | Interest Recognized on Impaired Loans
|  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Recorded Investment |  | Unpaid Principal Balance |
December 31, 2011 |  | (in thousands)
Commercial business: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured |  | $ | 972,531 |  |  | $ | 8,886 |  |  | $ | 2,926 |  |  | $ | 2,927 |  |  | $ | 954 |  |  | $ | 5,960 |  |  | $ | 12,109 |  |  | $ | 15,578 |  |  | $ | 511 |
Unsecured |  | 47,309 |  |  | 97 |  |  | 97 |  |  | 97 |  |  | 97 |  |  | — |  |  | — |  |  | 138 |  |  | — |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  | 61,584 |  |  | 2,479 |  |  | 582 |  |  | 590 |  |  | 96 |  |  | 1,897 |  |  | 2,136 |  |  | 2,494 |  |  | — |
Commercial and multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial land |  | 46,882 |  |  | 3,799 |  |  | — |  |  | — |  |  | — |  |  | 3,799 |  |  | 6,773 |  |  | 4,263 |  |  | — |
Income property multifamily |  | 527,362 |  |  | 6,631 |  |  | 687 |  |  | 759 |  |  | 63 |  |  | 5,944 |  |  | 7,700 |  |  | 8,881 |  |  | 59 |
Owner occupied |  | 390,225 |  |  | 14,564 |  |  | 274 |  |  | 274 |  |  | 185 |  |  | 14,290 |  |  | 18,524 |  |  | 15,254 |  |  | 18 |
Real estate construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land and acquisition |  | 17,813 |  |  | 7,388 |  |  | 450 |  |  | 948 |  |  | — |  |  | 6,938 |  |  | 11,978 |  |  | 8,972 |  |  | 116 |
Residential construction |  | 18,847 |  |  | 5,084 |  |  | 59 |  |  | 1,509 |  |  | 59 |  |  | 5,025 |  |  | 5,116 |  |  | 4,535 |  |  | — |
Commercial and multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income property multifamily |  | 13,810 |  |  | 7,067 |  |  | — |  |  | — |  |  | — |  |  | 7,067 |  |  | 14,947 |  |  | 7,065 |  |  | — |
Owner occupied |  | 12,790 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer |  | 180,930 |  |  | 2,293 |  |  | 151 |  |  | 225 |  |  | 30 |  |  | 2,142 |  |  | 2,639 |  |  | 3,880 |  |  | 15 |
Total |  | $ | 2,290,083 |  |  | $ | 58,288 |  |  | $ | 5,226 |  |  | $ | 7,329 |  |  | $ | 1,484 |  |  | $ | 53,062 |  |  | $ | 81,922 |  |  | $ | 71,060 |  |  | $ | 719 |
|  | Recorded Investment of Loans Collectively Measured for Contingency Provision |  | Recorded Investment of Loans Individually Measured for Specific Impairment |  | Impaired Loans With Recorded Allowance |  | Impaired Loans Without Recorded Allowance
|  | Recorded Investment |  | Unpaid Principal Balance |  | Related Allowance |  | Recorded Investment |  | Unpaid Principal Balance
December 31, 2010 |  | (in thousands)
Commercial business: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Secured |  | $ | 724,665 |  |  | $ | 29,793 |  |  | $ | 2,717 |  |  | $ | 2,758 |  |  | $ | 600 |  |  | $ | 27,081 |  |  | $ | 26,913 |
Unsecured |  | 40,808 |  |  | 104 |  |  | 75 |  |  | 75 |  |  | 75 |  |  | 29 |  |  | 30 |
Real estate: |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  | 46,728 |  |  | 2,655 |  |  | — |  |  | — |  |  | — |  |  | 2,658 |  |  | 2,949 |
Commercial and multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial land |  | 20,959 |  |  | 3,863 |  |  | 3,062 |  |  | 5,225 |  |  | — |  |  | 804 |  |  | 826 |
Income property multifamily |  | 427,799 |  |  | 10,595 |  |  | 3,094 |  |  | 3,139 |  |  | 59 |  |  | 10,292 |  |  | 12,253 |
Owner occupied |  | 317,010 |  |  | 14,103 |  |  | — |  |  | — |  |  | — |  |  | 14,152 |  |  | 17,099 |
Real estate construction: |  |  |  |  |  |  |  |  |  |  |  |  |  |
One-to-four family residential |  |  |  |  |  |  |  |  |  |  |  |  |  |
Land and acquisition |  | 25,362 |  |  | 11,543 |  |  | 533 |  |  | 549 |  |  | 3 |  |  | 11,013 |  |  | 20,718 |
Residential construction |  | 24,655 |  |  | 6,400 |  |  | 915 |  |  | 1,723 |  |  | 62 |  |  | 5,585 |  |  | 9,824 |
Commercial and multifamily residential: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income property multifamily |  | 10,666 |  |  | 7,584 |  |  | 6,792 |  |  | 10,515 |  |  | 175 |  |  | 792 |  |  | 2,401 |
Owner occupied |  | 11,935 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Consumer |  | 177,484 |  |  | 4,533 |  |  | — |  |  | — |  |  | — |  |  | 4,533 |  |  | 4,691 |
Total |  | $ | 1,828,071 |  |  | $ | 91,173 |  |  | $ | 17,188 |  |  | $ | 23,984 |  |  | $ | 974 |  |  | $ | 76,939 |  |  | $ | 97,703 |
The following is an analysis of loans classified as Troubled Debt Restructurings ("TDR") for the year ended December 31, 2011:
|  | Number of TDR Modifications |  | Pre-Modification Outstanding Recorded Investment |  | Post-Modification Outstanding Recorded Investment
|  | (dollars in thousands)
Commercial business: |  |  |  |  |  |
Secured |  | 6 |  |  | $ | 659 |  |  | $ | 659 |
Real estate: One-to-four family residential |  | 1 |  |  | 369 |  |  | 369 |
Real estate: Commercial and multifamily residential: |  |  |  |  |  |
Income property multifamily |  | 2 |  |  | 1,280 |  |  | 1,280 |
Real estate construction: One-to-four family residential: |  |  |  |  |  |
Residential construction |  | 1 |  |  | 36 |  |  | 36 |
Total |  | 10 |  |  | $ | 2,344 |  |  | $ | 2,344 |
The Company's loans classified as TDR are loans that have been modified or the borrower has been granted special concessions due to financial difficulties, that if not for the challenges of the borrower, the Company would not otherwise consider. The Company had commitments to lend $535 thousand of additional funds on loans classified as TDR as of December 31, 2011. The TDR modifications or concessions are made to increase the likelihood these borrowers with financial difficulties will be able to satisfy their debt obligations as amended. Credit losses for loans classified as TDR are measured the same as impaired loans. For impaired loans, an allowance is established when the collateral value (or discounted cash flows or observable market price) of the impaired loan is lower than the recorded investment of that loan. The Company did not have any loans modified as TDR that have defaulted during the year ended December 31, 2011.

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