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Loans Held for Investment (Tables)
3 Months Ended
Mar. 31, 2014
Loans Held for Investment  
Schedule of components of loans held for investment

 

 

 

 

March 31, 2014

 

December 31, 2013

 

March 31, 2013

 

 

 

(in thousands)

 

Business loans:

 

 

 

 

 

 

 

Commercial and industrial

 

$

271,877

 

$

187,035

 

$

140,592

 

Commercial owner occupied (1)

 

223,848

 

221,089

 

166,571

 

SBA

 

11,045

 

10,659

 

5,116

 

Warehouse facilities

 

81,033

 

87,517

 

138,935

 

Real estate loans:

 

 

 

 

 

 

 

Commercial non-owner occupied

 

333,490

 

333,544

 

256,015

 

Multi-family

 

223,200

 

233,689

 

139,100

 

One-to-four family (2)

 

141,469

 

145,235

 

87,109

 

Construction

 

29,857

 

13,040

 

 

Land

 

6,170

 

7,605

 

7,863

 

Other loans

 

3,480

 

3,839

 

4,690

 

Total gross loans (3)

 

1,325,469

 

1,243,252

 

945,991

 

Less loans held for sale, net

 

 

(3,147

)

(3,643

)

Total gross loans held for investment

 

1,325,469

 

1,240,105

 

942,348

 

Less:

 

 

 

 

 

 

 

Deferred loan origination costs (fees) and premiums (discounts), net

 

(97

)

18

 

(520

)

Allowance for loan losses

 

(8,685

)

(8,200

)

(7,994

)

Loans held for investment, net

 

$

1,316,687

 

$

1,231,923

 

$

933,834

 

 

(1) Majority secured by real estate.

(2)  Includes second trust deeds.

(3) Total gross loans for March 31, 2014 are net of (i) the unaccreted mark-to-market discounts on Canyon National Bank (“Canyon National”) loans of $1.8 million, on Palm Desert National Bank (“Palm Desert National”) loans of $2.2 million, and on SDTB loans of $115,000 and (ii) the mark-to-market premium on FAB loans of $53,000.

Summary of Company's investment in purchased credit impaired loans

 

 

 

 

March 31, 2014

 

 

 

Canyon National

 

Palm Desert
National

 

Total

 

 

 

(in thousands)

 

Business loans:

 

 

 

 

 

 

 

Commercial and industrial

 

$

84

 

$

 

$

84

 

Commercial owner occupied

 

866

 

 

866

 

Real estate loans:

 

 

 

 

 

 

 

Commercial non-owner occupied

 

993

 

 

993

 

One-to-four family

 

 

14

 

14

 

Total purchase credit impaired

 

$

1,943

 

$

14

 

$

1,957

 

Summary of accretable yield on purchased credit impaired

 

 

 

 

Three Months Ended

 

 

 

March 31, 2014

 

 

 

Canyon National

 

Palm Desert
National

 

Total

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

Balance at the beginning of period

 

$

1,623

 

$

53

 

$

1,676

 

Accretion

 

(68

)

 

(68

)

Disposals and other

 

 

 

 

Change in accretable yield

 

 

 

 

Balance at the end of period

 

$

1,555

 

$

53

 

$

1,608

 

Summary of Company's investment in impaired loans

 

 

 

 

 

 

 

 

Impaired Loans

 

 

 

 

 

 

 

 

 

Contractual
Unpaid
Principal
Balance

 

Recorded
Investment

 

With Specific
Allowance

 

Without
Specific
Allowance

 

Specific
Allowance for
Impaired
Loans

 

Average
Recorded
Investment

 

Interest
Income
Recognized

 

 

 

(in thousands)

 

March 31, 2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

$

67

 

$

31

 

$

 

$

31

 

$

 

$

10

 

$

 

Commercial owner occupied

 

870

 

718

 

 

718

 

 

738

 

 

SBA

 

246

 

14

 

 

14

 

 

14

 

9

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial non-owner occupied

 

1,894

 

1,327

 

 

1,327

 

 

1,093

 

17

 

One-to-four family

 

639

 

593

 

274

 

319

 

104

 

602

 

17

 

Totals

 

$

3,716

 

$

2,683

 

$

274

 

$

2,409

 

$

104

 

$

2,457

 

$

43

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Impaired Loans

 

 

 

 

 

 

 

 

 

Contractual
Unpaid
Principal
Balance

 

Recorded
Investment

 

With Specific
Allowance

 

Without
Specific
Allowance

 

Specific
Allowance for
Impaired
Loans

 

Average
Recorded
Investment

 

Interest
Income
Recognized

 

 

 

(in thousands)

 

December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

$

 

$

 

$

 

$

 

$

 

$

255

 

$

17

 

Commercial owner occupied

 

872

 

747

 

 

747

 

 

177

 

66

 

SBA

 

246

 

14

 

 

14

 

 

70

 

28

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial non-owner occupied

 

1,202

 

983

 

28

 

955

 

1

 

984

 

68

 

Multi-family

 

 

 

 

 

 

108

 

2

 

One-to-four family

 

746

 

683

 

278

 

405

 

104

 

743

 

44

 

Totals

 

$

3,066

 

$

2,427

 

$

306

 

$

2,121

 

$

105

 

$

2,337

 

$

225

 

 

 

 

 

 

 

 

Impaired Loans

 

 

 

 

 

 

 

 

 

Contractual
Unpaid
Principal
Balance

 

Recorded
Investment

 

With Specific
Allowance

 

Without
Specific
Allowance

 

Specific
Allowance for
Impaired
Loans

 

Average
Recorded
Investment

 

Interest
Income
Recognized

 

 

 

(in thousands)

 

March 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

$

697

 

$

580

 

$

281

 

$

299

 

$

256

 

$

584

 

$

18

 

Commercial owner occupied

 

245

 

245

 

 

245

 

 

245

 

 

SBA

 

422

 

129

 

 

129

 

 

143

 

6

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial non-owner occupied

 

2,478

 

1,974

 

 

1,974

 

 

1,550

 

22

 

Multi-family

 

 

 

 

 

 

88

 

2

 

One-to-four family

 

849

 

824

 

502

 

322

 

360

 

858

 

26

 

Totals

 

$

4,691

 

$

3,752

 

$

783

 

$

2,969

 

$

616

 

$

3,468

 

$

74

Summary of additional detail on components of impaired loans

 

 

 

 

March 31, 2014

 

December 31, 2013

 

March 31, 2013

 

 

 

(in thousands)

 

 

 

 

 

 

 

 

 

Nonaccruing loans

 

$

2,497

 

$

2,239

 

$

3,055

 

Accruing loans

 

186

 

188

 

697

 

Total impaired loans

 

$

2,683

 

$

2,427

 

$

3,752

 

Summary of loan portfolio by the Company's internal risk grading system

 

 

 

 

Credit Risk Grades

 

 

 

 

 

Special

 

 

 

Total Gross

 

 

 

Pass

 

Mention

 

Substandard

 

Loans

 

March 31, 2014

 

(in thousands)

 

Business loans:

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

$

270,024

 

$

 

$

1,853

 

$

271,877

 

Commercial owner occupied

 

212,663

 

272

 

10,913

 

223,848

 

SBA

 

11,031

 

 

14

 

11,045

 

Warehouse facilities

 

81,033

 

 

 

81,033

 

Real estate loans:

 

 

 

 

 

 

 

 

 

Commercial non-owner occupied

 

328,645

 

 

4,845

 

333,490

 

Multi-family

 

222,178

 

508

 

514

 

223,200

 

One-to-four family

 

140,453

 

 

1,016

 

141,469

 

Construction

 

29,857

 

 

 

29,857

 

Land

 

6,170

 

 

 

6,170

 

Other loans

 

3,478

 

 

2

 

3,480

 

Totals

 

$

1,305,532

 

$

780

 

$

19,157

 

$

1,325,469

 

 

 

 

Credit Risk Grades

 

 

 

 

 

Special

 

 

 

Total Gross

 

 

 

Pass

 

Mention

 

Substandard

 

Loans

 

December 31, 2013

 

(in thousands)

 

Business loans:

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

$

184,247

 

$

12

 

$

2,776

 

$

187,035

 

Commercial owner occupied

 

207,872

 

1,217

 

12,000

 

221,089

 

SBA

 

10,659

 

 

 

10,659

 

Warehouse facilities

 

87,517

 

 

 

87,517

 

Real estate loans:

 

 

 

 

 

 

 

 

 

Commercial non-owner occupied

 

329,538

 

352

 

3,654

 

333,544

 

Multi-family

 

232,661

 

511

 

517

 

233,689

 

One-to-four family

 

144,152

 

 

1,083

 

145,235

 

Construction

 

13,040

 

 

 

13,040

 

Land

 

7,605

 

 

 

7,605

 

Other loans

 

3,834

 

 

5

 

3,839

 

Totals

 

$

1,221,125

 

$

2,092

 

$

20,035

 

$

1,243,252

 

 

 

 

Credit Risk Grades

 

 

 

 

 

Special

 

 

 

Total Gross

 

 

 

Pass

 

Mention

 

Substandard

 

Loans

 

March 31, 2013

 

(in thousands)

 

Business loans:

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

$

136,947

 

$

96

 

$

3,549

 

$

140,592

 

Commercial owner occupied

 

149,787

 

2,792

 

13,992

 

166,571

 

SBA

 

5,063

 

 

53

 

5,116

 

Warehouse facilities

 

138,935

 

 

 

138,935

 

Real estate loans:

 

 

 

 

 

 

 

 

 

Commercial non-owner occupied

 

247,140

 

360

 

8,515

 

256,015

 

Multi-family

 

137,014

 

517

 

1,569

 

139,100

 

One-to-four family

 

85,849

 

 

1,260

 

87,109

 

Land

 

7,853

 

 

10

 

7,863

 

Other loans

 

4,678

 

 

12

 

4,690

 

Totals

 

$

913,266

 

$

3,765

 

$

28,960

 

$

945,991

Schedule of delinquencies in the Company's loan portfolio

 

 

 

 

 

 

Days Past Due

 

 

 

Non-

 

 

 

Current

 

30-59

 

60-89

 

90+

 

Total

 

Accruing

 

March 31, 2014

 

(in thousands)

 

Business loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

$

271,845

 

$

 

$

32

 

$

 

$

271,877

 

$

31

 

Commercial owner occupied

 

223,402

 

 

 

446

 

223,848

 

864

 

SBA

 

10,985

 

46

 

 

14

 

11,045

 

14

 

Warehouse facilities

 

81,033

 

 

 

 

81,033

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial non-owner occupied

 

332,572

 

 

 

918

 

333,490

 

1,327

 

Multi-family

 

223,200

 

 

 

 

223,200

 

 

One-to-four family

 

141,348

 

72

 

 

49

 

141,469

 

438

 

Construction

 

29,857

 

 

 

 

29,857

 

 

Land

 

6,170

 

 

 

 

6,170

 

 

Other loans

 

3,480

 

 

 

 

3,480

 

 

Totals

 

$

1,323,892

 

$

118

 

$

32

 

$

1,427

 

$

1,325,469

 

$

2,674

 

 

 

 

 

 

Days Past Due

 

 

 

Non-

 

 

 

Current

 

30-59

 

60-89

 

90+

 

Total

 

Accruing

 

December 31, 2013

 

(in thousands)

 

Business loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

$

187,035

 

$

 

$

 

$

 

$

187,035

 

$

 

Commercial owner occupied

 

219,875

 

768

 

 

446

 

221,089

 

747

 

SBA

 

10,645

 

 

 

14

 

10,659

 

14

 

Warehouse facilities

 

87,517

 

 

 

 

87,517

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial non-owner occupied

 

332,984

 

 

 

560

 

333,544

 

983

 

Multi-family

 

233,689

 

 

 

 

233,689

 

 

One-to-four family

 

145,041

 

71

 

 

123

 

145,235

 

507

 

Construction

 

13,040

 

 

 

 

13,040

 

 

Land

 

7,605

 

 

 

 

7,605

 

 

Other loans

 

3,709

 

130

 

 

 

3,839

 

 

Totals

 

$

1,241,140

 

$

969

 

$

 

$

1,143

 

$

1,243,252

 

$

2,251

 

 

 

 

 

 

Days Past Due

 

 

 

Non-

 

 

 

Current

 

30-59

 

60-89

 

90+

 

Total

 

Accruing

 

March 31, 2013

 

(in thousands)

 

Business loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial and industrial

 

$

140,365

 

$

9

 

$

 

$

218

 

$

140,592

 

$

333

 

Commercial owner occupied

 

166,326

 

 

 

245

 

166,571

 

245

 

SBA

 

5,044

 

 

 

72

 

5,116

 

121

 

Warehouse facilities

 

138,935

 

 

 

 

138,935

 

 

Real estate loans:

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial non-owner occupied

 

254,678

 

 

 

1,337

 

256,015

 

1,974

 

Multi-family

 

138,053

 

 

1,047

 

 

139,100

 

 

One-to-four family

 

87,021

 

49

 

30

 

9

 

87,109

 

429

 

Land

 

7,863

 

 

 

 

7,863

 

 

Other loans

 

4,690

 

 

 

 

4,690

 

 

Totals

 

$

942,975

 

$

58

 

$

1,077

 

$

1,881

 

$

945,991

 

$

3,102