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, 2015 | December 31, 2014 | ||||||||||||
ASSETS | (in thousands) | ||||||||||||
Cash and due from banks | $ | 177,026 | $ | 171,221 | |||||||||
Interest-earning deposits with banks | 71,575 | 16,949 | |||||||||||
Total cash and cash equivalents | 248,601 | 188,170 | |||||||||||
Securities available for sale at fair value (amortized cost of $1,981,977 and $2,087,069, respectively) | 2,007,159 | 2,098,257 | |||||||||||
Federal Home Loan Bank stock at cost | 33,004 | 33,365 | |||||||||||
Loans held for sale | 3,545 | 1,116 | |||||||||||
Loans, net of unearned income of ($53,867) and ($59,374), respectively | 5,450,895 | 5,445,378 | |||||||||||
Less: allowance for loan and lease losses | 70,234 | 69,569 | |||||||||||
Loans, net | 5,380,661 | 5,375,809 | |||||||||||
FDIC loss-sharing asset | 14,644 | 15,174 | |||||||||||
Interest receivable | 29,088 | 27,802 | |||||||||||
Premises and equipment, net | 172,958 | 172,090 | |||||||||||
Other real estate owned | 23,299 | 22,190 | |||||||||||
Goodwill | 382,537 | 382,537 | |||||||||||
Other intangible assets, net | 28,642 | 30,459 | |||||||||||
Other assets | 228,764 | 231,877 | |||||||||||
Total assets | $ | 8,552,902 | $ | 8,578,846 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
Deposits: | |||||||||||||
Noninterest-bearing | $ | 3,260,376 | $ | 2,651,373 | |||||||||
Interest-bearing | 3,814,589 | 4,273,349 | |||||||||||
Total deposits | 7,074,965 | 6,924,722 | |||||||||||
Federal Home Loan Bank advances | 36,559 | 216,568 | |||||||||||
Securities sold under agreements to repurchase | 96,852 | 105,080 | |||||||||||
Other borrowings | — | 8,248 | |||||||||||
Other liabilities | 100,083 | 96,053 | |||||||||||
Total liabilities | 7,308,459 | 7,350,671 | |||||||||||
Commitments and contingent liabilities | |||||||||||||
Shareholders’ equity: | |||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||
Preferred stock (no par value) | (in thousands) | ||||||||||||
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 | 57,699 | 57,437 | 986,348 | 985,839 | |||||||||
Retained earnings | 241,592 | 234,498 | |||||||||||
Accumulated other comprehensive income | 14,286 | 5,621 | |||||||||||
Total shareholders’ equity | 1,244,443 | 1,228,175 | |||||||||||
Total liabilities and shareholders’ equity | $ | 8,552,902 | $ | 8,578,846 |
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(in thousands except per share amounts) | ||||||||
Interest Income | ||||||||
Loans | $ | 70,822 | $ | 65,541 | ||||
Taxable securities | 7,526 | 6,752 | ||||||
Tax-exempt securities | 3,042 | 2,618 | ||||||
Deposits in banks | 27 | 14 | ||||||
Total interest income | 81,417 | 74,925 | ||||||
Interest Expense | ||||||||
Deposits | 748 | 752 | ||||||
Federal Home Loan Bank advances | 159 | 114 | ||||||
Other borrowings | 146 | 119 | ||||||
Total interest expense | 1,053 | 985 | ||||||
Net Interest Income | 80,364 | 73,940 | ||||||
Provision for loan and lease losses | 1,209 | 1,922 | ||||||
Net interest income after provision for loan and lease losses | 79,155 | 72,018 | ||||||
Noninterest Income | ||||||||
Service charges and other fees | 14,869 | 12,936 | ||||||
Merchant services fees | 2,040 | 1,870 | ||||||
Investment securities gains, net | 721 | 223 | ||||||
Bank owned life insurance | 1,078 | 965 | ||||||
Change in FDIC loss-sharing asset | 150 | (4,819 | ) | |||||
Other | 3,909 | 2,833 | ||||||
Total noninterest income | 22,767 | 14,008 | ||||||
Noninterest Expense | ||||||||
Compensation and employee benefits | 39,100 | 31,338 | ||||||
Occupancy | 7,993 | 8,244 | ||||||
Merchant processing | 977 | 980 | ||||||
Advertising and promotion | 931 | 769 | ||||||
Data processing and communications | 4,984 | 3,520 | ||||||
Legal and professional fees | 2,507 | 2,169 | ||||||
Taxes, licenses and fees | 1,232 | 1,180 | ||||||
Regulatory premiums | 1,221 | 1,176 | ||||||
Net cost (benefit) of operation of other real estate owned | (1,246 | ) | 146 | |||||
Amortization of intangibles | 1,817 | 1,580 | ||||||
Other | 7,218 | 6,284 | ||||||
Total noninterest expense | 66,734 | 57,386 | ||||||
Income before income taxes | 35,188 | 28,640 | ||||||
Income tax provision | 10,827 | 8,796 | ||||||
Net Income | $ | 24,361 | $ | 19,844 | ||||
Earnings per common share | ||||||||
Basic | $ | 0.42 | $ | 0.38 | ||||
Diluted | $ | 0.42 | $ | 0.37 | ||||
Dividends paid per common share | $ | 0.30 | $ | 0.12 | ||||
Weighted average number of common shares outstanding | 56,965 | 51,097 | ||||||
Weighted average number of diluted common shares outstanding | 56,978 | 52,433 |
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(in thousands) | ||||||||
Net income as reported | $ | 24,361 | $ | 19,844 | ||||
Other comprehensive income, net of tax: | ||||||||
Unrealized gain from securities: | ||||||||
Net unrealized holding gain from available for sale securities arising during the period, net of tax of ($5,338) and ($4,049) | 9,376 | 7,119 | ||||||
Reclassification adjustment of net gain from sale of available for sale securities included in income, net of tax of $262 and $81 | (459 | ) | (142 | ) | ||||
Net unrealized gain from securities, net of reclassification adjustment | 8,917 | 6,977 | ||||||
Pension plan liability adjustment: | ||||||||
Net unrealized loss from unfunded defined benefit plan liability arising during the period, net of tax of $159 and $0 | (280 | ) | — | |||||
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of ($16) and ($13) | 28 | 24 | ||||||
Pension plan liability adjustment, net | (252 | ) | 24 | |||||
Other comprehensive income | 8,665 | 7,001 | ||||||
Total comprehensive income | $ | 33,026 | $ | 26,845 |
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, 2015 | 9 | $ | 2,217 | 57,437 | $ | 985,839 | $ | 234,498 | $ | 5,621 | $ | 1,228,175 | ||||||||||||||
Net income | — | — | — | — | 24,361 | — | 24,361 | |||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 8,665 | 8,665 | |||||||||||||||||||
Issuance of common stock - stock option and other plans | — | — | 17 | 428 | — | — | 428 | |||||||||||||||||||
Issuance of common stock - restricted stock awards, net of canceled awards | — | — | 273 | 862 | — | — | 862 | |||||||||||||||||||
Purchase and retirement of common stock | — | — | (28 | ) | (781 | ) | — | — | (781 | ) | ||||||||||||||||
Preferred dividends | — | — | — | — | (31 | ) | — | (31 | ) | |||||||||||||||||
Cash dividends paid on common stock | — | — | — | — | (17,236 | ) | — | (17,236 | ) | |||||||||||||||||
Balance at March 31, 2015 | 9 | $ | 2,217 | 57,699 | $ | 986,348 | $ | 241,592 | $ | 14,286 | $ | 1,244,443 | ||||||||||||||
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, | ||||||||
2015 | 2014 (1) | |||||||
(in thousands) | ||||||||
Cash Flows From Operating Activities | ||||||||
Net Income | $ | 24,361 | $ | 19,844 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Provision for loan and lease losses | 1,209 | 1,922 | ||||||
Stock-based compensation expense | 862 | 680 | ||||||
Depreciation, amortization and accretion | 7,735 | 8,972 | ||||||
Investment securities gain, net | (721 | ) | (223 | ) | ||||
Net realized (gain) loss on sale of other assets | (306 | ) | 8 | |||||
Net realized gain on sale of other real estate owned | (1,736 | ) | (1,659 | ) | ||||
Write-down on other real estate owned | 197 | 1,580 | ||||||
Net change in: | ||||||||
Loans held for sale | (2,429 | ) | 735 | |||||
Interest receivable | (1,286 | ) | (1,394 | ) | ||||
Interest payable | (79 | ) | (13 | ) | ||||
Other assets | (4,531 | ) | 5,714 | |||||
Other liabilities | 3,680 | (649 | ) | |||||
Net cash provided by operating activities | 26,956 | 35,517 | ||||||
Cash Flows From Investing Activities | ||||||||
Loans originated and acquired, net of principal collected | (12,443 | ) | (64,065 | ) | ||||
Purchases of: | ||||||||
Securities available for sale | (11,362 | ) | (10,787 | ) | ||||
Premises and equipment | (4,032 | ) | (4,930 | ) | ||||
Proceeds from: | ||||||||
FDIC reimbursement on loss-sharing asset | 1,138 | 539 | ||||||
Sales of securities available for sale | 57,243 | 6,441 | ||||||
Principal repayments and maturities of securities available for sale | 54,451 | 36,530 | ||||||
Sales of loans held for investments and other assets | 7,745 | 337 | ||||||
Sales of other real estate and other personal property owned (1) | 5,067 | 11,205 | ||||||
Payments to FDIC related to loss-sharing asset | (479 | ) | (2,217 | ) | ||||
Net cash provided by (used in) investing activities | 97,328 | (26,947 | ) | |||||
Cash Flows From Financing Activities | ||||||||
Net increase in deposits | 150,243 | 84,941 | ||||||
Net decrease in sweep repurchase agreements | (8,228 | ) | — | |||||
Proceeds from: | ||||||||
Federal Home Loan Bank advances | 624,000 | 587,000 | ||||||
Federal Reserve Bank borrowings | — | 50 | ||||||
Exercise of stock options | 428 | 405 | ||||||
Payments for: | ||||||||
Repayment of Federal Home Loan Bank advances | (804,000 | ) | (617,000 | ) | ||||
Repayment of Federal Reserve Bank borrowings | — | (50 | ) | |||||
Common stock dividends | (17,236 | ) | (6,154 | ) | ||||
Preferred stock dividends | (31 | ) | (12 | ) | ||||
Repayment of other borrowings | (8,248 | ) | — | |||||
Purchase and retirement of common stock | (781 | ) | (522 | ) | ||||
Net cash provided by (used in) financing activities | (63,853 | ) | 48,658 | |||||
Increase in cash and cash equivalents | 60,431 | 57,228 | ||||||
Cash and cash equivalents at beginning of period | 188,170 | 179,561 | ||||||
Cash and cash equivalents at end of period | $ | 248,601 | $ | 236,789 | ||||
Supplemental Information: | ||||||||
Cash paid during the period for: | ||||||||
Cash paid for interest | $ | 1,132 | $ | 999 | ||||
Cash paid for income tax | $ | 13 | $ | 10 | ||||
Non-cash investing and financing activities | ||||||||
Loans transferred to other real estate owned | $ | 4,692 | $ | 5,751 |
1. | Basis of Presentation and Significant Accounting Policies |
2. | Accounting Pronouncements Recently Issued |
3. | Business Combinations |
Unaudited Pro Forma | ||||
Three Months Ended March 31, | ||||
2014 | ||||
(in thousands except per share) | ||||
Total revenues (net interest income plus noninterest income) | $ | 97,488 | ||
Net income | $ | 21,078 | ||
Earnings per share - basic | $ | 0.38 | ||
Earnings per share - diluted | $ | 0.37 |
Three Months Ended March 31, | ||||
2015 | ||||
(in thousands) | ||||
Noninterest Expense | ||||
Compensation and employee benefits | $ | 273 | ||
Occupancy | 499 | |||
Advertising and promotion | 96 | |||
Data processing and communications | 1,558 | |||
Legal and professional fees | 385 | |||
Other | 91 | |||
Total impact of acquisition-related costs to noninterest expense | $ | 2,902 |
4. | Securities |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
March 31, 2015 | ||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 1,093,576 | $ | 13,765 | $ | (4,641 | ) | $ | 1,102,700 | |||||||
State and municipal securities | 486,969 | 15,434 | (732 | ) | 501,671 | |||||||||||
U.S. government agency and government-sponsored enterprise securities | 375,230 | 2,551 | (983 | ) | 376,798 | |||||||||||
U.S. government securities | 20,918 | — | (140 | ) | 20,778 | |||||||||||
Other securities | 5,284 | 40 | (112 | ) | 5,212 | |||||||||||
Total | $ | 1,981,977 | $ | 31,790 | $ | (6,608 | ) | $ | 2,007,159 | |||||||
December 31, 2014 | ||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 1,160,378 | $ | 10,219 | $ | (8,210 | ) | $ | 1,162,387 | |||||||
State and municipal securities | 483,578 | 14,432 | (1,526 | ) | 496,484 | |||||||||||
U.S. government agency and government-sponsored enterprise securities | 416,919 | 856 | (4,069 | ) | 413,706 | |||||||||||
U.S. government securities | 20,910 | — | (411 | ) | 20,499 | |||||||||||
Other securities | 5,284 | 20 | (123 | ) | 5,181 | |||||||||||
Total | $ | 2,087,069 | $ | 25,527 | $ | (14,339 | ) | $ | 2,098,257 |
Three Months Ended | ||||||||
March 31, | ||||||||
2015 | 2014 | |||||||
(in thousands) | ||||||||
Gross realized gains | $ | 730 | $ | 223 | ||||
Gross realized losses | (9 | ) | — | |||||
Net realized gains | $ | 721 | $ | 223 |
March 31, 2015 | ||||||||
Amortized Cost | Fair Value | |||||||
(in thousands) | ||||||||
Due within one year | $ | 15,480 | $ | 15,601 | ||||
Due after one year through five years | 404,752 | 406,989 | ||||||
Due after five years through ten years | 526,230 | 534,584 | ||||||
Due after ten years | 1,030,231 | 1,044,773 | ||||||
Other securities with no stated maturity | 5,284 | 5,212 | ||||||
Total investment securities available-for-sale | $ | 1,981,977 | $ | 2,007,159 |
March 31, 2015 | ||||
(in thousands) | ||||
Washington and Oregon State to secure public deposits | $ | 323,771 | ||
Federal Reserve Bank to secure borrowings | 36,945 | |||
Other securities pledged | 156,385 | |||
Total securities pledged as collateral | $ | 517,101 |
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, 2015 | ||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 94,304 | $ | (634 | ) | $ | 213,050 | $ | (4,007 | ) | $ | 307,354 | $ | (4,641 | ) | |||||||||
State and municipal securities | 45,809 | (227 | ) | 31,597 | (505 | ) | 77,406 | (732 | ) | |||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 999 | (1 | ) | 178,013 | (982 | ) | 179,012 | (983 | ) | |||||||||||||||
U.S. government securities | 1,050 | (1 | ) | 19,728 | (139 | ) | 20,778 | (140 | ) | |||||||||||||||
Other securities | — | — | 2,843 | (112 | ) | 2,843 | (112 | ) | ||||||||||||||||
Total | $ | 142,162 | $ | (863 | ) | $ | 445,231 | $ | (5,745 | ) | $ | 587,393 | $ | (6,608 | ) | |||||||||
December 31, 2014 | ||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 258,825 | $ | (1,287 | ) | $ | 279,015 | $ | (6,924 | ) | $ | 537,840 | $ | (8,211 | ) | |||||||||
State and municipal securities | 71,026 | (543 | ) | 44,148 | (982 | ) | 115,174 | (1,525 | ) | |||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 105,250 | (518 | ) | 216,221 | (3,551 | ) | 321,471 | (4,069 | ) | |||||||||||||||
U.S. government securities | — | — | 19,450 | (411 | ) | 19,450 | (411 | ) | ||||||||||||||||
Other securities | 2,313 | (2 | ) | 2,834 | (121 | ) | 5,147 | (123 | ) | |||||||||||||||
Total | $ | 437,414 | $ | (2,350 | ) | $ | 561,668 | $ | (11,989 | ) | $ | 999,082 | $ | (14,339 | ) |
5. | Loans |
March 31, 2015 | December 31, 2014 | |||||||||||||||||||||||
Loans, excluding PCI loans | PCI Loans | Total | Loans, excluding PCI loans | PCI Loans | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Commercial business | $ | 2,139,873 | $ | 46,335 | $ | 2,186,208 | $ | 2,119,565 | $ | 44,505 | $ | 2,164,070 | ||||||||||||
Real estate: | ||||||||||||||||||||||||
One-to-four family residential | 173,739 | 26,601 | 200,340 | 175,571 | 26,993 | 202,564 | ||||||||||||||||||
Commercial and multifamily residential | 2,374,454 | 118,230 | 2,492,684 | 2,363,541 | 128,769 | 2,492,310 | ||||||||||||||||||
Total real estate | 2,548,193 | 144,831 | 2,693,024 | 2,539,112 | 155,762 | 2,694,874 | ||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||
One-to-four family residential | 124,017 | 3,797 | 127,814 | 116,866 | 4,021 | 120,887 | ||||||||||||||||||
Commercial and multifamily residential | 119,880 | 2,238 | 122,118 | 134,443 | 2,321 | 136,764 | ||||||||||||||||||
Total real estate construction | 243,897 | 6,035 | 249,932 | 251,309 | 6,342 | 257,651 | ||||||||||||||||||
Consumer | 352,960 | 22,638 | 375,598 | 364,182 | 23,975 | 388,157 | ||||||||||||||||||
Less: Net unearned income | (53,867 | ) | — | (53,867 | ) | (59,374 | ) | — | (59,374 | ) | ||||||||||||||
Total loans, net of unearned income | 5,231,056 | 219,839 | 5,450,895 | 5,214,794 | 230,584 | 5,445,378 | ||||||||||||||||||
Less: Allowance for loan and lease losses | (53,703 | ) | (16,531 | ) | (70,234 | ) | (53,233 | ) | (16,336 | ) | (69,569 | ) | ||||||||||||
Total loans, net | $ | 5,177,353 | $ | 203,308 | $ | 5,380,661 | $ | 5,161,561 | $ | 214,248 | $ | 5,375,809 | ||||||||||||
Loans held for sale | $ | 3,545 | $ | — | $ | 3,545 | $ | 1,116 | $ | — | $ | 1,116 |
March 31, 2015 | December 31, 2014 | |||||||||||||||
Recorded Investment Nonaccrual Loans | Unpaid Principal Balance Nonaccrual Loans | Recorded Investment Nonaccrual Loans | Unpaid Principal Balance Nonaccrual Loans | |||||||||||||
(in thousands) | ||||||||||||||||
Commercial business: | ||||||||||||||||
Secured | $ | 17,240 | $ | 20,573 | $ | 16,552 | $ | 21,453 | ||||||||
Unsecured | 189 | 211 | 247 | 269 | ||||||||||||
Real estate: | ||||||||||||||||
One-to-four family residential | 4,429 | 6,109 | 2,822 | 5,680 | ||||||||||||
Commercial & multifamily residential: | ||||||||||||||||
Commercial land | 1,616 | 1,560 | 821 | 1,113 | ||||||||||||
Income property | 887 | 887 | 3,200 | 5,521 | ||||||||||||
Owner occupied | 1,995 | 2,036 | 3,826 | 5,837 | ||||||||||||
Real estate construction: | ||||||||||||||||
One-to-four family residential: | ||||||||||||||||
Land and acquisition | 871 | 871 | 95 | 112 | ||||||||||||
Residential construction | 1,263 | 1,263 | 370 | 370 | ||||||||||||
Commercial & multifamily residential: | ||||||||||||||||
Owner occupied | 470 | 489 | 480 | 489 | ||||||||||||
Consumer | 2,868 | 3,799 | 2,939 | 3,930 | ||||||||||||
Total | $ | 31,828 | $ | 37,798 | $ | 31,352 | $ | 44,774 |
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, 2015 | (in thousands) | |||||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||||||
Secured | $ | 2,024,277 | $ | 11,910 | $ | 1,874 | $ | 58 | $ | 13,842 | $ | 17,240 | $ | 2,055,359 | ||||||||||||||
Unsecured | 78,351 | 492 | 120 | 67 | 679 | 189 | 79,219 | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 164,962 | 771 | 124 | 21 | 916 | 4,429 | 170,307 | |||||||||||||||||||||
Commercial & multifamily residential: | ||||||||||||||||||||||||||||
Commercial land | 186,904 | 4,303 | 355 | 264 | 4,922 | 1,616 | 193,442 | |||||||||||||||||||||
Income property | 1,305,595 | 2,502 | 560 | — | 3,062 | 887 | 1,309,544 | |||||||||||||||||||||
Owner occupied | 841,551 | 2,206 | 435 | — | 2,641 | 1,995 | 846,187 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Land and acquisition | 15,860 | 67 | — | — | 67 | 871 | 16,798 | |||||||||||||||||||||
Residential construction | 104,378 | — | — | 4 | 4 | 1,263 | 105,645 | |||||||||||||||||||||
Commercial & multifamily residential: | ||||||||||||||||||||||||||||
Income property | 62,958 | — | — | — | — | — | 62,958 | |||||||||||||||||||||
Owner occupied | 54,969 | — | — | — | — | 470 | 55,439 | |||||||||||||||||||||
Consumer | 331,566 | 1,509 | 193 | 22 | 1,724 | 2,868 | 336,158 | |||||||||||||||||||||
Total | $ | 5,171,371 | $ | 23,760 | $ | 3,661 | $ | 436 | $ | 27,857 | $ | 31,828 | $ | 5,231,056 | ||||||||||||||
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, 2014 | (in thousands) | |||||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||||||
Secured | $ | 2,004,418 | $ | 5,137 | $ | 6,149 | $ | 1,372 | $ | 12,658 | $ | 16,552 | $ | 2,033,628 | ||||||||||||||
Unsecured | 79,661 | 185 | — | — | 185 | 247 | 80,093 | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 167,197 | 1,700 | 45 | — | 1,745 | 2,822 | 171,764 | |||||||||||||||||||||
Commercial & multifamily residential: | ||||||||||||||||||||||||||||
Commercial land | 187,470 | 1,454 | 34 | — | 1,488 | 821 | 189,779 | |||||||||||||||||||||
Income property | 1,294,982 | 3,031 | 786 | — | 3,817 | 3,200 | 1,301,999 | |||||||||||||||||||||
Owner occupied | 839,689 | 937 | 289 | — | 1,226 | 3,826 | 844,741 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Land and acquisition | 15,462 | 953 | — | — | 953 | 95 | 16,510 | |||||||||||||||||||||
Residential construction | 97,821 | 326 | — | 4 | 330 | 370 | 98,521 | |||||||||||||||||||||
Commercial & multifamily residential: | ||||||||||||||||||||||||||||
Income property | 73,783 | — | — | — | — | — | 73,783 | |||||||||||||||||||||
Owner occupied | 57,470 | — | 994 | — | 994 | 480 | 58,944 | |||||||||||||||||||||
Consumer | 341,032 | 933 | 118 | 10 | 1,061 | 2,939 | 345,032 | |||||||||||||||||||||
Total | $ | 5,158,985 | $ | 14,656 | $ | 8,415 | $ | 1,386 | $ | 24,457 | $ | 31,352 | $ | 5,214,794 |
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, 2015 | (in thousands) | |||||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||||||
Secured | $ | 2,044,486 | $ | 10,873 | $ | 96 | $ | 96 | $ | 24 | $ | 10,777 | $ | 12,986 | ||||||||||||||
Unsecured | 79,219 | — | — | — | — | — | — | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 166,129 | 4,178 | 420 | 461 | 115 | 3,758 | 4,220 | |||||||||||||||||||||
Commercial & multifamily residential: | ||||||||||||||||||||||||||||
Commercial land | 192,972 | 470 | — | — | — | 470 | 470 | |||||||||||||||||||||
Income property | 1,307,556 | 1,988 | — | — | — | 1,988 | 2,355 | |||||||||||||||||||||
Owner occupied | 839,157 | 7,030 | 578 | 578 | 24 | 6,452 | 8,944 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Land and acquisition | 15,818 | 980 | 109 | 108 | 67 | 871 | 871 | |||||||||||||||||||||
Residential construction | 104,752 | 893 | — | — | — | 893 | 893 | |||||||||||||||||||||
Commercial & multifamily residential: | ||||||||||||||||||||||||||||
Income property | 62,958 | — | — | — | — | — | — | |||||||||||||||||||||
Owner occupied | 55,439 | — | — | — | — | — | — | |||||||||||||||||||||
Consumer | 335,474 | 684 | — | — | — | 684 | 895 | |||||||||||||||||||||
Total | $ | 5,203,960 | $ | 27,096 | $ | 1,203 | $ | 1,243 | $ | 230 | $ | 25,893 | $ | 31,634 | ||||||||||||||
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, 2014 | (in thousands) | |||||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||||||
Secured | $ | 2,023,104 | $ | 10,524 | $ | 99 | $ | 99 | $ | 25 | $ | 10,425 | $ | 12,410 | ||||||||||||||
Unsecured | 80,091 | 2 | 2 | 2 | 2 | — | — | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential |