Loans Receivable and Allowance for Loan Losses (Tables)

3 Months Ended

Mar. 31, 2015

Loans receivable at March 31, 2015 and December 31, 2014 are summarized as follows (in thousands):



	March 31, 2015			December 31, 2014
Mortgage loans:
Residential	$	1,245,711		1,251,445
Commercial	1,688,083			1,694,359
Multi-family	1,070,294			1,041,582
Construction	274,001			221,102
Total mortgage loans	4,278,089			4,208,488
Commercial loans	1,242,565			1,262,422
Consumer loans	601,190			611,467
Total gross loans	6,121,844			6,082,377
Purchased credit-impaired ("PCI") loans	4,285			4,510
Premiums on purchased loans	5,386			5,307
Unearned discounts	(47		)	(53	)
Net deferred fees	(6,769		)	(6,636	)
Total loans	$	6,124,699		6,085,505

Summary of Aging Loans Receivable by Portfolio Segment and Class

The following tables summarize the aging of loans receivable by portfolio segment and class of loans, excluding PCI loans (in thousands):



	March 31, 2015
	30-59 Days		60-89 Days	Non-accrual	Total Past Due and Non-accrual	Current	Total Loans Receivable	Recorded Investment > 90 days accruing
Mortgage loans:
Residential	$	8,871	5,832	16,913	31,616	1,214,095	1,245,711	—
Commercial	1,485		292	18,203	19,980	1,668,103	1,688,083	—
Multi-family	526		—	322	848	1,069,446	1,070,294	—
Construction	—		—	—	—	274,001	274,001	—
Total mortgage loans	10,882		6,124	35,438	52,444	4,225,645	4,278,089	—
Commercial loans	3,352		18	12,035	15,405	1,227,160	1,242,565	—
Consumer loans	3,599		1,020	3,415	8,034	593,156	601,190	—
Total gross loans	$	17,833	7,162	50,888	75,883	6,045,961	6,121,844	—



	December 31, 2014
	30-59 Days		60-89 Days	Non-accrual	Total Past Due and Non-accrual	Current	Total Loans Receivable	Recorded Investment > 90 days accruing
Mortgage loans:
Residential	$	10,121	4,331	17,222	31,674	1,219,771	1,251,445	—
Commercial	146		30	20,026	20,202	1,674,157	1,694,359	—
Multi-family	—		—	321	321	1,041,261	1,041,582	—
Construction	—		—	—	—	221,102	221,102	—
Total mortgage loans	10,267		4,361	37,569	52,197	4,156,291	4,208,488	—
Commercial loans	1,000		371	12,342	13,713	1,248,709	1,262,422	—
Consumer loans	2,398		2,509	3,944	8,851	602,616	611,467	—
Total gross loans	$	13,665	7,241	53,855	74,761	6,007,616	6,082,377	—

Summary of Loans Receivable by Portfolio Segment and Impairment Method

The following table summarizes loans receivable by portfolio segment and impairment method, excluding PCI loans (in thousands):



	March 31, 2015
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments
Individually evaluated for impairment	$	65,563	22,849	2,396	90,808
Collectively evaluated for impairment	4,212,526		1,219,716	598,794	6,031,036
Total	$	4,278,089	1,242,565	601,190	6,121,844



	December 31, 2014
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments
Individually evaluated for impairment	$	66,548	16,463	2,384	85,395
Collectively evaluated for impairment	4,141,940		1,245,959	609,083	5,996,982
Total	$	4,208,488	1,262,422	611,467	6,082,377

Summary of Allowance for Loan Losses by Portfolio Segment and Impairment Classification

The allowance for loan losses is summarized by portfolio segment and impairment classification as follows (in thousands):



	March 31, 2015
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments	Unallocated	Total
Individually evaluated for impairment	$	4,896	1,648	109	6,653	—	6,653
Collectively evaluated for impairment	27,990		22,049	4,168	54,207	250	54,457
Total	$	32,886	23,697	4,277	60,860	250	61,110



	December 31, 2014
	Mortgage loans		Commercial loans	Consumer loans	Total Portfolio Segments	Unallocated	Total
Individually evaluated for impairment	$	4,696	2,318	113	7,127	—	7,127
Collectively evaluated for impairment	27,281		22,063	4,768	54,112	495	54,607
	$	31,977	24,381	4,881	61,239	495	61,734

Schedule of Troubled Debt Restructuring

The following tables present the number of loans modified as TDRs during the three months ended March 31, 2015 and 2014 along with their balances immediately prior to the modification date and post-modification as of March 31, 2015 and 2014:



	For the three months ended
	March 31, 2015					March 31, 2014
Troubled Debt Restructuring	Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment		Number of Loans	Pre-Modification Outstanding Recorded Investment		Post-Modification Outstanding Recorded Investment
	($ in thousands)
Mortgage loans:
Residential	2	$	322	$	321	4	$	875	$	835
Construction	1	2,600		347		—	—		—
Total mortgage loans	3	2,922		668		4	875		835
Commercial loans	4	6,659		6,898		1	116		28
Consumer loans	1	44		42		—	—		—
Total restructured loans	8	$	9,625	$	7,608	5	$	991	$	863

Schedule of Troubled Debt Restructurings Subsequently Defaulted

The following table presents loans modified as TDRs within the previous 12 months from March 31, 2015 and 2014, and for which there was a payment default (90 days or more past due) at the quarter ended March 31, 2015 and 2014.



	March 31, 2015				March 31, 2014
Troubled Debt Restructurings Subsequently Defaulted	Number of Loans		Outstanding Recorded Investment		Number of Loans	Outstanding Recorded Investment
			($ in thousands)			($ in thousands)
Mortgage loans:
Residential	$	—	$	—	1	$	90
Total mortgage loans	—		—		1	90
Commercial loans	—		—		3	$	1,647
Total restructured loans	$	—	$	—	4	$	1,737

Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period

The following table summarizes the changes in the accretable yield for PCI loans during the three months ended March 31, 2015 (in thousands):



	Three months ended March 31, 2015
Beginning balance	$	695
Acquisition	—
Accretion	(198		)
Reclassification from non-accretable discount	184
Ending balance	$	681

The following table presents information regarding the estimates of the contractually required payments, the cash flows expected to be collected and the estimated fair value of the PCI loans acquired from Team Capital at May 30, 2014 (in thousands):



	May 30, 2014
Contractually required principal and interest	$	12,505
Contractual cash flows not expected to be collected (non-accretable discount)	(6,475		)
Expected cash flows to be collected at acquisition	6,030
Interest component of expected cash flows (accretable yield)	(810		)
Fair value of acquired PCI loans	$	5,220

Schedule of Allowance for Loan Losses by Portfolio Segment

The activity in the allowance for loan losses by portfolio segment for the three months ended March 31, 2015 and 2014 was as follows (in thousands):



Three months ended March 31,	Mortgage loans			Commercial loans		Consumer loans		Total Portfolio Segments		Unallocated		Total
2015
Balance at beginning of period	$	31,977		24,381		4,881		61,239		495		61,734
Provision charged to operations	1,038			(477	)	284		845		(245	)	600
Recoveries of loans previously charged-off	65			215		211		491		—		491
Loans charged-off	(194		)	(422	)	(1,099	)	(1,715	)	—		(1,715	)
Balance at end of period	$	32,886		23,697		4,277		60,860		250		61,110

2014
Balance at beginning of period	$	34,144		24,107		4,929		63,180		1,484		64,664
Provision charged to operations	(2,000		)	1,330		144		(526	)	926		400
Recoveries of loans previously charged-off	67			243		121		431		—		431
Loans charged-off	(741		)	(519	)	(815	)	(2,075	)	—		(2,075	)
Balance at end of period	$	31,470		25,161		4,379		61,010		2,410		63,420

Summary of Impaired Loans Receivable by Class

The following table presents loans individually evaluated for impairment by portfolio segment and class, excluding PCI loans (in thousands):



	March 31, 2015						December 31, 2014
	Unpaid Principal Balance		Recorded Investment	Related Allowance	Average Recorded Investment	Interest Income Recognized	Unpaid Principal Balance	Recorded Investment	Related Allowance	Average Recorded Investment	Interest Income Recognized
Loans with no related allowance
Mortgage loans:
Residential	$	15,230	10,895	—	11,048	107	14,942	10,629	—	11,138	357
Commercial	2,613		2,574	—	2,574	—	4,971	4,708	—	4,713	—
Multi-family	—		—	—	—	—	—	—	—	—	—
Construction	—		—	—	—	—	—	—	—	—	—
Total	17,843		13,469	—	13,622	107	19,913	15,337	—	15,851	357
Commercial loans	8,925		8,387	—	8,501	60	2,718	2,179	—	1,823	4
Consumer loans	1,302		854	—	862	8	1,250	830	—	870	28
Total loans	$	28,070	22,710	—	22,985	175	23,881	18,346	—	18,544	389

Loans with an allowance recorded
Mortgage loans:
Residential	$	15,444	14,824	2,382	14,864	386	15,523	14,906	2,367	15,106	555
Commercial	38,382		36,923	2,504	37,021	239	37,555	36,306	2,329	36,674	914
Multi-family	—		—	—	—	—	—	—	—	—	—
Construction	347		347	10	347	14	—	—	—	—	—
Total	54,173		52,094	4,896	52,232	639	53,078	51,212	4,696	51,780	1,469
Commercial loans	16,257		14,462	1,648	14,673	75	15,990	14,283	2,318	15,967	390
Consumer loans	1,552		1,542	109	1,548	19	1,565	1,554	113	1,578	80
Total loans	$	71,982	68,098	6,653	68,453	733	70,633	67,049	7,127	69,325	1,939

Total impaired loans
Mortgage loans:
Residential	$	30,674	25,719	2,382	25,912	493	30,465	25,535	2,367	26,244	912
Commercial	40,995		39,497	2,504	39,595	239	42,526	41,014	2,329	41,387	914
Multi-family	—		—	—	—	—	—	—	—	—	—
Construction	347		347	10	347	14	—	—	—	—	—
Total	72,016		65,563	4,896	65,854	746	72,991	66,549	4,696	67,631	1,826
Commercial loans	25,182		22,849	1,648	23,174	135	18,708	16,462	2,318	17,790	394
Consumer loans	2,854		2,396	109	2,410	27	2,815	2,384	113	2,448	108
Total loans	$	100,052	90,808	6,653	91,438	908	94,514	85,395	7,127	87,869	2,328

Summary of Loans Receivable by Credit Quality Risk Rating Indicator

Loans receivable by credit quality risk rating indicator, excluding PCI loans, are as follows (in thousands):



	At March 31, 2015
	Residential		Commercial mortgage	Multi- family	Construction	Total mortgages	Commercial	Consumer	Total loans
Special mention	$	5,832	43,749	1,105	—	50,686	57,403	1,020	109,109
Substandard	16,913		30,773	847	347	48,880	32,410	3,165	84,455
Doubtful	—		1,061	—	—	1,061	28	—	1,089
Loss	—		—	—	—	—	—	—	—
Total classified and criticized	22,745		75,583	1,952	347	100,627	89,841	4,185	194,653
Pass/Watch	1,222,966		1,612,500	1,068,342	273,654	4,177,462	1,152,724	597,005	5,927,191
Total	$	1,245,711	1,688,083	1,070,294	274,001	4,278,089	1,242,565	601,190	6,121,844

	At December 31, 2014
	Residential		Commercial mortgage	Multi- family	Construction	Total mortgages	Commercial	Consumer	Total loans
Special mention	$	4,331	18,414	851	—	23,596	45,599	2,509	71,704
Substandard	17,222		53,454	322	2,600	73,598	32,828	3,938	110,364
Doubtful	—		1,063	—	—	1,063	29	—	1,092
Loss	—		—	—	—	—	—	—	—
Total classified and criticized	21,553		72,931	1,173	2,600	98,257	78,456	6,447	183,160
Pass/Watch	1,229,892		1,621,428	1,040,409	218,502	4,110,231	1,183,966	605,020	5,899,217
Total	$	1,251,445	1,694,359	1,041,582	221,102	4,208,488	1,262,422	611,467	6,082,377