Purchase Credit Impaired ("PCI") Loans (Tables)
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12 Months Ended |
Dec. 31, 2015 |
|---|
| Covered Loans [Line Items] |
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| Rollforward of PCI Loans, Net of Allowance for Loan Losses |
The following table is a rollforward of PCI loans, net of the allowance for loan losses, for the years ended December 31, 2015 and 2014. | | | | | | | | | | | | | | | | | (in thousands) | Contractual Cashflows | | Non-accretable Difference | | Accretable Yield | | Carrying Amount | Balance January 1, 2015 | $ | 178,145 |
| | $ | 65,719 |
| | $ | 28,733 |
| | $ | 83,693 |
| Principal reductions and interest payments | (24,441 | ) | | — |
| | — |
| | (24,441 | ) | Accretion of loan discount | — |
| | — |
| | (10,775 | ) | | 10,775 |
| Changes in contractual and expected cash flows due to remeasurement | (3,574 | ) | | (30,413 | ) | | 12,132 |
| | 14,707 |
| Reductions due to disposals | (33,441 | ) | | (8,541 | ) | | (4,749 | ) | | (20,151 | ) | Balance December 31, 2015 | $ | 116,689 |
| | $ | 26,765 |
| | $ | 25,341 |
| | $ | 64,583 |
| | | | | | | | | Balance January 1, 2014 | $ | 266,068 |
| | $ | 87,438 |
| | $ | 53,530 |
| | $ | 125,100 |
| Principal reductions and interest payments | (35,718 | ) | | — |
| | — |
| | (35,718 | ) | Accretion of loan discount | — |
| | — |
| | (15,747 | ) | | 15,747 |
| Changes in contractual and expected cash flows due to remeasurement | (2,170 | ) | | (7,403 | ) | | (3,234 | ) | | 8,467 |
| Reductions due to disposals | (50,035 | ) | | (14,316 | ) | | (5,816 | ) | | (29,903 | ) | Balance December 31, 2014 | $ | 178,145 |
| | $ | 65,719 |
| | $ | 28,733 |
| | $ | 83,693 |
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| Covered Loans |
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| Covered Loans [Line Items] |
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| Summary of PCI Loans by Category |
Below is a summary of PCI loans by category at December 31, 2015 and 2014: | | | | | | | | | | | | December 31, 2015 | | December 31, 2014 | (in thousands) | Weighted- Average Risk Rating1 | Recorded Investment PCI Loans | | Weighted- Average Risk Rating1 | Recorded Investment PCI Loans | Commercial and industrial | 6.70 | $ | 3,863 |
| | 6.57 | $ | 4,012 |
| Real estate loans: | | | | | | Commercial - investor owned | 6.98 | 25,272 |
| | 7.07 | 39,066 |
| Commercial - owner occupied | 6.30 | 19,414 |
| | 6.35 | 22,695 |
| Construction and land development | 6.28 | 6,838 |
| | 6.16 | 7,740 |
| Residential | 5.44 | 19,287 |
| | 5.54 | 25,121 |
| Total real estate loans | | 70,811 |
| | | 94,622 |
| Consumer and other | 1.89 | 84 |
| | 5.39 | 469 |
| Purchased credit impaired loans | | $ | 74,758 |
| | | $ | 99,103 |
| | | | | | | (1) Risk ratings are based on the borrower's contractual obligation, which is not reflective of the purchase discount. |
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| Summary of Aging of Recorded Investment in Past Due PCI Loans by Portfolio Class and Category |
The aging of the recorded investment in past due PCI loans by portfolio class and category at December 31, 2015 and 2014 is shown below:
| | | | | | | | | | | | | | | | | | | | | | December 31, 2015 | (in thousands) | 30-89 Days Past Due | | 90 or More
Days Past Due | | Total Past Due | | Current | | Total | Commercial and industrial | $ | — |
| | $ | — |
| | $ | — |
| | $ | 3,863 |
| | $ | 3,863 |
| Real estate: | | | | | | | | | | Commercial - investor owned | 2,342 |
| | 3,661 |
| | 6,003 |
| | 19,269 |
| | 25,272 |
| Commercial - owner occupied | 731 |
| | — |
| | 731 |
| | 18,683 |
| | 19,414 |
| Construction and land development | — |
| | — |
| | — |
| | 6,838 |
| | 6,838 |
| Residential | 1,594 |
| | 130 |
| | 1,724 |
| | 17,563 |
| | 19,287 |
| Consumer and other | 4 |
| | — |
| | 4 |
| | 80 |
| | 84 |
| Total | $ | 4,671 |
| | $ | 3,791 |
| | $ | 8,462 |
| | $ | 66,296 |
| | $ | 74,758 |
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| | | | | | | | | | | | | | | | | | | | | | December 31, 2014 | (in thousands) | 30-89 Days Past Due | | 90 or More
Days Past Due | | Total Past Due | | Current | | Total | Commercial and industrial | $ | — |
| | $ | 16 |
| | $ | 16 |
| | $ | 3,996 |
| | $ | 4,012 |
| Real estate: | | | | | | | | | | Commercial - investor owned | 878 |
| | 6,484 |
| | 7,362 |
| | 31,704 |
| | 39,066 |
| Commercial - owner occupied | — |
| | 2,759 |
| | 2,759 |
| | 19,936 |
| | 22,695 |
| Construction and land development | 774 |
| | — |
| | 774 |
| | 6,966 |
| | 7,740 |
| Residential | 2,020 |
| | 1,451 |
| | 3,471 |
| | 21,650 |
| | 25,121 |
| Consumer and other | — |
| | 12 |
| | 12 |
| | 457 |
| | 469 |
| Total | $ | 3,672 |
| | $ | 10,722 |
| | $ | 14,394 |
| | $ | 84,709 |
| | $ | 99,103 |
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| Summary of FDIC Loss Share Receivable |
A summary of activity in the FDIC loss share receivable for the years ended December 31, 2015 and 2014 is as follows: | | | | | | | | | (in thousands) | December 31, 2015 | | December 31, 2014 | Balance at beginning of period | $ | 15,866 |
| | $ | 34,319 |
| Adjustments not reflected in income: | | | | Cash received from the FDIC for covered assets | (3,528 | ) | | (9,605 | ) | FDIC reimbursable losses (recoveries) | (1,386 | ) | | 459 |
| Reductions for loss share termination | (5,922 | ) | | — |
| Adjustments reflected in income: | | | | Amortization, net | (2,293 | ) | | (6,342 | ) | Loan impairment (impairment reversal) | (1,113 | ) | | 841 |
| Reductions for payments on covered assets in excess of expected cash flows | (1,624 | ) | | (3,806 | ) | Balance at end of period | $ | — |
| | $ | 15,866 |
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