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Loans and Leases
 12 Months Ended
Dec. 31, 2014
Receivables [Abstract]  
Loans and Leases
Loans and Leases 
 
The following table presents the major types of loans and leases as of December 31, 2014 and 2013: 
 
 (in thousands)
December 31,
 
December 31,
Non-Covered Loans
2014
 
2013
Commercial real estate
 
 
 
Non-owner occupied term, net
$
3,154,853

 
$
2,328,260

Owner occupied term, net
2,588,090

 
1,259,583

Multifamily, net
2,611,308

 
403,537

Construction & development, net
255,852

 
245,231

Residential development, net
80,008

 
88,413

Commercial
 
 
 
Term, net
1,094,407

 
770,845

LOC & other, net
1,316,980

 
987,360

Leases and equipment finance, net
523,114

 
361,591

Residential
 
 
 
Mortgage, net
2,217,105

 
597,201

Home equity loans & lines, net
835,981

 
264,269

Consumer & other, net
385,523

 
48,113

Non-covered loans and leases, net of deferred fees and costs
$
15,063,221

 
$
7,354,403

 
 
 
 
Covered Loans
 
 
 
Commercial real estate
 
 
 
Non-owner occupied term, net
$
135,757

 
$
206,902

Owner occupied term, net
45,774

 
49,817

Multifamily, net
27,310

 
37,671

Construction & development, net
2,870

 
3,455

Residential development, net
1,838

 
7,286

Commercial
 
 
 

Term, net
8,580

 
15,719

LOC & other, net
5,742

 
6,698

Leases and equipment finance, net
—

 
—

Residential
 
 
 

Mortgage, net
16,630

 
22,316

Home equity loans & lines, net
16,497

 
19,637

Consumer & other, net
3,513

 
4,262

Covered loans, net of deferred fees and costs
264,511

 
373,763

Total loans, net of deferred fees and costs
$
15,327,732

 
$
7,728,166


 
The loan balances are net of deferred fees and costs of $26.3 million and $495,000 as of December 31, 2014 and 2013, respectively. As of December 31, 2014, loans totaling $8.5 billion were pledged to secure borrowings and available lines of credit. Net loans include discounts on acquired loans of $236.6 million and $63.4 million as of December 31, 2014 and 2013, respectively.

The outstanding contractual unpaid principal balance of purchased impaired loans, excluding acquisition accounting adjustments, was $770.9 million and $497.5 million at December 31, 2014 and 2013, respectively. The carrying balance of purchased impaired loans was $562.9 million and $358.7 million at December 31, 2014 and 2013, respectively.



The following table presents the changes in the accretable yield for purchased impaired loans for the year ended December 31, 2014, and 2013:
(in thousands)
Year ended
 
December 31, 2014
 
Evergreen
 
Rainer
 
Nevada Security
 
Circle
 
Sterling
 
Total
Balance, beginning of period
$
20,063

 
$
71,789

 
$
34,632

 
$
1,140

 
$
—

 
$
127,624

Additions
—

 
—

 
—

 
—

 
110,757

 
110,757

Accretion to interest income
(11,340
)
 
(18,264
)
 
(13,791
)
 
(344
)
 
(18,408
)
 
(62,147
)
Disposals
(5,457
)
 
(11,217
)
 
(5,841
)
 
—

 
(9,951
)
 
(32,466
)
Reclassifications from nonaccretable difference
6,200

 
7,681

 
8,666

 
—

 
35,384

 
57,931

Balance, end of period
$
9,466

 
$
49,989

 
$
23,666

 
$
796

 
$
117,782

 
$
201,699

 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended
 
 
 
December 31, 2013
 
 
 
Evergreen
 
Rainer
 
Nevada Security
 
Circle
 
Total
 
 
Balance, beginning of period
$
34,567

 
$
102,468

 
$
46,353

 
$
770

 
$
184,158

 
 
Additions
—

 
—

 
—

 
—

 
—

 
 
Accretion to interest income
(12,695
)
 
(23,511
)
 
(15,292
)
 
(292
)
 
(51,790
)
 
 
Disposals
(3,221
)
 
(12,362
)
 
(3,703
)
 
(672
)
 
(19,958
)
 
 
Reclassifications from nonaccretable difference
1,412

 
5,194

 
7,274

 
1,334

 
15,214

 
 
Balance, end of period
$
20,063

 
$
71,789

 
$
34,632

 
$
1,140

 
$
127,624

 
 


Loans acquired in a FDIC-assisted acquisition that are subject to a loss-share agreement are referred to as covered loans. Covered loans are reported exclusive of the cash flow reimbursements expected from the FDIC. The following table summarizes the activity related to the FDIC indemnification asset for the years ended December 31, 2014 and 2013: 

(in thousands) 
 
 
 
 
 
2014
 
2013
Balance, beginning of period
 
$
23,174

 
$
52,798

Change in FDIC indemnification asset
 
(15,151
)
 
(25,549
)
Transfers to due from FDIC and other
 
(3,606
)
 
(4,075
)
Balance, end of period
 
$
4,417

 
$
23,174




The following table presents the net investment in direct financing leases and loans, net as of December 31, 2014 and 2013: 

(in thousands)
December 31,
 
December 31,
 
2014
 
2013
Minimum lease payments receivable
$
283,942

 
$
242,220

Estimated guaranteed and unguaranteed residual value
9,158

 
8,455

Initial direct costs - net of accumulated amortization
9,140

 
3,824

Unearned income
(55,868
)
 
(55,110
)
Equipment finance loans, including unamortized deferred fees and costs
275,639

 
151,721

Interim lease receivables
—

 
6,752

Accretable yield/purchase accounting adjustments
1,103

 
3,729

Net investment in direct financing leases and loans
$
523,114

 
$
361,591

 
 
 
 
Allowance for credit losses
(14,369
)
 
(3,775
)
 
 
 
 
Net investment in direct financing leases and loans - net
$
508,745

 
$
357,816



The following table presents the scheduled minimum lease payments receivable, excluding equipment finance loans, as of December 31, 2014:
(in thousands)
 
2015
$
109,411

2016
81,477

2017
53,075

2018
29,121

2019
8,954

Thereafter
1,904

 
$
283,942