ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Washington | 91-1422237 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |
1301 “A” Street Tacoma, Washington | 98402-2156 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | ý | Accelerated filer | ¨ | |||
Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
Page | ||
PART I — FINANCIAL INFORMATION | ||
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
PART II — OTHER INFORMATION | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
June 30, 2012 | December 31, 2011 | ||||||||||||
ASSETS | (in thousands) | ||||||||||||
Cash and due from banks | $ | 98,940 | $ | 91,364 | |||||||||
Interest-earning deposits with banks | 270,873 | 202,925 | |||||||||||
Total cash and cash equivalents | 369,813 | 294,289 | |||||||||||
Securities available for sale at fair value (amortized cost of $956,636 and $987,560, respectively) | 997,763 | 1,028,110 | |||||||||||
Federal Home Loan Bank stock at cost | 22,215 | 22,215 | |||||||||||
Loans held for sale | 2,088 | 2,148 | |||||||||||
Loans, excluding covered loans, net of unearned income of ($11,666) and ($16,217), respectively | 2,436,961 | 2,348,371 | |||||||||||
Less: allowance for loan and lease losses | 52,196 | 53,041 | |||||||||||
Loans, excluding covered loans, net | 2,384,765 | 2,295,330 | |||||||||||
Covered loans, net of allowance for loan losses of ($31,784) and ($4,944), respectively | 462,994 | 531,929 | |||||||||||
Total loans, net | 2,847,759 | 2,827,259 | |||||||||||
FDIC loss-sharing asset | 140,003 | 175,071 | |||||||||||
Interest receivable | 15,560 | 15,287 | |||||||||||
Premises and equipment, net | 116,400 | 107,899 | |||||||||||
Other real estate owned ($19,079 and $28,126 covered by FDIC loss-share, respectively) | 33,004 | 51,019 | |||||||||||
Goodwill | 115,554 | 115,554 | |||||||||||
Core deposit intangible, net | 17,896 | 20,166 | |||||||||||
Other assets | 111,358 | 126,928 | |||||||||||
Total assets | $ | 4,789,413 | $ | 4,785,945 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
Deposits: | |||||||||||||
Noninterest-bearing | $ | 1,159,462 | $ | 1,156,610 | |||||||||
Interest-bearing | 2,671,355 | 2,658,919 | |||||||||||
Total deposits | 3,830,817 | 3,815,529 | |||||||||||
Federal Home Loan Bank advances | 113,145 | 119,009 | |||||||||||
Securities sold under agreements to repurchase | 25,000 | 25,000 | |||||||||||
Other liabilities | 61,739 | 67,069 | |||||||||||
Total liabilities | 4,030,701 | 4,026,607 | |||||||||||
Commitments and contingent liabilities | |||||||||||||
Shareholders’ equity: | |||||||||||||
June 30, 2012 | December 31, 2011 | ||||||||||||
Common stock (no par value) | |||||||||||||
Authorized shares | 63,033 | 63,033 | |||||||||||
Issued and outstanding | 39,655 | 39,506 | 580,358 | 579,136 | |||||||||
Retained earnings | 152,519 | 155,069 | |||||||||||
Accumulated other comprehensive income | 25,835 | 25,133 | |||||||||||
Total shareholders’ equity | 758,712 | 759,338 | |||||||||||
Total liabilities and shareholders’ equity | $ | 4,789,413 | $ | 4,785,945 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(in thousands except per share amounts) | ||||||||||||||||
Interest Income | ||||||||||||||||
Loans | $ | 54,498 | $ | 44,362 | $ | 116,275 | $ | 91,791 | ||||||||
Taxable securities | 4,951 | 6,247 | 10,196 | 10,664 | ||||||||||||
Tax-exempt securities | 2,495 | 2,516 | 5,020 | 4,983 | ||||||||||||
Federal funds sold and deposits in banks | 170 | 184 | 335 | 482 | ||||||||||||
Total interest income | 62,114 | 53,309 | 131,826 | 107,920 | ||||||||||||
Interest Expense | ||||||||||||||||
Deposits | 1,561 | 2,848 | 3,340 | 5,927 | ||||||||||||
Federal Home Loan Bank advances | 734 | 714 | 1,484 | 1,408 | ||||||||||||
Long-term obligations | — | 253 | — | 504 | ||||||||||||
Other borrowings | 118 | 119 | 238 | 257 | ||||||||||||
Total interest expense | 2,413 | 3,934 | 5,062 | 8,096 | ||||||||||||
Net Interest Income | 59,701 | 49,375 | 126,764 | 99,824 | ||||||||||||
Provision for loan and lease losses | 3,750 | 2,150 | 8,250 | 2,150 | ||||||||||||
Provision for losses on covered loans | 11,688 | 2,301 | 27,373 | 1,879 | ||||||||||||
Net interest income after provision for loan and lease losses | 44,263 | 44,924 | 91,141 | 95,795 | ||||||||||||
Noninterest Income (Loss) | ||||||||||||||||
Service charges and other fees | 7,436 | 6,467 | 14,613 | 12,755 | ||||||||||||
Merchant services fees | 2,095 | 1,808 | 4,113 | 3,441 | ||||||||||||
Gain on sale of investment securities, net | — | — | 62 | — | ||||||||||||
Bank owned life insurance | 719 | 528 | 1,430 | 1,033 | ||||||||||||
Change in FDIC loss-sharing asset | (168 | ) | (6,419 | ) | (1,836 | ) | (21,193 | ) | ||||||||
Other | 1,746 | 1,158 | 3,020 | 2,087 | ||||||||||||
Total noninterest income (loss) | 11,828 | 3,542 | 21,402 | (1,877 | ) | |||||||||||
Noninterest Expense | ||||||||||||||||
Compensation and employee benefits | 20,966 | 19,459 | 42,961 | 38,380 | ||||||||||||
Occupancy | 5,091 | 4,388 | 10,424 | 8,785 | ||||||||||||
Merchant processing | 930 | 905 | 1,803 | 1,788 | ||||||||||||
Advertising and promotion | 1,119 | 1,012 | 2,001 | 1,913 | ||||||||||||
Data processing and communications | 2,551 | 1,913 | 4,764 | 3,837 | ||||||||||||
Legal and professional fees | 1,829 | 1,498 | 3,438 | 2,911 | ||||||||||||
Taxes, licenses and fees | 1,115 | 907 | 2,470 | 1,772 | ||||||||||||
Regulatory premiums | 925 | 1,279 | 1,785 | 2,979 | ||||||||||||
Net cost (benefit) of operation of other real estate owned | (377 | ) | 214 | 533 | (228 | ) | ||||||||||
Amortization of intangibles | 1,119 | 955 | 2,269 | 1,939 | ||||||||||||
FDIC clawback liability (recovery) | (208 | ) | 448 | (234 | ) | 2,148 | ||||||||||
Other | 4,765 | 4,186 | 11,963 | 8,286 | ||||||||||||
Total noninterest expense | 39,825 | 37,164 | 84,177 | 74,510 | ||||||||||||
Income before income taxes | 16,266 | 11,302 | 28,366 | 19,408 | ||||||||||||
Income tax provision | 4,367 | 2,670 | 7,565 | 4,997 | ||||||||||||
Net Income | $ | 11,899 | $ | 8,632 | $ | 20,801 | $ | 14,411 | ||||||||
Earnings per common share | ||||||||||||||||
Basic | $ | 0.30 | $ | 0.22 | $ | 0.52 | $ | 0.37 | ||||||||
Diluted | $ | 0.30 | $ | 0.22 | $ | 0.52 | $ | 0.36 | ||||||||
Dividends paid per common share | $ | 0.22 | $ | 0.05 | $ | 0.59 | $ | 0.08 | ||||||||
Weighted average number of common shares outstanding | 39,260 | 39,107 | 39,228 | 39,073 | ||||||||||||
Weighted average number of diluted common shares outstanding | 39,308 | 39,166 | 39,306 | 39,159 |
Three Months Ended | ||||||||
June 30, | ||||||||
2012 | 2011 | |||||||
(in thousands) | ||||||||
Net income as reported | $ | 11,899 | $ | 8,632 | ||||
Net unrealized holding gain from available for sale securities arising during the period, net of tax of ($840) and ($3,641) | 2,370 | 6,467 | ||||||
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of ($17) and ($8) | 3 | 14 | ||||||
Total comprehensive income | $ | 14,272 | $ | 15,113 |
Six Months Ended | ||||||||
June 30, | ||||||||
2012 | 2011 | |||||||
(in thousands) | ||||||||
Net income as reported | $ | 20,801 | $ | 14,411 | ||||
Unrealized gain from securities: | ||||||||
Net unrealized holding gain from available for sale securities arising during the period, net of tax of $87 and ($4,925) | 725 | 8,780 | ||||||
Reclassification adjustment of net gain from sale of available for sale securities included in income, net of tax of $23 and $0 | (39 | ) | — | |||||
Net unrealized gain from securities, net of reclassification adjustment | 686 | 8,780 | ||||||
Cash flow hedging instruments: | ||||||||
Reclassification adjustment of net gain included in income, net of tax of $0 and $79 | — | (143 | ) | |||||
Net change in cash flow hedging instruments | — | (143 | ) | |||||
Pension plan liability adjustment: | ||||||||
Net unrealized gain from unfunded defined benefit plan liability arising during the period, net of tax of $0 and $154 | — | (261 | ) | |||||
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of ($24) and ($16) | 16 | 28 | ||||||
Pension plan liability adjustment, net | 16 | (233 | ) | |||||
Total comprehensive income | $ | 21,503 | $ | 22,815 |
Common Stock | Retained Earnings | Accumulated Other Comprehensive Income | Total Shareholders’ Equity | ||||||||||||||||
Number of Shares | Amount | ||||||||||||||||||
(in thousands) | |||||||||||||||||||
Balance at January 1, 2011 | 39,338 | $ | 576,905 | $ | 117,692 | $ | 12,281 | $ | 706,878 | ||||||||||
Net income | — | — | 14,411 | — | 14,411 | ||||||||||||||
Other comprehensive income | — | — | — | 8,404 | 8,404 | ||||||||||||||
Issuance of common stock - stock option and other plans | 25 | 410 | — | — | 410 | ||||||||||||||
Issuance of common stock - restricted stock awards, net of canceled awards | 114 | 763 | — | — | 763 | ||||||||||||||
Purchase and retirement of common stock | (2 | ) | (32 | ) | — | — | (32 | ) | |||||||||||
Cash dividends paid on common stock | — | — | (3,154 | ) | — | (3,154 | ) | ||||||||||||
Balance at June 30, 2011 | 39,475 | $ | 578,046 | $ | 128,949 | $ | 20,685 | $ | 727,680 | ||||||||||
Balance at January 1, 2012 | 39,506 | $ | 579,136 | $ | 155,069 | $ | 25,133 | $ | 759,338 | ||||||||||
Net income | — | — | 20,801 | — | 20,801 | ||||||||||||||
Other comprehensive income | — | — | — | 702 | 702 | ||||||||||||||
Issuance of common stock - stock option and other plans | 19 | 314 | — | — | 314 | ||||||||||||||
Issuance of common stock - restricted stock awards, net of canceled awards | 130 | 908 | — | — | 908 | ||||||||||||||
Cash dividends paid on common stock | — | — | (23,351 | ) | — | (23,351 | ) | ||||||||||||
Balance at June 30, 2012 | 39,655 | $ | 580,358 | $ | 152,519 | $ | 25,835 | $ | 758,712 |
Six Months Ended June 30, | ||||||||
2012 | 2011 (1) | |||||||
(in thousands) | ||||||||
Cash Flows From Operating Activities | ||||||||
Net Income | $ | 20,801 | $ | 14,411 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Provision for loan and lease losses and losses on covered loans | 35,623 | 4,029 | ||||||
Stock-based compensation expense | 908 | 763 | ||||||
Depreciation, amortization and accretion | 30,478 | 28,529 | ||||||
Net realized gain on sale of securities | (62 | ) | — | |||||
Net realized gain on sale of other assets | (41 | ) | (3 | ) | ||||
Net realized gain on sale of other real estate owned | (6,277 | ) | (5,455 | ) | ||||
Gain on termination of cash flow hedging instruments | — | (222 | ) | |||||
Write-down on other real estate owned | 5,812 | 4,559 | ||||||
Net change in: | ||||||||
Loans held for sale | 60 | 99 | ||||||
Interest receivable | (273 | ) | (1,940 | ) | ||||
Interest payable | (275 | ) | (1 | ) | ||||
Other assets | (7,424 | ) | (203 | ) | ||||
Other liabilities | (4,945 | ) | (2,045 | ) | ||||
Net cash provided by operating activities | 74,385 | 42,521 | ||||||
Cash Flows From Investing Activities | ||||||||
Loans originated and acquired, net of principal collected | (63,362 | ) | (27,829 | ) | ||||
Purchases of: | ||||||||
Securities available for sale | (87,346 | ) | (269,966 | ) | ||||
Premises and equipment | (11,630 | ) | (2,388 | ) | ||||
Proceeds from: | ||||||||
FDIC reimbursement on loss-sharing asset | 34,313 | 44,892 | ||||||
Sales of securities available for sale | 3,845 | — | ||||||
Principal repayments and maturities of securities available for sale | 108,517 | 60,247 | ||||||
Disposal of premises and equipment | 9 | 20 | ||||||
Sales of covered other real estate owned | 18,381 | 11,081 | ||||||
Sales of other real estate and other personal property owned | 11,899 | 7,874 | ||||||
Capital improvements on other real estate properties | (11 | ) | (468 | ) | ||||
Decrease in Small Business Administration secured borrowings | — | (642 | ) | |||||
Net cash acquired in business combinations | — | 39,010 | ||||||
Net cash provided by (used in) investing activities | 14,615 | (138,169 | ) | |||||
Cash Flows From Financing Activities | ||||||||
Net increase (decrease) in deposits | 15,288 | (134,906 | ) | |||||
Proceeds from: | ||||||||
Federal Home Loan Bank advances | — | 100 | ||||||
Federal Reserve Bank borrowings | — | 100 | ||||||
Exercise of stock options | 314 | 410 | ||||||
Payment for: | ||||||||
Repayment of Federal Home Loan Bank advances | (5,727 | ) | (11,401 | ) | ||||
Repayment of Federal Reserve Bank borrowings | — | (100 | ) | |||||
Common stock dividends | (23,351 | ) | (3,154 | ) | ||||
Purchase and retirement of common stock | — | (32 | ) | |||||
Net cash used in financing activities | (13,476 | ) | (148,983 | ) | ||||
Increase (Decrease) in cash and cash equivalents | 75,524 | (244,631 | ) | |||||
Cash and cash equivalents at beginning of period | 294,289 | 514,130 | ||||||
Cash and cash equivalents at end of period | $ | 369,813 | $ | 269,499 | ||||
Supplemental Information: | ||||||||
Cash paid during the year for: | ||||||||
Cash paid for interest | $ | 5,337 | $ | 8,097 | ||||
Cash paid for income tax | $ | — | $ | — | ||||
Non-cash investing activities | ||||||||
Assets acquired in FDIC-assisted acquisitions (excluding cash and cash equivalents) | $ | — | $ | 257,104 | ||||
Liabilities assumed in FDIC-assisted acquisitions | $ | — | $ | 296,114 | ||||
Loans transferred to other real estate owned | $ | 11,789 | $ | 8,240 |
1. | Basis of Presentation and Significant Accounting Policies |
2. | Accounting Pronouncements Recently Issued |
3. | Securities |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
June 30, 2012 | ||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 601,460 | $ | 20,484 | $ | (666 | ) | $ | 621,278 | |||||||
State and municipal securities | 258,774 | 20,231 | (198 | ) | 278,807 | |||||||||||
U.S. government agency and government-sponsored enterprise securities | 93,092 | 1,211 | (9 | ) | 94,294 | |||||||||||
Other securities | 3,310 | 105 | (31 | ) | 3,384 | |||||||||||
Total | $ | 956,636 | $ | 42,031 | $ | (904 | ) | $ | 997,763 | |||||||
December 31, 2011 | ||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 678,631 | $ | 19,323 | $ | (2,000 | ) | $ | 695,954 | |||||||
State and municipal securities | 263,075 | 22,746 | (58 | ) | 285,763 | |||||||||||
U.S. government agency and government-sponsored enterprise securities | 42,558 | 505 | — | 43,063 | ||||||||||||
Other securities | 3,296 | 64 | (30 | ) | 3,330 | |||||||||||
Total | $ | 987,560 | $ | 42,638 | $ | (2,088 | ) | $ | 1,028,110 |
June 30, 2012 | ||||||||
Amortized Cost | Fair Value | |||||||
(in thousands) | ||||||||
Due within one year | $ | 18,270 | $ | 18,553 | ||||
Due after one year through five years | 139,044 | 142,225 | ||||||
Due after five years through ten years | 169,482 | 178,051 | ||||||
Due after ten years | 626,530 | 655,550 | ||||||
Other securities with no stated maturity | 3,310 | 3,384 | ||||||
Total investment securities available-for-sale | $ | 956,636 | $ | 997,763 |
Carrying Amount | ||||
(in thousands) | ||||
To Washington and Oregon State to secure public deposits | $ | 266,499 | ||
To Federal Home Loan Bank to secure advances | 80,890 | |||
To Federal Reserve Bank to secure borrowings | 51,454 | |||
Other securities pledged | 49,014 | |||
Total securities pledged as collateral | $ | 447,857 |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
June 30, 2012 | ||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 85,516 | $ | (664 | ) | $ | 66 | $ | (2 | ) | $ | 85,582 | (666 | ) | ||||||||||
State and municipal securities | 9,173 | (198 | ) | — | — | 9,173 | (198 | ) | ||||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 24,870 | (9 | ) | — | — | 24,870 | (9 | ) | ||||||||||||||||
Other securities | — | — | 969 | (31 | ) | 969 | (31 | ) | ||||||||||||||||
Total | $ | 119,559 | $ | (871 | ) | $ | 1,035 | $ | (33 | ) | $ | 120,594 | $ | (904 | ) | |||||||||
December 31, 2011 | ||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 238,875 | $ | (1,999 | ) | $ | 196 | $ | (1 | ) | $ | 239,071 | $ | (2,000 | ) | |||||||||
State and municipal securities | 3,820 | (24 | ) | 950 | (34 | ) | 4,770 | (58 | ) | |||||||||||||||
Other securities | — | — | 970 | (30 | ) | 970 | (30 | ) | ||||||||||||||||
Total | $ | 242,695 | $ | (2,023 | ) | $ | 2,116 | $ | (65 | ) | $ | 244,811 | $ | (2,088 | ) |
4. | Noncovered Loans |
June 30, 2012 | December 31, 2011 | |||||||
(in thousands) | ||||||||
Noncovered loans: | ||||||||
Commercial business | $ | 1,111,440 | $ | 1,031,721 | ||||
Real estate: | ||||||||
One-to-four family residential | 55,883 | 64,491 | ||||||
Commercial and multifamily residential | 1,017,736 | 998,165 | ||||||
Total real estate | 1,073,619 | 1,062,656 | ||||||
Real estate construction: | ||||||||
One-to-four family residential | 47,417 | 50,208 | ||||||
Commercial and multifamily residential | 48,765 | 36,768 | ||||||
Total real estate construction | 96,182 | 86,976 | ||||||
Consumer | 167,387 | 183,235 | ||||||
Less: Net unearned income | (11,667 | ) | (16,217 | ) | ||||
Total noncovered loans, net of unearned income | 2,436,961 | 2,348,371 | ||||||
Less: Allowance for loan and lease losses | (52,196 | ) | (53,041 | ) | ||||
Total noncovered loans, net | $ | 2,384,765 | $ | 2,295,330 | ||||
Loans held for sale | $ | 2,088 | $ | 2,148 |
June 30, 2012 | December 31, 2011 | |||||||||||||||
Recorded Investment Nonaccrual Loans | Unpaid Principal Balance Nonaccrual Loans | Recorded Investment Nonaccrual Loans | Unpaid Principal Balance Nonaccrual Loans | |||||||||||||
(in thousands) | ||||||||||||||||
Commercial business | ||||||||||||||||
Secured | $ | 12,839 | $ | 22,511 | $ | 10,124 | $ | 16,820 | ||||||||
Unsecured | 213 | 213 | 119 | 719 | ||||||||||||
Real estate: | ||||||||||||||||
One-to-four family residential | 2,244 | 3,070 | 2,696 | 3,011 | ||||||||||||
Commercial & multifamily residential | ||||||||||||||||
Commercial land | 3,444 | 7,291 | 3,739 | 7,230 | ||||||||||||
Income property multifamily | 10,753 | 15,958 | 6,775 | 9,265 | ||||||||||||
Owner occupied | 9,105 | 12,507 | 8,971 | 10,932 | ||||||||||||
Real estate construction: | ||||||||||||||||
One-to-four family residential | ||||||||||||||||
Land and acquisition | 3,552 | 7,351 | 7,799 | 16,703 | ||||||||||||
Residential construction | 1,671 | 3,801 | 2,986 | 5,316 | ||||||||||||
Commercial & multifamily residential | ||||||||||||||||
Income property multifamily | 3,754 | 9,057 | 7,067 | 14,912 | ||||||||||||
Consumer | 1,890 | 2,268 | 3,207 | 3,960 | ||||||||||||
Total | $ | 49,465 | $ | 84,027 | $ | 53,483 | $ | 88,868 |
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 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
June 30, 2012 | ||||||||||||||||||||||||||||
Commercial business | ||||||||||||||||||||||||||||
Secured | $ | 1,044,846 | $ | 4,025 | $ | 1,153 | $ | — | $ | 5,178 | $ | 12,839 | $ | 1,062,863 | ||||||||||||||
Unsecured | 44,391 | 476 | 193 | — | 669 | 213 | 45,273 | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 52,968 | 796 | 7 | — | 803 | 2,244 | 56,015 | |||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||
Commercial land | 41,263 | 179 | — | — | 179 | 3,444 | 44,886 | |||||||||||||||||||||
Income property multifamily | 568,724 | 243 | 309 | — | 552 | 10,753 | 580,029 | |||||||||||||||||||||
Owner occupied | 372,946 | 2,920 | — | — | 2,920 | 9,105 | 384,971 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential | ||||||||||||||||||||||||||||
Land and acquisition | 17,004 | — | — | — | — | 3,552 | 20,556 | |||||||||||||||||||||
Residential construction | 24,553 | — | — | — | — | 1,671 | 26,224 | |||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||
Income property multifamily | 22,814 | — | — | — | — | 3,754 | 26,568 | |||||||||||||||||||||
Owner occupied | 22,122 | — | — | — | — | — | 22,122 | |||||||||||||||||||||
Consumer | 164,426 | 860 | 278 | — | 1,138 | 1,890 | 167,454 | |||||||||||||||||||||
Total | $ | 2,376,057 | $ | 9,499 | $ | 1,940 | $ | — | $ | 11,439 | $ | 49,465 | $ | 2,436,961 | ||||||||||||||
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 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2011 | ||||||||||||||||||||||||||||
Commercial business | ||||||||||||||||||||||||||||
Secured | $ | 966,563 | $ | 1,741 | $ | 2,989 | $ | — | $ | 4,730 | $ | 10,124 | $ | 981,417 | ||||||||||||||
Unsecured | 46,880 | 407 | — | — | 407 | 119 | 47,406 | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 60,764 | 603 | — | — | 603 | 2,696 | 64,063 | |||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||
Commercial land | 46,161 | 781 | — | — | 781 | 3,739 | 50,681 | |||||||||||||||||||||
Income property multifamily | 524,225 | 2,872 | 121 | — | 2,993 | 6,775 | 533,993 | |||||||||||||||||||||
Owner occupied | 394,691 | 829 | 298 | — | 1,127 | 8,971 | 404,789 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential | ||||||||||||||||||||||||||||
Land and acquisition | 17,249 | 153 | — | — | 153 | 7,799 | 25,201 | |||||||||||||||||||||
Residential construction | 19,555 | 1,390 | — | — | 1,390 | 2,986 | 23,931 | |||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||
Income property multifamily | 13,810 | — | — | — | — | 7,067 | 20,877 | |||||||||||||||||||||
Owner occupied | 12,790 | — | — | — | — | — | 12,790 | |||||||||||||||||||||
Consumer | 179,753 | 141 | 122 | — | 263 | 3,207 | 183,223 | |||||||||||||||||||||
Total | $ | 2,282,441 | $ | 8,917 | $ | 3,530 | $ | — | $ | 12,447 | $ | 53,483 | $ | 2,348,371 |
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 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
June 30, 2012 | ||||||||||||||||||||||||||||
Commercial business | ||||||||||||||||||||||||||||
Secured | $ | 1,050,734 | $ | 12,129 | $ | 5,681 | $ | 7,278 | $ | 3,528 | $ | 6,448 | $ | 13,770 | ||||||||||||||
Unsecured | 45,137 | 136 | 136 | 136 | 136 | — | — | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 53,964 | 2,051 | 1,298 | 1,366 | 90 | 753 | 849 | |||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||
Commercial land | 41,806 | 3,080 | — | — | — | 3,080 | 6,684 | |||||||||||||||||||||
Income property multifamily | 571,151 | 8,878 | 745 | 770 | 49 | 8,133 | 12,953 | |||||||||||||||||||||
Owner occupied | 370,798 | 14,173 | — | — | — | 14,173 | 17,938 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential | ||||||||||||||||||||||||||||
Land and acquisition | 16,949 | 3,607 | — | — | — | 3,607 | 6,503 | |||||||||||||||||||||
Residential construction | 23,469 | 2,755 | 18 | 1,468 | 18 | 2,737 | 3,343 | |||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||
Income property multifamily | 22,814 | 3,754 | 3,754 | 9,057 | 443 | — | — | |||||||||||||||||||||
Owner occupied | 22,122 | — | — | — | — | — | — | |||||||||||||||||||||
Consumer | 166,406 | 1,048 | 168 | 171 | 1 | 880 | 880 | |||||||||||||||||||||
Total | $ | 2,385,350 | $ | 51,611 | $ | 11,800 | $ | 20,246 | $ | 4,265 | $ | 39,811 | $ | 62,920 | ||||||||||||||
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 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2011 | ||||||||||||||||||||||||||||
Commercial business | ||||||||||||||||||||||||||||
Secured | $ | 972,531 | $ | 8,886 | $ | 2,926 | $ | 2,927 | $ | 954 | $ | 5,960 | $ | 12,109 | ||||||||||||||
Unsecured | 47,309 | 97 | 97 | 97 | 97 | — | — | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 61,584 | 2,479 | 582 | 590 | 96 | 1,897 | 2,136 | |||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||
Commercial land | 46,882 | 3,799 | — | — | — | 3,799 | 6,773 | |||||||||||||||||||||
Income property multifamily | 527,362 | 6,631 | 687 | 759 | 63 | 5,944 | 7,700 | |||||||||||||||||||||
Owner occupied | 390,225 | 14,564 | 274 | 274 | 185 | 14,290 | 18,524 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential | ||||||||||||||||||||||||||||
Land and acquisition | 17,813 | 7,388 | 450 | 948 | — | 6,938 | 11,978 | |||||||||||||||||||||
Residential construction | 18,847 | 5,084 | 59 | 1,509 | 59 | 5,025 | 5,116 | |||||||||||||||||||||
Commercial & multifamily residential |