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Purchase Credit Impaired ("PCI") Loans (Tables)
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9 Months Ended |
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Sep. 30, 2014
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| Covered Loans [Line Items] |
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| Summary of Covered Loans by Category |
Below is a summary of PCI loans by category at September 30, 2014, and December 31, 2013: | | | | | | | | | | | | September 30, 2014 | | December 31, 2013 | (in thousands) | Weighted- Average Risk Rating | Recorded
Investment
PCI Loans | | Weighted- Average Risk Rating | Recorded
Investment
PCI Loans | Real Estate Loans: | | | | | | Construction and land development | 6.33 |
| $7,842 |
| | 6.84 |
| $14,325 |
| Commercial real estate - Investor owned | 7.17 | 39,275 |
| | 6.81 | 48,146 |
| Commercial real estate - Owner occupied | 6.50 | 29,922 |
| | 6.75 | 32,525 |
| Residential real estate | 5.94 | 30,289 |
| | 5.92 | 34,498 |
| Total real estate loans | |
| $107,328 |
| | |
| $129,494 |
| Commercial and industrial | 7.04 | 6,103 |
| | 6.87 | 9,271 |
| Consumer and other | 4.30 | 431 |
| | 6.47 | 1,773 |
| Portfolio loans | |
| $113,862 |
| | |
| $140,538 |
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| Rollforward of Covered Loans |
The following table is a rollforward of PCI loans, net of the allowance for loan losses, for the nine months ended September 30, 2014 and 2013.
| | | | | | | | | | | | | | | | | (In thousands) | Contractual Cashflows | | Less: Non-accretable Difference | | Less: Accretable Yield | | Carrying Amount | Balance January 1, 2014 | $ | 266,068 |
| | $ | 87,438 |
| | $ | 53,530 |
| | $ | 125,100 |
| Principal reductions and interest payments | (25,261 | ) | | — |
| | — |
| | (25,261 | ) | Accretion of loan discount | — |
| | — |
| | (12,323 | ) | | 12,323 |
| Changes in contractual and expected cash flows due to remeasurement | (2,616 | ) | | (7,378 | ) | | (500 | ) | | 5,262 |
| Reductions due to disposals | (30,334 | ) | | (7,379 | ) | | (3,849 | ) | | (19,106 | ) | Balance September 30, 2014 | $ | 207,857 |
| | $ | 72,681 |
| | $ | 36,858 |
| | $ | 98,318 |
| | | | | | | | | Balance January 1, 2013 | $ | 386,966 |
| | $ | 118,627 |
| | $ | 78,768 |
| | $ | 189,571 |
| Principal reductions and interest payments | (37,421 | ) | | — |
| | — |
| | (37,421 | ) | Accretion of loan discount | — |
| | — |
| | (19,987 | ) | | 19,987 |
| Changes in contractual and expected cash flows due to remeasurement | 9,216 |
| | (10,858 | ) | | 14,233 |
| | 5,841 |
| Reductions due to disposals | (68,953 | ) | | (23,867 | ) | | (12,288 | ) | | (32,798 | ) | Balance September 30, 2013 | $ | 289,808 |
| | $ | 83,902 |
| | $ | 60,726 |
| | $ | 145,180 |
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| FDIC Loss Share Receivable |
A summary of activity in the FDIC loss share receivable for the nine months ended September 30, 2014 is as follows:
| | | | | (In thousands) | September 30,
2014 | Balance at beginning of period | $ | 34,319 |
| Adjustments not reflected in income: | | Cash received from the FDIC for covered assets | (6,487 | ) | FDIC reimbursable losses, net | 1,734 |
| Adjustments reflected in income: | | Amortization, net | (5,375 | ) | Loan impairment | 741 |
| Reductions for payments on covered assets in excess of expected cash flows | (2,893 | ) | Balance at end of period | $ | 22,039 |
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Covered Loans
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| Covered Loans [Line Items] |
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| Summary of Aging of the Recorded Investment in Past Due Covered Loans by Portfolio Class and Category |
The aging of the recorded investment in past due PCI loans by portfolio class and category at September 30, 2014, and December 31, 2013, is shown below.
| | | | | | | | | | | | | | | | | | | | | | September 30, 2014 | (in thousands) | 30-89 Days Past Due | | 90 or More
Days Past Due | | Total Past Due | | Current | | Total | Commercial & Industrial | $ | 338 |
| | $ | 702 |
| | $ | 1,040 |
| | $ | 5,063 |
| | $ | 6,103 |
| Real Estate: | | | | | | | | | | Commercial - Owner Occupied | 94 |
| | 3,466 |
| | 3,560 |
| | 26,362 |
| | 29,922 |
| Commercial - Investor Owned | — |
| | 4,270 |
| | 4,270 |
| | 35,005 |
| | 39,275 |
| Construction and Land Development | — |
| | 94 |
| | 94 |
| | 7,748 |
| | 7,842 |
| Residential | 299 |
| | 3,831 |
| | 4,130 |
| | 26,158 |
| | 30,288 |
| Consumer & Other | — |
| | 13 |
| | 13 |
| | 419 |
| | 432 |
| Total | $ | 731 |
| | $ | 12,376 |
| | $ | 13,107 |
| | $ | 100,755 |
| | $ | 113,862 |
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| | | | | | | | | | | | | | | | | | | | | | December 31, 2013 | (in thousands) | 30-89 Days Past Due | | 90 or More
Days Past Due | | Total Past Due | | Current | | Total | Commercial & Industrial | $ | 397 |
| | $ | 573 |
| | $ | 970 |
| | $ | 8,301 |
| | $ | 9,271 |
| Real Estate: | | | | | | | | | | Commercial - Owner Occupied | 255 |
| | 6,595 |
| | 6,850 |
| | 25,675 |
| | 32,525 |
| Commercial - Investor Owned | 5,143 |
| | 3,167 |
| | 8,310 |
| | 39,836 |
| | 48,146 |
| Construction and Land Development | 32 |
| | 4,198 |
| | 4,230 |
| | 10,095 |
| | 14,325 |
| Residential | 639 |
| | 5,276 |
| | 5,915 |
| | 28,583 |
| | 34,498 |
| Consumer & Other | — |
| | — |
| | — |
| | 1,773 |
| | 1,773 |
| Total | $ | 6,466 |
| | $ | 19,809 |
| | $ | 26,275 |
| | $ | 114,263 |
| | $ | 140,538 |
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