Delaware | 33-0885320 | |
(State of Incorporation) | (I.R.S. Employer Identification No.) |
þ Large accelerated filer | o Accelerated filer | |
o Non-accelerated filer | (Do not check if a smaller reporting company) | o Smaller reporting company |
o Emerging growth company | ||
o If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
Page | ||
PART I. FINANCIAL INFORMATION | ||
Item 1. | Condensed Consolidated Financial Statements (Unaudited) | |
Condensed Consolidated Balance Sheets (Unaudited) | ||
Condensed Consolidated Statements of Earnings (Unaudited) | ||
Condensed Consolidated Statements of Comprehensive Income (Unaudited) | ||
Condensed Consolidated Statement Changes in Stockholders' Equity (Unaudited) | ||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||
Notes to Condensed Consolidated Financial Statements (Unaudited) | ||
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | |
Item 4. | Controls and Procedures | |
PART II. OTHER INFORMATION | ||
Item 1. | Legal Proceedings | |
Item 1A. | Risk Factors | |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 6. | Index to Exhibits | |
Signatures |
AFX | American Financial Exchange | FHLB | Federal Home Loan Bank of San Francisco | |
ALM | Asset Liability Management | FRB | Board of Governors of the Federal Reserve System | |
ASC | Accounting Standards Codification | FRBSF | Federal Reserve Bank of San Francisco | |
ASU | Accounting Standards Update | IRR | Interest Rate Risk | |
Basel III | A comprehensive capital framework and rules for U.S. banking organizations approved by the FRB and the FDIC in 2013. | MBS | Mortgage-Backed Securities | |
BHCA | Bank Holding Company Act of 1956, as amended | MVE | Market Value of Equity | |
BOLI | Bank Owned Life Insurance | NII | Net Interest Income | |
CapitalSource Inc. | A company acquired on April 7, 2014 | NIM | Net Interest Margin | |
CapitalSource Division | A division of Pacific Western Bank, formed at the closing of the CapitalSource Inc. merger | Non-PCI | Non-Purchased Credit Impaired | |
C&I | Commercial and Industrial | OREO | Other Real Estate Owned | |
CDI | Core Deposit Intangible Assets | PWEF | Pacific Western Equipment Finance, a leasing unit sold March 31, 2016 | |
CET1 | Common Equity Tier 1 | PCI | Purchased Credit Impaired | |
CMOs | Collateralized Mortgage Obligations | PRSUs | Performance-Based Restricted Stock Units | |
CRI | Customer Relationship Intangible Assets | S1AM | Square 1 Asset Management, Inc. | |
CUB | CU Bancorp (a company acquired on October 20, 2017) | SBA | Small Business Administration | |
CU Bank | California United Bank (a wholly-owned subsidiary of CUB) | SEC | Securities and Exchange Commission | |
DBO | California Department of Business Oversight | Square 1 | Square 1 Financial, Inc. (a company acquired on October 6, 2015) | |
DTAs | Deferred Tax Assets | Square 1 Bank Division | A division of Pacific Western Bank formed at the closing of the Square 1 acquisition | |
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act | Tax Equivalent Net Interest Income | Net interest income adjusted for tax-equivalent adjustments related to tax-exempt interest on certain loans and municipal securities | |
Efficiency Ratio | Noninterest expense (less intangible asset amortization, net foreclosed assets income/expense, and acquisition, integration and reorganization costs) divided by net revenues (the sum of tax equivalent net interest income plus noninterest income, less gain/loss on sale of securities and gain/loss on sales of assets other than loans and leases) | Tax Equivalent NIM | NIM adjusted for tax-equivalent adjustments related to tax-exempt income on municipal securities | |
FASB | Financial Accounting Standards Board | TDRs | Troubled Debt Restructurings | |
FCAL | First California Financial Group, Inc. (a company acquired on May 31, 2013) | TRSAs | Time-Based Restricted Stock Awards | |
FDIC | Federal Deposit Insurance Corporation | U.S. GAAP | U.S. Generally Accepted Accounting Principles |
September 30, | December 31, | ||||||
2017 | 2016 | ||||||
(Unaudited) | |||||||
(Dollars in thousands, except par value amounts) | |||||||
ASSETS: | |||||||
Cash and due from banks | $ | 147,579 | $ | 337,965 | |||
Interest-earning deposits in financial institutions | 122,439 | 81,705 | |||||
Total cash and cash equivalents | 270,018 | 419,670 | |||||
Securities available-for-sale, at fair value | 3,532,230 | 3,223,830 | |||||
Federal Home Loan Bank stock, at cost | 17,250 | 21,870 | |||||
Total investment securities | 3,549,480 | 3,245,700 | |||||
Gross loans and leases held for investment | 15,756,285 | 15,520,537 | |||||
Deferred fees, net | (65,768 | ) | (64,583 | ) | |||
Allowance for loan and lease losses | (159,606 | ) | (157,238 | ) | |||
Total loans and leases held for investment, net | 15,530,911 | 15,298,716 | |||||
Equipment leased to others under operating leases | 233,866 | 229,905 | |||||
Premises and equipment, net | 28,910 | 38,594 | |||||
Foreclosed assets, net | 11,630 | 12,976 | |||||
Deferred tax asset, net | 65,321 | 94,112 | |||||
Goodwill | 2,173,949 | 2,173,949 | |||||
Core deposit and customer relationship intangibles, net | 27,188 | 36,366 | |||||
Other assets | 351,659 | 319,779 | |||||
Total assets | $ | 22,242,932 | $ | 21,869,767 | |||
LIABILITIES: | |||||||
Noninterest-bearing deposits | $ | 6,911,874 | $ | 6,659,016 | |||
Interest-bearing deposits | 9,861,371 | 9,211,595 | |||||
Total deposits | 16,773,245 | 15,870,611 | |||||
Borrowings | 250,399 | 905,812 | |||||
Subordinated debentures | 448,126 | 440,744 | |||||
Accrued interest payable and other liabilities | 160,494 | 173,545 | |||||
Total liabilities | 17,632,264 | 17,390,712 | |||||
Commitments and contingencies (Note 7) | |||||||
STOCKHOLDERS' EQUITY: | |||||||
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued and outstanding) | — | — | |||||
Common stock ($0.01 par value, 200,000,000 shares authorized at September 30, 2017 and | |||||||
December 31, 2016, 123,122,892 and 122,803,029 shares issued, respectively, including | |||||||
1,393,874 and 1,476,132 shares of unvested restricted stock, respectively) | 1,231 | 1,228 | |||||
Additional paid-in capital | 4,000,543 | 4,162,132 | |||||
Retained earnings | 639,434 | 366,073 | |||||
Treasury stock, at cost (1,673,098 and 1,519,360 shares at September 30, 2017 and December 31, 2016) | (64,153 | ) | (56,360 | ) | |||
Accumulated other comprehensive income, net | 33,613 | 5,982 | |||||
Total stockholders' equity | 4,610,668 | 4,479,055 | |||||
Total liabilities and stockholders' equity | $ | 22,242,932 | $ | 21,869,767 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||
(Unaudited) | |||||||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||||
Interest income: | |||||||||||||||||||
Loans and leases | $ | 235,666 | $ | 234,618 | $ | 225,370 | $ | 694,462 | $ | 686,071 | |||||||||
Investment securities | 24,762 | 24,689 | 22,187 | 72,490 | 67,154 | ||||||||||||||
Deposits in financial institutions | 538 | 237 | 298 | 967 | 914 | ||||||||||||||
Total interest income | 260,966 | 259,544 | 247,855 | 767,919 | 754,139 | ||||||||||||||
Interest expense: | |||||||||||||||||||
Deposits | 13,071 | 10,205 | 7,247 | 31,653 | 24,143 | ||||||||||||||
Borrowings | 188 | 1,066 | 695 | 2,272 | 1,628 | ||||||||||||||
Subordinated debentures | 6,017 | 5,800 | 5,278 | 17,379 | 15,382 | ||||||||||||||
Total interest expense | 19,276 | 17,071 | 13,220 | 51,304 | 41,153 | ||||||||||||||
Net interest income | 241,690 | 242,473 | 234,635 | 716,615 | 712,986 | ||||||||||||||
Provision for credit losses | 15,119 | 11,499 | 8,471 | 51,346 | 42,514 | ||||||||||||||
Net interest income after provision for credit losses | 226,571 | 230,974 | 226,164 | 665,269 | 670,472 | ||||||||||||||
Noninterest income: | |||||||||||||||||||
Service charges on deposit accounts | 3,465 | 3,510 | 3,488 | 10,733 | 10,977 | ||||||||||||||
Other commissions and fees | 9,944 | 10,583 | 12,528 | 30,917 | 35,090 | ||||||||||||||
Leased equipment income | 8,332 | 11,635 | 8,538 | 29,442 | 25,305 | ||||||||||||||
Gain on sale of loans and leases | 2,848 | 649 | 157 | 4,209 | 790 | ||||||||||||||
Gain on sale of securities | 1,236 | 1,651 | 382 | 2,788 | 8,970 | ||||||||||||||
FDIC loss sharing expense, net | — | — | — | — | (8,917 | ) | |||||||||||||
Other income | 5,557 | 7,254 | 1,827 | 23,689 | 11,365 | ||||||||||||||
Total noninterest income | 31,382 | 35,282 | 26,920 | 101,778 | 83,580 | ||||||||||||||
Noninterest expense: | |||||||||||||||||||
Compensation | 64,413 | 65,288 | 62,661 | 194,581 | 185,900 | ||||||||||||||
Occupancy | 12,729 | 11,811 | 12,010 | 36,148 | 36,835 | ||||||||||||||
Data processing | 6,459 | 6,337 | 6,234 | 19,811 | 17,782 | ||||||||||||||
Other professional services | 4,213 | 3,976 | 4,625 | 11,567 | 11,598 | ||||||||||||||
Insurance and assessments | 4,702 | 4,856 | 4,324 | 14,349 | 14,240 | ||||||||||||||
Intangible asset amortization | 3,049 | 3,065 | 4,224 | 9,178 | 13,341 | ||||||||||||||
Leased equipment depreciation | 4,862 | 5,232 | 5,298 | 15,719 | 15,608 | ||||||||||||||
Foreclosed assets expense (income), net | 2,191 | (157 | ) | (248 | ) | 2,177 | (812 | ) | |||||||||||
Acquisition, integration and reorganization costs | 1,450 | 1,700 | — | 3,650 | 200 | ||||||||||||||
Loan expense | 3,421 | 3,884 | 1,931 | 10,692 | 6,231 | ||||||||||||||
Other expense | 11,053 | 11,715 | 9,651 | 34,921 | 30,556 | ||||||||||||||
Total noninterest expense | 118,542 | 117,707 | 110,710 | 352,793 | 331,479 | ||||||||||||||
Earnings before income taxes | 139,411 | 148,549 | 142,374 | 414,254 | 422,573 | ||||||||||||||
Income tax expense | (37,945 | ) | (54,902 | ) | (48,479 | ) | (140,473 | ) | (156,054 | ) | |||||||||
Net earnings | $ | 101,466 | $ | 93,647 | $ | 93,895 | $ | 273,781 | $ | 266,519 | |||||||||
Earnings per share: | |||||||||||||||||||
Basic | $ | 0.84 | $ | 0.77 | $ | 0.77 | $ | 2.26 | $ | 2.19 | |||||||||
Diluted | $ | 0.84 | $ | 0.77 | $ | 0.77 | $ | 2.26 | $ | 2.19 | |||||||||
Dividends declared per share | $ | 0.50 | $ | 0.50 | $ | 0.50 | $ | 1.50 | $ | 1.50 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||
(Unaudited) | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Net earnings | $ | 101,466 | $ | 93,647 | $ | 93,895 | $ | 273,781 | $ | 266,519 | |||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||
Unrealized net holding gains (losses) on securities | |||||||||||||||||||
available-for-sale arising during the period | 7,812 | 30,340 | (15,954 | ) | 49,336 | 83,653 | |||||||||||||
Income tax (expense) benefit related to net unrealized | |||||||||||||||||||
holding gains arising during the period | (3,198 | ) | (12,350 | ) | 6,509 | (20,055 | ) | (34,111 | ) | ||||||||||
Unrealized net holding gains (losses) on securities | |||||||||||||||||||
available-for-sale, net of tax | 4,614 | 17,990 | (9,445 | ) | 29,281 | 49,542 | |||||||||||||
Reclassification adjustment for net gains | |||||||||||||||||||
included in net earnings (1) | (1,236 | ) | (1,651 | ) | (382 | ) | (2,788 | ) | (8,970 | ) | |||||||||
Income tax expense related to reclassification | |||||||||||||||||||
adjustment | 506 | 672 | 156 | 1,138 | 3,673 | ||||||||||||||
Reclassification adjustment for net gains | |||||||||||||||||||
included in net earnings, net of tax | (730 | ) | (979 | ) | (226 | ) | (1,650 | ) | (5,297 | ) | |||||||||
Other comprehensive income (loss), net of tax | 3,884 | 17,011 | (9,671 | ) | 27,631 | 44,245 | |||||||||||||
Comprehensive income | $ | 105,350 | $ | 110,658 | $ | 84,224 | $ | 301,412 | $ | 310,764 |
(1) | Entire amounts are recognized in "Gain on sale of securities" on the Condensed Consolidated Statements of Earnings. |
Nine Months Ended September 30, 2017 | ||||||||||||||||||||||||||
Common Stock | Accumulated | |||||||||||||||||||||||||
Additional | Other | |||||||||||||||||||||||||
Par | Paid-in | Retained | Treasury | Comprehensive | ||||||||||||||||||||||
Shares | Value | Capital | Earnings | Stock | Income | Total | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Balance, December 31, 2016 | 121,283,669 | $ | 1,228 | $ | 4,162,132 | $ | 366,073 | $ | (56,360 | ) | $ | 5,982 | $ | 4,479,055 | ||||||||||||
Cumulative effect of change in | ||||||||||||||||||||||||||
accounting principle (1) | — | — | 711 | (420 | ) | — | — | 291 | ||||||||||||||||||
Net earnings | — | — | — | 273,781 | — | — | 273,781 | |||||||||||||||||||
Other comprehensive income - net | ||||||||||||||||||||||||||
unrealized gain on securities | ||||||||||||||||||||||||||
available-for-sale, net of tax | — | — | — | — | — | 27,631 | 27,631 | |||||||||||||||||||
Restricted stock awarded and | ||||||||||||||||||||||||||
earned stock compensation, | ||||||||||||||||||||||||||
net of shares forfeited | 319,863 | 3 | 20,195 | — | — | — | 20,198 | |||||||||||||||||||
Restricted stock surrendered | (153,738 | ) | — | — | — | (7,793 | ) | — | (7,793 | ) | ||||||||||||||||
Cash dividends paid | — | — | (182,495 | ) | — | — | — | (182,495 | ) | |||||||||||||||||
Balance, September 30, 2017 | 121,449,794 | $ | 1,231 | $ | 4,000,543 | $ | 639,434 | $ | (64,153 | ) | $ | 33,613 | $ | 4,610,668 |
(1) | Impact due to adoption on January 1, 2017 of ASU 2016-09, "Improvements to Employee Share-Based Payment Accounting." |
Nine Months Ended | |||||||
September 30, | |||||||
2017 | 2016 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
Cash flows from operating activities: | |||||||
Net earnings | $ | 273,781 | $ | 266,519 | |||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||
Depreciation and amortization | 23,798 | 24,761 | |||||
Amortization of net premiums on securities available-for-sale | 30,238 | 28,012 | |||||
Amortization of intangible assets | 9,178 | 13,341 | |||||
Provision for credit losses | 51,346 | 42,514 | |||||
Gain on sale of foreclosed assets | (282 | ) | (837 | ) | |||
Provision for losses on foreclosed assets | 2,138 | — | |||||
Gain on sale of loans and leases | (4,209 | ) | (790 | ) | |||
Gain on sale of premises and equipment | (388 | ) | (23 | ) | |||
Gain on sale of securities | (2,788 | ) | (8,970 | ) | |||
Gain on BOLI death benefit | (1,050 | ) | (539 | ) | |||
Unrealized gain on derivatives and foreign currencies, net | (449 | ) | (374 | ) | |||
Earned stock compensation | 20,198 | 17,275 | |||||
Loss on sale of PWEF leasing unit | — | 720 | |||||
Tax effect included in stockholders' equity of restricted stock vesting | — | (4,226 | ) | ||||
Decrease in accrued and deferred income taxes, net | 10,164 | 74,946 | |||||
(Increase) decrease in other assets | (32,765 | ) | 1,224 | ||||
Decrease in accrued interest payable and other liabilities | (20,738 | ) | (23,600 | ) | |||
Net cash provided by operating activities | 358,172 | 429,953 | |||||
Cash flows from investing activities: | |||||||
Net increase in loans and leases | (567,291 | ) | (514,224 | ) | |||
Proceeds from sales of loans and leases | 293,808 | 106,109 | |||||
Proceeds from maturities and paydowns of securities available-for-sale | 329,876 | 184,644 | |||||
Proceeds from sales of securities available-for-sale | 185,533 | 392,841 | |||||
Purchases of securities available-for-sale | (804,710 | ) | (303,742 | ) | |||
Net redemptions of Federal Home Loan Bank stock | 4,620 | 324 | |||||
Proceeds from sales of foreclosed assets | 1,455 | 7,973 | |||||
Purchases of premises and equipment, net | (5,892 | ) | (6,185 | ) | |||
Proceeds from sales of premises and equipment | 10,306 | 24 | |||||
Proceeds from sale of PWEF leasing unit | — | 138,955 | |||||
Proceeds from BOLI death benefit | 2,478 | 3,238 | |||||
Net increase of equipment leased to others under operating leases | (17,956 | ) | (15,802 | ) | |||
Net cash used in investing activities | (567,773 | ) | (5,845 | ) | |||
Cash flows from financing activities: | |||||||
Net increase in noninterest-bearing deposits | 255,874 | 352,784 | |||||
Net increase (decrease) in interest-bearing deposits | 649,776 | (371,005 | ) | ||||
Net decrease in borrowings | (655,413 | ) | (78,873 | ) | |||
Restricted stock surrendered | (7,793 | ) | (4,611 | ) | |||
Tax effect included in stockholders' equity of restricted stock vesting | — | 4,226 | |||||
Cash dividends paid | (182,495 | ) | (182,750 | ) | |||
Net cash provided by (used in) financing activities | 59,949 | (280,229 | ) | ||||
Net (decrease) increase in cash and cash equivalents | (149,652 | ) | 143,879 | ||||
Cash and cash equivalents, beginning of period | 419,670 | 396,486 | |||||
Cash and cash equivalents, end of period | $ | 270,018 | $ | 540,365 |
Nine Months Ended | |||||||
September 30, | |||||||
2017 | 2016 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
Supplemental disclosures of cash flow information: | |||||||
Cash paid for interest | $ | 48,402 | $ | 41,392 | |||
Cash paid for income taxes | 146,321 | 82,721 | |||||
Loans transferred to foreclosed assets | 580 | 129 | |||||
Transfers from loans held for investment to loans held for sale | 175,158 | — |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Gross Amount of CDI and CRI: | |||||||||||||||||||
Balance, beginning of period | $ | 64,187 | $ | 64,187 | $ | 76,513 | $ | 64,187 | $ | 95,524 | |||||||||
Fully amortized portion | (2,190 | ) | — | (2,811 | ) | (2,190 | ) | (20,122 | ) | ||||||||||
Reduction due to sale of PWEF leasing unit | — | — | — | — | (1,700 | ) | |||||||||||||
Balance, end of period | 61,997 | 64,187 | 73,702 | 61,997 | 73,702 | ||||||||||||||
Accumulated Amortization: | |||||||||||||||||||
Balance, beginning of period | (33,950 | ) | (30,885 | ) | (32,747 | ) | (27,821 | ) | (42,304 | ) | |||||||||
Amortization | (3,049 | ) | (3,065 | ) | (4,224 | ) | (9,178 | ) | (13,341 | ) | |||||||||
Fully amortized portion | 2,190 | — | 2,811 | 2,190 | 20,122 | ||||||||||||||
Reduction due to sale of PWEF leasing unit | — | — | — | — | 1,363 | ||||||||||||||
Balance, end of period | (34,809 | ) | (33,950 | ) | (34,160 | ) | (34,809 | ) | (34,160 | ) | |||||||||
Net CDI and CRI, end of period | $ | 27,188 | $ | 30,237 | $ | 39,542 | $ | 27,188 | $ | 39,542 |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||||
Gross | Gross | Gross | Gross | ||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||
Security Type | Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Residential MBS and CMOs: | |||||||||||||||||||||||||||||||
Agency MBS | $ | 375,357 | $ | 4,569 | $ | (2,385 | ) | $ | 377,541 | $ | 499,185 | $ | 6,222 | $ | (2,964 | ) | $ | 502,443 | |||||||||||||
Agency CMOs | 175,429 | 1,655 | (1,134 | ) | 175,950 | 145,258 | 1,528 | (497 | ) | 146,289 | |||||||||||||||||||||
Private label CMOs | 131,149 | 4,001 | (600 | ) | 134,550 | 122,707 | 4,199 | (1,437 | ) | 125,469 | |||||||||||||||||||||
Municipal securities | 1,501,196 | 49,362 | (1,408 | ) | 1,549,150 | 1,447,064 | 15,406 | (6,011 | ) | 1,456,459 | |||||||||||||||||||||
Agency commercial MBS | 996,963 | 5,764 | (6,813 | ) | 995,914 | 555,552 | 1,798 | (9,658 | ) | 547,692 | |||||||||||||||||||||
Corporate debt securities | 17,000 | 2,125 | — | 19,125 | 47,100 | 680 | (271 | ) | 47,509 | ||||||||||||||||||||||
Collateralized loan obligations | 19,119 | 66 | (9 | ) | 19,176 | 155,440 | 1,685 | (238 | ) | 156,887 | |||||||||||||||||||||
SBA securities | 166,949 | 1,363 | (284 | ) | 168,028 | 179,085 | 510 | (750 | ) | 178,845 | |||||||||||||||||||||
Asset-backed and other securities | 92,345 | 804 | (353 | ) | 92,796 | 62,264 | 358 | (385 | ) | 62,237 | |||||||||||||||||||||
Total | $ | 3,475,507 | $ | 69,709 | $ | (12,986 | ) | $ | 3,532,230 | $ | 3,213,655 | $ | 32,386 | $ | (22,211 | ) | $ | 3,223,830 |
September 30, 2017 | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Security Type | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Residential MBS and CMOs: | |||||||||||||||||||||||
Agency MBS | $ | 52,840 | $ | (271 | ) | $ | 127,695 | $ | (2,114 | ) | $ | 180,535 | $ | (2,385 | ) | ||||||||
Agency CMOs | 55,606 | (891 | ) | 18,436 | (243 | ) | 74,042 | (1,134 | ) | ||||||||||||||
Private label CMOs | 45,494 | (386 | ) | 18,080 | (214 | ) | 63,574 | (600 | ) | ||||||||||||||
Municipal securities | 78,784 | (329 | ) | 29,203 | (1,079 | ) | 107,987 | (1,408 | ) | ||||||||||||||
Agency commercial MBS | 338,883 | (2,920 | ) | 106,766 | (3,893 | ) | 445,649 | (6,813 | ) | ||||||||||||||
Collateralized loan obligations | 7,162 | (9 | ) | — | — | 7,162 | (9 | ) | |||||||||||||||
SBA securities | 42,963 | (284 | ) | — | — | 42,963 | (284 | ) | |||||||||||||||
Asset-backed and other securities | 39,723 | (295 | ) | 8,162 | (58 | ) | 47,885 | (353 | ) | ||||||||||||||
Total | $ | 661,455 | $ | (5,385 | ) | $ | 308,342 | $ | (7,601 | ) | $ | 969,797 | $ | (12,986 | ) |
December 31, 2016 | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Security Type | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Residential MBS and CMOs: | |||||||||||||||||||||||
Agency MBS | $ | 149,281 | $ | (1,691 | ) | $ | 122,902 | $ | (1,273 | ) | $ | 272,183 | $ | (2,964 | ) | ||||||||
Agency CMOs | 44,111 | (416 | ) | 25,316 | (81 | ) | 69,427 | (497 | ) | ||||||||||||||
Private label CMOs | 49,067 | (906 | ) | 30,155 | (531 | ) | 79,222 | (1,437 | ) | ||||||||||||||
Municipal securities | 644,424 | (6,011 | ) | — | — | 644,424 | (6,011 | ) | |||||||||||||||
Agency commercial MBS | 349,550 | (9,658 | ) | — | — | 349,550 | (9,658 | ) | |||||||||||||||
Corporate debt securities | 29,829 | (271 | ) | — | — | 29,829 | (271 | ) | |||||||||||||||
Collateralized loan obligations | 12,450 | (37 | ) | 39,231 | (201 | ) | 51,681 | (238 | ) | ||||||||||||||
SBA securities | 69,293 | (407 | ) | 39,024 | (343 | ) | 108,317 | (750 | ) | ||||||||||||||
Asset-backed and other securities | 18,213 | (309 | ) | 7,851 | (76 | ) | 26,064 | (385 | ) | ||||||||||||||
Total | $ | 1,366,218 | $ | (19,706 | ) | $ | 264,479 | $ | (2,505 | ) | $ | 1,630,697 | $ | (22,211 | ) |
September 30, 2017 | |||||||
Amortized | Fair | ||||||
Maturity | Cost | Value | |||||
(In thousands) | |||||||
Due in one year or less | $ | 17,879 | $ | 18,352 | |||
Due after one year through five years | 326,552 | 331,164 | |||||
Due after five years through ten years | 962,429 | 969,431 | |||||
Due after ten years | 2,168,647 | 2,213,283 | |||||
Total securities available-for-sale | $ | 3,475,507 | $ | 3,532,230 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Taxable interest | $ | 13,576 | $ | 13,515 | $ | 11,446 | $ | 39,257 | $ | 34,248 | |||||||||
Non-taxable interest | 10,795 | 10,750 | 10,333 | 31,926 | 31,562 | ||||||||||||||
Dividend income | 391 | 424 | 408 | 1,307 | 1,344 | ||||||||||||||
Total interest income on investment securities | $ | 24,762 | $ | 24,689 | $ | 22,187 | $ | 72,490 | $ | 67,154 |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||
Non-PCI | Non-PCI | ||||||||||||||||||||||
Loans | PCI | Loans | PCI | ||||||||||||||||||||
and Leases | Loans | Total | and Leases | Loans | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate mortgage | $ | 6,146,978 | $ | 58,077 | $ | 6,205,055 | $ | 5,635,675 | $ | 92,793 | $ | 5,728,468 | |||||||||||
Real estate construction and land | 1,266,791 | — | 1,266,791 | 975,032 | 2,409 | 977,441 | |||||||||||||||||
Commercial | 7,894,115 | 4,194 | 7,898,309 | 8,426,236 | 12,994 | 8,439,230 | |||||||||||||||||
Consumer | 385,892 | 238 | 386,130 | 375,149 | 249 | 375,398 | |||||||||||||||||
Total gross loans and leases held for | |||||||||||||||||||||||
investment | 15,693,776 | 62,509 | 15,756,285 | 15,412,092 | 108,445 | 15,520,537 | |||||||||||||||||
Deferred fees, net | (65,753 | ) | (15 | ) | (65,768 | ) | (64,562 | ) | (21 | ) | (64,583 | ) | |||||||||||
Total loans and leases held for investment, | |||||||||||||||||||||||
net of deferred fees | 15,628,023 | 62,494 | 15,690,517 | 15,347,530 | 108,424 | 15,455,954 | |||||||||||||||||
Allowance for loan and lease losses | (152,770 | ) | (6,836 | ) | (159,606 | ) | (143,755 | ) | (13,483 | ) | (157,238 | ) | |||||||||||
Total loans and leases held for | |||||||||||||||||||||||
investment, net | $ | 15,475,253 | $ | 55,658 | $ | 15,530,911 | $ | 15,203,775 | $ | 94,941 | $ | 15,298,716 |
September 30, 2017 | |||||||||||||||||||
30 - 89 | 90 or More | ||||||||||||||||||
Days | Days | Total | |||||||||||||||||
Past Due | Past Due | Past Due | Current | Total | |||||||||||||||
(In thousands) | |||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||
Commercial | $ | 1,685 | $ | 3,664 | $ | 5,349 | $ | 4,306,899 | $ | 4,312,248 | |||||||||
Residential | 282 | 1,740 | 2,022 | 1,816,926 | 1,818,948 | ||||||||||||||
Total real estate mortgage | 1,967 | 5,404 | 7,371 | 6,123,825 | 6,131,196 | ||||||||||||||
Real estate construction and land: | |||||||||||||||||||
Commercial | — | — | — | 680,949 | 680,949 | ||||||||||||||
Residential | — | — | — | 568,273 | 568,273 | ||||||||||||||
Total real estate construction and land | — | — | — | 1,249,222 | 1,249,222 | ||||||||||||||
Commercial: | |||||||||||||||||||
Cash flow | 140 | 1,484 | 1,624 | 2,728,771 | 2,730,395 | ||||||||||||||
Asset-based | — | — | — | 2,577,390 | 2,577,390 | ||||||||||||||
Venture capital | 3,142 | 948 | 4,090 | 1,955,345 | 1,959,435 | ||||||||||||||
Equipment finance | — | 690 | 690 | 593,782 | 594,472 | ||||||||||||||
Total commercial | 3,282 | 3,122 | 6,404 | 7,855,288 | 7,861,692 | ||||||||||||||
Consumer | 286 | 272 | 558 | 385,355 | 385,913 | ||||||||||||||
Total | $ | 5,535 | $ | 8,798 | $ | 14,333 | $ | 15,613,690 | $ | 15,628,023 |
December 31, 2016 | |||||||||||||||||||
30 - 89 | 90 or More | ||||||||||||||||||
Days | Days | Total | |||||||||||||||||
Past Due | Past Due | Past Due | Current | Total | |||||||||||||||
(In thousands) | |||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||
Commercial | $ | 8,590 | $ | 3,303 | $ | 11,893 | $ | 4,341,740 | $ | 4,353,633 | |||||||||
Residential | 5,694 | 1,999 | 7,693 | 1,256,630 | 1,264,323 | ||||||||||||||
Total real estate mortgage | 14,284 | 5,302 | 19,586 | 5,598,370 | 5,617,956 | ||||||||||||||
Real estate construction and land: | |||||||||||||||||||
Commercial | — | — | — | 578,838 | 578,838 | ||||||||||||||
Residential | 364 | — | 364 | 383,637 | 384,001 | ||||||||||||||
Total real estate construction and land | 364 | — | 364 | 962,475 | 962,839 | ||||||||||||||
Commercial: | |||||||||||||||||||
Cash flow | 191 | 1,821 | 2,012 | 3,105,380 | 3,107,392 | ||||||||||||||
Asset-based | 1,500 | 2 | 1,502 | 2,607,543 | 2,609,045 | ||||||||||||||
Venture capital | 13,589 | 5,769 | 19,358 | 1,963,798 | 1,983,156 | ||||||||||||||
Equipment finance | 1,417 | 3,051 | 4,468 | 687,499 | 691,967 | ||||||||||||||
Total commercial | 16,697 | 10,643 | 27,340 | 8,364,220 | 8,391,560 | ||||||||||||||
Consumer | 224 | — | 224 | 374,951 | 375,175 | ||||||||||||||
Total | $ | 31,569 | $ | 15,945 | $ | 47,514 | $ | 15,300,016 | $ | 15,347,530 |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||
Nonaccrual | Performing | Total | Nonaccrual | Performing | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||||
Commercial | $ | 63,096 | $ | 4,249,152 | $ | 4,312,248 | $ | 62,454 | $ | 4,291,179 | $ | 4,353,633 | |||||||||||
Residential | 3,186 | 1,815,762 | 1,818,948 | 6,881 | 1,257,442 | 1,264,323 | |||||||||||||||||
Total real estate mortgage | 66,282 | 6,064,914 | 6,131,196 | 69,335 | 5,548,621 | 5,617,956 | |||||||||||||||||
Real estate construction and land: | |||||||||||||||||||||||
Commercial | — | 680,949 | 680,949 | — | 578,838 | 578,838 | |||||||||||||||||
Residential | — | 568,273 | 568,273 | 364 | 383,637 | 384,001 | |||||||||||||||||
Total real estate construction and land | — | 1,249,222 | 1,249,222 | 364 | 962,475 | 962,839 | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Cash flow | 33,514 | 2,696,881 | 2,730,395 | 53,908 | 3,053,484 | 3,107,392 | |||||||||||||||||
Asset-based | 3,977 | 2,573,413 | 2,577,390 | 2,118 | 2,606,927 | 2,609,045 | |||||||||||||||||
Venture capital | 22,686 | 1,936,749 | 1,959,435 | 11,687 | 1,971,469 | 1,983,156 | |||||||||||||||||
Equipment finance | 30,942 | 563,530 | 594,472 | 32,848 | 659,119 | 691,967 | |||||||||||||||||
Total commercial | 91,119 | 7,770,573 | 7,861,692 | 100,561 | 8,290,999 | 8,391,560 | |||||||||||||||||
Consumer | 296 | 385,617 | 385,913 | 339 | 374,836 | 375,175 | |||||||||||||||||
Total | $ | 157,697 | $ | 15,470,326 | $ | 15,628,023 | $ | 170,599 | $ | 15,176,931 | $ | 15,347,530 |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||
Classified | Nonclassified | Total | Classified | Nonclassified | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||||
Commercial | $ | 95,272 | $ | 4,216,976 | $ | 4,312,248 | $ | 99,641 | $ | 4,253,992 | $ | 4,353,633 | |||||||||||
Residential | 7,652 | 1,811,296 | 1,818,948 | 17,540 | 1,246,783 | 1,264,323 | |||||||||||||||||
Total real estate mortgage | 102,924 | 6,028,272 | 6,131,196 | 117,181 | 5,500,775 | 5,617,956 | |||||||||||||||||
Real estate construction and land: | |||||||||||||||||||||||
Commercial | — | 680,949 | 680,949 | 409 | 578,429 | 578,838 | |||||||||||||||||
Residential | — | 568,273 | 568,273 | 364 | 383,637 | 384,001 | |||||||||||||||||
Total real estate construction and land | — | 1,249,222 | 1,249,222 | 773 | 962,066 | 962,839 | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Cash flow | 128,207 | 2,602,188 | 2,730,395 | 177,661 | 2,929,731 | 3,107,392 | |||||||||||||||||
Asset-based | 19,645 | 2,557,745 | 2,577,390 | 28,112 | 2,580,933 | 2,609,045 | |||||||||||||||||
Venture capital | 62,602 | 1,896,833 | 1,959,435 | 52,646 | 1,930,510 | 1,983,156 | |||||||||||||||||
Equipment finance | 30,942 | 563,530 | 594,472 | 32,848 | 659,119 | 691,967 | |||||||||||||||||
Total commercial | 241,396 | 7,620,296 | 7,861,692 | 291,267 | 8,100,293 | 8,391,560 | |||||||||||||||||
Consumer | 457 | 385,456 | 385,913 | 424 | 374,751 | 375,175 | |||||||||||||||||
Total | $ | 344,777 | $ | 15,283,246 | $ | 15,628,023 | $ | 409,645 | $ | 14,937,885 | $ | 15,347,530 |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||
Performing | Total | Performing | Total | ||||||||||||||||||||
Nonaccrual | Troubled | Impaired | Nonaccrual | Troubled | Impaired | ||||||||||||||||||
Loans | Debt | Loans | Loans | Debt | Loans | ||||||||||||||||||
and | Restructured | and | and | Restructured | and | ||||||||||||||||||
Leases | Loans | Leases | Leases | Loans | Leases | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate mortgage | $ | 66,282 | $ | 47,473 | $ | 113,755 | $ | 69,335 | $ | 54,750 | $ | 124,085 | |||||||||||
Real estate construction and land | — | 5,764 | 5,764 | 364 | 6,893 | 7,257 | |||||||||||||||||
Commercial | 91,119 | 3,209 | 94,328 | 100,561 | 3,157 | 103,718 | |||||||||||||||||
Consumer | 296 | 106 | 402 | 339 | 152 | 491 | |||||||||||||||||
Total | $ | 157,697 | $ | 56,552 | $ | 214,249 | $ | 170,599 | $ | 64,952 | $ | 235,551 |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||
Unpaid | Unpaid | ||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | ||||||||||||||||||
Impaired Loans and Leases | Investment | Balance | Allowance | Investment | Balance | Allowance | |||||||||||||||||
(In thousands) | |||||||||||||||||||||||
With An Allowance Recorded: | |||||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||||
Commercial | $ | 14,716 | $ | 15,536 | $ | 682 | $ | 63,325 | $ | 65,031 | $ | 6,266 | |||||||||||
Residential | 3,074 | 3,269 | 471 | 8,424 | 8,612 | 585 | |||||||||||||||||
Real estate construction and land: | |||||||||||||||||||||||
Residential | — | — | — | 213 | 213 | — | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Cash flow | 31,114 | 40,068 | 8,720 | 51,272 | 52,910 | 12,474 | |||||||||||||||||
Asset-based | 2,499 | 2,514 | 422 | 4,395 | 4,861 | 2,144 | |||||||||||||||||
Venture capital | 20,039 | 22,377 | 5,870 | 5,821 | 5,880 | 3,294 | |||||||||||||||||
Equipment finance | — | — | — | 1,524 | 4,636 | — | |||||||||||||||||
Consumer | 106 | 105 | 17 | 270 | 280 | 170 | |||||||||||||||||
With No Related Allowance Recorded: | |||||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||||
Commercial | $ | 92,295 | $ | 103,306 | $ | 44,557 | $ | 51,402 | |||||||||||||||
Residential | 3,670 | 3,906 | 7,779 | 8,940 | |||||||||||||||||||
Real estate construction and land: | |||||||||||||||||||||||
Commercial | 5,764 | 5,762 | 6,680 | 6,680 | |||||||||||||||||||
Residential | — | — | 364 | 366 | |||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Cash flow | 2,559 | 4,690 | 2,852 | 5,939 | |||||||||||||||||||
Asset-based | 4,528 | 6,479 | 664 | 1,652 | |||||||||||||||||||
Venture capital | 2,647 | 6,741 | 5,866 | 8,939 | |||||||||||||||||||
Equipment finance | 30,942 | 49,742 | 31,324 | 53,319 | |||||||||||||||||||
Consumer | 296 | 368 | 221 | 292 | |||||||||||||||||||
Total Non-PCI Loans and Leases With | |||||||||||||||||||||||
and Without an Allowance Recorded: | |||||||||||||||||||||||
Real estate mortgage | $ | 113,755 | $ | 126,017 | $ | 1,153 | $ | 124,085 | $ | 133,985 | $ | 6,851 | |||||||||||
Real estate construction and land | 5,764 | 5,762 | — | 7,257 | 7,259 | — | |||||||||||||||||
Commercial | 94,328 | 132,611 | 15,012 | 103,718 | 138,136 | 17,912 | |||||||||||||||||
Consumer | 402 | 473 | 17 | 491 | 572 | 170 | |||||||||||||||||
Total | $ | 214,249 | $ | 264,863 | $ | 16,182 | $ | 235,551 | $ | 279,952 | $ | 24,933 |
Three Months Ended September 30, | |||||||||||||||
2017 | 2016 | ||||||||||||||
Weighted | Interest | Weighted | Interest | ||||||||||||
Average | Income | Average | Income | ||||||||||||
Impaired Loans and Leases | Balance(1) | Recognized | Balance(1) | Recognized | |||||||||||
(In thousands) | |||||||||||||||
With An Allowance Recorded: | |||||||||||||||
Real estate mortgage: | |||||||||||||||
Commercial | $ | 14,716 | $ | 214 | $ | 18,580 | $ | 262 | |||||||
Residential | 3,074 | 14 | 2,505 | 15 | |||||||||||
Real estate construction and land: | |||||||||||||||
Residential | — | — | 736 | 4 | |||||||||||
Commercial: | |||||||||||||||
Cash flow | 31,114 | 2 | 25,933 | 9 | |||||||||||
Asset-based | 2,372 | 29 | 2,730 | 5 | |||||||||||
Venture capital | 18,298 | — | 6,878 | — | |||||||||||
Equipment finance | — | — | 42,913 | — | |||||||||||
Consumer | 106 | 2 | 346 | 3 | |||||||||||
With No Related Allowance Recorded: | |||||||||||||||
Real estate mortgage: | |||||||||||||||
Commercial | $ | 92,183 | $ | 635 | $ | 59,090 | $ | 518 | |||||||
Residential | 3,670 | 15 | 9,573 | 70 | |||||||||||
Real estate construction and land: | |||||||||||||||
Commercial | 5,764 | 74 | 7,870 | 57 | |||||||||||
Commercial: | |||||||||||||||
Cash flow | 2,338 | 11 | 2,330 | 1 | |||||||||||
Asset-based | 1,501 | 29 | 2,535 | 37 | |||||||||||
Venture capital | 2,647 | — | — | — | |||||||||||
Equipment finance | 30,942 | — | — | — | |||||||||||
Consumer | 296 | — | 76 | — | |||||||||||
Total Non-PCI Loans and Leases With | |||||||||||||||
and Without an Allowance Recorded: | |||||||||||||||
Real estate mortgage | $ | 113,643 | $ | 878 | $ | 89,748 | $ | 865 | |||||||
Real estate construction and land | 5,764 | 74 | 8,606 | 61 | |||||||||||
Commercial | 89,212 | 71 | 83,319 | 52 | |||||||||||
Consumer | 402 | 2 | 422 | 3 | |||||||||||
Total | $ | 209,021 | $ | 1,025 | $ | 182,095 | $ | 981 |
(1) | For Non-PCI loans and leases reported as impaired at September 30, 2017 and 2016, amounts were calculated based on the period of time such loans and leases were impaired during the reported period. |
Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | ||||||||||||||
Weighted | Interest | Weighted | Interest | ||||||||||||
Average | Income | Average | Income | ||||||||||||
Impaired Loans and Leases | Balance(1) | Recognized | Balance(1) | Recognized | |||||||||||
(In thousands) | |||||||||||||||
With An Allowance Recorded: | |||||||||||||||
Real estate mortgage: | |||||||||||||||
Commercial | $ | 14,716 | $ | 634 | $ | 18,220 | $ | 781 | |||||||
Residential | 3,074 | 41 | 2,325 | 42 | |||||||||||
Real estate construction and land: | |||||||||||||||
Residential | — | — | 736 | 11 | |||||||||||
Commercial: | |||||||||||||||
Cash flow | 31,114 | 5 | 20,417 | 26 | |||||||||||
Asset-based | 2,079 | 83 | 2,278 | 14 | |||||||||||
Venture capital | 9,621 | — | 2,542 | — | |||||||||||
Equipment finance | — | — | 41,587 | — | |||||||||||
Consumer | 106 | 6 | 330 | 8 | |||||||||||
With No Related Allowance Recorded: | |||||||||||||||
Real estate mortgage: | |||||||||||||||
Commercial | $ | 90,631 | $ | 1,924 | $ | 54,747 | $ | 1,209 | |||||||
Residential | 3,650 | 44 | 6,990 | 130 | |||||||||||
Real estate construction and land: | |||||||||||||||
Commercial | 5,764 | 220 | 7,106 | 169 | |||||||||||
Commercial: | |||||||||||||||
Cash flow | 1,995 | 14 | 2,232 | 1 | |||||||||||
Asset-based | 1,171 | 54 | 1,828 | 77 | |||||||||||
Venture capital | 1,922 | — | — | — | |||||||||||
Equipment finance | 30,560 | — | — | — | |||||||||||
Consumer | 296 | — | 74 | 1 | |||||||||||
Total Non-PCI Loans and Leases With | |||||||||||||||
and Without an Allowance Recorded: | |||||||||||||||
Real estate mortgage | $ | 112,071 | $ | 2,643 | $ | 82,282 | $ | 2,162 | |||||||
Real estate construction and land | 5,764 | 220 | 7,842 | 180 | |||||||||||
Commercial | 78,462 | 156 | 70,884 | 118 | |||||||||||
Consumer | 402 | 6 | 404 | 9 | |||||||||||
Total | $ | 196,699 | $ | 3,025 | $ | 161,412 | $ | 2,469 |
(1) | For Non-PCI loans and leases reported as impaired at September 30, 2017 and 2016, amounts were calculated based on the period of time such loans and leases were impaired during the reported period. |
Three Months Ended September 30, | |||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
Pre- | Post- | Pre- | Post- | ||||||||||||||||||
Modification | Modification | Modification | Modification | ||||||||||||||||||
Outstanding | Outstanding | Outstanding | Outstanding | ||||||||||||||||||
Number | Recorded | Recorded | Number | Recorded | Recorded | ||||||||||||||||
Troubled Debt Restructurings | of Loans | Investment | Investment | of Loans | Investment | Investment | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||
Commercial | 1 | $ | 998 | $ | 998 | 2 | $ | 1,147 | $ | 1,147 | |||||||||||
Residential | 3 | 566 | 10 | 1 | 93 | 93 | |||||||||||||||
Real estate construction and land: | |||||||||||||||||||||
Commercial | — | — | — | 1 | 1,245 | 1,245 | |||||||||||||||
Commercial: | |||||||||||||||||||||
Cash flow | 3 | 9,491 | 255 | 2 | 25 | 25 | |||||||||||||||
Asset-based | 2 | 2,655 | 2,655 | 1 | 25 | 25 | |||||||||||||||
Venture capital | 4 | 15,308 | 15,308 | — | — | — | |||||||||||||||
Equipment finance | — | — | — | 1 | 39,912 | 39,912 | |||||||||||||||
Consumer | — | — | — | 1 | 21 | 21 | |||||||||||||||
Total | 13 | $ | 29,018 | $ | 19,226 | 9 | $ | 42,468 | $ | 42,468 |
Nine Months Ended September 30, | |||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
Pre- | Post- | Pre- | Post- | ||||||||||||||||||
Modification | Modification | Modification | Modification | ||||||||||||||||||
Outstanding | Outstanding | Outstanding | Outstanding | ||||||||||||||||||
Number | Recorded | Recorded | Number | Recorded | Recorded | ||||||||||||||||
Troubled Debt Restructurings | of Loans | Investment | Investment | of Loans | Investment | Investment | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||
Commercial | 5 | $ | 2,527 | $ | 2,463 | 7 | $ | 5,287 | $ | 5,287 | |||||||||||
Residential | 8 | 1,328 | 489 | 7 | 5,136 | 5,136 | |||||||||||||||
Real estate construction and land: | |||||||||||||||||||||
Commercial | — | — | — | 1 | 1,245 | 1,245 | |||||||||||||||
Residential | 1 | 362 | — | — | — | — | |||||||||||||||
Commercial: | |||||||||||||||||||||
Cash flow | 12 | 26,385 | 17,150 | 12 | 30,582 | 30,582 | |||||||||||||||
Asset-based | 7 | 4,433 | 4,433 | 5 | 2,158 | 2,158 | |||||||||||||||
Venture capital | 9 | 28,465 | 28,465 | — | — | — | |||||||||||||||
Equipment finance | — | — | — | 7 | 44,196 | 42,572 | |||||||||||||||
Consumer | 1 | 97 | 97 | 4 | 819 | 111 | |||||||||||||||
Total | 43 | $ | 63,597 | $ | 53,097 | 43 | $ | 89,423 | $ | 87,091 |
Three Months Ended September 30, | ||||||||||||||
2017 | 2016 | |||||||||||||
Troubled Debt Restructurings | Number | Recorded | Number | Recorded | ||||||||||
That Subsequently Defaulted | of Loans | Investment(1) | of Loans | Investment(1) | ||||||||||
(Dollars in thousands) | ||||||||||||||
Real estate construction and land: | ||||||||||||||
Commercial | — | $ | — | 1 | $ | 1,245 | ||||||||
Commercial: | ||||||||||||||
Asset-based | — | — | 1 | 2 | ||||||||||
Total | — | $ | — | 2 | $ | 1,247 | (2) |
(1) | The population of defaulted restructured loans for the period indicated includes only those loans restructured during the preceding 12-month period. For example, for the 12-month period ended September 30, 2017, the population of defaulted restructured loans includes only those loans restructured after September 30, 2016. The table excludes defaulted troubled restructurings in those classes for which the recorded investment was zero at the end of the period. |
(2) | Represents the balance at September 30, 2016, and there were no charge-offs. |
Nine Months Ended September 30, | ||||||||||||||
2017 | 2016 | |||||||||||||
Troubled Debt Restructurings | Number | Recorded | Number | Recorded | ||||||||||
That Subsequently Defaulted | of Loans | Investment(1) | of Loans | Investment(1) | ||||||||||
(Dollars in thousands) | ||||||||||||||
Real estate construction and land: | ||||||||||||||
Commercial | — | $ | — | 1 | $ | 1,245 | ||||||||
Commercial: | ||||||||||||||
Asset-based | — | — | 1 | 2 | ||||||||||
Equipment finance | — | — | 1 | 39,912 | (3) | |||||||||
Total | — | $ | — | 3 | $ | 41,159 | (2) |
(1) | The population of defaulted restructured loans for the period indicated includes only those loans restructured during the preceding 12-month period. For example, for the 12-month period ended September 30, 2017, the population of defaulted restructured loans includes only those loans restructured after September 30, 2016. The table excludes defaulted troubled restructurings in those classes for which the recorded investment was zero at the end of the period. |
(2) | Represents the balance at September 30, 2016, and there were no charge-offs. |
(3) | The term of the modification for this loan expired in the second quarter of 2016 and was not renewed until the third quarter of 2016. Thus, the loan was in payment default under the loan's original terms at June 30, 2016. The modified terms were extended an additional six months in April 2017. |
Three Months Ended September 30, 2017 | |||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||
Real Estate | Construction | Total | Total | ||||||||||||||||||||||||
Mortgage | and Land | Commercial | Consumer | Non-PCI | PCI | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Allowance for Loan | |||||||||||||||||||||||||||
and Lease Losses: | |||||||||||||||||||||||||||
Balance, beginning of period | $ | 37,122 | $ | 11,318 | $ | 88,364 | $ | 2,075 | $ | 138,879 | $ | 7,079 | $ | 145,958 | |||||||||||||
Charge-offs | (531 | ) | — | (4,984 | ) | (413 | ) | (5,928 | ) | (79 | ) | (6,007 | ) | ||||||||||||||
Recoveries | 36 | 353 | 4,447 | 29 | 4,865 | 217 | 5,082 | ||||||||||||||||||||
Provision (negative provision) | (186 | ) | 22 | 14,366 | 752 | 14,954 | (381 | ) | 14,573 | ||||||||||||||||||
Balance, end of period | $ | 36,441 | $ | 11,693 | $ | 102,193 | $ | 2,443 | $ | 152,770 | $ | 6,836 | $ | 159,606 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||
Real Estate | Construction | Total | Total | ||||||||||||||||||||||||
Mortgage | and Land | Commercial | Consumer | Non-PCI | PCI | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Allowance for Loan | |||||||||||||||||||||||||||
and Lease Losses: | |||||||||||||||||||||||||||
Balance, beginning of period | $ | 37,765 | $ | 10,045 | $ | 93,853 | $ | 2,092 | $ | 143,755 | $ | 13,483 | $ | 157,238 | |||||||||||||
Charge-offs | (2,217 | ) | — | (46,965 | ) | (625 | ) | (49,807 | ) | (5,768 | ) | (55,575 | ) | ||||||||||||||
Recoveries | 286 | 370 | 8,848 | 104 | 9,608 | 275 | 9,883 | ||||||||||||||||||||
Provision (negative provision) | 607 | 1,278 | 46,457 | 872 | 49,214 | (1,154 | ) | 48,060 | |||||||||||||||||||
Balance, end of period | $ | 36,441 | $ | 11,693 | $ | 102,193 | $ | 2,443 | $ | 152,770 | $ | 6,836 | $ | 159,606 | |||||||||||||
Ending Allowance by | |||||||||||||||||||||||||||
Impairment Methodology: | |||||||||||||||||||||||||||
Individually evaluated for | |||||||||||||||||||||||||||
impairment | $ | 1,153 | $ | — | $ | 15,012 | $ | 17 | $ | 16,182 | |||||||||||||||||
Collectively evaluated for | |||||||||||||||||||||||||||
impairment | $ | 35,288 | $ | 11,693 | $ | 87,181 | $ | 2,426 | $ | 136,588 | |||||||||||||||||
Acquired loans with | |||||||||||||||||||||||||||
deteriorated credit quality | $ | 6,836 | |||||||||||||||||||||||||
Ending Loans and Leases by | |||||||||||||||||||||||||||
Impairment Methodology: | |||||||||||||||||||||||||||
Individually evaluated for | |||||||||||||||||||||||||||
impairment | $ | 113,304 | $ | 5,764 | $ | 94,078 | $ | 106 | $ | 213,252 | |||||||||||||||||
Collectively evaluated for | |||||||||||||||||||||||||||
impairment | 6,017,892 | 1,243,458 | 7,767,614 | 385,807 | 15,414,771 | ||||||||||||||||||||||
Acquired loans with | |||||||||||||||||||||||||||
deteriorated credit quality | $ | 62,494 | |||||||||||||||||||||||||
Ending balance | $ | 6,131,196 | $ | 1,249,222 | $ | 7,861,692 | $ | 385,913 | $ | 15,628,023 | $ | 62,494 | $ | 15,690,517 |
Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||
Real Estate | Construction | Total | Total | ||||||||||||||||||||||||
Mortgage | and Land | Commercial | Consumer | Non-PCI | PCI | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Allowance for Loan | |||||||||||||||||||||||||||
and Lease Losses: | |||||||||||||||||||||||||||
Balance, beginning of period | $ | 29,331 | $ | 7,853 | $ | 93,404 | $ | 1,412 | $ | 132,000 | $ | 11,289 | $ | 143,289 | |||||||||||||
Charge-offs | (302 | ) | — | (9,606 | ) | (16 | ) | (9,924 | ) | (531 | ) | (10,455 | ) | ||||||||||||||
Recoveries | 2,414 | 27 | 3,553 | 56 | 6,050 | — | 6,050 | ||||||||||||||||||||
Provision | 5,498 | 803 | 2,240 | 80 | 8,621 | 471 | 9,092 | ||||||||||||||||||||
Balance, end of period | $ | 36,941 | $ | 8,683 | $ | 89,591 | $ | 1,532 | $ | 136,747 | $ | 11,229 | $ | 147,976 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||
Real Estate | Construction | Total | Total | ||||||||||||||||||||||||
Mortgage | and Land | Commercial | Consumer | Non-PCI | PCI | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Allowance for Loan | |||||||||||||||||||||||||||
and Lease Losses: | |||||||||||||||||||||||||||
Balance, beginning of period | $ | 36,654 | $ | 7,137 | $ | 61,082 | $ | 661 | $ | 105,534 | $ | 9,577 | $ | 115,111 | |||||||||||||
Charge-offs | (1,905 | ) | — | (14,306 | ) | (798 | ) | (17,009 | ) | (862 | ) | (17,871 | ) | ||||||||||||||
Recoveries | 4,352 | 185 | 4,179 | 95 | 8,811 | — | 8,811 | ||||||||||||||||||||
Provision (negative provision) | (2,160 | ) | 1,361 | 38,636 | 1,574 | 39,411 | 2,514 | 41,925 | |||||||||||||||||||
Balance, end of period | $ | 36,941 | $ | 8,683 | $ | 89,591 | $ | 1,532 | $ | 136,747 | $ | 11,229 | $ | 147,976 | |||||||||||||
Ending Allowance by | |||||||||||||||||||||||||||
Impairment Methodology: | |||||||||||||||||||||||||||
Individually evaluated for | |||||||||||||||||||||||||||
impairment | $ | 7,299 | $ | 11 | $ | 23,631 | $ | 179 | $ | 31,120 | |||||||||||||||||
Collectively evaluated for | |||||||||||||||||||||||||||
impairment | $ | 29,642 | $ | 8,672 | $ | 65,960 | $ | 1,353 | $ | 105,627 | |||||||||||||||||
Acquired loans with | |||||||||||||||||||||||||||
deteriorated credit quality | $ | 11,229 | |||||||||||||||||||||||||
Ending Loans and Leases by | |||||||||||||||||||||||||||
Impairment Methodology: | |||||||||||||||||||||||||||
Individually evaluated for | |||||||||||||||||||||||||||
impairment | $ | 139,059 | $ | 8,700 | $ | 92,637 | $ | 376 | $ | 240,772 | |||||||||||||||||
Collectively evaluated for | |||||||||||||||||||||||||||
impairment | 5,325,882 | 822,815 | 7,977,050 | 256,128 | 14,381,875 | ||||||||||||||||||||||
Acquired loans with | |||||||||||||||||||||||||||
deteriorated credit quality | $ | 120,199 | |||||||||||||||||||||||||
Ending balance | $ | 5,464,941 | $ | 831,515 | $ | 8,069,687 | $ | 256,504 | $ | 14,622,647 | $ | 120,199 | $ | 14,742,846 |
Three Months Ended September 30, 2017 | |||||||||||||||||||
Non-PCI | |||||||||||||||||||
Allowance for | Reserve for | PCI | Total | ||||||||||||||||
Loan and | Unfunded Loan | Allowance for | Allowance for | Allowance for | |||||||||||||||
Lease Losses | Commitments | Credit Losses | Loan Losses | Credit Losses | |||||||||||||||
(In thousands) | |||||||||||||||||||
Balance, beginning of period | $ | 138,879 | $ | 20,263 | $ | 159,142 | $ | 7,079 | $ | 166,221 | |||||||||
Charge-offs | (5,928 | ) | — | (5,928 | ) | (79 | ) | (6,007 | ) | ||||||||||
Recoveries | 4,865 | — | 4,865 | 217 | 5,082 | ||||||||||||||
Net charge-offs | (1,063 | ) | — | (1,063 | ) | 138 | (925 | ) | |||||||||||
Provision (negative provision) | 14,954 | 546 | 15,500 | (381 | ) | 15,119 | |||||||||||||
Balance, end of period | $ | 152,770 | $ | 20,809 | $ | 173,579 | $ | 6,836 | $ | 180,415 |
Nine Months Ended September 30, 2017 | |||||||||||||||||||
Non-PCI | |||||||||||||||||||
Allowance for | Reserve for | PCI | Total | ||||||||||||||||
Loan and | Unfunded Loan | Allowance for | Allowance for | Allowance for | |||||||||||||||
Lease Losses | Commitments | Credit Losses | Loan Losses | Credit Losses | |||||||||||||||
(In thousands) | |||||||||||||||||||
Balance, beginning of period | $ | 143,755 | $ | 17,523 | $ | 161,278 | $ | 13,483 | $ | 174,761 | |||||||||
Charge-offs | (49,807 | ) | — | (49,807 | ) | (5,768 | ) | (55,575 | ) | ||||||||||
Recoveries | 9,608 | — | 9,608 | 275 | 9,883 | ||||||||||||||
Net charge-offs | (40,199 | ) | — | (40,199 | ) | (5,493 | ) | (45,692 | ) | ||||||||||
Provision (negative provision) | 49,214 | 3,286 | 52,500 | (1,154 | ) | 51,346 | |||||||||||||
Balance, end of period | $ | 152,770 | $ | 20,809 | $ | 173,579 | $ | 6,836 | $ | 180,415 |
Three Months Ended September 30, 2016 | |||||||||||||||||||
Non-PCI | |||||||||||||||||||
Allowance for | Reserve for | PCI | Total | ||||||||||||||||
Loan and | Unfunded Loan | Allowance for | Allowance for | Allowance for | |||||||||||||||
Lease Losses | Commitments | Credit Losses | Loan Losses | Credit Losses | |||||||||||||||
(In thousands) | |||||||||||||||||||
Balance, beginning of period | $ | 132,000 | $ | 17,944 | $ | 149,944 | $ | 11,289 | $ | 161,233 | |||||||||
Charge-offs | (9,924 | ) | — | (9,924 | ) | (531 | ) | (10,455 | ) | ||||||||||
Recoveries | 6,050 | — | 6,050 | — | 6,050 | ||||||||||||||
Net charge-offs | (3,874 | ) | — | (3,874 | ) | (531 | ) | (4,405 | ) | ||||||||||
Provision (negative provision) | 8,621 | (621 | ) | 8,000 | 471 | 8,471 | |||||||||||||
Balance, end of period | $ | 136,747 | $ | 17,323 | $ | 154,070 | $ | 11,229 | $ | 165,299 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||
Non-PCI | |||||||||||||||||||
Allowance for | Reserve for | PCI | Total | ||||||||||||||||
Loan and | Unfunded Loan | Allowance for | Allowance for | Allowance for | |||||||||||||||
Lease Losses | Commitments | Credit Losses | Loan Losses | Credit Losses | |||||||||||||||
(In thousands) | |||||||||||||||||||
Balance, beginning of period | $ | 105,534 | $ | 16,734 | $ | 122,268 | $ | 9,577 | $ | 131,845 | |||||||||
Charge-offs | (17,009 | ) | — | (17,009 | ) | (862 | ) | (17,871 | ) | ||||||||||
Recoveries | 8,811 | — | 8,811 | — | 8,811 | ||||||||||||||
Net charge-offs | (8,198 | ) | — | (8,198 | ) | (862 | ) | (9,060 | ) | ||||||||||
Provision | 39,411 | 589 | 40,000 | 2,514 | 42,514 | ||||||||||||||
Balance, end of period | $ | 136,747 | $ | 17,323 | $ | 154,070 | $ | 11,229 | $ | 165,299 |
September 30, | December 31, | ||||||
Property Type | 2017 | 2016 | |||||
(In thousands) | |||||||
Construction and land development | $ | 9,319 | $ | 11,224 | |||
Multi‑family | — | 652 | |||||
Commercial real estate | 65 | — | |||||
Single family residence | 1,668 | — | |||||
Total other real estate owned, net | 11,052 | 11,876 | |||||
Other foreclosed assets | 578 | 1,100 | |||||
Total foreclosed assets, net | $ | 11,630 | $ | 12,976 |
Foreclosed | |||
Assets | |||
(In thousands) | |||
Balance, December 31, 2016 | $ | 12,976 | |
Transfers to foreclosed assets from loans | 580 | ||
Other additions | 1,385 | ||
Provision for losses | (2,138 | ) | |
Reductions related to sales | (1,173 | ) | |
Balance, September 30, 2017 | $ | 11,630 |
September 30, 2017 | December 31, 2016 | ||||||||||||
Weighted | Weighted | ||||||||||||
Average | Average | ||||||||||||
Amount | Rate | Amount | Rate | ||||||||||
(Dollars in thousands) | |||||||||||||
Non‑recourse debt | $ | 399 | 6.82 | % | $ | 812 | 6.41 | % | |||||
FHLB secured advances | 115,000 | 1.14 | % | 735,000 | 0.59 | % | |||||||
FHLB unsecured overnight advance | 135,000 | 1.15 | % | 130,000 | 0.55 | % | |||||||
AFX borrowings | — | — | % | 40,000 | 0.81 | % | |||||||
Total borrowings | $ | 250,399 | $ | 905,812 |
September 30, 2017 | December 31, 2016 | Date | Maturity | Rate Index | |||||||||||||||
Series | Amount | Rate | Amount | Rate | Issued | Date | (Quarterly Reset) | ||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Trust V | $ | 10,310 | 4.42 | % | $ | 10,310 | 4.09 | % | 8/15/2003 | 9/17/2033 | 3 month LIBOR + 3.10 | ||||||||
Trust VI | 10,310 | 4.37 | % | 10,310 | 4.01 | % | 9/3/2003 | 9/15/2033 | 3 month LIBOR + 3.05 | ||||||||||
Trust CII | 5,155 | 4.27 | % | 5,155 | 3.95 | % | 9/17/2003 | 9/17/2033 | 3 month LIBOR + 2.95 | ||||||||||
Trust VII | 61,856 | 4.06 | % | 61,856 | 3.64 | % | 2/5/2004 | 4/23/2034 | 3 month LIBOR + 2.75 | ||||||||||
Trust CIII | 20,619 | 3.01 | % | 20,619 | 2.65 | % | 8/15/2005 | 9/15/2035 | 3 month LIBOR + 1.69 | ||||||||||
Trust FCCI | 16,495 | 2.92 | % | 16,495 | 2.56 | % | 1/25/2007 | 3/15/2037 | 3 month LIBOR + 1.60 | ||||||||||
Trust FCBI | 10,310 | 2.87 | % | 10,310 | 2.51 | % | 9/30/2005 | 12/15/2035 | 3 month LIBOR + 1.55 | ||||||||||
Trust CS 2005-1 | 82,475 | 3.27 | % | 82,475 | 2.91 | % | 11/21/2005 | 12/15/2035 | 3 month LIBOR + 1.95 | ||||||||||
Trust CS 2005-2 | 128,866 | 3.26 | % | 128,866 | 2.84 | % | 12/14/2005 | 1/30/2036 | 3 month LIBOR + 1.95 | ||||||||||
Trust CS 2006-1 | 51,545 | 3.26 | % | 51,545 | 2.84 | % | 2/22/2006 | 4/30/2036 | 3 month LIBOR + 1.95 | ||||||||||
Trust CS 2006-2 | 51,550 | 3.26 | % | 51,550 | 2.84 | % | 9/27/2006 | 10/30/2036 | 3 month LIBOR + 1.95 | ||||||||||
Trust CS 2006-3 (1) | 30,422 | 1.72 | % | 27,185 | 1.74 | % | 9/29/2006 | 10/30/2036 | 3 month EURIBOR + 2.05 | ||||||||||
Trust CS 2006-4 | 16,470 | 3.26 | % | 16,470 | 2.84 | % | 12/5/2006 | 1/30/2037 | 3 month LIBOR + 1.95 | ||||||||||
Trust CS 2006-5 | 6,650 | 3.26 | % | 6,650 | 2.84 | % | 12/19/2006 | 1/30/2037 | 3 month LIBOR + 1.95 | ||||||||||
Trust CS 2007-2 | 39,177 | 3.26 | % | 39,177 | 2.84 | % | 6/13/2007 | 7/30/2037 | 3 month LIBOR + 1.95 | ||||||||||
Gross subordinated debentures | 542,210 | 538,973 | |||||||||||||||||
Unamortized discount (2) | (94,084 | ) | (98,229 | ) | |||||||||||||||
Net subordinated debentures | $ | 448,126 | $ | 440,744 |
(1) | Denomination is in Euros with a value of €25.8 million. |
(2) | Amount represents the fair value adjustment on subordinated debentures assumed in acquisitions. |
September 30, | December 31, | ||||||
2017 | 2016 | ||||||
(In thousands) | |||||||
Loan commitments to extend credit | $ | 5,037,084 | $ | 4,166,703 | |||
Standby letters of credit | 237,052 | 211,398 | |||||
Total | $ | 5,274,136 | $ | 4,378,101 |
• | Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets. |
• | Level 2: Observable inputs other than Level 1, including quoted prices for similar assets and liabilities in active markets, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data, either directly or indirectly, for substantially the full term of the financial instrument. This category generally includes municipal securities, agency residential and commercial MBS, collateralized loan obligations, registered publicly rated private label CMOs and asset-backed securitizations. |
• | Level 3: Inputs to a valuation methodology that are unobservable, supported by little or no market activity, and significant to the fair value measurement. These valuation methodologies generally include pricing models, discounted cash flow models, or a determination of fair value that requires significant management judgment or estimation. This category also includes observable inputs from a pricing service not corroborated by observable market data, and includes our non-rated private label CMOs, non-rated private label asset-backed securities, and equity warrants. |
Fair Value Measurements as of | |||||||||||||||
September 30, 2017 | |||||||||||||||
Measured on a Recurring Basis | Total | Level 1 | Level 2 | Level 3 | |||||||||||
(In thousands) | |||||||||||||||
Securities available‑for‑sale: | |||||||||||||||
Residential MBS and CMOs: | |||||||||||||||
Agency MBS | $ | 377,541 | $ | — | $ | 377,541 | $ | — | |||||||
Agency CMOs | 175,950 | — | 175,950 | — | |||||||||||
Private label CMOs | 134,550 | — | 96,614 | 37,936 | |||||||||||
Municipal securities | 1,549,150 | — | 1,549,150 | — | |||||||||||
Agency commercial MBS | 995,914 | — | 995,914 | — | |||||||||||
Corporate debt securities | 19,125 | — | 19,125 | — | |||||||||||
Collateralized loan obligations | 19,176 | — | 19,176 | — | |||||||||||
SBA securities | 168,028 | — | 168,028 | — | |||||||||||
Asset-backed and other securities | 92,796 | 4,808 | 45,603 | 42,385 | |||||||||||
Total securities available-for-sale | 3,532,230 | 4,808 | 3,447,101 | 80,321 | |||||||||||
Equity warrants | 5,158 | — | — | 5,158 | |||||||||||
Other derivative assets | 1,221 | — | 1,221 | — | |||||||||||
Total recurring assets | $ | 3,538,609 | $ | 4,808 | $ | 3,448,322 | $ | 85,479 | |||||||
Derivative liabilities | $ | 564 | $ | — | $ | 564 | $ | — |
Fair Value Measurements as of | |||||||||||||||
December 31, 2016 | |||||||||||||||
Measured on a Recurring Basis | Total | Level 1 | Level 2 | Level 3 | |||||||||||
(In thousands) | |||||||||||||||
Securities available‑for‑sale: | |||||||||||||||
Residential MBS and CMOs: | |||||||||||||||
Agency MBS | $ | 502,443 | $ | — | $ | 502,443 | $ | — | |||||||
Agency CMOs | 146,289 | — | 146,289 | — | |||||||||||
Private label CMOs | 125,469 | — | 68,567 | 56,902 | |||||||||||
Municipal securities | 1,456,459 | — | 1,456,459 | — | |||||||||||
Agency commercial MBS | 547,692 | — | 547,692 | — | |||||||||||
Corporate debt securities | 47,509 | — | 47,509 | — | |||||||||||
Collateralized loan obligations | 156,887 | — | 156,887 | — | |||||||||||
SBA securities | 178,845 | — | 178,845 | — | |||||||||||
Asset-backed and other securities | 62,237 | 2,080 | 51,784 | 8,373 | |||||||||||
Total securities available-for-sale | 3,223,830 | 2,080 | 3,156,475 | 65,275 | |||||||||||
Equity warrants | 5,497 | — | — | 5,497 | |||||||||||
Other derivative assets | 694 | — | 694 | — | |||||||||||
Total recurring assets | $ | 3,230,021 | $ | 2,080 | $ | 3,157,169 | $ | 70,772 | |||||||
Derivative liabilities | $ | 3,285 | $ | — | $ | 3,285 | $ | — |
September 30, 2017 | |||||||
Private Label CMOs | Asset-Backed Securities | ||||||
Weighted | Weighted | ||||||
Range | Average | Range | Average | ||||
Unobservable Inputs | of Inputs | Input | of Inputs | Input | |||
Voluntary annual prepayment speeds | 3.2% - 25.5% | 9.6% | 5% - 15% | 13.5% | |||
Annual default rates | 0.1% - 13.6% | 2.2% | 1% - 2% | 1.8% | |||
Loss severity rates | 4.0% - 95.9% | 46.9% | 10% - 60% | 52.4% | |||
Discount rates | 1.6% - 9.9% | 4.6% | 3.2% - 4.3% | 3.6% |
September 30, 2017 | |
Equity Warrants | |
Weighted | |
Average | |
Unobservable Inputs | Input |
Volatility | 17.3% |
Risk-free interest rate | 1.7% |
Remaining life assumption (in years) | 3.8 |
Private | Asset-Backed | Equity | |||||||||
Label CMOs | Securities | Warrants | |||||||||
(In thousands) | |||||||||||
Balance, December 31, 2016 | $ | 56,902 | $ | 8,373 | $ | 5,497 | |||||
Total included in earnings | 2,114 | 314 | 1,701 | ||||||||
Total included in other comprehensive income | (578 | ) | (349 | ) | — | ||||||
Purchases | — | 37,722 | — | ||||||||
Issuances | — | — | 720 | ||||||||
Sales | (4,732 | ) | — | (2,106 | ) | ||||||
Net settlements | (15,770 | ) | (3,675 | ) | — | ||||||
Transfers to securities available-for-sale | — | — | (654 | ) | |||||||
Balance, September 30, 2017 | $ | 37,936 | $ | 42,385 | $ | 5,158 |
Fair Value Measurement as of | |||||||||||||||
September 30, 2017 | |||||||||||||||
Measured on a Non‑Recurring Basis | Total | Level 1 | Level 2 | Level 3 | |||||||||||
(In thousands) | |||||||||||||||
Impaired Non‑PCI loans | $ | 63,463 | $ | — | $ | 6,779 | $ | 56,684 | |||||||
OREO | 9,100 | — | 9,100 | — | |||||||||||
Total non-recurring | $ | 72,563 | $ | — | $ | 15,879 | $ | 56,684 |
Fair Value Measurement as of | |||||||||||||||
December 31, 2016 | |||||||||||||||
Measured on a Non‑Recurring Basis | Total | Level 1 | Level 2 | Level 3 | |||||||||||
(In thousands) | |||||||||||||||
Impaired Non‑PCI loans | $ | 149,749 | $ | — | $ | 1,661 | $ | 148,088 | |||||||
OREO | 11,224 | — | 11,224 | — | |||||||||||
Investments carried at cost | 242 | — | — | 242 | |||||||||||
Total non-recurring | $ | 161,215 | $ | — | $ | 12,885 | $ | 148,330 |
Three Months Ended | Nine Months Ended | ||||||||||||||
Losses on Assets | September 30, | September 30, | |||||||||||||
Measured on a Non‑Recurring Basis | 2017 | 2016 | 2017 | 2016 | |||||||||||
(In thousands) | |||||||||||||||
Impaired Non‑PCI loans | $ | 4,427 | $ | 12,935 | $ | 17,895 | $ | 27,301 | |||||||
OREO | 2,124 | — | 2,124 | — | |||||||||||
Total losses | $ | 6,551 | $ | 12,935 | $ | 20,019 | $ | 27,301 |
September 30, 2017 | ||||||||||||
Valuation | Unobservable | Weighted | ||||||||||
Asset | Fair Value | Technique | Inputs | Range | Average | |||||||
(In thousands) | ||||||||||||
Impaired Non-PCI loans | $ | 55,365 | Discounted cash flows | Discount rates | 2.00% - 8.93% | 6.84% | ||||||
1,319 | Third party appraisals | No discounts | ||||||||||
Total non-recurring Level 3 | $ | 56,684 |
September 30, 2017 | |||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Financial Assets: | |||||||||||||||||||
Cash and due from banks | $ | 147,579 | $ | 147,579 | $ | 147,579 | $ | — | $ | — | |||||||||
Interest‑earning deposits in financial institutions | 122,439 | 122,439 | 122,439 | — | — | ||||||||||||||
Securities available‑for‑sale | 3,532,230 | 3,532,230 | 4,808 | 3,447,101 | 80,321 | ||||||||||||||
Investment in FHLB stock | 17,250 | 17,250 | — | 17,250 | — | ||||||||||||||
Investments carried at cost | 1,006 | 10,702 | — | — | 10,702 | ||||||||||||||
Loans and leases held for investment, net | 15,530,911 | 15,700,815 | — | 6,779 | 15,694,036 | ||||||||||||||
Equity warrants | 5,158 | 5,158 | — | — | 5,158 | ||||||||||||||
Other derivative assets | 1,221 | 1,221 | — | 1,221 | — | ||||||||||||||
Financial Liabilities: | |||||||||||||||||||
Core deposits | 13,531,300 | 13,531,300 | — | 13,531,300 | — | ||||||||||||||
Non-core non-maturity deposits | 1,118,694 | 1,118,694 | — | 1,118,694 | — | ||||||||||||||
Time deposits | 2,123,251 | 2,114,655 | — | 2,114,655 | — | ||||||||||||||
Borrowings | 250,399 | 250,399 | 250,000 | 399 | — | ||||||||||||||
Subordinated debentures | 448,126 | 431,173 | — | 431,173 | — | ||||||||||||||
Derivative liabilities | 564 | 564 | — | 564 | — |
December 31, 2016 | |||||||||||||||||||
Carrying | Estimated Fair Value | ||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Financial Assets: | |||||||||||||||||||
Cash and due from banks | $ | 337,965 | $ | 337,965 | $ | 337,965 | $ | — | $ | — | |||||||||
Interest‑earning deposits in financial institutions | 81,705 | 81,705 | 81,705 | — | — | ||||||||||||||
Securities available‑for‑sale | 3,223,830 | 3,223,830 | 2,080 | 3,156,475 | 65,275 | ||||||||||||||
Investment in FHLB stock | 21,870 | 21,870 | — | 21,870 | — | ||||||||||||||
Investments carried at cost | 1,416 | 3,843 | — | — | 3,843 | ||||||||||||||
Loans and leases held for investment, net | 15,298,716 | 15,494,808 | — | 1,661 | 15,493,147 | ||||||||||||||
Equity warrants | 5,497 | 5,497 | — | — | 5,497 | ||||||||||||||
Other derivative assets | 694 | 694 | — | 694 | — | ||||||||||||||
Financial Liabilities: | |||||||||||||||||||
Core deposits | 12,523,834 | 12,523,834 | — | 12,523,834 | — | ||||||||||||||
Non-core non-maturity deposits | 1,174,487 | 1,174,487 | — | 1,174,487 | — | ||||||||||||||
Time deposits | 2,172,290 | 2,166,187 | — | 2,166,187 | — | ||||||||||||||
Borrowings | 905,812 | 905,838 | 591,000 | 314,838 | — | ||||||||||||||
Subordinated debentures | 440,744 | 424,507 | — | 424,507 | — | ||||||||||||||
Derivative liabilities | 3,285 | 3,285 | — | 3,285 | — |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||
Basic Earnings Per Share: | |||||||||||||||||||
Net earnings | $ | 101,466 | $ | 93,647 | $ | 93,895 | $ | 273,781 | $ | 266,519 | |||||||||
Less: Earnings allocated to unvested restricted stock(1) | (1,149 | ) | (1,080 | ) | (1,048 | ) | (3,239 | ) | (2,983 | ) | |||||||||
Net earnings allocated to common shares | $ | 100,317 | $ | 92,567 | $ | 92,847 | $ | 270,542 | $ | 263,536 | |||||||||
Weighted-average basic shares and unvested restricted | |||||||||||||||||||
stock outstanding | 121,447 | 121,422 | 121,818 | 121,405 | 121,739 | ||||||||||||||
Less: Weighted-average unvested restricted stock | |||||||||||||||||||
outstanding | (1,394 | ) | (1,455 | ) | (1,401 | ) | (1,450 | ) | (1,425 | ) | |||||||||
Weighted-average basic shares outstanding | 120,053 | 119,967 | 120,417 | 119,955 | 120,314 | ||||||||||||||
Basic earnings per share | $ | 0.84 | $ | 0.77 | $ | 0.77 | $ | 2.26 | $ | 2.19 | |||||||||
Diluted Earnings Per Share: | |||||||||||||||||||
Net earnings allocated to common shares | $ | 100,317 | $ | 92,567 | $ | 92,847 | $ | 270,542 | $ | 263,536 | |||||||||
Weighted-average basic shares outstanding | 120,053 | 119,967 | 120,417 | 119,955 | 120,314 | ||||||||||||||
Diluted earnings per share | $ | 0.84 | $ | 0.77 | $ | 0.77 | $ | 2.26 | $ | 2.19 |
(1) | Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any. |
• | our ability to complete future acquisitions and to successfully integrate such acquired entities or achieve expected benefits, synergies and/or operating efficiencies within expected time frames or at all; |
• | the reaction to the recent CUB acquisition of the companies' customers, employees and counterparties; |
• | our ability to compete effectively against other financial service providers in our markets; |
• | the effect of the current low interest rate environment or impact of changes in interest rates or levels of market activity, especially on the fair value of our loan and investment portfolios; |
• | deterioration, weaker than expected improvement, a continued sluggish recovery, or other changes in the state of the economy or the markets in which we conduct business (including the levels of initial public offerings and mergers and acquisitions), which may affect the ability of borrowers to repay their loans and the value of real property or other property held as collateral for such loans; |
• | changes in credit quality and the effect of credit quality on our provision for credit losses and allowance for loan and lease losses; |
• | our ability to attract deposits and other sources of funding or liquidity; |
• | the need to retain capital for strategic or regulatory reasons; |
• | the impact of the Dodd-Frank Act on our business, business strategies and cost of operations; |
• | compression of the net interest margin due to changes in the interest rate environment, forward yield curves, loan products offered, spreads on newly originated loans and leases and/or asset mix; |
• | reduced demand for our services due to strategic or regulatory reasons; |
• | our ability to successfully execute on initiatives relating to enhancements of our technology infrastructure, including client-facing systems and applications; |
• | legislative or regulatory requirements or changes, including an increase to capital requirements, and increased political and regulatory uncertainty; |
• | the impact on our reputation and business from our interactions with business partners, counterparties, service providers and other third parties; |
• | higher than anticipated increases in operating expenses; |
• | lower than expected dividends paid from the Bank to the holding company; |
• | a deterioration in the overall macroeconomic conditions or the state of the banking industry that could warrant further analysis of the carrying value of goodwill and could result in an adjustment to its carrying value resulting in a non-cash charge; |
• | the effectiveness of our risk management framework and quantitative models; |
• | the costs and effects of legal, compliance, and regulatory actions, changes and developments, including the impact of adverse judgments or settlements in litigation, the initiation and resolution of regulatory or other governmental inquiries or investigations, and/or the results of regulatory examinations or reviews; |
• | the impact on the value of our DTAs and on our net income or regulatory capital if corporate tax rates in the U.S. are reduced, or if other changes are made to tax laws or regulations affecting our business, including the disallowance of tax benefits by tax authorities and/or changes in tax filing jurisdictions or entity classifications; and |
• | our success at managing risks involved in the foregoing items and all other risk factors described in our audited consolidated financial statements, and other risk factors described in this Form 10-Q and other documents filed or furnished by PacWest with the SEC. |
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | |||||||||||||||||
Efficiency Ratio | 2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Noninterest expense | $ | 118,542 | $ | 117,707 | $ | 110,710 | $ | 352,793 | $ | 331,479 | ||||||||||
Less: | Intangible asset amortization | 3,049 | 3,065 | 4,224 | 9,178 | 13,341 | ||||||||||||||
Foreclosed assets expense (income), net | 2,191 | (157 | ) | (248 | ) | 2,177 | (812 | ) | ||||||||||||
Acquisition, integration and reorganization costs | 1,450 | 1,700 | — | 3,650 | 200 | |||||||||||||||
Noninterest expense used for efficiency ratio | $ | 111,852 | $ | 113,099 | $ | 106,734 | $ | 337,788 | $ | 318,750 | ||||||||||
Net interest income (tax equivalent) | $ | 246,575 | $ | 247,322 | $ | 239,473 | $ | 731,132 | $ | 727,680 | ||||||||||
Noninterest income | 31,382 | 35,282 | 26,920 | 101,778 | 83,580 | |||||||||||||||
Net revenues | 277,957 | 282,604 | 266,393 | 832,910 | 811,260 | |||||||||||||||
Less: | Gain on sale of securities | 1,236 | 1,651 | 382 | 2,788 | 8,970 | ||||||||||||||
Net revenues used for efficiency ratio | $ | 276,721 | $ | 280,953 | $ | 266,011 | $ | 830,122 | $ | 802,290 | ||||||||||
Efficiency ratio | 40.4 | % | 40.3 | % | 40.1 | % | 40.7 | % | 39.7 | % |
• | Return on average tangible equity, tangible common equity ratio, and tangible book value per share: Given that the use of these measures is prevalent among banking regulators, investors and analysts, we disclose them in addition to the related GAAP measures of return on average equity, equity to assets ratio, and book value per share, respectively. The reconciliations of these non-GAAP measurements to the GAAP measurements are presented in the following tables for and as of the periods presented. |
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | |||||||||||||||||
Return on Average Tangible Equity | 2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net earnings | $ | 101,466 | $ | 93,647 | $ | 93,895 | $ | 273,781 | $ | 266,519 | ||||||||||
Average stockholders' equity | $ | 4,592,489 | $ | 4,545,276 | $ | 4,530,701 | $ | 4,547,472 | $ | 4,484,468 | ||||||||||
Less: | Average intangible assets | 2,202,922 | 2,205,814 | 2,217,564 | 2,205,927 | 2,222,346 | ||||||||||||||
Average tangible common equity | $ | 2,389,567 | $ | 2,339,462 | $ | 2,313,137 | $ | 2,341,545 | $ | 2,262,122 | ||||||||||
Return on average equity (1) | 8.77 | % | 8.26 | % | 8.24 | % | 8.05 | % | 7.94 | % | ||||||||||
Return on average tangible equity (2) | 16.85 | % | 16.06 | % | 16.15 | % | 15.63 | % | 15.74 | % |
(1) | Annualized net earnings divided by average stockholders' equity. |
(2) | Annualized net earnings divided by average tangible common equity. |
Tangible Common Equity Ratio/ | September 30, | December 31, | |||||
Tangible Book Value Per Share | 2017 | 2016 | |||||
(Dollars in thousands, except per share data) | |||||||
Stockholders’ equity | $ | 4,610,668 | $ | 4,479,055 | |||
Less: Intangible assets | 2,201,137 | 2,210,315 | |||||
Tangible common equity | $ | 2,409,531 | $ | 2,268,740 | |||
Total assets | $ | 22,242,932 | $ | 21,869,767 | |||
Less: Intangible assets | 2,201,137 | 2,210,315 | |||||
Tangible assets | $ | 20,041,795 | $ | 19,659,452 | |||
Equity to assets ratio | 20.73 | % | 20.48 | % | |||
Tangible common equity ratio(1) | 12.02 | % | 11.54 | % | |||
Book value per share | $ | 37.96 | $ | 36.93 | |||
Tangible book value per share | $ | 19.84 | $ | 18.71 | |||
Shares outstanding | 121,449,794 | 121,283,669 |
(1) | Tangible common equity divided by tangible assets. |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
Performance Measures | 2017 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||
Diluted earnings per share | $ | 0.84 | $ | 0.77 | $ | 0.77 | $ | 2.26 | $ | 2.19 | |||||||||
Annualized return on: | |||||||||||||||||||
Average assets | 1.82 | % | 1.71 | % | 1.77 | % | 1.67 | % | 1.69 | % | |||||||||
Average tangible equity (1)(2) | 16.85 | % | 16.06 | % | 16.15 | % | 15.63 | % | 15.74 | % | |||||||||
Net interest margin (tax equivalent) | 5.08 | % | 5.21 | % | 5.26 | % | 5.15 | % | 5.37 | % | |||||||||
Efficiency ratio | 40.4 | % | 40.3 | % | 40.1 | % | 40.7 | % | 39.7 | % |
(1) | Calculation reduces average stockholder's equity by average intangible assets. |
(2) | See "Non-GAAP Measurements." |
Three Months Ended | ||||||||||||||||||||||||||
September 30, 2017 | June 30, 2017 | September 30, 2016 | ||||||||||||||||||||||||
Interest | Yields | Interest | Yields | Interest | Yields | |||||||||||||||||||||
Average | Income/ | and | Average | Income/ | and | Average | Income/ | and | ||||||||||||||||||
Balance | Expense | Rates | Balance | Expense | Rates | Balance | Expense | Rates | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||
PCI loans | $ | 60,126 | $ | 3,308 | 21.83 | % | $ | 68,759 | $ | 4,643 | 27.08 | % | $ | 117,781 | $ | 5,868 | 19.82 | % | ||||||||
Non-PCI loans and leases | 15,514,904 | 232,510 | 5.95 | % | 15,429,162 | 229,975 | 5.98 | % | 14,417,170 | 219,502 | 6.06 | % | ||||||||||||||
Total loans and leases (1) | 15,575,030 | 235,818 | 6.01 | % | 15,497,921 | 234,618 | 6.07 | % | 14,534,951 | 225,370 | 6.17 | % | ||||||||||||||
Investment securities (2) | 3,510,956 | 29,495 | 3.33 | % | 3,436,785 | 29,538 | 3.45 | % | 3,338,209 | 27,025 | 3.22 | % | ||||||||||||||
Deposits in financial institutions | 171,455 | 538 | 1.24 | % | 96,087 | 237 | 0.99 | % | 238,425 | 298 | 0.50 | % | ||||||||||||||
Total interest‑earning assets (2) | 19,257,441 | 265,851 | 5.48 | % | 19,030,793 | 264,393 | 5.57 | % | 18,111,585 | 252,693 | 5.55 | % | ||||||||||||||
Other assets | 2,880,433 | 2,905,809 | 2,960,468 | |||||||||||||||||||||||
Total assets | $ | 22,137,874 | $ | 21,936,602 | $ | 21,072,053 | ||||||||||||||||||||
LIABILITIES AND | ||||||||||||||||||||||||||
STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||||||||
Interest checking deposits | $ | 2,146,125 | 2,960 | 0.55 | % | $ | 1,709,699 | 1,697 | 0.40 | % | $ | 1,161,931 | 604 | 0.21 | % | |||||||||||
Money market deposits | 4,914,803 | 6,307 | 0.51 | % | 4,907,865 | 4,993 | 0.41 | % | 4,514,525 | 3,303 | 0.29 | % | ||||||||||||||
Savings deposits | 707,367 | 289 | 0.16 | % | 708,389 | 296 | 0.17 | % | 764,415 | 341 | 0.18 | % | ||||||||||||||
Time deposits | 2,256,259 | 3,515 | 0.62 | % | 2,366,399 | 3,219 | 0.55 | % | 2,666,434 | 2,999 | 0.45 | % | ||||||||||||||
Total interest‑bearing deposits | 10,024,554 | 13,071 | 0.52 | % | 9,692,352 | 10,205 | 0.42 | % | 9,107,305 | 7,247 | 0.32 | % | ||||||||||||||
Borrowings | 61,071 | 188 | 1.22 | % | 457,774 | 1,066 | 0.93 | % | 583,982 | 695 | 0.47 | % | ||||||||||||||
Subordinated debentures | 447,012 | 6,017 | 5.34 | % | 443,756 | 5,800 | 5.24 | % | 439,970 | 5,278 | 4.77 | % | ||||||||||||||
Total interest‑bearing liabilities | 10,532,637 | 19,276 | 0.73 | % | 10,593,882 | 17,071 | 0.65 | % | 10,131,257 | 13,220 | 0.52 | % | ||||||||||||||
Noninterest‑bearing demand deposits | 6,858,816 | 6,646,349 | 6,274,294 | |||||||||||||||||||||||
Other liabilities | 153,932 | 151,095 | 135,801 | |||||||||||||||||||||||
Total liabilities | 17,545,385 | 17,391,326 | 16,541,352 | |||||||||||||||||||||||
Stockholders’ equity | 4,592,489 | 4,545,276 | 4,530,701 | |||||||||||||||||||||||
Total liabilities and | ||||||||||||||||||||||||||
stockholders' equity | $ | 22,137,874 | $ | 21,936,602 | $ | 21,072,053 | ||||||||||||||||||||
Net interest income (tax equivalent) (2) | $ | 246,575 | $ | 247,322 | $ | 239,473 | ||||||||||||||||||||
Net interest rate spread | 4.75 | % | 4.92 | % | 5.03 | % | ||||||||||||||||||||
Net interest margin | 5.08 | % | 5.21 | % | 5.26 | % | ||||||||||||||||||||
Total deposits (3) | $ | 16,883,370 | $ | 13,071 | 0.31 | % | $ | 16,338,701 | $ | 10,205 | 0.25 | % | $ | 15,381,599 | $ | 7,247 | 0.19 | % | ||||||||
Funding sources (4) | $ | 17,391,453 | $ | 19,276 | 0.44 | % | $ | 17,240,231 | $ | 17,071 | 0.40 | % | $ | 16,405,551 | $ | 13,220 | 0.32 | % |
(1) | Includes nonaccrual loans and leases and loan fees. Starting with the third quarter of 2017, includes tax-equivalent adjustments related to tax-exempt interest on loans. |
(2) | Includes tax-equivalent adjustments of $4.7 million, $4.8 million, and $4.8 million for the three months ended September 30, 2017, June 30, 2017, and September 30, 2016, respectively, related to tax-exempt interest on municipal securities. The federal statutory tax rate utilized was 35% for the periods. |
(3) | Total deposits is the sum of total interest-bearing deposits and noninterest-bearing demand deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits. |
(4) | Funding sources is the sum of total interest-bearing liabilities and noninterest-bearing demand deposits. The cost of funding sources is calculated as annualized total interest expense divided by average funding sources. |
Nine Months Ended | |||||||||||||||||
September 30, 2017 | September 30, 2016 | ||||||||||||||||
Interest | Yields | Interest | Yields | ||||||||||||||
Average | Income/ | and | Average | Income/ | and | ||||||||||||
Balance | Expense | Rates | Balance | Expense | Rates | ||||||||||||
(Dollars in thousands) | |||||||||||||||||
ASSETS: | |||||||||||||||||
PCI loans | $ | 72,633 | $ | 12,200 | 22.46 | % | $ | 144,129 | $ | 34,425 | 31.90 | % | |||||
Non-PCI loans and leases | 15,385,050 | 682,414 | 5.93 | % | 14,347,598 | 651,646 | 6.07 | % | |||||||||
Total loans and leases (1) | 15,457,683 | 694,614 | 6.01 | % | 14,491,727 | 686,071 | 6.32 | % | |||||||||
Investment securities (2) | 3,402,658 | 86,855 | 3.41 | % | 3,362,352 | 81,848 | 3.25 | % | |||||||||
Deposits in financial institutions | 123,023 | 967 | 1.05 | % | 238,129 | 914 | 0.51 | % | |||||||||
Total interest‑earning assets (2) | 18,983,364 | 782,436 | 5.51 | % | 18,092,208 | 768,833 | 5.68 | % | |||||||||
Other assets | 2,925,110 | 2,997,922 | |||||||||||||||
Total assets | $ | 21,908,474 | $ | 21,090,130 | |||||||||||||
LIABILITIES AND | |||||||||||||||||
STOCKHOLDERS’ EQUITY: | |||||||||||||||||
Interest checking deposits | $ | 1,789,435 | 5,824 | 0.44 | % | $ | 1,038,103 | 1,488 | 0.19 | % | |||||||
Money market deposits | 4,896,639 | 15,710 | 0.43 | % | 4,229,315 | 8,604 | 0.27 | % | |||||||||
Savings deposits | 709,080 | 883 | 0.17 | % | 761,376 | 1,197 | 0.21 | % | |||||||||
Time deposits | 2,289,771 | 9,236 | 0.54 | % | 3,202,436 | 12,854 | 0.54 | % | |||||||||
Total interest‑bearing deposits | 9,684,925 | 31,653 | 0.44 | % | 9,231,230 | 24,143 | 0.35 | % | |||||||||
Borrowings | 369,953 | 2,272 | 0.82 | % | 460,165 | 1,628 | 0.47 | % | |||||||||
Subordinated debentures | 444,117 | 17,379 | 5.23 | % | 438,534 | 15,382 | 4.69 | % | |||||||||
Total interest‑bearing liabilities | 10,498,995 | 51,304 | 0.65 | % | 10,129,929 | 41,153 | 0.54 | % | |||||||||
Noninterest‑bearing demand deposits | 6,701,135 | 6,328,223 | |||||||||||||||
Other liabilities | 160,872 | 147,510 | |||||||||||||||
Total liabilities | 17,361,002 | 16,605,662 | |||||||||||||||
Stockholders’ equity | 4,547,472 | 4,484,468 | |||||||||||||||
Total liabilities and | |||||||||||||||||
stockholders' equity | $ | 21,908,474 | $ | 21,090,130 | |||||||||||||
Net interest income (tax equivalent) (2) | $ | 731,132 | $ | 727,680 | |||||||||||||
Net interest rate spread | 4.86 | % | 5.14 | % | |||||||||||||
Net interest margin | 5.15 | % | 5.37 | % | |||||||||||||
Total deposits (3) | $ | 16,386,060 | $ | 31,653 | 0.26 | % | $ | 15,559,453 | $ | 24,143 | 0.21 | % | |||||
Funding sources (4) | $ | 17,200,130 | $ | 51,304 | 0.40 | % | $ | 16,458,152 | $ | 41,153 | 0.33 | % |
(1) | Includes nonaccrual loans and leases and loan fees. Starting with the third quarter of 2017, includes tax-equivalent adjustments related to tax-exempt interest on loans. |
(2) | Includes tax-equivalent adjustments of $14.4 million and $14.7 million for the nine months ended September 30, 2017 and 2016, respectively, related to tax-exempt interest on municipal securities. The federal statutory tax rate utilized was 35% for the periods. |
(3) | Total deposits is the sum of total interest-bearing deposits and noninterest-bearing demand deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits. |
(4) | Funding sources is the sum of total interest-bearing liabilities and noninterest-bearing demand deposits. The cost of funding sources is calculated as annualized total interest expense divided by average funding sources. |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
2017 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Provision For Credit Losses: | |||||||||||||||||||
Addition to allowance for Non‑PCI loan and lease losses | $ | 14,954 | $ | 10,000 | $ | 8,621 | $ | 49,214 | $ | 39,411 | |||||||||
Addition to reserve for unfunded loan commitments | 546 | 2,500 | (621 | ) | 3,286 | 589 | |||||||||||||
Total provision for Non‑PCI loan and lease credit losses | 15,500 | 12,500 | 8,000 | 52,500 | 40,000 | ||||||||||||||
(Negative provision) provision for PCI loan losses | (381 | ) | (1,001 | ) | 471 | (1,154 | ) | 2,514 | |||||||||||
Total provision for credit losses | $ | 15,119 | $ | 11,499 | $ | 8,471 | $ | 51,346 | $ | 42,514 | |||||||||
Non‑PCI Credit Quality Metrics: | |||||||||||||||||||
Net charge‑offs on Non-PCI loans and leases | |||||||||||||||||||
held for investment | $ | 1,063 | $ | 20,947 | $ | 3,874 | $ | 40,199 | $ | 8,198 | |||||||||
Annualized net charge‑offs to | |||||||||||||||||||
average Non-PCI loans and leases | 0.03 | % | 0.54 | % | 0.11 | % | 0.35 | % | 0.08 | % | |||||||||
At period end: | |||||||||||||||||||
Allowance for credit losses | 173,579 | 159,142 | 154,070 | ||||||||||||||||
Non‑PCI nonaccrual loans and leases (1) | 157,697 | 172,576 | 171,085 | ||||||||||||||||
Non‑PCI classified loans and leases (1) | 344,777 | 339,977 | 417,541 | ||||||||||||||||
Allowance for credit losses to Non‑PCI | |||||||||||||||||||
loans and leases held for investment | 1.11 | % | 1.02 | % | 1.05 | % | |||||||||||||
Allowance for credit losses to Non‑PCI | |||||||||||||||||||
nonaccrual loans and leases held for investment | 110.1 | % | 92.2 | % | 90.1 | % |
(1) | Excludes loans held for sale carried at lower of cost or fair value at June 30, 2017. |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
Noninterest Income | 2017 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||
(In thousands) | |||||||||||||||||||
Service charges on deposit accounts | $ | 3,465 | $ | 3,510 | $ | 3,488 | $ | 10,733 | $ | 10,977 | |||||||||
Other commissions and fees | 9,944 | 10,583 | 12,528 | 30,917 | 35,090 | ||||||||||||||
Leased equipment income | 8,332 | 11,635 | 8,538 | 29,442 | 25,305 | ||||||||||||||
Gain on sale of loans and leases | 2,848 | 649 | 157 | 4,209 | 790 | ||||||||||||||
Gain on sale of securities | 1,236 | 1,651 | 382 | 2,788 | 8,970 | ||||||||||||||
FDIC loss sharing expense, net | — | — | — | — | (8,917 | ) | |||||||||||||
Other income: | |||||||||||||||||||
Dividends and realized gains on equity investments | 1,845 | 1,587 | 377 | 4,777 | 2,808 | ||||||||||||||
Warrant income | 731 | 815 | 213 | 1,701 | 301 | ||||||||||||||
Other | 2,981 | 4,852 | 1,237 | 17,211 | 8,256 | ||||||||||||||
Total noninterest income | $ | 31,382 | $ | 35,282 | $ | 26,920 | $ | 101,778 | $ | 83,580 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
Noninterest Expense | 2017 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||
(In thousands) | |||||||||||||||||||
Compensation | $ | 64,413 | $ | 65,288 | $ | 62,661 | $ | 194,581 | $ | 185,900 | |||||||||
Occupancy | 12,729 | 11,811 | 12,010 | 36,148 | 36,835 | ||||||||||||||
Data processing | 6,459 | 6,337 | 6,234 | 19,811 | 17,782 | ||||||||||||||
Other professional services | 4,213 | 3,976 | 4,625 | 11,567 | 11,598 | ||||||||||||||
Insurance and assessments | 4,702 | 4,856 | 4,324 | 14,349 | 14,240 | ||||||||||||||
Intangible asset amortization | 3,049 | 3,065 | 4,224 | 9,178 | 13,341 | ||||||||||||||
Leased equipment depreciation | 4,862 | 5,232 | 5,298 | 15,719 | 15,608 | ||||||||||||||
Foreclosed assets expense (income), net | 2,191 | (157 | ) | (248 | ) | 2,177 | (812 | ) | |||||||||||
Acquisition, integration and reorganization costs | 1,450 | 1,700 | — | 3,650 | 200 | ||||||||||||||
Loan expense | 3,421 | 3,884 | 1,931 | 10,692 | 6,231 | ||||||||||||||
Other | 11,053 | 11,715 | 9,651 | 34,921 | 30,556 | ||||||||||||||
Total noninterest expense | $ | 118,542 | $ | 117,707 | $ | 110,710 | $ | 352,793 | $ | 331,479 |
September 30, 2017 | June 30, 2017 | December 31, 2016 | |||||||||||||||||||||||||||
Fair | % of | Duration | Fair | % of | Duration | Fair | % of | Duration | |||||||||||||||||||||
Security Type | Value | Total | (in years) | Value | Total | (in years) | Value | Total | (in years) | ||||||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||||
Residential MBS and CMOs: | |||||||||||||||||||||||||||||
Agency MBS | $ | 377,541 | 11 | % | 2.8 | $ | 404,320 | 12 | % | 2.9 | $ | 502,443 | 16 | % | 3.4 | ||||||||||||||
Agency CMOs | 175,950 | 5 | % | 3.4 | 133,792 | 4 | % | 2.4 | 146,289 | 4 | % | 3.0 | |||||||||||||||||
Private label CMOs | 134,550 | 4 | % | 4.9 | 159,701 | 5 | % | 4.9 | 125,469 | 4 | % | 3.5 | |||||||||||||||||
Municipal securities | 1,549,150 | 44 | % | 7.9 | 1,534,554 | 44 | % | 7.6 | 1,456,459 | 45 | % | 6.3 | |||||||||||||||||
Agency commercial MBS | 995,914 | 28 | % | 5.5 | 918,210 | 26 | % | 5.5 | 547,692 | 17 | % | 4.9 | |||||||||||||||||
Corporate debt securities | 19,125 | — | % | 11.9 | 19,185 | — | % | 12.0 | 47,509 | 1 | % | 4.9 | |||||||||||||||||
Collateralized loan | |||||||||||||||||||||||||||||
obligations | 19,176 | — | % | 0.2 | 66,301 | 2 | % | 0.2 | 156,887 | 5 | % | 0.1 | |||||||||||||||||
SBA securities | 168,028 | 5 | % | 1.9 | 178,056 | 5 | % | 2.0 | 178,845 | 6 | % | 3.8 | |||||||||||||||||
Asset-backed and | |||||||||||||||||||||||||||||
other securities | 92,796 | 3 | % | 3.5 | 60,441 | 2 | % | 3.6 | 62,237 | 2 | % | 3.5 | |||||||||||||||||
Total securities | |||||||||||||||||||||||||||||
available-for-sale | $ | 3,532,230 | 100 | % | 5.9 | $ | 3,474,560 | 100 | % | 5.7 | $ | 3,223,830 | 100 | % | 4.8 |
September 30, 2017 | ||||||
Fair | % of | |||||
Municipal Securities by State | Value | Total | ||||
(Dollars in thousands) | ||||||
California | $ | 251,496 | 16 | % | ||
New York | 171,680 | 11 | % | |||
Washington | 166,535 | 11 | % | |||
Texas | 105,972 | 7 | % | |||
Ohio | 92,197 | 6 | % | |||
District of Columbia | 77,364 | 5 | % | |||
Oregon | 69,315 | 4 | % | |||
Massachusetts | 59,547 | 4 | % | |||
Utah | 55,064 | 4 | % | |||
Alabama | 45,862 | 3 | % | |||
Total of 10 largest states | 1,095,032 | 71 | % | |||
All other states | 454,118 | 29 | % | |||
Total municipal securities | $ | 1,549,150 | 100 | % |
September 30, 2017 | June 30, 2017 | December 31, 2016 | ||||||||||||||||||
% of | % of | % of | ||||||||||||||||||
Amount | Total | Amount | Total | Amount | Total | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||
Healthcare real estate | $ | 840,638 | 5 | % | $ | 901,688 | 6 | % | $ | 955,477 | 6 | % | ||||||||
Hospitality | 695,605 | 4 | % | 712,365 | 5 | % | 689,158 | 4 | % | |||||||||||
SBA program | 484,897 | 3 | % | 483,484 | 3 | % | 454,196 | 3 | % | |||||||||||
Other commercial real estate | 2,317,793 | 16 | % | 2,320,926 | 14 | % | 2,297,865 | 15 | % | |||||||||||
Total commercial real estate | 4,338,933 | 28 | % | 4,418,463 | 28 | % | 4,396,696 | 28 | % | |||||||||||
Income producing residential | 1,730,383 | 11 | % | 1,596,398 | 10 | % | 1,169,267 | 8 | % | |||||||||||
Owner-occupied residential | 119,941 | 1 | % | 122,871 | 1 | % | 144,769 | 1 | % | |||||||||||
Total residential real estate | 1,850,324 | 12 | % | 1,719,269 | 11 | % | 1,314,036 | 9 | % | |||||||||||
Total real estate mortgage | 6,189,257 | 40 | % | 6,137,732 | 39 | % | 5,710,732 | 37 | % | |||||||||||
Real estate construction and land: | ||||||||||||||||||||
Commercial | 680,950 | 5 | % | 691,828 | 5 | % | 581,246 | 4 | % | |||||||||||
Residential | 568,273 | 4 | % | 473,282 | 3 | % | 384,001 | 2 | % | |||||||||||
Total real estate construction and land | 1,249,223 | 9 | % | 1,165,110 | 8 | % | 965,247 | 6 | % | |||||||||||
Total real estate | 7,438,480 | 49 | % | 7,302,842 | 47 | % | 6,675,979 | 43 | % | |||||||||||
Commercial: | ||||||||||||||||||||
Technology cash flow | 915,863 | 6 | % | 995,235 | 6 | % | 1,047,683 | 7 | % | |||||||||||
Security cash flow | 562,754 | 4 | % | 545,904 | 4 | % | 440,340 | 3 | % | |||||||||||
Healthcare cash flow | 484,888 | 3 | % | 514,681 | 3 | % | 799,030 | 5 | % | |||||||||||
Other cash flow | 770,949 | 4 | % | 779,146 | 5 | % | 825,837 | 5 | % | |||||||||||
Total cash flow | 2,734,454 | 17 | % | 2,834,966 | 18 | % | 3,112,890 | 20 | % | |||||||||||
Lender finance & timeshare | 1,594,196 | 10 | % | 1,435,301 | 9 | % | 1,666,855 | 11 | % | |||||||||||
Healthcare asset-based | 118,222 | 1 | % | 155,847 | 1 | % | 180,580 | 1 | % | |||||||||||
Other asset-based | 865,052 | 5 | % | 801,055 | 5 | % | 764,361 | 5 | % | |||||||||||
Total asset-based | 2,577,470 | 16 | % | 2,392,203 | 15 | % | 2,611,796 | 17 | % | |||||||||||
Expansion stage | 890,756 | 6 | % | 951,502 | 6 | % | 920,006 | 6 | % | |||||||||||
Early stage | 464,506 | 3 | % | 450,282 | 3 | % | 448,458 | 3 | % | |||||||||||
Equity funds group | 341,401 | 2 | % | 309,820 | 2 | % | 325,047 | 2 | % | |||||||||||
Later stage | 262,826 | 1 | % | 289,823 | 2 | % | 294,389 | 2 | % | |||||||||||
Total venture capital | 1,959,489 | 12 | % | 2,001,427 | 13 | % | 1,987,900 | 13 | % | |||||||||||
Equipment finance | 594,473 | 4 | % | 613,550 | 4 | % | 691,967 | 4 | % | |||||||||||
Total commercial | 7,865,886 | 49 | % | 7,842,146 | 50 | % | 8,404,553 | 54 | % | |||||||||||
Consumer | 386,151 | 2 | % | 398,469 | 3 | % | 375,422 | 3 | % | |||||||||||
Total loans and leases held for investment, | ||||||||||||||||||||
net of deferred fees (1) | $ | 15,690,517 | 100 | % | $ | 15,543,457 | 100 | % | $ | 15,455,954 | 100 | % |
(1) | Excludes loans held for sale carried at lower of cost or fair value at June 30, 2017. |
September 30, 2017 | December 31, 2016 | ||||||||||||
% of | % of | ||||||||||||
Real Estate Loans by State | Amount | Total | Amount | Total | |||||||||
(Dollars in thousands) | |||||||||||||
California | $ | 3,523,200 | 48 | % | $ | 3,248,735 | 49 | % | |||||
New York | 670,982 | 9 | % | 524,833 | 8 | % | |||||||
Florida | 479,990 | 7 | % | 478,984 | 7 | % | |||||||
Texas | 345,166 | 5 | % | 364,689 | 5 | % | |||||||
Virginia | 235,588 | 3 | % | 231,162 | 3 | % | |||||||
Arizona | 219,930 | 3 | % | 166,499 | 3 | % | |||||||
Illinois | 179,613 | 2 | % | 178,726 | 3 | % | |||||||
Washington | 174,168 | 2 | % | 49,301 | 1 | % | |||||||
Pennsylvania | 171,081 | 2 | % | 160,303 | 2 | % | |||||||
Georgia | 157,421 | 2 | % | 118,629 | 2 | % | |||||||
Total of 10 largest states | 6,157,139 | 83 | % | 5,521,861 | 83 | % | |||||||
All other states | 1,281,341 | 17 | % | 1,154,118 | 17 | % | |||||||
Total real estate loans held for investment | $ | 7,438,480 | 100 | % | $ | 6,675,979 | 100 | % |
Three Months Ended | Nine Months Ended | ||||||
Loans and Leases Held for Investment Roll Forward (1) | September 30, 2017 | September 30, 2017 | |||||
(Dollars in thousands) | |||||||
Balance, beginning of period | $ | 15,543,457 | $ | 15,455,954 | |||
New production | 1,002,887 | 3,129,506 | |||||
Existing loans and leases: | |||||||
Payoffs | (903,395 | ) | (3,072,964 | ) | |||
Paydowns | (637,674 | ) | (1,956,583 | ) | |||
Disbursements | 722,777 | 2,479,882 | |||||
Sales (2) | (31,528 | ) | (113,965 | ) | |||
Transfers to foreclosed assets | — | (580 | ) | ||||
Charge-offs | (6,007 | ) | (55,575 | ) | |||
Transfers to loans held for sale (3) | — | (175,158 | ) | ||||
Balance, end of period | $ | 15,690,517 | $ | 15,690,517 | |||
Weighted average rate on new production | 5.04 | % | 4.96 | % |
(1) | Includes direct financing leases but excludes equipment leased to others under operating leases. |
(2) | Sales for the three and nine months ended September 30, 2017 exclude sales of loans that were transferred to loans held for sale at June 30, 2017. |
(3) | These loans were sold in July 2017 from the held for sale portfolio. |
• | current economic trends and forecasts; |
• | current commercial real estate values, performance trends, and overall outlook in the markets where we lend; |
• | legal and regulatory matters that could impact our borrowers’ ability to repay our loans and leases; |
• | loan and lease portfolio composition and any loan concentrations; |
• | current lending policies and the effects of any new policies or policy amendments; |
• | loan and lease production volume and mix; |
• | loan and lease portfolio credit performance trends; |
• | results of our independent credit review; and |
• | changes in management related to credit administration functions. |
• | Pass: Loans and leases classified as "pass" are not adversely classified and collection and repayment in full are expected. |
• | Special Mention: Loans and leases classified as "special mention" have a potential weakness that requires management's attention. If not addressed, these potential weaknesses may result in further deterioration in the borrower's ability to repay the loan or lease. |
• | Substandard: Loans and leases classified as "substandard" have a well-defined weakness or weaknesses that jeopardize the collection of the debt. They are characterized by the possibility that we will sustain some loss if the weaknesses are not corrected. |
• | Doubtful: Loans and leases classified as "doubtful" have all the weaknesses of those classified as "substandard," with the additional trait that the weaknesses make collection or repayment in full highly questionable and improbable. |
September 30, | June 30, | March 31, | September 30, | ||||||||||||
Non-PCI Allowance for Credit Losses Data | 2017 | 2017 | 2017 | 2016 | |||||||||||
(Dollars in thousands) | |||||||||||||||
Allowance for loan and lease losses | $ | 152,770 | $ | 138,879 | $ | 149,826 | $ | 136,747 | |||||||
Reserve for unfunded loan commitments | 20,809 | 20,263 | 17,763 | 17,323 | |||||||||||
Total allowance for credit losses | $ | 173,579 | $ | 159,142 | $ | 167,589 | $ | 154,070 | |||||||
Allowance for credit losses to loans and leases held for investment | 1.11 | % | 1.02 | % | 1.08 | % | 1.05 | % | |||||||
Allowance for credit losses to nonaccrual loans and leases held for investment | 110.1 | % | 92.2 | % | 96.9 | % | 90.1 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
Non-PCI Allowance for Credit Losses | 2017 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Balance, beginning of period | $ | 159,142 | $ | 167,589 | $ | 149,944 | $ | 161,278 | $ | 122,268 | |||||||||
Provision for credit losses: | |||||||||||||||||||
Addition to allowance for loan and lease losses | 14,954 | 10,000 | 8,621 | 49,214 | 39,411 | ||||||||||||||
Addition to reserve for unfunded loan commitments | 546 | 2,500 | (621 | ) | 3,286 | 589 | |||||||||||||
Provision for credit losses | 15,500 | 12,500 | 8,000 | 52,500 | 40,000 | ||||||||||||||
Loans and leases charged off: | |||||||||||||||||||
Real estate mortgage | (531 | ) | (142 | ) | (302 | ) | (2,217 | ) | (1,905 | ) | |||||||||
Commercial: | |||||||||||||||||||
Cash flow | (846 | ) | (11,599 | ) | (167 | ) | (25,554 | ) | (1,792 | ) | |||||||||
Asset-based | (714 | ) | (99 | ) | — | (1,212 | ) | (659 | ) | ||||||||||
Venture capital | (3,424 | ) | (10,980 | ) | — | (20,181 | ) | (146 | ) | ||||||||||
Equipment finance | — | (18 | ) | (9,439 | ) | (18 | ) | (11,709 | ) | ||||||||||
Total commercial | (4,984 | ) | (22,696 | ) | (9,606 | ) | (46,965 | ) | (14,306 | ) | |||||||||
Consumer | (413 | ) | (113 | ) | (16 | ) | (625 | ) | (798 | ) | |||||||||
Total loans and leases charged off | (5,928 | ) | (22,951 | ) | (9,924 | ) | (49,807 | ) | (17,009 | ) | |||||||||
Recoveries on loans charged off: | |||||||||||||||||||
Real estate mortgage | 36 | 20 | 2,414 | 286 | 4,352 | ||||||||||||||
Real estate construction and land | 353 | 9 | 27 | 370 | 185 | ||||||||||||||
Commercial: | |||||||||||||||||||
Cash flow | 312 | 267 | 3,362 | 711 | 3,593 | ||||||||||||||
Asset-based | 146 | 420 | 148 | 705 | 472 | ||||||||||||||
Venture capital | 2,597 | 1,252 | 35 | 4,054 | 91 | ||||||||||||||
Equipment finance | 1,392 | 14 | 8 | 3,378 | 23 | ||||||||||||||
Total commercial | 4,447 | 1,953 | 3,553 | 8,848 | 4,179 | ||||||||||||||
Consumer | 29 | 22 | 56 | 104 | 95 | ||||||||||||||
Total recoveries on loans charged off | 4,865 | 2,004 | 6,050 | 9,608 | 8,811 | ||||||||||||||
Net charge-offs | (1,063 | ) | (20,947 | ) | (3,874 | ) | (40,199 | ) | (8,198 | ) | |||||||||
Balance, end of period | $ | 173,579 | $ | 159,142 | $ | 154,070 | $ | 173,579 | $ | 154,070 | |||||||||
Annualized net charge-offs to average loans and leases | 0.03 | % | 0.54 | % | 0.11 | % | 0.35 | % | 0.08 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
PCI Allowance for Loan Losses | 2017 | 2017 | 2016 | 2017 | 2016 | ||||||||||||||
(In thousands) | |||||||||||||||||||
Balance, beginning of period | $ | 7,079 | $ | 11,481 | $ | 11,289 | $ | 13,483 | $ | 9,577 | |||||||||
(Negative provision) provision for loan losses | (381 | ) | (1,001 | ) | 471 | (1,154 | ) | 2,514 | |||||||||||
Net recoveries (charge-offs) | 138 | (3,401 | ) | (531 | ) | (5,493 | ) | (862 | ) | ||||||||||
Balance, end of period | $ | 6,836 | $ | 7,079 | $ | 11,229 | $ | 6,836 | $ | 11,229 |
September 30, | June 30, | December 31, | September 30, | ||||||||||||
2017 | 2017 | 2016 | 2016 | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Nonaccrual Non-PCI loans and leases held for investment (1) | $ | 157,697 | $ | 172,576 | $ | 170,599 | $ | 171,085 | |||||||
Nonaccrual PCI loans held for investment | 1,761 | 1,980 | 2,928 | 3,478 | |||||||||||
Total nonaccrual loans and leases held for investment | 159,458 | 174,556 | 173,527 | 174,563 | |||||||||||
Foreclosed assets, net | 11,630 | 13,278 | 12,976 | 15,113 | |||||||||||
Total nonperforming assets | $ | 171,088 | $ | 187,834 | $ | 186,503 | $ | 189,676 | |||||||
Performing troubled debt restructured loans held for investment (2) | $ | 56,552 | $ | 55,910 | $ | 64,592 | $ | 70,348 | |||||||
Classified Non-PCI loans and leases held for investment (1) | $ | 344,777 | $ | 339,977 | $ | 409,645 | $ | 417,541 | |||||||
Nonaccrual loans and leases held for investment to | |||||||||||||||
loans and leases held for investment | 1.01 | % | 1.12 | % | 1.12 | % | 1.18 | % | |||||||
Nonperforming assets to loans and leases held for investment | |||||||||||||||
and foreclosed assets, net | 1.09 | % | 1.20 | % | 1.20 | % | 1.28 | % | |||||||
Classified Non-PCI loans and leases held for investment | |||||||||||||||
to Non-PCI loans and leases held for investment | 2.20 | % | 2.19 | % | 2.66 | % | 2.84 | % |
(1) | Excludes loans held for sale carried at lower of cost or fair value at June 30, 2017. |
(2) | Excludes PCI loans. |
Non-PCI Nonaccrual Loans and Leases | Non-PCI Accruing and | ||||||||||||||||||||
September 30, 2017 | June 30, 2017 | 30 - 89 Days Past Due | |||||||||||||||||||
% of | % of | September 30, | June 30, | ||||||||||||||||||
Loan | Loan | 2017 | 2017 | ||||||||||||||||||
Amount | Category | Amount | Category | Amount | Amount | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||
Commercial | $ | 63,096 | 1.5 | % | $ | 65,599 | 1.5 | % | $ | 1,446 | $ | 3,734 | |||||||||
Residential | 3,186 | 0.2 | % | 5,229 | 0.3 | % | 282 | 46 | |||||||||||||
Total real estate mortgage | 66,282 | 1.1 | % | 70,828 | 1.2 | % | 1,728 | 3,780 | |||||||||||||
Commercial: | |||||||||||||||||||||
Cash flow | 33,514 | 1.2 | % | 43,169 | 1.5 | % | 72 | 201 | |||||||||||||
Asset-based | 3,977 | 0.2 | % | 1,718 | 0.1 | % | — | — | |||||||||||||
Venture capital | 22,686 | 1.2 | % | 25,278 | 1.3 | % | 2,720 | 23,171 | |||||||||||||
Equipment finance | 30,942 | 5.2 | % | 31,111 | 5.1 | % | — | — | |||||||||||||
Total commercial | 91,119 | 1.2 | % | 101,276 | 1.3 | % | 2,792 | 23,372 | |||||||||||||
Consumer | 296 | 0.1 | % | 472 | 0.1 | % | 286 | — | |||||||||||||
Total held for investment (1) | $ | 157,697 | 1.0 | % | $ | 172,576 | 1.1 | % | $ | 4,806 | $ | 27,152 |
(1) | Excludes loans held for sale carried at lower of cost or fair value at June 30, 2017. |
September 30, | June 30, | December 31, | September 30, | ||||||||||||
Property Type | 2017 | 2017 | 2016 | 2016 | |||||||||||
(In thousands) | |||||||||||||||
Construction and land development | $ | 9,319 | $ | 11,443 | $ | 11,224 | $ | 13,800 | |||||||
Multi-family | — | — | 652 | — | |||||||||||
Commercial real estate | 65 | 65 | — | — | |||||||||||
Single family residence | 1,668 | 1,018 | — | — | |||||||||||
Total OREO, net | 11,052 | 12,526 | 11,876 | 13,800 | |||||||||||
Other foreclosed assets | 578 | 752 | 1,100 | 1,313 | |||||||||||
Total foreclosed assets | $ | 11,630 | $ | 13,278 | $ | 12,976 | $ | 15,113 |
September 30, 2017 | June 30, 2017 | December 31, 2016 | ||||||||||||||||||
% of | % of | % of | ||||||||||||||||||
Deposit Category | Amount | Total | Amount | Total | Amount | Total | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Noninterest-bearing demand deposits | $ | 6,911,874 | 41 | % | $ | 6,701,039 | 40 | % | $ | 6,659,016 | 42 | % | ||||||||
Interest checking deposits | 1,957,485 | 12 | % | 1,762,016 | 10 | % | 1,448,394 | 9 | % | |||||||||||
Money market deposits | 3,967,224 | 24 | % | 4,033,471 | 24 | % | 3,705,385 | 23 | % | |||||||||||
Savings deposits | 694,717 | 4 | % | 721,048 | 4 | % | 711,039 | 5 | % | |||||||||||
Total core deposits | 13,531,300 | 81 | % | 13,217,574 | 78 | % | 12,523,834 | 79 | % | |||||||||||
Non-core non-maturity deposits | 1,118,694 | 6 | % | 1,329,324 | 8 | % | 1,174,487 | 7 | % | |||||||||||
Total non-maturity deposits | 14,649,994 | 87 | % | 14,546,898 | 86 | % | 13,698,321 | 86 | % | |||||||||||
Time deposits $250,000 and under | 1,770,439 | 11 | % | 1,940,872 | 12 | % | 1,758,434 | 11 | % | |||||||||||
Time deposits over $250,000 | 352,812 | 2 | % | 387,207 | 2 | % | 413,856 | 3 | % | |||||||||||
Total time deposits | 2,123,251 | 13 | % | 2,328,079 | 14 | % | 2,172,290 | 14 | % | |||||||||||
Total deposits | $ | 16,773,245 | 100 | % | $ | 16,874,977 | 100 | % | $ | 15,870,611 | 100 | % |
Time Deposits | |||||||||||
$250,000 | Over | ||||||||||
Maturity | and Under | $250,000 | Total | ||||||||
(In thousands) | |||||||||||
Due in three months or less | $ | 607,436 | $ | 112,808 | $ | 720,244 | |||||
Due in over three months through six months | 532,766 | 172,846 | 705,612 | ||||||||
Due in over six months through twelve months | 505,340 | 50,205 | 555,545 | ||||||||
Due in over 12 months through 24 months | 82,233 | 8,738 | 90,971 | ||||||||
Due in over 24 months | 42,664 | 8,215 | 50,879 | ||||||||
Total at September 30, 2017 | $ | 1,770,439 | $ | 352,812 | $ | 2,123,251 | |||||
Total at June 30, 2017 | $ | 1,940,872 | $ | 387,207 | $ | 2,328,079 |
Minimum Required | |||||||||
Plus Capital | Plus Capital | ||||||||
For Capital | Conservation | For Well | Conservation | ||||||
Adequacy | Buffer | Capitalized | Buffer Fully | ||||||
Actual | Purposes | Phase-In (1) | Requirement | Phased-In | |||||
September 30, 2017 | |||||||||
PacWest Bancorp Consolidated | |||||||||
Tier 1 capital (to average assets) | 12.02% | 4.00% | 4.00% | N/A | 4.00% | ||||
CET1 capital (to risk weighted assets) | 12.52% | 4.50% | 5.75% | N/A | 7.00% | ||||
Tier 1 capital (to risk weighted assets) | 12.52% | 6.00% | 7.25% | N/A | 8.50% | ||||
Total capital (to risk weighted assets) | 15.74% | 8.00% | 9.25% | N/A | 10.50% | ||||
Pacific Western Bank | |||||||||
Tier 1 capital (to average assets) | 11.46% | 4.00% | 4.00% | 5.00% | 4.00% | ||||
CET1 capital (to risk weighted assets) | 11.95% | 4.50% | 5.75% | 6.50% | 7.00% | ||||
Tier 1 capital (to risk weighted assets) | 11.95% | 6.00% | 7.25% | 8.00% | 8.50% | ||||
Total capital (to risk weighted assets) | 12.89% | 8.00% | 9.25% | 10.00% | 10.50% |
Minimum Required | |||||||||
Plus Capital | Plus Capital | ||||||||
For Capital | Conservation | For Well | Conservation | ||||||
Adequacy | Buffer | Capitalized | Buffer Fully | ||||||
Actual | Purposes | Phase-In (1) | Requirement | Phased-In | |||||
December 31, 2016 | |||||||||
PacWest Bancorp Consolidated | |||||||||
Tier 1 capital (to average assets) | 11.91% | 4.00% | 4.00% | N/A | 4.00% | ||||
CET1 capital (to risk weighted assets) | 12.31% | 4.50% | 5.125% | N/A | 7.00% | ||||
Tier 1 capital (to risk weighted assets) | 12.31% | 6.00% | 6.625% | N/A | 8.50% | ||||
Total capital (to risk weighted assets) | 15.56% | 8.00% | 8.625% | N/A | 10.50% | ||||
Pacific Western Bank | |||||||||
Tier 1 capital (to average assets) | 11.40% | 4.00% | 4.00% | 5.00% | 4.00% | ||||
CET1 capital (to risk weighted assets) | 11.78% | 4.50% | 5.125% | 6.50% | 7.00% | ||||
Tier 1 capital (to risk weighted assets) | 11.78% | 6.00% | 6.625% | 8.00% | 8.50% | ||||
Total capital (to risk weighted assets) | 12.72% | 8.00% | 8.625% | 10.00% | 10.50% |
(1) | Ratios for September 30, 2017 reflect the minimum required plus capital conservation buffer phase-in for 2017; ratios for December 31, 2016 reflect the minimum required plus capital conservation buffer phase-in for 2016. The capital conservation buffer increases by 0.625% each year through 2019. |
September 30, | June 30, | December 31, | |||||||||
Primary Liquidity - On-Balance Sheet | 2017 | 2017 | 2016 | ||||||||
(Dollars in thousands) | |||||||||||
Cash and due from banks | $ | 147,579 | $ | 180,330 | $ | 337,965 | |||||
Interest-earning deposits in financial institutions | 122,439 | 107,150 | 81,705 | ||||||||
Securities available-for-sale | 3,532,230 | 3,474,560 | 3,223,830 | ||||||||
Less: pledged securities | (339,815 | ) | (430,182 | ) | (425,511 | ) | |||||
Total primary liquidity | $ | 3,462,433 | $ | 3,331,858 | $ | 3,217,989 | |||||
Ratio of primary liquidity to total deposits | 20.6 | % | 19.7 | % | 20.3 | % |
Secondary Liquidity - Off-Balance Sheet | September 30, | June 30, | December 31, | ||||||||
Available Secured Borrowing Capacity | 2017 | 2017 | 2016 | ||||||||
(In thousands) | |||||||||||
Secured borrowing capacity with the FHLB | $ | 3,033,258 | $ | 2,916,358 | $ | 2,010,739 | |||||
Less: secured advances outstanding | (115,000 | ) | (85,000 | ) | (735,000 | ) | |||||
Net secured borrowing capacity with the FHLB | 2,918,258 | 2,831,358 | 1,275,739 | ||||||||
Secured borrowing capacity with the FRBSF | 2,170,255 | 2,201,579 | 2,210,692 | ||||||||
Total secondary liquidity | $ | 5,088,513 | $ | 5,032,937 | $ | 3,486,431 |
September 30, 2017 | |||||||||||||||||||
Due | Due in | Due in | Due | ||||||||||||||||
Within | One to | Three to | After | ||||||||||||||||
One Year | Three Years | Five Years | Five Years | Total | |||||||||||||||
(In thousands) | |||||||||||||||||||
Time deposits(1) | $ | 1,981,251 | $ | 116,086 | $ | 25,645 | $ | 119 | $ | 2,123,101 | |||||||||
Short-term borrowings | 250,000 | — | — | — | 250,000 | ||||||||||||||
Long-term debt obligations(1) | 233 | 166 | — | 542,210 | 542,609 | ||||||||||||||
Contractual interest(2) | 4,943 | 1,024 | 745 | 7 | 6,719 | ||||||||||||||
Operating lease obligations | 30,358 | 53,764 | 39,122 | 36,241 | 159,485 | ||||||||||||||
Other contractual obligations | 33,066 | 29,851 | 9,839 | 16,360 | 89,116 | ||||||||||||||
Total | $ | 2,299,851 | $ | 200,891 | $ | 75,351 | $ | 594,937 | $ | 3,171,030 |
(1) | Excludes purchase accounting fair value adjustments. |
(2) | Excludes interest on subordinated debentures as these instruments are variable rate. |
Forecasted | Forecasted | Forecasted | |||||||
Net Interest | Percentage | Net Interest | Net Interest | ||||||
September 30, 2017 | Income | Change | Margin | Margin Change | |||||
Interest Rate Scenario | (Tax Equivalent) | From Base | (Tax Equivalent) | From Base | |||||
(Dollars in millions) | |||||||||
Up 300 basis points | $ | 1,146.6 | 15.9% | 5.88% | 0.81% | ||||
Up 200 basis points | $ | 1,096.0 | 10.8% | 5.62% | 0.55% | ||||
Up 100 basis points | $ | 1,044.2 | 5.6% | 5.36% | 0.29% | ||||
BASE CASE | $ | 988.9 | — | 5.07% | — | ||||
Down 100 basis points | $ | 934.9 | (5.5)% | 4.80% | (0.27)% | ||||
Down 200 basis points | $ | 915.6 | (7.4)% | 4.70% | (0.37)% | ||||
Down 300 basis points | $ | 906.6 | (8.3)% | 4.65% | (0.42)% |
September 30, 2017 | ||||
Cumulative | Rate | |||
Amount of | Increase | |||
Variable-Rate | Needed to | |||
Loans | Reprice | |||
(Dollars in millions) | ||||
$ | 379.4 | 0 - 100 bps | ||
$ | 526.0 | 101 - 200 bps | ||
$ | 547.2 | 201 - 300 bps |
Ratio of | ||||||||||||||||
Projected | Dollar | Percentage | Percentage | Projected | ||||||||||||
September 30, 2017 | Market Value | Change | Change | of Total | Market Value | |||||||||||
Interest Rate Scenario | of Equity | From Base | From Base | Assets | to Book Value | |||||||||||
(Dollars in millions) | ||||||||||||||||
Up 300 basis points | $ | 5,740.0 | $ | (96.2 | ) | (1.6 | )% | 25.8 | % | 124.5 | % | |||||
Up 200 basis points | $ | 5,775.2 | $ | (61.0 | ) | (1.0 | )% | 26.0 | % | 125.3 | % | |||||
Up 100 basis points | $ | 5,809.6 | $ | (26.6 | ) | (0.5 | )% | 26.1 | % | 126.0 | % | |||||
BASE CASE | $ | 5,836.2 | $ | — | — | % | 26.2 | % | 126.6 | % | ||||||
Down 100 basis points | $ | 5,851.3 | $ | 15.1 | 0.3 | % | 26.3 | % | 126.9 | % | ||||||
Down 200 basis points | $ | 5,870.3 | $ | 34.1 | 0.6 | % | 26.4 | % | 127.3 | % | ||||||
Down 300 basis points | $ | 5,721.1 | $ | (115.1 | ) | (2.0 | )% | 25.7 | % | 124.1 | % |
Total Number of | Maximum Dollar | ||||||||||||
Shares Purchased | Value of Shares | ||||||||||||
as Part of | That May Yet | ||||||||||||
Average | Publicly | Be Purchased | |||||||||||
Total Number of | Price Paid | Announced | Under the | ||||||||||
Purchase Dates | Shares Purchased (1) | Per Share | Program (2) | Program (2) | |||||||||
(In thousands) | |||||||||||||
July 1, 2017 - July 31, 2017 | — | $ | — | — | $ | 372,069 | |||||||
August 1, 2017 - August 31, 2017 | 4,892 | $ | 48.01 | — | $ | 372,069 | |||||||
September 1, 2017 - September 30, 2017 | — | $ | — | — | $ | 372,069 | |||||||
Total | 4,892 | $ | — | — |
(1) | Includes shares repurchased pursuant to net settlement by employees in satisfaction of income tax withholding obligations incurred through the vesting of Company stock awards, and shares repurchased pursuant to the Company's publicly announced Stock Repurchase Program. |
(2) | On October 17, 2016, PacWest’s Board of Directors authorized a Stock Repurchase Program, pursuant to which the Company may, from time to time until December 31, 2017, purchase shares of its common stock for an aggregate purchase price not to exceed $400 million. All shares repurchased under the Stock Repurchase Program were retired upon settlement. |
PACWEST BANCORP | ||
Date: | November 7, 2017 | /s/ Bart R. Olson |
Bart R. Olson | ||
Executive Vice President and Chief Accounting Officer |
1. | I have reviewed this report on Form 10-Q for the quarterly period ended September 30, 2017 of PacWest Bancorp; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | November 7, 2017 | /s/ Matthew P. Wagner |
Matthew P. Wagner Chief Executive Officer |
1. | I have reviewed this report on Form 10-Q for the quarterly period ended September 30, 2017 of PacWest Bancorp; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | November 7, 2017 | /s/ Patrick J. Rusnak |
Patrick J. Rusnak Executive Vice President and Chief Financial Officer |
Date: | November 7, 2017 | /s/ Matthew P. Wagner |
Matthew P. Wagner Chief Executive Officer |
Date: | November 7, 2017 | /s/ Patrick J. Rusnak |
Patrick J. Rusnak Executive Vice President and Chief Financial Officer |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Oct. 27, 2017 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PACWEST BANCORP | |
Entity Central Index Key | 0001102112 | |
Document Period End Date | Sep. 30, 2017 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 128,935,736 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Preferred stock par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock authorized (shares) | 5,000,000 | 5,000,000 |
Preferred stock issued (shares) | 0 | 0 |
Preferred stock outstanding (shares) | 0 | 0 |
Common Stock par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 200,000,000 | 200,000,000 |
Common stock issued (shares) | 123,122,892 | 122,803,029 |
Unvested restricted shares (shares) | 1,393,874 | 1,476,132 |
Treasury Stock (shares) | 1,673,098 | 1,519,360 |
Condensed Consolidated Statements of Earnings - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Jun. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Interest income: | |||||
Loans and leases | $ 235,666 | $ 234,618 | $ 225,370 | $ 694,462 | $ 686,071 |
Investment securities | 24,762 | 24,689 | 22,187 | 72,490 | 67,154 |
Deposits in financial institutions | 538 | 237 | 298 | 967 | 914 |
Total interest income | 260,966 | 259,544 | 247,855 | 767,919 | 754,139 |
Interest expense: | |||||
Deposits | 13,071 | 10,205 | 7,247 | 31,653 | 24,143 |
Borrowings | 188 | 1,066 | 695 | 2,272 | 1,628 |
Subordinated debentures | 6,017 | 5,800 | 5,278 | 17,379 | 15,382 |
Total interest expense | 19,276 | 17,071 | 13,220 | 51,304 | 41,153 |
Net interest income | 241,690 | 242,473 | 234,635 | 716,615 | 712,986 |
Provision for credit losses | 15,119 | 11,499 | 8,471 | 51,346 | 42,514 |
Net interest income after provision for credit losses | 226,571 | 230,974 | 226,164 | 665,269 | 670,472 |
Noninterest income: | |||||
Service charges on deposit accounts | 3,465 | 3,510 | 3,488 | 10,733 | 10,977 |
Other commissions and fees | 9,944 | 10,583 | 12,528 | 30,917 | 35,090 |
Leased equipment income | 8,332 | 11,635 | 8,538 | 29,442 | 25,305 |
Gain on sale of loans and leases | 2,848 | 649 | 157 | 4,209 | 790 |
Gain on sale of securities | 1,236 | 1,651 | 382 | 2,788 | 8,970 |
FDIC loss sharing expense, net | 0 | 0 | 0 | 0 | (8,917) |
Other income | 5,557 | 7,254 | 1,827 | 23,689 | 11,365 |
Total noninterest income | 31,382 | 35,282 | 26,920 | 101,778 | 83,580 |
Noninterest expense: | |||||
Compensation | 64,413 | 65,288 | 62,661 | 194,581 | 185,900 |
Occupancy | 12,729 | 11,811 | 12,010 | 36,148 | 36,835 |
Data processing | 6,459 | 6,337 | 6,234 | 19,811 | 17,782 |
Other professional services | 4,213 | 3,976 | 4,625 | 11,567 | 11,598 |
Insurance and assessments | 4,702 | 4,856 | 4,324 | 14,349 | 14,240 |
Intangible asset amortization | 3,049 | 3,065 | 4,224 | 9,178 | 13,341 |
Leased equipment depreciation | 4,862 | 5,232 | 5,298 | 15,719 | 15,608 |
Foreclosed assets expense (income), net | 2,191 | (157) | (248) | 2,177 | (812) |
Acquisition, integration and reorganization costs | 1,450 | 1,700 | 0 | 3,650 | 200 |
Loan expense | 3,421 | 3,884 | 1,931 | 10,692 | 6,231 |
Other expense | 11,053 | 11,715 | 9,651 | 34,921 | 30,556 |
Total noninterest expense | 118,542 | 117,707 | 110,710 | 352,793 | 331,479 |
Earnings before income taxes | 139,411 | 148,549 | 142,374 | 414,254 | 422,573 |
Income tax expense | (37,945) | (54,902) | (48,479) | (140,473) | (156,054) |
Net earnings | $ 101,466 | $ 93,647 | $ 93,895 | $ 273,781 | $ 266,519 |
Earnings per share: | |||||
Net earnings (usd per share) | $ 0.84 | $ 0.77 | $ 0.77 | $ 2.26 | $ 2.19 |
Net earnings (usd per share) | 0.84 | 0.77 | 0.77 | 2.26 | 2.19 |
Dividends declared per share (usd per share) | $ 0.50 | $ 0.50 | $ 0.50 | $ 1.50 | $ 1.5 |
Condensed Consolidated Statement of Shareholders' Equity - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands |
Total |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Treasury Stock |
Accumulated Other Comprehensive Income (Loss) |
||
---|---|---|---|---|---|---|---|---|
Balance, December 31, 2016 at Dec. 31, 2016 | $ 4,479,055 | $ 1,228 | $ 4,162,132 | $ 366,073 | $ (56,360) | $ 5,982 | ||
Shares outstanding, beginning balance (shares) at Dec. 31, 2016 | 121,283,669 | |||||||
Stockholders' Equity Disclosure [Rollforward] | ||||||||
Cumulative effect of change in accounting principle | [1] | 291 | 711 | (420) | ||||
Net earnings | 273,781 | 273,781 | ||||||
Other comprehensive income - net unrealized gain on securities available-for-sale, net of tax | 27,631 | 27,631 | ||||||
Restricted stock awarded and earned compensation, net of shares forfeited (shares) | 319,863 | |||||||
Restricted stock awarded and earned stock compensation, net of shares forfeited | 20,198 | $ 3 | 20,195 | |||||
Restricted stock surrendered (shares) | (153,738) | |||||||
Restricted stock surrendered | (7,793) | (7,793) | ||||||
Cash dividends paid | (182,495) | (182,495) | ||||||
Balance, September 30, 2017 at Sep. 30, 2017 | $ 4,610,668 | $ 1,231 | $ 4,000,543 | $ 639,434 | $ (64,153) | $ 33,613 | ||
Shares outstanding, ending balance (shares) at Sep. 30, 2017 | 121,449,794 | |||||||
|
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Cash flows from operating activities: | ||
Net earnings | $ 273,781 | $ 266,519 |
Depreciation and amortization | 23,798 | 24,761 |
Amortization of net premiums on securities available-for-sale | 30,238 | 28,012 |
Amortization of intangible assets | 9,178 | 13,341 |
Provision for credit losses | 51,346 | 42,514 |
Gain on sale of foreclosed assets | (282) | (837) |
Provision for losses on foreclosed assets | 2,138 | 0 |
Gain on sale of loans and leases | (4,209) | (790) |
Gain on sale of premises and equipment | (388) | (23) |
Gain on sale of securities | (2,788) | (8,970) |
Gain on BOLI death benefit | (1,050) | (539) |
Unrealized gain on derivatives and foreign currencies, net | (449) | (374) |
Earned stock compensation | 20,198 | 17,275 |
Loss on sale of PWEF leasing unit | 0 | 720 |
Tax effect included in stockholders' equity of restricted stock vesting | 0 | (4,226) |
Decrease in accrued and deferred income taxes, net | 10,164 | 74,946 |
(Increase) decrease in other assets | (32,765) | 1,224 |
Decrease in accrued interest payable and other liabilities | (20,738) | (23,600) |
Net cash provided by operating activities | 358,172 | 429,953 |
Cash flows from investing activities: | ||
Net increase in loans and leases | (567,291) | (514,224) |
Proceeds from sales of loans and leases | 293,808 | 106,109 |
Proceeds from maturities and paydowns of securities available-for-sale | 329,876 | 184,644 |
Proceeds from sales of securities available-for-sale | 185,533 | 392,841 |
Purchases of securities available-for-sale | (804,710) | (303,742) |
Net redemptions of Federal Home Loan Bank stock | 4,620 | 324 |
Proceeds from sales of foreclosed assets | 1,455 | 7,973 |
Purchases of premises and equipment, net | (5,892) | (6,185) |
Proceeds from sales of premises and equipment | 10,306 | 24 |
Proceeds from sale of PWEF leasing unit | 0 | 138,955 |
Proceeds from BOLI death benefit | 2,478 | 3,238 |
Net increase of equipment leased to others under operating leases | (17,956) | (15,802) |
Net cash used in investing activities | (567,773) | (5,845) |
Cash flows from financing activities: | ||
Net increase in noninterest-bearing deposits | 255,874 | 352,784 |
Net increase (decrease) in interest-bearing deposits | 649,776 | (371,005) |
Net decrease in borrowings | (655,413) | (78,873) |
Restricted stock surrendered | (7,793) | (4,611) |
Tax effect included in stockholders' equity of restricted stock vesting | 0 | 4,226 |
Cash dividends paid | (182,495) | (182,750) |
Net cash provided by (used in) financing activities | 59,949 | (280,229) |
Net (decrease) increase in cash and cash equivalents | (149,652) | 143,879 |
Cash and cash equivalents, beginning of period | 419,670 | 396,486 |
Cash and cash equivalents, end of period | 270,018 | 540,365 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 48,402 | 41,392 |
Cash paid for income taxes | 146,321 | 82,721 |
Loans transferred to foreclosed assets | 580 | 129 |
Transfers from loans held for investment to loans held for sale | $ 175,158 | $ 0 |
Organization |
9 Months Ended |
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Sep. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ORGANIZATION PacWest Bancorp, a Delaware corporation, is a bank holding company registered under the BHCA, with our corporate headquarters located in Beverly Hills, California. Our principal business is to serve as the holding company for our wholly-owned subsidiary, Pacific Western Bank. References to "Pacific Western" or the "Bank" refer to Pacific Western Bank together with its wholly-owned subsidiaries. References to "we," "us," or the "Company" refer to PacWest Bancorp together with its subsidiaries on a consolidated basis. When we refer to "PacWest" or to the "holding company," we are referring to PacWest Bancorp, the parent company, on a stand-alone basis. We are focused on relationship-based business banking to small, middle-market and venture-backed businesses nationwide. At September 30, 2017, the Bank offers a broad range of loan and lease and deposit products and services through 74 full-service branches located throughout the State of California, one branch located in Durham, North Carolina, and several loan production offices located in cities across the country. We provide commercial banking services, including real estate, construction, and commercial loans, and comprehensive deposit and treasury management services to small and middle-market businesses. We offer additional products and services through our CapitalSource and Square 1 Bank divisions. Our CapitalSource Division provides cash flow, asset-based, equipment, and real estate loans and treasury management services to established middle market businesses on a national basis. Our Square 1 Bank Division offers a comprehensive suite of financial services focused on entrepreneurial businesses and their venture capital and private equity investors, with offices located in key innovation hubs across the United States. In addition, we provide investment advisory and asset management services to select clients through Square 1 Asset Management, Inc., a wholly-owned subsidiary of the Bank and a SEC-registered investment adviser. We generate our revenue primarily from interest received on loans and leases and, to a lesser extent, from interest received on investment securities, and fees received in connection with deposit services, extending credit and other services offered, including foreign exchange services. Our major operating expenses are compensation, occupancy, general operating expenses, and the interest paid by the Bank on deposits and borrowings. We have completed 28 acquisitions from May 1, 2000 through September 30, 2017. Our acquisitions have been accounted for using the acquisition method of accounting and, accordingly, the operating results of the acquired entities have been included in the consolidated financial statements from their respective acquisition dates. See Note 12. Subsequent Events, for information regarding the completion of the CU Bancorp acquisition on October 20, 2017. Significant Accounting Policies Except as discussed below, our accounting policies are described in Note 1. Nature of Operations and Summary of Significant Accounting Policies, of our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2016 as filed with the Securities and Exchange Commission ("Form 10-K"). Accounting Standards Adopted in 2017 Effective January 1, 2017, the Company adopted ASU 2016-09, "Improvements to Employee Share-Based Accounting." ASU 2016-09 changed aspects of the accounting for share-based payment award transactions, including: (1) accounting for income taxes; (2) classification of excess tax benefits on the statement of cash flows; (3) forfeitures; (4) minimum statutory tax withholding requirements; and (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. The recognition of excess tax benefits and tax deficiencies in the income statement was adopted prospectively. Income tax benefits of $0.03 million and $1.5 million were recognized during the three and nine months ended September 30, 2017 as a result of the adoption of ASU 2016-09. We expect the requirements of ASU 2016-09 to result in fluctuations in our effective tax rate from period to period based upon the timing of share-based award vestings. In connection with the adoption of ASU 2016-09, we elected to recognize forfeitures on stock-based compensation awards when they occur, instead of estimating forfeitures at the grant date of the awards and throughout the vesting period. The modified retrospective application of this change in accounting principle resulted in a cumulative adjustment charge to retained earnings of $420,000, net of income taxes. We elected to present the classification of excess tax benefits on the statement of cash flows using a prospective transition method and the prior period has not been adjusted. Effective July 1, 2017, the Company early-adopted ASU 2017-08, "Receivables - Nonrefundable Fees and Other Costs (Subtopic 210-20): Premium Amortization on Purchased Callable Debt Securities." ASU 2017-08 requires certain premiums on callable debt securities to be amortized to the earliest call date. The amortization period for discounts on callable debt securities was not impacted. The adoption of this ASU had no material impact on the Company's consolidated financial position, results of operations, or cash flows. Basis of Presentation Our interim condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, certain disclosures accompanying annual consolidated financial statements are omitted. In the opinion of management, all significant intercompany accounts and transactions have been eliminated and adjustments, consisting solely of normal recurring accruals and considered necessary for the fair presentation of financial statements for the interim periods, have been included. The current period's results of operations are not necessarily indicative of the results that ultimately may be achieved for the year. The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K. Use of Estimates We have made a number of estimates and assumptions related to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these condensed consolidated financial statements in conformity with U.S. GAAP. Actual results could differ from those estimates. Material estimates subject to change in the near term include, among other items, the allowance for credit losses, the carrying value of intangible assets, the realization of deferred tax assets, and the fair value estimates of assets acquired and liabilities assumed in acquisitions. These estimates may be adjusted as more current information becomes available, and any adjustment may be significant. Reclassifications Certain prior period amounts have been reclassified to conform to the current period’s presentation format. On the condensed consolidated statements of earnings, beginning with our June 30, 2017 results, we began presenting a new line for "Loan expense" as that category exceeded the disclosure materiality threshold, which previously had been included as part of "Other expense." Included in loan expense are costs related to servicing our loans including legal fees. Prior to 2017, time deposit disclosures were presented as: (1) under $100,000, and (2) $100,000 or more. We are now using the current FDIC insurance limit of $250,000 and presenting the categories as: (1) $250,000 and under, and (2) over $250,000. |
Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and other intangible assets arise from the acquisition method of accounting for business combinations. Goodwill and other intangible assets generated from business combinations and deemed to have indefinite lives are not subject to amortization and instead are tested for impairment at least annually. Goodwill represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. Impairment exists when the carrying value of the goodwill exceeds its implied fair value. An impairment loss would be recognized in an amount equal to that excess as a charge to "Noninterest expense" in the condensed consolidated statements of earnings. Our other intangible assets with definite lives include CDI and CRI. CDI and CRI are amortized over their respective estimated useful lives and reviewed for impairment at least quarterly. The amortization expense represents the estimated decline in the value of the underlying deposits or loan and lease customers acquired. The weighted average amortization period remaining for all of our CDI and CRI as of September 30, 2017 is 4.7 years and the aggregate amortization expense is expected to be $11.5 million for 2017. The estimated aggregate amortization expense related to these intangible assets for each of the next five years is $8.8 million for 2018, $6.7 million for 2019, $4.7 million for 2020, $3.0 million for 2021, and $1.7 million for 2022. The following table presents the changes in CDI and CRI and the related accumulated amortization for the periods indicated:
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Investment Securities |
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Investment Securities | INVESTMENT SECURITIES Securities Available-for-Sale The following table presents amortized cost, gross unrealized gains and losses, and fair values of securities available-for-sale as of the dates indicated:
As of September 30, 2017, securities available-for-sale with a fair value of $339.8 million were pledged as collateral for borrowings, public deposits and other purposes as required by various statutes and agreements. During the three months ended September 30, 2017, we sold $98.3 million of securities available-for-sale for a gross realized gain of $1.3 million and a gross realized loss of $0.1 million. During the three months ended September 30, 2016, we sold $39.1 million of securities available-for-sale for a gross realized gain of $1.0 million and a gross realized loss of $0.6 million. During the nine months ended September 30, 2017, we sold $182.7 million of securities available-for-sale for a gross realized gain of $3.3 million and a gross realized loss of $0.5 million. During the nine months ended September 30, 2016, we sold $383.9 million of securities available-for-sale for a gross realized gain of $10.6 million and a gross realized loss of $1.6 million. Unrealized Losses on Securities Available-for-Sale The following tables present the gross unrealized losses and fair values of securities available-for-sale that were in unrealized loss positions, for which other-than-temporary impairments have not been recognized in earnings, as of the dates indicated:
We reviewed the securities that were in an unrealized loss position at September 30, 2017, and concluded their unrealized losses were a result of the level of market interest rates relative to the types of securities and pricing changes caused by shifting supply and demand dynamics and not a result of downgraded credit ratings or other indicators of deterioration of the underlying issuers' ability to repay. Accordingly, we determined the securities were temporarily impaired and we did not recognize such impairment in the condensed consolidated statements of earnings. Although we periodically sell securities for portfolio management purposes, we do not foresee having to sell any temporarily impaired securities strictly for liquidity needs and believe that it is more likely than not we would not be required to sell any temporarily impaired securities before recovery of their amortized cost. Contractual Maturities of Securities Available-for-Sale The following table presents the contractual maturities of our securities available-for-sale portfolio based on amortized cost and carrying value as of the date indicated:
Mortgage-backed securities have contractual terms to maturity, but require periodic payments to reduce principal. In addition, expected maturities may differ from contractual maturities because obligors and/or issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Interest Income on Investment Securities The following table presents the composition of our interest income on investment securities for the periods indicated:
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Loans and Leases |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases | LOANS AND LEASES Our loan and lease portfolio includes originated and purchased loans and leases. Originated and purchased loans and leases for which there was no evidence of credit deterioration at their acquisition date and for which it was probable that we would be able to collect all contractually required payments, are referred to collectively as Non-PCI loans. Generally, PCI loans are purchased loans for which there was, at the acquisition date, evidence of credit deterioration since their origination and for which it was probable that collection of all contractually required payments was unlikely. Non-PCI loans are carried at the principal amount outstanding, net of deferred fees and costs, and in the case of acquired loans, net of purchase discounts and premiums. Deferred fees and costs and purchase discounts and premiums on acquired non-impaired loans are recognized as an adjustment to interest income over the contractual life of the loans primarily using the effective interest method or taken into income when the related loans are paid off or included in the carrying amount of loans that are sold. PCI loans are accounted for in accordance with ASC Subtopic 310‑30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality." For PCI loans, at the time of acquisition we (i) calculate the contractual amount and timing of undiscounted principal and interest payments (the "undiscounted contractual cash flows") and (ii) estimate the amount and timing of undiscounted expected principal and interest payments (the "undiscounted expected cash flows"). The difference between the undiscounted contractual cash flows and the undiscounted expected cash flows is the nonaccretable difference. The difference between the undiscounted cash flows expected to be collected and the estimated fair value of the acquired loans is the accretable yield. The nonaccretable difference represents an estimate of the loss exposure of principal and interest related to the PCI loan portfolio; such amount is subject to change over time based on the performance of such loans. The carrying value of PCI loans is reduced by payments received, both principal and interest, and increased by the portion of the accretable yield recognized as interest income. Loans Held for Sale In the second quarter of 2017, we entered into two agreements to sell loans with balances totaling $175.2 million and the associated unfunded commitments of $19.3 million, primarily from our healthcare portfolios. The $175.2 million of loans were reported as loans held for sale at June 30, 2017 and the sales were completed in July. In connection with the transfer of loans to held for sale, we recognized $7.2 million in charge-offs during the second quarter related to our healthcare portfolio loans in order to record the loans at the lower of cost or fair value. There were no loans held for sale at September 30, 2017. Loans and Leases Held for Investment The following table summarizes the composition of our loans and leases held for investment as of the dates indicated:
Non‑PCI Loans and Leases Held for Investment The following tables present an aging analysis of our Non‑PCI loans and leases held for investment, net of deferred fees, by portfolio segment and class as of the dates indicated:
It is our policy to discontinue accruing interest when principal or interest payments are past due 90 days or more unless the loan is both well secured and in the process of collection or when, in the opinion of management, there is a reasonable doubt as to the collectability of a loan or lease in the normal course of business. Interest income on nonaccrual loans is recognized only to the extent cash is received and the principal balance of the loan is deemed collectable. The following table presents our nonaccrual and performing Non‑PCI loans and leases held for investment, net of deferred fees, by portfolio segment and class as of the dates indicated:
At September 30, 2017, nonaccrual loans and leases totaled $157.7 million and included $8.8 million of loans and leases 90 or more days past due, $0.7 million of loans and leases 30 to 89 days past due, and $148.2 million of loans and leases current with respect to contractual payments that were placed on nonaccrual status based on management’s judgment regarding their collectability. Nonaccrual loans and leases totaled $170.6 million at December 31, 2016, including $15.9 million of the loans and leases 90 or more days past due, $3.0 million of loans and leases 30 to 89 days past due, and $151.7 million of current loans and leases that were placed on nonaccrual status based on management’s judgment regarding their collectability. As of September 30, 2017, our ten largest Non-PCI loan relationships on nonaccrual status had an aggregate carrying value of $129.1 million and represented 81.9% of total Non-PCI nonaccrual loans and leases. The largest of these relationships consisted of a $45.5 million healthcare real estate loan secured by a continuing care retirement facility that migrated to nonaccrual status during the third quarter of 2016 due to weak operating performance and cash flow difficulties. The following table presents the credit risk rating categories for Non‑PCI loans and leases held for investment, net of deferred fees, by portfolio segment and class as of the dates indicated. Nonclassified loans and leases are those with a credit risk rating of either pass or special mention, while classified loans and leases are those with a credit risk rating of either substandard or doubtful.
In addition to our internal risk rating process, our federal and state banking regulators, as an integral part of their examination process, periodically review the Company’s loan and lease risk rating classifications. Our regulators may require the Company to recognize rating downgrades based on their judgments related to information available to them at the time of their examinations. Risk rating downgrades generally result in increases in the provisions for credit losses and the allowance for credit losses. Non‑PCI nonaccrual loans and leases and performing troubled debt restructured loans are considered impaired for reporting purposes. Troubled debt restructurings are a result of rate reductions, term extensions, fee concessions, and debt forgiveness, or a combination thereof. The following table presents the composition of our impaired loans and leases held for investment, net of deferred fees, by portfolio segment as of the dates indicated:
The following tables present information regarding our Non‑PCI impaired loans and leases held for investment, net of deferred fees, by portfolio segment and class as of and for the dates indicated:
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The following tables present our troubled debt restructurings of Non-PCI loans held for investment by portfolio segment and class for the periods indicated:
The following tables present troubled debt restructurings of Non-PCI loans held for investment by portfolio segment and class that subsequently defaulted for the periods indicated:
Allowance for Loan and Lease Losses The following tables present a summary of the activity in the allowance for loan and lease losses on Non‑PCI loans and leases held for investment by portfolio segment and PCI loans held for investment for the periods indicated:
Allowance for Credit Losses The Non-PCI allowance for credit losses is the combination of the Non-PCI allowance for loan and lease losses and the Non-PCI reserve for unfunded loan commitments. The Non-PCI reserve for unfunded loan commitments is included within "Accrued interest payable and other liabilities" on the condensed consolidated balance sheets. The following tables present a summary of the activity in the Non-PCI allowance for loan and lease losses, Non-PCI reserve for unfunded loan commitments, and PCI allowance for loan losses for the periods indicated:
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Foreclosed Assets |
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Other Real Estate Owned Net Covered and NonCovered Including Foreclosed Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreclosed Assets | FORECLOSED ASSETS The following table summarizes foreclosed assets as of the dates indicated:
The following table presents the changes in foreclosed assets, net of the valuation allowance, for the period indicated:
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Borrowings and Subordinated Debentures |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and Subordinated Debentures | BORROWINGS AND SUBORDINATED DEBENTURES Borrowings The following table summarizes our borrowings as of the dates indicated:
The non‑recourse debt represents the payment stream of certain equipment leases sold to third parties. The debt is secured by the leased equipment and all interest rates are fixed. As of September 30, 2017, this debt had a weighted average remaining maturity of 1.9 years. The Bank has established secured and unsecured lines of credit under which it may borrow funds from time to time on a term or overnight basis from the FHLB, the FRBSF, and other financial institutions. FHLB Secured Line of Credit. The Bank had secured financing capacity with the FHLB as of September 30, 2017 of $3.0 billion, collateralized by a blanket lien on $4.4 billion of certain qualifying loans not pledged to the FRBSF. As of September 30, 2017, the balance outstanding was a $115.0 million overnight advance. As of December 31, 2016, the balance outstanding was $735.0 million, which consisted of a $435.0 million overnight advance and a $300.0 million one-month advance with a January 23, 2017 maturity date. FRBSF Secured Line of Credit. The Bank has a secured line of credit with the FRBSF. As of September 30, 2017, the Bank had secured borrowing capacity of $2.2 billion collateralized by liens covering $2.9 billion of certain qualifying loans. As of September 30, 2017 and December 31, 2016, there were no balances outstanding. FHLB Unsecured Line of Credit. The Bank has a $135.0 million unsecured line of credit with the FHLB for the purchase of overnight funds, of which $135.0 million was outstanding at September 30, 2017. At December 31, 2016, the balance outstanding was $130.0 million. Federal Funds Arrangements with Commercial Banks. As of September 30, 2017, the Bank had unsecured lines of credit of $75.0 million with correspondent banks for the purchase of overnight funds, subject to availability of funds. These lines are renewable annually and have no unused commitment fees. As of September 30, 2017 and December 31, 2016, there were no balances outstanding. The Bank is a member of the AFX, through which it may either borrow or lend funds on an overnight or short-term basis with a group of pre-approved commercial banks. The availability of funds changes daily. As of September 30, 2017, there was no balance outstanding. At December 31, 2016, the balance outstanding was $40.0 million, which consisted of a $26.0 million overnight borrowing and a $14.0 million one-month borrowing with a January 20, 2017 maturity date. Subordinated Debentures The following table summarizes the terms of each issuance of subordinated debentures outstanding as of the dates indicated:
Interest payments made by the Company on subordinated debentures are considered dividend payments under FRB regulations. Bank holding companies, such as PacWest, are required to notify the FRB prior to declaring and paying a dividend during any period in which quarterly and/or cumulative twelve‑month net earnings are insufficient to fund the dividend amount, among other requirements. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Lending Commitments The Company is a party to financial instruments with off‑balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the condensed consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The following table presents a summary of the financial instruments described above as of the dates indicated:
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The increase in loan commitments to extend credit is primarily a result of the continued growth of our construction and venture capital portfolios in 2017. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. We provide standby letters of credit in conjunction with several of our lending arrangements and property lease obligations. Most guarantees expire within one year from the date of issuance. If a borrower defaults on its commitments subject to any letter of credit issued under these arrangements, we would be required to meet the borrower's financial obligation but would seek repayment of that financial obligation from the borrower. In some cases, borrowers have pledged cash and investment securities as collateral with us under these arrangements. In addition, we invest in low income housing project partnerships, which provide income tax credits, and in small business investment companies that call for capital contributions up to an amount specified in the partnership agreements. As of September 30, 2017 and December 31, 2016, we had commitments to contribute capital to these entities totaling $43.1 million and $26.6 million. We also had commitments to contribute up to an additional $2.5 million and $2.8 million to private equity funds at September 30, 2017 and December 31, 2016. In addition, at September 30, 2017, we had a commitment to purchase approximately $7.8 million of loans that terminates in June 2018. Legal Matters In the ordinary course of our business, the Company is party to various legal actions, which we believe are incidental to the operation of our business. The outcome of such legal actions and the timing of ultimate resolution are inherently difficult to predict. In the opinion of management, based upon currently available information, any resulting liability, in addition to amounts already accrued, and taking into consideration insurance which may be applicable, would not have a material adverse effect on the Company’s financial statements or operations. Kinde Durkee Investigation The United States Attorney's Office for the Eastern District of California concluded an investigation relating to the handling by First California Bank ("FCB") of its banking relationship with Kinde Durkee. Ms. Durkee, who had maintained certain of her accounts with FCB, was convicted in 2012 of embezzling funds from certain California politicians, among others. FCB, a wholly-owned subsidiary of FCAL, was acquired by PacWest Bancorp and merged into Pacific Western Bank in May 2013. The investigation was concluded in September 2017 with a cash settlement of $1.75 million. The claims settled are allegations only, and there has been no determination of liability. The settled claims relate exclusively to conduct by First California prior to its acquisition by PacWest Bancorp. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | FAIR VALUE MEASUREMENTS ASC Topic 820, “Fair Value Measurement,” defines fair value, establishes a framework for measuring fair value including a three‑level valuation hierarchy, and expands disclosures about fair value measurements. Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date reflecting assumptions that a market participant would use when pricing an asset or liability. The hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows:
We use fair value to measure certain assets and liabilities on a recurring basis, primarily securities available‑for‑sale and derivatives. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period and such measurements are therefore considered “nonrecurring” for purposes of disclosing our fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for impaired loans and other real estate owned and also to record impairment on certain assets, such as goodwill, CDI, and other long‑lived assets. The following tables present information on the assets and liabilities measured and recorded at fair value on a recurring basis as of the dates indicated:
During the nine months ended September 30, 2017, there were no transfers of assets between Level 1 and Level 2, and there was a $0.7 million transfer of assets from Level 3 to Level 1 of the fair value hierarchy for assets measured on a recurring basis. The following table presents information about quantitative inputs and assumptions used to determine the fair values provided by our third party pricing service for our Level 3 private label CMOs and asset-backed securities available-for-sale measured at fair value on a recurring basis as of the date indicated:
The following table presents information about quantitative inputs and assumptions used in the modified Black-Scholes option pricing model to determine the fair value for our Level 3 equity warrants measured at fair value on a recurring basis as of the date indicated:
The following table summarizes activity for our Level 3 private label CMOs available-for-sale, asset-backed securities available-for-sale, and equity warrants measured at fair value on a recurring basis for the period indicated:
The following tables present assets measured at fair value on a non‑recurring basis as of the dates indicated:
The following table presents losses recognized on assets measured on a nonrecurring basis for the periods indicated:
The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis as of the date indicated:
ASC Topic 825, “Financial Instruments,” requires disclosure of the estimated fair value of certain financial instruments and the methods and significant assumptions used to estimate such fair values. Additionally, certain financial instruments and all nonfinancial instruments are excluded from the applicable disclosure requirements. The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated:
For information regarding the valuation methodologies used to measure our assets recorded at fair value (under ASC Topic 820), and for estimating fair value for financial instruments not recorded at fair value (under ASC Topic 825), see Note 1. Nature of Operations and Summary of Significant Accounting Policies, and Note 13. Fair Value Measurements, to the Consolidated Financial Statements of the Company's 2016 Annual Report on Form 10-K. Limitations Fair value estimates are made at a specific point in time and are based on relevant market information and information about the financial instrument. These estimates do not reflect income taxes or any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a portion of the Company’s financial instruments, fair value estimates are based on what management believes to be reasonable judgments regarding expected future cash flows, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimated fair values are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Since the fair values have been estimated as of September 30, 2017, the amounts that will actually be realized or paid at settlement or maturity of the instruments could be significantly different. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | EARNINGS PER SHARE The following table presents the computations of basic and diluted net earnings per share for the periods indicated:
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Stock Based Compensation |
9 Months Ended |
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Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | STOCK-BASED COMPENSATION The Company’s 2017 Stock Incentive Plan, or the 2017 Plan, permits stock-based compensation awards to officers, directors, key employees and consultants. As of September 30, 2017, the 2017 Plan authorized grants of stock‑based compensation instruments to purchase or issue up to 4,000,000 shares of Company common stock. As of September 30, 2017, there were 3,837,850 shares available for grant under the 2017 Plan. Restricted Stock Restricted stock amortization totaled $6.5 million, $6.6 million, and $5.6 million for the three months ended September 30, 2017, June 30, 2017 and September 30, 2016 and, $19.6 million and $16.6 million for the nine months ended September 30, 2017 and 2016. Such amounts are included in "Compensation expense" on the condensed consolidated statements of earnings. The amount of unrecognized compensation expense related to unvested TRSAs and PRSUs as of September 30, 2017 totaled $47.5 million. Time-Based Restricted Stock Awards At September 30, 2017, there were 1,393,874 shares of unvested TRSAs outstanding pursuant to the Company's 2003 and 2017 Stock Incentive Plans (the "Plans"). The TRSAs generally vest over a service period of three or four years from the date of the grant or immediately upon death of an employee. Compensation expense related to TRSAs is based on the fair value of the underlying stock on the award date and is recognized over the vesting period using the straight‑line method. Performance-Based Restricted Stock Units At September 30, 2017, there were 239,025 unvested PRSUs outstanding. The PRSUs will vest only if performance goals with respect to certain financial metrics are met over a three-year performance period. The PRSUs are not considered issued and outstanding under the 2003 Stock Incentive Plan until they vest. PRSUs are granted and initially expensed based on a target number. The number of shares that will ultimately vest based on actual performance will range from zero to a maximum of either 150% or 200% of target. Compensation expense related to PRSUs is based on the fair value of the underlying stock on the award date and is amortized over the vesting period using the straight-line method unless it is determined that: (1) attainment of the financial metrics is less than probable, in which case a portion of the amortization is suspended, or (2) attainment of the financial metrics is improbable, in which case a portion of the previously recognized amortization is reversed and also suspended. If it is determined that attainment of a financial measure higher than target is probable, the amortization will increase to up to 150% or 200% of the target amortization amount. Annual PRSU expense may vary during the three-year performance period based upon changes in management's estimate of the number of shares that may ultimately vest. In the case where the performance target for the PRSU's is based on a market condition (such as total shareholder return), the amortization is neither reversed nor suspended if it is subsequently determined that the attainment of the performance target is less than probable or improbable. |
Recently Issued Accounting Standards |
9 Months Ended |
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Sep. 30, 2017 | |
Recently Issued Accounting Standards [Abstract] | |
Recently Issued Accounting Standards | RECENTLY ISSUED ACCOUNTING STANDARDS In May 2014, the FASB issued ASU 2014-09, "Revenue Recognition (Topic 606): Revenue from Contracts with Customers." ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard permits the use of either the retrospective or cumulative effect transition method. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which deferred the effective date of ASU 2014-09 to annual and interim periods beginning after December 15, 2017. We have completed the assessment phase and substantially completed our implementation plan for adopting this new standard. In the assessment phase, we determined which revenue streams were within the scope and those that were excluded from the scope of the new standard. Substantially all of the Company's revenues, such as interest income, are excluded from the scope of the new standard. For the revenue streams determined to be within the scope of the new standard, we examined customer contracts to determine the appropriate accounting for those contracts under the new standard. We evaluated the need for any changes to our accounting, operations, and internal controls related to implementing the requirements of the new standard and have made some changes as needed. However, the new standard will not significantly impact the timing or amounts recognized. The Company will use the cumulative effect transition method and does not expect the provisions of ASU 2014-09 to have a material impact on our consolidated financial statements. The Company will adopt this standard effective January 1, 2018. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which will significantly change the income statement impact of equity investments and the recognition of changes in fair value of financial liabilities when the fair value option is elected. For equity investments with readily determinable fair values, entities must measure these investments at fair value and recognize changes in fair value in net income. For equity investments without readily determinable fair values, entities have the option to either measure these investments at fair value or at cost, adjusted for changes in observable prices, minus impairment. Changes in measurement under either alternative must be recognized in net income. ASU 2016-01 will be effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted only for the provisions related to the recognition of changes in fair value of financial liabilities, which does not apply to the Company. The Company will adopt this standard effective January 1, 2018 and does not expect the provisions of ASU 2016-01 to have a material impact on its consolidated financial position or results of operations. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," which, among other things, requires lessees to recognize most leases on-balance sheet, which will result in an increase in their reported assets and liabilities. Lessor accounting remains substantially similar to current U.S. GAAP. ASU 2016-02 supersedes Topic 840, Leases. ASU 2016-02 is effective for annual and interim periods in fiscal years beginning after December 15, 2018 and mandates a modified retrospective transition method for all entities. The Company has begun to assess the impact of the new standard on its financial statements and related disclosures and is currently evaluating the existing lease portfolio and working through its implementation plan. The impact to the Company will be primarily related to leased branches and office space. The Company will adopt the standard effective January 1, 2019. In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments," which significantly changes the way entities recognize credit losses and impairment of many financial assets. Currently, the credit loss and impairment model is based on incurred losses, and investments are recognized as impaired when there is no longer an assumption that future cash flows will be collected in full under the originally contracted terms. Under the current expected credit loss ("CECL") model, the new standard requires immediate recognition of estimated credit losses expected to occur over the remaining life of the asset. The Company has set up a multidisciplinary project team, developed an implementation plan, selected a software solution, and has selected a third-party vendor to assist with the assessment phase of the project. ASU 2016-13 is effective for interim and annual periods in fiscal years beginning after December 15, 2019. The Company is evaluating the effect that ASU 2016-13 will have on its consolidated financial position or results of operations. In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments," which addressed eight issues related to the statement of cash flows, including proceeds from the settlement of BOLI policies. ASU 2016-15 is effective for interim and annual periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. If an entity early adopts ASU 2016-15 in an interim period, adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. An entity that elects early adoption must adopt all of the amendment in the same period. Entities should apply ASU 2016-15 using a retrospective transition method to each period presented. If it is impracticable for an entity to apply ASU 2016-15 retrospectively for some of the issues, it may apply the amendments for those issues prospectively as of the earliest date practicable. ASU 2016-15 will result in some changes in classification in the consolidated statements of cash flows, which the Company does not expect will be significant, and will not have any impact on its consolidated financial position or results of operations. The Company will adopt this standard on January 1, 2018. In January 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business," which provides a new framework for determining whether transactions should be accounted for as acquisitions of assets or businesses. ASU 2017-01 is effective for annual periods in fiscal years beginning after December 15, 2018 and interim periods in fiscal years beginning after December 15, 2019. The Company does not expect ASU 2017-01 to have a material impact on its financial condition or results of operations. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment," which intends to simplify goodwill impairment testing by eliminating the second step of the analysis under which the implied fair value of goodwill is determined as if the reporting unit were being acquired in a business combination. ASU 2017-04 instead requires entities to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for any amount by which the carrying amount exceeds the reporting unit's fair value, to the extent that the loss recognized does not exceed the amount of goodwill allocated to that reporting unit. ASU 2017-04 must be applied prospectively and is effective for the Company on January 1, 2020. Early adoption is permitted. The Company does not expect ASU 2017-04 to have a material impact on its financial condition or results of operations. In May 2017, the FASB issued ASU 2017-09, "Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting," which clarifies what constitutes a modification of a share-based payment award. ASU 2017-09 is effective for interim and annual periods in fiscal years beginning after December 15, 2017. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. The Company will adopt this standard on January 1, 2018 and does not expect ASU 2017-09 to have a material impact on its financial condition or results of operations. |
Subsequent Events |
9 Months Ended |
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Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS CU Bancorp Acquisition On October 20, 2017, PacWest completed the acquisition of CU Bancorp ("CUB"). As part of the acquisition, California United Bank (“CU Bank”), a wholly-owned subsidiary of CUB, was merged with and into PacWest's wholly-owned banking subsidiary, Pacific Western Bank. Under the terms of the Agreement and Plan of Merger, each CUB common share, except dissenting shares, and each restricted stock award was converted into the right to receive 0.5308 of a share of PacWest common stock and $12.00 in cash, and each outstanding CUB stock option was settled in cash pursuant to terms of the Agreement and Plan of Merger. PacWest issued an aggregate of approximately 9.3 million shares of PacWest common stock and paid approximately $224 million in cash to CUB common shareholders and equity award holders. Based on the closing price of PacWest’s common stock on October 20, 2017 of $47.99 per share, the aggregate consideration paid to CUB common shareholders and equity awards holders was approximately $671 million. Former holders of CUB common stock as a group received shares of PacWest common stock in the acquisition constituting approximately 7% of the outstanding shares of PacWest common stock immediately after the acquisition. CU Bank was a commercial bank headquartered in Los Angeles, California. We completed the acquisition to, among other things, enhance our Southern California community bank franchise by adding a $2.1 billion loan portfolio and $2.7 billion of core deposits. Common Stock Dividends On November 1, 2017, the Company announced that the Board of Directors had declared a quarterly cash dividend of $0.50 per common share. The cash dividend is payable on November 30, 2017 to stockholders of record at the close of business on November 20, 2017. We have evaluated events that have occurred subsequent to September 30, 2017 and have concluded there are no other subsequent events that would require recognition in the accompanying consolidated financial statements. |
Organization Organization (Policies) |
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Sep. 30, 2017 | |||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||
Recently Issued Accounting Standards | Accounting Standards Adopted in 2017 Effective January 1, 2017, the Company adopted ASU 2016-09, "Improvements to Employee Share-Based Accounting." ASU 2016-09 changed aspects of the accounting for share-based payment award transactions, including: (1) accounting for income taxes; (2) classification of excess tax benefits on the statement of cash flows; (3) forfeitures; (4) minimum statutory tax withholding requirements; and (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. The recognition of excess tax benefits and tax deficiencies in the income statement was adopted prospectively. Income tax benefits of $0.03 million and $1.5 million were recognized during the three and nine months ended September 30, 2017 as a result of the adoption of ASU 2016-09. We expect the requirements of ASU 2016-09 to result in fluctuations in our effective tax rate from period to period based upon the timing of share-based award vestings. In connection with the adoption of ASU 2016-09, we elected to recognize forfeitures on stock-based compensation awards when they occur, instead of estimating forfeitures at the grant date of the awards and throughout the vesting period. The modified retrospective application of this change in accounting principle resulted in a cumulative adjustment charge to retained earnings of $420,000, net of income taxes. We elected to present the classification of excess tax benefits on the statement of cash flows using a prospective transition method and the prior period has not been adjusted. Effective July 1, 2017, the Company early-adopted ASU 2017-08, "Receivables - Nonrefundable Fees and Other Costs (Subtopic 210-20): Premium Amortization on Purchased Callable Debt Securities." ASU 2017-08 requires certain premiums on callable debt securities to be amortized to the earliest call date. The amortization period for discounts on callable debt securities was not impacted. The adoption of this ASU had no material impact on the Company's consolidated financial position, results of operations, or cash flows. RECENTLY ISSUED ACCOUNTING STANDARDS In May 2014, the FASB issued ASU 2014-09, "Revenue Recognition (Topic 606): Revenue from Contracts with Customers." ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard permits the use of either the retrospective or cumulative effect transition method. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which deferred the effective date of ASU 2014-09 to annual and interim periods beginning after December 15, 2017. We have completed the assessment phase and substantially completed our implementation plan for adopting this new standard. In the assessment phase, we determined which revenue streams were within the scope and those that were excluded from the scope of the new standard. Substantially all of the Company's revenues, such as interest income, are excluded from the scope of the new standard. For the revenue streams determined to be within the scope of the new standard, we examined customer contracts to determine the appropriate accounting for those contracts under the new standard. We evaluated the need for any changes to our accounting, operations, and internal controls related to implementing the requirements of the new standard and have made some changes as needed. However, the new standard will not significantly impact the timing or amounts recognized. The Company will use the cumulative effect transition method and does not expect the provisions of ASU 2014-09 to have a material impact on our consolidated financial statements. The Company will adopt this standard effective January 1, 2018. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which will significantly change the income statement impact of equity investments and the recognition of changes in fair value of financial liabilities when the fair value option is elected. For equity investments with readily determinable fair values, entities must measure these investments at fair value and recognize changes in fair value in net income. For equity investments without readily determinable fair values, entities have the option to either measure these investments at fair value or at cost, adjusted for changes in observable prices, minus impairment. Changes in measurement under either alternative must be recognized in net income. ASU 2016-01 will be effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted only for the provisions related to the recognition of changes in fair value of financial liabilities, which does not apply to the Company. The Company will adopt this standard effective January 1, 2018 and does not expect the provisions of ASU 2016-01 to have a material impact on its consolidated financial position or results of operations. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," which, among other things, requires lessees to recognize most leases on-balance sheet, which will result in an increase in their reported assets and liabilities. Lessor accounting remains substantially similar to current U.S. GAAP. ASU 2016-02 supersedes Topic 840, Leases. ASU 2016-02 is effective for annual and interim periods in fiscal years beginning after December 15, 2018 and mandates a modified retrospective transition method for all entities. The Company has begun to assess the impact of the new standard on its financial statements and related disclosures and is currently evaluating the existing lease portfolio and working through its implementation plan. The impact to the Company will be primarily related to leased branches and office space. The Company will adopt the standard effective January 1, 2019. In June 2016, the FASB issued ASU 2016-13, "Measurement of Credit Losses on Financial Instruments," which significantly changes the way entities recognize credit losses and impairment of many financial assets. Currently, the credit loss and impairment model is based on incurred losses, and investments are recognized as impaired when there is no longer an assumption that future cash flows will be collected in full under the originally contracted terms. Under the current expected credit loss ("CECL") model, the new standard requires immediate recognition of estimated credit losses expected to occur over the remaining life of the asset. The Company has set up a multidisciplinary project team, developed an implementation plan, selected a software solution, and has selected a third-party vendor to assist with the assessment phase of the project. ASU 2016-13 is effective for interim and annual periods in fiscal years beginning after December 15, 2019. The Company is evaluating the effect that ASU 2016-13 will have on its consolidated financial position or results of operations. In August 2016, the FASB issued ASU 2016-15, "Classification of Certain Cash Receipts and Cash Payments," which addressed eight issues related to the statement of cash flows, including proceeds from the settlement of BOLI policies. ASU 2016-15 is effective for interim and annual periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. If an entity early adopts ASU 2016-15 in an interim period, adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. An entity that elects early adoption must adopt all of the amendment in the same period. Entities should apply ASU 2016-15 using a retrospective transition method to each period presented. If it is impracticable for an entity to apply ASU 2016-15 retrospectively for some of the issues, it may apply the amendments for those issues prospectively as of the earliest date practicable. ASU 2016-15 will result in some changes in classification in the consolidated statements of cash flows, which the Company does not expect will be significant, and will not have any impact on its consolidated financial position or results of operations. The Company will adopt this standard on January 1, 2018. In January 2017, the FASB issued ASU 2017-01, "Business Combinations (Topic 805): Clarifying the Definition of a Business," which provides a new framework for determining whether transactions should be accounted for as acquisitions of assets or businesses. ASU 2017-01 is effective for annual periods in fiscal years beginning after December 15, 2018 and interim periods in fiscal years beginning after December 15, 2019. The Company does not expect ASU 2017-01 to have a material impact on its financial condition or results of operations. In January 2017, the FASB issued ASU 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment," which intends to simplify goodwill impairment testing by eliminating the second step of the analysis under which the implied fair value of goodwill is determined as if the reporting unit were being acquired in a business combination. ASU 2017-04 instead requires entities to compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for any amount by which the carrying amount exceeds the reporting unit's fair value, to the extent that the loss recognized does not exceed the amount of goodwill allocated to that reporting unit. ASU 2017-04 must be applied prospectively and is effective for the Company on January 1, 2020. Early adoption is permitted. The Company does not expect ASU 2017-04 to have a material impact on its financial condition or results of operations. In May 2017, the FASB issued ASU 2017-09, "Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting," which clarifies what constitutes a modification of a share-based payment award. ASU 2017-09 is effective for interim and annual periods in fiscal years beginning after December 15, 2017. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. The Company will adopt this standard on January 1, 2018 and does not expect ASU 2017-09 to have a material impact on its financial condition or results of operations. |
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Basis of Presentation | Basis of Presentation Our interim condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, certain disclosures accompanying annual consolidated financial statements are omitted. In the opinion of management, all significant intercompany accounts and transactions have been eliminated and adjustments, consisting solely of normal recurring accruals and considered necessary for the fair presentation of financial statements for the interim periods, have been included. The current period's results of operations are not necessarily indicative of the results that ultimately may be achieved for the year. The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K. |
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Use of Estimates | Use of Estimates We have made a number of estimates and assumptions related to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these condensed consolidated financial statements in conformity with U.S. GAAP. Actual results could differ from those estimates. Material estimates subject to change in the near term include, among other items, the allowance for credit losses, the carrying value of intangible assets, the realization of deferred tax assets, and the fair value estimates of assets acquired and liabilities assumed in acquisitions. These estimates may be adjusted as more current information becomes available, and any adjustment may be significant. |
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Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the current period’s presentation format. On the condensed consolidated statements of earnings, beginning with our June 30, 2017 results, we began presenting a new line for "Loan expense" as that category exceeded the disclosure materiality threshold, which previously had been included as part of "Other expense." Included in loan expense are costs related to servicing our loans including legal fees. Prior to 2017, time deposit disclosures were presented as: (1) under $100,000, and (2) $100,000 or more. We are now using the current FDIC insurance limit of $250,000 and presenting the categories as: (1) $250,000 and under, and (2) over $250,000. |
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Fair Value Measurement | FAIR VALUE MEASUREMENTS ASC Topic 820, “Fair Value Measurement,” defines fair value, establishes a framework for measuring fair value including a three‑level valuation hierarchy, and expands disclosures about fair value measurements. Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date reflecting assumptions that a market participant would use when pricing an asset or liability. The hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows:
We use fair value to measure certain assets and liabilities on a recurring basis, primarily securities available‑for‑sale and derivatives. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period and such measurements are therefore considered “nonrecurring” for purposes of disclosing our fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for impaired loans and other real estate owned and also to record impairment on certain assets, such as goodwill, CDI, and other long‑lived assets. |
Goodwill and Other Intangible Assets (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets disclosure | The following table presents the changes in CDI and CRI and the related accumulated amortization for the periods indicated:
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Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of available-for-sale securities reconciliation | The following table presents amortized cost, gross unrealized gains and losses, and fair values of securities available-for-sale as of the dates indicated:
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Unrealized losses on investment securities | The following tables present the gross unrealized losses and fair values of securities available-for-sale that were in unrealized loss positions, for which other-than-temporary impairments have not been recognized in earnings, as of the dates indicated:
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Investments classified by contractual maturity date | The following table presents the contractual maturities of our securities available-for-sale portfolio based on amortized cost and carrying value as of the date indicated:
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Investment income | The following table presents the composition of our interest income on investment securities for the periods indicated:
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Loans and Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of composition of loans portfolio | The following table summarizes the composition of our loans and leases held for investment as of the dates indicated:
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Delinquent loans in loan portfolio | The following tables present an aging analysis of our Non‑PCI loans and leases held for investment, net of deferred fees, by portfolio segment and class as of the dates indicated:
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Schedule of non accrual and performing restructured impaired financing receivables | The following table presents the composition of our impaired loans and leases held for investment, net of deferred fees, by portfolio segment as of the dates indicated:
The following table presents our nonaccrual and performing Non‑PCI loans and leases held for investment, net of deferred fees, by portfolio segment and class as of the dates indicated:
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CV of loans held for investment by class by performing and nonperforming | The following table presents the credit risk rating categories for Non‑PCI loans and leases held for investment, net of deferred fees, by portfolio segment and class as of the dates indicated. Nonclassified loans and leases are those with a credit risk rating of either pass or special mention, while classified loans and leases are those with a credit risk rating of either substandard or doubtful.
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Troubled debt restructurings on financing receivables | The following tables present our troubled debt restructurings of Non-PCI loans held for investment by portfolio segment and class for the periods indicated:
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Subsequently defaulted trouble debt restructurings | The following tables present troubled debt restructurings of Non-PCI loans held for investment by portfolio segment and class that subsequently defaulted for the periods indicated:
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Allowance for credit losses on financing receivables | The following tables present a summary of the activity in the allowance for loan and lease losses on Non‑PCI loans and leases held for investment by portfolio segment and PCI loans held for investment for the periods indicated:
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Non Purchased Credit Impaired Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Impaired financing receivables, average balances and interest income recognized | The following tables present information regarding our Non‑PCI impaired loans and leases held for investment, net of deferred fees, by portfolio segment and class as of and for the dates indicated:
_________________________
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Foreclosed Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate Owned Net Covered and NonCovered Including Foreclosed Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate and foreclosed assets | The following table summarizes foreclosed assets as of the dates indicated:
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Other foreclosed assets rollforward | The following table presents the changes in foreclosed assets, net of the valuation allowance, for the period indicated:
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Borrowings and Subordinated Debentures (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of debt | The following table summarizes our borrowings as of the dates indicated:
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Borrowings subordinated debentures and brokered deposits disclosure | The following table summarizes the terms of each issuance of subordinated debentures outstanding as of the dates indicated:
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Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments disclosure | The following table presents a summary of the financial instruments described above as of the dates indicated:
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Fair Value Measurements (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair value, assets measured on recurring basis | The following tables present information on the assets and liabilities measured and recorded at fair value on a recurring basis as of the dates indicated:
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Fair value, assets and liabilities measured on nonrecurring basis, valuation techniques | The following table presents information about quantitative inputs and assumptions used to determine the fair values provided by our third party pricing service for our Level 3 private label CMOs and asset-backed securities available-for-sale measured at fair value on a recurring basis as of the date indicated:
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Fair value, quantitative inputs and assumptions used to determine fair value | The following table presents information about quantitative inputs and assumptions used in the modified Black-Scholes option pricing model to determine the fair value for our Level 3 equity warrants measured at fair value on a recurring basis as of the date indicated:
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Fair value, assets measured on recurring basis, significant unobservable inputs (level 3) reconciliation | The following table summarizes activity for our Level 3 private label CMOs available-for-sale, asset-backed securities available-for-sale, and equity warrants measured at fair value on a recurring basis for the period indicated:
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Assets carried at fair value on a nonrecurring basis | The following tables present assets measured at fair value on a non‑recurring basis as of the dates indicated:
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Net losses (gains) on nonrecurring assets | The following table presents losses recognized on assets measured on a nonrecurring basis for the periods indicated:
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Fair value inputs, assets, quantitative information | The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis as of the date indicated:
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Fair value, by balance sheet grouping | The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated:
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income per share | The following table presents the computations of basic and diluted net earnings per share for the periods indicated:
________________________
|
Organization (Details Textual) |
3 Months Ended | 9 Months Ended |
---|---|---|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2017
USD ($)
acquisition
bank_branch
|
|
Business Acquisition [Line Items] | ||
Number of Businesses Acquired | acquisition | 28 | |
New accounting pronouncement for change in accounting principle effect of change of income taxes | $ 0 | $ 1,500,000 |
FDIC Insurance Limits | 250,000 | 250,000 |
Retained Earnings | ||
Business Acquisition [Line Items] | ||
Cumulative effect of change in accounting principle | 420,000 | 420,000 |
New Policies [Member] | ||
Business Acquisition [Line Items] | ||
Time Deposits, Less Than $250,000 | 250,000 | 250,000 |
Time Deposits, $250,000 or More | 250,000 | 250,000 |
Expired Policies [Member] | ||
Business Acquisition [Line Items] | ||
Time Deposits, Less than $100,000 | 100,000 | 100,000 |
Time Deposits, $100,000 or More | $ 100,000 | $ 100,000 |
CALIFORNIA | ||
Business Acquisition [Line Items] | ||
Retail Branch Locations | bank_branch | 74 | |
NORTH CAROLINA | ||
Business Acquisition [Line Items] | ||
Retail Branch Locations | bank_branch | 1 |
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Jun. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Finite-lived Intangible Assets [Roll Forward] | |||||
CDI and CRI Balance, beginning of period | $ 64,187 | $ 76,513 | $ 64,187 | $ 95,524 | |
Accumulated Amortization, beginning of period | (33,950) | $ (30,885) | (32,747) | (27,821) | (42,304) |
Amortization | (3,049) | (3,065) | (4,224) | (9,178) | (13,341) |
Fully amortized portion | 2,190 | 0 | 2,811 | 2,190 | 20,122 |
Reduction due to sale of PWEF leasing unit | 0 | 0 | 0 | 0 | 1,363 |
CDI and CRI Balance, end of period | 61,997 | 64,187 | 73,702 | 61,997 | 73,702 |
Accumulated Amortization, end of period | (34,809) | (33,950) | (34,160) | (34,809) | (34,160) |
Net CDI and CRI, end of period | 27,188 | 30,237 | 39,542 | 27,188 | 39,542 |
CDI and CRI | |||||
Finite-lived Intangible Assets [Roll Forward] | |||||
Fully amortized portion | 2,190 | 0 | 2,811 | 2,190 | 20,122 |
Reduction due to sale of PWEF leasing unit | $ 0 | $ 0 | $ 0 | $ 0 | $ (1,700) |
Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2017 |
Jun. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2017 |
|
Finite-Lived Intangible Assets [Line Items] | ||||||
Weighted average useful life | 56 months 7 days | |||||
Intangible asset amortization | $ 3,049 | $ 3,065 | $ 4,224 | $ 9,178 | $ 13,341 | |
Aggregate amortization expense 2018 | 8,800 | 8,800 | ||||
Aggregate amortization expense 2019 | 6,700 | 6,700 | ||||
Aggregate amortization expense 2020 | 4,700 | 4,700 | ||||
Aggregate amortization expense 2021 | 3,000 | 3,000 | ||||
Aggregate amortization expense 2022 | $ 1,700 | $ 1,700 | ||||
Scenario, Forecast | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible asset amortization | $ 11,500 |
Investment Securities (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | $ 3,475,507 | $ 3,213,655 |
Available-for-sale Securities, Gross Unrealized Gain | 69,709 | 32,386 |
Available-for-sale Securities, Gross Unrealized Loss | (12,986) | (22,211) |
Securities available‑for‑sale | 3,532,230 | 3,223,830 |
Government agency and government-sponsored enterprise pass through securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 375,357 | 499,185 |
Available-for-sale Securities, Gross Unrealized Gain | 4,569 | 6,222 |
Available-for-sale Securities, Gross Unrealized Loss | (2,385) | (2,964) |
Securities available‑for‑sale | 377,541 | 502,443 |
Government agency and government-sponsored enterprise collateralized mortgage obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 175,429 | 145,258 |
Available-for-sale Securities, Gross Unrealized Gain | 1,655 | 1,528 |
Available-for-sale Securities, Gross Unrealized Loss | (1,134) | (497) |
Securities available‑for‑sale | 175,950 | 146,289 |
Private label collateralized mortgage obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 131,149 | 122,707 |
Available-for-sale Securities, Gross Unrealized Gain | 4,001 | 4,199 |
Available-for-sale Securities, Gross Unrealized Loss | (600) | (1,437) |
Securities available‑for‑sale | 134,550 | 125,469 |
Municipal securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 1,501,196 | 1,447,064 |
Available-for-sale Securities, Gross Unrealized Gain | 49,362 | 15,406 |
Available-for-sale Securities, Gross Unrealized Loss | (1,408) | (6,011) |
Securities available‑for‑sale | 1,549,150 | 1,456,459 |
Government agency and government-sponsored enterprise commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 996,963 | 555,552 |
Available-for-sale Securities, Gross Unrealized Gain | 5,764 | 1,798 |
Available-for-sale Securities, Gross Unrealized Loss | (6,813) | (9,658) |
Securities available‑for‑sale | 995,914 | 547,692 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 17,000 | 47,100 |
Available-for-sale Securities, Gross Unrealized Gain | 2,125 | 680 |
Available-for-sale Securities, Gross Unrealized Loss | 0 | (271) |
Securities available‑for‑sale | 19,125 | 47,509 |
Collateralized loan obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 19,119 | 155,440 |
Available-for-sale Securities, Gross Unrealized Gain | 66 | 1,685 |
Available-for-sale Securities, Gross Unrealized Loss | (9) | (238) |
Securities available‑for‑sale | 19,176 | 156,887 |
SBA asset-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 166,949 | 179,085 |
Available-for-sale Securities, Gross Unrealized Gain | 1,363 | 510 |
Available-for-sale Securities, Gross Unrealized Loss | (284) | (750) |
Securities available‑for‑sale | 168,028 | 178,845 |
Asset-backed and other securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 92,345 | 62,264 |
Available-for-sale Securities, Gross Unrealized Gain | 804 | 358 |
Available-for-sale Securities, Gross Unrealized Loss | (353) | (385) |
Securities available‑for‑sale | $ 92,796 | $ 62,237 |
Investment Securities (Details 1) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | $ 661,455 | $ 1,366,218 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (5,385) | (19,706) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 308,342 | 264,479 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (7,601) | (2,505) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 969,797 | 1,630,697 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (12,986) | (22,211) |
Government agency and government-sponsored enterprise pass through securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 52,840 | 149,281 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (271) | (1,691) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 127,695 | 122,902 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (2,114) | (1,273) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 180,535 | 272,183 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (2,385) | (2,964) |
Government agency and government-sponsored enterprise collateralized mortgage obligations | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 55,606 | 44,111 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (891) | (416) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 18,436 | 25,316 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (243) | (81) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 74,042 | 69,427 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (1,134) | (497) |
Private label collateralized mortgage obligations | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 45,494 | 49,067 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (386) | (906) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 18,080 | 30,155 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (214) | (531) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 63,574 | 79,222 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (600) | (1,437) |
Municipal securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 78,784 | 644,424 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (329) | (6,011) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 29,203 | 0 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (1,079) | 0 |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 107,987 | 644,424 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (1,408) | (6,011) |
Government agency and government-sponsored enterprise commercial mortgage-backed securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 338,883 | 349,550 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (2,920) | (9,658) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 106,766 | 0 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (3,893) | 0 |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 445,649 | 349,550 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (6,813) | (9,658) |
Corporate debt securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 29,829 | |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (271) | |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 0 | |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | 0 | |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 29,829 | |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (271) | |
Collateralized loan obligations | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 7,162 | 12,450 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (9) | (37) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 0 | 39,231 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | 0 | (201) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 7,162 | 51,681 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (9) | (238) |
SBA asset-backed securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 42,963 | 69,293 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (284) | (407) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 0 | 39,024 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | 0 | (343) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 42,963 | 108,317 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (284) | (750) |
Asset-backed and other securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 39,723 | 18,213 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (295) | (309) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 8,162 | 7,851 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (58) | (76) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 47,885 | 26,064 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | $ (353) | $ (385) |
Investment Securities (Details 2) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Amortized Cost | ||
Due in one year or less | $ 17,879 | |
Due after one year through five years | 326,552 | |
Due after five years through ten years | 962,429 | |
Due after ten years | 2,168,647 | |
Total securities available-for-sale | 3,475,507 | $ 3,213,655 |
Fair Value | ||
Due in one year or less | 18,352 | |
Due after one year through five years | 331,164 | |
Due after five years through ten years | 969,431 | |
Due after ten years | 2,213,283 | |
Total securities available-for-sale | $ 3,532,230 | $ 3,223,830 |
Investment Securities (Details 3) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Jun. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Investments, Debt and Equity Securities [Abstract] | |||||
Taxable interest | $ 13,576 | $ 13,515 | $ 11,446 | $ 39,257 | $ 34,248 |
Non-taxable interest | 10,795 | 10,750 | 10,333 | 31,926 | 31,562 |
Dividend income | 391 | 424 | 408 | 1,307 | 1,344 |
Total interest income on investment securities | $ 24,762 | $ 24,689 | $ 22,187 | $ 72,490 | $ 67,154 |
Investment Securities (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Schedule of Available-for-sale Securities [Line Items] | ||||
AFS securities pledged as collateral | $ 339,800 | $ 339,800 | ||
Proceeds from sales of securities available-for-sale | 185,533 | $ 392,841 | ||
Gross realized gains on sale of securities | 1,300 | $ 1,000 | 3,300 | 10,600 |
Gross realized losses on sale of securities | (100) | (600) | (500) | (1,600) |
Available-for-sale Securities [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales of securities available-for-sale | $ 98,300 | $ 39,100 | $ 182,700 | $ 383,900 |
Loans and Leases (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Jun. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Dec. 31, 2015 |
---|---|---|---|---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases held for investment | $ 15,756,285 | $ 15,520,537 | ||||
Deferred fees, net | (65,768) | (64,583) | ||||
Loans held for investment, net | 15,690,517 | 15,455,954 | ||||
Allowance for loan and lease losses | (159,606) | (157,238) | ||||
Total loans and leases held for investment, net | 15,530,911 | 15,298,716 | ||||
Non Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases held for investment | 15,693,776 | 15,412,092 | ||||
Deferred fees, net | (65,753) | (64,562) | ||||
Loans held for investment, net | 15,628,023 | 15,347,530 | $ 14,622,647 | |||
Allowance for loan and lease losses | (152,770) | $ (138,879) | (143,755) | (136,747) | $ (132,000) | $ (105,534) |
Total loans and leases held for investment, net | 15,475,253 | 15,203,775 | ||||
Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases held for investment | 62,509 | 108,445 | ||||
Deferred fees, net | (15) | (21) | ||||
Loans held for investment, net | 62,494 | 108,424 | 120,199 | |||
Allowance for loan and lease losses | (6,836) | (13,483) | ||||
Total loans and leases held for investment, net | 55,658 | 94,941 | ||||
NonPCI and PCI Loans | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Total loans and leases held for investment, net | 15,298,716 | |||||
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases held for investment | 6,146,978 | 5,635,675 | ||||
Loans held for investment, net | 6,131,196 | 5,617,956 | 5,464,941 | |||
Allowance for loan and lease losses | (36,441) | (37,122) | (37,765) | (36,941) | (29,331) | (36,654) |
Real Estate Mortgage | Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases held for investment | 58,077 | 92,793 | ||||
Real Estate Mortgage | NonPCI and PCI Loans | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases held for investment | 6,205,055 | 5,728,468 | ||||
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases held for investment | 1,266,791 | 975,032 | ||||
Loans held for investment, net | 1,249,222 | 962,839 | 831,515 | |||
Allowance for loan and lease losses | (11,693) | (11,318) | (10,045) | (8,683) | (7,853) | (7,137) |
Real Estate Construction and Land | Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases held for investment | 0 | 2,409 | ||||
Real Estate Construction and Land | NonPCI and PCI Loans | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases held for investment | 1,266,791 | 977,441 | ||||
Commercial | Non Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases held for investment | 7,894,115 | 8,426,236 | ||||
Loans held for investment, net | 7,861,692 | 8,391,560 | 8,069,687 | |||
Allowance for loan and lease losses | (102,193) | (88,364) | (93,853) | (89,591) | (93,404) | (61,082) |
Commercial | Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases held for investment | 4,194 | 12,994 | ||||
Commercial | NonPCI and PCI Loans | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases held for investment | 7,898,309 | 8,439,230 | ||||
Consumer | Non Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases held for investment | 385,892 | 375,149 | ||||
Loans held for investment, net | 385,913 | 375,175 | 256,504 | |||
Allowance for loan and lease losses | (2,443) | $ (2,075) | (2,092) | $ (1,532) | $ (1,412) | $ (661) |
Consumer | Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases held for investment | 238 | 249 | ||||
Consumer | NonPCI and PCI Loans | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases held for investment | $ 386,130 | $ 375,398 |
Loans and Leases (Details 1) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
---|---|---|---|
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | $ 700 | $ 3,000 | |
90 or More Days Past Due | 8,800 | 15,900 | |
Loans held for investment, net | 15,690,517 | 15,455,954 | |
Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 5,535 | 31,569 | |
90 or More Days Past Due | 8,798 | 15,945 | |
Total Past Due | 14,333 | 47,514 | |
Current | 15,613,690 | 15,300,016 | |
Loans held for investment, net | 15,628,023 | 15,347,530 | $ 14,622,647 |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 1,967 | 14,284 | |
90 or More Days Past Due | 5,404 | 5,302 | |
Total Past Due | 7,371 | 19,586 | |
Current | 6,123,825 | 5,598,370 | |
Loans held for investment, net | 6,131,196 | 5,617,956 | 5,464,941 |
Real Estate Mortgage | Commercial real estate | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 1,685 | 8,590 | |
90 or More Days Past Due | 3,664 | 3,303 | |
Total Past Due | 5,349 | 11,893 | |
Current | 4,306,899 | 4,341,740 | |
Loans held for investment, net | 4,312,248 | 4,353,633 | |
Real Estate Mortgage | Residential Real Estate | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 282 | 5,694 | |
90 or More Days Past Due | 1,740 | 1,999 | |
Total Past Due | 2,022 | 7,693 | |
Current | 1,816,926 | 1,256,630 | |
Loans held for investment, net | 1,818,948 | 1,264,323 | |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 0 | 364 | |
90 or More Days Past Due | 0 | 0 | |
Total Past Due | 0 | 364 | |
Current | 1,249,222 | 962,475 | |
Loans held for investment, net | 1,249,222 | 962,839 | 831,515 |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 0 | 0 | |
90 or More Days Past Due | 0 | 0 | |
Total Past Due | 0 | 0 | |
Current | 680,949 | 578,838 | |
Loans held for investment, net | 680,949 | 578,838 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 0 | 364 | |
90 or More Days Past Due | 0 | 0 | |
Total Past Due | 0 | 364 | |
Current | 568,273 | 383,637 | |
Loans held for investment, net | 568,273 | 384,001 | |
Commercial | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 3,282 | 16,697 | |
90 or More Days Past Due | 3,122 | 10,643 | |
Total Past Due | 6,404 | 27,340 | |
Current | 7,855,288 | 8,364,220 | |
Loans held for investment, net | 7,861,692 | 8,391,560 | 8,069,687 |
Commercial | Cash Flow | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 140 | 191 | |
90 or More Days Past Due | 1,484 | 1,821 | |
Total Past Due | 1,624 | 2,012 | |
Current | 2,728,771 | 3,105,380 | |
Loans held for investment, net | 2,730,395 | 3,107,392 | |
Commercial | Asset Based | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 0 | 1,500 | |
90 or More Days Past Due | 0 | 2 | |
Total Past Due | 0 | 1,502 | |
Current | 2,577,390 | 2,607,543 | |
Loans held for investment, net | 2,577,390 | 2,609,045 | |
Commercial | Venture Capital Loans | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 3,142 | 13,589 | |
90 or More Days Past Due | 948 | 5,769 | |
Total Past Due | 4,090 | 19,358 | |
Current | 1,955,345 | 1,963,798 | |
Loans held for investment, net | 1,959,435 | 1,983,156 | |
Commercial | Equipment Finance Commercial Financing Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 0 | 1,417 | |
90 or More Days Past Due | 690 | 3,051 | |
Total Past Due | 690 | 4,468 | |
Current | 593,782 | 687,499 | |
Loans held for investment, net | 594,472 | 691,967 | |
Consumer | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 286 | 224 | |
90 or More Days Past Due | 272 | 0 | |
Total Past Due | 558 | 224 | |
Current | 385,355 | 374,951 | |
Loans held for investment, net | $ 385,913 | $ 375,175 | $ 256,504 |
Loans and Leases (Details 2) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
---|---|---|---|
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | $ 157,697 | $ 170,599 | |
Loans held for investment | 15,690,517 | 15,455,954 | |
Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 157,697 | 170,599 | |
Loans held for investment | 15,628,023 | 15,347,530 | $ 14,622,647 |
Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 15,470,326 | 15,176,931 | |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 66,282 | 69,335 | |
Loans held for investment | 6,131,196 | 5,617,956 | 5,464,941 |
Real Estate Mortgage | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 6,064,914 | 5,548,621 | |
Real Estate Mortgage | Commercial real estate | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 63,096 | 62,454 | |
Loans held for investment | 4,312,248 | 4,353,633 | |
Real Estate Mortgage | Commercial real estate | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 4,249,152 | 4,291,179 | |
Real Estate Mortgage | Residential Real Estate | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 3,186 | 6,881 | |
Loans held for investment | 1,818,948 | 1,264,323 | |
Real Estate Mortgage | Residential Real Estate | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 1,815,762 | 1,257,442 | |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 0 | 364 | |
Loans held for investment | 1,249,222 | 962,839 | 831,515 |
Real Estate Construction and Land | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 1,249,222 | 962,475 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 0 | 0 | |
Loans held for investment | 680,949 | 578,838 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 680,949 | 578,838 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 0 | 364 | |
Loans held for investment | 568,273 | 384,001 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 568,273 | 383,637 | |
Commercial | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 91,119 | 100,561 | |
Loans held for investment | 7,861,692 | 8,391,560 | 8,069,687 |
Commercial | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 7,770,573 | 8,290,999 | |
Commercial | Cash Flow | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 33,514 | 53,908 | |
Loans held for investment | 2,730,395 | 3,107,392 | |
Commercial | Cash Flow | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 2,696,881 | 3,053,484 | |
Commercial | Asset Based | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 3,977 | 2,118 | |
Loans held for investment | 2,577,390 | 2,609,045 | |
Commercial | Asset Based | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 2,573,413 | 2,606,927 | |
Commercial | Venture Capital Loans | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 22,686 | 11,687 | |
Loans held for investment | 1,959,435 | 1,983,156 | |
Commercial | Venture Capital Loans | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 1,936,749 | 1,971,469 | |
Commercial | Equipment Finance Commercial Financing Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 30,942 | 32,848 | |
Loans held for investment | 594,472 | 691,967 | |
Commercial | Equipment Finance Commercial Financing Receivable | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 563,530 | 659,119 | |
Consumer | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 296 | 339 | |
Loans held for investment | 385,913 | 375,175 | $ 256,504 |
Consumer | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | $ 385,617 | $ 374,836 |
Loans and Leases (Details 3) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
Sep. 30, 2016 |
---|---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | $ 15,690,517 | $ 15,455,954 | |
Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 15,628,023 | 15,347,530 | $ 14,622,647 |
Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 344,777 | 409,645 | |
Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 15,283,246 | 14,937,885 | |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 6,131,196 | 5,617,956 | 5,464,941 |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 102,924 | 117,181 | |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 6,028,272 | 5,500,775 | |
Real Estate Mortgage | Commercial real estate | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 4,312,248 | 4,353,633 | |
Real Estate Mortgage | Commercial real estate | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 95,272 | 99,641 | |
Real Estate Mortgage | Commercial real estate | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 4,216,976 | 4,253,992 | |
Real Estate Mortgage | Residential Real Estate | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 1,818,948 | 1,264,323 | |
Real Estate Mortgage | Residential Real Estate | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 7,652 | 17,540 | |
Real Estate Mortgage | Residential Real Estate | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 1,811,296 | 1,246,783 | |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 1,249,222 | 962,839 | 831,515 |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 0 | 773 | |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 1,249,222 | 962,066 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 680,949 | 578,838 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 0 | 409 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 680,949 | 578,429 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 568,273 | 384,001 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 0 | 364 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 568,273 | 383,637 | |
Commercial | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 7,861,692 | 8,391,560 | 8,069,687 |
Commercial | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 241,396 | 291,267 | |
Commercial | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 7,620,296 | 8,100,293 | |
Commercial | Cash Flow | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 2,730,395 | 3,107,392 | |
Commercial | Cash Flow | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 128,207 | 177,661 | |
Commercial | Cash Flow | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 2,602,188 | 2,929,731 | |
Commercial | Asset Based | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 2,577,390 | 2,609,045 | |
Commercial | Asset Based | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 19,645 | 28,112 | |
Commercial | Asset Based | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 2,557,745 | 2,580,933 | |
Commercial | Venture Capital Loans | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 1,959,435 | 1,983,156 | |
Commercial | Venture Capital Loans | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 62,602 | 52,646 | |
Commercial | Venture Capital Loans | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 1,896,833 | 1,930,510 | |
Commercial | Equipment Finance Commercial Financing Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 594,472 | 691,967 | |
Commercial | Equipment Finance Commercial Financing Receivable | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 30,942 | 32,848 | |
Commercial | Equipment Finance Commercial Financing Receivable | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 563,530 | 659,119 | |
Consumer | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 385,913 | 375,175 | $ 256,504 |
Consumer | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 457 | 424 | |
Consumer | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | $ 385,456 | $ 374,751 |
Loans and Leases (Details 4) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Nonaccrual loans and leases | $ 157,697 | $ 170,599 |
Performing Restructured Loans | 56,552 | 64,952 |
Total Impaired Loans and Leases | 214,249 | 235,551 |
Non Purchased Credit Impaired Loans and Leases | ||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Nonaccrual loans and leases | 157,697 | 170,599 |
Total Impaired Loans and Leases | 214,249 | 235,551 |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | ||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Nonaccrual loans and leases | 66,282 | 69,335 |
Performing Restructured Loans | 47,473 | 54,750 |
Total Impaired Loans and Leases | 113,755 | 124,085 |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | ||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Nonaccrual loans and leases | 0 | 364 |
Performing Restructured Loans | 5,764 | 6,893 |
Total Impaired Loans and Leases | 5,764 | 7,257 |
Commercial | Non Purchased Credit Impaired Loans and Leases | ||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Nonaccrual loans and leases | 91,119 | 100,561 |
Performing Restructured Loans | 3,209 | 3,157 |
Total Impaired Loans and Leases | 94,328 | 103,718 |
Consumer | Non Purchased Credit Impaired Loans and Leases | ||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Nonaccrual loans and leases | 296 | 339 |
Performing Restructured Loans | 106 | 152 |
Total Impaired Loans and Leases | $ 402 | $ 491 |
Loans and Leases (Details 5) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Total Impaired Loans and Leases | $ 214,249 | $ 214,249 | $ 235,551 | ||||||||||
Non Purchased Credit Impaired Loans and Leases | |||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 16,182 | 16,182 | 24,933 | ||||||||||
Total Impaired Loans and Leases | 214,249 | 214,249 | 235,551 | ||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | 264,863 | 264,863 | 279,952 | ||||||||||
Impaired Financing Receivable, Average Recorded Investment | 209,021 | [1] | $ 182,095 | [1] | 196,699 | [2] | $ 161,412 | [2] | |||||
Impaired Financing Receivable, Interest Income, Accrual Method | 1,025 | 981 | 3,025 | 2,469 | |||||||||
Non Purchased Credit Impaired Loans and Leases | Real Estate Mortgage | |||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 1,153 | 1,153 | 6,851 | ||||||||||
Total Impaired Loans and Leases | 113,755 | 113,755 | 124,085 | ||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | 126,017 | 126,017 | 133,985 | ||||||||||
Impaired Financing Receivable, Average Recorded Investment | 113,643 | [1] | 89,748 | [1] | 112,071 | [2] | 82,282 | [2] | |||||
Impaired Financing Receivable, Interest Income, Accrual Method | 878 | 865 | 2,643 | 2,162 | |||||||||
Non Purchased Credit Impaired Loans and Leases | Real Estate Construction and Land | |||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 0 | 0 | 0 | ||||||||||
Total Impaired Loans and Leases | 5,764 | 5,764 | 7,257 | ||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | 5,762 | 5,762 | 7,259 | ||||||||||
Impaired Financing Receivable, Average Recorded Investment | 5,764 | [1] | 8,606 | [1] | 5,764 | [2] | 7,842 | [2] | |||||
Impaired Financing Receivable, Interest Income, Accrual Method | 74 | 61 | 220 | 180 | |||||||||
Non Purchased Credit Impaired Loans and Leases | Commercial | |||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 15,012 | 15,012 | 17,912 | ||||||||||
Total Impaired Loans and Leases | 94,328 | 94,328 | 103,718 | ||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | 132,611 | 132,611 | 138,136 | ||||||||||
Impaired Financing Receivable, Average Recorded Investment | 89,212 | [1] | 83,319 | [1] | 78,462 | [2] | 70,884 | [2] | |||||
Impaired Financing Receivable, Interest Income, Accrual Method | 71 | 52 | 156 | 118 | |||||||||
Non Purchased Credit Impaired Loans and Leases | Consumer | |||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 106 | 106 | 270 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 105 | 105 | 280 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 17 | 17 | 170 | ||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 296 | 296 | 221 | ||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 368 | 368 | 292 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 106 | [1] | 346 | [1] | 106 | [2] | 330 | [2] | |||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 2 | 3 | 6 | 8 | |||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 296 | [1] | 76 | [1] | 296 | [2] | 74 | [2] | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 1 | |||||||||
Total Impaired Loans and Leases | 402 | 402 | 491 | ||||||||||
Impaired Financing Receivable, Unpaid Principal Balance | 473 | 473 | 572 | ||||||||||
Impaired Financing Receivable, Average Recorded Investment | 402 | [1] | 422 | [1] | 402 | [2] | 404 | [2] | |||||
Impaired Financing Receivable, Interest Income, Accrual Method | 2 | 3 | 6 | 9 | |||||||||
Cash Flow | Non Purchased Credit Impaired Loans and Leases | Commercial | |||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 31,114 | 31,114 | 51,272 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 40,068 | 40,068 | 52,910 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 8,720 | 8,720 | 12,474 | ||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,559 | 2,559 | 2,852 | ||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 4,690 | 4,690 | 5,939 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 31,114 | [1] | 25,933 | [1] | 31,114 | [2] | 20,417 | [2] | |||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 2 | 9 | 5 | 26 | |||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,338 | [1] | 2,330 | [1] | 1,995 | [2] | 2,232 | [2] | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 11 | 1 | 14 | 1 | |||||||||
Asset Based | Non Purchased Credit Impaired Loans and Leases | Commercial | |||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,499 | 2,499 | 4,395 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 2,514 | 2,514 | 4,861 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 422 | 422 | 2,144 | ||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 4,528 | 4,528 | 664 | ||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 6,479 | 6,479 | 1,652 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 2,372 | [1] | 2,730 | [1] | 2,079 | [2] | 2,278 | [2] | |||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 29 | 5 | 83 | 14 | |||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,501 | [1] | 2,535 | [1] | 1,171 | [2] | 1,828 | [2] | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 29 | 37 | 54 | 77 | |||||||||
Venture Capital Loans | Non Purchased Credit Impaired Loans and Leases | Commercial | |||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 20,039 | 20,039 | 5,821 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 22,377 | 22,377 | 5,880 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 5,870 | 5,870 | 3,294 | ||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,647 | 2,647 | 5,866 | ||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 6,741 | 6,741 | 8,939 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 18,298 | [1] | 6,878 | [1] | 9,621 | [2] | 2,542 | [2] | |||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | |||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,647 | [1] | 0 | [1] | 1,922 | [2] | 0 | [2] | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | |||||||||
Equipment Finance Commercial Financing Receivable | Non Purchased Credit Impaired Loans and Leases | Commercial | |||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 1,524 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 4,636 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 0 | 0 | 0 | ||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 30,942 | 30,942 | 31,324 | ||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 49,742 | 49,742 | 53,319 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | [1] | 42,913 | [1] | 0 | [2] | 41,587 | [2] | |||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | |||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 30,942 | [1] | 0 | [1] | 30,560 | [2] | 0 | [2] | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | |||||||||
Commercial Real Estate Construction Loan Receivable | Non Purchased Credit Impaired Loans and Leases | Real Estate Construction and Land | |||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 5,764 | 5,764 | 6,680 | ||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 5,762 | 5,762 | 6,680 | ||||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 5,764 | [1] | 7,870 | [1] | 5,764 | [2] | 7,106 | [2] | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 74 | 57 | 220 | 169 | |||||||||
Residential Real Estate Construction Financing Receivable | Non Purchased Credit Impaired Loans and Leases | Real Estate Construction and Land | |||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 213 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 213 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 0 | 0 | 0 | ||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | 364 | ||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | 366 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | [1] | 736 | [1] | 0 | [2] | 736 | [2] | |||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 4 | 0 | 11 | |||||||||
Commercial real estate | Non Purchased Credit Impaired Loans and Leases | Real Estate Mortgage | |||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 14,716 | 14,716 | 63,325 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 15,536 | 15,536 | 65,031 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 682 | 682 | 6,266 | ||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 92,295 | 92,295 | 44,557 | ||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 103,306 | 103,306 | 51,402 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 14,716 | [1] | 18,580 | [1] | 14,716 | [2] | 18,220 | [2] | |||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 214 | 262 | 634 | 781 | |||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 92,183 | [1] | 59,090 | [1] | 90,631 | [2] | 54,747 | [2] | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 635 | 518 | 1,924 | 1,209 | |||||||||
Residential Real Estate | Non Purchased Credit Impaired Loans and Leases | Real Estate Mortgage | |||||||||||||
Financing Receivable, Impaired [Line Items] | |||||||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 3,074 | 3,074 | 8,424 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 3,269 | 3,269 | 8,612 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 471 | 471 | 585 | ||||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 3,670 | 3,670 | 7,779 | ||||||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 3,906 | 3,906 | $ 8,940 | ||||||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 3,074 | [1] | 2,505 | [1] | 3,074 | [2] | 2,325 | [2] | |||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 14 | 15 | 41 | 42 | |||||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 3,670 | [1] | 9,573 | [1] | 3,650 | [2] | 6,990 | [2] | |||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | $ 15 | $ 70 | $ 44 | $ 130 | |||||||||
|
Loans and Leases (Details 6) |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2017
USD ($)
contract
Contract
|
Sep. 30, 2016
USD ($)
contract
Contract
|
Sep. 30, 2017
USD ($)
contract
Contract
|
Sep. 30, 2016
USD ($)
contract
Contract
|
Dec. 31, 2015
USD ($)
|
||||||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||||||||||
Number of loans | contract | 13 | 9 | 43 | 43 | ||||||||||||||
Pre-Modification Outstanding Recorded Investment | $ 29,018,000 | $ 42,468,000 | $ 63,597,000 | $ 89,423,000 | ||||||||||||||
Post-Modification Outstanding Recorded Investment | $ 19,226,000 | $ 42,468,000 | $ 53,097,000 | $ 87,091,000 | ||||||||||||||
Number of Loans | contract | 2 | 0 | 3 | |||||||||||||||
Recorded Investment | $ 1,247,000 | [1],[2] | $ 0 | [3] | $ 41,159,000 | [4] | ||||||||||||
Charge-offs | $ 0 | $ 0 | ||||||||||||||||
Real Estate Mortgage | Commercial real estate | ||||||||||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||||||||||
Number of loans | contract | 1 | 2 | 5 | 7 | ||||||||||||||
Pre-Modification Outstanding Recorded Investment | $ 998,000 | $ 1,147,000 | $ 2,527,000 | $ 5,287,000 | ||||||||||||||
Post-Modification Outstanding Recorded Investment | $ 998,000 | $ 1,147,000 | $ 2,463,000 | $ 5,287,000 | ||||||||||||||
Real Estate Mortgage | Residential Real Estate | ||||||||||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||||||||||
Number of loans | contract | 3 | 1 | 8 | 7 | ||||||||||||||
Pre-Modification Outstanding Recorded Investment | $ 566,000 | $ 93,000 | $ 1,328,000 | $ 5,136,000 | ||||||||||||||
Post-Modification Outstanding Recorded Investment | $ 10,000 | $ 93,000 | $ 489,000 | $ 5,136,000 | ||||||||||||||
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | ||||||||||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||||||||||
Number of loans | 0 | 1 | 0 | 1 | ||||||||||||||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 1,245,000 | $ 0 | $ 1,245,000 | ||||||||||||||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 1,245,000 | $ 0 | $ 1,245,000 | ||||||||||||||
Commercial | Cash Flow | ||||||||||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||||||||||
Number of loans | contract | 3 | 2 | 12 | 12 | ||||||||||||||
Pre-Modification Outstanding Recorded Investment | $ 9,491,000 | $ 25,000 | $ 26,385,000 | $ 30,582,000 | ||||||||||||||
Post-Modification Outstanding Recorded Investment | $ 255,000 | $ 25,000 | $ 17,150,000 | $ 30,582,000 | ||||||||||||||
Commercial | Asset Based | ||||||||||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||||||||||
Number of loans | contract | 2 | 1 | 7 | 5 | ||||||||||||||
Pre-Modification Outstanding Recorded Investment | $ 2,655,000 | $ 25,000 | $ 4,433,000 | $ 2,158,000 | ||||||||||||||
Post-Modification Outstanding Recorded Investment | $ 2,655,000 | $ 25,000 | $ 4,433,000 | $ 2,158,000 | ||||||||||||||
Number of Loans | 1 | 0 | 1 | |||||||||||||||
Recorded Investment | $ 2,000 | $ 0 | $ 2,000 | |||||||||||||||
Commercial | Venture Capital Loans | ||||||||||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||||||||||
Number of loans | contract | 4 | 0 | 9 | 0 | ||||||||||||||
Pre-Modification Outstanding Recorded Investment | $ 15,308,000 | $ 0 | $ 28,465,000 | $ 0 | ||||||||||||||
Post-Modification Outstanding Recorded Investment | $ 15,308,000 | $ 0 | $ 28,465,000 | $ 0 | ||||||||||||||
Commercial | Equipment Finance Commercial Financing Receivable | ||||||||||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||||||||||
Number of loans | contract | 0 | 1 | 0 | 7 | ||||||||||||||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 39,912,000 | $ 0 | $ 44,196,000 | ||||||||||||||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 39,912,000 | $ 0 | $ 42,572,000 | ||||||||||||||
Number of Loans | contract | 0 | 1 | ||||||||||||||||
Recorded Investment | $ 0 | $ 39,912,000 | [5] | |||||||||||||||
Consumer | ||||||||||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||||||||||
Number of loans | contract | 0 | 1 | 1 | 4 | ||||||||||||||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 21,000 | $ 97,000 | $ 819,000 | ||||||||||||||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 21,000 | $ 97,000 | $ 111,000 | ||||||||||||||
Residential Real Estate Construction Financing Receivable | Real Estate Construction and Land | ||||||||||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||||||||||
Number of loans | 0 | |||||||||||||||||
Pre-Modification Outstanding Recorded Investment | $ 0 | |||||||||||||||||
Post-Modification Outstanding Recorded Investment | $ 0 | |||||||||||||||||
Number of Loans | 0 | |||||||||||||||||
Recorded Investment | $ 0 | |||||||||||||||||
Commercial Real Estate Construction Loan Receivable | Real Estate Construction and Land | ||||||||||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||||||||||
Number of loans | contract | 1 | |||||||||||||||||
Pre-Modification Outstanding Recorded Investment | $ 362,000 | |||||||||||||||||
Post-Modification Outstanding Recorded Investment | $ 0 | |||||||||||||||||
Number of Loans | 1 | 1 | ||||||||||||||||
Recorded Investment | $ 1,245,000 | $ 1,245,000 | ||||||||||||||||
|
Loans and Leases (Details 7) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | $ 157,238 | ||||
Balance, end of period | $ 159,606 | 159,606 | |||
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Ending balance of loans and leases | 15,690,517 | 15,690,517 | $ 15,455,954 | ||
Non Purchased Credit Impaired Loans and Leases | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 138,879 | $ 132,000 | 143,755 | $ 105,534 | |
Charge-offs | (5,928) | (9,924) | (49,807) | (17,009) | |
Recoveries | 4,865 | 6,050 | 9,608 | 8,811 | |
Provision | 14,954 | 8,621 | 49,214 | 39,411 | |
Balance, end of period | 152,770 | 136,747 | 152,770 | 136,747 | |
Amount of the allowance applicable to loans and leases: | |||||
impairment | 16,182 | 31,120 | 16,182 | 31,120 | |
impairment | 136,588 | 105,627 | 136,588 | 105,627 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
impairment | 213,252 | 240,772 | 213,252 | 240,772 | |
impairment | 15,414,771 | 14,381,875 | 15,414,771 | 14,381,875 | |
Ending balance of loans and leases | 15,628,023 | 14,622,647 | 15,628,023 | 14,622,647 | 15,347,530 |
Purchased Credit Impaired Loans and Leases | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 13,483 | ||||
Balance, beginning of period | 7,079 | 11,289 | 13,483 | 9,577 | |
Charge-offs | (79) | (531) | (5,768) | (862) | |
Recoveries | 217 | 0 | 275 | 0 | |
Provision | (381) | 471 | (1,154) | 2,514 | |
Balance, end of period | 6,836 | 6,836 | |||
Balance, end of period | 6,836 | 11,229 | 6,836 | 11,229 | |
Amount of the allowance applicable to loans and leases: | |||||
deteriorated credit quality | 6,836 | 11,229 | 6,836 | 11,229 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
deteriorated credit quality | 62,494 | 120,199 | 62,494 | 120,199 | |
Ending balance of loans and leases | 62,494 | 120,199 | 62,494 | 120,199 | 108,424 |
NonPCI and PCI Loans | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 145,958 | 143,289 | 157,238 | 115,111 | |
Charge-offs | (6,007) | (10,455) | (55,575) | (17,871) | |
Recoveries | 5,082 | 6,050 | 9,883 | 8,811 | |
Provision | 14,573 | 9,092 | 48,060 | 41,925 | |
Balance, end of period | 159,606 | 147,976 | 159,606 | 147,976 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Total loans and leases | 15,690,517 | 14,742,846 | 15,690,517 | 14,742,846 | |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 37,122 | 29,331 | 37,765 | 36,654 | |
Charge-offs | (531) | (302) | (2,217) | (1,905) | |
Recoveries | 36 | 2,414 | 286 | 4,352 | |
Provision | (186) | 5,498 | 607 | (2,160) | |
Balance, end of period | 36,441 | 36,941 | 36,441 | 36,941 | |
Amount of the allowance applicable to loans and leases: | |||||
impairment | 1,153 | 7,299 | 1,153 | 7,299 | |
impairment | 35,288 | 29,642 | 35,288 | 29,642 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
impairment | 113,304 | 139,059 | 113,304 | 139,059 | |
impairment | 6,017,892 | 5,325,882 | 6,017,892 | 5,325,882 | |
Ending balance of loans and leases | 6,131,196 | 5,464,941 | 6,131,196 | 5,464,941 | 5,617,956 |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 11,318 | 7,853 | 10,045 | 7,137 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 353 | 27 | 370 | 185 | |
Provision | 22 | 803 | 1,278 | 1,361 | |
Balance, end of period | 11,693 | 8,683 | 11,693 | 8,683 | |
Amount of the allowance applicable to loans and leases: | |||||
impairment | 0 | 11 | 0 | 11 | |
impairment | 11,693 | 8,672 | 11,693 | 8,672 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
impairment | 5,764 | 8,700 | 5,764 | 8,700 | |
impairment | 1,243,458 | 822,815 | 1,243,458 | 822,815 | |
Ending balance of loans and leases | 1,249,222 | 831,515 | 1,249,222 | 831,515 | 962,839 |
Commercial | Non Purchased Credit Impaired Loans and Leases | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 88,364 | 93,404 | 93,853 | 61,082 | |
Charge-offs | (4,984) | (9,606) | (46,965) | (14,306) | |
Recoveries | 4,447 | 3,553 | 8,848 | 4,179 | |
Provision | 14,366 | 2,240 | 46,457 | 38,636 | |
Balance, end of period | 102,193 | 89,591 | 102,193 | 89,591 | |
Amount of the allowance applicable to loans and leases: | |||||
impairment | 15,012 | 23,631 | 15,012 | 23,631 | |
impairment | 87,181 | 65,960 | 87,181 | 65,960 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
impairment | 94,078 | 92,637 | 94,078 | 92,637 | |
impairment | 7,767,614 | 7,977,050 | 7,767,614 | 7,977,050 | |
Ending balance of loans and leases | 7,861,692 | 8,069,687 | 7,861,692 | 8,069,687 | 8,391,560 |
Consumer | Non Purchased Credit Impaired Loans and Leases | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 2,075 | 1,412 | 2,092 | 661 | |
Charge-offs | (413) | (16) | (625) | (798) | |
Recoveries | 29 | 56 | 104 | 95 | |
Provision | 752 | 80 | 872 | 1,574 | |
Balance, end of period | 2,443 | 1,532 | 2,443 | 1,532 | |
Amount of the allowance applicable to loans and leases: | |||||
impairment | 17 | 179 | 17 | 179 | |
impairment | 2,426 | 1,353 | 2,426 | 1,353 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
impairment | 106 | 376 | 106 | 376 | |
impairment | 385,807 | 256,128 | 385,807 | 256,128 | |
Ending balance of loans and leases | $ 385,913 | $ 256,504 | $ 385,913 | $ 256,504 | $ 375,175 |
Loans and Leases (Details 8) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Jun. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, beginning of period | $ 157,238 | ||||
Reserve for Unfunded Loan Commitments, Balance, beginning of period | $ 20,263 | $ 17,944 | 17,523 | $ 16,734 | |
Allowance for Credit Losses, Balance, beginning of period | 166,221 | 161,233 | 174,761 | 131,845 | |
Reserve for Unfunded Loan Commitments, Charge-offs | 0 | 0 | 0 | 0 | |
Allowance for Credit Losses, Charge-offs | (6,007) | (10,455) | (55,575) | (17,871) | |
Reserve for Unfunded Loan Commitments, Recoveries | 0 | 0 | 0 | 0 | |
Allowance for Credit Losses, Recoveries | 5,082 | 6,050 | 9,883 | 8,811 | |
Reserve for Unfunded Loan Commitments, Net charge-offs | 0 | 0 | 0 | 0 | |
Allowance For Credit Losses, Net charge-offs | (925) | (4,405) | (45,692) | (9,060) | |
Reserve for Unfunded Commitments, Provision (negative provision) | (546) | (621) | (3,286) | (589) | |
Allowance for Credit Losses, Provision (negative provision) | 15,119 | $ 11,499 | 8,471 | 51,346 | 42,514 |
Balance, end of period | 159,606 | 159,606 | |||
Reserve for Unfunded Loan Commitments, Balance, end of period | 20,809 | 20,263 | 17,323 | 20,809 | 17,323 |
Allowance for Credit Losses, Balance, end of period | 180,415 | 166,221 | 165,299 | 180,415 | 165,299 |
Non Purchased Credit Impaired Loans and Leases | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, beginning of period | 138,879 | 132,000 | 143,755 | 105,534 | |
Allowance for Credit Losses, Balance, beginning of period | 159,142 | 149,944 | 161,278 | 122,268 | |
Allowance for Loan and Lease Losses, Charge-offs | 5,928 | 9,924 | 49,807 | 17,009 | |
Allowance for Credit Losses, Charge-offs | (5,928) | (9,924) | (49,807) | (17,009) | |
Allowance for Loan and Lease Loss, Recoveries | 4,865 | 6,050 | 9,608 | 8,811 | |
Allowance for Credit Losses, Recoveries | 4,865 | 6,050 | 9,608 | 8,811 | |
Allowance for Loan and Lease Losses, Net charge-offs | (1,063) | (3,874) | (40,199) | (8,198) | |
Allowance For Credit Losses, Net charge-offs | (1,063) | (3,874) | (40,199) | (8,198) | |
Allowance for Loan and Lease Losses, Provision (negative provision) | 14,954 | 8,621 | 49,214 | 39,411 | |
Allowance for Credit Losses, Provision (negative provision) | 15,500 | 8,000 | 52,500 | 40,000 | |
Balance, end of period | 152,770 | 138,879 | 136,747 | 152,770 | 136,747 |
Allowance for Credit Losses, Balance, end of period | 173,579 | 159,142 | 154,070 | 173,579 | 154,070 |
Purchased Credit Impaired Loans and Leases | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, beginning of period | 13,483 | ||||
Balance, beginning of period | 7,079 | 11,289 | 13,483 | 9,577 | |
Allowance for Loan and Lease Losses, Charge-offs | 79 | 531 | 5,768 | 862 | |
Allowance for Loan and Lease Loss, Recoveries | 217 | 0 | 275 | 0 | |
Allowance for Loan and Lease Losses, Net charge-offs | 138 | (531) | (5,493) | (862) | |
Allowance for Loan and Lease Losses, Provision (negative provision) | (381) | 471 | (1,154) | 2,514 | |
Balance, end of period | 6,836 | 6,836 | |||
Balance, end of period | $ 6,836 | $ 7,079 | $ 11,229 | $ 6,836 | $ 11,229 |
Loans and Leases (Details Textual) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2017
USD ($)
agreement
|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2016
USD ($)
|
Dec. 31, 2016
USD ($)
|
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Number of agreements to sell loans | agreement | 2 | |||
Loans held for sale, at lower of cost or fair value | $ 175,158,000 | $ 175,158,000 | ||
Loan receivable held-for-sale, charge-offs | 7,200,000 | |||
Unfunded commitments, loans held-for-sale | 19,300,000 | 19,300,000 | ||
Nonaccrual loans and leases | 157,697,000 | 157,697,000 | $ 170,599,000 | |
Receivable, 90 or more days past due | 8,800,000 | 8,800,000 | 15,900,000 | |
Receivable, 30-89 days past due | 700,000 | 700,000 | 3,000,000 | |
Financing receivable, nonaccrual status, current | 148,200,000 | 148,200,000 | 151,700,000 | |
Charge-offs | 0 | $ 0 | ||
Non Purchased Credit Impaired Loans and Leases | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual loans and leases | 157,697,000 | 157,697,000 | 170,599,000 | |
Receivable, 90 or more days past due | 8,798,000 | 8,798,000 | 15,945,000 | |
Receivable, 30-89 days past due | 5,535,000 | 5,535,000 | $ 31,569,000 | |
Non Purchased Credit Impaired Loans and Leases | Non Purchased Credit Impaired Loans and Leases | Credit Concentration Risk | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual loans and leases | 129,100,000 | $ 129,100,000 | ||
Percentage of nonaccrual loans and leases | 81.90% | |||
Healthcare Real Estate Loan | Non Purchased Credit Impaired Loans and Leases | Non Purchased Credit Impaired Loans and Leases | Credit Concentration Risk | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual loans and leases | $ 45,500,000 | $ 45,500,000 |
Foreclosed Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Total other real estate owned, net | $ 11,052 | $ 11,876 |
Other foreclosed assets | 578 | 1,100 |
Foreclosed assets, net | 11,630 | 12,976 |
Construction and land development | ||
Total other real estate owned, net | 9,319 | 11,224 |
Multi‑family | ||
Total other real estate owned, net | 0 | 652 |
Commercial real estate | ||
Total other real estate owned, net | 65 | 0 |
Single family residence | ||
Total other real estate owned, net | $ 1,668 | $ 0 |
Foreclosed Assets (Details 1) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Other Real Estate Owned Net Covered and NonCovered Including Foreclosed Assets [Abstract] | ||
Balance, beginning of period | $ 12,976 | |
Loans transferred to foreclosed assets | 580 | $ 129 |
Other additions | 1,385 | |
Provision for losses | (2,138) | |
Reductions related to sales | (1,173) | |
Balance, end of period | $ 11,630 |
Borrowings and Subordinated Debentures (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Debt Instrument [Line Items] | ||
Borrowings | $ 250,399 | $ 905,812 |
Non‑recourse debt | ||
Debt Instrument [Line Items] | ||
Amount | $ 399 | $ 812 |
Rate | 6.82% | 6.41% |
AFX borrowings | ||
Debt Instrument [Line Items] | ||
Amount | $ 0 | $ 40,000 |
Rate | 0.00% | 0.81% |
Federal Home Loan Bank of San Francisco | FHLB secured advances | ||
Debt Instrument [Line Items] | ||
Amount | $ 115,000 | $ 735,000 |
Rate | 1.14% | 0.59% |
Federal Home Loan Bank of San Francisco | FHLB unsecured overnight advance | ||
Debt Instrument [Line Items] | ||
Amount | $ 135,000 | $ 130,000 |
Rate | 1.15% | 0.55% |
Borrowings and Subordinated Debentures (Details 1) $ in Thousands, € in Millions |
9 Months Ended | ||||
---|---|---|---|---|---|
Sep. 30, 2017
USD ($)
|
Sep. 30, 2017
EUR (€)
|
Dec. 31, 2016
USD ($)
|
|||
Subordinated Borrowing [Line Items] | |||||
Amount | $ 542,210 | $ 538,973 | |||
Unamortized discount | (94,084) | (98,229) | |||
Net subordinated debentures | 448,126 | 440,744 | |||
Subordinated Debt Trust V Due September 2033 | |||||
Subordinated Borrowing [Line Items] | |||||
Amount | $ 10,310 | $ 10,310 | |||
Rate | 4.42% | 4.42% | 4.09% | ||
Date Issued | Aug. 15, 2003 | ||||
Maturity Date | Sep. 17, 2033 | ||||
Description of variable rate basis | 3 month LIBOR + 3.10 | ||||
Subordinated Debt Trust VI Due September 2033 | |||||
Subordinated Borrowing [Line Items] | |||||
Amount | $ 10,310 | $ 10,310 | |||
Rate | 4.37% | 4.37% | 4.01% | ||
Date Issued | Sep. 03, 2003 | ||||
Maturity Date | Sep. 15, 2033 | ||||
Description of variable rate basis | 3 month LIBOR + 3.05 | ||||
Subordinated Debt Trust CII Due September 2033 | |||||
Subordinated Borrowing [Line Items] | |||||
Amount | $ 5,155 | $ 5,155 | |||
Rate | 4.27% | 4.27% | 3.95% | ||
Date Issued | Sep. 17, 2003 | ||||
Maturity Date | Sep. 17, 2033 | ||||
Description of variable rate basis | 3 month LIBOR + 2.95 | ||||
Subordinated Debt Trust VII Due April 2034 | |||||
Subordinated Borrowing [Line Items] | |||||
Amount | $ 61,856 | $ 61,856 | |||
Rate | 4.06% | 4.06% | 3.64% | ||
Date Issued | Feb. 05, 2004 | ||||
Maturity Date | Apr. 23, 2034 | ||||
Description of variable rate basis | 3 month LIBOR + 2.75 | ||||
Subordinated Debt Trust CIII Due September 2035 | |||||
Subordinated Borrowing [Line Items] | |||||
Amount | $ 20,619 | $ 20,619 | |||
Rate | 3.01% | 3.01% | 2.65% | ||
Date Issued | Aug. 15, 2005 | ||||
Maturity Date | Sep. 15, 2035 | ||||
Description of variable rate basis | 3 month LIBOR + 1.69 | ||||
Subordinated Debt Trust FCCI Due March 2037 | |||||
Subordinated Borrowing [Line Items] | |||||
Amount | $ 16,495 | $ 16,495 | |||
Rate | 2.92% | 2.92% | 2.56% | ||
Date Issued | Jan. 25, 2007 | ||||
Maturity Date | Mar. 15, 2037 | ||||
Description of variable rate basis | 3 month LIBOR + 1.60 | ||||
Subordinated Debt Trust FCBI Due December 2035 | |||||
Subordinated Borrowing [Line Items] | |||||
Amount | $ 10,310 | $ 10,310 | |||
Rate | 2.87% | 2.87% | 2.51% | ||
Date Issued | Sep. 30, 2005 | ||||
Maturity Date | Dec. 15, 2035 | ||||
Description of variable rate basis | 3 month LIBOR + 1.55 | ||||
Trust Preferred Securities Two Thousand Five Series One | |||||
Subordinated Borrowing [Line Items] | |||||
Amount | $ 82,475 | $ 82,475 | |||
Rate | 3.27% | 3.27% | 2.91% | ||
Date Issued | Nov. 21, 2005 | ||||
Maturity Date | Dec. 15, 2035 | ||||
Description of variable rate basis | 3 month LIBOR + 1.95 | ||||
Trust Preferred Securities Two Thousand Five Series Two | |||||
Subordinated Borrowing [Line Items] | |||||
Amount | $ 128,866 | $ 128,866 | |||
Rate | 3.26% | 3.26% | 2.84% | ||
Date Issued | Dec. 14, 2005 | ||||
Maturity Date | Jan. 30, 2036 | ||||
Description of variable rate basis | 3 month LIBOR + 1.95 | ||||
Two Thousand Six One Term Debt Securitization | |||||
Subordinated Borrowing [Line Items] | |||||
Amount | $ 51,545 | $ 51,545 | |||
Rate | 3.26% | 3.26% | 2.84% | ||
Date Issued | Feb. 22, 2006 | ||||
Maturity Date | Apr. 30, 2036 | ||||
Description of variable rate basis | 3 month LIBOR + 1.95 | ||||
Two Thousand Six Two Term Debt Securitization | |||||
Subordinated Borrowing [Line Items] | |||||
Amount | $ 51,550 | $ 51,550 | |||
Rate | 3.26% | 3.26% | 2.84% | ||
Date Issued | Sep. 27, 2006 | ||||
Maturity Date | Oct. 30, 2036 | ||||
Description of variable rate basis | 3 month LIBOR + 1.95 | ||||
Trust Preferred Securities Two Thousand Six Series Three | |||||
Subordinated Borrowing [Line Items] | |||||
Amount | [1] | $ 30,422 | $ 27,185 | ||
Rate | 1.72% | 1.72% | 1.74% | ||
Date Issued | Sep. 29, 2006 | ||||
Maturity Date | Oct. 30, 2036 | ||||
Denomination value | € | € 25.8 | ||||
Description of variable rate basis | 3 month EURIBOR + 2.05 | ||||
Trust Preferred Securities Two Thousand Six Series Four | |||||
Subordinated Borrowing [Line Items] | |||||
Amount | $ 16,470 | $ 16,470 | |||
Rate | 3.26% | 3.26% | 2.84% | ||
Date Issued | Dec. 05, 2006 | ||||
Maturity Date | Jan. 30, 2037 | ||||
Description of variable rate basis | 3 month LIBOR + 1.95 | ||||
Trust Preferred Securities Two Thousand Six Series Five | |||||
Subordinated Borrowing [Line Items] | |||||
Amount | $ 6,650 | $ 6,650 | |||
Rate | 3.26% | 3.26% | 2.84% | ||
Date Issued | Dec. 19, 2006 | ||||
Maturity Date | Jan. 30, 2037 | ||||
Description of variable rate basis | 3 month LIBOR + 1.95 | ||||
Two Thousand Seven One Term Debt Securitization | |||||
Subordinated Borrowing [Line Items] | |||||
Amount | $ 39,177 | $ 39,177 | |||
Rate | 3.26% | 3.26% | 2.84% | ||
Date Issued | Jun. 13, 2007 | ||||
Maturity Date | Jul. 30, 2037 | ||||
Description of variable rate basis | 3 month LIBOR + 1.95 | ||||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust V Due September 2033 | |||||
Subordinated Borrowing [Line Items] | |||||
Rate Index (Quarterly Reset) | 3.10% | ||||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust VI Due September 2033 | |||||
Subordinated Borrowing [Line Items] | |||||
Rate Index (Quarterly Reset) | 3.05% | ||||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust CII Due September 2033 | |||||
Subordinated Borrowing [Line Items] | |||||
Rate Index (Quarterly Reset) | 2.95% | ||||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust VII Due April 2034 | |||||
Subordinated Borrowing [Line Items] | |||||
Rate Index (Quarterly Reset) | 2.75% | ||||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust CIII Due September 2035 | |||||
Subordinated Borrowing [Line Items] | |||||
Rate Index (Quarterly Reset) | 1.69% | ||||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust FCCI Due March 2037 | |||||
Subordinated Borrowing [Line Items] | |||||
Rate Index (Quarterly Reset) | 1.60% | ||||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust FCBI Due December 2035 | |||||
Subordinated Borrowing [Line Items] | |||||
Rate Index (Quarterly Reset) | 1.55% | ||||
London Interbank Offered Rate (LIBOR) | Trust Preferred Securities Two Thousand Five Series One | |||||
Subordinated Borrowing [Line Items] | |||||
Rate Index (Quarterly Reset) | 1.95% | ||||
London Interbank Offered Rate (LIBOR) | Trust Preferred Securities Two Thousand Five Series Two | |||||
Subordinated Borrowing [Line Items] | |||||
Rate Index (Quarterly Reset) | 1.95% | ||||
London Interbank Offered Rate (LIBOR) | Two Thousand Six One Term Debt Securitization | |||||
Subordinated Borrowing [Line Items] | |||||
Rate Index (Quarterly Reset) | 1.95% | ||||
London Interbank Offered Rate (LIBOR) | Two Thousand Six Two Term Debt Securitization | |||||
Subordinated Borrowing [Line Items] | |||||
Rate Index (Quarterly Reset) | 1.95% | ||||
London Interbank Offered Rate (LIBOR) | Trust Preferred Securities Two Thousand Six Series Four | |||||
Subordinated Borrowing [Line Items] | |||||
Rate Index (Quarterly Reset) | 1.95% | ||||
London Interbank Offered Rate (LIBOR) | Trust Preferred Securities Two Thousand Six Series Five | |||||
Subordinated Borrowing [Line Items] | |||||
Rate Index (Quarterly Reset) | 1.95% | ||||
London Interbank Offered Rate (LIBOR) | Two Thousand Seven One Term Debt Securitization | |||||
Subordinated Borrowing [Line Items] | |||||
Rate Index (Quarterly Reset) | 1.95% | ||||
Euribor Rate | Trust Preferred Securities Two Thousand Six Series Three | |||||
Subordinated Borrowing [Line Items] | |||||
Rate Index (Quarterly Reset) | 2.05% | ||||
|
Borrowings and Subordinated Debentures (Details Textual) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Non‑recourse debt | ||
Debt Instrument [Line Items] | ||
Weighted average remaining maturity period | 1 year 11 months | |
Unused Lines of Credit | ||
Debt Instrument [Line Items] | ||
Amount outstanding | $ 0 | $ 0.0 |
Current borrowing capacity | 75,000,000 | |
Unused commitment fees | 0 | |
AFX borrowings | ||
Debt Instrument [Line Items] | ||
Amount outstanding | 0 | 40,000,000 |
Maturity Overnight | AFX borrowings | ||
Debt Instrument [Line Items] | ||
Amount outstanding | 26,000,000 | |
Maturity Less than 30 Days | AFX borrowings | ||
Debt Instrument [Line Items] | ||
Amount outstanding | 14,000,000 | |
Federal Reserve Bank Advances | ||
Debt Instrument [Line Items] | ||
Loans pledged as collateral | 2,900,000,000 | |
Amount outstanding | 0 | 0 |
Federal Reserve Bank Advances | FHLB secured advances | ||
Debt Instrument [Line Items] | ||
Borrowing capacity description | 2,170,255,000 | |
Federal Home Loan Bank of San Francisco | ||
Debt Instrument [Line Items] | ||
Loans pledged as collateral | 4,400,000,000 | |
Federal Home Loan Bank of San Francisco | FHLB secured advances | ||
Debt Instrument [Line Items] | ||
Borrowing capacity description | 3,033,258,000 | |
Current outstanding | 115,000,000 | 735,000,000 |
Federal Home Loan Bank of San Francisco | FHLB unsecured overnight advance | ||
Debt Instrument [Line Items] | ||
Current outstanding | 135,000,000 | 130,000,000 |
Federal Home Loan Bank of San Francisco | Unused Lines of Credit | ||
Debt Instrument [Line Items] | ||
Borrowing capacity description | $ 135,000,000 | |
Amount outstanding | 130,000,000 | |
Federal Home Loan Bank of San Francisco | Maturity Overnight | ||
Debt Instrument [Line Items] | ||
Current outstanding | 435,000,000 | |
Federal Home Loan Bank of San Francisco | Maturity Less than 30 Days | ||
Debt Instrument [Line Items] | ||
Current outstanding | $ 300,000,000 |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Commitments and Contingencies Disclosure [Abstract] | ||
Loan commitments to extend credit | $ 5,037,084 | $ 4,166,703 |
Standby letters of credit | 237,052 | 211,398 |
Total | $ 5,274,136 | $ 4,378,101 |
Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Long-term Purchase Commitment [Line Items] | ||
Commitment to contribute capital | $ 43,100 | $ 26,600 |
Private Equity Funds | ||
Long-term Purchase Commitment [Line Items] | ||
Remaining minimum amount committed | 2,500 | $ 2,800 |
Student Loan | ||
Long-term Purchase Commitment [Line Items] | ||
Remaining minimum amount committed | 7,800 | |
First California Financial Group Inc. [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Payments for Legal Settlements | $ 1,750 |
Fair Value Measurements (Details) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | $ 3,532,230 | $ 3,223,830 |
Equity warrants | 5,497 | |
Derivative Liability | 564 | 3,285 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 2,080 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 3,156,475 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 65,275 | |
Government agency and government-sponsored enterprise pass through securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 377,541 | 502,443 |
Government agency and government-sponsored enterprise collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 175,950 | 146,289 |
Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 1,549,150 | 1,456,459 |
Government agency and government-sponsored enterprise commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 995,914 | 547,692 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 19,125 | 47,509 |
Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 19,176 | 156,887 |
SBA asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 168,028 | 178,845 |
Asset-backed and other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 92,796 | 62,237 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 3,532,230 | 3,223,830 |
Equity warrants | 5,158 | 5,497 |
Other derivative assets | 1,221 | 694 |
Total recurring assets | 3,538,609 | 3,230,021 |
Derivative liabilities | 564 | 3,285 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 4,808 | 2,080 |
Equity warrants | 0 | 0 |
Other derivative assets | 0 | 0 |
Total recurring assets | 4,808 | 2,080 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 3,447,101 | 3,156,475 |
Equity warrants | 0 | 0 |
Other derivative assets | 1,221 | 694 |
Total recurring assets | 3,448,322 | 3,157,169 |
Derivative liabilities | 564 | 3,285 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 80,321 | 65,275 |
Equity warrants | 5,158 | 5,497 |
Other derivative assets | 0 | 0 |
Total recurring assets | 85,479 | 70,772 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise pass through securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 377,541 | 502,443 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise pass through securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise pass through securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 377,541 | 502,443 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise pass through securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 175,950 | 146,289 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise collateralized mortgage obligations | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise collateralized mortgage obligations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 175,950 | 146,289 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise collateralized mortgage obligations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Private Label Collateralized Mortgage Obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 134,550 | 125,469 |
Fair Value, Measurements, Recurring | Private Label Collateralized Mortgage Obligations | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Private Label Collateralized Mortgage Obligations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 96,614 | 68,567 |
Fair Value, Measurements, Recurring | Private Label Collateralized Mortgage Obligations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 37,936 | 56,902 |
Fair Value, Measurements, Recurring | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 1,549,150 | 1,456,459 |
Fair Value, Measurements, Recurring | Municipal securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Municipal securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 1,549,150 | 1,456,459 |
Fair Value, Measurements, Recurring | Municipal securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 995,914 | 547,692 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise commercial mortgage-backed securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise commercial mortgage-backed securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 995,914 | 547,692 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise commercial mortgage-backed securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 19,125 | 47,509 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 19,125 | 47,509 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 19,176 | 156,887 |
Fair Value, Measurements, Recurring | Collateralized loan obligations | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Collateralized loan obligations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 19,176 | 156,887 |
Fair Value, Measurements, Recurring | Collateralized loan obligations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | SBA asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 168,028 | 178,845 |
Fair Value, Measurements, Recurring | SBA asset-backed securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | SBA asset-backed securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 168,028 | 178,845 |
Fair Value, Measurements, Recurring | SBA asset-backed securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Asset-backed and other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 92,796 | 62,237 |
Fair Value, Measurements, Recurring | Asset-backed and other securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 4,808 | 2,080 |
Fair Value, Measurements, Recurring | Asset-backed and other securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 45,603 | 51,784 |
Fair Value, Measurements, Recurring | Asset-backed and other securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | $ 42,385 | |
Square 1 Financial, Inc. | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity warrants | 5,497 | |
Square 1 Financial, Inc. | Fair Value, Measurements, Recurring | Asset-backed and other securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | $ 8,373 |
Fair Value Measurements (Details 1) - Level 3 - Fair Value, Measurements, Recurring |
9 Months Ended |
---|---|
Sep. 30, 2017 | |
Minimum | Private label collateralized mortgage obligations | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Voluntary annual prepayment speeds | 3.20% |
Annual default rates | 0.10% |
Loss severity rates | 4.00% |
Discount rates | 1.60% |
Maximum | Private label collateralized mortgage obligations | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Voluntary annual prepayment speeds | 25.50% |
Annual default rates | 13.60% |
Loss severity rates | 95.90% |
Discount rates | 9.90% |
Weighted Average | Private Label CMOs | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Voluntary annual prepayment speeds | 9.60% |
Annual default rates | 2.20% |
Loss severity rates | 46.90% |
Discount rates | 4.60% |
Weighted Average | Private label collateralized mortgage obligations | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Voluntary annual prepayment speeds | 9.60% |
Annual default rates | 2.20% |
Loss severity rates | 46.90% |
Discount rates | 4.60% |
Weighted Average | SBA securities | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Voluntary annual prepayment speeds | 13.50% |
Annual default rates | 1.80% |
Loss severity rates | 52.40% |
Discount rates | 3.60% |
Fair Value Measurements (Details 2) - Weighted Average - Warrant - Fair Value, Measurements, Recurring - Level 3 |
9 Months Ended |
---|---|
Sep. 30, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Volatility | 17.30% |
Risk-free interest rate | 1.70% |
Remaining life assumption (in years) | 3 years 9 months |
Fair Value Measurements (Details 3) - USD ($) $ in Thousands |
9 Months Ended | ||
---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Dec. 31, 2016 |
|
Level 3 CMO [Roll Forward] | |||
Equity warrants, Balance, beginning of period | $ 5,497 | ||
Fair value transfers of assets measured on a recurring basis | (654) | ||
Level 3 | |||
Level 3 CMO [Roll Forward] | |||
Total included in earnings, Equity Warrants | 1,701 | ||
Total included in other comprehensive income | 0 | ||
Purchases | $ 0 | ||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | 720 | ||
Sales, Equity Warrants | (2,106) | ||
Net settlements, Equity Warrants | 0 | ||
Fair Value, Measurements, Recurring | |||
Level 3 CMO [Roll Forward] | |||
Equity warrants, Balance, beginning of period | 5,497 | ||
Fair Value, Measurements, Recurring | Level 3 | |||
Level 3 CMO [Roll Forward] | |||
Equity warrants, Balance, beginning of period | 5,497 | ||
Private Label CMOs | Fair Value, Measurements, Recurring | Level 3 | |||
Level 3 CMO [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 37,936 | $ 56,902 | |
Total included in earnings | 2,114 | ||
Total included in other comprehensive income | (578) | ||
Purchases | 0 | ||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | (4,732) | ||
Net settlements | (15,770) | ||
Asset-backed and other securities | Fair Value, Measurements, Recurring | Level 3 | |||
Level 3 CMO [Roll Forward] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 42,385 | $ 8,373 | |
Total included in earnings | 314 | ||
Total included in other comprehensive income | (349) | ||
Purchases | $ 37,722 | ||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ||
Net settlements | (3,675) | ||
Private label collateralized mortgage obligations | |||
Level 3 CMO [Roll Forward] | |||
Fair value transfers of assets measured on a recurring basis | 0 | ||
SBA securities | |||
Level 3 CMO [Roll Forward] | |||
Fair value transfers of assets measured on a recurring basis | 0 | ||
Warrant | |||
Level 3 CMO [Roll Forward] | |||
Fair value transfers of assets measured on a recurring basis | $ (654) |
Fair Value Measurements (Details 4) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | $ 72,563 | $ 161,215 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 15,879 | 12,885 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 56,684 | 148,330 |
Non Purchased Credit Impaired Loans and Leases | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 63,463 | 149,749 |
Non Purchased Credit Impaired Loans and Leases | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 0 | 0 |
Non Purchased Credit Impaired Loans and Leases | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 6,779 | 1,661 |
Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 56,684 | 148,088 |
Other real estate and foreclosed assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 9,100 | 11,224 |
Other real estate and foreclosed assets | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 0 | 0 |
Other real estate and foreclosed assets | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 9,100 | 11,224 |
Cost-method Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 242 | |
Cost-method Investments | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 0 | |
Cost-method Investments | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 0 | |
Cost-method Investments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 242 | |
Third party appraisals | Other real estate and foreclosed assets | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | $ 0 | $ 0 |
Fair Value Measurements (Details 5) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Sep. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Dec. 31, 2015 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total losses | $ 6,551 | $ 12,935 | $ 20,019 | $ 27,301 |
Non Purchased Credit Impaired Loans and Leases | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total losses | 4,427 | 12,935 | 17,895 | 27,301 |
Other real estate and foreclosed assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total losses | $ 2,124 | $ 0 | $ 2,124 | $ 0 |
Fair Value Measurements (Details 6) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | $ 72,563 | $ 161,215 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 56,684 | 148,330 |
Non Purchased Credit Impaired Loans and Leases | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 63,463 | 149,749 |
Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 56,684 | $ 148,088 |
Discount Rates | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | 55,365 | |
No Discounts | Third party appraisals | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired Non‑PCI loans | $ 1,319 | |
Minimum | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates | 2.00% | |
Maximum | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates | 8.93% | |
Weighted Average | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates | 6.84% | |
Weighted Average | Discount Rates | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates | 6.84% |
Fair Value Measurements (Details 7) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2017 |
Dec. 31, 2016 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 72,563 | $ 161,215 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 56,684 | 148,330 |
Non Purchased Credit Impaired Loans and Leases | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | 63,463 | 149,749 |
Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 56,684 | $ 148,088 |
Minimum | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates, Weighted Average | 2.00% | |
Maximum | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates, Weighted Average | 8.93% | |
Weighted Average | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates, Weighted Average | 6.84% | |
Discount Rates | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 55,365 | |
Discount Rates | Weighted Average | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates, Weighted Average | 6.84% | |
No Discounts | Third party appraisals | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value | $ 1,319 |
Fair Value Measurements (Details 8) - USD ($) $ in Thousands |
Sep. 30, 2017 |
Dec. 31, 2016 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | $ 147,579 | $ 337,965 |
Interest-earning deposits in financial institutions | 122,439 | 81,705 |
Securities available-for-sale, Carrying Amount | 3,223,830 | |
Securities available-for-sale, at fair value | 3,532,230 | 3,223,830 |
Investment in FHLB stock, Carrying Amount | 17,250 | 21,870 |
Investment in FHLB stock, Fair Value | 17,250 | 21,870 |
Investments carried at cost, Carrying Amount | 1,006 | 1,416 |
Investments carried at cost, Fair Value | 10,702 | 3,843 |
Loans and leases, net | 15,530,911 | 15,298,716 |
Loans and leases held for investment, net | 15,700,815 | |
Warrants and Rights Outstanding | 5,497 | |
Equity warrants | 5,497 | |
Other derivative assets, Carrying Amount | 1,221 | 694 |
Demand, interest checking, money market, and savings deposits | 13,531,300 | 12,523,834 |
Interest-bearing Domestic Deposit, Brokered | 1,118,694 | 1,174,487 |
Time deposits | 2,123,251 | 2,172,290 |
Time deposits | 2,114,655 | 2,166,187 |
Borrowings | 250,399 | 905,812 |
Borrowings | 250,399 | 905,838 |
Subordinated debentures | 448,126 | 440,744 |
Subordinated debentures | 431,173 | 424,507 |
Derivative Liability | 564 | 3,285 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 147,579 | 337,965 |
Interest-earning deposits in financial institutions | 122,439 | 81,705 |
Securities available-for-sale, at fair value | 2,080 | |
Investment in FHLB stock, Fair Value | 0 | 0 |
Investments carried at cost, Fair Value | 0 | 0 |
Demand, interest checking, money market, and savings deposits | 0 | 0 |
Interest-bearing Domestic Deposit, Brokered | 0 | 0 |
Time deposits | 0 | 0 |
Borrowings | 250,000 | 591,000 |
Subordinated debentures | 0 | 0 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 0 | 0 |
Interest-earning deposits in financial institutions | 0 | 0 |
Securities available-for-sale, at fair value | 3,156,475 | |
Investment in FHLB stock, Fair Value | 17,250 | 21,870 |
Investments carried at cost, Fair Value | 0 | 0 |
Demand, interest checking, money market, and savings deposits | 13,531,300 | 12,523,834 |
Interest-bearing Domestic Deposit, Brokered | 1,118,694 | 1,174,487 |
Time deposits | 2,114,655 | 2,166,187 |
Borrowings | 399 | 314,838 |
Subordinated debentures | 431,173 | 424,507 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 0 | 0 |
Interest-earning deposits in financial institutions | 0 | 0 |
Securities available-for-sale, at fair value | 65,275 | |
Investment in FHLB stock, Fair Value | 0 | 0 |
Investments carried at cost, Fair Value | 10,702 | 3,843 |
Loans and leases held for investment, net | 15,694,036 | |
Demand, interest checking, money market, and savings deposits | 0 | 0 |
Interest-bearing Domestic Deposit, Brokered | 0 | 0 |
Time deposits | 0 | 0 |
Borrowings | 0 | 0 |
Subordinated debentures | 0 | 0 |
Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 3,532,230 | 3,223,830 |
Equity warrants | 5,158 | 5,497 |
Other derivative assets, Fair Value | 1,221 | 694 |
Derivative liabilities | 564 | 3,285 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 4,808 | 2,080 |
Equity warrants | 0 | 0 |
Other derivative assets, Fair Value | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 3,447,101 | 3,156,475 |
Equity warrants | 0 | 0 |
Other derivative assets, Fair Value | 1,221 | 694 |
Derivative liabilities | 564 | 3,285 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 80,321 | 65,275 |
Equity warrants | 5,158 | 5,497 |
Other derivative assets, Fair Value | 0 | 0 |
Derivative liabilities | 0 | 0 |
NonPCI and PCI Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and leases, net | 15,298,716 | |
Loans and leases held for investment, net | 15,494,808 | |
NonPCI and PCI Loans | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and leases held for investment, net | 0 | 0 |
NonPCI and PCI Loans | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and leases held for investment, net | $ 6,779 | 1,661 |
NonPCI and PCI Loans | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and leases held for investment, net | $ 15,493,147 |
Fair Value Measurements (Details Textual) |
9 Months Ended |
---|---|
Sep. 30, 2017
USD ($)
| |
Fair Value Disclosures [Abstract] | |
Fair value transfers of assets | $ 0 |
Fair value transfers of assets measured on a recurring basis | $ 654,000 |
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2017 |
Jun. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Earnings Per Share [Abstract] | |||||
Net earnings from continuing operations | $ 101,466 | $ 93,647 | $ 93,895 | $ 273,781 | $ 266,519 |
Less: Earnings allocated to unvested restricted stock | (1,149) | (1,080) | (1,048) | (3,239) | (2,983) |
Net earnings allocated to common shares | $ 100,317 | $ 92,567 | $ 92,847 | $ 270,542 | $ 263,536 |
Weighted-average basic shares and unvested restricted stock outstanding (shares) | 121,447 | 121,422 | 121,818 | 121,405 | 121,739 |
Weighted-average unvested restricted stock outstanding (shares) | (1,394) | (1,455) | (1,401) | (1,450) | (1,425) |
Weighted-average basic shares outstanding (shares) | 120,053 | 119,967 | 120,417 | 119,955 | 120,314 |
Basic net income per share (usd per share) | $ 0.84 | $ 0.77 | $ 0.77 | $ 2.26 | $ 2.19 |
Net earnings from continuing operations allocated to common shares | $ 100,317 | $ 92,567 | $ 92,847 | $ 270,542 | $ 263,536 |
Diluted net income per share (usd per share) | $ 0.84 | $ 0.77 | $ 0.77 | $ 2.26 | $ 2.19 |
Stock Based Compensation (Details Textual) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2017 |
Jun. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Dec. 31, 2015 |
Dec. 31, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unvested restricted shares (shares) | 1,393,874 | 1,393,874 | 1,476,132 | |||
Vesting period of time-based restricted stock, lower limit | 3 years | |||||
Vesting period of time-based restricted stock, higher limit | 4 years | |||||
Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance vesting percentage | 0.00% | |||||
Performance Target 1 | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance vesting percentage | 150.00% | |||||
Performance Target 2 | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance vesting percentage | 200.00% | |||||
Restricted Stock | Vesting Based On Service | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated share-based compensation expense | $ 6.5 | $ 6.6 | $ 5.6 | $ 19.6 | $ 16.6 | |
Restricted Stock Awards And Performance Based Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized share based compensation expense | $ 47.5 | $ 47.5 | ||||
Performance Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unvested restricted shares (shares) | 239,025 | 239,025 | ||||
Performance period | 3 years | |||||
PacWest 2003 Stock Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized (shares) | 4,000,000 | 4,000,000 | ||||
Number of shares available for grant (shares) | 3,837,850 | 3,837,850 | ||||
PacWest 2003 Stock Incentive Plan | Time-Based Restricted Stock Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unvested restricted shares (shares) | 1,393,874 | 1,393,874 |
Subsequent Events (Details Textuals) - $ / shares |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Nov. 01, 2017 |
Sep. 30, 2017 |
Jun. 30, 2017 |
Sep. 30, 2016 |
Sep. 30, 2017 |
Sep. 30, 2016 |
|
Subsequent Event [Line Items] | ||||||
Dividends declared per share (usd per share) | $ 0.50 | $ 0.50 | $ 0.50 | $ 1.50 | $ 1.5 | |
Subsequent Event [Member] | Dividend Declared | ||||||
Subsequent Event [Line Items] | ||||||
Dividends declared per share (usd per share) | $ 0.50 |
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