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. | ||
September 30, 2012 | December 31, 2011 | ||||||||||||
ASSETS | (in thousands) | ||||||||||||
Cash and due from banks | $ | 98,979 | $ | 91,364 | |||||||||
Interest-earning deposits with banks | 463,613 | 202,925 | |||||||||||
Total cash and cash equivalents | 562,592 | 294,289 | |||||||||||
Securities available for sale at fair value (amortized cost of $898,434 and $987,560, respectively) | 943,624 | 1,028,110 | |||||||||||
Federal Home Loan Bank stock at cost | 22,017 | 22,215 | |||||||||||
Loans held for sale | 3,600 | 2,148 | |||||||||||
Loans, excluding covered loans, net of unearned income of ($11,523) and ($16,217), respectively | 2,476,844 | 2,348,371 | |||||||||||
Less: allowance for loan and lease losses | 51,527 | 53,041 | |||||||||||
Loans, excluding covered loans, net | 2,425,317 | 2,295,330 | |||||||||||
Covered loans, net of allowance for loan losses of ($29,157) and ($4,944), respectively | 429,286 | 531,929 | |||||||||||
Total loans, net | 2,854,603 | 2,827,259 | |||||||||||
FDIC loss-sharing asset | 111,677 | 175,071 | |||||||||||
Interest receivable | 16,587 | 15,287 | |||||||||||
Premises and equipment, net | 115,506 | 107,899 | |||||||||||
Other real estate owned ($16,511 and $28,126 covered by FDIC loss-share, respectively) | 27,386 | 51,019 | |||||||||||
Goodwill | 115,554 | 115,554 | |||||||||||
Core deposit intangible, net | 16,803 | 20,166 | |||||||||||
Other assets | 113,100 | 126,928 | |||||||||||
Total assets | $ | 4,903,049 | $ | 4,785,945 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
Deposits: | |||||||||||||
Noninterest-bearing | $ | 1,270,321 | $ | 1,156,610 | |||||||||
Interest-bearing | 2,668,534 | 2,658,919 | |||||||||||
Total deposits | 3,938,855 | 3,815,529 | |||||||||||
Federal Home Loan Bank advances | 113,080 | 119,009 | |||||||||||
Securities sold under agreements to repurchase | 25,000 | 25,000 | |||||||||||
Other liabilities | 64,137 | 67,069 | |||||||||||
Total liabilities | 4,141,072 | 4,026,607 | |||||||||||
Commitments and contingent liabilities | |||||||||||||
Shareholders’ equity: | |||||||||||||
September 30, 2012 | December 31, 2011 | ||||||||||||
Common stock (no par value) | |||||||||||||
Authorized shares | 63,033 | 63,033 | |||||||||||
Issued and outstanding | 39,689 | 39,506 | 581,001 | 579,136 | |||||||||
Retained earnings | 152,498 | 155,069 | |||||||||||
Accumulated other comprehensive income | 28,478 | 25,133 | |||||||||||
Total shareholders’ equity | 761,977 | 759,338 | |||||||||||
Total liabilities and shareholders’ equity | $ | 4,903,049 | $ | 4,785,945 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(in thousands except per share amounts) | ||||||||||||||||
Interest Income | ||||||||||||||||
Loans | $ | 52,600 | $ | 59,655 | $ | 168,875 | $ | 151,446 | ||||||||
Taxable securities | 4,218 | 6,037 | 14,414 | 16,701 | ||||||||||||
Tax-exempt securities | 2,422 | 2,500 | 7,442 | 7,483 | ||||||||||||
Federal funds sold and deposits in banks | 229 | 240 | 564 | 722 | ||||||||||||
Total interest income | 59,469 | 68,432 | 191,295 | 176,352 | ||||||||||||
Interest Expense | ||||||||||||||||
Deposits | 1,339 | 2,642 | 4,679 | 8,569 | ||||||||||||
Federal Home Loan Bank advances | 745 | 807 | 2,229 | 2,215 | ||||||||||||
Long-term obligations | — | 75 | — | 579 | ||||||||||||
Other borrowings | 120 | 120 | 358 | 377 | ||||||||||||
Total interest expense | 2,204 | 3,644 | 7,266 | 11,740 | ||||||||||||
Net Interest Income | 57,265 | 64,788 | 184,029 | 164,612 | ||||||||||||
Provision for loan and lease losses | 2,875 | 500 | 11,125 | 2,650 | ||||||||||||
Provision (recapture) for losses on covered loans | (3,992 | ) | 433 | 23,381 | 2,312 | |||||||||||
Net interest income after provision for loan and lease losses | 58,382 | 63,855 | 149,523 | 159,650 | ||||||||||||
Noninterest Income (Loss) | ||||||||||||||||
Service charges and other fees | 7,609 | 6,991 | 22,222 | 19,746 | ||||||||||||
Gain on bank acquisitions, net of tax | — | 1,830 | — | 1,830 | ||||||||||||
Merchant services fees | 2,054 | 1,952 | 6,167 | 5,393 | ||||||||||||
Gain on sale of investment securities, net | — | — | 62 | — | ||||||||||||
Bank owned life insurance | 747 | 523 | 2,177 | 1,556 | ||||||||||||
Change in FDIC loss-sharing asset | (12,951 | ) | (10,855 | ) | (14,787 | ) | (32,048 | ) | ||||||||
Other | 1,630 | 1,755 | 4,650 | 3,842 | ||||||||||||
Total noninterest income (loss) | (911 | ) | 2,196 | 20,491 | 319 | |||||||||||
Noninterest Expense | ||||||||||||||||
Compensation and employee benefits | 21,523 | 21,392 | 64,484 | 59,772 | ||||||||||||
Occupancy | 4,886 | 4,815 | 15,310 | 13,600 | ||||||||||||
Merchant processing | 921 | 976 | 2,724 | 2,764 | ||||||||||||
Advertising and promotion | 1,341 | 1,137 | 3,342 | 3,050 | ||||||||||||
Data processing and communications | 2,499 | 2,195 | 7,263 | 6,032 | ||||||||||||
Legal and professional fees | 2,783 | 1,957 | 6,221 | 4,868 | ||||||||||||
Taxes, licenses and fees | 1,124 | 1,211 | 3,594 | 2,983 | ||||||||||||
Regulatory premiums | 775 | 574 | 2,560 | 3,553 | ||||||||||||
Net benefit of operation of other real estate owned | (1,069 | ) | (195 | ) | (536 | ) | (423 | ) | ||||||||
Amortization of intangibles | 1,093 | 1,177 | 3,362 | 3,116 | ||||||||||||
FDIC clawback liability | 334 | 1,146 | 100 | 3,294 | ||||||||||||
Other | 4,726 | 3,550 | 16,689 | 11,836 | ||||||||||||
Total noninterest expense | 40,936 | 39,935 | 125,113 | 114,445 | ||||||||||||
Income before income taxes | 16,535 | 26,116 | 44,901 | 45,524 | ||||||||||||
Income tax provision | 4,655 | 7,244 | 12,220 | 12,241 | ||||||||||||
Net Income | $ | 11,880 | $ | 18,872 | $ | 32,681 | $ | 33,283 | ||||||||
Earnings per common share | ||||||||||||||||
Basic | $ | 0.30 | $ | 0.48 | $ | 0.82 | $ | 0.84 | ||||||||
Diluted | $ | 0.30 | $ | 0.48 | $ | 0.82 | $ | 0.84 | ||||||||
Dividends paid per common share | $ | 0.30 | $ | 0.06 | $ | 0.89 | $ | 0.14 | ||||||||
Weighted average number of common shares outstanding | 39,289 | 39,131 | 39,248 | 39,092 | ||||||||||||
Weighted average number of diluted common shares outstanding | 39,291 | 39,192 | 39,251 | 39,167 |
Three Months Ended | ||||||||
September 30, | ||||||||
2012 | 2011 | |||||||
(in thousands) | ||||||||
Net income as reported | $ | 11,880 | $ | 18,872 | ||||
Unrealized gain from securities: | ||||||||
Net unrealized holding gain from available for sale securities arising during the period, net of tax of ($1,432) and ($2,808) | 2,631 | 4,988 | ||||||
Reclassification adjustment of net gain from sale of available for sale securities included in income, net of tax of $0 and $0 | — | — | ||||||
Net unrealized gain from securities, net of reclassification adjustment | 2,631 | 4,988 | ||||||
Pension plan liability adjustment: | ||||||||
Net unrealized gain from unfunded defined benefit plan liability arising during the period, net of tax of $0 and $0 | — | — | ||||||
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of ($7) and ($8) | 13 | 14 | ||||||
Pension plan liability adjustment, net | 13 | 14 | ||||||
Total comprehensive income | $ | 14,524 | $ | 23,874 |
Nine Months Ended | ||||||||
September 30, | ||||||||
2012 | 2011 | |||||||
(in thousands) | ||||||||
Net income as reported | $ | 32,681 | $ | 33,283 | ||||
Unrealized gain from securities: | ||||||||
Net unrealized holding gain from available for sale securities arising during the period, net of tax of ($1,345) and ($7,733) | 3,355 | 13,768 | ||||||
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 | 3,316 | 13,768 | ||||||
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 | — | (260 | ) | |||||
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of ($31) and ($23) | 29 | 41 | ||||||
Pension plan liability adjustment, net | 29 | (219 | ) | |||||
Total comprehensive income | $ | 36,026 | $ | 46,689 |
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 | — | — | 33,283 | — | 33,283 | ||||||||||||||
Other comprehensive income | — | — | — | 13,406 | 13,406 | ||||||||||||||
Issuance of common stock - stock option and other plans | 47 | 792 | — | — | 792 | ||||||||||||||
Issuance of common stock - restricted stock awards, net of canceled awards | 119 | 1,163 | — | — | 1,163 | ||||||||||||||
Purchase and retirement of common stock | (2 | ) | (32 | ) | — | — | (32 | ) | |||||||||||
Cash dividends paid on common stock | — | — | (5,524 | ) | — | (5,524 | ) | ||||||||||||
Balance at September 30, 2011 | 39,502 | $ | 578,828 | $ | 145,451 | $ | 25,687 | $ | 749,966 | ||||||||||
Balance at January 1, 2012 | 39,506 | $ | 579,136 | $ | 155,069 | $ | 25,133 | $ | 759,338 | ||||||||||
Net income | — | — | 32,681 | — | 32,681 | ||||||||||||||
Other comprehensive income | — | — | — | 3,345 | 3,345 | ||||||||||||||
Issuance of common stock - stock option and other plans | 40 | 713 | — | — | 713 | ||||||||||||||
Issuance of common stock - restricted stock awards, net of canceled awards | 143 | 1,152 | — | — | 1,152 | ||||||||||||||
Cash dividends paid on common stock | — | — | (35,252 | ) | — | (35,252 | ) | ||||||||||||
Balance at September 30, 2012 | 39,689 | $ | 581,001 | $ | 152,498 | $ | 28,478 | $ | 761,977 |
Nine Months Ended September 30, | ||||||||
2012 | 2011 (1) | |||||||
(in thousands) | ||||||||
Cash Flows From Operating Activities | ||||||||
Net Income | $ | 32,681 | $ | 33,283 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Provision for loan and lease losses and losses on covered loans | 34,506 | 4,962 | ||||||
Stock-based compensation expense | 1,152 | 1,163 | ||||||
Depreciation, amortization and accretion | 45,873 | 35,168 | ||||||
Net realized gain on FDIC-assisted bank acquisitions | — | (1,830 | ) | |||||
Net realized gain on sale of securities | (62 | ) | — | |||||
Net realized gain on sale of other assets | (35 | ) | (13 | ) | ||||
Net realized gain on sale of other real estate owned | (8,604 | ) | (7,069 | ) | ||||
Gain on termination of cash flow hedging instruments | — | (222 | ) | |||||
Write-down on other real estate owned | 7,001 | 5,392 | ||||||
Net change in: | ||||||||
Loans held for sale | (1,452 | ) | (1,814 | ) | ||||
Interest receivable | (1,300 | ) | (3,384 | ) | ||||
Interest payable | (374 | ) | (226 | ) | ||||
Other assets | (5,223 | ) | 3,186 | |||||
Other liabilities | (3,881 | ) | 1,608 | |||||
Net cash provided by operating activities | 100,282 | 70,204 | ||||||
Cash Flows From Investing Activities | ||||||||
Loans originated and acquired, net of principal collected | (72,180 | ) | (69,420 | ) | ||||
Purchases of: | ||||||||
Securities available for sale | (87,346 | ) | (294,678 | ) | ||||
Premises and equipment | (12,404 | ) | (10,619 | ) | ||||
Proceeds from: | ||||||||
FDIC reimbursement on loss-sharing asset | 49,194 | 51,000 | ||||||
Sales of securities available for sale | 3,845 | — | ||||||
Principal repayments and maturities of securities available for sale | 163,584 | 101,071 | ||||||
Disposal of premises and equipment | 25 | 59 | ||||||
Sales of covered other real estate owned | 25,202 | 14,604 | ||||||
Sales of other real estate and other personal property owned | 15,069 | 10,234 | ||||||
Capital improvements on other real estate properties | (11 | ) | (726 | ) | ||||
Decrease in Small Business Administration secured borrowings | — | (642 | ) | |||||
Net cash acquired in business combinations | — | 247,792 | ||||||
Net cash provided by investing activities | 84,978 | 48,675 | ||||||
Cash Flows From Financing Activities | ||||||||
Net increase (decrease) in deposits | 123,326 | (215,701 | ) | |||||
Proceeds from: | ||||||||
Federal Home Loan Bank advances | — | 100 | ||||||
Federal Reserve Bank borrowings | — | 100 | ||||||
Exercise of stock options | 713 | 792 | ||||||
Payment for: | ||||||||
Repayment of Federal Home Loan Bank advances | (5,744 | ) | (39,447 | ) | ||||
Repayment of Federal Reserve Bank borrowings | — | (100 | ) | |||||
Common stock dividends | (35,252 | ) | (5,524 | ) | ||||
Purchase and retirement of common stock | — | (32 | ) | |||||
Net decrease in other borrowings | — | (25,735 | ) | |||||
Net cash provided by (used in) financing activities | 83,043 | (285,547 | ) | |||||
Increase (Decrease) in cash and cash equivalents | 268,303 | (166,668 | ) | |||||
Cash and cash equivalents at beginning of period | 294,289 | 514,130 | ||||||
Cash and cash equivalents at end of period | $ | 562,592 | $ | 347,462 | ||||
Supplemental Information: | ||||||||
Cash paid during the year for: | ||||||||
Cash paid for interest | $ | 7,640 | $ | 11,967 | ||||
Cash paid for income tax | $ | 9,605 | $ | 12,870 | ||||
Non-cash investing activities | ||||||||
Assets acquired in FDIC-assisted acquisitions (excluding cash and cash equivalents) | $ | — | $ | 485,870 | ||||
Liabilities assumed in FDIC-assisted acquisitions | $ | — | $ | 731,832 | ||||
Loans transferred to other real estate owned | $ | 15,024 | $ | 16,505 |
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) | ||||||||||||||||
September 30, 2012 | ||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 544,106 | $ | 19,525 | $ | (423 | ) | $ | 563,208 | |||||||
State and municipal securities | 258,130 | 24,388 | (18 | ) | 282,500 | |||||||||||
U.S. government agency and government-sponsored enterprise securities | 92,888 | 1,618 | — | 94,506 | ||||||||||||
Other securities | 3,310 | 125 | (25 | ) | 3,410 | |||||||||||
Total | $ | 898,434 | $ | 45,656 | $ | (466 | ) | $ | 943,624 | |||||||
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 |
September 30, 2012 | ||||||||
Amortized Cost | Fair Value | |||||||
(in thousands) | ||||||||
Due within one year | $ | 23,144 | $ | 26,360 | ||||
Due after one year through five years | 138,171 | 142,207 | ||||||
Due after five years through ten years | 152,525 | 160,307 | ||||||
Due after ten years | 581,285 | 611,341 | ||||||
Other securities with no stated maturity | 3,309 | 3,409 | ||||||
Total investment securities available-for-sale | $ | 898,434 | $ | 943,624 |
Carrying Amount | ||||
(in thousands) | ||||
To Washington and Oregon State to secure public deposits | $ | 249,626 | ||
To Federal Reserve Bank to secure borrowings | 51,487 | |||
Other securities pledged | 46,994 | |||
Total securities pledged as collateral | $ | 348,107 |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
September 30, 2012 | ||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 33,377 | $ | (272 | ) | $ | 18,445 | $ | (151 | ) | $ | 51,822 | (423 | ) | ||||||||||
State and municipal securities | 636 | (4 | ) | 424 | (14 | ) | 1,060 | (18 | ) | |||||||||||||||
Other securities | — | — | 975 | (25 | ) | 975 | (25 | ) | ||||||||||||||||
Total | $ | 34,013 | $ | (276 | ) | $ | 19,844 | $ | (190 | ) | $ | 53,857 | $ | (466 | ) | |||||||||
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 |
September 30, 2012 | December 31, 2011 | |||||||
Noncovered loans: | (in thousands) | |||||||
Commercial business | $ | 1,142,737 | $ | 1,031,721 | ||||
Real estate: | ||||||||
One-to-four family residential | 47,656 | 64,491 | ||||||
Commercial and multifamily residential | 1,035,356 | 998,165 | ||||||
Total real estate | 1,083,012 | 1,062,656 | ||||||
Real estate construction: | ||||||||
One-to-four family residential | 50,381 | 50,208 | ||||||
Commercial and multifamily residential | 51,466 | 36,768 | ||||||
Total real estate construction | 101,847 | 86,976 | ||||||
Consumer | 160,771 | 183,235 | ||||||
Less: Net unearned income | (11,523 | ) | (16,217 | ) | ||||
Total noncovered loans, net of unearned income | 2,476,844 | 2,348,371 | ||||||
Less: Allowance for loan and lease losses | (51,527 | ) | (53,041 | ) | ||||
Total noncovered loans, net | $ | 2,425,317 | $ | 2,295,330 | ||||
Loans held for sale | $ | 3,600 | $ | 2,148 |
September 30, 2012 | December 31, 2011 | |||||||||||||||
Recorded Investment Nonaccrual Loans | Unpaid Principal Balance Nonaccrual Loans | Recorded Investment Nonaccrual Loans | Unpaid Principal Balance Nonaccrual Loans | |||||||||||||
Noncovered loans: | (in thousands) | |||||||||||||||
Commercial business | ||||||||||||||||
Secured | $ | 12,455 | $ | 21,683 | $ | 10,124 | $ | 16,820 | ||||||||
Unsecured | 109 | 109 | 119 | 719 | ||||||||||||
Real estate: | ||||||||||||||||
One-to-four family residential | 2,220 | 2,617 | 2,696 | 3,011 | ||||||||||||
Commercial & multifamily residential | ||||||||||||||||
Commercial land | 3,647 | 7,581 | 3,739 | 7,230 | ||||||||||||
Income property multifamily | 6,628 | 9,233 | 6,775 | 9,265 | ||||||||||||
Owner occupied | 9,184 | 12,598 | 8,971 | 10,932 | ||||||||||||
Real estate construction: | ||||||||||||||||
One-to-four family residential | ||||||||||||||||
Land and acquisition | 3,332 | 7,360 | 7,799 | 16,703 | ||||||||||||
Residential construction | 2,027 | 2,648 | 2,986 | 5,316 | ||||||||||||
Commercial & multifamily residential | ||||||||||||||||
Income property multifamily | — | — | 7,067 | 14,912 | ||||||||||||
Consumer | 1,987 | 2,279 | 3,207 | 3,960 | ||||||||||||
Total | $ | 41,589 | $ | 66,108 | $ | 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 | ||||||||||||||||||||||
September 30, 2012 | (in thousands) | |||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||
Commercial business | ||||||||||||||||||||||||||||
Secured | $ | 1,079,237 | $ | 4,735 | $ | 572 | $ | — | $ | 5,307 | $ | 12,455 | $ | 1,096,999 | ||||||||||||||
Unsecured | 41,414 | 58 | 485 | — | 543 | 109 | 42,066 | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 45,173 | 31 | 401 | — | 432 | 2,220 | 47,825 | |||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||
Commercial land | 39,729 | 93 | 420 | — | 513 | 3,647 | 43,889 | |||||||||||||||||||||
Income property multifamily | 576,969 | 2,281 | — | — | 2,281 | 6,628 | 585,878 | |||||||||||||||||||||
Owner occupied | 388,011 | 1,124 | — | — | 1,124 | 9,184 | 398,319 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential | ||||||||||||||||||||||||||||
Land and acquisition | 14,139 | 386 | 1,225 | — | 1,611 | 3,332 | 19,082 | |||||||||||||||||||||
Residential construction | 27,390 | 118 | 1,395 | — | 1,513 | 2,027 | 30,930 | |||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||
Income property multifamily | 27,027 | — | — | — | — | — | 27,027 | |||||||||||||||||||||
Owner occupied | 23,974 | — | — | — | — | — | 23,974 | |||||||||||||||||||||
Consumer | 157,901 | 848 | 119 | — | 967 | 1,987 | 160,855 | |||||||||||||||||||||
Total | $ | 2,420,964 | $ | 9,674 | $ | 4,617 | $ | — | $ | 14,291 | $ | 41,589 | $ | 2,476,844 | ||||||||||||||
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 | ||||||||||||||||||||||
December 31, 2011 | (in thousands) | |||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
September 30, 2012 | (in thousands) | |||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||
Commercial business | ||||||||||||||||||||||||||||
Secured | $ | 1,088,513 | $ | 8,486 | $ | 1,498 | $ | 2,086 | $ | 315 | $ | 6,988 | $ | 12,330 | ||||||||||||||
Unsecured | 41,966 | 100 | 100 | 100 | 100 | — | — | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 45,849 | 1,976 | 353 | 366 | 69 | 1,623 | 1,832 | |||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||
Commercial land | 40,824 | 3,065 | 205 | 214 | 1 | 2,860 | 6,470 | |||||||||||||||||||||
Income property multifamily | 579,603 | 6,275 | — | — | — | 6,275 | 8,574 | |||||||||||||||||||||
Owner occupied | 384,110 | 14,209 | 1,559 | 1,657 | 245 | 12,650 | 18,162 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential | ||||||||||||||||||||||||||||
Land and acquisition | 16,263 | 2,819 | — | — | — | 2,819 | 4,813 | |||||||||||||||||||||
Residential construction | 28,101 | 2,829 | — | — | — | 2,829 | 3,444 | |||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||
Income property multifamily | 27,027 | — | — | — | — | — | — | |||||||||||||||||||||
Owner occupied | 23,974 | — | — | — | — | — | — | |||||||||||||||||||||
Consumer | 159,812 | 1,043 | — | — | — | 1,043 | 1,049 | |||||||||||||||||||||
Total | $ | 2,436,042 | $ | 40,802 | $ | 3,715 | $ | 4,423 | $ | 730 | $ | 37,087 | $ | 56,674 | ||||||||||||||
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 | ||||||||||||||||||||||||
December 31, 2011 | (in thousands) | |||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||
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 |