Segment Information

6 Months Ended

Jun. 30, 2014

Segment Reporting [Abstract]

Segment Information

Segment Information 

The Company operates two primary segments: Community Banking and Home Lending. The Community Banking segment's principal business focus is the offering of loan and deposit products to business and retail customers in its primary market areas. As of June 30, 2014, the Community Banking segment operated 422 locations throughout Oregon, Washington, California, Idaho, and Nevada.

The Home Lending segment, which operates as a division of the Bank, originates, sells and services residential mortgage loans.  

In the second quarter of 2014, the Company combined its Wealth Management segment into the Community Banking segment as Wealth Management no longer met the definition of an operating segment. The segment results for comparable periods have been modified to reflect the current period presentation.

Summarized financial information concerning the Company's reportable segments and the reconciliation to the consolidated financial results is shown in the following tables: 

(in thousands)	Three Months Ended June 30, 2014
	Community			Home
	Banking			Lending		Consolidated
Interest income	$	207,497		$	17,470	$	224,967
Interest expense	11,365			1,343		12,708
Net interest income	196,132			16,127		212,259
Provision for non-covered loan and lease losses	15,399			—		15,399
(Recapture of) provision for covered loan losses	(703		)	—		(703		)
Non-interest income	19,978			24,551		44,529
Non-interest expense	195,296			18,835		214,131
Income before income taxes	6,118			21,843		27,961
Provision for income taxes	2,003			8,737		10,740
Net income	4,115			13,106		17,221
Dividends and undistributed earnings allocated
to participating securities	83			—		83
Net earnings available to common shareholders	$	4,032		$	13,106	$	17,138
	Six Months Ended June 30, 2014
	Community			Home
	Banking			Lending		Consolidated
Interest income	$	317,654		$	23,193	$	340,847
Interest expense	18,855			1,895		20,750
Net interest income	298,799			21,298		320,097
Provision for non-covered loan and lease losses	20,799			—		20,799
(Recapture of) provision for covered loan losses	(132		)	—		(132		)
Non-interest income	32,465			35,071		67,536
Non-interest expense	284,630			26,019		310,649
Income before income taxes	25,967			30,350		56,317
Provision for income taxes	8,192			12,140		20,332
Net income	17,775			18,210		35,985
Dividends and undistributed earnings allocated
to participating securities	196			—		196
Net earnings available to common shareholders	$	17,579		$	18,210	$	35,789

(in thousands)	Three Months Ended June 30, 2013
	Community			Home
	Banking			Lending		Consolidated
Interest income	$	98,571		$	5,444	$	104,015
Interest expense	9,463			659		10,122
Net interest income	89,108			4,785		93,893
Provision for non-covered loan and lease losses	2,993			—		2,993
(Recapture of) provision for covered loan losses	(3,072		)	—		(3,072		)
Non-interest income	10,085			24,412		34,497
Non-interest expense	77,092			10,839		87,931
Income before income taxes	22,180			18,358		40,538
Provision for income taxes	6,942			7,343		14,285
Net income	15,238			11,015		26,253
Dividends and undistributed earnings allocated
to participating securities	197			—		197
Net earnings available to common shareholders	$	15,041		$	11,015	$	26,056
	Six Months Ended June 30, 2013
	Community			Home
	Banking			Lending		Consolidated
Interest income	$	197,306		$	11,042	$	208,348
Interest expense	18,934			1,332		20,266
Net interest income	178,372			9,710		188,082
Provision for non-covered loan and lease losses	9,981			—		9,981
(Recapture of) provision for covered loan losses	(2,840		)	—		(2,840		)
Non-interest income	20,371			48,141		68,512
Non-interest expense	152,552			21,141		173,693
Income before income taxes	39,050			36,710		75,760
Provision for income taxes	11,462			14,684		26,146
Net income	27,588			22,026		49,614
Dividends and undistributed earnings allocated
to participating securities	380			—		380
Net earnings available to common shareholders	$	27,208		$	22,026	$	49,234

(in thousands)	June 30, 2014
	Community		Home
	Banking		Lending		Consolidated
Total assets	$	19,652,350	$	2,389,879	$	22,042,229
Total loans and leases (covered and non-covered)	$	13,200,865	$	1,952,392	$	15,153,257
Total deposits	$	16,277,293	$	45,707	$	16,323,000

(in thousands)	December 31, 2013
	Community		Home
	Banking		Lending		Consolidated
Total assets	$	10,949,050	$	687,062	$	11,636,112
Total loans and leases (covered and non-covered)	$	7,186,366	$	532,029	$	7,718,395
Total deposits	$	9,090,959	$	26,701	$	9,117,660