☒ | 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 | ☒ | 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, 2016 | December 31, 2015 | ||||||||||||
ASSETS | (in thousands) | ||||||||||||
Cash and due from banks | $ | 180,839 | $ | 166,929 | |||||||||
Interest-earning deposits with banks | 11,225 | 8,373 | |||||||||||
Total cash and cash equivalents | 192,064 | 175,302 | |||||||||||
Securities available for sale at fair value (amortized cost of $2,324,721 and $2,157,610, respectively) | 2,360,084 | 2,157,694 | |||||||||||
Federal Home Loan Bank stock at cost | 12,640 | 12,722 | |||||||||||
Loans held for sale | 3,361 | 4,509 | |||||||||||
Loans, net of unearned income of ($36,236) and ($42,373), respectively | 6,259,757 | 5,815,027 | |||||||||||
Less: allowance for loan and lease losses | 70,264 | 68,172 | |||||||||||
Loans, net | 6,189,493 | 5,746,855 | |||||||||||
FDIC loss-sharing asset | 3,592 | 6,568 | |||||||||||
Interest receivable | 31,606 | 27,877 | |||||||||||
Premises and equipment, net | 152,908 | 164,239 | |||||||||||
Other real estate owned | 8,994 | 13,738 | |||||||||||
Goodwill | 382,762 | 382,762 | |||||||||||
Other intangible assets, net | 19,051 | 23,577 | |||||||||||
Other assets | 230,199 | 235,854 | |||||||||||
Total assets | $ | 9,586,754 | $ | 8,951,697 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
Deposits: | |||||||||||||
Noninterest-bearing | $ | 3,942,434 | $ | 3,507,358 | |||||||||
Interest-bearing | 4,115,382 | 3,931,471 | |||||||||||
Total deposits | 8,057,816 | 7,438,829 | |||||||||||
Federal Home Loan Bank advances | 66,502 | 68,531 | |||||||||||
Securities sold under agreements to repurchase | 69,189 | 99,699 | |||||||||||
Other liabilities | 116,512 | 102,510 | |||||||||||
Total liabilities | 8,310,019 | 7,709,569 | |||||||||||
Commitments and contingent liabilities (Note 10) | |||||||||||||
Shareholders’ equity: | |||||||||||||
September 30, 2016 | December 31, 2015 | ||||||||||||
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 | 115,000 | |||||||||||
Issued and outstanding | 58,043 | 57,724 | 994,098 | 990,281 | |||||||||
Retained earnings | 263,915 | 255,925 | |||||||||||
Accumulated other comprehensive income (loss) | 16,505 | (6,295 | ) | ||||||||||
Total shareholders’ equity | 1,276,735 | 1,242,128 | |||||||||||
Total liabilities and shareholders’ equity | $ | 9,586,754 | $ | 8,951,697 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2016 | 2015 (1) | 2016 | 2015 (1) | |||||||||||||
(in thousands except per share amounts) | ||||||||||||||||
Interest Income | ||||||||||||||||
Loans | $ | 74,956 | $ | 72,242 | $ | 216,923 | $ | 214,808 | ||||||||
Taxable securities | 8,988 | 7,472 | 25,834 | 22,258 | ||||||||||||
Tax-exempt securities | 2,799 | 2,920 | 8,397 | 8,972 | ||||||||||||
Deposits in banks | 15 | 31 | 81 | 84 | ||||||||||||
Total interest income | 86,758 | 82,665 | 251,235 | 246,122 | ||||||||||||
Interest Expense | ||||||||||||||||
Deposits | 823 | 756 | 2,352 | 2,244 | ||||||||||||
Federal Home Loan Bank advances | 229 | 78 | 594 | 391 | ||||||||||||
Other borrowings | 134 | 137 | 407 | 419 | ||||||||||||
Total interest expense | 1,186 | 971 | 3,353 | 3,054 | ||||||||||||
Net Interest Income | 85,572 | 81,694 | 247,882 | 243,068 | ||||||||||||
Provision for loan and lease losses | 1,866 | 2,831 | 10,760 | 6,242 | ||||||||||||
Net interest income after provision for loan and lease losses | 83,706 | 78,863 | 237,122 | 236,826 | ||||||||||||
Noninterest Income | ||||||||||||||||
Deposit account and treasury management fees (1) | 7,222 | 7,230 | 21,304 | 21,441 | ||||||||||||
Card revenue (1) | 6,114 | 5,849 | 17,817 | 16,914 | ||||||||||||
Financial services and trust revenue (1) | 2,746 | 3,316 | 8,347 | 9,657 | ||||||||||||
Loan revenue (1) | 2,949 | 3,200 | 8,013 | 8,125 | ||||||||||||
Merchant processing revenue | 2,352 | 2,422 | 6,726 | 6,802 | ||||||||||||
Bank owned life insurance | 1,073 | 1,086 | 3,459 | 3,370 | ||||||||||||
Investment securities gains, net | 572 | 236 | 1,174 | 1,300 | ||||||||||||
Change in FDIC loss-sharing asset | (104 | ) | (1,635 | ) | (2,197 | ) | (2,979 | ) | ||||||||
Other (1) | 242 | 795 | 1,109 | 2,098 | ||||||||||||
Total noninterest income | 23,166 | 22,499 | 65,752 | 66,728 | ||||||||||||
Noninterest Expense | ||||||||||||||||
Compensation and employee benefits | 38,476 | 35,175 | 112,086 | 112,721 | ||||||||||||
Occupancy | 8,219 | 8,101 | 26,044 | 24,781 | ||||||||||||
Merchant processing expense | 1,161 | 1,090 | 3,312 | 3,146 | ||||||||||||
Advertising and promotion | 1,993 | 1,354 | 3,878 | 3,480 | ||||||||||||
Data processing | 4,275 | 3,796 | 12,350 | 13,022 | ||||||||||||
Legal and professional fees | 2,264 | 2,173 | 5,366 | 7,527 | ||||||||||||
Taxes, licenses and fees | 1,491 | 1,344 | 4,079 | 4,003 | ||||||||||||
Regulatory premiums | 776 | 1,084 | 2,985 | 3,626 | ||||||||||||
Net cost (benefit) of operation of other real estate owned | (249 | ) | 240 | (61 | ) | (1,569 | ) | |||||||||
Amortization of intangibles | 1,460 | 1,695 | 4,526 | 5,230 | ||||||||||||
Other | 7,398 | 8,015 | 21,563 | 23,305 | ||||||||||||
Total noninterest expense | 67,264 | 64,067 | 196,128 | 199,272 | ||||||||||||
Income before income taxes | 39,608 | 37,295 | 106,746 | 104,282 | ||||||||||||
Income tax provision | 12,124 | 11,515 | 32,598 | 32,195 | ||||||||||||
Net Income | $ | 27,484 | $ | 25,780 | $ | 74,148 | $ | 72,087 | ||||||||
Earnings per common share | ||||||||||||||||
Basic | $ | 0.47 | $ | 0.45 | $ | 1.28 | $ | 1.25 | ||||||||
Diluted | $ | 0.47 | $ | 0.45 | $ | 1.28 | $ | 1.25 | ||||||||
Dividends paid per common share | $ | 0.39 | $ | 0.34 | $ | 1.14 | $ | 0.98 | ||||||||
Weighted average number of common shares outstanding | 57,215 | 57,051 | 57,173 | 57,007 | ||||||||||||
Weighted average number of diluted common shares outstanding | 57,225 | 57,064 | 57,183 | 57,021 |
Three Months Ended | ||||||||
September 30, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
Net income | $ | 27,484 | $ | 25,780 | ||||
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 $2,305 and ($5,765) | (4,049 | ) | 10,126 | |||||
Reclassification adjustment of net gain from sale of available for sale securities included in income, net of tax of $208 and $85 | (364 | ) | (151 | ) | ||||
Net unrealized gain (loss) from securities, net of reclassification adjustment | (4,413 | ) | 9,975 | |||||
Pension plan liability adjustment: | ||||||||
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of ($60) and ($35) | 107 | 62 | ||||||
Pension plan liability adjustment, net | 107 | 62 | ||||||
Other comprehensive income (loss) | (4,306 | ) | 10,037 | |||||
Total comprehensive income | $ | 23,178 | $ | 35,817 |
Nine Months Ended | ||||||||
September 30, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
Net income | $ | 74,148 | $ | 72,087 | ||||
Other comprehensive income (loss), net of tax: | ||||||||
Unrealized gain (loss) from securities: | ||||||||
Net unrealized holding gain from available for sale securities arising during the period, net of tax of ($13,225) and ($4,647) | 23,229 | 8,161 | ||||||
Reclassification adjustment of net gain from sale of available for sale securities included in income, net of tax of $426 and $471 | (748 | ) | (829 | ) | ||||
Net unrealized gain from securities, net of reclassification adjustment | 22,481 | 7,332 | ||||||
Pension plan liability adjustment: | ||||||||
Net unrealized loss from unfunded defined benefit plan liability arising during the period, net of tax of $0 and $159 | — | (280 | ) | |||||
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of ($182) and ($87) | 319 | 153 | ||||||
Pension plan liability adjustment, net | 319 | (127 | ) | |||||
Other comprehensive income | 22,800 | 7,205 | ||||||
Total comprehensive income | $ | 96,948 | $ | 79,292 |
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, 2016 | 9 | $ | 2,217 | 57,724 | $ | 990,281 | $ | 255,925 | $ | (6,295 | ) | $ | 1,242,128 | |||||||||||||
Net income | — | — | — | — | 74,148 | — | 74,148 | |||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 22,800 | 22,800 | |||||||||||||||||||
Issuance of common stock - stock option and other plans | — | — | 47 | 1,304 | — | — | 1,304 | |||||||||||||||||||
Issuance of common stock - restricted stock awards, net of canceled awards | — | — | 310 | 3,626 | — | — | 3,626 | |||||||||||||||||||
Purchase and retirement of common stock | — | — | (38 | ) | (1,113 | ) | — | — | (1,113 | ) | ||||||||||||||||
Preferred dividends | — | — | — | — | (117 | ) | — | (117 | ) | |||||||||||||||||
Cash dividends paid on common stock | — | — | — | — | (66,041 | ) | — | (66,041 | ) | |||||||||||||||||
Balance at September 30, 2016 | 9 | $ | 2,217 | 58,043 | $ | 994,098 | $ | 263,915 | $ | 16,505 | $ | 1,276,735 | ||||||||||||||
Balance at January 1, 2015 | 9 | $ | 2,217 | 57,437 | $ | 985,839 | $ | 234,498 | $ | 5,621 | $ | 1,228,175 | ||||||||||||||
Net income | — | — | — | — | 72,087 | — | 72,087 | |||||||||||||||||||
Other comprehensive income | — | — | — | — | — | 7,205 | 7,205 | |||||||||||||||||||
Issuance of common stock - stock option and other plans | — | — | 46 | 1,194 | — | — | 1,194 | |||||||||||||||||||
Issuance of common stock - restricted stock awards, net of canceled awards | — | — | 277 | 2,934 | — | — | 2,934 | |||||||||||||||||||
Purchase and retirement of common stock | — | — | (31 | ) | (879 | ) | — | — | (879 | ) | ||||||||||||||||
Preferred dividends | — | — | — | — | (100 | ) | — | (100 | ) | |||||||||||||||||
Cash dividends paid on common stock | — | — | — | — | (56,480 | ) | — | (56,480 | ) | |||||||||||||||||
Balance at September 30, 2015 | 9 | $ | 2,217 | 57,729 | $ | 989,088 | $ | 250,005 | $ | 12,826 | $ | 1,254,136 |
CONSOLIDATED STATEMENTS OF CASH FLOWS Columbia Banking System, Inc. (Unaudited) | ||||||||
Nine Months Ended September 30, | ||||||||
2016 | 2015 (1) | |||||||
(in thousands) | ||||||||
Cash Flows From Operating Activities | ||||||||
Net income | $ | 74,148 | $ | 72,087 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Provision for loan and lease losses | 10,760 | 6,242 | ||||||
Stock-based compensation expense | 3,626 | 2,934 | ||||||
Depreciation, amortization and accretion | 27,796 | 21,892 | ||||||
Investment securities gain, net | (1,174 | ) | (1,300 | ) | ||||
Net realized (gain) loss on sale of other assets | 186 | (241 | ) | |||||
Net realized (gain) loss on sale and valuation adjustments of other real estate owned (1) | 101 | (1,798 | ) | |||||
Originations of loans held for sale | (76,645 | ) | (57,249 | ) | ||||
Proceeds from sales of loans held for sale (1) | 77,793 | 51,728 | ||||||
Net change in: | ||||||||
Interest receivable | (3,729 | ) | (2,684 | ) | ||||
Interest payable | (84 | ) | (136 | ) | ||||
Other assets | (7,714 | ) | (1,618 | ) | ||||
Other liabilities | 13,416 | 11,012 | ||||||
Net cash provided by operating activities | 118,480 | 100,869 | ||||||
Cash Flows From Investing Activities | ||||||||
Loans originated and acquired, net of principal collected | (450,914 | ) | (314,768 | ) | ||||
Purchases of: | ||||||||
Securities available for sale | (502,602 | ) | (218,734 | ) | ||||
Premises and equipment | (2,705 | ) | (7,351 | ) | ||||
Federal Home Loan Bank stock | (57,799 | ) | (7,360 | ) | ||||
Proceeds from: | ||||||||
FDIC reimbursement on loss-sharing asset | 878 | 4,195 | ||||||
Sales of securities available for sale | 120,800 | 82,776 | ||||||
Principal repayments and maturities of securities available for sale | 199,677 | 204,322 | ||||||
Sales of premises and equipment and loans held for investment (1) | 7,391 | 14,132 | ||||||
Redemption of Federal Home Loan Bank stock (1) | 57,881 | 30,483 | ||||||
Sales of other real estate and other personal property owned | 5,845 | 13,254 | ||||||
Payments to FDIC related to loss-sharing asset | (855 | ) | (1,472 | ) | ||||
Net cash used in investing activities | (622,403 | ) | (200,523 | ) | ||||
Cash Flows From Financing Activities | ||||||||
Net increase in deposits | 619,162 | 390,083 | ||||||
Net decrease in sweep repurchase agreements | (30,510 | ) | (31,898 | ) | ||||
Proceeds from: | ||||||||
Federal Home Loan Bank advances | 1,347,000 | 1,467,000 | ||||||
Federal Reserve Bank borrowings | 10 | 1,010 | ||||||
Exercise of stock options | 1,304 | 1,194 | ||||||
Payments for: | ||||||||
Repayment of Federal Home Loan Bank advances | (1,349,000 | ) | (1,677,000 | ) | ||||
Repayment of Federal Reserve Bank borrowings | (10 | ) | (1,010 | ) | ||||
Common stock dividends | (66,041 | ) | (56,480 | ) | ||||
Preferred stock dividends | (117 | ) | (100 | ) | ||||
Repayment of other borrowings | — | (8,248 | ) | |||||
Purchase and retirement of common stock | (1,113 | ) | (879 | ) | ||||
Net cash provided by financing activities | 520,685 | 83,672 | ||||||
Increase (decrease) in cash and cash equivalents | 16,762 | (15,982 | ) | |||||
Cash and cash equivalents at beginning of period | 175,302 | 188,170 | ||||||
Cash and cash equivalents at end of period | $ | 192,064 | $ | 172,188 | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS, Continued Columbia Banking System, Inc. (Unaudited) | ||||||||
Nine Months Ended September 30, | ||||||||
2016 | 2015 (1) | |||||||
(in thousands) | ||||||||
Supplemental Information: | ||||||||
Cash paid during the period for: | ||||||||
Cash paid for interest | $ | 3,437 | $ | 3,190 | ||||
Cash paid for income tax | $ | 20,825 | $ | 19,054 | ||||
Non-cash investing and financing activities | ||||||||
Loans transferred to other real estate owned | $ | 1,202 | $ | 8,751 |
1. | Basis of Presentation and Significant Accounting Policies |
2. | Accounting Pronouncements Recently Issued |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
September 30, 2016 | ||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 1,498,158 | $ | 17,148 | $ | (2,382 | ) | $ | 1,512,924 | |||||||
State and municipal securities | 487,308 | 16,192 | (382 | ) | 503,118 | |||||||||||
U.S. government agency and government-sponsored enterprise securities | 333,423 | 5,009 | (140 | ) | 338,292 | |||||||||||
U.S. government securities | 548 | — | — | 548 | ||||||||||||
Other securities | 5,284 | 64 | (146 | ) | 5,202 | |||||||||||
Total | $ | 2,324,721 | $ | 38,413 | $ | (3,050 | ) | $ | 2,360,084 | |||||||
December 31, 2015 | ||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 1,296,955 | $ | 4,525 | $ | (14,991 | ) | $ | 1,286,489 | |||||||
State and municipal securities | 480,417 | 12,690 | (938 | ) | 492,169 | |||||||||||
U.S. government agency and government-sponsored enterprise securities | 354,515 | 1,113 | (1,846 | ) | 353,782 | |||||||||||
U.S. government securities | 20,439 | — | (302 | ) | 20,137 | |||||||||||
Other securities | 5,284 | 24 | (191 | ) | 5,117 | |||||||||||
Total | $ | 2,157,610 | $ | 18,352 | $ | (18,268 | ) | $ | 2,157,694 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
(in thousands) | ||||||||||||||||
Gross realized gains | $ | 572 | $ | 236 | $ | 1,174 | $ | 1,310 | ||||||||
Gross realized losses | — | — | — | (10 | ) | |||||||||||
Net realized gains | $ | 572 | $ | 236 | $ | 1,174 | $ | 1,300 |
September 30, 2016 | ||||||||
Amortized Cost | Fair Value | |||||||
(in thousands) | ||||||||
Due within one year | $ | 28,765 | $ | 28,874 | ||||
Due after one year through five years | 484,206 | 493,479 | ||||||
Due after five years through ten years | 688,715 | 703,388 | ||||||
Due after ten years | 1,117,751 | 1,129,141 | ||||||
Other securities with no stated maturity | 5,284 | 5,202 | ||||||
Total investment securities available-for-sale | $ | 2,324,721 | $ | 2,360,084 |
September 30, 2016 | ||||
(in thousands) | ||||
Washington and Oregon State to secure public deposits | $ | 235,931 | ||
Federal Reserve Bank to secure borrowings | 40,877 | |||
Other securities pledged | 147,336 | |||
Total securities pledged as collateral | $ | 424,144 |
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, 2016 | ||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 176,508 | $ | (548 | ) | $ | 163,859 | $ | (1,834 | ) | $ | 340,367 | $ | (2,382 | ) | |||||||||
State and municipal securities | 35,915 | (337 | ) | 3,489 | (45 | ) | 39,404 | (382 | ) | |||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 22,115 | (140 | ) | — | — | 22,115 | (140 | ) | ||||||||||||||||
Other securities | — | — | 2,810 | (146 | ) | 2,810 | (146 | ) | ||||||||||||||||
Total | $ | 234,538 | $ | (1,025 | ) | $ | 170,158 | $ | (2,025 | ) | $ | 404,696 | $ | (3,050 | ) | |||||||||
December 31, 2015 | ||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 664,509 | $ | (7,610 | ) | $ | 214,325 | $ | (7,381 | ) | $ | 878,834 | $ | (14,991 | ) | |||||||||
State and municipal securities | 48,261 | (358 | ) | 31,383 | (580 | ) | 79,644 | (938 | ) | |||||||||||||||
U.S. government agency and government-sponsored enterprise securities | 193,400 | (1,128 | ) | 40,034 | (718 | ) | 233,434 | (1,846 | ) | |||||||||||||||
U.S. government securities | 10,343 | (136 | ) | 9,794 | (166 | ) | 20,137 | (302 | ) | |||||||||||||||
Other securities | 2,300 | (15 | ) | 2,780 | (176 | ) | 5,080 | (191 | ) | |||||||||||||||
Total | $ | 918,813 | $ | (9,247 | ) | $ | 298,316 | $ | (9,021 | ) | $ | 1,217,129 | $ | (18,268 | ) |
September 30, 2016 | December 31, 2015 | |||||||||||||||||||||||
Loans, excluding PCI loans | PCI Loans | Total | Loans, excluding PCI loans | PCI Loans | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Commercial business | $ | 2,630,017 | $ | 22,558 | $ | 2,652,575 | $ | 2,362,575 | $ | 34,848 | $ | 2,397,423 | ||||||||||||
Real estate: | ||||||||||||||||||||||||
One-to-four family residential | 168,511 | 19,378 | 187,889 | 176,295 | 23,938 | 200,233 | ||||||||||||||||||
Commercial and multifamily residential | 2,686,783 | 92,617 | 2,779,400 | 2,491,736 | 99,389 | 2,591,125 | ||||||||||||||||||
Total real estate | 2,855,294 | 111,995 | 2,967,289 | 2,668,031 | 123,327 | 2,791,358 | ||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||
One-to-four family residential | 130,163 | 867 | 131,030 | 135,874 | 2,278 | 138,152 | ||||||||||||||||||
Commercial and multifamily residential | 202,014 | 1,583 | 203,597 | 167,413 | 1,630 | 169,043 | ||||||||||||||||||
Total real estate construction | 332,177 | 2,450 | 334,627 | 303,287 | 3,908 | 307,195 | ||||||||||||||||||
Consumer | 325,741 | 15,761 | 341,502 | 342,601 | 18,823 | 361,424 | ||||||||||||||||||
Less: Net unearned income | (36,236 | ) | — | (36,236 | ) | (42,373 | ) | — | (42,373 | ) | ||||||||||||||
Total loans, net of unearned income | 6,106,993 | 152,764 | 6,259,757 | 5,634,121 | 180,906 | 5,815,027 | ||||||||||||||||||
Less: Allowance for loan and lease losses | (58,762 | ) | (11,502 | ) | (70,264 | ) | (54,446 | ) | (13,726 | ) | (68,172 | ) | ||||||||||||
Total loans, net | $ | 6,048,231 | $ | 141,262 | $ | 6,189,493 | $ | 5,579,675 | $ | 167,180 | $ | 5,746,855 | ||||||||||||
Loans held for sale | $ | 3,361 | $ | — | $ | 3,361 | $ | 4,509 | $ | — | $ | 4,509 |
September 30, 2016 | December 31, 2015 | |||||||||||||||
Recorded Investment Nonaccrual Loans | Unpaid Principal Balance Nonaccrual Loans | Recorded Investment Nonaccrual Loans | Unpaid Principal Balance Nonaccrual Loans | |||||||||||||
(in thousands) | ||||||||||||||||
Commercial business: | ||||||||||||||||
Secured | $ | 9,466 | $ | 19,689 | $ | 9,395 | $ | 15,688 | ||||||||
Unsecured | 36 | 216 | 42 | 256 | ||||||||||||
Real estate: | ||||||||||||||||
One-to-four family residential | 579 | 1,303 | 820 | 1,866 | ||||||||||||
Commercial & multifamily residential: | ||||||||||||||||
Commercial land | 934 | 922 | 349 | 332 | ||||||||||||
Income property | 1,957 | 2,177 | 2,843 | 3,124 | ||||||||||||
Owner occupied | 4,161 | 6,842 | 6,321 | 8,943 | ||||||||||||
Real estate construction: | ||||||||||||||||
One-to-four family residential: | ||||||||||||||||
Land and acquisition | — | — | 362 | 385 | ||||||||||||
Residential construction | 461 | 461 | 566 | 679 | ||||||||||||
Consumer | 3,772 | 4,042 | 766 | 990 | ||||||||||||
Total | $ | 21,366 | $ | 35,652 | $ | 21,464 | $ | 32,263 |
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, 2016 | (in thousands) | |||||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||||||
Secured | $ | 2,515,042 | $ | 2,542 | $ | 609 | $ | — | $ | 3,151 | $ | 9,466 | $ | 2,527,659 | ||||||||||||||
Unsecured | 97,496 | 5 | — | — | 5 | 36 | 97,537 | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 164,927 | 400 | 34 | — | 434 | 579 | 165,940 | |||||||||||||||||||||
Commercial & multifamily residential: | ||||||||||||||||||||||||||||
Commercial land | 238,887 | — | 200 | — | 200 | 934 | 240,021 | |||||||||||||||||||||
Income property | 1,376,735 | 90 | — | — | 90 | 1,957 | 1,378,782 | |||||||||||||||||||||
Owner occupied | 1,043,376 | 58 | — | — | 58 | 4,161 | 1,047,595 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Land and acquisition | 11,933 | 119 | — | — | 119 | — | 12,052 | |||||||||||||||||||||
Residential construction | 116,327 | 213 | 305 | — | 518 | 461 | 117,306 | |||||||||||||||||||||
Commercial & multifamily residential: | ||||||||||||||||||||||||||||
Income property | 89,373 | — | — | — | — | — | 89,373 | |||||||||||||||||||||
Owner occupied | 110,853 | — | — | — | — | — | 110,853 | |||||||||||||||||||||
Consumer | 314,581 | 649 | 873 | — | 1,522 | 3,772 | 319,875 | |||||||||||||||||||||
Total | $ | 6,079,530 | $ | 4,076 | $ | 2,021 | $ | — | $ | 6,097 | $ | 21,366 | $ | 6,106,993 | ||||||||||||||
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, 2015 | (in thousands) | |||||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||||||
Secured | $ | 2,241,069 | $ | 11,611 | $ | 617 | $ | — | $ | 12,228 | $ | 9,395 | $ | 2,262,692 | ||||||||||||||
Unsecured | 94,867 | 39 | — | — | 39 | 42 | 94,948 | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 170,913 | 1,637 | 66 | — | 1,703 | 820 | 173,436 | |||||||||||||||||||||
Commercial & multifamily residential: | ||||||||||||||||||||||||||||
Commercial land | 212,740 | 69 | — | — | 69 | 349 | 213,158 | |||||||||||||||||||||
Income property | 1,305,502 | 1,750 | 684 | — | 2,434 | 2,843 | 1,310,779 | |||||||||||||||||||||
Owner occupied | 939,396 | 599 | — | — | 599 | 6,321 | 946,316 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||||||
Land and acquisition | 14,388 | — | — | — | — | 362 | 14,750 | |||||||||||||||||||||
Residential construction | 119,809 | — | — | — | — | 566 | 120,375 | |||||||||||||||||||||
Commercial & multifamily residential: | ||||||||||||||||||||||||||||
Income property | 83,634 | — | — | — | — | — | 83,634 | |||||||||||||||||||||
Owner occupied | 81,671 | — | — | — | — | — | 81,671 | |||||||||||||||||||||
Consumer | 328,219 | 2,597 | 780 | — | 3,377 | 766 | 332,362 | |||||||||||||||||||||
Total | $ | 5,592,208 | $ | 18,302 | $ | 2,147 | $ | — | $ | 20,449 | $ | 21,464 | $ | 5,634,121 |
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, 2016 | (in thousands) | |||||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||||||
Secured | $ | 2,520,876 | $ | 6,783 | $ | 1,208 | $ | 1,277 | $ | 873 | $ | 5,575 | $ | 11,840 | ||||||||||||||
Unsecured | 97,537 | — | — | — | — | — | — | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 165,394 | 546 | 358 | 591 | 353 | 188 | 402 | |||||||||||||||||||||
Commercial & multifamily residential: | ||||||||||||||||||||||||||||
Commercial land | 239,313 | 708 | — | — | — | 708 | 687 | |||||||||||||||||||||
Income property | 1,376,349 | 2,433 | 546 | 551 | 28 | 1,887 | 2,124 | |||||||||||||||||||||
Owner occupied | 1,043,849 | 3,746 | — | — | — | 3,746 | 6,340 | |||||||||||||||||||||
Real estate construction: |