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Portfolio Loans Not Covered by Loss Share ("Non-covered") | 9 Months Ended
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Sep. 30, 2013
PORTFOLIO LOANS NOT COVERED BY LOSS SHARE [Abstract] |
Portfolio Loans Not Covered by Loss Share (Non-covered) | PORTFOLIO LOANS NOT COVERED BY LOSS SHARE ("Non-covered") Below is a summary of Non-covered loans by category at September 30, 2013, and December 31, 2012:
(in thousands) | September 30, 2013 |  | December 31, 2012
Real Estate Loans: |  |  |
Construction and Land Development | $ | 114,608 |  |  | $ | 160,911 |
Commercial real estate - Investor Owned | 451,102 |  |  | 486,467 |
Commercial real estate - Owner Occupied | 350,653 |  |  | 333,242 |
Residential real estate | 150,320 |  |  | 145,558 |
Total real estate loans | $ | 1,066,683 |  |  | $ | 1,126,178 |
Commercial and industrial | 1,007,398 |  |  | 962,884 |
Consumer & other | 35,862 |  |  | 16,966 |
Portfolio Loans | $ | 2,109,943 |  |  | $ | 2,106,028 |
Unearned loan costs, net | 882 |  |  | 11 |
Portfolio loans, including unearned loan costs | $ | 2,110,825 |  |  | $ | 2,106,039 |
The Company grants commercial, residential, and consumer loans primarily in the St. Louis, Kansas City and Phoenix metropolitan areas. The Company has a diversified loan portfolio, with no particular concentration of credit in any one economic sector; however, a substantial portion of the portfolio is concentrated in and secured by real estate. The ability of the Company’s borrowers to honor their contractual obligations is partially dependent upon the local economy and its effect on the real estate market. A summary of the year-to-date activity in the allowance for loan losses and the recorded investment in Non-covered loans by portfolio class and category based on impairment method through September 30, 2013, and at December 31, 2012, is as follows:
(in thousands) | Commercial & Industrial |  | Commercial Real Estate Owner Occupied |  | Commercial Real Estate Investor Owned |  | Construction and Land Development |  | Residential Real Estate |  | Consumer & Other |  | Qualitative Adjustment |  | Total
Allowance for Loan Losses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at December 31, 2012 | $ | 10,064 |  |  | $ | 4,192 |  |  | $ | 10,403 |  |  | $ | 5,239 |  |  | $ | 2,026 |  |  | $ | 31 |  |  | $ | 2,375 |  |  | $ | 34,330 |
Provision charged to expense | 120 |  |  | 179 |  |  | 953 |  |  | (127 | ) |  | 675 |  |  | 46 |  |  | 7 |  |  | 1,853 |
Losses charged off | (206 | ) |  | (312 | ) |  | (3,052 | ) |  | (190 | ) |  | (986 | ) |  | (34 | ) |  | — |  |  | (4,780 | )
Recoveries | 298 |  |  | 5 |  |  | 336 |  |  | 14 |  |  | 396 |  |  | — |  |  | — |  |  | 1,049 |
Balance at March 31, 2013 | $ | 10,276 |  |  | $ | 4,064 |  |  | $ | 8,640 |  |  | $ | 4,936 |  |  | $ | 2,111 |  |  | $ | 43 |  |  | $ | 2,382 |  |  | $ | 32,452 |
Provision charged to expense | (320 | ) |  | (139 | ) |  | (2,273 | ) |  | (998 | ) |  | (299 | ) |  | 1 |  |  | (267 | ) |  | (4,295 | )
Losses charged off | (400 | ) |  | (32 | ) |  | (176 | ) |  | (144 | ) |  | — |  |  | — |  |  | — |  |  | (752 | )
Recoveries | 118 |  |  | 17 |  |  | 24 |  |  | 21 |  |  | 34 |  |  | — |  |  | — |  |  | 214 |
Balance at June 30, 2013 | $ | 9,674 |  |  | $ | 3,910 |  |  | $ | 6,215 |  |  | $ | 3,815 |  |  | $ | 1,846 |  |  | $ | 44 |  |  | $ | 2,115 |  |  | $ | 27,619 |
Provision charged to expense | 117 |  |  | (233 | ) |  | (276 | ) |  | (1,291 | ) |  | (612 | ) |  | 19 |  |  | 1,624 |  |  | (652 | )
Losses charged off | (1,817 | ) |  | (56 | ) |  | (504 | ) |  | (85 | ) |  | (52 | ) |  | — |  |  | — |  |  | (2,514 | )
Recoveries | 906 |  |  | 14 |  |  | 360 |  |  | 385 |  |  | 481 |  |  | — |  |  | — |  |  | 2,146 |
Balance at September 30, 2013 | $ | 8,880 |  |  | $ | 3,635 |  |  | $ | 5,795 |  |  | $ | 2,824 |  |  | $ | 1,663 |  |  | $ | 63 |  |  | $ | 3,739 |  |  | $ | 26,599 |
(in thousands) | Commercial & Industrial |  | Commercial Real Estate Owner Occupied |  | Commercial Real Estate Investor Owned |  | Construction and Land Development |  | Residential Real Estate |  | Consumer & Other |  | Qualitative Adjustment |  | Total
Balance September 30, 2013 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for Loan Losses - Ending Balance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 2,610 |  |  | $ | — |  |  | $ | 973 |  |  | $ | 712 |  |  | $ | 11 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,306 |
Collectively evaluated for impairment | 6,270 |  |  | 3,635 |  |  | 4,822 |  |  | 2,112 |  |  | 1,652 |  |  | 63 |  |  | 3,739 |  |  | 22,293 |
Total | $ | 8,880 |  |  | $ | 3,635 |  |  | $ | 5,795 |  |  | $ | 2,824 |  |  | $ | 1,663 |  |  | $ | 63 |  |  | $ | 3,739 |  |  | $ | 26,599 |
Loans - Ending Balance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 5,974 |  |  | $ | 191 |  |  | $ | 10,830 |  |  | $ | 6,499 |  |  | $ | 675 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,169 |
Collectively evaluated for impairment | 1,001,424 |  |  | 350,462 |  |  | 440,272 |  |  | 108,109 |  |  | 149,645 |  |  | 36,744 |  |  | — |  |  | 2,086,656 |
Total | $ | 1,007,398 |  |  | $ | 350,653 |  |  | $ | 451,102 |  |  | $ | 114,608 |  |  | $ | 150,320 |  |  | $ | 36,744 |  |  | $ | — |  |  | $ | 2,110,825 |
Balance at December 31, 2012 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Allowance for Loan Losses - Ending Balance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 3,446 |  |  | $ | 339 |  |  | $ | 3,400 |  |  | $ | 732 |  |  | $ | 259 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,176 |
Collectively evaluated for impairment | 6,618 |  |  | 3,853 |  |  | 7,003 |  |  | 4,507 |  |  | 1,767 |  |  | 31 |  |  | 2,375 |  |  | 26,154 |
Total | $ | 10,064 |  |  | $ | 4,192 |  |  | $ | 10,403 |  |  | $ | 5,239 |  |  | $ | 2,026 |  |  | $ | 31 |  |  | $ | 2,375 |  |  | $ | 34,330 |
Loans - Ending Balance: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Individually evaluated for impairment | $ | 8,934 |  |  | $ | 5,772 |  |  | $ | 16,762 |  |  | $ | 4,695 |  |  | $ | 2,564 |  |  | $ | — |  |  | $ | — |  |  | $ | 38,727 |
Collectively evaluated for impairment | 953,950 |  |  | 327,470 |  |  | 469,705 |  |  | 156,216 |  |  | 142,994 |  |  | 16,977 |  |  | — |  |  | 2,067,312 |
Total | $ | 962,884 |  |  | $ | 333,242 |  |  | $ | 486,467 |  |  | $ | 160,911 |  |  | $ | 145,558 |  |  | $ | 16,977 |  |  | $ | — |  |  | $ | 2,106,039 |
A summary of Non-covered loans individually evaluated for impairment by category at September 30, 2013, and December 31, 2012, is as follows:
| September 30, 2013
(in thousands) | Unpaid Contractual Principal Balance |  | Recorded Investment With No Allowance |  | Recorded Investment With Allowance |  | Total Recorded Investment |  | Related Allowance |  | Average Recorded Investment
Commercial & Industrial | $ | 6,333 |  |  | $ | 1,441 |  |  | $ | 4,642 |  |  | $ | 6,083 |  |  | $ | 2,610 |  |  | $ | 7,379 |
Real Estate: |  |  |  |  |  |  |  |  |  |  |
Commercial - Owner Occupied | 191 |  |  | 195 |  |  | — |  |  | 195 |  |  | — |  |  | 2,381 |
Commercial - Investor Owned | 11,969 |  |  | 4,960 |  |  | 6,158 |  |  | 11,118 |  |  | 973 |  |  | 12,346 |
Construction and Land Development | 7,206 |  |  | 4,278 |  |  | 2,389 |  |  | 6,667 |  |  | 712 |  |  | 5,165 |
Residential | 700 |  |  | 460 |  |  | 227 |  |  | 687 |  |  | 11 |  |  | 2,361 |
Consumer & Other | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 26,399 |  |  | $ | 11,334 |  |  | $ | 13,416 |  |  | $ | 24,750 |  |  | $ | 4,306 |  |  | $ | 29,632 |
| December 31, 2012
(in thousands) | Unpaid Contractual Principal Balance |  | Recorded Investment With No Allowance |  | Recorded Investment With Allowance |  | Total Recorded Investment |  | Related Allowance |  | Average Recorded Investment
Commercial & Industrial | $ | 9,005 |  |  | $ | 96 |  |  | $ | 8,838 |  |  | $ | 8,934 |  |  | $ | 3,446 |  |  | $ | 6,379 |
Real Estate: |  |  |  |  |  |  |  |  |  |  |
Commercial - Owner Occupied | 6,726 |  |  | 2,178 |  |  | 3,594 |  |  | 5,772 |  |  | 339 |  |  | 7,985 |
Commercial - Investor Owned | 19,864 |  |  | 185 |  |  | 16,577 |  |  | 16,762 |  |  | 3,400 |  |  | 10,500 |
Construction and Land Development | 6,491 |  |  | 1,560 |  |  | 3,135 |  |  | 4,695 |  |  | 732 |  |  | 10,259 |
Residential | 3,132 |  |  | 1,626 |  |  | 938 |  |  | 2,564 |  |  | 259 |  |  | 4,368 |
Consumer & Other | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 45,218 |  |  | $ | 5,645 |  |  | $ | 33,082 |  |  | $ | 38,727 |  |  | $ | 8,176 |  |  | $ | 39,491 |
There were no loans over 90 days past due and still accruing interest at September 30, 2013. If interest on impaired loans would have been accrued based upon the original contractual terms, such income would have been $410,000 and $1.5 million for the three and nine months ended September 30, 2013, respectively. The cash amount collected and recognized as interest income on impaired loans was $4,000 and $28,000 for the three and nine months ended September 30, 2013, respectively. There was no interest income recognized on impaired loans continuing to accrue interest for the three and nine months ended September 30, 2013, respectively. At September 30, 2013, there were $1.7 million of unadvanced commitments on impaired loans. Other liabilities include approximately $241,000 for estimated losses attributable to the unadvanced commitments on impaired loans. The recorded investment in non-accrual, restructured, and 90 days past due and still accruing interest Non-covered loans by category at September 30, 2013, and December 31, 2012, is as follows:
| September 30, 2013
(in thousands) | Non-accrual |  | Restructured |  | Loans over 90 days past due and still accruing interest |  | Total
Commercial & Industrial | $ | 6,083 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,083 |
Real Estate: |  |  |  |  |  |  |
Commercial - Investor Owned | 11,118 |  |  | — |  |  | — |  |  | 11,118 |
Commercial - Owner Occupied | 195 |  |  | — |  |  | — |  |  | 195 |
Construction and Land Development | 6,667 |  |  | — |  |  | — |  |  | 6,667 |
Residential | 687 |  |  | — |  |  | — |  |  | 687 |
Consumer & Other | — |  |  | — |  |  | — |  |  | — |
Total | $ | 24,750 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,750 |
| December 31, 2012
(in thousands) | Non-accrual |  | Restructured |  | Loans over 90 days past due and still accruing interest |  | Total
Commercial & Industrial | $ | 8,929 |  |  | $ | 5 |  |  | $ | — |  |  | $ | 8,934 |
Real Estate: |  |  |  |  |  |  |
Commercial - Investor Owned | 16,762 |  |  | — |  |  | — |  |  | 16,762 |
Commercial - Owner Occupied | 5,772 |  |  | — |  |  | — |  |  | 5,772 |
Construction and Land Development | 3,260 |  |  | 1,435 |  |  | — |  |  | 4,695 |
Residential | 2,564 |  |  | — |  |  | — |  |  | 2,564 |
Consumer & Other | — |  |  | — |  |  | — |  |  | — |
Total | $ | 37,287 |  |  | $ | 1,440 |  |  | $ | — |  |  | $ | 38,727 |
There were no Non-covered loans that have been restructured and subsequently defaulted in the nine months ended September 30, 2013. The aging of the recorded investment in past due Non-covered loans by portfolio class and category at September 30, 2013, and December 31, 2012, is shown below.
| September 30, 2013
(in thousands) | 30-89 Days Past Due |  | 90 or More Days Past Due |  | Total Past Due |  | Current |  | Total
Commercial & Industrial | $ | 445 |  |  | $ | 1,337 |  |  | $ | 1,782 |  |  | $ | 1,005,616 |  |  | $ | 1,007,398 |
Real Estate: |  |  |  |  |  |  |  |  |
Commercial - Owner Occupied | 442 |  |  | 190 |  |  | 632 |  |  | 350,021 |  |  | 350,653 |
Commercial - Investor Owned | 1,025 |  |  | 6,842 |  |  | 7,867 |  |  | 443,235 |  |  | 451,102 |
Construction and Land Development | — |  |  | 2,210 |  |  | 2,210 |  |  | 112,398 |  |  | 114,608 |
Residential | — |  |  | 320 |  |  | 320 |  |  | 150,000 |  |  | 150,320 |
Consumer & Other | 3 |  |  | — |  |  | 3 |  |  | 36,741 |  |  | 36,744 |
Total | $ | 1,915 |  |  | $ | 10,899 |  |  | $ | 12,814 |  |  | $ | 2,098,011 |  |  | $ | 2,110,825 |
| December 31, 2012
(in thousands) | 30-89 Days Past Due |  | 90 or More Days Past Due |  | Total Past Due |  | Current |  | Total
Commercial & Industrial | $ | 14 |  |  | $ | — |  |  | $ | 14 |  |  | $ | 962,870 |  |  | $ | 962,884 |
Real Estate: |  |  |  |  |  |  |  |  |
Commercial - Owner Occupied | 1,352 |  |  | 2,081 |  |  | 3,433 |  |  | 329,809 |  |  | 333,242 |
Commercial - Investor Owned | — |  |  | 4,045 |  |  | 4,045 |  |  | 482,422 |  |  | 486,467 |
Construction and Land Development | 1,201 |  |  | 1,559 |  |  | 2,760 |  |  | 158,151 |  |  | 160,911 |
Residential | 616 |  |  | 593 |  |  | 1,209 |  |  | 144,349 |  |  | 145,558 |
Consumer & Other | 34 |  |  | — |  |  | 34 |  |  | 16,943 |  |  | 16,977 |
Total | $ | 3,217 |  |  | $ | 8,278 |  |  | $ | 11,495 |  |  | $ | 2,094,544 |  |  | $ | 2,106,039 |
The Company categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt, such as current financial information, historical payment experience, credit documentation, and current economic factors, among other factors. This analysis is performed on a quarterly basis. The Company uses the following definitions for risk ratings:
• | Grades 1, 2, and 3- These grades include loans to borrowers with a continuous record of strong earnings, sound balance sheet condition and capitalization, ample liquidity with solid cash flow, and whose management team has experience and depth within their industry.
• | Grade 4- This grade includes loans to borrowers with positive trends in profitability, satisfactory capitalization and balance sheet condition, and sufficient liquidity and cash flow.
• | Grade 5- This grade includes loans to borrowers that may display fluctuating trends in sales, profitability, capitalization, liquidity, and cash flow.
• | Grade 6- This grade includes loans to borrowers where an adverse change or perceived weakness has occurred, but may be correctable in the near future. Alternatively, this rating category may also include circumstances where the borrower is starting to reverse a negative trend or condition, or has recently been upgraded from a 7, 8, or 9 rating.
• | Grade 7 - Watch credits are borrowers that have experienced financial setback of a nature that is not determined to be severe or influence ‘ongoing concern’ expectations. Borrowers within this category are expected to turnaround within a 12-month period of time. Although possible, no loss is anticipated, due to strong collateral and/or guarantor support.
• | Grade 8- Substandard credits will include those borrowers that are characterized by significant losses and sustained downward trends in balance sheet condition, liquidity, and cash flow. Repayment reliance may have shifted to secondary sources. Collateral exposure may exist and additional reserves may be warranted.
• | Grade 9- Doubtful credits include borrowers that may show deteriorating trends that are unlikely to be corrected. Collateral values may appear insufficient for full recovery, therefore requiring a partial charge-off, or debt renegotiation with the borrower. The borrower may have declared bankruptcy or bankruptcy is likely in the near term. All doubtful rated credits will be on non-accrual.
The recorded investment by risk category of the Non-covered loans by portfolio class and category at September 30, 2013, which is based upon the most recent analysis performed, and December 31, 2012 is as follows:
| September 30, 2013
(in thousands) | Pass (1-6) |  | Watch (7) |  | Substandard (8) |  | Doubtful (9) |  | Total
Commercial & Industrial | $ | 948,844 |  |  | $ | 35,321 |  |  | $ | 22,858 |  |  | $ | 375 |  |  | $ | 1,007,398 |
Real Estate: |  |  |  |  |  |  |  |  |
Commercial - Owner Occupied | 315,715 |  |  | 20,862 |  |  | 14,076 |  |  | — |  |  | 350,653 |
Commercial - Investor Owned | 381,553 |  |  | 43,654 |  |  | 25,895 |  |  | — |  |  | 451,102 |
Construction and Land Development | 81,799 |  |  | 17,385 |  |  | 14,951 |  |  | 473 |  |  | 114,608 |
Residential | 135,455 |  |  | 7,282 |  |  | 7,583 |  |  | — |  |  | 150,320 |
Consumer & Other | 36,740 |  |  | 4 |  |  | — |  |  | — |  |  | 36,744 |
Total | $ | 1,900,106 |  |  | $ | 124,508 |  |  | $ | 85,363 |  |  | $ | 848 |  |  | $ | 2,110,825 |
| December 31, 2012
(in thousands) | Pass (1-6) |  | Watch (7) |  | Substandard (8) |  | Doubtful (9) |  | Total
Commercial & Industrial | $ | 912,766 |  |  | $ | 29,524 |  |  | $ | 18,546 |  |  | $ | 2,048 |  |  | $ | 962,884 |
Real Estate: |  |  |  |  |  |  |  |  |
Commercial - Owner Occupied | 290,850 |  |  | 26,336 |  |  | 15,898 |  |  | 158 |  |  | 333,242 |
Commercial - Investor Owned | 389,886 |  |  | 64,707 |  |  | 31,874 |  |  | — |  |  | 486,467 |
Construction and Land Development | 124,857 |  |  | 9,543 |  |  | 26,012 |  |  | 499 |  |  | 160,911 |
Residential | 130,159 |  |  | 5,921 |  |  | 9,478 |  |  | — |  |  | 145,558 |
Consumer & Other | 16,972 |  |  | 5 |  |  | — |  |  | — |  |  | 16,977 |
Total | $ | 1,865,490 |  |  | $ | 136,036 |  |  | $ | 101,808 |  |  | $ | 2,705 |  |  | $ | 2,106,039 |

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- Definition The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=32702940&loc=SL6953791-111525 + Details
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