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. | ||
March 31, 2014 | December 31, 2013 | ||||||||||||
ASSETS | (in thousands) | ||||||||||||
Cash and due from banks | $ | 191,706 | $ | 165,030 | |||||||||
Interest-earning deposits with banks | 45,083 | 14,531 | |||||||||||
Total cash and cash equivalents | 236,789 | 179,561 | |||||||||||
Securities available for sale at fair value (amortized cost of $1,644,805 and $1,680,491, respectively) | 1,639,370 | 1,664,111 | |||||||||||
Federal Home Loan Bank stock at cost | 32,224 | 32,529 | |||||||||||
Loans held for sale | — | 735 | |||||||||||
Loans, excluding covered loans, net of unearned income of ($62,724) and ($68,282), respectively | 4,297,076 | 4,219,451 | |||||||||||
Less: allowance for loan and lease losses | 50,442 | 52,280 | |||||||||||
Loans, excluding covered loans, net | 4,246,634 | 4,167,171 | |||||||||||
Covered loans, net of allowance for loan losses of ($20,129) and ($20,174), respectively | 260,158 | 277,671 | |||||||||||
Total loans, net | 4,506,792 | 4,444,842 | |||||||||||
FDIC loss-sharing asset | 36,837 | 39,846 | |||||||||||
Interest receivable | 23,600 | 22,206 | |||||||||||
Premises and equipment, net | 156,836 | 154,732 | |||||||||||
Other real estate owned ($14,712 and $12,093 covered by FDIC loss-share, respectively) | 30,552 | 35,927 | |||||||||||
Goodwill | 343,952 | 343,952 | |||||||||||
Other intangible assets, net | 24,273 | 25,852 | |||||||||||
Other assets | 205,828 | 217,289 | |||||||||||
Total assets | $ | 7,237,053 | $ | 7,161,582 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
Deposits: | |||||||||||||
Noninterest-bearing | $ | 2,225,212 | $ | 2,171,703 | |||||||||
Interest-bearing | 3,819,204 | 3,787,772 | |||||||||||
Total deposits | 6,044,416 | 5,959,475 | |||||||||||
Federal Home Loan Bank advances | 6,597 | 36,606 | |||||||||||
Securities sold under agreements to repurchase | 25,000 | 25,000 | |||||||||||
Other liabilities | 86,549 | 87,252 | |||||||||||
Total liabilities | 6,162,562 | 6,108,333 | |||||||||||
Commitments and contingent liabilities | |||||||||||||
Shareholders’ equity: | |||||||||||||
March 31, 2014 | December 31, 2013 | ||||||||||||
Preferred stock (no par value) | |||||||||||||
Authorized shares | 2,000 | 2,000 | |||||||||||
Issued and outstanding | 9 | 9 | 2,217 | 2,217 | |||||||||
Common stock (no par value) | |||||||||||||
Authorized shares | 63,033 | 63,033 | |||||||||||
Issued and outstanding | 52,600 | 51,265 | 861,125 | 860,562 | |||||||||
Retained earnings | 216,192 | 202,514 | |||||||||||
Accumulated other comprehensive loss | (5,043 | ) | (12,044 | ) | |||||||||
Total shareholders’ equity | 1,074,491 | 1,053,249 | |||||||||||
Total liabilities and shareholders’ equity | $ | 7,237,053 | $ | 7,161,582 |
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(in thousands except per share amounts) | ||||||||
Interest Income | ||||||||
Loans | $ | 65,541 | $ | 48,028 | ||||
Taxable securities | 6,752 | 4,234 | ||||||
Tax-exempt securities | 2,618 | 2,298 | ||||||
Federal funds sold and deposits in banks | 14 | 201 | ||||||
Total interest income | 74,925 | 54,761 | ||||||
Interest Expense | ||||||||
Deposits | 752 | 1,089 | ||||||
Federal Home Loan Bank advances | 114 | 71 | ||||||
Other borrowings | 119 | 119 | ||||||
Total interest expense | 985 | 1,279 | ||||||
Net Interest Income | 73,940 | 53,482 | ||||||
Recapture of provision for loan and lease losses | (500 | ) | (1,000 | ) | ||||
Provision for losses on covered loans | 2,422 | 980 | ||||||
Net interest income after provision (recapture) for loan and lease losses | 72,018 | 53,502 | ||||||
Noninterest Income | ||||||||
Service charges and other fees | 12,936 | 7,594 | ||||||
Merchant services fees | 1,870 | 1,851 | ||||||
Investment securities gains, net | 223 | 370 | ||||||
Bank owned life insurance | 965 | 698 | ||||||
Change in FDIC loss-sharing asset | (4,819 | ) | (10,483 | ) | ||||
Other | 2,833 | 1,628 | ||||||
Total noninterest income | 14,008 | 1,658 | ||||||
Noninterest Expense | ||||||||
Compensation and employee benefits | 31,338 | 21,653 | ||||||
Occupancy | 8,244 | 4,753 | ||||||
Merchant processing | 980 | 857 | ||||||
Advertising and promotion | 769 | 870 | ||||||
Data processing and communications | 3,520 | 2,580 | ||||||
Legal and professional fees | 2,169 | 2,050 | ||||||
Taxes, licenses and fees | 1,180 | 1,387 | ||||||
Regulatory premiums | 1,176 | 857 | ||||||
Net cost (benefit) of operation of other real estate owned | 146 | (2,501 | ) | |||||
Amortization of intangibles | 1,580 | 1,029 | ||||||
Other | 6,284 | 4,514 | ||||||
Total noninterest expense | 57,386 | 38,049 | ||||||
Income before income taxes | 28,640 | 17,111 | ||||||
Income tax provision | 8,796 | 4,935 | ||||||
Net Income | $ | 19,844 | $ | 12,176 | ||||
Earnings per common share | ||||||||
Basic | $ | 0.38 | $ | 0.31 | ||||
Diluted | $ | 0.37 | $ | 0.31 | ||||
Dividends paid per common share | $ | 0.12 | $ | 0.10 | ||||
Weighted average number of common shares outstanding | 51,097 | 39,348 | ||||||
Weighted average number of diluted common shares outstanding | 52,433 | 39,351 |
Three Months Ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
(in thousands) | ||||||||
Net income as reported | $ | 19,844 | $ | 12,176 | ||||
Other comprehensive income (loss), net of tax: | ||||||||
Unrealized gain (loss) from securities: | ||||||||
Net unrealized holding gain (loss) from available for sale securities arising during the period, net of tax of ($4,049) and $1,357 | 7,119 | (2,493 | ) | |||||
Reclassification adjustment of net gain from sale of available for sale securities included in income, net of tax of $81 and $130 | (142 | ) | (240 | ) | ||||
Net unrealized gain (loss) from securities, net of reclassification adjustment | 6,977 | (2,733 | ) | |||||
Pension plan liability adjustment: | ||||||||
Net unrealized loss from unfunded defined benefit plan liability arising during the period, net of tax of $0 and $412 | — | (757 | ) | |||||
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of ($13) and ($32) | 24 | 60 | ||||||
Pension plan liability adjustment, net | 24 | (697 | ) | |||||
Other comprehensive income (loss) | 7,001 | (3,430 | ) | |||||
Total comprehensive income | $ | 26,845 | $ | 8,746 |
Preferred Stock | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | ||||||||||||||||||||||
Number of Shares | Amount | Number of Shares | Amount | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Balance at January 1, 2013 | — | $ | — | 39,686 | $ | 581,471 | $ | 162,388 | $ | 20,149 | $ | 764,008 | ||||||||||||||
Net income | — | — | — | — | 12,176 | — | 12,176 | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (3,430 | ) | (3,430 | ) | |||||||||||||||||
Issuance of common stock - stock option and other plans | — | — | 18 | 326 | — | — | 326 | |||||||||||||||||||
Issuance of common stock - restricted stock awards, net of canceled awards | — | — | 140 | 551 | — | — | 551 | |||||||||||||||||||
Cash dividends paid on common stock | — | — | — | — | (3,971 | ) | — | (3,971 | ) | |||||||||||||||||
Balance at March 31, 2013 | — | $ | — | 39,844 | $ | 582,348 | $ | 170,593 | $ | 16,719 | $ | 769,660 | ||||||||||||||
Balance at January 1, 2014 | 9 | $ | 2,217 | 51,265 | $ | 860,562 | $ | 202,514 | $ | (12,044 | ) | $ | 1,053,249 | |||||||||||||
Net income | — | — | — | — | 19,844 | — | 19,844 | |||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 7,001 | 7,001 | |||||||||||||||||||
Issuance of common stock - cashless exercise of warrants | — | — | 1,140 | — | — | — | — | |||||||||||||||||||
Issuance of common stock - stock option and other plans | — | — | 19 | 405 | — | — | 405 | |||||||||||||||||||
Issuance of common stock - restricted stock awards, net of canceled awards | — | — | 197 | 680 | — | — | 680 | |||||||||||||||||||
Purchase and retirement of common stock | — | — | (21 | ) | (522 | ) | — | — | (522 | ) | ||||||||||||||||
Preferred dividends | — | — | — | — | (12 | ) | — | (12 | ) | |||||||||||||||||
Cash dividends paid on common stock | — | — | — | — | (6,154 | ) | — | (6,154 | ) | |||||||||||||||||
Balance at March 31, 2014 | 9 | $ | 2,217 | 52,600 | $ | 861,125 | $ | 216,192 | $ | (5,043 | ) | $ | 1,074,491 |
Three Months Ended March 31, | ||||||||
2014 | 2013 (1) | |||||||
(in thousands) | ||||||||
Cash Flows From Operating Activities | ||||||||
Net Income | $ | 19,844 | $ | 12,176 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Provision (recapture) for loan and lease losses on noncovered and covered loans | 1,922 | (20 | ) | |||||
Stock-based compensation expense | 680 | 551 | ||||||
Depreciation, amortization and accretion | 8,972 | 13,015 | ||||||
Investment securities gain, net | (223 | ) | (370 | ) | ||||
Net realized (gain) loss on sale of other assets | 8 | (80 | ) | |||||
Net realized gain on sale of other real estate owned | (1,659 | ) | (2,787 | ) | ||||
Write-down on other real estate owned | 1,580 | 158 | ||||||
Net change in: | ||||||||
Loans held for sale | 735 | 1,675 | ||||||
Interest receivable | (1,394 | ) | (2,053 | ) | ||||
Interest payable | (13 | ) | (40 | ) | ||||
Other assets | 5,714 | 3,192 | ||||||
Other liabilities | (649 | ) | (11,739 | ) | ||||
Net cash provided by operating activities | 35,517 | 13,678 | ||||||
Cash Flows From Investing Activities | ||||||||
Loans originated and acquired, net of principal collected | (64,065 | ) | (71,815 | ) | ||||
Purchases of: | ||||||||
Securities available for sale | (10,787 | ) | (84,673 | ) | ||||
Premises and equipment | (4,930 | ) | (3,624 | ) | ||||
Proceeds from: | ||||||||
FDIC reimbursement on loss-sharing asset | 539 | 3,692 | ||||||
Sales of securities available for sale | 6,441 | 3,023 | ||||||
Principal repayments and maturities of securities available for sale | 36,530 | 64,758 | ||||||
Sales of other assets | 337 | 287 | ||||||
Sales of covered other real estate owned | 3,103 | 6,438 | ||||||
Sales of other real estate and other personal property owned | 8,102 | 2,019 | ||||||
Payments to FDIC related to loss-sharing asset | (2,217 | ) | (573 | ) | ||||
Net cash used in investing activities | (26,947 | ) | (80,468 | ) | ||||
Cash Flows From Financing Activities | ||||||||
Net increase in deposits | 84,941 | 4,454 | ||||||
Proceeds from: | ||||||||
Federal Home Loan Bank advances | 587,000 | 100 | ||||||
Federal Reserve Bank borrowings | 50 | 50 | ||||||
Exercise of stock options | 405 | 326 | ||||||
Payments for: | ||||||||
Repayment of Federal Home Loan Bank advances | (617,000 | ) | (100 | ) | ||||
Repayment of Federal Reserve Bank borrowings | (50 | ) | (50 | ) | ||||
Common stock dividends | (6,154 | ) | (3,971 | ) | ||||
Preferred stock dividends | (12 | ) | — | |||||
Purchase and retirement of common stock | (522 | ) | — | |||||
Net cash provided by financing activities | 48,658 | 809 | ||||||
Increase (Decrease) in cash and cash equivalents | 57,228 | (65,981 | ) | |||||
Cash and cash equivalents at beginning of period | 179,561 | 513,926 | ||||||
Cash and cash equivalents at end of period | $ | 236,789 | $ | 447,945 | ||||
Supplemental Information: | ||||||||
Cash paid during the year for: | ||||||||
Cash paid for interest | $ | 999 | $ | 1,319 | ||||
Cash paid for income tax | $ | 10 | $ | 5,500 | ||||
Non-cash investing and financing activities | ||||||||
Loans transferred to other real estate owned | $ | 5,751 | $ | 4,114 |
1. | Basis of Presentation and Significant Accounting Policies |
2. | Accounting Pronouncements Recently Issued |
3. | Business Combinations |
4. | Securities |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 919,299 | $ | 10,339 | $ | (17,340 | ) | $ | 912,298 | |||||||
State and municipal securities | 363,983 | 12,472 | (2,775 | ) | 373,680 | |||||||||||
U.S. government agency and government-sponsored enterprise securities | 335,151 | 477 | (7,642 | ) | 327,986 | |||||||||||
U.S. government securities | 21,088 | 1 | (786 | ) | 20,303 | |||||||||||
Other securities | 5,284 | 25 | (206 | ) | 5,103 | |||||||||||
Total | $ | 1,644,805 | $ | 23,314 | $ | (28,749 | ) | $ | 1,639,370 | |||||||
December 31, 2013 | ||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 961,442 | $ | 10,640 | $ | (23,674 | ) | $ | 948,408 | |||||||
State and municipal securities | 357,013 | 11,450 | (3,993 | ) | 364,470 | |||||||||||
U.S. government agency and government-sponsored enterprise securities | 335,671 | 434 | (10,066 | ) | 326,039 | |||||||||||
U.S. government securities | 21,081 | — | (967 | ) | 20,114 | |||||||||||
Other securities | 5,284 | 27 | (231 | ) | 5,080 | |||||||||||
Total | $ | 1,680,491 | $ | 22,551 | $ | (38,931 | ) | $ | 1,664,111 |
March 31, 2014 | ||||||||
Amortized Cost | Fair Value | |||||||
(in thousands) | ||||||||
Due within one year | $ | 23,252 | $ | 23,415 | ||||
Due after one year through five years | 337,507 | 336,477 | ||||||
Due after five years through ten years | 434,217 | 431,506 | ||||||
Due after ten years | 844,545 | 842,869 | ||||||
Other securities with no stated maturity | 5,284 | 5,103 | ||||||
Total investment securities available-for-sale | $ | 1,644,805 | $ | 1,639,370 |
Carrying Amount | ||||
(in thousands) | ||||
Washington and Oregon State to secure public deposits | $ | 278,061 | ||
Federal Reserve Bank to secure borrowings | 42,631 | |||
Other securities pledged | 43,038 | |||
Total securities pledged as collateral | $ | 363,730 |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 399,830 | $ | (7,290 | ) | $ | 112,690 | $ | (10,050 | ) | $ | 512,520 | $ | (17,340 | ) | |||||||||
State and municipal securities | 88,065 | (1,791 | ) | 17,748 | (984 | ) | 105,813 | (2,775 | ) | |||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 251,196 | (6,026 | ) | 28,810 | (1,616 | ) | 280,006 | (7,642 | ) | |||||||||||||||
U.S. government securities | 19,253 | (786 | ) | — | — | 19,253 | (786 | ) | ||||||||||||||||
Other securities | 2,270 | (45 | ) | 2,795 | (161 | ) | 5,065 | (206 | ) | |||||||||||||||
Total | $ | 760,614 | $ | (15,938 | ) | $ | 162,043 | $ | (12,811 | ) | $ | 922,657 | $ | (28,749 | ) | |||||||||
December 31, 2013 | ||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 492,921 | $ | (10,991 | ) | $ | 121,303 | $ | (12,684 | ) | $ | 614,224 | $ | (23,675 | ) | |||||||||
State and municipal securities | 112,400 | (3,069 | ) | 13,815 | (923 | ) | 126,215 | (3,992 | ) | |||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 260,001 | (8,063 | ) | 28,447 | (2,003 | ) | 288,448 | (10,066 | ) | |||||||||||||||
U.S. government securities | 20,114 | (967 | ) | — | — | 20,114 | (967 | ) | ||||||||||||||||
Other securities | 2,257 | (58 | ) | 2,783 | (173 | ) | 5,040 | (231 | ) | |||||||||||||||
Total | $ | 887,693 | $ | (23,148 | ) | $ | 166,348 | $ | (15,783 | ) | $ | 1,054,041 | $ | (38,931 | ) |
5. | Noncovered Loans |
March 31, 2014 | December 31, 2013 | |||||||
Noncovered loans: | (in thousands) | |||||||
Commercial business | $ | 1,601,676 | $ | 1,561,782 | ||||
Real estate: | ||||||||
One-to-four family residential | 105,141 | 108,317 | ||||||
Commercial and multifamily residential | 2,113,609 | 2,080,075 | ||||||
Total real estate | 2,218,750 | 2,188,392 | ||||||
Real estate construction: | ||||||||
One-to-four family residential | 57,310 | 54,155 | ||||||
Commercial and multifamily residential | 130,809 | 126,390 | ||||||
Total real estate construction | 188,119 | 180,545 | ||||||
Consumer | 351,255 | 357,014 | ||||||
Less: Net unearned income | (62,724 | ) | (68,282 | ) | ||||
Total noncovered loans, net of unearned income | 4,297,076 | 4,219,451 | ||||||
Less: Allowance for loan and lease losses | (50,442 | ) | (52,280 | ) | ||||
Total noncovered loans, net | $ | 4,246,634 | $ | 4,167,171 | ||||
Loans held for sale | $ | — | $ | 735 |
March 31, 2014 | December 31, 2013 | |||||||||||||||
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 | $ | 14,255 | $ | 20,481 | $ | 12,433 | $ | 19,186 | ||||||||
Unsecured | 286 | 316 | 176 | 202 | ||||||||||||
Real estate: | ||||||||||||||||
One-to-four family residential | 2,900 | 5,112 | 2,667 | 4,678 | ||||||||||||
Commercial & multifamily residential: | ||||||||||||||||
Commercial land | 775 | 1,101 | 442 | 783 | ||||||||||||
Income property | 5,038 | 6,118 | 4,267 | 5,383 | ||||||||||||
Owner occupied | 5,237 | 7,397 | 6,334 | 7,486 | ||||||||||||
Real estate construction: | ||||||||||||||||
One-to-four family residential: | ||||||||||||||||
Land and acquisition | 2,494 | 5,469 | 3,246 | 6,601 | ||||||||||||
Residential construction | 532 | 2,001 | 459 | 1,928 | ||||||||||||
Consumer | 4,880 | 6,804 | 3,991 | 6,187 | ||||||||||||
Total | $ | 36,397 | $ | 54,799 | $ | 34,015 | $ | 52,434 |
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 | ||||||||||||||||||||||
March 31, 2014 | (in thousands) | |||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||||||
Secured | $ | 1,502,131 | $ | 2,526 | $ | 5,448 | $ | — | $ | 7,974 | $ | 14,255 | $ | 1,524,360 | ||||||||||||||
Unsecured | 71,514 | 247 | 116 | — | 363 | 286 | 72,163 | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 97,365 | 2,589 | — | — | 2,589 | 2,900 | 102,854 | |||||||||||||||||||||
Commercial & multifamily residential: | ||||||||||||||||||||||||||||
Commercial land | 143,854 | 666 | — | — | 666 | 775 | 145,295 | |||||||||||||||||||||
Income property | 1,175,538 | 5,951 | 455 | — | 6,406 | 5,038 | 1,186,982 | |||||||||||||||||||||
Owner occupied | 746,749 | 1,138 | 132 | — | 1,270 | 5,237 | 753,256 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Land and acquisition | 9,922 | 1,164 | — | — | 1,164 | 2,494 | 13,580 | |||||||||||||||||||||
Residential construction | 42,699 | 102 | — | — | 102 | 532 | 43,333 | |||||||||||||||||||||
Commercial & multifamily residential: | ||||||||||||||||||||||||||||
Income property | 90,698 | — | — | — | — | — | 90,698 | |||||||||||||||||||||
Owner occupied | 39,388 | — | — | — | — | — | 39,388 | |||||||||||||||||||||
Consumer | 319,391 | 772 | 124 | — | 896 | 4,880 | 325,167 | |||||||||||||||||||||
Total | $ | 4,239,249 | $ | 15,155 | $ | 6,275 | $ | — | $ | 21,430 | $ | 36,397 | $ | 4,297,076 | ||||||||||||||
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, 2013 | (in thousands) | |||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||||||
Secured | $ | 1,457,820 | $ | 12,713 | $ | 681 | $ | — | $ | 13,394 | $ | 12,433 | $ | 1,483,647 | ||||||||||||||
Unsecured | 72,255 | 156 | 17 | — | 173 | 176 | 72,604 | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 100,591 | 1,993 | 641 | — | 2,634 | 2,667 | 105,892 | |||||||||||||||||||||
Commercial & multifamily residential: | ||||||||||||||||||||||||||||
Commercial land | 142,034 | — | 358 | — | 358 | 442 | 142,834 | |||||||||||||||||||||
Income property | 1,138,732 | 144 | 3,289 | — | 3,433 | 4,267 | 1,146,432 | |||||||||||||||||||||
Owner occupied | 749,561 | 4,714 | — | — | 4,714 | 6,334 | 760,609 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Land and acquisition | 8,225 | 199 | — | — | 199 | 3,246 | 11,670 | |||||||||||||||||||||
Residential construction | 41,533 | — | — | — | — | 459 | 41,992 | |||||||||||||||||||||
Commercial & multifamily residential: | ||||||||||||||||||||||||||||
Income property | 86,521 | — | — | — | — | — | 86,521 | |||||||||||||||||||||
Owner occupied | 38,916 | — | — | — | — | — | 38,916 | |||||||||||||||||||||
Consumer | 322,685 | 835 | 823 | — | 1,658 | 3,991 | 328,334 | |||||||||||||||||||||
Total | $ | 4,158,873 | $ | 20,754 | $ | 5,809 | $ | — | $ | 26,563 | $ | 34,015 | $ | 4,219,451 |
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 | ||||||||||||||||||||||||
March 31, 2014 | (in thousands) | |||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||||||
Secured | $ | 1,516,983 | $ | 7,377 | $ | 3,202 | $ | 3,235 | $ | 1,521 | $ | 4,175 | $ | 4,715 | ||||||||||||||
Unsecured | 72,136 | 27 | 27 | 27 | 27 | — | — | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 100,762 | 2,092 | 437 | 476 | 133 | 1,655 | 2,812 | |||||||||||||||||||||
Commercial & multifamily residential: | ||||||||||||||||||||||||||||
Commercial land | 145,188 | 107 | — | — | — | 107 | 398 | |||||||||||||||||||||
Income property | 1,180,523 | 6,459 | — | — | — | 6,459 | 8,968 | |||||||||||||||||||||
Owner occupied | 743,984 | 9,272 | 593 | 592 | 38 | 8,679 | 13,042 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Land and acquisition | 12,386 | 1,194 | 113 | 112 | 71 | 1,081 | 1,456 | |||||||||||||||||||||
Residential construction | 43,333 | — | — | — | — | — | — | |||||||||||||||||||||
Commercial & multifamily residential: | ||||||||||||||||||||||||||||
Income property | 90,698 | — | — | — | — | — | — | |||||||||||||||||||||
Owner occupied | 39,388 | — | — | — | — | — | — | |||||||||||||||||||||
Consumer | 325,008 | 159 | 21 | 26 | 3 | 138 | 204 | |||||||||||||||||||||
Total | $ | 4,270,389 | $ | 26,687 | $ | 4,393 | $ | 4,468 | $ | 1,793 | $ | 22,294 | $ | 31,595 | ||||||||||||||
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, 2013 | (in thousands) | |||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||||||
Secured | $ | 1,478,560 | $ | 5,087 | $ | 2,866 | $ | 2,885 | $ | 343 | $ | 2,221 | $ | 2,560 | ||||||||||||||
Unsecured | 72,569 | 35 | 35 | 35 | 35 | — | — | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 104,272 | 1,620 | 442 | 479 | 138 | 1,178 | 2,119 | |||||||||||||||||||||
Commercial & multifamily residential: | ||||||||||||||||||||||||||||
Commercial land | 142,719 | 115 | — | — | — | 115 | 398 | |||||||||||||||||||||
Income property | 1,140,019 | 6,413 | 918 | 933 | 26 | 5,495 | 7,885 | |||||||||||||||||||||
Owner occupied | 749,601 | 11,008 | 3,802 | 3,817 | 1,073 | 7,206 | 10,464 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Land and acquisition | 9,726 | 1,944 | 113 | 113 | 71 | 1,831 | 2,587 | |||||||||||||||||||||
Residential construction | 41,992 | — | — | — | — | — | — | |||||||||||||||||||||
Commercial & multifamily residential: | ||||||||||||||||||||||||||||
Income property | 86,521 | — | — | — | — | — | — | |||||||||||||||||||||
Owner occupied | 38,916 | — | — | — | — | — | — | |||||||||||||||||||||
Consumer | 328,167 | 167 | 23 | 27 | 4 | 144 | 210 | |||||||||||||||||||||
Total | $ | 4,193,062 | $ | 26,389 | $ | 8,199 | $ | 8,289 | $ | 1,690 | $ | 18,190 | $ | 26,223 |
Three Months Ended March 31, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Average Recorded Investment Impaired Loans | Interest Recognized on Impair |