XML 39 R29.htm IDEA: XBRL DOCUMENT
v3.4.0.3

SEGMENT REPORTING | 3 Months Ended
--- | ---
Mar. 31, 2016
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING The Company utilizes an internal reporting system to measure the performance of various operating segments within the Bank and the Company overall. The Company has identified four operating segments for purposes of management reporting: (i) Commercial Banking; (ii) Mortgage Banking; (iii) Financial Advisory; and (iv) Corporate/Other. Each of these four business divisions meets the criteria of an operating segment, as each segment engages in business activities from which it earns revenues and incurs expenses and its operating results are regularly reviewed by the Company’s chief operating decision-maker, the Company's President and Chief Executive Officer, to make decisions about resources to be allocated to the segment and assess its performance and for which discrete financial information is available. The principal business of the Commercial Banking segment consists of attracting deposits and investing these funds primarily in commercial, consumer and real estate secured loans. The principal business of the Mortgage Banking segment is originating conforming SFR loans and selling these loans in the secondary market. The principal business of the Financial Advisory segment is operated by The Palisades Group and provides services related to the purchase, sale and management of SFR mortgage loans. The Corporate/Other segment includes the holding company. The Corporate/Other segment engages in business activities through the sale of other real estate owned and loans held at the holding company and incurs interest expense on debt as well as non-interest expense for corporate related activities. During the fourth quarter of 2015, the Company developed a measurement method to allocate centrally incurred costs to its operating segments. The Company allocates shared service costs within Commercial Banking noninterest expense, as well as Corporate/Other noninterest expense, to the respective operating segments. These allocations of centrally incurred costs resulted in a reduction of noninterest expense for Commercial Banking and Corporate/Other, in the amount of $3.9 million and $3.5 million, respectively, for the three months ended March 31, 2016, and $2.6 million and $2.0 million, respectively, for the three months ended March 31, 2015. Additionally, these allocations resulted in an increase of noninterest expense for Mortgage Banking and Financial Advisory, in the amount of $6.8 million and $602 thousand, respectively, for the three months ended March 31, 2016, and $4.3 million and $272 thousand, respectively, for the three months ended March 31, 2015. On April 4, 2016, the Company entered into an agreement to sell all of its membership interests in The Palisades Group. See Note 22 for additional information. The following table represents the operating segments’ financial results and other key financial measures as of or for the three months ended March 31, 2016 and 2015:
| As of or For the Three Months Ended
| Commercial Banking |  | Mortgage Banking |  | Financial Advisory |  | Corporate/ Other |  | Inter-segment Elimination |  | Consolidated
| (In thousands)
March 31, 2016 |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ | 71,527 |  |  | $ | 3,172 |  |  | $ | — |  |  | $ | (4,282 | ) |  | $ | — |  |  | $ | 70,417 |
Provision for loan and lease losses | 321 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 321 |
Noninterest income | 22,831 |  |  | 28,131 |  |  | 1,815 |  |  | — |  |  | (818 | ) |  | 51,959 |
Noninterest expense | 50,267 |  |  | 37,273 |  |  | 2,378 |  |  | — |  |  | (818 | ) |  | 89,100 |
Income (loss) before income taxes | $ | 43,770 |  |  | $ | (5,970 | ) |  | $ | (563 | ) |  | $ | (4,282 | ) |  | $ | — |  |  | $ | 32,955 |
Total assets | $ | 9,096,759 |  |  | $ | 506,934 |  |  | $ | 11,763 |  |  | $ | 259,225 |  |  | $ | (257,709 | ) |  | $ | 9,616,972 |
March 31, 2015 |  |  |  |  |  |  |  |  |  |  |
Net interest income | $ | 51,552 |  |  | $ | 2,501 |  |  | $ | — |  |  | $ | (2,056 | ) |  | $ | — |  |  | $ | 51,997 |
Provision for loan and lease losses | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Noninterest income | 7,855 |  |  | 36,928 |  |  | 2,622 |  |  | — |  |  | (1,425 | ) |  | 45,980 |
Noninterest expense | 40,907 |  |  | 34,145 |  |  | 2,252 |  |  | — |  |  | (1,425 | ) |  | 75,879 |
Income (loss) before income taxes | $ | 18,500 |  |  | $ | 5,284 |  |  | $ | 370 |  |  | $ | (2,056 | ) |  | $ | — |  |  | $ | 22,098 |
Total assets | $ | 5,684,574 |  |  | $ | 406,215 |  |  | $ | 2,987 |  |  | $ | 25,424 |  |  | $ | (21,845 | ) |  | $ | 6,097,355 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9038-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration