v2.4.1.9
Loans (Tables)
 3 Months Ended
Mar. 31, 2015
Financing Receivable, Recorded Investment [Line Items]  
Analysis of Loan Portfolio by Major Types of Loans
 
 
March 31, 2015
 
December 31, 2014
 
 
Loans, excluding PCI loans
 
PCI Loans
 
Total
 
Loans, excluding PCI loans
 
PCI Loans
 
Total
 
 
(in thousands)
Commercial business
 
$
2,139,873

 
$
46,335

 
$
2,186,208

 
$
2,119,565

 
$
44,505

 
$
2,164,070

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
173,739

 
26,601

 
200,340

 
175,571

 
26,993

 
202,564

Commercial and multifamily residential
 
2,374,454

 
118,230

 
2,492,684

 
2,363,541

 
128,769

 
2,492,310

Total real estate
 
2,548,193

 
144,831

 
2,693,024

 
2,539,112

 
155,762

 
2,694,874

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
124,017

 
3,797

 
127,814

 
116,866

 
4,021

 
120,887

Commercial and multifamily residential
 
119,880

 
2,238

 
122,118

 
134,443

 
2,321

 
136,764

Total real estate construction
 
243,897

 
6,035

 
249,932

 
251,309

 
6,342

 
257,651

Consumer
 
352,960

 
22,638

 
375,598

 
364,182

 
23,975

 
388,157

Less: Net unearned income
 
(53,867
)
 
—

 
(53,867
)
 
(59,374
)
 
—

 
(59,374
)
Total loans, net of unearned income
 
5,231,056

 
219,839

 
5,450,895

 
5,214,794

 
230,584

 
5,445,378

Less: Allowance for loan and lease losses
 
(53,703
)
 
(16,531
)
 
(70,234
)
 
(53,233
)
 
(16,336
)
 
(69,569
)
Total loans, net
 
$
5,177,353

 
$
203,308

 
$
5,380,661

 
$
5,161,561

 
$
214,248

 
$
5,375,809

Loans held for sale
 
$
3,545

 
$
—

 
$
3,545

 
$
1,116

 
$
—

 
$
1,116
Loans, Excluding Purchased Credit Impaired Loans [Member]  
Financing Receivable, Recorded Investment [Line Items]  
Analysis of Nonaccrual Loans

The following is an analysis of nonaccrual loans as of March 31, 2015 and December 31, 2014:
 
 
March 31, 2015
 
December 31, 2014
 
 
Recorded
Investment
Nonaccrual
Loans
 
Unpaid Principal
Balance
Nonaccrual
Loans
 
Recorded
Investment
Nonaccrual
Loans
 
Unpaid Principal
Balance
Nonaccrual
Loans
 
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
Secured
 
$
17,240

 
$
20,573

 
$
16,552

 
$
21,453

Unsecured
 
189

 
211

 
247

 
269

Real estate:
 
 
 
 
 
 
 
 
One-to-four family residential
 
4,429

 
6,109

 
2,822

 
5,680

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
Commercial land
 
1,616

 
1,560

 
821

 
1,113

Income property
 
887

 
887

 
3,200

 
5,521

Owner occupied
 
1,995

 
2,036

 
3,826

 
5,837

Real estate construction:
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
Land and acquisition
 
871

 
871

 
95

 
112

Residential construction
 
1,263

 
1,263

 
370

 
370

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
Owner occupied
 
470

 
489

 
480

 
489

Consumer
 
2,868

 
3,799

 
2,939

 
3,930

Total
 
$
31,828

 
$
37,798

 
$
31,352

 
$
44,774
Analysis of the Aged Loan Portfolio
March 31, 2015 and December 31, 2014:
 
 
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
March 31, 2015
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
$
2,024,277

 
$
11,910

 
$
1,874

 
$
58

 
$
13,842

 
$
17,240

 
$
2,055,359

Unsecured
 
78,351

 
492

 
120

 
67

 
679

 
189

 
79,219

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
164,962

 
771

 
124

 
21

 
916

 
4,429

 
170,307

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
186,904

 
4,303

 
355

 
264

 
4,922

 
1,616

 
193,442

Income property
 
1,305,595

 
2,502

 
560

 
—

 
3,062

 
887

 
1,309,544

Owner occupied
 
841,551

 
2,206

 
435

 
—

 
2,641

 
1,995

 
846,187

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land and acquisition
 
15,860

 
67

 
—

 
—

 
67

 
871

 
16,798

Residential construction
 
104,378

 
—

 
—

 
4

 
4

 
1,263

 
105,645

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
62,958

 
—

 
—

 
—

 
—

 
—

 
62,958

Owner occupied
 
54,969

 
—

 
—

 
—

 
—

 
470

 
55,439

Consumer
 
331,566

 
1,509

 
193

 
22

 
1,724

 
2,868

 
336,158

Total
 
$
5,171,371

 
$
23,760

 
$
3,661

 
$
436

 
$
27,857

 
$
31,828

 
$
5,231,056

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2014
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
$
2,004,418

 
$
5,137

 
$
6,149

 
$
1,372

 
$
12,658

 
$
16,552

 
$
2,033,628

Unsecured
 
79,661

 
185

 
—

 
—

 
185

 
247

 
80,093

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
167,197

 
1,700

 
45

 
—

 
1,745

 
2,822

 
171,764

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
187,470

 
1,454

 
34

 
—

 
1,488

 
821

 
189,779

Income property
 
1,294,982

 
3,031

 
786

 
—

 
3,817

 
3,200

 
1,301,999

Owner occupied
 
839,689

 
937

 
289

 
—

 
1,226

 
3,826

 
844,741

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land and acquisition
 
15,462

 
953

 
—

 
—

 
953

 
95

 
16,510

Residential construction
 
97,821

 
326

 
—

 
4

 
330

 
370

 
98,521

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
73,783

 
—

 
—

 
—

 
—

 
—

 
73,783

Owner occupied
 
57,470

 
—

 
994

 
—

 
994

 
480

 
58,944

Consumer
 
341,032

 
933

 
118

 
10

 
1,061

 
2,939

 
345,032

Total
 
$
5,158,985

 
$
14,656

 
$
8,415

 
$
1,386

 
$
24,457

 
$
31,352

 
$
5,214,794
Impaired Financing Receivables
The following is an analysis of impaired loans as of March 31, 2015 and December 31, 2014: 
 
 
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
March 31, 2015
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
$
2,044,486

 
$
10,873

 
$
96

 
$
96

 
$
24

 
$
10,777

 
$
12,986

Unsecured
 
79,219

 
—

 
—

 
—

 
—

 
—

 
—

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
166,129

 
4,178

 
420

 
461

 
115

 
3,758

 
4,220

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
192,972

 
470

 
—

 
—

 
—

 
470

 
470

Income property
 
1,307,556

 
1,988

 
—

 
—

 
—

 
1,988

 
2,355

Owner occupied
 
839,157

 
7,030

 
578

 
578

 
24

 
6,452

 
8,944

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land and acquisition
 
15,818

 
980

 
109

 
108

 
67

 
871

 
871

Residential construction
 
104,752

 
893

 
—

 
—

 
—

 
893

 
893

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
62,958

 
—

 
—

 
—

 
—

 
—

 
—

Owner occupied
 
55,439

 
—

 
—

 
—

 
—

 
—

 
—

Consumer
 
335,474

 
684

 
—

 
—

 
—

 
684

 
895

Total
 
$
5,203,960

 
$
27,096

 
$
1,203

 
$
1,243

 
$
230

 
$
25,893

 
$
31,634

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2014
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
$
2,023,104

 
$
10,524

 
$
99

 
$
99

 
$
25

 
$
10,425

 
$
12,410

Unsecured
 
80,091

 
2

 
2

 
2

 
2

 
—

 
—

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
169,619

 
2,145

 
424

 
465

 
120

 
1,721

 
2,370

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
189,779

 
—

 
—

 
—

 
—

 
—

 
—

Income property
 
1,295,650

 
6,349

 
—

 
—

 
—

 
6,349

 
10,720

Owner occupied
 
835,895

 
8,846

 
582

 
582

 
27

 
8,264

 
12,732

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land and acquisition
 
16,401

 
109

 
109

 
109

 
67

 
—

 
—

Residential construction
 
98,521

 
—

 
—

 
—

 
—

 
—

 
—

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
73,783

 
—

 
—

 
—

 
—

 
—

 
—

Owner occupied
 
58,944

 
—

 
—

 
—

 
—

 
—

 
—

Consumer
 
344,908

 
124

 
—

 
—

 
—

 
124

 
201

Total
 
$
5,186,695

 
$
28,099

 
$
1,216

 
$
1,257

 
$
241

 
$
26,883

 
$
38,433

The following table provides additional information on impaired loans for the three month periods indicated:
 
 
Three Months Ended March 31,
 
 
2015
 
2014
 
 
Average Recorded
Investment
Impaired Loans 
 
Interest Recognized
on
Impaired Loans
 
Average Recorded
Investment
Impaired Loans 
 
Interest Recognized
on
Impaired Loans
 
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
Secured
 
$
10,698

 
$
7

 
$
6,232

 
$
17

Unsecured
 
1

 
—

 
31

 
—

Real estate:
 
 
 
 
 
 
 
 
One-to-four family residential
 
3,162

 
13

 
1,856

 
13

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
Commercial land
 
235

 
—

 
111

 
—

Income property
 
4,168

 
10

 
6,436

 
62

Owner occupied
 
7,938

 
234

 
10,140

 
241

Real estate construction:
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
Land and acquisition
 
544

 
1

 
1,569

 
1

Residential construction
 
446

 
—

 
—

 
—

Consumer
 
404

 
2

 
163

 
2

Total
 
$
27,596

 
$
267

 
$
26,538

 
$
336
Analysis of loans classified as Troubled Debt Restructurings (“TDR”)
 
 
Three Months Ended March 31,
 
 
2015
 
2014
 
 
Average Recorded
Investment
Impaired Loans 
 
Interest Recognized
on
Impaired Loans
 
Average Recorded
Investment
Impaired Loans 
 
Interest Recognized
on
Impaired Loans
 
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
Secured
 
$
10,698

 
$
7

 
$
6,232

 
$
17

Unsecured
 
1

 
—

 
31

 
—

Real estate:
 
 
 
 
 
 
 
 
One-to-four family residential
 
3,162

 
13

 
1,856

 
13

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
Commercial land
 
235

 
—

 
111

 
—

Income property
 
4,168

 
10

 
6,436

 
62

Owner occupied
 
7,938

 
234

 
10,140

 
241

Real estate construction:
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
Land and acquisition
 
544

 
1

 
1,569

 
1

Residential construction
 
446

 
—

 
—

 
—

Consumer
 
404

 
2

 
163

 
2

Total
 
$
27,596

 
$
267

 
$
26,538

 
$
336

There were no troubled debt restructurings (“TDR”) during the three months ended March 31, 2015. The following is an analysis of loans classified as TDR during the three months ended March 31, 2014:
 
 
Three months ended March 31, 2014
 
 
Number of TDR Modifications
 
Pre-Modification
Outstanding
Recorded
Investment
 
Post-Modification
Outstanding
Recorded
Investment
 
 
(dollars in thousands)
Commercial business:
 
 
 
 
 
 
Secured
 
2

 
$
546

 
$
546

Real estate:
 
 
 
 
 
 
One-to-four family residential
 
2

 
494

 
494

Commercial and multifamily residential:
 
 
 
 
 
 
Income property
 
1

 
143

 
126

Total
 
5

 
$
1,183

 
$
1,166

 
 
Purchased Credit Impaired Loans [Member]  
Financing Receivable, Recorded Investment [Line Items]  
Analysis of Loan Portfolio by Major Types of Loans
The following is an analysis of our PCI loans, net of related allowance for losses and remaining valuation discounts as of March 31, 2015 and December 31, 2014:
 
 
March 31, 2015
 
December 31, 2014
 
 
(in thousands)
Commercial business
 
$
52,115

 
$
50,334

Real estate:
 
 
 
 
One-to-four family residential
 
31,127

 
31,981

Commercial and multifamily residential
 
127,952

 
140,398

Total real estate
 
159,079

 
172,379

Real estate construction:
 
 
 
 
One-to-four family residential
 
4,026

 
4,353

Commercial and multifamily residential
 
2,501

 
2,588

Total real estate construction
 
6,527

 
6,941

Consumer
 
25,390

 
26,814

Subtotal of PCI loans
 
243,111

 
256,468

Less:
 
 
 
 
Valuation discount resulting from acquisition accounting
 
23,272

 
25,884

Allowance for loan losses
 
16,531

 
16,336

PCI loans, net of allowance for loan losses
 
$
203,308

 
$
214,248
Changes in Accretable Yield for Acquired Loans
The following table shows the changes in accretable yield for PCI loans for the three months ended March 31, 2015 and 2014:
 
 
Three Months Ended March 31,
 
 
2015
 
2014
 
 
(in thousands)
Balance at beginning of period
 
$
73,849

 
$
103,907

Accretion
 
(6,319
)
 
(10,569
)
Disposals
 
(1,093
)
 
(2,826
)
Reclassifications from nonaccretable difference
 
2,289

 
11,031

Balance at end of period
 
$
68,726

 
$
101,543