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, 2015 | December 31, 2014 | ||||||||||||
ASSETS | (in thousands) | ||||||||||||
Cash and due from banks | $ | 172,139 | $ | 171,221 | |||||||||
Interest-earning deposits with banks | 5,564 | 16,949 | |||||||||||
Total cash and cash equivalents | 177,703 | 188,170 | |||||||||||
Securities available for sale at fair value (amortized cost of $1,907,403 and $2,087,069, respectively) | 1,914,445 | 2,098,257 | |||||||||||
Federal Home Loan Bank stock at cost | 11,803 | 33,365 | |||||||||||
Loans held for sale | 4,220 | 1,116 | |||||||||||
Loans, net of unearned income of ($49,359) and ($59,374), respectively | 5,611,897 | 5,445,378 | |||||||||||
Less: allowance for loan and lease losses | 69,257 | 69,569 | |||||||||||
Loans, net | 5,542,640 | 5,375,809 | |||||||||||
FDIC loss-sharing asset | 9,344 | 15,174 | |||||||||||
Interest receivable | 27,483 | 27,802 | |||||||||||
Premises and equipment, net | 170,380 | 172,090 | |||||||||||
Other real estate owned | 20,617 | 22,190 | |||||||||||
Goodwill | 382,537 | 382,537 | |||||||||||
Other intangible assets, net | 26,924 | 30,459 | |||||||||||
Other assets | 229,923 | 231,877 | |||||||||||
Total assets | $ | 8,518,019 | $ | 8,578,846 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
Deposits: | |||||||||||||
Noninterest-bearing | $ | 3,207,538 | $ | 2,651,373 | |||||||||
Interest-bearing | 3,836,835 | 4,273,349 | |||||||||||
Total deposits | 7,044,373 | 6,924,722 | |||||||||||
Federal Home Loan Bank advances | 45,549 | 216,568 | |||||||||||
Securities sold under agreements to repurchase | 92,230 | 105,080 | |||||||||||
Other borrowings | — | 8,248 | |||||||||||
Other liabilities | 99,653 | 96,053 | |||||||||||
Total liabilities | 7,281,805 | 7,350,671 | |||||||||||
Commitments and contingent liabilities | |||||||||||||
Shareholders’ equity: | |||||||||||||
June 30, 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 | 115,000 | 63,033 | |||||||||||
Issued and outstanding | 57,709 | 57,437 | 987,320 | 985,839 | |||||||||
Retained earnings | 243,888 | 234,498 | |||||||||||
Accumulated other comprehensive income | 2,789 | 5,621 | |||||||||||
Total shareholders’ equity | 1,236,214 | 1,228,175 | |||||||||||
Total liabilities and shareholders’ equity | $ | 8,518,019 | $ | 8,578,846 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands except per share amounts) | ||||||||||||||||
Interest Income | ||||||||||||||||
Loans | $ | 71,744 | $ | 67,004 | $ | 142,566 | $ | 132,545 | ||||||||
Taxable securities | 7,260 | 6,382 | 14,786 | 13,134 | ||||||||||||
Tax-exempt securities | 3,010 | 2,671 | 6,052 | 5,289 | ||||||||||||
Deposits in banks | 26 | 30 | 53 | 44 | ||||||||||||
Total interest income | 82,040 | 76,087 | 163,457 | 151,012 | ||||||||||||
Interest Expense | ||||||||||||||||
Deposits | 740 | 729 | 1,488 | 1,481 | ||||||||||||
Federal Home Loan Bank advances | 154 | 115 | 313 | 229 | ||||||||||||
Other borrowings | 136 | 119 | 282 | 238 | ||||||||||||
Total interest expense | 1,030 | 963 | 2,083 | 1,948 | ||||||||||||
Net Interest Income | 81,010 | 75,124 | 161,374 | 149,064 | ||||||||||||
Provision for loan and lease losses | 2,202 | 2,117 | 3,411 | 4,039 | ||||||||||||
Net interest income after provision for loan and lease losses | 78,808 | 73,007 | 157,963 | 145,025 | ||||||||||||
Noninterest Income | ||||||||||||||||
Service charges and other fees | 15,874 | 13,790 | 30,743 | 26,726 | ||||||||||||
Merchant services fees | 2,340 | 2,040 | 4,380 | 3,910 | ||||||||||||
Investment securities gains, net | 343 | 296 | 1,064 | 519 | ||||||||||||
Bank owned life insurance | 1,206 | 976 | 2,284 | 1,941 | ||||||||||||
Change in FDIC loss-sharing asset | (1,494 | ) | (5,050 | ) | (1,344 | ) | (9,869 | ) | ||||||||
Other | 3,193 | 2,575 | 7,102 | 5,408 | ||||||||||||
Total noninterest income | 21,462 | 14,627 | 44,229 | 28,635 | ||||||||||||
Noninterest Expense | ||||||||||||||||
Compensation and employee benefits | 38,446 | 31,064 | 77,546 | 62,402 | ||||||||||||
Occupancy | 8,687 | 8,587 | 16,680 | 16,831 | ||||||||||||
Merchant processing | 1,079 | 998 | 2,056 | 1,978 | ||||||||||||
Advertising and promotion | 1,195 | 950 | 2,126 | 1,719 | ||||||||||||
Data processing and communications | 4,242 | 3,680 | 9,226 | 7,200 | ||||||||||||
Legal and professional fees | 2,847 | 2,303 | 5,354 | 4,472 | ||||||||||||
Taxes, licenses and fees | 1,427 | 1,051 | 2,659 | 2,231 | ||||||||||||
Regulatory premiums | 1,321 | 1,073 | 2,542 | 2,249 | ||||||||||||
Net cost (benefit) of operation of other real estate owned | (563 | ) | (97 | ) | (1,809 | ) | 49 | |||||||||
Amortization of intangibles | 1,718 | 1,480 | 3,535 | 3,060 | ||||||||||||
Other | 8,072 | 6,675 | 15,290 | 12,959 | ||||||||||||
Total noninterest expense | 68,471 | 57,764 | 135,205 | 115,150 | ||||||||||||
Income before income taxes | 31,799 | 29,870 | 66,987 | 58,510 | ||||||||||||
Income tax provision | 9,853 | 8,643 | 20,680 | 17,439 | ||||||||||||
Net Income | $ | 21,946 | $ | 21,227 | $ | 46,307 | $ | 41,071 | ||||||||
Earnings per common share | ||||||||||||||||
Basic | $ | 0.38 | $ | 0.40 | $ | 0.80 | $ | 0.79 | ||||||||
Diluted | $ | 0.38 | $ | 0.40 | $ | 0.80 | $ | 0.77 | ||||||||
Dividends paid per common share | $ | 0.34 | $ | 0.24 | $ | 0.64 | $ | 0.36 | ||||||||
Weighted average number of common shares outstanding | 57,055 | 52,088 | 56,999 | 51,600 | ||||||||||||
Weighted average number of diluted common shares outstanding | 57,069 | 52,494 | 57,012 | 52,463 |
Three Months Ended | ||||||||
June 30, | ||||||||
2015 | 2014 | |||||||
(in thousands) | ||||||||
Net income as reported | $ | 21,946 | $ | 21,227 | ||||
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 $6,457 and ($4,992) | (11,341 | ) | 8,768 | |||||
Reclassification adjustment of net gain from sale of available for sale securities included in income, net of tax of $124 and $107 | (219 | ) | (189 | ) | ||||
Net unrealized gain (loss) from securities, net of reclassification adjustment | (11,560 | ) | 8,579 | |||||
Pension plan liability adjustment: | ||||||||
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of ($35) and ($13) | 63 | 24 | ||||||
Pension plan liability adjustment, net | 63 | 24 | ||||||
Other comprehensive income (loss) | (11,497 | ) | 8,603 | |||||
Total comprehensive income | $ | 10,449 | $ | 29,830 |
Six Months Ended | ||||||||
June 30, | ||||||||
2015 | 2014 | |||||||
(in thousands) | ||||||||
Net income as reported | $ | 46,307 | $ | 41,071 | ||||
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 $1,119 and ($9,041) | (1,965 | ) | 15,887 | |||||
Reclassification adjustment of net gain from sale of available for sale securities included in income, net of tax of $386 and $188 | (678 | ) | (331 | ) | ||||
Net unrealized gain (loss) from securities, net of reclassification adjustment | (2,643 | ) | 15,556 | |||||
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 ($51) and ($26) | 91 | 48 | ||||||
Pension plan liability adjustment, net | (189 | ) | 48 | |||||
Other comprehensive income (loss) | (2,832 | ) | 15,604 | |||||
Total comprehensive income | $ | 43,475 | $ | 56,675 |
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 | — | — | — | — | 46,307 | — | 46,307 | |||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | (2,832 | ) | (2,832 | ) | |||||||||||||||||
Issuance of common stock - stock option and other plans | — | — | 21 | 519 | — | — | 519 | |||||||||||||||||||
Issuance of common stock - restricted stock awards, net of canceled awards | — | — | 282 | 1,836 | — | — | 1,836 | |||||||||||||||||||
Purchase and retirement of common stock | — | — | (31 | ) | (874 | ) | — | — | (874 | ) | ||||||||||||||||
Preferred dividends | — | — | — | — | (66 | ) | — | (66 | ) | |||||||||||||||||
Cash dividends paid on common stock | — | — | — | — | (36,851 | ) | — | (36,851 | ) | |||||||||||||||||
Balance at June 30, 2015 | 9 | $ | 2,217 | 57,709 | $ | 987,320 | $ | 243,888 | $ | 2,789 | $ | 1,236,214 | ||||||||||||||
Balance at January 1, 2014 | 9 | $ | 2,217 | 51,265 | $ | 860,562 | $ | 202,514 | $ | (12,044 | ) | $ | 1,053,249 | |||||||||||||
Net income | — | — | — | — | 41,071 | — | 41,071 | |||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 15,604 | 15,604 | |||||||||||||||||||
Issuance of common stock - cashless exercise of warrants | — | — | 1,140 | — | — | — | — | |||||||||||||||||||
Activity in deferred compensation plan | — | — | — | (1 | ) | — | — | (1 | ) | |||||||||||||||||
Issuance of common stock - stock option and other plans | — | — | 21 | 425 | — | — | 425 | |||||||||||||||||||
Issuance of common stock - restricted stock awards, net of canceled awards | — | — | 233 | 1,224 | — | — | 1,224 | |||||||||||||||||||
Purchase and retirement of common stock | — | — | (24 | ) | (601 | ) | — | — | (601 | ) | ||||||||||||||||
Preferred dividends | — | — | — | — | (37 | ) | — | (37 | ) | |||||||||||||||||
Cash dividends paid on common stock | — | — | — | — | (18,783 | ) | — | (18,783 | ) | |||||||||||||||||
Balance at June 30, 2014 | 9 | $ | 2,217 | 52,635 | $ | 861,609 | $ | 224,765 | $ | 3,560 | $ | 1,092,151 |
Six Months Ended June 30, | ||||||||
2015 | 2014 (1) | |||||||
(in thousands) | ||||||||
Cash Flows From Operating Activities | ||||||||
Net Income | $ | 46,307 | $ | 41,071 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Provision for loan and lease losses | 3,411 | 4,039 | ||||||
Stock-based compensation expense | 1,836 | 1,224 | ||||||
Depreciation, amortization and accretion | 14,630 | 17,057 | ||||||
Investment securities gain, net | (1,064 | ) | (519 | ) | ||||
Net realized (gain) loss on sale of other assets | (289 | ) | 453 | |||||
Net realized gain on sale of other real estate owned | (2,992 | ) | (2,972 | ) | ||||
Write-down on other real estate owned | 793 | 2,554 | ||||||
Net change in: | ||||||||
Loans held for sale | (3,104 | ) | (15 | ) | ||||
Interest receivable | 319 | 23 | ||||||
Interest payable | (105 | ) | (20 | ) | ||||
Other assets | 1,579 | 3,062 | ||||||
Other liabilities | 3,292 | (2,589 | ) | |||||
Net cash provided by operating activities | 64,613 | 63,368 | ||||||
Cash Flows From Investing Activities | ||||||||
Loans originated and acquired, net of principal collected | (175,260 | ) | (201,162 | ) | ||||
Purchases of: | ||||||||
Securities available for sale | (37,070 | ) | (22,804 | ) | ||||
Premises and equipment | (4,805 | ) | (8,383 | ) | ||||
Federal Home Loan Bank stock | (1,440 | ) | — | |||||
Proceeds from: | ||||||||
FDIC reimbursement on loss-sharing asset | 4,009 | 3,982 | ||||||
Sales of securities available for sale | 72,166 | 30,704 | ||||||
Principal repayments and maturities of securities available for sale | 135,102 | 83,788 | ||||||
Sales of premises and equipment, Federal Home Loan Bank stock and loans held for investment | 30,871 | 1,095 | ||||||
Sales of other real estate and other personal property owned (1) | 11,553 | 15,932 | ||||||
Payments to FDIC related to loss-sharing asset | (487 | ) | (2,217 | ) | ||||
Net cash provided by (used in) investing activities | 34,639 | (99,065 | ) | |||||
Cash Flows From Financing Activities | ||||||||
Net increase in deposits | 119,651 | 25,594 | ||||||
Net decrease in sweep repurchase agreements | (12,850 | ) | — | |||||
Proceeds from: | ||||||||
Federal Home Loan Bank advances | 1,319,000 | 1,168,000 | ||||||
Federal Reserve Bank borrowings | 1,010 | 50 | ||||||
Exercise of stock options | 519 | 425 | ||||||
Payments for: | ||||||||
Repayment of Federal Home Loan Bank advances | (1,490,000 | ) | (1,094,000 | ) | ||||
Repayment of Federal Reserve Bank borrowings | (1,010 | ) | (50 | ) | ||||
Common stock dividends | (36,851 | ) | (18,783 | ) | ||||
Preferred stock dividends | (66 | ) | (37 | ) | ||||
Repayment of other borrowings | (8,248 | ) | — | |||||
Purchase and retirement of common stock | (874 | ) | (601 | ) | ||||
Net cash provided by (used in) financing activities | (109,719 | ) | 80,598 | |||||
Increase (decrease) in cash and cash equivalents | (10,467 | ) | 44,901 | |||||
Cash and cash equivalents at beginning of period | 188,170 | 179,561 | ||||||
Cash and cash equivalents at end of period | $ | 177,703 | $ | 224,462 | ||||
Supplemental Information: | ||||||||
Cash paid during the period for: | ||||||||
Cash paid for interest | $ | 2,188 | $ | 1,968 | ||||
Cash paid for income tax | $ | 7,281 | $ | 8,200 | ||||
Non-cash investing and financing activities | ||||||||
Loans transferred to other real estate owned | $ | 7,836 | $ | 7,841 |
1. | Basis of Presentation and Significant Accounting Policies |
2. | Accounting Pronouncements Recently Issued |
3. | Business Combinations |
November 1, 2014 | ||||
(in thousands) | ||||
Purchase price as of November 1, 2014 | $ | 131,935 | ||
Recognized amounts of identifiable assets acquired and (liabilities assumed), at fair value: | ||||
Cash and cash equivalents | $ | 47,283 | ||
Investment securities | 299,458 | |||
Federal Home Loan Bank stock | 2,124 | |||
Acquired loans | 502,595 | |||
Interest receivable | 4,656 | |||
Premises and equipment | 20,696 | |||
Other real estate owned | 2,752 | |||
Core deposit intangible | 10,900 | |||
Other assets | 35,353 | |||
Deposits | (736,795 | ) | ||
Other borrowings | (22,904 | ) | ||
Securities sold under agreements to repurchase | (59,043 | ) | ||
Other liabilities | (13,725 | ) | ||
Total fair value of identifiable net assets | 93,350 | |||
Goodwill | $ | 38,585 |
Unaudited Pro Forma | ||||
Six Months Ended June 30, | ||||
2014 | ||||
(in thousands except per share) | ||||
Total revenues (net interest income plus noninterest income) | $ | 197,723 | ||
Net income | $ | 43,719 | ||
Earnings per share - basic | $ | 0.78 | ||
Earnings per share - diluted | $ | 0.77 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||
2015 | 2015 | |||||||
(in thousands) | ||||||||
Noninterest Expense | ||||||||
Compensation and employee benefits | $ | 3,035 | $ | 3,308 | ||||
Occupancy | 804 | 1,303 | ||||||
Advertising and promotion | 247 | 343 | ||||||
Data processing and communications | 180 | 1,738 | ||||||
Legal and professional fees | 633 | 1,018 | ||||||
Other | 744 | 835 | ||||||
Total impact of acquisition-related costs to noninterest expense | $ | 5,643 | $ | 8,545 |
4. | Securities |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
June 30, 2015 | ||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 1,042,134 | $ | 8,427 | $ | (9,482 | ) | $ | 1,041,079 | |||||||
State and municipal securities | 479,847 | 11,184 | (2,000 | ) | 489,031 | |||||||||||
U.S. government agency and government-sponsored enterprise securities | 359,714 | 1,195 | (1,884 | ) | 359,025 | |||||||||||
U.S. government securities | 20,424 | — | (262 | ) | 20,162 | |||||||||||
Other securities | 5,284 | 23 | (159 | ) | 5,148 | |||||||||||
Total | $ | 1,907,403 | $ | 20,829 | $ | (13,787 | ) | $ | 1,914,445 | |||||||
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 | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
(in thousands) | ||||||||||||||||
Gross realized gains | $ | 343 | $ | 296 | $ | 1,073 | $ | 519 | ||||||||
Gross realized losses | — | — | (9 | ) | — | |||||||||||
Net realized gains | $ | 343 | $ | 296 | $ | 1,064 | $ | 519 |
June 30, 2015 | ||||||||
Amortized Cost | Fair Value | |||||||
(in thousands) | ||||||||
Due within one year | $ | 20,112 | $ | 20,399 | ||||
Due after one year through five years | 391,397 | 392,321 | ||||||
Due after five years through ten years | 535,833 | 539,403 | ||||||
Due after ten years | 954,777 | 957,174 | ||||||
Other securities with no stated maturity | 5,284 | 5,148 | ||||||
Total investment securities available-for-sale | $ | 1,907,403 | $ | 1,914,445 |
June 30, 2015 | ||||
(in thousands) | ||||
Washington and Oregon State to secure public deposits | $ | 331,431 | ||
Federal Reserve Bank to secure borrowings | 55,508 | |||
Other securities pledged | 149,327 | |||
Total securities pledged as collateral | $ | 536,266 |
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, 2015 | ||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 290,497 | $ | (2,468 | ) | $ | 200,514 | $ | (7,014 | ) | $ | 491,011 | $ | (9,482 | ) | |||||||||
State and municipal securities | 123,367 | (1,020 | ) | 29,701 | (980 | ) | 153,068 | (2,000 | ) | |||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 128,033 | (418 | ) | 100,277 | (1,466 | ) | 228,310 | (1,884 | ) | |||||||||||||||
U.S. government securities | — | — | 19,613 | (262 | ) | 19,613 | (262 | ) | ||||||||||||||||
Other securities | 2,304 | (11 | ) | 2,807 | (148 | ) | 5,111 | (159 | ) | |||||||||||||||
Total | $ | 544,201 | $ | (3,917 | ) | $ | 352,912 | $ | (9,870 | ) | $ | 897,113 | $ | (13,787 | ) | |||||||||
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 |
June 30, 2015 | December 31, 2014 | |||||||||||||||||||||||
Loans, excluding PCI loans | PCI Loans | Total | Loans, excluding PCI loans | PCI Loans | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Commercial business | $ | 2,255,468 | $ | 41,221 | $ | 2,296,689 | $ | 2,119,565 | $ | 44,505 | $ | 2,164,070 | ||||||||||||
Real estate: | ||||||||||||||||||||||||
One-to-four family residential | 181,849 | 25,740 | 207,589 | 175,571 | 26,993 | 202,564 | ||||||||||||||||||
Commercial and multifamily residential | 2,406,594 | 108,578 | 2,515,172 | 2,363,541 | 128,769 | 2,492,310 | ||||||||||||||||||
Total real estate | 2,588,443 | 134,318 | 2,722,761 | 2,539,112 | 155,762 | 2,694,874 | ||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||
One-to-four family residential | 127,311 | 2,882 | 130,193 | 116,866 | 4,021 | 120,887 | ||||||||||||||||||
Commercial and multifamily residential | 129,302 | 2,020 | 131,322 | 134,443 | 2,321 | 136,764 | ||||||||||||||||||
Total real estate construction | 256,613 | 4,902 | 261,515 | 251,309 | 6,342 | 257,651 | ||||||||||||||||||
Consumer | 358,365 | 21,926 | 380,291 | 364,182 | 23,975 | 388,157 | ||||||||||||||||||
Less: Net unearned income | (49,359 | ) | — | (49,359 | ) | (59,374 | ) | — | (59,374 | ) | ||||||||||||||
Total loans, net of unearned income | 5,409,530 | 202,367 | 5,611,897 | 5,214,794 | 230,584 | 5,445,378 | ||||||||||||||||||
Less: Allowance for loan and lease losses | (53,083 | ) | (16,174 | ) | (69,257 | ) | (53,233 | ) | (16,336 | ) | (69,569 | ) | ||||||||||||
Total loans, net | $ | 5,356,447 | $ | 186,193 | $ | 5,542,640 | $ | 5,161,561 | $ | 214,248 | $ | 5,375,809 | ||||||||||||
Loans held for sale | $ | 4,220 | $ | — | $ | 4,220 | $ | 1,116 | $ | — | $ | 1,116 |
June 30, 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 | $ | 13,018 | $ | 17,139 | $ | 16,552 | $ | 21,453 | ||||||||
Unsecured | 521 | 673 | 247 | 269 | ||||||||||||
Real estate: | ||||||||||||||||
One-to-four family residential | 4,193 | 5,985 | 2,822 | 5,680 | ||||||||||||
Commercial & multifamily residential: | ||||||||||||||||
Commercial land | 1,561 | 1,704 | 821 | 1,113 | ||||||||||||
Income property | 1,276 | 1,331 | 3,200 | 5,521 | ||||||||||||
Owner occupied | 972 | 1,131 | 3,826 | 5,837 | ||||||||||||
Real estate construction: | ||||||||||||||||
One-to-four family residential: | ||||||||||||||||
Land and acquisition | 862 | 866 | 95 | 112 | ||||||||||||
Residential construction | 1,075 | 1,222 | 370 | 370 | ||||||||||||
Commercial & multifamily residential: | ||||||||||||||||
Owner occupied | 469 | 489 | 480 | 489 | ||||||||||||
Consumer | 1,799 | 2,176 | 2,939 | 3,930 | ||||||||||||
Total | $ | 25,746 | $ | 32,716 | $ | 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 | ||||||||||||||||||||||
June 30, 2015 | (in thousands) | |||||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||||||
Secured | $ | 2,149,972 | $ | 3,847 | $ | 1,589 | $ | — | $ | 5,436 | $ | 13,018 | $ | 2,168,426 | ||||||||||||||
Unsecured | 81,433 | 270 | — | — | 270 | 521 | 82,224 | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 172,268 | 2,024 | 128 | — | 2,152 | 4,193 | 178,613 | |||||||||||||||||||||
Commercial & multifamily residential: | ||||||||||||||||||||||||||||
Commercial land | 206,558 | 1,154 | — | — | 1,154 | 1,561 | 209,273 | |||||||||||||||||||||
Income property | 1,310,441 | 1,756 | 415 | — | 2,171 | 1,276 | 1,313,888 | |||||||||||||||||||||
Owner occupied | 857,764 | 589 | 276 | — | 865 | 972 | 859,601 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Land and acquisition | 15,955 | — | — | — | — | 862 | 16,817 | |||||||||||||||||||||
Residential construction | 107,279 | 758 | — | — | 758 | 1,075 | 109,112 | |||||||||||||||||||||
Commercial & multifamily residential: | ||||||||||||||||||||||||||||
Income property | 64,557 | — | — | — | — | — | 64,557 | |||||||||||||||||||||
Owner occupied | 61,572 | 981 | — | — | 981 | 469 | 63,022 | |||||||||||||||||||||
Consumer | 341,606 | 444 | 148 | — | 592 | 1,799 | 343,997 | |||||||||||||||||||||
Total | $ | 5,369,405 | $ | 11,823 | $ | 2,556 | $ | — | $ | 14,379 | $ | 25,746 | $ | 5,409,530 | ||||||||||||||
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 |