[X] Annual Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
for the fiscal year ended: December 31, 2015 |
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
for the transition period from to . |
OREGON | 93-1261319 |
(State or Other Jurisdiction | (I.R.S. Employer Identification Number) |
of Incorporation or Organization) |
Title of each class | Name of each exchange on which registered |
NONE | |
Securities registered pursuant to Section 12(g) of the Act: Common Stock |
• | our ability to attract new deposits and loans and leases; |
• | demand for financial services in our market areas; |
• | competitive market pricing factors; |
• | our ability to effectively develop and implement new technology; |
• | deterioration in economic conditions that could result in increased loan and lease losses; |
• | risks associated with concentrations in real estate related loans; |
• | market interest rate volatility; |
• | compression of our net interest margin; |
• | stability of funding sources and continued availability of borrowings; |
• | changes in legal or regulatory requirements or the results of regulatory examinations that could increase expenses or restrict growth; |
• | our ability to recruit and retain key management and staff; |
• | availability of, and competition for acquisition opportunities; |
• | risks associated with merger and acquisition integration; |
• | significant decline in the market value of the Company that could result in an impairment of goodwill; |
• | our ability to raise capital or incur debt on reasonable terms; |
• | regulatory limits on the Bank's ability to pay dividends to the Company; |
• | the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Dodd-Frank Act") on the Company's business operations, including the impact of provisions and regulations related to FDIC deposit insurance, interchange fees, stress testing and executive compensation that could affect our compliance costs, interest expense, revenue and ability to recruit executives; |
• | the impact of the "Basel III" capital rules issued by federal banking regulators ("Basel III Rules"); |
• | benefits from the Merger may not be fully realized or may take longer to realize than expected due to Merger integration delays, diversion of resources including management time and effort from other activities, and disruption to customers and employees; and |
• | competition, including from financial technology companies. |
Oregon | Washington | |||||||||||||
Market | Market | Number | Market | Market | Number | |||||||||
County | Share | Rank | of Stores | County | Share | Rank | of Stores | |||||||
Baker | 27.4 | % | 2 | 1 | Adams | 22.6 | % | 3 | 2 | |||||
Benton | 7.6 | % | 7 | 2 | Asotin | 17.3 | % | 3 | 1 | |||||
Clackamas | 2.3 | % | 8 | 6 | Benton | 6.4 | % | 7 | 2 | |||||
Columbia | 16.2 | % | 3 | 1 | Clallam | 6.7 | % | 7 | 2 | |||||
Coos | 34.5 | % | 1 | 5 | Clark | 18.6 | % | 3 | 12 | |||||
Curry | 49.6 | % | 1 | 4 | Columbia | 24.9 | % | 3 | 1 | |||||
Deschutes | 6.5 | % | 7 | 9 | Douglas | 11.0 | % | 3 | 1 | |||||
Douglas | 70.5 | % | 1 | 9 | Franklin | 10.7 | % | 3 | 1 | |||||
Grant | 21.6 | % | 3 | 1 | Garfield | 57.2 | % | 1 | 1 | |||||
Harney | 22.4 | % | 3 | 1 | Grant | 8.3 | % | 7 | 2 | |||||
Jackson | 19.0 | % | 1 | 10 | Grays Harbor | 19.4 | % | 2 | 3 | |||||
Josephine | 21.7 | % | 1 | 5 | King | 2.3 | % | 8 | 24 | |||||
Klamath | 28.1 | % | 2 | 4 | Kitsap | 0.8 | % | 12 | 1 | |||||
Lake | 28.9 | % | 3 | 1 | Kittitas | 16.4 | % | 3 | 2 | |||||
Lane | 16.8 | % | 2 | 10 | Klickitat | 51.0 | % | 1 | 2 | |||||
Lincoln | 7.3 | % | 7 | 2 | Lewis | 17.0 | % | 2 | 4 | |||||
Linn | 12.7 | % | 4 | 3 | Okanogan | 22.1 | % | 2 | 2 | |||||
Malheur | 21.9 | % | 2 | 3 | Pierce | 3.7 | % | 8 | 12 | |||||
Marion | 7.8 | % | 6 | 4 | Skamania | 100.0 | % | 1 | 1 | |||||
Multnomah | 3.4 | % | 6 | 20 | Snohomish | 1.4 | % | 13 | 2 | |||||
Polk | 6.5 | % | 7 | 1 | Spokane | 9.3 | % | 5 | 9 | |||||
Tillamook | 31.5 | % | 2 | 2 | Thurston | 3.9 | % | 11 | 4 | |||||
Umatilla | 5.4 | % | 6 | 2 | Walla Walla | 4.4 | % | 6 | 2 | |||||
Union | 23.8 | % | 1 | 3 | Whatcom | 2.6 | % | 11 | 4 | |||||
Wallowa | 24.1 | % | 2 | 1 | Whitman | 6.1 | % | 6 | 3 | |||||
Washington | 6.6 | % | 6 | 7 | ||||||||||
Yamhill | 3.4 | % | 8 | 1 |
California | Idaho | |||||||||||||
Market | Market | Number | Market | Market | Number | |||||||||
County | Share | Rank | of Stores | County | Share | Rank | of Stores | |||||||
Amador | 5.9 | % | 6 | 1 | Ada | 0.6 | % | 17 | 2 | |||||
Butte | 2.5 | % | 10 | 2 | Adams | 32.0 | % | 2 | 1 | |||||
Calaveras | 38.7 | % | 1 | 4 | Benewah | 20.8 | % | 3 | 1 | |||||
Colusa | 41.7 | % | 1 | 2 | Idaho | 47.5 | % | 1 | 3 | |||||
Contra Costa | 0.5 | % | 16 | 3 | Kootenai | 2.9 | % | 10 | 3 | |||||
El Dorado | 8.0 | % | 4 | 5 | Latah | 25.8 | % | 1 | 3 | |||||
Glenn | 29.0 | % | 2 | 2 | Nez Perce | 16.1 | % | 3 | 2 | |||||
Humboldt | 23.0 | % | 1 | 7 | Valley | 21.8 | % | 3 | 2 | |||||
Lake | 17.5 | % | 2 | 2 | ||||||||||
Los Angeles | 0.0 | % | 73 | 3 | Nevada | |||||||||
Marin | 1.9 | % | 10 | 3 | Washoe | 3.0 | % | 7 | 4 | |||||
Mendocino | 3.2 | % | 7 | 1 | ||||||||||
Napa | 9.0 | % | 4 | 6 | ||||||||||
Orange | 0.6 | % | 25 | 1 | ||||||||||
Placer | 4.4 | % | 6 | 9 | ||||||||||
Sacramento | 0.7 | % | 16 | 6 | ||||||||||
San Diego | 0.1 | % | 35 | 3 | ||||||||||
San Francisco | 0.0 | % | 35 | 2 | ||||||||||
San Joaquin | 0.5 | % | 18 | 1 | ||||||||||
San Luis Obispo | 0.3 | % | 11 | 1 | ||||||||||
Santa Clara | 0.0 | % | 40 | 1 | ||||||||||
Shasta | 1.9 | % | 8 | 1 | ||||||||||
Solano | 3.2 | % | 8 | 4 | ||||||||||
Sonoma | 5.2 | % | 7 | 9 | ||||||||||
Stanislaus | 0.8 | % | 15 | 2 | ||||||||||
Sutter | 12.3 | % | 3 | 2 | ||||||||||
Tehama | 16.7 | % | 1 | 2 | ||||||||||
Trinity | 29.4 | % | 2 | 1 | ||||||||||
Tuolumne | 15.5 | % | 3 | 5 | ||||||||||
Ventura | 0.1 | % | 24 | 1 | ||||||||||
Yolo | 2.3 | % | 12 | 1 | ||||||||||
Yuba | 26.6 | % | 3 | 2 |
• | prohibits banks from providing correspondent accounts directly to foreign shell banks; |
• | imposes due diligence requirements on banks opening or holding accounts for foreign financial institutions or wealthy foreign individuals; |
• | requires financial institutions to establish an anti-money-laundering ("AML") compliance program; and |
• | generally eliminates civil liability for persons who file suspicious activity reports. |
• | prohibition on personal loans by Umpqua to its directors and executive officers except loans made by the Bank in accordance with federal banking regulations; |
• | independence requirements for Board audit committee members and our external auditor; |
• | certification of reports under the Securities Exchange Act of 1934 ("Exchange Act") by the chief executive officer, chief financial officer and principal accounting officer; |
• | disclosure of off-balance sheet transactions; |
• | expedited reporting of stock transactions by insiders; and |
• | increased criminal penalties for violations of securities laws. |
• | management to establish, maintain, and evaluate disclosure controls and procedures; |
• | management to report on its annual assessment of the effectiveness of internal controls over financial reporting; |
• | our external auditor to attest to the effectiveness of internal controls over financial reporting. |
• | Created a systemic-risk council of top regulators, the Financial Stability Oversight Council (FSOC), whose purpose is to identify risks and respond to emerging threats to the financial stability of the U.S. arising from large, interconnected bank holding companies or nonbank financial companies; |
• | Gave the FDIC authority to unwind large failing financial firms. Treasury would supply funds to cover the up-front costs of winding down the failed firm, but the government would have to put a "repayment plan" in place. Regulators will recoup any losses incurred from the wind-down afterwards by assessing fees on financial firms with more than $50 billion in assets; |
• | Directed the FDIC to base deposit-insurance assessments on assets minus tangible capital instead of on domestic deposits and requires the FDIC to increase premium rates to raise the Deposit Insurance Fund's ("DIF") minimum reserve ratio from 1.15% to 1.35% by September 30, 2020. Banks, like Umpqua, with consolidated assets greater than $10 billion would pay the increased premiums; |
• | Permanently increased FDIC deposit-insurance coverage to $250,000, retroactive to January 1, 2008. The act also eliminated the 1.5% cap on the DIF reserve ratio and automatic dividends when the ratio exceeds 1.35%. The FDIC also has discretion on whether to provide dividends to DIF members; |
• | Authorized banks to pay interest on business checking accounts; |
• | Created the CFPB, housed under the Federal Reserve and led by a director appointed by the President and confirmed by the Senate. All existing consumer laws and regulations enforcement will be transferred to this agency and each existing regulatory agency will contribute their respective consumer regulatory and exam staffs to the CFPB; |
• | Gave the CFPB the authority to write consumer protection rules for banks and nonbank financial firms offering consumer financial services or products and to ensure that consumers are protected from "unfair, deceptive, or abusive" acts or practices. The CFPB also now has authority to examine and enforce regulations for banks with greater than $10 billion in assets; |
• | Authorized the CFPB to require banks to compile and provide reports relating to its consumer lending, marketing and other consumer business activities and to make that information available to the public if doing so is "in the public interest"; |
• | Directed the Federal Reserve to set interchange fees for debit card transactions charged by banks with more than $10 billion in assets. The Federal Reserve must establish what it determines are reasonable fees by factoring in their transaction costs compared to those for checks; |
• | Requires loan originators to retain 5% of any loan sold and securitized, unless it is a "qualified residential mortgage", which includes standard 30 and 15 year fixed rate loans. It also specifically exempts from risk retention FHA, VA, Farmer Mac and Rural Housing Service loans; |
• | Adopted additional various mortgage lending and predatory lending provisions; |
• | Required federal regulators jointly to prescribe regulations mandating that financial institutions with more than $1 billion in assets to disclose to their regulators their incentive compensation plans to permit the regulators to determine whether the plans provide executive officers, employees, directors or principal shareholders with excessive compensation, fees or benefits, or could lead to material financial loss to the institution; |
• | Imposed a number of requirements related to executive compensation that apply to all public companies, such as prohibition of broker discretionary voting in connection with a shareholder vote on executive compensation; mandatory shareholder "say on pay" (every one to three years) and "say on golden parachutes"; and clawback of incentive compensation from current or former executive officers following any accounting restatement; |
• | Established a modified version of the "Volcker Rule" and generally prohibits banks from engaging in proprietary trading or holding or obtaining an interest in a hedge fund or private equity fund, to the extent that it would exceed 3% of the bank's Tier 1 capital. A bank's interest in any single hedge fund or private equity fund may not exceed 3% of the assets of that fund. |
• | Provide employees incentives that appropriately balance risk and reward. |
• | Be compatible with effective controls and risk- management; and |
• | Be supported by strong corporate governance, including active and effective oversight by the board; |
• | Increased regulation of our industry, including the continued implementation of regulations under the Dodd-Frank Act. Compliance with such regulation would increase our costs, reduce existing sources of revenue and may limit our ability to pursue business opportunities. |
• | Our ability to assess the creditworthiness of our customers may be impaired if the models and approaches we use to select, manage, and underwrite our customers become less predictive of future performance. |
• | The process we use to estimate losses inherent in our loan portfolio requires difficult, subjective, and complex judgments, including forecasts of economic conditions and how these economic predictions might impair the ability of our borrowers to repay their loans, which process may no longer be capable of accurate estimation and may, in turn, impact its reliability. |
• | There may be downward pressure on our stock price. |
• | We may face increased competition due to intensified consolidation of the financial services industry. |
Quarter Ended | High | Low | Cash Dividend Per Share | ||||||||
December 31, 2015 | $ | 18.05 | $ | 15.52 | $ | 0.16 | |||||
September 30, 2015 | $ | 18.89 | $ | 15.53 | $ | 0.16 | |||||
June 30, 2015 | $ | 18.92 | $ | 16.82 | $ | 0.15 | |||||
March 31, 2015 | $ | 17.50 | $ | 14.70 | $ | 0.15 | |||||
December 31, 2014 | $ | 17.98 | $ | 14.94 | $ | 0.15 | |||||
September 30, 2014 | $ | 18.39 | $ | 16.22 | $ | 0.15 | |||||
June 30, 2014 | $ | 19.36 | $ | 19.00 | $ | 0.15 | |||||
March 31, 2014 | $ | 19.60 | $ | 16.50 | $ | 0.15 |
(shares in thousands) | ||||||||||
Equity Compensation Plan Information | ||||||||||
(A) | (B) | (C) | ||||||||
Number of securities | Number of securities | |||||||||
to be issued | Weighted average | remaining available for future | ||||||||
upon exercise of | exercise price of | issuance under equity | ||||||||
outstanding options | outstanding options, | compensation plans excluding | ||||||||
Plan category | warrants and rights | warrants and rights (3) | securities reflected in column (A) | |||||||
Equity compensation plans approved by security holders | ||||||||||
2013 Stock Incentive Plan (1) | — | $ | — | 923 | ||||||
2003 Stock Incentive Plan (1) | 449 | $ | 15.90 | — | ||||||
Other (2) | 325 | $ | 17.39 | — | ||||||
Total | 774 | $ | 16.52 | 923 | ||||||
Equity compensation plans not approved by security holders | — | $ | — | — | ||||||
Total | 774 | $ | 16.52 | 923 |
(1) | At the annual meeting on April 16, 2013, shareholders approved the Company's 2013 Incentive Plan (the "2013 Plan"), which, among other things, authorizes the issuance of equity awards to directors and employees and reserves 4 million shares of the Company's common stock for issuance under the plan (up to 2 million shares for "full value awards" as described below). With the adoption of the 2013 Plan, no additional awards will be issued from the 2003 Stock Incentive Plan or the 2007 Long Term Incentive Plan. Under the terms of the 2013 Plan, options and awards generally vest ratably over a period of three to five years, the exercise price of each option equals the market price of the Company's common stock on the date of the grant, and the maximum term is ten years. The 2013 Plan weights "full value awards" (restricted stock and performance share awards) as two shares issued from the total authorized under the 2013 Plan; we have issued only full value awards under the 2013 Plan. For purposes of column (C) above, the total number of shares available for future issuance under the 2013 Plan for full value awards was 462,000 at December 31, 2015. At December 31, 2015, 1.3 million shares issued under the 2013 Plan as restricted stock/performance share awards were outstanding, but subject to forfeiture in the event time or performance based conditions are not met. |
(2) | Includes other Umpqua stock plans and stock plans assumed through previous mergers. |
(3) | Weighted average exercise price is based solely on securities with an exercise price. |
(c) | The following table provides information about repurchases of common stock by the Company during the quarter ended December 31, 2015: |
Period | Total number of Common Shares Purchased (1) | Average Price Paid per Common Share | Total Number of Shares Purchased as Part of Publicly Announced Plan (2) | Maximum Number of Remaining Shares that May be Purchased at Period End under the Plan | ||||||||
10/1/15 - 10/31/15 | 184 | 16.31 | — | 11,503,429 | ||||||||
11/1/15 - 11/30/15 | 61,932 | 17.79 | 61,000 | 11,442,429 | ||||||||
12/1/15 - 12/31/15 | 364 | 16.23 | — | 11,442,429 | ||||||||
Total for quarter | 62,480 | 17.78 | 61,000 |
(1) | Common shares repurchased by the Company during the quarter consist of cancellation of 1,195 shares to be issued upon vesting of restricted stock awards and 285 shares to be issued upon vesting of restricted stock units to pay withholding taxes. During the three months ended December 31, 2015, 61,000 shares were repurchased pursuant to the Company's publicly announced corporate stock repurchase plan described in (2) below. |
(2) | The Company's share repurchase plan, which was first approved by the Board and announced in August 2003, was amended on September 29, 2011 to increase the number of common shares available for repurchase under the plan to 15 million shares. The repurchase program has been extended multiple times by the board with the current expiration date of July 31, 2017. As of December 31, 2015, a total of 11.4 million shares remained available for repurchase. The Company repurchased 571,000 shares under the repurchase plan during 2015, repurchased no shares in 2014, and 98,027 shares under the repurchase plan in 2013. The timing and amount of future repurchases will depend upon the market price for our common stock, securities laws restricting repurchases, asset growth, earnings, and our capital plan. |
Period Ending | ||||||
12/31/2010 | 12/31/2011 | 12/31/2012 | 12/31/2013 | 12/31/2014 | 12/31/2015 | |
Umpqua Holdings Corporation | $100.00 | $103.69 | $101.52 | $169.97 | $156.39 | $151.88 |
Nasdaq Bank Stocks | $100.00 | $89.54 | $106.14 | $149.99 | $157.21 | $170.98 |
Nasdaq U.S. | $100.00 | $99.23 | $116.80 | $163.38 | $187.42 | $200.69 |
S&P 500 | $100.00 | $102.09 | $118.30 | $156.21 | $177.32 | $179.76 |
(in thousands, except per share data) | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||
Interest income | $ | 929,866 | $ | 822,521 | $ | 442,846 | $ | 456,085 | $ | 501,753 | |||||
Interest expense | 58,232 | 48,693 | 37,881 | 48,849 | 73,301 | ||||||||||
Net interest income | 871,634 | 773,828 | 404,965 | 407,236 | 428,452 | ||||||||||
Provision for loan and lease losses | 36,589 | 40,241 | 10,716 | 29,201 | 62,361 | ||||||||||
Non-interest income | 275,724 | 181,174 | 122,895 | 138,304 | 85,217 | ||||||||||
Non-interest expense | 718,060 | 601,746 | 355,825 | 357,314 | 338,611 | ||||||||||
Merger related expenses | 45,582 | 82,317 | 8,836 | 2,338 | 360 | ||||||||||
Income before provision for income taxes | 347,127 | 230,698 | 152,483 | 156,687 | 112,337 | ||||||||||
Provision for income taxes | 124,588 | 83,040 | 54,192 | 54,768 | 38,046 | ||||||||||
Net income | 222,539 | 147,658 | 98,291 | 101,919 | 74,291 | ||||||||||
Dividends and undistributed earnings allocated to participating securities | 357 | 484 | 788 | 682 | 356 | ||||||||||
Net earnings available to common shareholders | $ | 222,182 | $ | 147,174 | $ | 97,503 | $ | 101,237 | $ | 73,935 | |||||
YEAR END | |||||||||||||||
Assets | $ | 23,387,205 | $ | 22,609,903 | $ | 11,632,604 | $ | 11,792,004 | $ | 11,559,391 | |||||
Earning assets | 20,290,398 | 19,370,349 | 10,267,981 | 10,465,505 | 10,263,923 | ||||||||||
Loans and leases (1) | 16,847,360 | 15,327,732 | 7,728,166 | 7,176,433 | 6,524,869 | ||||||||||
Deposits | 17,707,189 | 16,892,099 | 9,117,660 | 9,379,275 | 9,236,690 | ||||||||||
Term debt | 888,769 | 1,006,395 | 251,494 | 253,605 | 255,676 | ||||||||||
Junior subordinated debentures, at fair value | 255,457 | 249,294 | 87,274 | 85,081 | 82,905 | ||||||||||
Junior subordinated debentures, at amortized cost | 101,254 | 101,576 | 101,899 | 110,985 | 102,544 | ||||||||||
Total shareholders' equity | 3,849,334 | 3,777,626 | 1,723,917 | 1,720,600 | 1,668,946 | ||||||||||
Common shares outstanding | 220,171 | 220,161 | 111,973 | 111,890 | 112,165 | ||||||||||
AVERAGE | |||||||||||||||
Assets | $ | 22,905,541 | $ | 19,169,098 | $ | 11,507,688 | $ | 11,499,499 | $ | 11,600,435 | |||||
Earning assets | 19,727,031 | 16,484,664 | 10,224,606 | 10,252,167 | 10,332,242 | ||||||||||
Loans and leases (1) | 15,938,127 | 13,003,762 | 7,367,602 | 6,707,194 | 6,430,797 | ||||||||||
Deposits | 17,250,810 | 14,407,331 | 9,057,673 | 9,124,619 | 9,301,978 | ||||||||||
Term debt | 923,992 | 815,017 | 252,546 | 254,601 | 257,496 | ||||||||||
Junior subordinated debentures | 352,872 | 301,525 | 189,237 | 187,139 | 184,115 | ||||||||||
Total shareholders' equity | 3,820,505 | 3,137,858 | 1,729,083 | 1,701,403 | 1,671,893 | ||||||||||
Basic common shares outstanding | 220,327 | 186,550 | 111,938 | 111,935 | 114,220 | ||||||||||
Diluted common shares outstanding | 221,045 | 187,544 | 112,176 | 112,151 | 114,409 | ||||||||||
PER COMMON SHARE DATA | |||||||||||||||
Basic earnings | $ | 1.01 | $ | 0.79 | $ | 0.87 | $ | 0.90 | $ | 0.65 | |||||
Diluted earnings | 1.01 | 0.78 | 0.87 | 0.90 | 0.65 | ||||||||||
Book value | 17.48 | 17.16 | 15.40 | 15.38 | 14.88 | ||||||||||
Tangible book value (2) | 9.16 | 8.79 | 8.46 | 9.25 | 8.84 | ||||||||||
Cash dividends declared | 0.62 | 0.60 | 0.60 | 0.34 | 0.24 | ||||||||||
(dollars in thousands) | |||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||
PERFORMANCE RATIOS | |||||||||||||||
Return on average assets (3) | 0.97 | % | 0.77 | % | 0.85 | % | 0.88 | % | 0.64 | % | |||||
Return on average common shareholders' equity (4) | 5.82 | % | 4.69 | % | 5.64 | % | 5.95 | % | 4.42 | % | |||||
Return on average tangible common shareholders' equity (5) | 11.22 | % | 9.17 | % | 9.77 | % | 9.88 | % | 7.45 | % | |||||
Efficiency ratio (6) | 66.19 | % | 71.23 | % | 66.83 | % | 64.94 | % | 65.37 | % | |||||
Average common shareholders' equity to average assets | 16.68 | % | 16.37 | % | 15.03 | % | 14.80 | % | 14.41 | % | |||||
Leverage ratio (7) | 9.73 | % | 10.99 | % | 10.90 | % | 11.44 | % | 10.91 | % | |||||
Net interest margin (fully tax equivalent) (8) | 4.44 | % | 4.73 | % | 4.01 | % | 4.02 | % | 4.19 | % | |||||
Non-interest income to total net revenue (9) | 24.03 | % | 18.97 | % | 23.28 | % | 25.35 | % | 16.59 | % | |||||
Dividend payout ratio (10) | 61.39 | % | 75.95 | % | 68.97 | % | 37.78 | % | 36.92 | % | |||||
ASSET QUALITY | |||||||||||||||
Non-performing loans and leases | $ | 44,384 | $ | 59,553 | $ | 35,321 | $ | 70,968 | $ | 91,383 | |||||
Non-performing assets | 66,691 | 97,495 | 59,256 | 98,480 | 145,049 | ||||||||||
Allowance for loan and lease losses | 130,322 | 116,167 | 95,085 | 103,666 | 107,288 | ||||||||||
Net charge-offs | 22,434 | 19,159 | 19,297 | 32,823 | 59,715 | ||||||||||
Non-performing loans and leases to loans and leases | 0.26 | % | 0.39 | % | 0.46 | % | 0.99 | % | 1.40 | % | |||||
Non-performing assets to total assets | 0.29 | % | 0.43 | % | 0.51 | % | 0.84 | % | 1.25 | % | |||||
Allowance for loan and lease losses to total loans and leases | 0.77 | % | 0.76 | % | 1.23 | % | 1.44 | % | 1.64 | % | |||||
Allowance for credit losses to loans and leases | 0.79 | % | 0.78 | % | 1.25 | % | 1.46 | % | 1.66 | % | |||||
Net charge-offs to average loans and leases | 0.14 | % | 0.15 | % | 0.26 | % | 0.49 | % | 0.93 | % |
(1) | Excludes loans held for sale |
(2) | Average common shareholders' equity less average intangible assets (excluding MSR) divided by shares outstanding at the end of the year. See Management's Discussion and Analysis of Financial Condition and Results of Operation"-"Results of Operations - Overview" for the reconciliation of non-GAAP financial measures, in Item 7 of this report. |
(3) | Net earnings available to common shareholders divided by average assets. |
(4) | Net earnings available to common shareholders divided by average common shareholders' equity. |
(5) | Net earnings available to common shareholders divided by average common shareholders' equity less average intangible assets. See Management's Discussion and Analysis of Financial Condition and Results of Operations-"Results of Operations - Overview" for the reconciliation of non-GAAP financial measures, in Item 7 of this report. |
(6) | Non-interest expense divided by the sum of net interest income (fully tax equivalent) and non-interest income. |
(7) | Tier 1 capital divided by leverage assets. Leverage assets are defined as quarterly average total assets, net of goodwill, intangibles and certain other items as required by the Federal Reserve. |
(8) | Net interest margin (fully tax equivalent) is calculated by dividing net interest income (fully tax equivalent) by average interest earnings assets. |
(9) | Non-interest income divided by the sum of non-interest revenue and net interest income. |
(10) | Dividends declared per common share divided by basic earnings per common share. |
• | Net earnings available to common shareholders per diluted common share were $1.01 for the year ended December 31, 2015, as compared to $0.78 for the year ended December 31, 2014. Operating earnings per diluted common share, defined as earnings available to common shareholders before net gains or losses on junior subordinated debentures carried at fair value, net of tax and merger related expenses, net of tax, divided by the same diluted share total used in determining diluted earnings per common share, were $1.15 for the year ended December 31, 2015, as compared to operating income per diluted common share of $1.08 for the year ended December 31, 2014. Operating income per diluted share is considered a "non-GAAP" financial measure. More information regarding this measurement and reconciliation to the comparable GAAP measurement is provided under the heading Results of Operations - Overview below. |
• | Net interest margin, on a tax equivalent basis, was 4.44% for the year ended December 31, 2015, compared to 4.73% for the year ended December 31, 2014. The decrease in net interest margin is primarily attributable to the lower level of accretion of the credit discount recorded on loans acquired from Sterling, as well as lower average yields on interest-earning assets. |
• | Residential mortgage banking revenue was $124.7 million for 2015, compared to $77.3 million for 2014. The increase was the result of an increase in closed sale mortgage volume, which increased by 63% as compared to the year ended December 31, 2014. The increase was offset by $20.7 million in negative fair value adjustments to the mortgage servicing rights ("MSR") asset as well as a decrease in the gain on sale margin. |
• | Total gross loans and leases were $16.8 billion as of December 31, 2015, an increase of $1.5 billion, or 9.9%, as compared to December 31, 2014. This increase is primarily the result of strong loan growth in both the commercial and consumer portfolios. |
• | Total deposits were $17.7 billion as of December 31, 2015, an increase of $815.1 million, or 4.8%, as compared to December 31, 2014. The increase resulted primarily from growth in demand, money market and savings deposits, partially offset by a decrease in time deposits. |
• | Total consolidated assets were $23.4 billion as of December 31, 2015, as compared to $22.6 billion at December 31, 2014. |
• | Non-performing assets decreased to $66.7 million, or 0.29% of total assets, as of December 31, 2015, as compared to $97.5 million, or 0.43% of total assets, as of December 31, 2014. Non-performing loans and leases decreased to $44.4 million, or 0.26% of total loans and leases, as of December 31, 2015, as compared to $59.6 million, or 0.39% of total loans and leases as of December 31, 2014. |
• | Net charge-offs on loans were $22.4 million for the year ended December 31, 2015, or 0.14% of average loans and leases, as compared to net charge-offs of $19.2 million, or 0.15% of average loans and leases, for the year ended December 31, 2014. |
• | The provision for loan and lease losses was $36.6 million for 2015, as compared to $40.2 million recognized for 2014. The decrease is primarily due to decreasing credit factors used in the calculation of the allowance for loan and lease losses due to the improved credit quality of the portfolio, offset by the increase in the provision relating to new originations. |
• | Based on Basel III rules, the Company's total risk based capital was 14.3% and its Tier 1 common to risk weighted assets ratio was 11.4% as of December 31, 2015. As of December 31, 2014, which is based on Basel I rules, the Company's total risk based ratio was 15.2% and its Tier 1 common to risk weighted assets ratio was 11.5%. |
• | Declared cash dividends of $0.62 per common share for 2015 and $0.60 per common share for 2014. |
• | Completed the Sterling merger in April 2014 with significant system conversion activities completed in 2015. |
(in thousands, except per share data) | 2015 | 2014 | 2013 | ||||||||
Net earnings available to common shareholders | $ | 222,182 | $ | 147,174 | $ | 97,503 | |||||
Adjustments: | |||||||||||
Net loss on junior subordinated debentures carried at fair value, net of tax (1) | 3,783 | 3,054 | 1,318 | ||||||||
Merger-related expenses, net of tax (1) | 27,349 | 52,311 | 6,820 | ||||||||
Operating earnings | $ | 253,314 | $ | 202,539 | $ | 105,641 | |||||
Per diluted share: | |||||||||||
Net earnings available to common shareholders | $ | 1.01 | $ | 0.78 | $ | 0.87 | |||||
Adjustments: | |||||||||||
Net loss on junior subordinated debentures carried at fair value, net of tax (1) | 0.02 | 0.02 | 0.01 | ||||||||
Merger-related expenses, net of tax (1) | 0.12 | 0.28 | 0.06 | ||||||||
Operating earnings | $ | 1.15 | $ | 1.08 | $ | 0.94 |
(dollars in thousands) | 2015 | 2014 | 2013 | ||||||||
Returns on average assets: | |||||||||||
Net earnings available to common shareholders | 0.97 | % | 0.77 | % | 0.85 | % | |||||
Operating earnings | 1.11 | % | 1.06 | % | 0.92 | % | |||||
Returns on average common shareholders' equity: | |||||||||||
Net earnings available to common shareholders | 5.82 | % | 4.69 | % | 5.64 | % | |||||
Operating earnings | 6.63 | % | 6.45 | % | 6.11 | % | |||||
Returns on average tangible common shareholders' equity: | |||||||||||
Net earnings available to common shareholders | 11.22 | % | 9.17 | % | 9.78 | % | |||||
Operating earnings | 12.79 | % | 12.62 | % | 10.60 | % | |||||
Calculation of average common tangible shareholders' equity: | |||||||||||
Average common shareholders' equity | $ | 3,820,505 | $ | 3,137,858 | $ | 1,729,083 | |||||
Less: average goodwill and other intangible assets, net | (1,839,599 | ) | (1,533,403 | ) | (731,525 | ) | |||||
Average tangible common shareholders' equity | $ | 1,980,906 | $ | 1,604,455 | $ | 997,558 |
(dollars in thousands) | December 31, | December 31, | |||||
2015 | 2014 | ||||||
Total shareholders' equity | $ | 3,849,334 | $ | 3,777,626 | |||
Subtract: | |||||||
Goodwill and other intangible assets, net | 1,833,301 | 1,842,958 | |||||
Tangible common shareholders' equity | $ | 2,016,033 | $ | 1,934,668 | |||
Total assets | $ | 23,387,205 | $ | 22,609,903 | |||
Subtract: | |||||||
Goodwill and other intangible assets, net | 1,833,301 | 1,842,958 | |||||
Tangible assets | $ | 21,553,904 | $ | 20,766,945 | |||
Tangible common equity ratio | 9.35 | % | 9.32 | % |
(dollars in thousands) | 2015 | 2014 | 2013 | |||||||||||||||||||||||||||||
Interest | Average | Interest | Average | Interest | Average | |||||||||||||||||||||||||||
Average | Income or | Yields or | Average | Income or | Yields or | Average | Income or | Yields or | ||||||||||||||||||||||||
Balance | Expense | Rates | Balance | Expense | Rates | Balance | Expense | Rates | ||||||||||||||||||||||||
INTEREST-EARNING ASSETS: | ||||||||||||||||||||||||||||||||
Loans held for sale | $ | 333,455 | $ | 12,407 | 3.72 | % | $ | 205,580 | $ | 8,337 | 4.06 | % | $ | 138,383 | $ | 4,835 | 3.49 | % | ||||||||||||||
Loans and leases (1) | 15,938,127 | 857,026 | 5.38 | % | 13,003,762 | 755,466 | 5.81 | % | 7,367,602 | 393,379 | 5.34 | % | ||||||||||||||||||||
Taxable securities | 2,275,512 | 48,550 | 2.13 | % | 2,072,936 | 46,109 | 2.22 | % | 1,952,611 | 34,398 | 1.76 | % | ||||||||||||||||||||
Non-taxable securities (2) | 310,684 | 14,684 | 4.73 | % | 301,535 | 15,692 | 5.20 | % | 247,010 | 13,477 | 5.46 | % | ||||||||||||||||||||
Temporary investments and interest-bearing deposits | 869,253 | 2,236 | 0.26 | % | 900,851 | 2,264 | 0.25 | % | 519,000 | 1,336 | 0.26 | % | ||||||||||||||||||||
Total interest earning assets | 19,727,031 | 934,903 | 4.74 | % | 16,484,664 | 827,868 | 5.02 | % | 10,224,606 | 447,425 | 4.38 | % | ||||||||||||||||||||
Allowance for loan and lease losses | (126,063 | ) | (96,513 | ) | (86,227 | ) | ||||||||||||||||||||||||||
Other assets | 3,304,573 | 2,780,947 | 1,369,309 | |||||||||||||||||||||||||||||
Total assets | $ | 22,905,541 | $ | 19,169,098 | $ | 11,507,688 | ||||||||||||||||||||||||||
INTEREST-BEARING LIABILITIES: | ||||||||||||||||||||||||||||||||
Interest-bearing checking | $ | 2,080,126 | $ | 1,957 | 0.09 | % | $ | 1,721,452 | $ | 950 | 0.06 | % | $ | 1,176,841 | $ | 978 | 0.08 | % | ||||||||||||||
Money market deposits | 6,376,178 | 9,491 | 0.15 | % | 5,255,622 | 6,991 | 0.13 | % | 3,277,780 | 3,485 | 0.11 | % | ||||||||||||||||||||
Savings deposits | 1,063,151 | 1,105 | 0.10 | % | 829,737 | 426 | 0.05 | % | 521,387 | 321 | 0.06 | % | ||||||||||||||||||||
Time deposits | 2,715,847 | 17,286 | 0.64 | % | 2,649,091 | 15,448 | 0.58 | % | 1,796,669 | 15,971 | 0.89 | % | ||||||||||||||||||||
Total interest-bearing deposits | 12,235,302 | 29,839 | 0.24 | % | 10,455,902 | 23,815 | 0.23 | % | 6,772,677 | 20,755 | 0.31 | % | ||||||||||||||||||||
Federal funds purchased and repurchase agreements | 321,079 | 173 | 0.05 | % | 303,358 | 346 | 0.11 | % | 177,888 | 141 | 0.08 | % | ||||||||||||||||||||
Term debt | 923,992 | 14,470 | 1.57 | % | 815,017 | 12,793 | 1.57 | % | 252,546 | 9,248 | 3.66 | % | ||||||||||||||||||||
Junior subordinated debentures | 352,872 | 13,750 | 3.90 | % | 301,525 | 11,739 | 3.89 | % | 189,237 | 7,737 | 4.09 | % | ||||||||||||||||||||
Total interest-bearing liabilities | 13,833,245 | 58,232 | 0.42 | % | 11,875,802 | 48,693 | 0.41 | % | 7,392,348 | 37,881 | 0.51 | % | ||||||||||||||||||||
Non-interest-bearing deposits | 5,015,508 | 3,951,429 | 2,284,996 | |||||||||||||||||||||||||||||
Other liabilities | 236,283 | 204,009 | 101,261 | |||||||||||||||||||||||||||||
Total liabilities | 19,085,036 | 16,031,240 | 9,778,605 | |||||||||||||||||||||||||||||
Common equity | 3,820,505 | 3,137,858 | 1,729,083 | |||||||||||||||||||||||||||||
Total liabilities and shareholders' equity | $ | 22,905,541 | $ | 19,169,098 | $ | 11,507,688 | ||||||||||||||||||||||||||
NET INTEREST INCOME | $ | 876,671 | $ | 779,175 | $ | 409,544 | ||||||||||||||||||||||||||
NET INTEREST SPREAD | 4.32 | % | 4.61 | % | 3.87 | % | ||||||||||||||||||||||||||
AVERAGE YIELD ON EARNING ASSETS (1), (2) | 4.74 | % | 5.02 | % | 4.38 | % | ||||||||||||||||||||||||||
INTEREST EXPENSE TO EARNING ASSETS | 0.30 | % | 0.30 | % | 0.37 | % | ||||||||||||||||||||||||||
NET INTEREST INCOME TO EARNING ASSETS OR NET INTEREST MARGIN (1), (2) | 4.44 | % | 4.73 | % | 4.01 | % |
(1) | Non-accrual loans and leases are included in the average balance. |
(2) | Tax-exempt income has been adjusted to a tax equivalent basis at a 35% tax rate. The amount of such adjustment was an addition to recorded income of approximately $5.0 million, $5.3 million, and $4.6 million for the years ended 2015, 2014, and 2013, respectively. |
(in thousands) | 2015 compared to 2014 | 2014 compared to 2013 | |||||||||||||||||||||
Increase (decrease) in interest income | Increase (decrease) in interest income | ||||||||||||||||||||||
and expense due to changes in | and expense due to changes in | ||||||||||||||||||||||
Volume | Rate | Total | Volume | Rate | Total | ||||||||||||||||||
INTEREST-EARNING ASSETS: | |||||||||||||||||||||||
Loans held for sale | $ | 4,808 | $ | (738 | ) | $ | 4,070 | $ | 2,631 | $ | 871 | $ | 3,502 | ||||||||||
Loans and leases | 160,934 | (59,374 | ) | 101,560 | 324,701 | 37,386 | 362,087 | ||||||||||||||||
Taxable securities | 4,376 | (1,935 | ) | 2,441 | 2,225 | 9,486 | 11,711 | ||||||||||||||||
Non-taxable securities (1) | 465 | (1,473 | ) | (1,008 | ) | 2,862 | (647 | ) | 2,215 | ||||||||||||||
Temporary investments and interest bearing deposits | (80 | ) | 52 | (28 | ) | 961 | (33 | ) | 928 | ||||||||||||||
Total (1) | 170,503 | (63,468 | ) | 107,035 | 333,380 | 47,063 | 380,443 | ||||||||||||||||
INTEREST-BEARING LIABILITIES: | |||||||||||||||||||||||
Interest bearing demand | 231 | 776 | 1,007 | 365 | (393 | ) | (28 | ) | |||||||||||||||
Money market | 1,605 | 895 | 2,500 | 2,476 | 1,030 | 3,506 | |||||||||||||||||
Savings | 147 | 532 | 679 | 165 | (60 | ) | 105 | ||||||||||||||||
Time deposits | 397 | 1,441 | 1,838 | 6,067 | (6,590 | ) | (523 | ) | |||||||||||||||
Repurchase agreements and federal funds | 20 | (193 | ) | (173 | ) | 126 | 79 | 205 | |||||||||||||||
Term debt | 1,706 | (29 | ) | 1,677 | 11,232 | (7,687 | ) | 3,545 | |||||||||||||||
Junior subordinated debentures | 2,001 | 10 | 2,011 | 4,388 | (386 | ) | 4,002 | ||||||||||||||||
Total | 6,107 | 3,432 | 9,539 | 24,819 | (14,007 | ) | 10,812 | ||||||||||||||||
Net increase (decrease) in net interest income (1) | $ | 164,396 | $ | (66,900 | ) | $ | 97,496 | $ | 308,561 | $ | 61,070 | $ | 369,631 |
(1) | Tax exempt income has been adjusted to a tax equivalent basis at a 35% tax rate. |
(dollars in thousands) | 2015 compared to 2014 | 2014 compared to 2013 | ||||||||||||||||||||||||||||
Change | Change | Change | Change | |||||||||||||||||||||||||||
2015 | 2014 | Amount | Percent | 2014 | 2013 | Amount | Percent | |||||||||||||||||||||||
Service charges on deposits | $ | 59,740 | $ | 54,700 | $ | 5,040 | 9 | % | $ | 54,700 | $ | 30,952 | $ | 23,748 | 77 | % | ||||||||||||||
Brokerage revenue | 18,481 | 18,133 | 348 | 2 | % | 18,133 | 14,736 | 3,397 | 23 | % | ||||||||||||||||||||
Residential mortgage banking revenue, net | 124,722 | 77,265 | 47,457 | 61 | % | 77,265 | 78,885 | (1,620 | ) | (2 | )% | |||||||||||||||||||
Gain on investment securities, net | 2,922 | 2,904 | 18 | 1 | % | 2,904 | 209 | 2,695 | nm | |||||||||||||||||||||
Gain on sale of loans, net | 22,380 | 15,113 | 7,267 | 48 | % | 15,113 | 2,744 | 12,369 | nm | |||||||||||||||||||||
Loss on junior subordinated debentures carried at fair value | (6,306 | ) | (5,090 | ) | (1,216 | ) | 24 | % | (5,090 | ) | (2,197 | ) | (2,893 | ) | 132 | % | ||||||||||||||
Change in FDIC indemnification asset | (853 | ) | (15,151 | ) | 14,298 | (94 | )% | (15,151 | ) | (25,549 | ) | 10,398 | (41 | )% | ||||||||||||||||
BOLI income | 8,351 | 6,835 | 1,516 | 22 | % | 6,835 | 3,035 | 3,800 | 125 | % | ||||||||||||||||||||
Other income | 46,287 | 26,465 | 19,822 | 75 | % | 26,465 | 20,080 | 6,385 | 32 | % | ||||||||||||||||||||
Total | $ | 275,724 | $ | 181,174 | $ | 94,550 | 52 | % | $ | 181,174 | $ | 122,895 | $ | 58,279 | 47 | % | ||||||||||||||
nm = not meaningful |
(dollars in thousands) | 2015 compared to 2014 | 2014 compared to 2013 | |||||||||||||||||||||||||||
Change | Change | Change | Change | ||||||||||||||||||||||||||
2015 | 2014 | Amount | Percent | 2014 | 2013 | Amount | Percent | ||||||||||||||||||||||
Salaries and employee benefits | $ | 430,936 | $ | 355,379 | $ | 75,557 | 21 | % | $ | 355,379 | $ | 209,991 | $ | 145,388 | 69 | % | |||||||||||||
Occupancy and equipment, net | 142,975 | 111,263 | 31,712 | 29 | % | 111,263 | 62,067 | 49,196 | 79 | % | |||||||||||||||||||
Communications | 20,615 | 14,728 | 5,887 | 40 | % | 14,728 | 11,974 | 2,754 | 23 | % | |||||||||||||||||||
Marketing | 11,419 | 9,504 | 1,915 | 20 | % | 9,504 | 6,062 | 3,442 | 57 | % | |||||||||||||||||||
Services | 46,379 | 49,086 | (2,707 | ) | (6 | )% | 49,086 | 25,483 | 23,603 | 93 | % | ||||||||||||||||||
FDIC assessments | 13,480 | 10,998 | 2,482 | 23 | % | 10,998 | 6,954 | 4,044 | 58 | % | |||||||||||||||||||
Loss on other real estate owned, net | 1,894 | 4,116 | (2,222 | ) | (54 | )% | 4,116 | 1,248 | 2,868 | 230 | % | ||||||||||||||||||
Intangible amortization | 11,225 | 10,207 | 1,018 | 10 | % | 10,207 | 4,781 | 5,426 | 113 | % | |||||||||||||||||||
Merger related expenses | 45,582 | 82,317 | (36,735 | ) | (45 | )% | 82,317 | 8,836 | 73,481 | 832 | % | ||||||||||||||||||
Other expenses | 39,137 | 36,465 | 2,672 | 7 | % | 36,465 | 27,265 | 9,200 | 34 | % | |||||||||||||||||||
Total | $ | 763,642 | $ | 684,063 | $ | 79,579 | 12 | % | $ | 684,063 | $ | 364,661 | $ | 319,402 | 88 | % |
(in thousands) | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Legal and professional | $ | 21,849 | $ | 22,276 | $ | 5,648 | ||||||
Personnel | 11,564 | 18,837 | 225 | |||||||||
Premises and Equipment | 6,640 | 3,677 | 17 | |||||||||
Communication | 2,309 | 2,522 | 49 | |||||||||
Contract termination | 154 | 10,378 | 66 | |||||||||
Charitable contributions | — | 10,000 | 28 | |||||||||
Investment banking fees | — | 9,573 | 2,042 | |||||||||
Other | 3,066 | 5,054 | 761 | |||||||||
Total merger-related expense | $ | 45,582 | $ | 82,317 | $ | 8,836 |
(in thousands) | December 31, | ||||||||||
2015 | 2014 | 2013 | |||||||||
AVAILABLE FOR SALE | |||||||||||
U.S. Treasury and agencies | $ | — | $ | 229 | $ | 268 | |||||
Obligations of states and political subdivisions | 313,117 | 338,404 | 235,205 | ||||||||
Residential mortgage-backed securities and collateralized mortgage obligations | 2,207,420 | 1,957,852 | 1,553,541 | ||||||||
Investments in mutual funds and other equity securities | 2,002 | 2,070 | 1,964 | ||||||||
$ | 2,522,539 | $ | 2,298,555 | $ | 1,790,978 |
HELD TO MATURITY | |||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations | $ | 4,609 | $ | 5,088 | $ | 5,563 | |||||
Other investment securities | — | 123 | — | ||||||||
$ | 4,609 | $ | 5,211 | $ | 5,563 |
(dollars in thousands) | Amortized | Fair | Average | |||||||
Cost | Value | Yield | ||||||||
OBLIGATIONS OF STATES AND POLITICAL SUBDIVISIONS | ||||||||||
One year or less | $ | 42,098 | $ | 42,654 | 5.70 | % | ||||
One to five years | 193,709 | 202,873 | 5.68 | % | ||||||
Five to ten years | 55,054 | 56,498 | 4.18 | % | ||||||
Over ten years | 10,137 | 11,092 | 5.28 | % | ||||||
300,998 | 313,117 | 5.40 | % | |||||||
OTHER SECURITIES | ||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations | 2,228,351 | 2,213,010 | 2.18 | % | ||||||
Other investment securities | 1,959 | 2,002 | 2.12 | % | ||||||
Total securities | $ | 2,531,308 | $ | 2,528,129 | 2.58 | % |
(dollars in thousands) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Amount | Percentage | Amount | Percentage | Amount | Percentage | Amount | Percentage | Amount | Percentage | |||||||||||||||||||||||||
Commercial real estate, net | $ | 9,309,035 | 55.3 | % | $ | 8,903,660 | 58.1 | % | $ | 4,630,155 | 59.9 | % | $ | 4,582,768 | 63.9 | % | $ | 4,308,889 | 66.0 | % | ||||||||||||||
Commercial, net | 3,197,246 | 19.0 | % | 2,948,823 | 19.2 | % | 2,142,213 | 27.7 | % | 1,757,660 | 24.5 | % | 1,513,905 | 23.2 | % | |||||||||||||||||||
Residential, net | 3,813,890 | 22.6 | % | 3,086,213 | 20.2 | % | 903,423 | 11.7 | % | 792,367 | 11.0 | % | 655,055 | 10.1 | % | |||||||||||||||||||
Consumer & other, net | 527,189 | 3.1 | % | 389,036 | 2.5 | % | 52,375 | 0.7 | % | 43,638 | 0.6 | % | 47,020 | 0.7 | % | |||||||||||||||||||
Total loans and leases, net | $ | 16,847,360 | 100.0 | % | $ | 15,327,732 | 100.0 | % | $ | 7,728,166 | 100.0 | % | $ | 7,176,433 | 100.0 | % | $ | 6,524,869 | 100.0 | % |
(dollars in thousands) | December 31, 2015 | December 31, 2014 | |||||||||||
Amount | Percentage | Amount | Percentage | ||||||||||
Commercial real estate | |||||||||||||
Non-owner occupied term, net | $ | 3,140,845 | 18.6 | % | $ | 3,290,610 | 21.5 | % | |||||
Owner occupied term, net | 2,691,921 | 16.0 | % | 2,633,864 | 17.2 | % | |||||||
Multifamily, net | 3,074,918 | 18.3 | % | 2,638,618 | 17.2 | % | |||||||
Construction & development, net | 301,892 | 1.8 | % | 258,722 | 1.7 | % | |||||||
Residential development, net | 99,459 | 0.6 | % | 81,846 | 0.5 | % | |||||||
Commercial | |||||||||||||
Term, net | 1,425,009 | 8.5 | % | 1,396,089 | 9.1 | % | |||||||
LOC & other, net | 1,043,076 | 6.2 | % | 1,029,620 | 6.7 | % | |||||||
Leases and equipment finance, net | 729,161 | 4.3 | % | 523,114 | 3.4 | % | |||||||
Residential | |||||||||||||
Mortgage, net | 2,890,223 | 17.1 | % | 2,233,735 | 14.6 | % | |||||||
Home equity loans & lines, net | 923,667 | 5.5 | % | 852,478 | 5.6 | % | |||||||
Consumer & other, net | 527,189 | 3.1 | % | 389,036 | 2.5 | % | |||||||
Total, net of deferred fees and costs | $ | 16,847,360 | 100.0 | % | $ | 15,327,732 | 100.0 | % |
(in thousands) | Loans Over One Year | ||||||||||||||||||||||
By Maturity | by Rate Sensitivity | ||||||||||||||||||||||
One Year | One Through | Over Five | Fixed | Floating | |||||||||||||||||||
or Less | Five Years | Years | Total | Rate | Rate | ||||||||||||||||||
Commercial real estate | $ | 651,289 | $ | 2,062,789 | $ | 6,594,957 | $ | 9,309,035 | $ | 1,768,888 | $ | 6,888,858 | |||||||||||
Commercial (1) | $ | 1,202,238 | $ | 687,754 | $ | 578,093 | $ | 2,468,085 | $ | 738,934 | $ | 526,913 |
(1) | Excludes the lease and equipment finance portfolio. |
(dollars in thousands) | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||
Loans and leases on non-accrual status | $ | 29,215 | $ | 52,041 | $ | 31,891 | $ | 66,736 | $ | 80,562 | |||||||||
Loans and leases past due 90 days or more and accruing | 15,169 | 7,512 | 3,430 | 4,232 | 10,821 | ||||||||||||||
Total non-performing loans and leases | 44,384 | 59,553 | 35,321 | 70,968 | 91,383 | ||||||||||||||
Other real estate owned | 22,307 | 37,942 | 23,935 | 27,512 | 53,666 | ||||||||||||||
Total non-performing assets | $ | 66,691 | $ | 97,495 | $ | 59,256 | $ | 98,480 | $ | 145,049 | |||||||||
Restructured loans (1) | $ | 31,355 | $ | 54,836 | $ | 68,791 | $ | 70,602 | $ | 80,563 | |||||||||
Allowance for loan and lease losses | $ | 130,322 | $ | 116,167 | $ | 95,085 | $ | 103,666 | $ | 107,288 | |||||||||
Reserve for unfunded commitments | 3,574 | 3,539 | 1,436 | 1,223 | 940 | ||||||||||||||
Allowance for credit losses | $ | 133,896 | $ | 119,706 | $ | 96,521 | $ | 104,889 | $ | 108,228 | |||||||||
Asset quality ratios: | |||||||||||||||||||
Non-performing assets to total assets | 0.29 | % | 0.43 | % | 0.51 | % | 0.84 | % | 1.25 | % | |||||||||
Non-performing loans and leases to total loans and leases | 0.26 | % | 0.39 | % | 0.46 | % | 0.99 | % | 1.40 | % | |||||||||
Allowance for loan and lease losses to total loans and leases | 0.77 | % | 0.76 | % | 1.23 | % | 1.44 | % | 1.64 | % | |||||||||
Allowance for credit losses to total loans and leases | 0.79 | % | 0.78 | % | 1.25 | % | 1.46 | % | 1.66 | % | |||||||||
Allowance for credit losses to total non-performing loans and leases | 302 | % | 201 | % | 273 | % | 148 | % | 118 | % |
(1) | Represents accruing restructured loans performing according to their restructured terms. |
(in thousands) | |||
Year | Amount | ||
2016 | $ | 22,315 | |
2017 | 846 | ||
2018 | — | ||
2019 | 218 | ||
2020 | 182 | ||
Thereafter | 7,794 | ||
Total | $ | 31,355 |
(dollars in thousands) | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||
Balance, beginning of period | $ | 116,167 | $ | 95,085 | $ | 103,666 | $ | 107,288 | $ | 104,642 | |||||||||
Loans charged-off: | |||||||||||||||||||
Commercial real estate, net | (6,194 | ) | (8,030 | ) | (9,748 | ) | (25,270 | ) | (39,188 | ) | |||||||||
Commercial, net | (15,875 | ) | (16,824 | ) | (20,810 | ) | (13,822 | ) | (21,731 | ) | |||||||||
Residential, net | (879 | ) | (1,855 | ) | (3,655 | ) | (5,878 | ) | (7,990 | ) | |||||||||
Consumer & other, net | (12,623 | ) | (3,469 | ) | (1,285 | ) | (2,158 | ) | (2,828 | ) | |||||||||
Total loans charged-off | (35,571 | ) | (30,178 | ) | (35,498 | ) | (47,128 | ) | (71,737 | ) | |||||||||
Recoveries: | |||||||||||||||||||
Commercial real estate, net | 2,682 | 2,539 | 4,436 | 6,673 | 7,254 | ||||||||||||||
Commercial, net | 5,001 | 6,744 | 10,445 | 6,089 | 3,860 | ||||||||||||||
Residential, net | 641 | 462 | 569 | 999 | 381 | ||||||||||||||
Consumer & other, net | 4,813 | 1,274 | 751 | 544 | 527 | ||||||||||||||
Total recoveries | 13,137 | 11,019 | 16,201 | 14,305 | 12,022 | ||||||||||||||
Net charge-offs | (22,434 | ) | (19,159 | ) | (19,297 | ) | (32,823 | ) | (59,715 | ) | |||||||||
Provision charged to operations | 36,589 | 40,241 | 10,716 | 29,201 | 62,361 | ||||||||||||||
Balance, end of period | $ | 130,322 | $ | 116,167 | $ | 95,085 | $ | 103,666 | $ | 107,288 | |||||||||
As a percentage of average loans and leases: | |||||||||||||||||||
Net charge-offs | 0.14 | % | 0.15 | % | 0.26 | % | 0.49 | % | 0.93 | % | |||||||||
Provision for loan and lease losses | 0.23 | % | 0.31 | % | 0.15 | % | 0.44 | % | 0.97 | % | |||||||||
Recoveries as a percentage of charge-offs | 36.93 | % | 36.51 | % | 45.64 | % | 30.35 | % | 16.76 | % |
(dollars in thousands) | 2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | Amount | % | Amount | % | |||||||||||||||||||||||||
Commercial real estate, net | $ | 54,085 | 55.3 | % | $ | 55,184 | 58.1 | % | $ | 59,538 | 59.9 | % | $ | 67,038 | 63.9 | % | $ | 68,513 | 66.1 | % | ||||||||||||||
Commercial, net | 47,695 | 19.0 | % | 41,216 | 19.2 | % | 27,028 | 27.7 | % | 27,905 | 24.5 | % | 24,449 | 23.2 | % | |||||||||||||||||||
Residential, net | 22,017 | 22.6 | % | 15,922 | 20.2 | % | 7,487 | 11.7 | % | 7,729 | 11.0 | % | 8,616 | 10.0 | % | |||||||||||||||||||
Consumer & other, net | 6,525 | 3.1 | % | 3,845 | 2.5 | % | 1,032 | 0.7 | % | 994 | 0.6 | % | 1,293 | 0.7 | % | |||||||||||||||||||
Unallocated | — | — | — | — | 4,417 | |||||||||||||||||||||||||||||
Allowance for loan and lease losses | $ | 130,322 | $ | 116,167 | $ | 95,085 | $ | 103,666 | $ | 107,288 |
(in thousands) | 2015 | 2014 | 2013 | ||||||||
Balance, beginning of period | $ | 3,539 | $ | 1,436 | $ | 1,223 | |||||
Net change to other expense | 35 | (1,863 | ) | 213 | |||||||
Acquired reserve | — | 3,966 | — | ||||||||
Balance, end of period | $ | 3,574 | $ | 3,539 | $ | 1,436 |
(in thousands) | 2015 | 2014 | 2013 | ||||||||
Balance, beginning of period | $ | 117,259 | $ | 47,765 | $ | 27,428 | |||||
Acquired/purchased MSR | — | 62,770 | — | ||||||||
Additions for new MSR capitalized | 35,284 | 23,311 | 17,963 | ||||||||
Changes in fair value: | |||||||||||
Due to changes in model inputs or assumptions(1) | (380 | ) | (5,757 | ) | 5,688 | ||||||
Other(2) | (20,346 | ) | (10,830 | ) | (3,314 | ) | |||||
Balance, end of period | $ | 131,817 | $ | 117,259 | $ | 47,765 |
(dollars in thousands) | December 31, 2015 | December 31, 2014 | December 31, 2013 | ||||||||
Balance of loans serviced for others | $ | 13,047,266 | $ | 11,590,310 | $ | 4,362,499 | |||||
MSR as a percentage of serviced loans | 1.01 | % | 1.01 | % | 1.09 | % |
December 31, 2015 | December 31, 2014 | |||||||||||||
(dollars in thousands) | Amount | Percentage | Amount | Percentage | ||||||||||
Non-interest bearing | $ | 5,318,591 | 30 | % | $ | 4,744,804 | 28 | % | ||||||
Interest bearing demand | 2,157,376 | 12 | % | 2,054,994 | 12 | % | ||||||||
Money market | 6,599,516 | 37 | % | 6,113,138 | 36 | % | ||||||||
Savings | 1,136,809 | 6 | % | 971,185 | 6 | % | ||||||||
Time, $100,000 or greater | 1,604,446 | 9 | % | 1,765,721 | 10 | % | ||||||||
Time, less than $100,000 | 890,451 | 6 | % | 1,242,257 | 8 | % | ||||||||
Total | $ | 17,707,189 | 100 | % | $ | 16,892,099 | 100 | % |
(in thousands) | Amount | ||
Three months or less | $ | 494,891 | |
Over three months through six months | 299,599 | ||
Over six months through twelve months | 310,738 | ||
Over twelve months | 499,218 | ||
Time, $100,000 and over | $ | 1,604,446 |
(in thousands) | Less than 1 Year | 1 to 3 Years | 3 to 5 Years | More than 5 Years | Total | |||||||||||||||
Deposits (1) | $ | 16,868,492 | $ | 535,346 | $ | 294,942 | $ | 8,409 | $ | 17,707,189 | ||||||||||
Term debt | 525,016 | 205,000 | 150,000 | 5,151 | 885,167 | |||||||||||||||
Junior subordinated debentures (2) | — | — | — | 475,427 | 475,427 | |||||||||||||||
Operating leases | 30,822 | 49,562 | 36,436 | 43,852 | 160,672 | |||||||||||||||
Other long-term liabilities (3) | 3,710 | 6,925 | 7,637 | 52,222 | 70,494 | |||||||||||||||
Total contractual obligations | $ | 17,428,040 | $ | 796,833 | $ | 489,015 | $ | 585,061 | $ | 19,298,949 |
2015 | 2014 | 2013 | |||||||||
Dividend declared per common share | $ | 0.62 | $ | 0.60 | $ | 0.60 | |||||
Dividend payout ratio | 61 | % | 76 | % | 69 | % |
(in thousands) | By Estimated Cash Flow or Repricing Interval | ||||||||||||||||||
0-3 | 4-12 | 1-5 | Over 5 | Non-Rate- | |||||||||||||||
Months | Months | Years | Years | Sensitive | Total | ||||||||||||||
ASSETS | |||||||||||||||||||
Interest bearing cash and temporary investments | $ | 496,080 | $ | — | $ | — | $ | — | $ | — | $ | 496,080 | |||||||
Trading account assets | 9,586 | — | — | — | — | 9,586 | |||||||||||||
Securities held to maturity | 1,844 | 106 | 133 | 5,330 | (2,804 | ) | 4,609 | ||||||||||||
Securities available for sale | 103,706 | 290,507 | 1,104,882 | 949,777 | 73,667 | 2,522,539 | |||||||||||||
Loans held for sale | 340,302 | — | — | — | 22,973 | 363,275 | |||||||||||||
Loans and leases | 4,739,762 | 2,373,255 | 7,355,645 | 2,350,753 | 27,945 | 16,847,360 | |||||||||||||
Non-interest earning assets | — | — | — | — | 3,143,756 | 3,143,756 | |||||||||||||
Total assets | 5,691,280 | 2,663,868 | 8,460,660 | 3,305,860 | 3,265,537 | $ | 23,387,205 | ||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||
Interest bearing demand deposits | $ | 2,157,376 | $ | — | $ | — | $ | — | $ | — | $ | 2,157,376 | |||||||
Money market deposits | 6,599,516 | — | — | — | — | 6,599,516 | |||||||||||||
Savings deposits | 1,136,809 | — | — | — | — | 1,136,809 | |||||||||||||
Time deposits | 682,328 | 980,120 | 824,299 | 8,150 | — | 2,494,897 | |||||||||||||
Securities sold under agreements to repurchase | 304,560 | — | — | — | — | 304,560 | |||||||||||||
Term debt | 150,159 | 425,041 | 305,132 | 5,331 | 3,106 | 888,769 | |||||||||||||
Junior subordinated debentures, at fair value | 379,390 | — | — | — | (123,933 | ) | 255,457 | ||||||||||||
Junior subordinated debentures, at amortized cost | 85,572 | — | — | 10,465 | 5,217 | 101,254 | |||||||||||||
Non-interest bearing liabilities and shareholders' equity | — | — | — | — | 9,448,567 | 9,448,567 | |||||||||||||
Total liabilities and shareholders' equity | 11,495,710 | 1,405,161 | 1,129,431 | 23,946 | 9,332,957 | 23,387,205 | |||||||||||||
Interest rate sensitivity gap | (5,804,430 | ) | 1,258,707 | 7,331,229 | 3,281,914 | (6,067,420 | ) | ||||||||||||
Cumulative interest rate sensitivity gap | $ | (5,804,430 | ) | $ | (4,545,723 | ) | $ | 2,785,506 | $ | 6,067,420 | $ | — | |||||||
Cumulative gap as a % of earning assets | (29 | )% | (22 | )% | 14 | % | 30 | % |
2015 | 2014 | 2013 | |||||||
Up 300 basis points | 2.5 | % | 0.3 | % | 0.8 | % | |||
Up 200 basis points | 1.9 | % | 0.5 | % | 0.8 | % | |||
Up 100 basis points | 1.2 | % | 0.5 | % | 0.6 | % | |||
Down 100 basis points | (2.7 | )% | (2.4 | )% | (2.9 | )% | |||
Down 200 basis points | (5.7 | )% | (5.2 | )% | (6.8 | )% | |||
Down 300 basis points | (7.8 | )% | (7.3 | )% | (10.1 | )% |
Year 1 | Year 2 | |||||
Up 300 basis points | 2.5 | % | 0.7 | % | ||
Up 200 basis points | 1.9 | % | 1.1 | % | ||
Up 100 basis points | 1.2 | % | 0.9 | % | ||
Down 100 basis points | (2.7 | )% | (7.3 | )% | ||
Down 200 basis points | (5.7 | )% | (15.4 | )% | ||
Down 300 basis points | (7.8 | )% | (20.6 | )% |
2015 | 2014 | |||||
Up 300 basis points | (8.1 | )% | (4.8 | )% | ||
Up 200 basis points | (4.6 | )% | (2.2 | )% | ||
Up 100 basis points | (1.9 | )% | (0.4 | )% | ||
Down 100 basis points | 0.6 | % | 7.8 | % | ||
Down 200 basis points | 3.4 | % | 7.1 | % | ||
Down 300 basis points | 2.9 | % | 6.6 | % |
(in thousands, except shares) | |||||||
December 31, | December 31, | ||||||
2015 | 2014 | ||||||
ASSETS | |||||||
Cash and due from banks | $ | 277,645 | $ | 282,455 | |||
Interest bearing cash and temporary investments | 496,080 | 1,322,716 | |||||
Total cash and cash equivalents | 773,725 | 1,605,171 | |||||
Investment securities | |||||||
Trading, at fair value | 9,586 | 9,999 | |||||
Available for sale, at fair value | 2,522,539 | 2,298,555 | |||||
Held to maturity, at amortized cost | 4,609 | 5,211 | |||||
Loans held for sale, at fair value | 363,275 | 286,802 | |||||
Loans and leases | 16,847,360 | 15,327,732 | |||||
Allowance for loan and lease losses | (130,322 | ) | (116,167 | ) | |||
Net loans and leases | 16,717,038 | 15,211,565 | |||||
Restricted equity securities | 46,949 | 119,334 | |||||
Premises and equipment, net | 328,734 | 317,834 | |||||
Goodwill | 1,787,793 | 1,786,225 | |||||
Other intangible assets, net | 45,508 | 56,733 | |||||
Residential mortgage servicing rights, at fair value | 131,817 | 117,259 | |||||
Other real estate owned | 22,307 | 37,942 | |||||
FDIC indemnification asset | 855 | 4,417 | |||||
Bank owned life insurance | 291,892 | 294,296 | |||||
Deferred tax asset, net | 138,082 | 230,442 | |||||
Other assets | 202,496 | 228,118 | |||||
Total assets | $ | 23,387,205 | $ | 22,609,903 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Deposits | |||||||
Noninterest bearing | $ | 5,318,591 | $ | 4,744,804 | |||
Interest bearing | 12,388,598 | 12,147,295 | |||||
Total deposits | 17,707,189 | 16,892,099 | |||||
Securities sold under agreements to repurchase | 304,560 | 313,321 | |||||
Term debt | 888,769 | 1,006,395 | |||||
Junior subordinated debentures, at fair value | 255,457 | 249,294 | |||||
Junior subordinated debentures, at amortized cost | 101,254 | 101,576 | |||||
Other liabilities | 280,642 | 269,592 | |||||
Total liabilities | 19,537,871 | 18,832,277 | |||||
COMMITMENTS AND CONTINGENCIES (NOTE 19) | |||||||
SHAREHOLDERS' EQUITY | |||||||
Common stock, no par value, shares authorized: 400,000,000 as of December 31, 2015 and 2014; issued and outstanding: 220,171,091 in 2015 and 220,161,120 in 2014 | 3,520,591 | 3,519,316 | |||||
Retained earnings | 331,301 | 246,242 | |||||
Accumulated other comprehensive (loss) income | (2,558 | ) | 12,068 | ||||
Total shareholders' equity | 3,849,334 | 3,777,626 | |||||
Total liabilities and shareholders' equity | $ | 23,387,205 | $ | 22,609,903 |
(in thousands, except per share amounts) | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
INTEREST INCOME | ||||||||||||
Interest and fees on loans and leases | $ | 869,433 | $ | 763,803 | $ | 398,214 | ||||||
Interest and dividends on investment securities: | ||||||||||||
Taxable | 47,842 | 45,784 | 34,146 | |||||||||
Exempt from federal income tax | 9,647 | 10,345 | 8,898 | |||||||||
Dividends | 708 | 325 | 252 | |||||||||
Interest on temporary investments and interest bearing deposits | 2,236 | 2,264 | 1,336 | |||||||||
Total interest income | 929,866 | 822,521 | 442,846 | |||||||||
INTEREST EXPENSE | ||||||||||||
Interest on deposits | 29,839 | 23,815 | 20,755 | |||||||||
Interest on securities sold under agreement to repurchase | 173 | 346 | 141 | |||||||||
Interest on term debt | 14,470 | 12,793 | 9,248 | |||||||||
Interest on junior subordinated debentures | 13,750 | 11,739 | 7,737 | |||||||||
Total interest expense | 58,232 | 48,693 | 37,881 | |||||||||
Net interest income | 871,634 | 773,828 | 404,965 | |||||||||
PROVISION FOR LOAN AND LEASE LOSSES | 36,589 | 40,241 | 10,716 | |||||||||
Net interest income after provision for loan and lease losses | 835,045 | 733,587 | 394,249 | |||||||||
NON-INTEREST INCOME | ||||||||||||
Service charges on deposits | 59,740 | 54,700 | 30,952 | |||||||||
Brokerage revenue | 18,481 | 18,133 | 14,736 | |||||||||
Residential mortgage banking revenue, net | 124,722 | 77,265 | 78,885 | |||||||||
Gain on investment securities, net | 2,922 | 2,904 | 209 | |||||||||
Gain on loan sales, net | 22,380 | 15,113 | 2,744 | |||||||||
Loss on junior subordinated debentures carried at fair value | (6,306 | ) | (5,090 | ) | (2,197 | ) | ||||||
Change in FDIC indemnification asset | (853 | ) | (15,151 | ) | (25,549 | ) | ||||||
BOLI income | 8,351 | 6,835 | 3,035 | |||||||||
Other income | 46,287 | 26,465 | 20,080 | |||||||||
Total non-interest income | 275,724 | 181,174 | 122,895 | |||||||||
NON-INTEREST EXPENSE | ||||||||||||
Salaries and employee benefits | 430,936 | 355,379 | 209,991 | |||||||||
Occupancy and equipment, net | 142,975 | 111,263 | 62,067 | |||||||||
Communications | 20,615 | 14,728 | 11,974 | |||||||||
Marketing | 11,419 | 9,504 | 6,062 | |||||||||
Services | 46,379 | 49,086 | 25,483 | |||||||||
FDIC assessments | 13,480 | 10,998 | 6,954 | |||||||||
Loss on other real estate owned, net | 1,894 | 4,116 | 1,248 | |||||||||
Intangible amortization | 11,225 | 10,207 | 4,781 | |||||||||
Merger related expenses | 45,582 | 82,317 | 8,836 | |||||||||
Other expenses | 39,137 | 36,465 | 27,265 | |||||||||
Total non-interest expense | 763,642 | 684,063 | 364,661 | |||||||||
Income before provision for income taxes | 347,127 | 230,698 | 152,483 | |||||||||
Provision for income taxes | 124,588 | 83,040 | 54,192 | |||||||||
Net income | $ | 222,539 | $ | 147,658 | $ | 98,291 |
(in thousands, except per share amounts) | |||||||||||
2015 | 2014 | 2013 | |||||||||
Net income | $ | 222,539 | $ | 147,658 | $ | 98,291 | |||||
Dividends and undistributed earnings allocated to participating securities | 357 | 484 | 788 | ||||||||
Net earnings available to common shareholders | $ | 222,182 | $ | 147,174 | $ | 97,503 | |||||
Earnings per common share: | |||||||||||
Basic | $1.01 | $0.79 | $0.87 | ||||||||
Diluted | $1.01 | $0.78 | $0.87 | ||||||||
Weighted average number of common shares outstanding: | |||||||||||
Basic | 220,327 | 186,550 | 111,938 | ||||||||
Diluted | 221,045 | 187,544 | 112,176 |
2015 | 2014 | 2013 | |||||||||
Net income | $ | 222,539 | $ | 147,658 | $ | 98,291 | |||||
Available for sale securities: | |||||||||||
Unrealized (losses) gains arising during the period | (20,860 | ) | 31,215 | (48,755 | ) | ||||||
Reclassification adjustment for net gains realized in earnings (net of tax expense $1,125, $1,162, and $84 in 2015, 2014, and 2013, respectively) | (1,797 | ) | (1,742 | ) | (125 | ) | |||||
Income tax benefit (expense) related to unrealized (losses) gains | 8,031 | (12,486 | ) | 19,502 | |||||||
Net change in unrealized (losses) gains | (14,626 | ) | 16,987 | (29,378 | ) | ||||||
Held to maturity securities: | |||||||||||
Accretion of unrealized losses related to factors other than credit to investment securities held to maturity (net of tax benefit of $37 for both 2014 and 2013, respectively) | — | 57 | 56 | ||||||||
Net change in unrealized losses related to factors other than credit | — | 57 | 56 | ||||||||
Other comprehensive (loss) income, net of tax | (14,626 | ) | 17,044 | (29,322 | ) | ||||||
Comprehensive income | $ | 207,913 | $ | 164,702 | $ | 68,969 |
(in thousands, except shares) | Accumulated | |||||||||||||||||
Other | ||||||||||||||||||
Common Stock | Retained | Comprehensive | ||||||||||||||||
Shares | Amount | Earnings | Income (Loss) | Total | ||||||||||||||
BALANCE AT JANUARY 1, 2013 | 111,889,959 | $ | 1,512,400 | $ | 187,293 | $ | 24,346 | $ | 1,724,039 | |||||||||
Cumulative Effect Adjustment ASU 2014-01 | (3,439 | ) | (3,439 | ) | ||||||||||||||
Restated balance at January 1, 2013 | 183,854 | 1,720,600 | ||||||||||||||||
Net income | 98,291 | 98,291 | ||||||||||||||||
Other comprehensive loss, net of tax | (29,322 | ) | (29,322 | ) | ||||||||||||||
Stock-based compensation | 5,017 | 5,017 | ||||||||||||||||
Stock repurchased and retired | (584,677 | ) | (9,360 | ) | (9,360 | ) | ||||||||||||
Issuances of common stock under stock plans and related net tax benefit | 667,921 | 6,428 | 6,428 | |||||||||||||||
Cash dividends on common stock ($0.60 per share) | (67,737 | ) | (67,737 | ) | ||||||||||||||
Balance at December 31, 2013 | 111,973,203 | $ | 1,514,485 | $ | 214,408 | $ | (4,976 | ) | $ | 1,723,917 | ||||||||
BALANCE AT JANUARY 1, 2014 | 111,973,203 | $ | 1,514,485 | $ | 214,408 | $ | (4,976 | ) | $ | 1,723,917 | ||||||||
Net income | 147,658 | 147,658 | ||||||||||||||||
Other comprehensive income, net of tax | 17,044 | 17,044 | ||||||||||||||||
Stock issued in connection with merger (1) | 104,385,087 | 1,989,030 | 1,989,030 | |||||||||||||||
Stock-based compensation | 15,292 | 15,292 | ||||||||||||||||
Stock repurchased and retired | (403,828 | ) | (7,183 | ) | (7,183 | ) | ||||||||||||
Issuances of common stock under stock plans and related net tax benefit (2) | 4,206,658 | 7,692 | 7,692 | |||||||||||||||
Cash dividends on common stock ($0.60 per share) | (115,824 | ) | (115,824 | ) | ||||||||||||||
Balance at December 31, 2014 | 220,161,120 | $ | 3,519,316 | $ | 246,242 | $ | 12,068 | $ | 3,777,626 | |||||||||
BALANCE AT JANUARY 1, 2015 | 220,161,120 | $ | 3,519,316 | $ | 246,242 | $ | 12,068 | $ | 3,777,626 | |||||||||
Net income | 222,539 | 222,539 | ||||||||||||||||
Other comprehensive loss, net of tax | (14,626 | ) | (14,626 | ) | ||||||||||||||
Stock-based compensation | 14,383 | 14,383 | ||||||||||||||||
Stock repurchased and retired | (844,215 | ) | (14,589 | ) | (14,589 | ) | ||||||||||||
Issuances of common stock under stock plans and related net tax benefit | 854,186 | 1,481 | 1,481 | |||||||||||||||
Cash dividends on common stock ($0.62 per share) | (137,480 | ) | (137,480 | ) | ||||||||||||||
Balance at December 31, 2015 | 220,171,091 | $ | 3,520,591 | $ | 331,301 | $ | (2,558 | ) | $ | 3,849,334 |
(in thousands) | 2015 | 2014 | 2013 | ||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net income | $ | 222,539 | $ | 147,658 | $ | 98,291 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Deferred income tax expense | 99,966 | 80,027 | 8,045 | ||||||||
Amortization of investment premiums, net | 23,544 | 20,822 | 32,663 | ||||||||
Gain on sale of investment securities, net | (2,922 | ) | (2,904 | ) | (209 | ) | |||||
Gain on sale of other real estate owned | (888 | ) | (127 | ) | (912 | ) | |||||
Valuation adjustment on other real estate owned | 2,782 | 3,728 | 2,160 | ||||||||
Provision for loan and lease losses | 36,589 | 40,241 | 10,716 | ||||||||
Change in cash surrender value of bank owned life insurance | (8,501 | ) | (9,713 | ) | (4,280 | ) | |||||
Change in FDIC indemnification asset | 853 | 15,151 | 25,549 | ||||||||
Depreciation, amortization and accretion | 51,593 | 39,209 | 23,636 | ||||||||
Loss on sale of premises and equipment | 3,655 | 1,482 | 639 | ||||||||
Increase in residential mortgage servicing rights | (35,284 | ) | (23,311 | ) | (17,963 | ) | |||||
Change in residential mortgage servicing rights carried at fair value | 20,726 | 16,587 | (2,374 | ) | |||||||
Change in junior subordinated debentures carried at fair value | 6,163 | 5,849 | 2,193 | ||||||||
Stock-based compensation | 14,383 | 15,292 | 5,017 | ||||||||
Net decrease (increase) in trading account assets | 413 | 452 | (2,211 | ) | |||||||
Gain on sale of loans | (150,855 | ) | (93,294 | ) | (65,644 | ) | |||||
Change in loans held for sale carried at fair value | 696 | (9,688 | ) | 14,503 | |||||||
Origination of loans held for sale | (3,497,920 | ) | (2,146,829 | ) | (1,599,683 | ) | |||||
Proceeds from sales of loans held for sale | 3,549,226 | 2,267,471 | 1,863,548 | ||||||||
Excess tax benefits from the exercise of stock options | (556 | ) | (1,626 | ) | (65 | ) | |||||
Change in other assets and liabilities: | |||||||||||
Net decrease (increase) in other assets | 25,248 | (45,913 | ) | 31,902 | |||||||
Net increase (decrease) in other liabilities | 15,290 | 38,632 | (7,589 | ) | |||||||
Net cash provided by operating activities | 376,740 | 359,196 | 417,932 | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Purchases of investment securities available for sale | (1,074,205 | ) | (363,064 | ) | (51,191 | ) | |||||
Purchases of investment securities held to maturity | — | — | (2,126 | ) | |||||||
Proceeds from investment securities available for sale | 805,640 | 1,238,676 | 803,866 | ||||||||
Proceeds from investment securities held to maturity | 598 | 741 | 1,353 | ||||||||
Redemption of restricted equity securities | 72,442 | 5,615 | 2,758 | ||||||||
Net change in loans and leases | (1,816,164 | ) | (943,075 | ) | (391,185 | ) | |||||
Proceeds from sales of loans | 288,805 | 356,464 | 63,042 | ||||||||
Proceeds from insurance settlement on loss of property | — | — | 575 | ||||||||
Net change in premises and equipment | (69,341 | ) | (59,514 | ) | (34,224 | ) | |||||
Proceeds from bank owned life insurance death benefit | 5,351 | 3,723 | 1,173 | ||||||||
Proceeds from redemption of bank owned life insurance cash surrender value | 6,476 | — | — | ||||||||
Net change in proceeds from FDIC indemnification asset | 684 | (2,667 | ) | 5,332 | |||||||
Proceeds from sales of other real estate owned | 22,803 | 15,931 | 26,522 | ||||||||
Net cash paid in divestiture | — | (127,557 | ) | — | |||||||
Net cash acquired (paid) in acquisition, net of consideration paid | — | 116,867 | (149,658 | ) | |||||||
Net cash (used) provided by investing activities | (1,756,911 | ) | 242,140 | 276,237 |
UMPQUA HOLDINGS CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOW (Continued) For the Years Ended December 31, 2015, 2014 and 2013 (in thousands) | |||||||||||
2015 | 2014 | 2013 | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Net increase (decrease) in deposit liabilities | 820,210 | 905,396 | (261,184 | ) | |||||||
Net (decrease) increase in securities sold under agreements to repurchase | (8,761 | ) | (496,307 | ) | 87,807 | ||||||
Proceeds from term debt borrowings | 150,000 | — | — | ||||||||
Repayment of term debt borrowings | (264,998 | ) | (97,003 | ) | (211,727 | ) | |||||
Repayment of junior subordinated debentures | — | — | (8,764 | ) | |||||||
Dividends paid on common stock | (134,618 | ) | (99,233 | ) | (50,768 | ) | |||||
Excess tax benefits from stock based compensation | 556 | 1,626 | 65 | ||||||||
Proceeds from stock options exercised | 925 | 6,116 | 6,398 | ||||||||
Repurchases and retirement of common stock | (14,589 | ) | (7,183 | ) | (9,360 | ) | |||||
Net cash provided (used) by financing activities | 548,725 | 213,412 | (447,533 | ) | |||||||
Net (decrease) increase in cash and cash equivalents | (831,446 | ) | 814,748 | 246,636 | |||||||
Cash and cash equivalents, beginning of period | 1,605,171 | 790,423 | 543,787 | ||||||||
Cash and cash equivalents, end of period | $ | 773,725 | $ | 1,605,171 | $ | 790,423 | |||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||||||||||
Cash paid during the period for: | |||||||||||
Interest | $ | 67,884 | $ | 55,235 | $ | 40,826 | |||||
Income taxes | $ | 13,263 | $ | 7,098 | $ | 41,993 | |||||
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||||||||||
Change in unrealized losses on investment securities available for sale, net of taxes | $ | (14,626 | ) | $ | 16,987 | $ | (29,378 | ) | |||
Change in unrealized losses on investment securities held to maturity related to factors other than credit, net of taxes | $ | — | $ | 57 | $ | 56 | |||||
Cash dividend declared on common stock and payable after period-end | $ | 35,281 | $ | 33,109 | $ | 16,936 | |||||
Transfer of loans to other real estate owned | $ | 9,062 | $ | 24,873 | $ | 24,193 | |||||
Transfer from FDIC indemnification asset to due from FDIC and other | $ | 2,709 | $ | 3,606 | $ | 4,075 | |||||
Acquisitions: | |||||||||||
Assets acquired | $ | — | $ | 9,877,572 | $ | 376,071 | |||||
Liabilities assumed | $ | — | $ | 8,767,025 | $ | 219,961 |
• | Sterling merged with and into the Company (the "Merger" or the "Sterling Merger") with the Company as the surviving corporation in the Merger; |
• | Immediately following the Merger, Sterling's wholly owned banking subsidiary, Sterling Savings Bank merged with and into the Bank (the "Bank Merger"), with the Bank as the surviving bank in the Bank Merger; |
• | Holders of shares of common stock of Sterling had the right to receive 1.671 shares of the Company's common stock and $2.18 in cash for each share of Sterling common stock. |
• | Each outstanding warrant issued by Sterling converted into a warrant exercisable for 1.671 shares of the Company's common stock and $2.18 in cash for each warrant when exercised; |
• | Each outstanding option to purchase a share of Sterling common stock converted into an option to purchase 1.7896 shares of Company's common stock, subject to vesting conditions; and |
• | Each outstanding restricted stock unit in respect of Sterling common stock converted into a restricted stock unit in respect of 1.7896 shares the Company common stock, subject to vesting conditions. |
(in thousands) | Sterling | |||||
April 18, 2014 | ||||||
Fair value of consideration to Sterling shareholders: | ||||||
Cash paid | $ | 136,200 | ||||
Liability recorded for warrants' cash payment per share | 6,453 | |||||
Fair value of common shares issued | 1,939,497 | |||||
Fair value of warrants, common stock options, and restricted stock exchanged | 50,317 | |||||
Total consideration | 2,132,467 | |||||
Fair value of assets acquired: | ||||||
Cash and cash equivalents | $ | 253,067 | ||||
Investment securities | 1,378,300 | |||||
Loans held for sale | 214,911 | |||||
Loans and leases | 7,124,553 | |||||
Premises and equipment | 116,576 | |||||
Residential mortgage servicing rights | 62,770 | |||||
Other intangible assets | 54,562 | |||||
Other real estate owned | 8,666 | |||||
Bank owned life insurance | 193,246 | |||||
Deferred tax asset | 299,477 | |||||
Accrued interest receivable | 23,553 | |||||
Other assets | 148,906 | |||||
Total assets acquired | 9,878,587 | |||||
Fair value of liabilities assumed: | ||||||
Deposits | 7,086,052 | |||||
Securities sold under agreements to repurchase | 584,746 | |||||
Term debt | 854,737 | |||||
Junior subordinated debentures | 156,171 | |||||
Other liabilities | 87,902 | |||||
Total liabilities assumed | $ | 8,769,608 | ||||
Net assets acquired | 1,108,979 | |||||
Goodwill | $ | 1,023,488 |
(in thousands) | Purchased impaired | |||
Contractually required principal and interest payments | $ | 604,136 | ||
Nonaccretable difference | (95,614 | ) | ||
Cash flows expected to be collected | 508,522 | |||
Accretable yield | (110,757 | ) | ||
Fair value of purchased impaired loans | $ | 397,765 |
(in thousands) | Year ended December 31, | |||||
2015 | 2014 | |||||
Legal and professional | $ | 21,849 | $ | 22,276 | ||
Personnel | 11,564 | 18,837 | ||||
Premises and equipment | 6,640 | 3,677 | ||||
Communication | 2,309 | 2,522 | ||||
Contract termination | 154 | 10,378 | ||||
Charitable contributions | — | 10,000 | ||||
Investment banking fees | — | 9,573 | ||||
Other | 3,066 | 5,054 | ||||
Total Merger related expense | $ | 45,582 | $ | 82,317 |
(in thousands, except per share data) | Pro Forma | ||||||||
Year Ended | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Net interest income | $ | 910,715 | $ | 873,972 | (1),(2),(3) | ||||
Provision for loan and lease losses | 40,241 | 10,716 | |||||||
Non-interest income | 205,557 | 242,609 | (4),(5),(6) | ||||||
Non-interest expense | 750,069 | 802,371 | (7), (8) | ||||||
Income before provision for income taxes | 325,962 | 303,494 | |||||||
Provision for income taxes | 118,679 | 98,603 | |||||||
Net income | 207,283 | 204,891 | |||||||
Dividends and undistributed earnings allocated to participating securities | 484 | 788 | |||||||
Net earnings available to common shareholders | $ | 206,799 | $ | 204,103 | |||||
Earnings per share: | |||||||||
Basic | $ | 0.91 | $ | 0.94 | |||||
Diluted | $ | 0.90 | $ | 0.93 | |||||
Average shares outstanding: | |||||||||
Basic | 227,807 | 216,025 | |||||||
Diluted | 229,690 | 218,508 |
• | The Bank acquired all of the outstanding stock of FPHC, a shell holding company, which was the sole shareholder of FinPac Leasing, the primary operating subsidiary of FinPac that engages in equipment leasing and financing activities. FinPac Leasing was also the sole shareholder of FPF, FPF II and FPF III, which are bankruptcy-remote entities that formerly served as lien holder for certain leases. FPF, FPF II and FPF III had no assets and have been dissolved. With the dissolution of FPHC, the Bank holds all of the outstanding stock of FinPac Leasing. |
• | The Company acquired all of the outstanding stock of FPC, a Canadian leasing subsidiary, and FPR, a corporation organized in the Turks & Caicos Islands that reinsures a portion of the liability risk of each insurance policy that is issued by a third party insurance company on leased equipment when the lessee fails to meet its contractual obligations under the lease or financing agreement to obtain insurance on the leased equipment. |
(in thousands) | FinPac | ||||||
July 1, 2013 | |||||||
Fair value of consideration: | |||||||
Cash | $ | 156,110 | |||||
Fair value of assets acquired: | |||||||
Cash and equivalents | $ | 6,452 | |||||
Loans and leases, net | 264,336 | ||||||
Premises and equipment | 491 | ||||||
Other assets | 8,015 | ||||||
Total assets acquired | $ | 279,294 | |||||
Fair value of liabilities assumed: | |||||||
Term debt | 211,204 | ||||||
Other liabilities | 8,757 | ||||||
Total liabilities assumed | $ | 219,961 | |||||
Net assets acquired | 59,333 | ||||||
Goodwill | $ | 96,777 |
(in thousands) | FinPac | ||
July 1, 2013 | |||
Contractually required payments | $ | 350,403 | |
Purchase adjustment for credit | $ | (20,520 | ) |
Balance of loans and leases, net | $ | 264,336 |
(in thousands, except per share data) | Pro Forma | ||
Year ended | |||
December 31, 2013 | |||
Net interest income | $ | 423,600 | |
Provision for loan and lease losses | 13,988 | ||
Non-interest income | 122,753 | ||
Non-interest expense | 373,181 | ||
Income before provision for income taxes | 159,184 | ||
Provision for income taxes | 55,879 | ||
Net income | 103,305 | ||
Dividends and undistributed earnings allocated to participating securities | 829 | ||
Net earnings available to common shareholders | $ | 102,476 | |
Earnings per share: | |||
Basic | $ | 0.92 | |
Diluted | $ | 0.91 | |
Average shares outstanding: | |||
Basic | 111,938 | ||
Diluted | 112,176 |
(in thousands) | Amortized | Unrealized | Unrealized | Fair | |||||||||||
Cost | Gains | Losses | Value | ||||||||||||
AVAILABLE FOR SALE: | |||||||||||||||
Obligations of states and political subdivisions | $ | 300,998 | $ | 12,741 | $ | (622 | ) | $ | 313,117 | ||||||
Residential mortgage-backed securities and collateralized mortgage obligations | 2,223,742 | 7,218 | (23,540 | ) | 2,207,420 | ||||||||||
Investments in mutual funds and other equity securities | 1,959 | 43 | — | 2,002 | |||||||||||
$ | 2,526,699 | $ | 20,002 | $ | (24,162 | ) | $ | 2,522,539 | |||||||
HELD TO MATURITY: | |||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations | $ | 4,609 | $ | 981 | $ | — | $ | 5,590 | |||||||
$ | 4,609 | $ | 981 | $ | — | $ | 5,590 |
(in thousands) | Amortized | Unrealized | Unrealized | Fair | |||||||||||
Cost | Gains | Losses | Value | ||||||||||||
AVAILABLE FOR SALE: | |||||||||||||||
U.S. Treasury and agencies | $ | 213 | $ | 16 | $ | — | $ | 229 | |||||||
Obligations of states and political subdivisions | 325,189 | 14,056 | (841 | ) | 338,404 | ||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations | 1,951,514 | 17,398 | (11,060 | ) | 1,957,852 | ||||||||||
Investments in mutual funds and other equity securities | 2,016 | 54 | — | 2,070 | |||||||||||
$ | 2,278,932 | $ | 31,524 | $ | (11,901 | ) | $ | 2,298,555 | |||||||
HELD TO MATURITY: | |||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations | $ | 5,088 | $ | 358 | $ | (15 | ) | $ | 5,431 | ||||||
Other investment securities | 123 | — | — | 123 | |||||||||||
$ | 5,211 | $ | 358 | $ | (15 | ) | $ | 5,554 |
(in thousands) | Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||
AVAILABLE FOR SALE: | |||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 2,530 | $ | 83 | $ | 8,208 | $ | 539 | $ | 10,738 | $ | 622 | |||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations | 1,256,994 | 14,465 | 334,981 | 9,075 | 1,591,975 | 23,540 | |||||||||||||||||
Total temporarily impaired securities | $ | 1,259,524 | $ | 14,548 | $ | 343,189 | $ | 9,614 | $ | 1,602,713 | $ | 24,162 |
(in thousands) | Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||
AVAILABLE FOR SALE: | |||||||||||||||||||||||
Obligations of states and political subdivisions | 11,100 | 547 | 8,550 | 294 | 19,650 | 841 | |||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations | 220,577 | 815 | 495,096 | 10,245 | 715,673 | 11,060 | |||||||||||||||||
Total temporarily impaired securities | $ | 231,677 | $ | 1,362 | $ | 503,646 | $ | 10,539 | $ | 735,323 | $ | 11,901 | |||||||||||
HELD TO MATURITY: | |||||||||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations | $ | 224 | $ | 15 | $ | — | $ | — | $ | 224 | $ | 15 | |||||||||||
Total temporarily impaired securities | $ | 224 | $ | 15 | $ | — | $ | — | $ | 224 | $ | 15 |
(in thousands) | Available For Sale | Held To Maturity | |||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||
Cost | Value | Cost | Value | ||||||||||||
AMOUNTS MATURING IN: | |||||||||||||||
Three months or less | $ | 4,648 | $ | 4,673 | $ | — | $ | — | |||||||
Over three months through twelve months | 72,886 | 73,615 | 6 | 8 | |||||||||||
After one year through five years | 1,646,982 | 1,648,510 | 257 | 760 | |||||||||||
After five years through ten years | 602,427 | 595,462 | 332 | 808 | |||||||||||
After ten years | 197,797 | 198,277 | 4,014 | 4,014 | |||||||||||
Other investment securities | 1,959 | 2,002 | — | — | |||||||||||
$ | 2,526,699 | $ | 2,522,539 | $ | 4,609 | $ | 5,590 |
(in thousands) | 2015 | 2014 | 2013 | ||||||||||||||||||||
Gains | Losses | Gains | Losses | Gains | Losses | ||||||||||||||||||
U.S. Treasury and agencies | $ | 13 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||
Obligations of states and political subdivisions | 631 | — | 3 | 1 | 10 | 1 | |||||||||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations | 3,119 | 841 | 2,902 | — | — | — | |||||||||||||||||
Other debt securities | — | — | — | — | 200 | — | |||||||||||||||||
$ | 3,763 | $ | 841 | $ | 2,905 | $ | 1 | $ | 210 | $ | 1 |
(in thousands) | Amortized | Fair | |||||
Cost | Value | ||||||
To Federal Home Loan Bank to secure borrowings | $ | 816 | $ | 834 | |||
To state and local governments to secure public deposits | 1,719,779 | 1,719,098 | |||||
Other securities pledged principally to secure repurchase agreements | 470,883 | 467,936 | |||||
Total pledged securities | $ | 2,191,478 | $ | 2,187,868 |
(in thousands) | December 31, | December 31, | |||||
2015 | 2014 | ||||||
Commercial real estate | |||||||
Non-owner occupied term, net | $ | 3,140,845 | $ | 3,290,610 | |||
Owner occupied term, net | 2,691,921 | 2,633,864 | |||||
Multifamily, net | 3,074,918 | 2,638,618 | |||||
Construction & development, net | 301,892 | 258,722 | |||||
Residential development, net | 99,459 | 81,846 | |||||
Commercial | |||||||
Term, net | 1,425,009 | 1,396,089 | |||||
LOC & other, net | 1,043,076 | 1,029,620 | |||||
Leases and equipment finance, net | 729,161 | 523,114 | |||||
Residential | |||||||
Mortgage, net | 2,890,223 | 2,233,735 | |||||
Home equity loans & lines, net | 923,667 | 852,478 | |||||
Consumer & other, net | 527,189 | 389,036 | |||||
Total loans, net of deferred fees and costs | $ | 16,847,360 | $ | 15,327,732 |
(in thousands) | Year ended | ||||||||||||||||||||||
December 31, 2015 | |||||||||||||||||||||||
Evergreen | Rainer | Nevada Security | Circle | Sterling | Total | ||||||||||||||||||
Balance, beginning of period | $ | 9,466 | $ | 49,989 | $ | 23,666 | $ | 796 | $ | 117,782 | $ | 201,699 | |||||||||||
Accretion to interest income | (4,521 | ) | (14,981 | ) | (8,445 | ) | (262 | ) | (31,856 | ) | (60,065 | ) | |||||||||||
Disposals | (3,642 | ) | (6,689 | ) | (4,150 | ) | (342 | ) | (17,763 | ) | (32,586 | ) | |||||||||||
Reclassifications from nonaccretable difference | 3,806 | 9,599 | 2,853 | 37 | 7,486 | 23,781 | |||||||||||||||||
Balance, end of period | $ | 5,109 | $ | 37,918 | $ | 13,924 | $ | 229 | $ | 75,649 | $ | 132,829 | |||||||||||
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 |
(in thousands) | December 31, | December 31, | |||||
2015 | 2014 | ||||||
Minimum lease payments receivable | $ | 345,495 | $ | 283,942 | |||
Estimated guaranteed and unguaranteed residual values | 38,447 | 9,158 | |||||
Initial direct costs - net of accumulated amortization | 12,336 | 9,140 | |||||
Unearned income | (71,696 | ) | (55,868 | ) | |||
Equipment finance loans, including unamortized deferred fees and costs | 404,364 | 275,639 | |||||
Accretable yield/purchase accounting adjustments | 215 | 1,103 | |||||
Net investment in direct financing leases and loans | $ | 729,161 | $ | 523,114 | |||
Allowance for credit losses | (23,265 | ) | (14,369 | ) | |||
Net investment in direct financing leases and loans - net | $ | 705,896 | $ | 508,745 |
(in thousands) | |||
Year | Amount | ||
2016 | $ | 122,812 | |
2017 | 96,059 | ||
2018 | 65,473 | ||
2019 | 36,122 | ||
2020 | 13,984 | ||
Thereafter | 11,045 | ||
$ | 345,495 |
(in thousands) | 2015 | 2014 | |||||
Commercial real estate | |||||||
Non-owner occupied term | $ | 7,955 | $ | 15,500 | |||
Owner occupied term | 49,991 | 87,385 | |||||
Multifamily | 435 | 60,508 | |||||
Construction & development | — | 566 | |||||
Residential development | — | 800 | |||||
Commercial | |||||||
Term | 6,212 | 30,497 | |||||
LOC & other | 750 | 6,061 | |||||
Residential | |||||||
Mortgage | 201,081 | 108,246 | |||||
Home equity loans & lines | — | 24,445 | |||||
Consumer & other | — | 7,344 | |||||
Total | $ | 266,424 | $ | 341,352 |
(in thousands) | December 31, 2015 | ||||||||||||||||||
Commercial | Consumer | ||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | |||||||||||||||
Balance, beginning of period | $ | 55,184 | $ | 41,216 | $ | 15,922 | $ | 3,845 | $ | 116,167 | |||||||||
Charge-offs | (6,194 | ) | (15,875 | ) | (879 | ) | (12,623 | ) | (35,571 | ) | |||||||||
Recoveries | 2,682 | 5,001 | 641 | 4,813 | 13,137 | ||||||||||||||
Provision | 2,413 | 17,353 | 6,333 | 10,490 | 36,589 | ||||||||||||||
Balance, end of period | $ | 54,085 | $ | 47,695 | $ | 22,017 | $ | 6,525 | $ | 130,322 | |||||||||
December 31, 2014 | |||||||||||||||||||
Commercial | Consumer | ||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | |||||||||||||||
Balance, beginning of period | $ | 59,538 | $ | 27,028 | $ | 7,487 | $ | 1,032 | $ | 95,085 | |||||||||
Charge-offs | (8,030 | ) | (16,824 | ) | (1,855 | ) | (3,469 | ) | (30,178 | ) | |||||||||
Recoveries | 2,539 | 6,744 | 462 | 1,274 | 11,019 | ||||||||||||||
Provision (recapture) | 1,137 | 24,268 | 9,828 | 5,008 | 40,241 | ||||||||||||||
Balance, end of period | $ | 55,184 | $ | 41,216 | $ | 15,922 | $ | 3,845 | $ | 116,167 |
(in thousands) | December 31, 2015 | ||||||||||||||||||
Commercial | Consumer | ||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | |||||||||||||||
Allowance for loans and leases: | |||||||||||||||||||
Collectively evaluated for impairment | $ | 51,085 | $ | 46,941 | $ | 21,215 | $ | 6,423 | $ | 125,664 | |||||||||
Individually evaluated for impairment | 281 | 507 | — | — | 788 | ||||||||||||||
Loans acquired with deteriorated credit quality | 2,719 | 247 | 802 | 102 | 3,870 | ||||||||||||||
Total | $ | 54,085 | $ | 47,695 | $ | 22,017 | $ | 6,525 | $ | 130,322 | |||||||||
Loans and leases: | |||||||||||||||||||
Collectively evaluated for impairment | $ | 8,941,213 | $ | 3,141,682 | $ | 3,750,023 | $ | 524,225 | $ | 16,357,143 | |||||||||
Individually evaluated for impairment | 28,119 | 23,994 | — | — | 52,113 | ||||||||||||||
Loans acquired with deteriorated credit quality | 339,703 | 31,570 | 63,867 | 2,964 | 438,104 | ||||||||||||||
Total | $ | 9,309,035 | $ | 3,197,246 | $ | 3,813,890 | $ | 527,189 | $ | 16,847,360 |
(in thousands) | December 31, 2014 | ||||||||||||||||||
Commercial | Consumer | ||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | |||||||||||||||
Allowance for loans and leases: | |||||||||||||||||||
Collectively evaluated for impairment | $ | 49,243 | $ | 38,201 | $ | 15,858 | $ | 3,118 | $ | 106,420 | |||||||||
Individually evaluated for impairment | 1,088 | 320 | — | — | 1,408 | ||||||||||||||
Loans acquired with deteriorated credit quality | 4,853 | 2,695 | 64 | 727 | 8,339 | ||||||||||||||
Total | $ | 55,184 | $ | 41,216 | $ | 15,922 | $ | 3,845 | $ | 116,167 | |||||||||
Loans and leases: | |||||||||||||||||||
Collectively evaluated for impairment | $ | 8,374,716 | $ | 2,884,388 | $ | 3,084,633 | $ | 318,572 | $ | 14,662,309 | |||||||||
Individually evaluated for impairment | 69,636 | 32,936 | — | — | 102,572 | ||||||||||||||
Loans acquired with deteriorated credit quality | 459,308 | 31,499 | 1,580 | 70,464 | 562,851 | ||||||||||||||
Total | $ | 8,903,660 | $ | 2,948,823 | $ | 3,086,213 | $ | 389,036 | $ | 15,327,732 |
(in thousands) | December 31, 2015 | December 31, 2014 | |||||
Balance, beginning of period | $ | 3,539 | $ | 1,436 | |||
Net change to other expense | 35 | (1,863 | ) | ||||
Acquired reserve | — | 3,966 | |||||
Balance, end of period | $ | 3,574 | $ | 3,539 |
(in thousands) | ||||
Total | ||||
Unfunded loan and lease commitments: | ||||
December 31, 2015 | $ | 3,723,520 | ||
December 31, 2014 | $ | 3,000,505 |
(in thousands) | December 31, 2015 | ||||||||||||||||||||||||||
Greater Than | 60 to 89 | Greater Than | Total | ||||||||||||||||||||||||
30 to 59 Days | Days | 90 Days and | Total | Non- | Current & | Loans | |||||||||||||||||||||
Past Due | Past Due | Accruing | Past Due | accrual | Other (1) | and Leases | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 1,312 | $ | 2,776 | $ | 137 | $ | 4,225 | $ | 2,633 | $ | 3,133,987 | $ | 3,140,845 | |||||||||||||
Owner occupied term, net | 2,394 | 1,150 | 423 | 3,967 | 5,928 | 2,682,026 | 2,691,921 | ||||||||||||||||||||
Multifamily, net | 408 | — | — | 408 | — | 3,074,510 | 3,074,918 | ||||||||||||||||||||
Construction & development, net | — | 2,959 | — | 2,959 | — | 298,933 | 301,892 | ||||||||||||||||||||
Residential development, net | — | — | — | — | — | 99,459 | 99,459 | ||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||
Term, net | 298 | 333 | — | 631 | 15,185 | 1,409,193 | 1,425,009 | ||||||||||||||||||||
LOC & other, net | 1,907 | 92 | 8 | 2,007 | 664 | 1,040,405 | 1,043,076 | ||||||||||||||||||||
Leases and equipment finance, net | 2,933 | 3,499 | 822 | 7,254 | 4,801 | 717,106 | 729,161 | ||||||||||||||||||||
Residential | |||||||||||||||||||||||||||
Mortgage, net | 31 | 2,444 | 10,057 | 12,532 | — | 2,877,691 | 2,890,223 | ||||||||||||||||||||
Home equity loans & lines, net | 1,084 | 643 | 3,080 | 4,807 | — | 918,860 | 923,667 | ||||||||||||||||||||
Consumer & other, net | 3,271 | 889 | 642 | 4,802 | 4 | 522,383 | 527,189 | ||||||||||||||||||||
Total, net of deferred fees and costs | $ | 13,638 | $ | 14,785 | $ | 15,169 | $ | 43,592 | $ | 29,215 | $ | 16,774,553 | $ | 16,847,360 |
(in thousands) | December 31, 2014 | ||||||||||||||||||||||||||
Greater Than | 60 to 89 | Greater Than | Total | ||||||||||||||||||||||||
30 to 59 Days | Days | 90 Days and | Total | Non- | Current & | Loans | |||||||||||||||||||||
Past Due | Past Due | Accruing | Past Due | accrual | Other (1) | and Leases | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 452 | $ | — | $ | 283 | $ | 735 | $ | 8,957 | $ | 3,280,918 | $ | 3,290,610 | |||||||||||||
Owner occupied term, net | 2,304 | 347 | — | 2,651 | 8,292 | 2,622,921 | 2,633,864 | ||||||||||||||||||||
Multifamily, net | — | 512 | — | 512 | 300 | 2,637,806 | 2,638,618 | ||||||||||||||||||||
Construction & development, net | 1,091 | — | — | 1,091 | — | 257,631 | 258,722 | ||||||||||||||||||||
Residential development, net | 6,155 | — | — | 6,155 | — | 75,691 | 81,846 | ||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||
Term, net | 1,098 | 242 | 3 | 1,343 | 19,097 | 1,375,649 | 1,396,089 | ||||||||||||||||||||
LOC & other, net | 1,637 | 1,155 | 1,223 | 4,015 | 8,825 | 1,016,780 | 1,029,620 | ||||||||||||||||||||
Leases and equipment finance, net | 1,482 | 1,695 | 695 | 3,872 | 5,084 | 514,158 | 523,114 | ||||||||||||||||||||
Residential | |||||||||||||||||||||||||||
Mortgage, net | 8 | 1,224 | 4,289 | 5,521 | 655 | 2,227,559 | 2,233,735 | ||||||||||||||||||||
Home equity loans & lines, net | 1,924 | 702 | 749 | 3,375 | 615 | 848,488 | 852,478 | ||||||||||||||||||||
Consumer & other, net | 2,133 | 498 | 270 | 2,901 | 216 | 385,919 | 389,036 | ||||||||||||||||||||
Total, net of deferred fees and costs | $ | 18,284 | $ | 6,375 | $ | 7,512 | $ | 32,171 | $ | 52,041 | $ | 15,243,520 | $ | 15,327,732 |
(in thousands) | December 31, 2015 | ||||||||||||||
Unpaid | Recorded Investment | ||||||||||||||
Principal | Without | With | Related | ||||||||||||
Balance | Allowance | Allowance | Allowance | ||||||||||||
Commercial real estate | |||||||||||||||
Non-owner occupied term, net | $ | 8,633 | $ | 1,946 | $ | 6,260 | $ | 91 | |||||||
Owner occupied term, net | 7,476 | 4,340 | 3,072 | 40 | |||||||||||
Multifamily, net | 3,519 | — | 3,519 | 49 | |||||||||||
Construction & development, net | 1,091 | — | 1,091 | 11 | |||||||||||
Residential development, net | 7,889 | — | 7,891 | 90 | |||||||||||
Commercial | |||||||||||||||
Term, net | 26,106 | 14,788 | 6,220 | 283 | |||||||||||
LOC & other, net | 3,470 | 664 | 2,322 | 224 | |||||||||||
Residential | |||||||||||||||
Mortgage, net | — | — | — | — | |||||||||||
Home equity loans & lines, net | — | — | — | — | |||||||||||
Consumer & other, net | — | — | — | — | |||||||||||
Total, net of deferred fees and costs | $ | 58,184 | $ | 21,738 | $ | 30,375 | $ | 788 |
(in thousands) | December 31, 2014 | ||||||||||||||
Unpaid | Recorded Investment | ||||||||||||||
Principal | Without | With | Related | ||||||||||||
Balance | Allowance | Allowance | Allowance | ||||||||||||
Commercial real estate | |||||||||||||||
Non-owner occupied term, net | $ | 42,793 | $ | 16,916 | $ | 22,190 | $ | 502 | |||||||
Owner occupied term, net | 16,339 | 8,290 | 7,655 | 364 | |||||||||||
Multifamily, net | 4,040 | 300 | 3,519 | 49 | |||||||||||
Construction & development, net | 2,655 | — | 1,091 | 7 | |||||||||||
Residential development, net | 9,670 | — | 9,675 | 166 | |||||||||||
Commercial | |||||||||||||||
Term, net | 31,733 | 18,701 | 256 | 12 | |||||||||||
LOC & other, net | 18,761 | 8,575 | 5,404 | 308 | |||||||||||
Residential | |||||||||||||||
Mortgage, net | — | — | — | — | |||||||||||
Home equity loans & lines, net | 626 | — | — | — | |||||||||||
Consumer & other, net | 152 | — | — | — | |||||||||||
Total, net of deferred fees and costs | $ | 126,769 | $ | 52,782 | $ | 49,790 | $ | 1,408 |
(in thousands) | December 31, 2015 | December 31, 2014 | |||||||||||||
Average | Interest | Average | Interest | ||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||
Commercial real estate | |||||||||||||||
Non-owner occupied term, net | $ | 21,010 | $ | 632 | $ | 50,589 | $ | 1,619 | |||||||
Owner occupied term, net | 12,356 | 240 | 12,781 | 282 | |||||||||||
Multifamily, net | 3,579 | 123 | 2,954 | 145 | |||||||||||
Construction & development, net | 1,091 | 54 | 6,156 | 44 | |||||||||||
Residential development, net | 8,634 | 338 | 13,237 | 463 | |||||||||||
Commercial | |||||||||||||||
Term, net | 21,873 | 223 | 15,401 | 15 | |||||||||||
LOC & other, net | 6,183 | 152 | 5,138 | — | |||||||||||
Residential | |||||||||||||||
Mortgage, net | — | — | — | — | |||||||||||
Home equity loans & lines, net | — | 7 | — | — | |||||||||||
Consumer & other, net | — | — | 26 | — | |||||||||||
Total, net of deferred fees and costs | $ | 74,726 | $ | 1,769 | $ | 106,282 | $ | 2,568 |
(in thousands) | December 31, 2015 | ||||||||||||||||||||||||||
Pass/Watch | Special Mention | Substandard | Doubtful | Loss | Impaired (1) | Total | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 2,963,339 | $ | 82,538 | $ | 86,213 | $ | 270 | $ | 279 | $ | 8,206 | $ | 3,140,845 | |||||||||||||
Owner occupied term, net | 2,553,909 | 60,042 | 68,522 | 675 | 1,361 | 7,412 | 2,691,921 | ||||||||||||||||||||
Multifamily, net | 3,047,889 | 5,641 | 17,869 | — | — | 3,519 | 3,074,918 | ||||||||||||||||||||
Construction & development, net | 288,018 | 10,659 | 2,124 | — | — | 1,091 | 301,892 | ||||||||||||||||||||
Residential development, net | 89,706 | 507 | 1,355 | — | — | 7,891 | 99,459 | ||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||
Term, net | 1,369,230 | 13,620 | 20,953 | 36 | 162 | 21,008 | 1,425,009 | ||||||||||||||||||||
LOC & other, net | 1,004,946 | 19,183 | 15,959 | 1 | 1 | 2,986 | 1,043,076 | ||||||||||||||||||||
Leases and equipment finance, net | 716,190 | 3,849 | 3,499 | 4,889 | 734 | — | 729,161 | ||||||||||||||||||||
Residential | |||||||||||||||||||||||||||
Mortgage, net | 2,871,516 | 3,557 | 2,019 | — | 13,131 | — | 2,890,223 | ||||||||||||||||||||
Home equity loans & lines, net | 917,919 | 2,189 | 803 | — | 2,756 | — | 923,667 | ||||||||||||||||||||
Consumer & other, net | 522,339 | 4,174 | 458 | — | 218 | — | 527,189 | ||||||||||||||||||||
Total, net of deferred fees and costs | $ | 16,345,001 | $ | 205,959 | $ | 219,774 | $ | 5,871 | $ | 18,642 | $ | 52,113 | $ | 16,847,360 |
(in thousands) | December 31, 2014 | ||||||||||||||||||||||||||
Pass/Watch | Special Mention | Substandard | Doubtful | Loss | Impaired (1) | Total | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 3,027,777 | $ | 99,556 | $ | 123,350 | $ | 821 | $ | — | $ | 39,106 | $ | 3,290,610 | |||||||||||||
Owner occupied term, net | 2,475,944 | 58,425 | 81,567 | 309 | 1,674 | 15,945 | 2,633,864 | ||||||||||||||||||||
Multifamily, net | 2,610,039 | 9,583 | 15,177 | — | — | 3,819 | 2,638,618 | ||||||||||||||||||||
Construction & development, net | 248,547 | 4,081 | 5,003 | — | — | 1,091 | 258,722 | ||||||||||||||||||||
Residential development, net | 68,789 | 963 | 2,419 | — | — | 9,675 | 81,846 | ||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||
Term, net | 1,346,148 | 12,661 | 17,901 | 198 | 224 | 18,957 | 1,396,089 | ||||||||||||||||||||
LOC & other, net | 991,209 | 17,665 | 6,399 | 280 | 88 | 13,979 | 1,029,620 | ||||||||||||||||||||
Leases and equipment finance, net | 513,104 | 2,554 | 3,809 | 3,255 | 392 | — | 523,114 | ||||||||||||||||||||
Residential | |||||||||||||||||||||||||||
Mortgage, net | 2,215,956 | 2,330 | 4,497 | — | 10,952 | — | 2,233,735 | ||||||||||||||||||||
Home equity loans & lines, net | 846,277 | 3,271 | 1,079 | — | 1,851 | — | 852,478 | ||||||||||||||||||||
Consumer & other, net | 385,754 | 2,717 | 198 | — | 367 | — | 389,036 | ||||||||||||||||||||
Total, net of deferred fees and costs | $ | 14,729,544 | $ | 213,806 | $ | 261,399 | $ | 4,863 | $ | 15,548 | $ | 102,572 | $ | 15,327,732 |
(in thousands) | December 31, 2015 | ||||||||||
Accrual | Non-Accrual | Total | |||||||||
Status | Status | Modifications | |||||||||
Commercial real estate, net | $ | 17,895 | $ | 1,324 | $ | 19,219 | |||||
Commercial, net | 8,543 | 8,528 | 17,071 | ||||||||
Residential, net | 4,917 | — | 4,917 | ||||||||
Total, net of deferred fees and costs | $ | 31,355 | $ | 9,852 | $ | 41,207 |
(in thousands) | December 31, 2014 | ||||||||||
Accrual | Non-Accrual | Total | |||||||||
Status | Status | Modifications | |||||||||
Commercial real estate, net | $ | 48,817 | $ | 2,319 | $ | 51,136 | |||||
Commercial, net | 5,404 | 9,541 | 14,945 | ||||||||
Residential, net | 615 | — | 615 | ||||||||
Total, net of deferred fees and costs | $ | 54,836 | $ | 11,860 | $ | 66,696 |
(in thousands) | December 31, 2015 | ||||||||||||||||||||||
Rate | Term | Interest Only | Payment | Combination | Total | ||||||||||||||||||
Modifications | Modifications | Modifications | Modifications | Modifications | Modifications | ||||||||||||||||||
Commercial real estate, net | $ | — | $ | — | $ | — | $ | — | $ | 1,374 | $ | 1,374 | |||||||||||
Commercial, net | — | — | — | — | 11,737 | 11,737 | |||||||||||||||||
Residential, net | — | 74 | — | 122 | 3,990 | 4,186 | |||||||||||||||||
Consumer & other, net | — | — | — | — | — | — | |||||||||||||||||
Total, net of deferred fees and costs | $ | — | $ | 74 | $ | — | $ | 122 | $ | 17,101 | $ | 17,297 | |||||||||||
December 31, 2014 | |||||||||||||||||||||||
Rate | Term | Interest Only | Payment | Combination | |||||||||||||||||||
Modifications | Modifications | Modifications | Modifications | Modifications | Total | ||||||||||||||||||
Commercial real estate, net | $ | — | $ | 2,332 | $ | — | $ | — | $ | 3,519 | $ | 5,851 | |||||||||||
Commercial, net | — | 8,359 | — | — | 5,410 | 13,769 | |||||||||||||||||
Residential, net | — | — | — | — | 138 | 138 | |||||||||||||||||
Consumer & other, net | — | — | — | — | — | — | |||||||||||||||||
Total, net of deferred fees and costs | $ | — | $ | 10,691 | $ | — | $ | — | $ | 9,067 | $ | 19,758 |
(in thousands) | Estimated useful life | ||||||||
2015 | 2014 | ||||||||
Land | $ | 45,762 | $ | 46,415 | |||||
Buildings and improvements | 232,635 | 218,326 | 7-39 years | ||||||
Furniture, fixtures and equipment | 156,031 | 132,249 | 4-20 years | ||||||
Software | 70,195 | 40,785 | 3 years | ||||||
Construction in progress | 13,781 | 32,313 | |||||||
Total premises and equipment | 518,404 | 470,088 | |||||||
Less: Accumulated depreciation and amortization | (189,670 | ) | (152,254 | ) | |||||
Premises and equipment, net | $ | 328,734 | $ | 317,834 |
(in thousands) | Goodwill | ||||||||||
Community Banking | |||||||||||
Accumulated | |||||||||||
Gross | Impairment | Total | |||||||||
Balance, December 31, 2012 | $ | 781,106 | $ | (112,934 | ) | $ | 668,172 | ||||
Net additions | 96,777 | — | 96,777 | ||||||||
Reductions | (644 | ) | — | (644 | ) | ||||||
Balance, December 31, 2013 | 877,239 | (112,934 | ) | 764,305 | |||||||
Net additions | 1,021,920 | — | 1,021,920 | ||||||||
Reductions | — | — | — | ||||||||
Balance, December 31, 2014 | 1,899,159 | (112,934 | ) | 1,786,225 | |||||||
Net additions | 1,568 | — | 1,568 | ||||||||
Reductions | — | — | — | ||||||||
Balance, December 31, 2015 | $ | 1,900,727 | $ | (112,934 | ) | $ | 1,787,793 | ||||
Other Intangible Assets | |||||||||||
Accumulated | |||||||||||
Gross | Amortization | Net | |||||||||
Balance, December 31, 2012 | $ | 58,909 | $ | (41,750 | ) | $ | 17,159 | ||||
Net additions | — | — | — | ||||||||
Amortization | — | (4,781 | ) | (4,781 | ) | ||||||
Balance, December 31, 2013 | 58,909 | (46,531 | ) | 12,378 | |||||||
Net additions | 54,562 | — | 54,562 | ||||||||
Amortization | — | (10,207 | ) | (10,207 | ) | ||||||
Balance, December 31, 2014 | 113,471 | (56,738 | ) | 56,733 | |||||||
Net additions | — | — | — | ||||||||
Amortization | — | (11,225 | ) | (11,225 | ) | ||||||
Balance, December 31, 2015 | $ | 113,471 | $ | (67,963 | ) | $ | 45,508 |
(in thousands) | Expected | ||
Year | Amortization | ||
2016 | $ | 8,622 | |
2017 | 6,756 | ||
2018 | 6,166 | ||
2019 | 5,618 | ||
2020 | 4,986 | ||
Thereafter | 13,360 | ||
$ | 45,508 |
(in thousands) | 2015 | 2014 | 2013 | ||||||||
Balance, beginning of period | $ | 117,259 | $ | 47,765 | $ | 27,428 | |||||
Acquired/purchased MSR | — | 62,770 | — | ||||||||
Additions for new MSR capitalized | 35,284 | 23,311 | 17,963 | ||||||||
Changes in fair value: | |||||||||||
Due to changes in model inputs or assumptions(1) | (380 | ) | (5,757 | ) | 5,688 | ||||||
Other(2) | (20,346 | ) | (10,830 | ) | (3,314 | ) | |||||
Balance, end of period | $ | 131,817 | $ | 117,259 | $ | 47,765 |
(1) | Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates. |
(2) | Represents changes due to collection/realization of expected cash flows over time. |
(dollars in thousands) | December 31, 2015 | December 31, 2014 | December 31, 2013 | ||||||||
Balance of loans serviced for others | $ | 13,047,266 | $ | 11,590,310 | $ | 4,362,499 | |||||
MSR as a percentage of serviced loans | 1.01 | % | 1.01 | % | 1.09 | % |
2015 | 2014 | 2013 | ||||||
Constant prepayment rate | 11.70 | % | 12.39 | % | 12.74 | % | ||
Discount rate | 9.68 | % | 9.17 | % | 8.69 | % | ||
Weighted average life (years) | 6.5 | 6.4 | 6.0 |
December 31, 2015 | December 31, 2014 | ||||||
Constant prepayment rate | |||||||
Effect on fair value of a 10% adverse change | $ | (5,337 | ) | $ | (4,965 | ) | |
Effect on fair value of a 20% adverse change | $ | (10,283 | ) | $ | (9,547 | ) | |
Discount rate | |||||||
Effect on fair value of a 100 basis point adverse change | $ | (4,936 | ) | $ | (4,539 | ) | |
Effect on fair value of a 200 basis point adverse change | $ | (9,494 | ) | $ | (8,771 | ) |
(in thousands) | 2015 | 2014 | 2013 | ||||||||
Balance, beginning of period | $ | 37,942 | $ | 23,935 | $ | 27,512 | |||||
Additions to OREO due to acquisition | — | 8,666 | — | ||||||||
Additions to OREO | 9,062 | 24,873 | 24,193 | ||||||||
Dispositions of OREO | (21,915 | ) | (15,804 | ) | (25,610 | ) | |||||
Valuation adjustments in the period | (2,782 | ) | (3,728 | ) | (2,160 | ) | |||||
Balance, end of period | $ | 22,307 | $ | 37,942 | $ | 23,935 |
(in thousands) | 2015 | 2014 | |||||
Accrued interest receivable | $ | 52,835 | $ | 48,343 | |||
Derivative assets | 43,549 | 29,210 | |||||
Low-income housing tax credit investments | 15,889 | 12,311 | |||||
Prepaid expenses | 15,021 | 44,031 | |||||
Investment in unconsolidated trust subsidiaries | 14,277 | 14,296 | |||||
Income taxes receivable | 10,715 | 18,663 | |||||
Commercial servicing asset | 7,944 | 9,329 | |||||
Other | 42,266 | 51,935 | |||||
Total | $ | 202,496 | $ | 228,118 |
(in thousands) | Current | Deferred | Total | ||||||||
YEAR ENDED DECEMBER 31, 2015: | |||||||||||
Federal | $ | 22,914 | $ | 81,267 | $ | 104,181 | |||||
State | 1,708 | 18,699 | 20,407 | ||||||||
$ | 24,622 | $ | 99,966 | $ | 124,588 | ||||||
YEAR ENDED DECEMBER 31, 2014: | |||||||||||
Federal | $ | 1,968 | $ | 70,583 | $ | 72,551 | |||||
State | 1,045 | 9,444 | 10,489 | ||||||||
$ | 3,013 | $ | 80,027 | $ | 83,040 | ||||||
YEAR ENDED DECEMBER 31, 2013: | |||||||||||
Federal | $ | 37,960 | $ | 7,722 | $ | 45,682 | |||||
State | 8,187 | 323 | 8,510 | ||||||||
$ | 46,147 | $ | 8,045 | $ | 54,192 |
2015 | 2014 | 2013 | ||||||
Statutory Federal income tax rate | 35.0 | % | 35.0 | % | 35.0 | % | ||
State tax, net of Federal income tax | 4.0 | % | 3.5 | % | 4.4 | % | ||
Tax-exempt income | (1.8 | )% | (2.5 | )% | (3.2 | )% | ||
Tax credits | (0.1 | )% | (0.8 | )% | (1.8 | )% | ||
Nondeductible merger expenses | — | % | 1.2 | % | 1.0 | % | ||
BOLI | (1.1 | )% | (1.6 | )% | (0.8 | )% | ||
Other | (0.1 | )% | 1.2 | % | 1.0 | % | ||
Effective income tax rate | 35.9 | % | 36.0 | % | 35.6 | % |
(in thousands) | 2015 | 2014 | |||||
DEFERRED TAX ASSETS: | |||||||
Net operating loss carryforwards | $ | 137,302 | $ | 197,227 | |||
Allowance for loan and lease losses | 54,048 | 41,133 | |||||
Loan discount | 40,068 | 90,287 | |||||
Accrued severance and deferred compensation | 28,893 | 28,216 | |||||
Tax credits | 15,778 | 21,966 | |||||
Other | 32,350 | 44,493 | |||||
Total gross deferred tax assets | 308,439 | 423,322 | |||||
DEFERRED TAX LIABILITIES: | |||||||
Residential mortgage servicing rights | 54,112 | 48,496 | |||||
Fair market value adjustment on preferred securities | 48,407 | 50,549 | |||||
Intangibles | 17,417 | 15,074 | |||||
Other | 49,331 | 75,395 | |||||
Total gross deferred tax liabilities | 169,267 | 189,514 | |||||
Valuation allowance | (1,090 | ) | (3,366 | ) | |||
Net deferred tax assets | $ | 138,082 | $ | 230,442 |
(in thousands) | 2015 | 2014 | |||||
Balance, beginning of period | $ | 2,671 | $ | 602 | |||
Effectively settled positions | — | (86 | ) | ||||
Changes for tax positions of current year | 178 | 146 | |||||
Changes for tax positions of prior years/assumed in merger | 574 | 2,009 | |||||
Lapse of statute of limitations | (535 | ) | — | ||||
Balance, end of period | $ | 2,888 | $ | 2,671 |
(in thousands) | 2015 | 2014 | |||||
Interest bearing demand | $ | 2,157,376 | $ | 2,054,994 | |||
Money market | 6,599,516 | 6,113,138 | |||||
Savings | 1,136,809 | 971,185 | |||||
Time, $100,000 and over | 1,604,446 | 1,765,721 | |||||
Time less than $100,000 | 890,451 | 1,242,257 | |||||
Total interest bearing deposits | $ | 12,388,598 | $ | 12,147,295 |
(in thousands) | |||
Year | Amount | ||
2016 | $ | 1,656,200 | |
2017 | 447,947 | ||
2018 | 87,399 | ||
2019 | 157,283 | ||
2020 | 137,659 | ||
Thereafter | 8,409 | ||
Total time deposits | $ | 2,494,897 |
(in thousands) | Amount | ||
Three months or less | $ | 494,891 | |
Over three months through six months | 299,599 | ||
Over six months through twelve months | 310,738 | ||
Over twelve months | 499,218 | ||
Time, $100,000 and over | $ | 1,604,446 |
(dollars in thousands) | Weighted | Carrying | Market | |||||||||||
Average | Value of | Value of | ||||||||||||
Repurchase | Interest | Underlying | Underlying | |||||||||||
Amount | Rate | Assets | Assets | |||||||||||
December 31, 2015 | $ | 304,560 | 0.02 | % | $ | 402,003 | $ | 402,003 | ||||||
December 31, 2014 | $ | 313,321 | 0.04 | % | $ | 411,569 | $ | 411,569 |
(in thousands) | ||||
Year | Amount | |||
2016 | $ | 525,016 | ||
2017 | 155,000 | |||
2018 | 50,000 | |||
2019 | — | |||
2020 | 150,000 | |||
Thereafter | 5,151 | |||
Total borrowed funds | $ | 885,167 | (1) |
(dollars in thousands) | ||||||||||||||||
Trust Name | Issue Date | Issued Amount | Carrying Value (1) | Rate (2) | Effective Rate (3) | Maturity Date | ||||||||||
AT FAIR VALUE: | ||||||||||||||||
Umpqua Statutory Trust II | October 2002 | $ | 20,619 | $ | 15,427 | Floating rate, LIBOR plus 3.35%, adjusted quarterly | 4.91% | October 2032 | ||||||||
Umpqua Statutory Trust III | October 2002 | 30,928 | 23,320 | Floating rate, LIBOR plus 3.45%, adjusted quarterly | 5.06% | November 2032 | ||||||||||
Umpqua Statutory Trust IV | December 2003 | 10,310 | 7,319 | Floating rate, LIBOR plus 2.85%, adjusted quarterly | 4.47% | January 2034 | ||||||||||
Umpqua Statutory Trust V | December 2003 | 10,310 | 7,292 | Floating rate, LIBOR plus 2.85%, adjusted quarterly | 4.77% | March 2034 | ||||||||||
Umpqua Master Trust I | August 2007 | 41,238 | 24,268 | Floating rate, LIBOR plus 1.35%, adjusted quarterly | 3.16% | September 2037 | ||||||||||
Umpqua Master Trust IB | September 2007 | 20,619 | 14,063 | Floating rate, LIBOR plus 2.75%, adjusted quarterly | 4.78% | December 2037 | ||||||||||
Sterling Capital Trust III | April 2003 | 14,433 | 11,311 | Floating rate, LIBOR plus 3.25%, adjusted quarterly | 4.57% | April 2033 | ||||||||||
Sterling Capital Trust IV | May 2003 | 10,310 | 7,994 | Floating rate, LIBOR plus 3.15%, adjusted quarterly | 4.53% | May 2033 | ||||||||||
Sterling Capital Statutory Trust V | May 2003 | 20,619 | 16,040 | Floating rate, LIBOR plus 3.25%, adjusted quarterly | 4.95% | June 2033 | ||||||||||
Sterling Capital Trust VI | June 2003 | 10,310 | 7,969 | Floating rate, LIBOR plus 3.20%, adjusted quarterly | 4.45% | September 2033 | ||||||||||
Sterling Capital Trust VII | June 2006 | 56,702 | 34,540 | Floating rate, LIBOR plus 1.53%, adjusted quarterly | 3.34% | June 2036 | ||||||||||
Sterling Capital Trust VIII | September 2006 | 51,547 | 31,708 | Floating rate, LIBOR plus 1.63%, adjusted quarterly | 3.48% | December 2036 | ||||||||||
Sterling Capital Trust IX | July 2007 | 46,392 | 27,241 | Floating rate, LIBOR plus 1.40%, adjusted quarterly | 2.94% | October 2037 | ||||||||||
Lynnwood Financial Statutory Trust I | March 2003 | 9,279 | 7,144 | Floating rate, LIBOR plus 3.15%, adjusted quarterly | 4.87% | March 2033 | ||||||||||
Lynnwood Financial Statutory Trust II | June 2005 | 10,310 | 6,599 | Floating rate, LIBOR plus 1.80%, adjusted quarterly | 3.61% | June 2035 | ||||||||||
Klamath First Capital Trust I | July 2001 | 15,464 | 13,222 | Floating rate, LIBOR plus 3.75%, adjusted semiannually | 4.95% | July 2031 | ||||||||||
379,390 | 255,457 | |||||||||||||||
AT AMORTIZED COST: | ||||||||||||||||
HB Capital Trust I | March 2000 | 5,310 | 6,106 | 10.875% | 8.54% | March 2030 | ||||||||||
Humboldt Bancorp Statutory Trust I | February 2001 | 5,155 | 5,741 | 10.200% | 8.48% | February 2031 | ||||||||||
Humboldt Bancorp Statutory Trust II | December 2001 | 10,310 | 11,164 | Floating rate, LIBOR plus 3.60%, adjusted quarterly | 3.33% | December 2031 | ||||||||||
Humboldt Bancorp Statutory Trust III | September 2003 | 27,836 | 30,083 | Floating rate, LIBOR plus 2.95%, adjusted quarterly | 2.78% | September 2033 | ||||||||||
CIB Capital Trust | November 2002 | 10,310 | 11,044 | Floating rate, LIBOR plus 3.45%, adjusted quarterly | 3.16% | November 2032 | ||||||||||
Western Sierra Statutory Trust I | July 2001 | 6,186 | 6,186 | Floating rate, LIBOR plus 3.58%, adjusted quarterly | 3.91% | July 2031 | ||||||||||
Western Sierra Statutory Trust II | December 2001 | 10,310 | 10,310 | Floating rate, LIBOR plus 3.60%, adjusted quarterly | 4.13% | December 2031 | ||||||||||
Western Sierra Statutory Trust III | September 2003 | 10,310 | 10,310 | Floating rate, LIBOR plus 2.90%, adjusted quarterly | 3.22% | September 2033 | ||||||||||
Western Sierra Statutory Trust IV | September 2003 | 10,310 | 10,310 | Floating rate, LIBOR plus 2.90%, adjusted quarterly | 3.22% | September 2033 | ||||||||||
96,037 | 101,254 | |||||||||||||||
Total | $ | 475,427 | $ | 356,711 |
(1) | Includes acquisition accounting adjustments, net of accumulated amortization, for junior subordinated debentures assumed in connection with previous mergers as well as fair value adjustments related to trusts recorded at fair value. |
(2) | Contractual interest rate of junior subordinated debentures. |
(3) | Effective interest rate based upon the carrying value as of December 31, 2015. |
(in thousands) | Lease | Sublease | |||||
Year | Payments | Income | |||||
2016 | $ | 30,822 | $ | 1,291 | |||
2017 | 26,488 | 1,461 | |||||
2018 | 23,074 | 1,167 | |||||
2019 | 20,259 | 1,152 | |||||
2020 | 16,177 | 1,168 | |||||
Thereafter | 43,852 | 4,759 | |||||
Total | $ | 160,672 | $ | 10,998 |
(in thousands) | As of December 31, 2015 | ||
Commitments to extend credit | $ | 3,658,614 | |
Commitments to extend overdrafts | $ | 808,216 | |
Forward sales commitments | $ | 556,568 | |
Commitments to originate loans held for sale | $ | 341,263 | |
Standby letters of credit | $ | 64,906 |
(in thousands) | Asset Derivatives | Liability Derivatives | ||||||||||||||
Derivatives not designated | December 31, | December 31, | December 31, | December 31, | ||||||||||||
as hedging instrument | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Interest rate lock commitments | $ | 3,631 | $ | 2,867 | $ | — | $ | — | ||||||||
Interest rate forward sales commitments | 1,155 | 16 | 971 | 2,627 | ||||||||||||
Interest rate swaps | 38,567 | 26,327 | 40,238 | 28,158 | ||||||||||||
Foreign currency derivative | 196 | 565 | 305 | 103 | ||||||||||||
Total | $ | 43,549 | $ | 29,775 | $ | 41,514 | $ | 30,888 |
(in thousands) | ||||||||||||
Derivatives not designated | December 31, | |||||||||||
as hedging instrument | 2015 | 2014 | 2013 | |||||||||
Interest rate lock commitments | $ | 763 | $ | 2,000 | $ | (772 | ) | |||||
Interest rate forward sales commitments | (4,752 | ) | (23,463 | ) | 13,225 | |||||||
Interest rate swaps | 162 | (3,232 | ) | 1,243 | ||||||||
Foreign currency derivative | 1,011 | 890 | 602 | |||||||||
Total | $ | (2,816 | ) | $ | (23,805 | ) | $ | 14,298 |
(in thousands) | Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||
Gross Amounts of Recognized Assets/Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets/Liabilities presented in the Statement of Financial Position | Financial Instruments | Collateral Posted | Net Amount | |||||||||||||||||||
December 31, 2015 | ||||||||||||||||||||||||
Derivative Assets | ||||||||||||||||||||||||
Interest rate swaps | $ | 38,567 | $ | — | $ | 38,567 | $ | (198 | ) | $ | — | $ | 38,369 | |||||||||||
Foreign currency derivative | 196 | — | 196 | — | — | 196 | ||||||||||||||||||
Derivative Liabilities | ||||||||||||||||||||||||
Interest rate swaps | $ | 40,238 | $ | — | $ | 40,238 | $ | (198 | ) | $ | (40,040 | ) | $ | — | ||||||||||
Foreign currency derivative | 305 | — | 305 | — | — | 305 | ||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Derivative Assets | ||||||||||||||||||||||||
Interest rate swaps | $ | 26,327 | $ | — | $ | 26,327 | $ | (131 | ) | $ | — | $ | 26,196 | |||||||||||
Foreign currency derivative | 565 | — | 565 | — | — | 565 | ||||||||||||||||||
Derivative Liabilities | ||||||||||||||||||||||||
Interest rate swaps | $ | 28,158 | $ | — | $ | 28,158 | $ | (131 | ) | $ | (28,027 | ) | $ | — | ||||||||||
Foreign currency derivative | 103 | — | 103 | — | — | 103 |
(shares in thousands) | 2015 | 2014 | 2013 | |||||||||||||||||
Options Outstanding | Weighted-Avg Exercise Price | Options Outstanding | Weighted-Avg Exercise Price | Options Outstanding | Weighted-Avg Exercise Price | |||||||||||||||
Balance, beginning of period | 807 | $ | 16.80 | 981 | $ | 16.17 | 1,850 | $ | 15.37 | |||||||||||
Granted/assumed | — | $ | — | 440 | $ | 12.12 | — | $ | — | |||||||||||
Exercised | (83 | ) | $ | 11.06 | (572 | ) | $ | 11.93 | (515 | ) | $ | 12.42 | ||||||||
Forfeited/expired | (252 | ) | $ | 22.88 | (42 | ) | $ | 19.28 | (354 | ) | $ | 17.46 | ||||||||
Balance, end of period | 472 | $ | 14.58 | 807 | $ | 16.80 | 981 | $ | 16.17 | |||||||||||
Options exercisable, end of period | 437 | $ | 14.78 | 676 | $ | 17.71 | 627 | $ | 18.86 |
(shares in thousands) | Options Outstanding | Options Exercisable | |||||||||||||
Range of Exercise Prices | Options Outstanding | Weighted Avg. Remaining Contractual Life (Years) | Weighted Avg. Exercise Price | Options Exercisable | Weighted Avg. Exercise Price | ||||||||||
$9.23 to $11.89 | 217 | 4.27 | $ | 11.18 | 217 | $ | 11.18 | ||||||||
$11.98 to $15.50 | 180 | 4.78 | $ | 13.54 | 145 | $ | 13.90 | ||||||||
$26.12 to $28.43 | 75 | 0.80 | $ | 26.89 | 75 | $ | 26.89 | ||||||||
472 | 3.91 | $ | 14.58 | 437 | $ | 14.78 |
2014 | |||
Dividend yield | 3.25 | % | |
Expected life (years) | 6.8 | ||
Expected volatility | 31 | % | |
Risk-free rate | 0.91 | % | |
Weighted average fair value of options on date of grant | $ | 3.22 |
(shares in thousands) | 2015 | 2014 | 2013 | |||||||||||||||||
Restricted Shares Outstanding | Weighted Average Grant Date Fair Value | Restricted Shares Outstanding | Weighted Average Grant Date Fair Value | Restricted Shares Outstanding | Weighted Average Grant Date Fair Value | |||||||||||||||
Balance, beginning of period | 1,386 | $ | 15.39 | 992 | $ | 12.79 | 763 | $ | 12.39 | |||||||||||
Granted | 639 | $ | 15.83 | 839 | $ | 17.33 | 467 | $ | 13.04 | |||||||||||
Vested/released | (516 | ) | $ | 14.58 | (399 | ) | $ | 12.42 | (153 | ) | $ | 12.17 | ||||||||
Forfeited/expired | (133 | ) | $ | 15.22 | (46 | ) | $ | 12.99 | (85 | ) | $ | 11.74 | ||||||||
Balance, end of period | 1,376 | $ | 16.18 | 1,386 | $ | 15.39 | 992 | $ | 12.79 |
(shares in thousands) | 2015 | 2014 | 2013 | |||||||||||||||||
Restricted Stock Units Outstanding | Weighted Average Grant Date Fair Value | Restricted Stock Units Outstanding | Weighted Average Grant Date Fair Value | Restricted Stock Units Outstanding | Weighted Average Grant Date Fair Value | |||||||||||||||
Balance, beginning of period | 675 | $ | 18.03 | 95 | $ | 10.41 | 130 | $ | 10.41 | |||||||||||
Assumed | — | $ | — | 994 | $ | 18.58 | — | $ | — | |||||||||||
Released | (254 | ) | $ | 17.99 | (342 | ) | $ | 16.91 | — | $ | — | |||||||||
Forfeited/expired | (158 | ) | $ | 18.48 | (72 | ) | $ | 18.58 | (35 | ) | $ | 10.42 | ||||||||
Balance, end of period | 263 | $ | 18.58 | 675 | $ | 18.03 | 95 | $ | 10.41 |
(dollars in thousands) | For Capital | To be Well | ||||||||||||||||||
Actual | Adequacy purposes | Capitalized | ||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
As of December 31, 2015 | ||||||||||||||||||||
Total Capital | ||||||||||||||||||||
(to Risk Weighted Assets) | ||||||||||||||||||||
Consolidated | $ | 2,553,161 | 14.34 | % | $ | 1,424,127 | 8.00 | % | $ | 1,780,159 | 10.00 | % | ||||||||
Umpqua Bank | $ | 2,368,213 | 13.32 | % | $ | 1,422,495 | 8.00 | % | $ | 1,778,118 | 10.00 | % | ||||||||
Tier 1 Capital | ||||||||||||||||||||
(to Risk Weighted Assets) | ||||||||||||||||||||
Consolidated | $ | 2,073,402 | 11.65 | % | $ | 1,068,096 | 6.00 | % | $ | 1,424,127 | 8.00 | % | ||||||||
Umpqua Bank | $ | 2,234,458 | 12.57 | % | $ | 1,066,871 | 6.00 | % | $ | 1,422,495 | 8.00 | % | ||||||||
Tier 1 Common | ||||||||||||||||||||
(to Risk Weighted Assets) | ||||||||||||||||||||
Consolidated | $ | 2,020,814 | 11.35 | % | $ | 801,072 | 4.50 | % | $ | 1,157,104 | 6.50 | % | ||||||||
Umpqua Bank | $ | 2,234,458 | 12.57 | % | $ | 800,153 | 4.50 | % | $ | 1,155,777 | 6.50 | % | ||||||||
Tier 1 Capital | ||||||||||||||||||||
(to Average Assets) | ||||||||||||||||||||
Consolidated | $ | 2,073,402 | 9.73 | % | $ | 852,091 | 4.00 | % | $ | 1,065,114 | 5.00 | % | ||||||||
Umpqua Bank | $ | 2,234,458 | 10.50 | % | $ | 851,554 | 4.00 | % | $ | 1,064,443 | 5.00 | % | ||||||||
As of December 31, 2014 | ||||||||||||||||||||
Total Capital | ||||||||||||||||||||
(to Risk Weighted Assets) | ||||||||||||||||||||
Consolidated | $ | 2,391,267 | 15.20 | % | $ | 1,258,198 | 8.00 | % | $ | 1,572,747 | 10.00 | % | ||||||||
Umpqua Bank | $ | 2,181,776 | 13.90 | % | $ | 1,255,819 | 8.00 | % | $ | 1,569,774 | 10.00 | % | ||||||||
Tier 1 Capital | ||||||||||||||||||||
(to Risk Weighted Assets) | ||||||||||||||||||||
Consolidated | $ | 2,271,563 | 14.44 | % | $ | 629,099 | 4.00 | % | $ | 943,648 | 6.00 | % | ||||||||
Umpqua Bank | $ | 2,062,151 | 13.14 | % | $ | 627,910 | 4.00 | % | $ | 941,864 | 6.00 | % | ||||||||
Tier 1 Capital | ||||||||||||||||||||
(to Average Assets) | ||||||||||||||||||||
Consolidated | $ | 2,271,563 | 10.99 | % | $ | 827,128 | 4.00 | % | $ | 1,033,910 | 5.00 | % | ||||||||
Umpqua Bank | $ | 2,062,151 | 9.96 | % | $ | 828,061 | 4.00 | % | $ | 1,035,076 | 5.00 | % |
(in thousands) | December 31, 2015 | December 31, 2014 | |||||||||||||||
Carrying | Fair | Carrying | Fair | ||||||||||||||
Level | Value | Value | Value | Value | |||||||||||||
FINANCIAL ASSETS: | |||||||||||||||||
Cash and cash equivalents | 1 | $ | 773,725 | $ | 773,725 | $ | 1,605,171 | $ | 1,605,171 | ||||||||
Trading securities | 1,2 | 9,586 | 9,586 | 9,999 | 9,999 | ||||||||||||
Investment securities available for sale | 2 | 2,522,539 | 2,522,539 | 2,298,555 | 2,298,555 | ||||||||||||
Investment securities held to maturity | 3 | 4,609 | 5,590 | 5,211 | 5,554 | ||||||||||||
Loans held for sale, at fair value | 2 | 363,275 | 363,275 | 286,802 | 286,802 | ||||||||||||
Loans and leases, net | 3 | 16,717,038 | 16,641,903 | 15,211,565 | 15,252,083 | ||||||||||||
Restricted equity securities | 1 | 46,949 | 46,949 | 119,334 | 119,334 | ||||||||||||
Residential mortgage servicing rights | 3 | 131,817 | 131,817 | 117,259 | 117,259 | ||||||||||||
Bank owned life insurance assets | 1 | 291,892 | 291,892 | 294,296 | 294,296 | ||||||||||||
FDIC indemnification asset | 3 | 855 | 201 | 4,417 | 2,058 | ||||||||||||
Derivatives | 2,3 | 43,549 | 43,549 | 29,775 | 29,775 | ||||||||||||
Visa Class B common stock | 3 | — | 58,751 | — | 49,663 | ||||||||||||
FINANCIAL LIABILITIES: | |||||||||||||||||
Deposits | 1,2 | $ | 17,707,189 | $ | 17,709,555 | $ | 16,892,099 | $ | 16,893,890 | ||||||||
Securities sold under agreements to repurchase | 2 | 304,560 | 304,560 | 313,321 | 313,321 | ||||||||||||
Term debt | 2 | 888,769 | 890,852 | 1,006,395 | 1,018,948 | ||||||||||||
Junior subordinated debentures, at fair value | 3 | 255,457 | 255,457 | 249,294 | 249,294 | ||||||||||||
Junior subordinated debentures, at amortized cost | 3 | 101,254 | 75,654 | 101,576 | 73,840 | ||||||||||||
Derivatives | 2 | 41,514 | 41,514 | 30,888 | 30,888 |
(in thousands) | December 31, 2015 | ||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | |||||||||||
Trading securities | |||||||||||||||
Obligations of states and political subdivisions | $ | 75 | $ | — | $ | 75 | $ | — | |||||||
Equity securities | 9,511 | 9,511 | — | — | |||||||||||
Investment securities available for sale | |||||||||||||||
Obligations of states and political subdivisions | 313,117 | — | 313,117 | — | |||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations | 2,207,420 | — | 2,207,420 | — | |||||||||||
Investments in mutual funds and other equity securities | 2,002 | — | 2,002 | — | |||||||||||
Loans held for sale, at fair value | 363,275 | 363,275 | |||||||||||||
Residential mortgage servicing rights, at fair value | 131,817 | — | — | 131,817 | |||||||||||
Derivatives | |||||||||||||||
Interest rate lock commitments | 3,631 | — | — | 3,631 | |||||||||||
Interest rate forward sales commitments | 1,155 | — | 1,155 | — | |||||||||||
Interest rate swaps | 38,567 | — | 38,567 | — | |||||||||||
Foreign currency derivative | 196 | 196 | |||||||||||||
Total assets measured at fair value | $ | 3,070,766 | $ | 9,511 | $ | 2,925,807 | $ | 135,448 | |||||||
Junior subordinated debentures, at fair value | $ | 255,457 | $ | — | $ | — | $ | 255,457 | |||||||
Derivatives | |||||||||||||||
Interest rate forward sales commitments | 971 | — | 971 | — | |||||||||||
Interest rate swaps | 40,238 | — | 40,238 | — | |||||||||||
Foreign currency derivative | 305 | 305 | |||||||||||||
Total liabilities measured at fair value | $ | 296,971 | $ | — | $ | 41,514 | $ | 255,457 |
(in thousands) | December 31, 2014 | ||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | |||||||||||
Trading securities | |||||||||||||||
Obligations of states and political subdivisions | $ | 124 | $ | — | $ | 124 | $ | — | |||||||
Equity securities | 5,283 | 5,283 | — | — | |||||||||||
Other investments securities(1) | 4,592 | — | 4,592 | — | |||||||||||
Investment securities available for sale | |||||||||||||||
U.S. Treasury and agencies | 229 | — | 229 | — | |||||||||||
Obligations of states and political subdivisions | 338,404 | — | 338,404 | — | |||||||||||
Residential mortgage-backed securities and collateralized mortgage obligations | 1,957,852 | — | 1,957,852 | — | |||||||||||
Investments in mutual funds and other equity securities | 2,070 | — | 2,070 | — | |||||||||||
Loans held for sale, at fair value | 286,802 | 286,802 | |||||||||||||
Residential mortgage servicing rights, at fair value | 117,259 | — | — | 117,259 | |||||||||||
Derivatives | |||||||||||||||
Interest rate lock commitments | 2,867 | — | — | 2,867 | |||||||||||
Interest rate forward sales commitments | 16 | — | 16 | — | |||||||||||
Interest rate swaps | 26,327 | — | 26,327 | — | |||||||||||
Foreign currency derivative | 565 | — | 565 | — | |||||||||||
Total assets measured at fair value | $ | 2,742,390 | $ | 5,283 | $ | 2,616,981 | $ | 120,126 | |||||||
Junior subordinated debentures, at fair value | $ | 249,294 | $ | — | $ | — | $ | 249,294 | |||||||
Derivatives | |||||||||||||||
Interest rate forward sales commitments | 2,627 | — | 2,627 | — | |||||||||||
Interest rate swaps | 28,158 | — | 28,158 | — | |||||||||||
Foreign currency derivative | 103 | — | 103 | — | |||||||||||
Total liabilities measured at fair value | $ | 280,182 | $ | — | $ | 30,888 | $ | 249,294 |
(1) | Principally represents U.S. Treasury and agencies or residential mortgage-backed securities issued or guaranteed by governmental agencies. |
Financial Instrument | Valuation Technique | Unobservable Input | Weighted Average | |||
Residential mortgage servicing rights | Discounted cash flow | |||||
Constant Prepayment Rate | 11.70% | |||||
Discount Rate | 9.68% | |||||
Interest rate lock commitment | Internal Pricing Model | |||||
Pull-through rate | 86.1% | |||||
Junior subordinated debentures | Discounted cash flow | |||||
Credit Spread | 5.84% |
(in thousands) | Beginning Balance | Change included in earnings | Purchases and issuances | Sales and settlements | Ending Balance | Net change in unrealized gains or (losses) relating to items held at end of period | ||||||||||||||||||
2015 | ||||||||||||||||||||||||
Residential mortgage servicing rights, at fair value | $ | 117,259 | $ | (20,726 | ) | $ | 35,284 | $ | — | $ | 131,817 | $ | (14,270 | ) | ||||||||||
Interest rate lock commitment | 2,867 | 851 | 47,764 | (47,851 | ) | 3,631 | 3,631 | |||||||||||||||||
Junior subordinated debentures, at fair value | 249,294 | 16,005 | — | (9,842 | ) | 255,457 | 16,005 | |||||||||||||||||
2014 | ||||||||||||||||||||||||
Residential mortgage servicing rights, at fair value | $ | 47,765 | $ | (16,587 | ) | $ | 86,081 | $ | — | $ | 117,259 | $ | (13,430 | ) | ||||||||||
Interest rate lock commitment | 706 | (3,716 | ) | 28,350 | (22,473 | ) | 2,867 | 2,867 | ||||||||||||||||
Junior subordinated debentures, at fair value | 87,274 | 12,303 | 156,840 | (7,123 | ) | 249,294 | 12,303 |
(in thousands) | December 31, 2015 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Loans and leases | $ | 24,690 | $ | — | $ | — | $ | 24,690 | |||||||
Other real estate owned | 802 | — | — | 802 | |||||||||||
$ | 25,492 | $ | — | $ | — | $ | 25,492 |
(in thousands) | December 31, 2014 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||
Loans and leases | $ | 14,720 | $ | — | $ | — | $ | 14,720 | |||||||
Other real estate owned | 12,741 | — | — | 12,741 | |||||||||||
$ | 27,461 | $ | — | $ | — | $ | 27,461 |
(in thousands) | 2015 | 2014 | 2013 | ||||||||
Loans and leases | $ | 29,083 | $ | 10,265 | $ | 27,171 | |||||
Other real estate owned | 2,782 | 3,728 | 2,160 | ||||||||
Total loss from nonrecurring measurements | $ | 31,865 | $ | 13,993 | $ | 29,331 |
(in thousands) | December 31, 2015 | December 31, 2014 | |||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||
Aggregate | Less Aggregate | Aggregate | Less Aggregate | ||||||||||||||||||||
Unpaid | Unpaid | Unpaid | Unpaid | ||||||||||||||||||||
Fair | Principal | Principal | Fair | Principal | Principal | ||||||||||||||||||
Value | Balance | Balance | Value | Balance | Balance | ||||||||||||||||||
Loans held for sale | $ | 363,275 | $ | 351,414 | $ | 11,861 | $ | 286,802 | $ | 274,245 | $ | 12,557 |
(in thousands, except per share data) | 2015 | 2014 | 2013 | ||||||||
NUMERATORS: | |||||||||||
Net income | $ | 222,539 | $ | 147,658 | $ | 98,291 | |||||
Less: | |||||||||||
Dividends and undistributed earnings allocated to participating securities (1) | 357 | 484 | 788 | ||||||||
Net earnings available to common shareholders | $ | 222,182 | $ | 147,174 | $ | 97,503 | |||||
DENOMINATORS: | |||||||||||
Weighted average number of common shares outstanding - basic | 220,327 | 186,550 | 111,938 | ||||||||
Effect of potentially dilutive common shares (2) | 718 | 994 | 238 | ||||||||
Weighted average number of common shares outstanding - diluted | 221,045 | 187,544 | 112,176 | ||||||||
EARNINGS PER COMMON SHARE: | |||||||||||
Basic | $ | 1.01 | $ | 0.79 | $ | 0.87 | |||||
Diluted | $ | 1.01 | $ | 0.78 | $ | 0.87 |
(1) | Represents dividends paid and undistributed earnings allocated to nonvested restricted stock awards. |
(2) | Represents the effect of the assumed exercise of stock options, vesting of non-participating restricted shares, and vesting of restricted stock units, based on the treasury stock method. |
(in thousands) | 2015 | 2014 | 2013 | |||||
Stock options | 95 | 323 | 669 | |||||
Restricted stock | 3 | 443 | 3 |
Year Ended December 31, 2015 | |||||||||||
(in thousands) | Community | Home | |||||||||
Banking | Lending | Consolidated | |||||||||
Interest income | $ | 823,885 | $ | 105,981 | $ | 929,866 | |||||
Interest expense | 49,081 | 9,151 | 58,232 | ||||||||
Net interest income | 774,804 | 96,830 | 871,634 | ||||||||
Provision for loan and lease losses | 32,808 | 3,781 | 36,589 | ||||||||
Non-interest income | 130,877 | 144,847 | 275,724 | ||||||||
Non-interest expense | 646,492 | 117,150 | 763,642 | ||||||||
Income before income taxes | 226,381 | 120,746 | 347,127 | ||||||||
Provision for income taxes | 81,252 | 43,336 | 124,588 | ||||||||
Net income | 145,129 | 77,410 | 222,539 | ||||||||
Total assets | $ | 20,195,322 | $ | 3,191,883 | $ | 23,387,205 | |||||
Total loans and leases | $ | 14,164,743 | $ | 2,682,617 | $ | 16,847,360 | |||||
Total deposits | $ | 17,689,815 | $ | 17,374 | $ | 17,707,189 |
Year Ended December 31, 2014 | |||||||||||
(in thousands) | Community | Home | |||||||||
Banking | Lending | Consolidated | |||||||||
Interest income | $ | 755,374 | $ | 67,147 | $ | 822,521 | |||||
Interest expense | 43,077 | 5,616 | 48,693 | ||||||||
Net interest income | 712,297 | 61,531 | 773,828 | ||||||||
Provision for loan and lease losses | 40,241 | — | 40,241 | ||||||||
Non-interest income | 93,177 | 87,997 | 181,174 | ||||||||
Non-interest expense | 615,275 | 68,788 | 684,063 | ||||||||
Income before income taxes | 149,958 | 80,740 | 230,698 | ||||||||
Provision for income taxes | 54,427 | 28,613 | 83,040 | ||||||||
Net income | 95,531 | 52,127 | 147,658 | ||||||||
Total assets | $ | 20,095,189 | $ | 2,514,714 | $ | 22,609,903 | |||||
Total loans and leases | $ | 13,181,463 | $ | 2,146,269 | $ | 15,327,732 | |||||
Total deposits | $ | 16,850,682 | $ | 41,417 | $ | 16,892,099 |
Year Ended December 31, 2013 | |||||||||||
(in thousands) | Community | Home | |||||||||
Banking | Lending | Consolidated | |||||||||
Interest income | $ | 420,854 | $ | 21,992 | $ | 442,846 | |||||
Interest expense | 35,367 | 2,514 | 37,881 | ||||||||
Net interest income | 385,487 | 19,478 | 404,965 | ||||||||
Provision for loan and lease losses | 10,716 | — | 10,716 | ||||||||
Non-interest income | 43,556 | 79,339 | 122,895 | ||||||||
Non-interest expense | 325,743 | 38,918 | 364,661 | ||||||||
Income before income taxes | 92,584 | 59,899 | 152,483 | ||||||||
Provision for income taxes | 30,232 | 23,960 | 54,192 | ||||||||
Net income | 62,352 | 35,939 | 98,291 | ||||||||
Total assets | $ | 10,945,541 | $ | 687,062 | $ | 11,632,603 | |||||
Total loans and leases | $ | 7,196,137 | $ | 532,029 | $ | 7,728,166 | |||||
Total deposits | $ | 9,090,959 | $ | 26,701 | $ | 9,117,660 |
(in thousands) | 2015 | 2014 | 2013 | |||||||||
Loans outstanding at beginning of year | $ | 19,718 | $ | 13,307 | $ | 12,272 | ||||||
New loans and advances | 7,165 | 11,392 | 3,584 | |||||||||
Less loan repayments | (16,506 | ) | (2,490 | ) | (2,213 | ) | ||||||
Reclassification (1) | (75 | ) | (2,491 | ) | (336 | ) | ||||||
Loans outstanding at end of year | $ | 10,302 | $ | 19,718 | $ | 13,307 |
(in thousands) | 2015 | 2014 | |||||
ASSETS | |||||||
Non-interest bearing deposits with subsidiary bank | $ | 91,354 | $ | 102,102 | |||
Investments in: | |||||||
Bank subsidiary | 4,132,630 | 4,050,917 | |||||
Nonbank subsidiaries | 44,976 | 38,776 | |||||
Other assets | 3,742 | 4,079 | |||||
Total assets | $ | 4,272,702 | $ | 4,195,874 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||
Payable to bank subsidiary | $ | 36 | $ | 33 | |||
Other liabilities | 66,621 | 67,345 | |||||
Junior subordinated debentures, at fair value | 255,457 | 249,294 | |||||
Junior subordinated debentures, at amortized cost | 101,254 | 101,576 | |||||
Total liabilities | 423,368 | 418,248 | |||||
Shareholders' equity | 3,849,334 | 3,777,626 | |||||
Total liabilities and shareholders' equity | $ | 4,272,702 | $ | 4,195,874 |
(in thousands) | 2015 | 2014 | 2013 | ||||||||
INCOME | |||||||||||
Dividends from subsidiaries | $ | 153,437 | $ | 250,848 | $ | 62,241 | |||||
Other income | (6,272 | ) | (5,196 | ) | (2,321 | ) | |||||
Total income | 147,165 | 245,652 | 59,920 | ||||||||
EXPENSES | |||||||||||
Management fees paid to subsidiaries | 447 | 533 | 501 | ||||||||
Other expenses | 15,564 | 12,966 | 8,885 | ||||||||
Total expenses | 16,011 | 13,499 | 9,386 | ||||||||
Income before income tax benefit and equity in undistributed | |||||||||||
earnings of subsidiaries | 131,154 | 232,153 | 50,534 | ||||||||
Income tax benefit | (7,269 | ) | (7,336 | ) | (4,446 | ) | |||||
Net income before equity in undistributed earnings of subsidiaries | 138,423 | 239,489 | 54,980 | ||||||||
Equity in undistributed earnings of subsidiaries | 84,116 | (91,831 | ) | 43,311 | |||||||
Net income | 222,539 | 147,658 | 98,291 | ||||||||
Dividends and undistributed earnings allocated to participating securities | 357 | 484 | 788 | ||||||||
Net earnings available to common shareholders | $ | 222,182 | $ | 147,174 | $ | 97,503 |
(in thousands) | 2015 | 2014 | 2013 | ||||||||
OPERATING ACTIVITIES: | |||||||||||
Net income | $ | 222,539 | $ | 147,658 | $ | 98,291 | |||||
Adjustment to reconcile net income to net cash | |||||||||||
provided by operating activities: | |||||||||||
Equity in undistributed earnings of subsidiaries | (84,116 | ) | 91,831 | (43,311 | ) | ||||||
Depreciation, amortization and accretion | (322 | ) | (322 | ) | (322 | ) | |||||
Change in fair value of junior subordinated debentures | 6,163 | 5,849 | 2,193 | ||||||||
Net decrease (increase) in other assets | 617 | (6,020 | ) | (92 | ) | ||||||
Net decrease in other liabilities | (2,903 | ) | (8,708 | ) | (1,361 | ) | |||||
Net cash provided by operating activities | 141,978 | 230,288 | 55,398 | ||||||||
INVESTING ACTIVITIES: | |||||||||||
Investment in subsidiaries | (5,000 | ) | 6 | (2,928 | ) | ||||||
Acquisitions | — | (102,143 | ) | — | |||||||
Net cash used by investing activities | (5,000 | ) | (102,137 | ) | (2,928 | ) | |||||
FINANCING ACTIVITIES: | |||||||||||
Net decrease in payables to subsidiaries | — | (4 | ) | (8,448 | ) | ||||||
Dividends paid on common stock | (134,618 | ) | (99,233 | ) | (50,767 | ) | |||||
Stock repurchased | (14,589 | ) | (7,183 | ) | (9,356 | ) | |||||
Proceeds from exercise of stock options | 1,481 | 7,692 | 6,397 | ||||||||
Net cash used by financing activities | (147,726 | ) | (98,728 | ) | (62,174 | ) | |||||
Change in cash and cash equivalents | (10,748 | ) | 29,423 | (9,704 | ) | ||||||
Cash and cash equivalents, beginning of year | 102,102 | 72,679 | 82,383 | ||||||||
Cash and cash equivalents, end of year | $ | 91,354 | $ | 102,102 | $ | 72,679 |
(in thousands, except per share information) | 2015 | ||||||||||||||||||
Four | |||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | Quarters | |||||||||||||||
Interest income | $ | 235,205 | $ | 233,802 | $ | 231,788 | $ | 229,071 | $ | 929,866 | |||||||||
Interest expense | 15,371 | 14,587 | 14,322 | 13,952 | 58,232 | ||||||||||||||
Net interest income | 219,834 | 219,215 | 217,466 | 215,119 | 871,634 | ||||||||||||||
Provision for loan and lease losses | 4,545 | 8,153 | 11,254 | 12,637 | 36,589 | ||||||||||||||
Non-interest income | 69,345 | 61,372 | 81,102 | 63,905 | 275,724 | ||||||||||||||
Non-interest expense | 185,911 | 183,194 | 201,918 | 192,619 | 763,642 | ||||||||||||||
Income before provision for income taxes | 98,723 | 89,240 | 85,396 | 73,768 | 347,127 | ||||||||||||||
Provision for income taxes | 35,704 | 31,633 | 30,612 | 26,639 | 124,588 | ||||||||||||||
Net income | 63,019 | 57,607 | 54,784 | 47,129 | 222,539 | ||||||||||||||
Dividends and undistributed earnings allocated to participating securities | 96 | 84 | 93 | 84 | 357 | ||||||||||||||
Net earnings available to common shareholders | $ | 62,923 | $ | 57,523 | $ | 54,691 | $ | 47,045 | $ | 222,182 | |||||||||
Basic earnings per common share | $ | 0.29 | $ | 0.26 | $ | 0.25 | $ | 0.21 | |||||||||||
Diluted earnings per common share | $ | 0.28 | $ | 0.26 | $ | 0.25 | $ | 0.21 | |||||||||||
Cash dividends declared per common share | $ | 0.16 | $ | 0.16 | $ | 0.15 | $ | 0.15 |
(in thousands, except per share information) | 2014 | ||||||||||||||||||
Four | |||||||||||||||||||
December 31 | September 30 | June 30 | March 31 | Quarters | |||||||||||||||
Interest income | $ | 242,151 | $ | 239,523 | $ | 224,967 | $ | 115,880 | $ | 822,521 | |||||||||
Interest expense | 14,136 | 13,807 | 12,708 | 8,042 | 48,693 | ||||||||||||||
Net interest income | 228,015 | 225,716 | 212,259 | 107,838 | 773,828 | ||||||||||||||
Provision for loan and lease losses | 5,241 | 14,333 | 14,696 | 5,971 | 40,241 | ||||||||||||||
Non-interest income | 50,305 | 62,165 | 45,466 | 23,238 | 181,174 | ||||||||||||||
Non-interest expense | 190,856 | 182,558 | 214,131 | 96,518 | 684,063 | ||||||||||||||
Income before provision for income taxes | 82,223 | 90,990 | 28,898 | 28,587 | 230,698 | ||||||||||||||
Provision for income taxes | 29,641 | 32,107 | 11,356 | 9,936 | 83,040 | ||||||||||||||
Net income | 52,582 | 58,883 | 17,542 | 18,651 | 147,658 | ||||||||||||||
Dividends and undistributed earnings allocated to participating securities | 146 | 142 | 83 | 113 | 484 | ||||||||||||||
Net earnings available to common shareholders | $ | 52,436 | $ | 58,741 | $ | 17,459 | $ | 18,538 | $ | 147,174 | |||||||||
Basic earnings per common share | $ | 0.24 | $ | 0.27 | $ | 0.09 | $ | 0.17 | |||||||||||
Diluted earnings per common share | $ | 0.24 | $ | 0.27 | $ | 0.09 | $ | 0.16 | |||||||||||
Cash dividends declared per common share | $ | 0.15 | $ | 0.15 | $ | 0.15 | $ | 0.15 |
• | Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the Company's assets; |
• | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with the authorizations of management and directors of the Company; and |
• | Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements. |
(1) | Financial Statements: |
(2) | Financial Statement Schedules: |
(3) | The exhibits filed as part of this report and incorporated herein by reference to other documents are listed on the Exhibit Index to this annual report on Form 10-K, immediately following the signatures. |
/s/ Raymond P. Davis | February 25, 2016 | ||
Raymond P. Davis, President and Chief Executive Officer | |||
Signature | Title | Date | |
/s/ Raymond P. Davis | President, Chief Executive Officer and Director | February 25, 2016 | |
Raymond P. Davis | (Principal Executive Officer) | ||
/s/ Ronald L. Farnsworth | Executive Vice President, Chief Financial Officer | February 25, 2016 | |
Ronald L. Farnsworth | (Principal Financial Officer) | ||
/s/ Neal T. McLaughlin | Executive Vice President, Treasurer | February 25, 2016 | |
Neal T. McLaughlin | (Principal Accounting Officer) | ||
/s/ Ellen R.M. Boyer | Director | February 25, 2016 | |
Ellen R.M. Boyer | |||
/s/ Luanne Calvert | Director | February 25, 2016 | |
Luanne Calvert | |||
/s/ Robert C. Donegan | Director | February 25, 2016 | |
Robert C. Donegan | |||
/s/ Peggy Y. Fowler | Director | February 25, 2016 | |
Peggy Y. Fowler | |||
/s/ Stephen M. Gambee | Director | February 25, 2016 | |
Stephen M. Gambee | |||
/s/ James S. Greene | Director | February 25, 2016 | |
James S. Greene | |||
/s/ Luis F. Machuca | Director | February 25, 2016 | |
Luis F. Machuca | |||
/s/ Maria M. Pope | Director | February 25, 2016 | |
Maria M. Pope | |||
/s/ John F. Schultz | Director | February 25, 2016 | |
John F. Schultz | |||
/s/ Susan F. Stevens | Director | February 25, 2016 | |
Susan F. Stevens | |||
/s/ Hilliard C. Terry, III | Director | February 25, 2016 | |
Hilliard C. Terry, III | |||
/s/ Bryan L. Timm | Director | February 25, 2016 | |
Bryan L. Timm | |||
Exhibit # | Description | Location |
3.1 | Restated Articles of Incorporation, as amended | Incorporated by reference to Exhibit 3.1 to Form 10-Q filed May 7, 2014 |
3.2 | Bylaws, as amended | Incorporated by reference to Exhibit 3.2 to Form 8-K filed April 22, 2008 |
4.1 | Specimen Common Stock Certificate | Incorporated by reference to Exhibit 4 to the Registration Statement on Form S-8 (No. 333-77259) filed with the SEC on April 28, 1999 |
4.2 | The Company agrees to furnish upon request to the Commission a copy of each instrument defining the rights of holders of senior and subordinated debt of the Company. | |
10.1** | Third Restated Supplemental Executive Retirement Plan effective April 16, 2008 between the Company and Raymond P. Davis | Incorporated by reference to Exhibit 99.1 to Form 8-K/A filed April 22, 2008 |
10.2** | Employment Agreement dated July 1, 2003, between the Company and Raymond P. Davis | Incorporated by reference to Exhibit 10.4 to Form 10-Q filed August 14, 2003 |
10.3** | Split-Dollar Insurance Agreement dated April 16, 2008 between the Company and Raymond P. Davis | Incorporated by reference to Exhibit 99.2 to Form 8-K filed April 22, 2008 |
10.4** | 2003 Stock Incentive Plan, as amended, effective March 5, 2007 | Incorporated by reference to Appendix A to Form DEF 14A filed March 14, 2007 |
10.5** | Form of Employment Agreement with executive officers Farnsworth, and McLaughlin | Incorporated by reference to Exhibit 99.1 to Form 8-K filed March 7, 2008 |
10.6** | Form of First Amendment to form of Employment Agreement with executive officers Farnsworth, McLaughlin and Neal | Incorporated by reference to Exhibit 99.1 to Form 8-K filed January 14, 2013 |
10.7** | Employment Agreement dated effective March 21, 2010 between the Company and Cort O'Haver | Incorporated by reference to Exhibit 10.1 to Form 10-Q filed November 4, 2010 |
10.8** | First Amendment to Employment Agreement with Cort O'Haver dated effective December 1, 2014 | Incorporated by reference to Exhibit 10.9 to Form 10-K filed February 23, 2015. |
10.9** | Employment Agreement dated effective June 1, 2010 between the Company and David Shotwell | Incorporated by reference to Exhibit 10.2 to Form 10-Q filed November 4, 2010 |
10.10** | Umpqua Holdings Corporation 2013 Incentive Plan, effective December 14, 2012, amended January 20, 2015 | Filed herewith |
10.11** | Form of Restricted Stock Award Agreement under 2013 Incentive Plan (Service Vesting) | Filed herewith |
10.12** | Form of Restricted Stock Award Agreement under 2013 Incentive Plan (Performance Vesting) | Filed herewith |
10.13** | Employment Agreement, dated September 11, 2013, by and between the Company and J. Gregory Seibly | Incorporated by reference to Exhibit 10.3 to Form S-4 filed November 15, 2013 (Registration No. 333-192346) |
10.14** | First Amendment to Employment Agreement with J. Gregory Seibly | Incorporated by reference to Exhibit 10.1 to Form 10-Q filed August 5, 2014 |
10.15** | Sterling Financial Corporation 2010 Long-Term Incentive Plan | Incorporated by reference to Exhibit 99.1 to the Registration Statement on Form S-8 of Sterling Financial Corporation filed December 9, 2010 |
10.16** | Employment Agreement between the Company and Andrew Ognall dated as of May 1, 2014 | Filed herewith |
12.0 | Ratio of Earnings to Fixed Charges | Filed herewith |
21.1 | Subsidiaries of the Registrant | Filed herewith |
Exhibit # | Description | Location |
23.1 | Consent of Independent Registered Public Accounting Firm - Moss Adams LLP | Filed herewith |
31.1 | Certification of Chief Executive Officer under Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith |
31.2 | Certification of Chief Financial Officer under Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith |
31.3 | Certification of Principal Accounting Officer under Section 302 of the Sarbanes-Oxley Act of 2002 | Filed herewith |
32 | Certification of Chief Executive Officer, Principal Financial Officer and Principal Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Filed herewith |
Vesting Date | Vest Quantity |
2/01/2017 | |
2/01/2018 | |
2/01/2019 |
Participant: | Company: | |
Umpqua Holdings Corporation | ||
_________________________________ | By: _______________________________ | |
Name: | Name: Raymond P. Davis | |
Title:President & CEO |
4. | FORFEITURE OF UNVESTED SHARES |
(i) | tendering a cash payment. |
FOR 50% OF THE SHARES SUBJECT TO THIS AWARD: | ||
TSR Performance | Vesting Percentage of Grant Shares | |
Lower than 60% | 0% | |
60% | 25% | |
Between 60% and 100% | ** | |
100% (the Company TSR Performance equals or exceeds the KRX TSR Performance) | 100% | |
Above 100% | *** | |
FOR 50% OF THE SHARES SUBJECT TO THIS AWARD: | ||
ROATCE Performance | Vesting Percentage of Grant Shares | |
Lower than 60% | 0% | |
60% | 25% | |
Between 60% and 100% | ** | |
100% (the Company ROATCE Performance equals or exceeds the ROATCE Peers ROATCE Performance) | 100% | |
Above 100% | *** | |
CALCULATION OF VESTING % FOR ALL SHARES SUBJECT TO THIS AWARD: | ||
** When TSR or ROATCE Performance is between 60% and 100%, such results will be interpolated on a straight-line basis to determine the applicable Vesting Percentage. For example, 80% TSR or ROATCE Performance represents the midpoint of TSR or ROATCE Performance and would result in the midpoint of the Vesting Percentage (62.5%). *** When TSR or ROATCE Performance is between 100% and 150%, the Vesting Percentage shall be equal to the applicable TSR or ROATCE Performance. If TSR or ROATCE Performance exceeds 150%, the applicable Vesting Percentage shall be 150%. In no event shall the total vested shares exceed 150% of the Grant Shares. |
Participant: | Company: | |
Umpqua Holdings Corporation | ||
_________________________________ | By: _______________________________ | |
Name: | Name: Raymond P. Davis, President & CEO |
4. | FORFEITURE OF UNVESTED SHARES |
(i) | tendering a cash payment. |
EMPLOYEE: _________________________________________ Print name: | Date: ______________________________ |
COMPANY: _________________________________________ By: Print Title: | Date: ______________________________ |
2015 | 2014 | 2013 | 2012 | 2011 | ||||||
Consolidated ratios of earnings to fixed charges | ||||||||||
Excluding interest on deposits | 13.23 | 10.27 | 9.90 | 9.84 | 7.40 | |||||
Including interest on deposits | 6.96 | 5.74 | 5.03 | 4.21 | 2.53 |
Name of Subsidiary | State of Incorporation | Other Names Under Which Business is Conducted |
Umpqua Bank | Oregon | Umpqua Bank Home Lending, Umpqua Private Bank, Umpqua Bank Equipment Leasing and Finance, Umpqua Bank Mortgage, Umpqua Bank Vendor Finance |
FPC Leasing Corporation | Washington | |
Financial Pacific Reinsurance Co., Ltd. | Washington | |
UB Properties, LLC | Oregon | |
Umpqua Investments, Inc. | Oregon | |
Pivotus Ventures, Inc. | Oregon | |
Umpqua Master Trust I | Delaware | |
Umpqua Statutory Trust II | Delaware | |
Umpqua Statutory Trust III | Delaware | |
Umpqua Statutory Trust IV | Delaware | |
Umpqua Statutory Trust V | Delaware | |
HB Capital Trust I | Delaware | |
Humboldt Bancorp Statutory Trust I | Connecticut | |
Humboldt Bancorp Statutory Trust II | Connecticut | |
Humboldt Bancorp Statutory Trust III | Connecticut | |
CIB Capital Trust | Delaware | |
Western Sierra Statutory Trust I | Connecticut | |
Western Sierra Statutory Trust II | Connecticut | |
Western Sierra Statutory Trust III | Delaware | |
Western Sierra Statutory Trust IV | Delaware | |
New West Statutory Trust I | Connecticut | |
New West Statutory Trust II | Delaware | |
Klamath First Capital Trust I | Delaware | |
Lynnwood Financial Statutory Trust I | Connecticut | |
Lynnwood Financial Statutory Trust II | Delaware | |
Sterling Capital Trust III | Delaware | |
Sterling Capital Trust IV | Delaware | |
Sterling Capital Statutory Trust V | Connecticut | |
Sterling Capital Trust VI | Delaware | |
Sterling Capital Trust VII | Delaware | |
Sterling Capital Trust VIII | Delaware | |
Sterling Capital Trust IX | Delaware |
• | Registration Statement on Form S-4 (No. 333-192346) |
• | Registration Statement on Form S-3ASR (No. 333-195396) |
• | Registration Statement on Form S-8 (No. 333-192346) |
• | Registration Statement on Form S-8 (No. 333-188291) |
• | Registration Statement on Form S-8 (No. 333-144766) |
• | Registration Statement on Form S-8 (No. 333-143347) |
• | Registration Statement on Form S-8 (No. 333-135071) |
• | Registration Statement on Form S-8 (No. 333-117680) |
• | Registration Statement on Form S-8 (No. 333-117679) |
• | Registration Statement on Form S-8 (No. 333-105637) |
• | Registration Statement on Form S-8 (No. 333-101357) |
• | Registration Statement on Form S-8 (No. 333-58978) |
• | Registration Statement on Form S-8 (No. 333-77259) |
/s/ Raymond P. Davis | |
Raymond P. Davis | |
President and Chief Executive Officer | |
Umpqua Holdings Corporation |
/s/ Ronald L. Farnsworth | |
Ronald L. Farnsworth | |
Executive Vice President/Chief Financial Officer and | |
Principal Financial Officer | |
Umpqua Holdings Corporation |
/s/ Neal T. McLaughlin | |
Neal T. McLaughlin | |
Executive Vice President/Treasurer and | |
Principal Accounting Officer | |
Umpqua Holdings Corporation |
/s/ Raymond P. Davis | |
Raymond P. Davis | |
President and Chief Executive Officer | |
Umpqua Holdings Corporation | |
/s/ Ronald L. Farnsworth | |
Ronald L. Farnsworth | |
Executive Vice President/Chief Financial Officer and | |
Principal Financial Officer | |
Umpqua Holdings Corporation | |
/s/ Neal T. McLaughlin | |
Neal T. McLaughlin | |
Executive Vice President/Treasurer and | |
Principal Accounting Officer | |
Umpqua Holdings Corporation | |
February 25. 2016 |
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Document And Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Jan. 31, 2016 |
Jun. 30, 2015 |
|
Document And Entity Information [Abstract] | |||
Entity Registrant Name | UMPQUA HOLDINGS CORP | ||
Entity Central Index Key | 0001077771 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 220,302,009 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 3,932,516,980 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value (in usd per share) | $ 0 | $ 0 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 220,171,091 | 220,161,120 |
Common stock, shares, outstanding | 220,171,091 | 220,161,120 |
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Statement of Comprehensive Income [Abstract] | |||
Reclassification adjustment for net gains | $ 1,125 | $ 1,162 | $ 84 |
Accretion Of Unrealized Losses Related To Factors Other Than Credit To Investment Securities Held To Maturity, Tax | $ 37 | $ 37 |
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends on common stock (in usd per share) | $ 0.62 | $ 0.60 | $ 0.60 |
Stock issuance costs | $ 784 | ||
Shares issued from exercise of warrants (in shares) | 2,889,996 |
Consolidated Statements of Cash Flow - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 222,539 | $ 147,658 | $ 98,291 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Deferred income tax expense | 99,966 | 80,027 | 8,045 |
Amortization of investment premiums, net | 23,544 | 20,822 | 32,663 |
Gain on sale of investment securities, net | (2,922) | (2,904) | (209) |
Gain on sale of other real estate owned | (888) | (127) | (912) |
Valuation adjustment on other real estate owned | 2,782 | 3,728 | 2,160 |
Provision for loan and lease losses | 36,589 | 40,241 | 10,716 |
Change in cash surrender value of bank owned life insurance | (8,501) | (9,713) | (4,280) |
Change in FDIC indemnification asset | 853 | 15,151 | 25,549 |
Depreciation, amortization and accretion | 51,593 | 39,209 | 23,636 |
Loss on sale of premises and equipment | 3,655 | 1,482 | 639 |
Increase in residential mortgage servicing rights | (35,284) | (23,311) | (17,963) |
Change in residential mortgage servicing rights carried at fair value | 20,726 | 16,587 | (2,374) |
Change in junior subordinated debentures carried at fair value | 6,163 | 5,849 | 2,193 |
Stock-based compensation | 14,383 | 15,292 | 5,017 |
Net decrease (increase) in trading account assets | 413 | 452 | (2,211) |
Gain on sale of loans | (150,855) | (93,294) | (65,644) |
Change in loans held for sale carried at fair value | 696 | (9,688) | 14,503 |
Origination of loans held for sale | (3,497,920) | (2,146,829) | (1,599,683) |
Proceeds from sales of loans held for sale | 3,549,226 | 2,267,471 | 1,863,548 |
Excess tax benefits from the exercise of stock options | (556) | (1,626) | (65) |
Change in other assets and liabilities: | |||
Net decrease (increase) in other assets | 25,248 | (45,913) | 31,902 |
Net increase (decrease) in other liabilities | 15,290 | 38,632 | (7,589) |
Net cash provided by operating activities | 376,740 | 359,196 | 417,932 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of investment securities available for sale | (1,074,205) | (363,064) | (51,191) |
Purchases of investment securities held to maturity | 0 | 0 | (2,126) |
Proceeds from investment securities available for sale | 805,640 | 1,238,676 | 803,866 |
Proceeds from investment securities held to maturity | 598 | 741 | 1,353 |
Redemption of restricted equity securities | 72,442 | 5,615 | 2,758 |
Net change in loans and leases | (1,816,164) | (943,075) | (391,185) |
Proceeds from sales of loans | 288,805 | 356,464 | 63,042 |
Proceeds from insurance settlement on loss of property | 0 | 0 | 575 |
Net change in premises and equipment | (69,341) | (59,514) | (34,224) |
Proceeds from bank owned life insurance death benefit | 5,351 | 3,723 | 1,173 |
Proceeds from redemption of bank owned life insurance cash surrender value | 6,476 | 0 | 0 |
Net change in proceeds from FDIC indemnification asset | 684 | (2,667) | 5,332 |
Proceeds from sales of other real estate owned | 22,803 | 15,931 | 26,522 |
Net cash paid in divestiture | 0 | (127,557) | 0 |
Net cash acquired (paid) in acquisition, net of consideration paid | 0 | 116,867 | (149,658) |
Net cash used by investing activities | (1,756,911) | 242,140 | 276,237 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase (decrease) in deposit liabilities | 820,210 | 905,396 | (261,184) |
Net (decrease) increase in securities sold under agreements to repurchase | (8,761) | (496,307) | 87,807 |
Proceeds from term debt borrowings | 150,000 | 0 | 0 |
Repayment of term debt borrowings | (264,998) | (97,003) | (211,727) |
Repayment of junior subordinated debentures | 0 | 0 | (8,764) |
Dividends paid on common stock | (134,618) | (99,233) | (50,768) |
Excess tax benefits from stock based compensation | 556 | 1,626 | 65 |
Proceeds from exercise of stock options | 925 | 6,116 | 6,398 |
Repurchases and retirement of common stock | (14,589) | (7,183) | (9,360) |
Net cash provided (used) by financing activities | 548,725 | 213,412 | (447,533) |
Net (decrease) increase in cash and cash equivalents | (831,446) | 814,748 | 246,636 |
Cash and cash equivalents, beginning of year | 1,605,171 | 790,423 | 543,787 |
Cash and cash equivalents, end of year | 773,725 | 1,605,171 | 790,423 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Interest | 67,884 | 55,235 | 40,826 |
Income taxes | 13,263 | 7,098 | 41,993 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Change in unrealized losses on investment securities available for sale, net of taxes | (14,626) | 16,987 | (29,378) |
Change in unrealized losses on investment securities held to maturity related to factors other than credit, net of taxes | 0 | 57 | 56 |
Cash dividend declared on common stock and payable after period-end | 35,281 | 33,109 | 16,936 |
Transfer of loans to other real estate owned | 9,062 | 24,873 | 24,193 |
Transfer from FDIC indemnification asset to due from FDIC and other | 2,709 | 3,606 | 4,075 |
Assets acquired | 0 | 9,877,572 | 376,071 |
Liabilities assumed | $ 0 | $ 8,767,025 | $ 219,961 |
Summary of Significant Accounting Policies |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Nature of Operations-Umpqua Holdings Corporation (the "Company") is a financial holding company with headquarters in Portland, Oregon, that is engaged primarily in the business of commercial and retail banking and the delivery of retail brokerage services. The Company provides a wide range of banking, wealth management, mortgage and other financial services to corporate, institutional and individual customers through its wholly-owned banking subsidiary Umpqua Bank (the "Bank"). The Company engages in the retail brokerage business through its wholly-owned subsidiary Umpqua Investments, Inc. ("Umpqua Investments"). The Bank also has a wholly-owned subsidiary, Financial Pacific Leasing Inc., a commercial equipment leasing company. In 2015, we formed Pivotus Ventures, Inc. as a wholly-owned subsidiary of Umpqua Holdings Corporation. Pivotus will focus on advancing bank innovation by developing new bank platforms that could have a significant impact on the experience and economics of banking. The Company and its subsidiaries are subject to regulation by certain federal and state agencies and undergo periodic examination by these regulatory agencies. Basis of Financial Statement Presentation-The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and with prevailing practices within the banking and securities industries. In preparing such financial statements, management is required to make certain estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the balance sheet and the reported amounts of revenues and expenses for the reporting period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan and lease losses, the valuation of mortgage servicing rights, the fair value of junior subordinated debentures, and the valuation of goodwill and other intangible assets. Consolidation-The accompanying consolidated financial statements include the accounts of the Company, the Bank, Umpqua Investments, and Pivotus. All significant intercompany balances and transactions have been eliminated in consolidation. As of December 31, 2015, the Company had 25 wholly-owned trusts ("Trusts") that were formed to issue trust preferred securities and related common securities of the Trusts. The Company has not consolidated the accounts of the Trusts in its consolidated financial statements. As a result, the junior subordinated debentures issued by the Company to the Trusts are reflected on the Company's consolidated balance sheet as junior subordinated debentures. Subsequent events-The Company has evaluated events and transactions subsequent to December 31, 2015 for potential recognition or disclosure. Cash and Cash Equivalents-Cash and cash equivalents include cash and due from banks, and temporary investments which are federal funds sold and interest bearing balances due from other banks. Cash and cash equivalents generally have a maturity of 90 days or less at the time of purchase. Trading Account Securities-Debt and equity securities held for resale are classified as trading account securities and reported at fair value. Realized and unrealized gains or losses are recorded in non-interest income. Investment Securities-Debt securities are classified as held to maturity if the Company has both the intent and ability to hold those securities to maturity regardless of changes in market conditions, liquidity needs or changes in general economic conditions. These securities are carried at cost adjusted for amortization of purchase premiums and accretion of purchase discounts, computed by the effective interest method over their contractual lives. Securities are classified as available for sale if the Company intends and has the ability to hold those securities for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. Securities available for sale are carried at fair value. Unrealized holding gains or losses are included in other comprehensive income ("OCI") as a separate component of shareholders' equity, net of tax. Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings. Premiums and discounts are amortized or accreted over the life of the related investment security as an adjustment to yield using the effective interest method. Dividend and interest income are recognized when earned. Transfers of securities from available for sale to held to maturity are accounted for at fair value as of the date of the transfer. The difference between the fair value and the par value at the date of transfer is considered a premium or discount and is accounted for accordingly. Any unrealized gain or loss at the date of the transfer is reported in OCI, and is amortized over the remaining life of the security as an adjustment of yield in a manner consistent with the amortization of any premium or discount, and will offset or mitigate the effect on interest income of the amortization of the premium or discount for that held to maturity security. We review investment securities on an ongoing basis for the presence of other-than-temporary impairment ("OTTI") or permanent impairment, taking into consideration current market conditions, fair value in relationship to cost, extent and nature of the change in fair value, issuer rating changes and trends, whether we intend to sell a security or if it is likely that we will be required to sell the security before recovery of our amortized cost basis of the investment, which may be maturity, and other factors. For debt securities, if we intend to sell the security or it is likely that we will be required to sell the security before recovering its cost basis, the entire impairment loss would be recognized in earnings as an OTTI. If we do not intend to sell the security and it is not likely that we will be required to sell the security but we do not expect to recover the entire amortized cost basis of the security, only the portion of the impairment loss representing credit losses would be recognized in earnings. The credit loss on a security is measured as the difference between the amortized cost basis and the present value of the cash flows expected to be collected. Projected cash flows are discounted by the original or current effective interest rate depending on the nature of the security being measured for potential OTTI. The remaining impairment related to all other factors, the difference between the present value of the cash flows expected to be collected and fair value, is recognized as a charge to other comprehensive income. Impairment losses related to all other factors are presented as separate categories within OCI. For investment securities held to maturity, this amount is accreted over the remaining life of the debt security prospectively based on the amount and timing of future estimated cash flows. The accretion of the OTTI amount recorded in OCI will increase the carrying value of the investment, and would not affect earnings. If there is an indication of additional credit losses, the security is re-evaluated. Loans Held for Sale-The Company has elected to account for loans held for sale, which is comprised of residential mortgage loans, at fair value. Fair value is determined based on quoted secondary market prices for similar loans, including the implicit fair value of embedded servicing rights. The change in fair value of loans held for sale is primarily driven by changes in interest rates subsequent to loan funding and changes in the fair value of related servicing asset, resulting in revaluation adjustments to the recorded fair value. The inputs used in the fair value measurements are considered Level 2 inputs. The use of the fair value option allows the change in the fair value of loans to more effectively offset the change in the fair value of derivative instruments that are used as economic hedges to loans held for sale. Loan origination fees and direct origination costs are recognized immediately in net income in accordance with the fair value option accounting requirements. Interest income on loans held for sale is included in interest income in the Consolidated Statements of Income and recognized when earned. Loans held for sale are placed on nonaccrual in a manner consistent with loans held for investment. Acquired Loans and Leases-Purchased loans and leases are recorded at their fair value at the acquisition date. Credit discounts are included in the determination of fair value; therefore, an allowance for loan and lease losses is not recorded at the acquisition date. Acquired loans are evaluated upon acquisition and classified as either purchased impaired or purchased non-impaired. Purchased impaired loans reflect credit deterioration since origination such that it is probable at acquisition that the Company will be unable to collect all contractually required payments. Purchased impaired loans are aggregated into pools based on individually evaluated common risk characteristics and aggregate expected cash flows were estimated for each pool. A pool is accounted for as a single asset with a single interest rate, cumulative loss rate and cash flow expectation. The risk characteristics used to aggregate the purchased impaired loans into different pools include risk rating, underlying collateral, type of interest rate (fixed or adjustable), types of amortization, loan purpose, and other similar factors. A loan will be removed from a pool of loans only if the loan is sold, foreclosed, or assets are received in full satisfaction of the loan, and will be removed from the pool at its carrying value. If an individual loan is removed from a pool of loans, the difference between its relative carrying amount and its cash, fair value of the collateral, or other assets received will be recognized in income immediately as interest income on loans and would not affect the effective yield used to recognize the accretable yield on the remaining pool. If, at acquisition, the loans are collateral dependent and acquired primarily for the rewards of ownership of the underlying collateral, or if cash flows expected to be collected cannot be reasonably estimated, accrual of income is inappropriate. The cash flows expected to be received over the life of the pool were estimated by management. These cash flows were input into a loan accounting system which calculates the carrying values of the pools and underlying loans, book yields, effective interest income and impairment, if any, based on actual and projected events. Default rates, loss severity, and prepayment speed assumptions will be periodically reassessed and updated within the accounting system to update our expectation of future cash flows. The excess of the cash flows expected to be collected over a pool's carrying value is considered to be the accretable yield and is recognized as interest income over the estimated life of the pool using the effective yield method. The accretable yield may change due to changes in the timing and amounts of expected cash flows. Changes in the accretable yield are disclosed quarterly. The excess of the undiscounted contractual balances due over the cash flows expected to be collected is considered to be the nonaccretable difference. The nonaccretable difference represents our estimate of the credit losses expected to occur and was considered in determining the fair value of the loans as of the acquisition date. Subsequent to the acquisition date, any increases in expected cash flows over those expected at purchase date in excess of fair value are adjusted through a change to the accretable yield on a prospective basis. Any subsequent decreases in expected cash flows attributable to credit deterioration are recognized by recording a provision for loan losses. The purchased impaired loans acquired are and will continue to be subject to the Company's internal and external credit review and monitoring. The purchased impaired loan portfolio also includes revolving lines of credit with funded and unfunded commitments. The funded portion of these loans, representing the balances outstanding at the time of acquisition, are accounted for as purchased impaired. The unfunded portion of these loans as of the acquisition date as well as any additional advances on these loans subsequent to the acquisition date are not classified as purchased impaired, and are accounted for similar to newly originated loans. For purchased non-impaired loans, the difference between the fair value and unpaid principal balance of the loan at the acquisition date is amortized or accreted to interest income using the effective interest method over the remaining period to contractual maturity or until repayment in full or sale of the loan. For purchased leases and equipment finance loans, the difference in the cash flows expected to be collected over the initial allocation of fair value to the acquired leases and loans is accreted into interest income over their related term based on the effective interest method. Originated Loans and Leases-Loans are stated at the amount of unpaid principal, net of unearned income and any deferred fees or costs. All discounts and premiums are recognized over the estimated life of the loan as yield adjustments. Leases are recorded at the amount of minimum future lease payments receivable and estimated residual value of the leased equipment, net of unearned income and any deferred fees. Initial direct costs related to lease originations are deferred as part of the investment in direct financing leases and amortized over their term using the effective interest method. Unearned lease income is amortized over their term using the effective interest method. Loans are classified as impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal and interest when due, in accordance with the terms of the original loan agreement. The carrying value of impaired loans is based on the present value of expected future cash flows (discounted at each loan's effective interest rate), estimated note sale price, or, for collateral dependent loans, at fair value of the collateral, less selling costs. If the measurement of each impaired loans' value is less than the recorded investment in the loan, we recognize this impairment and adjust the carrying value of the loan to fair value through the allowance for loan and lease losses. This can be accomplished by charging off the impaired portion of the loan or establishing a specific component to be provided for in the allowance for loan and lease losses. FDIC Indemnification Asset-The Company accounts for amounts receivable under the loss-share agreement as an indemnification asset. The FDIC indemnification asset is initially recorded at fair value, based on the discounted value of expected future cash flows under the loss-share agreement. The difference between the present value and the undiscounted cash flows the Company expects to collect from the FDIC will be accreted into non-interest income over the life of the FDIC indemnification asset. Subsequent to initial recognition, the FDIC indemnification asset is reviewed quarterly and adjusted for any changes in expected cash flows based on recent performance and expectations for future performance of the covered portfolio. These adjustments are measured on the same basis as the related covered loans, at a pool level, and covered other real estate owned. Generally, any increases in cash flow of the covered assets over those previously expected will result in prospective increases in the loan pool yield and amortization of the FDIC indemnification asset. Any decreases in cash flow of the covered assets under those previously expected will trigger impairments on the underlying loan pools and will result in a corresponding gain of the FDIC indemnification asset. Increases and decreases to the FDIC indemnification asset are recorded as adjustments to non-interest income. The resulting carrying value of the indemnification asset represents the amounts recoverable from the FDIC for future expected losses, and the amounts due from the FDIC for claims related to covered losses the Company has incurred less amounts due back to the FDIC relating to shared recoveries. Income Recognition on Non-Accrual and Impaired Loans- Loans, including impaired loans, are classified as non-accrual if the collection of principal and interest is doubtful. Generally, this occurs when a loan is past due as to maturity or payment of principal or interest by 90 days or more, unless such loans are well-secured and in the process of collection. Generally, if a loan or portion thereof is partially charged-off, the loan is considered impaired and classified as non-accrual. Loans that are less than 90 days past due may also be classified as non-accrual if repayment in full of principal and/or interest is in doubt. Generally, when a loan is classified as non-accrual, all uncollected accrued interest is reversed to interest income and the accrual of interest income is terminated. Generally, any cash payments are applied as a reduction of principal outstanding. In cases where the future collectability of the principal balance in full is expected, interest income may be recognized on a cash basis. A loan may be restored to accrual status when the borrower's financial condition improves so that full collection of future contractual payments is considered likely. For those loans placed on non-accrual status due to payment delinquency, return to accrual status will generally not occur until the borrower demonstrates repayment ability over a period of not less than six months. Loans and leases are reported as past due when installment payments, interest payments, or maturity payments are past due based on contractual terms. All loans and leases determined to be impaired are individually assessed for impairment except for homogeneous loans which are collectively evaluated for impairment. The specific factors considered in determining that a loan or lease is impaired include borrower financial capacity, current economic, business and market conditions, collection efforts, collateral position and other factors deemed relevant. Generally, impaired loans and leases are placed on non-accrual status and all cash receipts are applied to the principal balance. Continuation of accrual status and recognition of interest income on impaired loans and leases is generally limited to performing restructured loans. Loans are reported as restructured when the Bank grants a more than insignificant concession(s) to a borrower experiencing financial difficulties that it would not otherwise consider. Examples of such concessions include forgiveness of principal or accrued interest, extending the maturity date or providing a lower interest rate than would be normally available for a transaction of similar risk. As a result of these concessions, restructured loans are impaired as the Bank will not collect all amounts due, both principal and interest, in accordance with the terms of the original loan agreement. Impairment reserves on non-collateral dependent restructured loans are measured by comparing the present value of expected future cash flows on the restructured loans discounted at the interest rate of the original loan agreement to the loan's carrying value. These impairment reserves are recognized as a specific component to be provided for in the allowance for loan and lease losses. The decision to classify a loan as impaired is made by the Bank's Allowance for Loan and Lease Losses ("ALLL") Committee. The ALLL Committee meets regularly to review the status of all problem and potential problem loans. If the ALLL Committee concludes a loan is impaired but recovery of principal and interest is expected, an impaired loan may remain on accrual status. Allowance for Loan and Lease Losses- The Bank performs regular credit reviews of the loan and lease portfolio to determine the credit quality of the portfolio and the adherence to underwriting standards. When loans and leases are originated, they are assigned a risk rating that is reassessed periodically during the term of the loan through the credit review process. The Company's risk rating methodology assigns risk ratings ranging from 1 to 10, where a higher rating represents higher risk. The 10 risk rating categories are a primary factor in determining an appropriate amount for the allowance for loan and lease losses. The Bank has a management ALLL Committee, which is responsible for, among other things, regularly reviewing the ALLL methodology, including loss factors, and ensuring that it is designed and applied in accordance with generally accepted accounting principles. The ALLL Committee reviews and approves loans and leases recommended for impaired status. The ALLL Committee also approves removing loans and leases from impaired status. The Bank's Audit and Compliance Committee provides board oversight of the ALLL process and reviews and approves the ALLL methodology on a quarterly basis. Each risk rating is assessed an inherent credit loss factor that determines the amount of the allowance for loan and lease losses provided for that group of loans and leases with similar risk rating. Regular credit reviews of the portfolio also identify loans that are considered potentially impaired. Potentially impaired loans are referred to the ALLL Committee which reviews and approves designated loans as impaired. A loan is considered impaired when based on current information and events, we determine that we will more than likely not be able to collect all amounts due according to the loan contract, including scheduled interest payments. When we identify a loan as impaired, we measure the impairment using discounted cash flows or estimated note sale price, except when the sole remaining source of the repayment for the loan is the liquidation of the collateral. In these cases, we use the current fair value of the collateral, less selling costs, instead of discounted cash flows. If we determine that the value of the impaired loan is less than the recorded investment in the loan, we either recognize this impairment reserve as a specific component to be provided for in the allowance for loan and lease losses or charge-off the impaired balance on collateral dependent loans if it is determined that such amount represents a confirmed loss. The combination of the risk rating-based allowance component and the impairment reserve allowance component lead to an allocated allowance for loan and lease losses. The Bank may also maintain an unallocated allowance amount to provide for other credit losses inherent in a loan and lease portfolio that may not have been contemplated in the credit loss factors. This unallocated amount generally comprises less than 5% of the allowance, but may be maintained at higher levels during times of economic conditions characterized by falling real estate values. The unallocated amount is reviewed periodically based on trends in credit losses, the results of credit reviews and overall economic trends. As adjustments become necessary, they are reported in earnings in the periods in which they become known as a change in the provision for loan and lease losses and a corresponding charge to the allowance. Loans, or portions thereof, deemed uncollectible are charged to the allowance. Provisions for losses, and recoveries on loans previously charged-off, are added to the allowance. The adequacy of the ALLL is monitored on a regular basis and is based on management's evaluation of numerous factors. These factors include the quality of the current loan portfolio; the trend in the loan portfolio's risk ratings; current economic conditions; loan concentrations; loan growth rates; past-due and non-performing trends; evaluation of specific loss estimates for all significant problem loans; historical charge-off and recovery experience; and other pertinent information. Management believes that the ALLL was adequate as of December 31, 2015. There is, however, no assurance that future loan losses will not exceed the levels provided for in the ALLL and could possibly result in additional charges to the provision for loan and lease losses. In addition, bank regulatory authorities, as part of their periodic examination of the Bank, may require additional charges to the provision for loan and lease losses in future periods if warranted as a result of their review. Reserve for Unfunded Commitments-A reserve for unfunded commitments ("RUC") is maintained at a level that, in the opinion of management, is adequate to absorb probable losses associated with the Bank's commitment to lend funds under existing agreements, such as letters or lines of credit. Management determines the adequacy of the reserve for unfunded commitments based upon reviews of individual credit facilities, current economic conditions, the risk characteristics of the various categories of commitments and other relevant factors. The reserve is based on estimates, and ultimate losses may vary from the current estimates. These estimates are evaluated on a regular basis and, as adjustments become necessary, they are reported in earnings in the periods in which they become known. Draws on unfunded commitments that are considered uncollectible at the time funds are advanced are charged to the allowance for loan and lease losses. Provisions for unfunded commitment losses are added to the reserve for unfunded commitments, which is included in the Other Liabilities section of the consolidated balance sheets. Loan and Lease Fees and Direct Loan Origination Costs-Origination and commitment fees and direct loan origination costs for loans and leases held for investment are deferred and recognized as an adjustment to the yield over the life of the portfolio loans and leases. Restricted Equity Securities-Restricted equity securities were $46.9 million and $119.3 million at December 31, 2015 and 2014, respectively. Federal Home Loan Bank stock amounted to $45.5 million and $117.9 million of the total restricted securities as of December 31, 2015 and 2014, respectively. Federal Home Loan Bank stock represents the Bank's investment in the Federal Home Loan Banks of Des Moines and San Francisco ("FHLB") stock and is carried at par value, which reasonably approximates its fair value. Management periodically evaluates FHLB stock for other-than-temporary or permanent impairment. Management's determination of whether these investments are impaired is based on its assessment of the ultimate recoverability of cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of cost is influenced by criteria such as (1) the significance of any decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time the situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, (3) the impact of legislative and regulatory changes on institutions and, accordingly, the customer base of the FHLB, and (4) the liquidity position of the FHLB. As a member of the FHLB system, the Bank is required to maintain a minimum level of investment in FHLB stock based on specific percentages of its outstanding mortgages, total assets, or FHLB advances. At December 31, 2015, the Bank's minimum required investment in FHLB stock was $45.5 million. The Bank may request redemption at par value of any stock in excess of the minimum required investment. Stock redemptions are at the discretion of the FHLB. The remaining restricted equity securities balance primarily represents an investment in Pacific Coast Bankers' Bancshares stock. Premises and Equipment-Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is provided over the estimated useful life of equipment, generally three to ten years, on a straight-line or accelerated basis. Depreciation is provided over the estimated useful life of premises, up to 39 years, on a straight-line or accelerated basis. Generally, leasehold improvements are amortized over the life of the related lease, or the life of the related asset, whichever is shorter. Expenditures for major renovations and betterments of the Company's premises and equipment are capitalized. The Company purchases, as well as internally develops and customizes, certain software to enhance or perform internal business functions. Software development costs incurred in the preliminary project stages are charged to non-interest expense. Costs associated with designing software configuration, installation, coding programs and testing systems are capitalized and amortized using the straight-line method over three years. Management reviews long-lived assets any time that a change in circumstance indicates that the carrying amount of these assets may not be recoverable. Recoverability of these assets is determined by comparing the carrying value of the asset to the forecasted undiscounted cash flows of the operation associated with the asset. If the evaluation of the forecasted cash flows indicates that the carrying value of the asset is not recoverable, the asset is written down to fair value. Goodwill and Other Intangibles-Intangible assets are comprised of goodwill and other intangibles acquired in business combinations. Goodwill and intangible assets with indefinite useful lives are not amortized. Intangible assets with definite useful lives are amortized to their estimated residual values over their respective estimated useful lives, and also reviewed for impairment. Amortization of intangible assets is included in non-interest expense in the Consolidated Statements of Income. The Company performs a goodwill impairment analysis on an annual basis as of December 31. On at least an annual basis, we assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test. Additionally, the Company performs a goodwill impairment evaluation on an interim basis when events or circumstances indicate impairment potentially exists. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others, a significant decline in our expected future cash flows; a sustained, significant decline in our stock price and market capitalization; a significant adverse change in legal factors or in the business climate; adverse action or assessment by a regulator; and unanticipated competition. Residential Mortgage Servicing Rights ("MSR")- The Company determines its classes of servicing assets based on the asset type being serviced along with the methods used to manage the risk inherent in the servicing assets, which includes the market inputs used to value the servicing assets. The Company measures its residential mortgage servicing assets at fair value and reports changes in fair value through earnings. Fair value adjustments that encompass market-driven valuation changes and the runoff in value that occurs from the passage of time, are each separately reported. Under the fair value method, the MSR is carried in the balance sheet at fair value and the changes in fair value are reported in earnings under the caption residential mortgage banking revenue in the period in which the change occurs. Retained MSR are measured at fair value as of the date of sale. Subsequent fair value measurements are determined using a discounted cash flow model. In order to determine the fair value of the MSR, the present value of net expected future cash flows is estimated. Assumptions used include market discount rates, anticipated prepayment speeds, delinquency and foreclosure rates, and ancillary fee income net of servicing costs. This model is periodically validated by an independent external model validation group. The model assumptions and the MSR fair value estimates are also compared to observable trades of similar portfolios as well as to MSR broker valuations and industry surveys, as available. The expected life of the loan can vary from management's estimates due to prepayments by borrowers, especially when rates fall. Prepayments in excess of management's estimates would negatively impact the recorded value of the residential mortgage servicing rights. The value of the residential mortgage servicing rights is also dependent upon the discount rate used in the model, which management reviews on an ongoing basis using current market rates. A significant increase in the discount rate would reduce the value of residential mortgage servicing rights. SBA/USDA Loans Sales, Servicing, and Commercial Servicing Asset-The Bank, on a limited basis, sells or transfers loans, including the guaranteed portion of Small Business Administration ("SBA") and Department of Agriculture ("USDA") loans (with servicing retained) for cash proceeds equal to the principal amount of loans, as adjusted to yield interest to the investor based upon the current market rates. The Bank records a servicing asset when it sells a loan and retains the servicing rights. The servicing asset is recorded at fair value upon sale, and the fair value is estimated by discounting estimated net future cash flows from servicing using discount rates that approximate current market rates and using estimated prepayment rates. Subsequent to initial recognition, the servicing rights are carried at the lower of amortized cost or fair market value, and are amortized in proportion to, and over the period of, the estimated net servicing income. For purposes of evaluating and measuring impairment, the fair value of Commercial and SBA servicing rights are measured using a discounted estimated net future cash flow model as described above. Any impairment is measured as the amount by which the carrying value of servicing rights for an interest rate-stratum exceeds its fair value. No impairment charges were recorded for the years ended December 31, 2015, 2014 and 2013, related to these servicing assets. A premium over the adjusted carrying value is received upon the sale of the guaranteed portion of an SBA or USDA loan. The Bank's investment in an SBA or USDA loan is allocated among the sold and retained portions of the loan based on the relative fair value of each portion at the time of loan origination, adjusted for payments and other activities. Because the portion retained does not carry an SBA or USDA guarantee, part of the gain recognized on the sold portion of the loan is deferred and amortized as a yield enhancement on the retained portion in order to obtain a market equivalent yield. Other Real Estate Owned- Other real estate owned ("OREO") represents real estate which the Bank has taken control of in partial or full satisfaction of loans. At the time of foreclosure, OREO is recorded at fair value less costs to sell the property, which becomes the property's new basis. Any write-downs at the date of acquisition are charged to the allowance for loan and lease losses. After foreclosure, management periodically performs valuations such that the real estate is carried at the lower of its new cost basis or fair value, net of estimated costs to sell. Subsequent valuation adjustments are recognized within net loss on OREO. Revenue and expenses from operations are included in other non-interest expense in the Consolidated Statements of Income. In some instances, the Bank may make loans to facilitate the sales of other real estate owned. Management reviews all sales for which it is the lending institution to determine if it meets the criteria to recognize the sale for accounting purposes. Any gains related to sales of other real estate owned may be deferred until the buyer has a sufficient initial and continuing investment in the property. Income Taxes-Income taxes are accounted for using the asset and liability method. Under this method a deferred tax asset or liability is determined based on the enacted tax rates which will be in effect when the differences between the financial statement carrying amounts and tax basis of existing assets and liabilities are expected to be reported in the Company's income tax returns. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established to reduce the net carrying amount of deferred tax assets if it is determined to be more likely than not, that all or some portion of the potential deferred tax asset will not be realized. Derivatives-The Bank enters into forward delivery contracts to sell residential mortgage loans or mortgage-backed securities to broker/dealers at specific prices and dates in order to hedge the interest rate risk in its portfolio of mortgage loans held for sale and its residential mortgage loan commitments. The commitments to originate mortgage loans held for sale and the related forward delivery contracts are considered derivatives. The Bank also executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are hedged by simultaneously entering into an offsetting interest rate swap that the Bank executes with a third party, such that the Bank minimizes its net risk exposure. The Company considers all free-standing derivatives as economic hedges and recognizes these derivatives as either assets or liabilities in the balance sheet, and requires measurement of those instruments at fair value through adjustments to current earnings. None of the Company's derivatives are designated as hedging instruments. The fair value of the derivative residential mortgage loan commitments is estimated using the net present value of expected future cash flows. Assumptions used include pull-through rate assumption based on historical information, current mortgage interest rates, the stage of completion of the underlying application and underwriting process, direct origination costs yet to be incurred, the time remaining until the expiration of the derivative loan commitment, and the expected net future cash flows related to the associated servicing of the loan. Operating Segments- Public enterprises are required to report certain information about their operating segments in its financial statements. They are also required to report certain enterprise-wide information about the Company's products and services, its activities in different geographic areas, and its reliance on major customers. The basis for determining the Company's operating segments is the manner in which management operates the business. Management has identified two primary business segments, Community Banking and Home Lending. Share-Based Payment- We recognize in the income statement the grant-date fair value of stock options and other equity-based forms of compensation issued to employees over the employees' requisite service period (generally the vesting period). The requisite service period may be subject to performance conditions. Stock options and restricted stock awards generally vest ratably over three to five years and are recognized as expense over that same period of time. The exercise price of each option equals the market price of the Company's common stock on the date of the grant, and the maximum term is ten years. The fair value of each stock option grant is estimated as of the grant date using the Black-Scholes option-pricing model or a Monte Carlo simulation pricing model. Expected volatility is based on the historical volatility of the price of the Company's common stock. The Company uses historical data to estimate option exercise and stock option forfeiture rates within the valuation model. The expected term of options granted is determined based on historical experience with similar options, giving consideration to the contractual terms and vesting schedules, and represents the period of time that options granted are expected to be outstanding. The expected dividend yield is based on dividend trends and the market value of the Company's common stock at the time of grant. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant corresponding to the estimated expected term of the options granted. Restricted stock unit grants and certain restricted stock awards are subject to performance-based and market-based vesting as well as other approved vesting conditions and cliff vest based on those conditions. Compensation expense is recognized over the service period to the extent restricted stock units are expected to vest. Earnings per Share ("EPS")-Nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are participating securities and are included in the computation of EPS pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Certain of the Company's nonvested restricted stock awards qualify as participating securities. Net income is allocated between the common stock and participating securities pursuant to the two-class method, based on their rights to receive dividends, participate in earnings or absorb losses. Basic earnings per common share is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period, excluding participating nonvested restricted shares. Diluted earnings per common share is computed in a similar manner, except that first the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares, excluding the participating securities, were issued using the treasury stock method. For all periods presented, stock options, certain restricted stock awards and restricted stock units are potentially dilutive non-participating instruments issued by the Company. For a portion of 2014, the Company had warrants that also were potentially dilutive. Next, we determine and include in diluted earnings per common share calculation the more dilutive effect of the participating securities using the treasury stock method or the two-class method. Undistributed losses are not allocated to the nonvested share-based payment awards (the participating securities) under the two-class method as the holders are not contractually obligated to share in the losses of the Company. Fair Value Measurements- Fair value is defined as the 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. There is a three-level hierarchy for disclosure of assets and liabilities measured or disclosed at fair value. The classification of assets and liabilities within the hierarchy is based on whether the inputs to the valuation methodology used for measurement are observable or unobservable. Observable inputs reflect market-derived or market-based information obtained from independent sources, while unobservable inputs reflect our estimates about market data. In general, fair values determined by Level 1 inputs utilize quoted prices for identical assets or liabilities traded in active markets that the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Application of New Accounting Guidance As of January 1, 2015, Umpqua adopted the Financial Accounting Standards Board's ("FASB") Accounting Standard Update ("ASU") No. 2014-01, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects. Application of ASU No. 2014-01 provides for a consistent accounting method for our investments in qualified affordable housing projects using a proportional amortization method. As required by ASU No. 2014-01, the new accounting methodology has been retrospectively applied resulting in changes to other non-interest income, tax expense, and net income, deferred tax asset, other assets, and retained earnings in the prior periods presented. The effect of this change was a decrease in net income of $440,000 for the year ended December 31, 2015, an increase in net income of $138,000 for the year ended December 31, 2014 and a decrease of $70,000 for the year ended December 31, 2013. Retained earnings as of January 1, 2013, has been adjusted down by $3.4 million for the effect of the retroactive application of the new standard. As of January 1, 2015, Umpqua applied FASB ASU No. 2014-04, Receivables -Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. ASU 2014-04 clarifies when a repossession or foreclosure has occurred. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. Umpqua has applied this ASU by adding additional disclosures to Note 10, Other Real Estate Owned, Net. Recently Issued Accounting Pronouncements- In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which creates Topic 606 and supersedes Topic 605, Revenue Recognition. In August 2015, FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606), which postponed the effective date of 2014-09. The core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In general, the new guidance requires companies to use more judgment and make more estimates than under current guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The standard is effective for public entities for interim and annual periods beginning after December 15, 2017; early adoption is not permitted. For financial reporting purposes, the standard allows for either full retrospective adoption, meaning the standard is applied to all of the periods presented, or modified retrospective adoption, meaning the standard is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the standard recognized at the date of initial application. The Company is currently evaluating the provisions of ASU No. 2014-09 to determine the potential impact the new standard will have on the Company's consolidated financial statements. In June 2014, the FASB issued ASU No. 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The ASU requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718, Compensation – Stock Compensation, as it relates to awards with performance conditions that affect vesting to account for such awards. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendments in this ASU can be applied prospectively or retrospectively and are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with early adoption permitted. The Company does not expect the ASU to have a material impact on the Company's consolidated financial statements. In November 2014, the FASB issued ASU No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity. The ASU clarifies how current guidance should be interpreted in evaluating the characteristics and risks of a host contract in a hybrid financial instrument issued in the form of a share. One criterion requires evaluating whether the nature of the host contract is more akin to debt or to equity and whether the economic characteristics and risks of the embedded derivative feature are "clearly and closely related" to the host contract. In making that evaluation, an issuer or investor must consider all terms and features in a hybrid financial instrument including the embedded derivative feature that is being evaluated for separate accounting or may consider all terms and features in the hybrid financial instrument except for the embedded derivative feature that is being evaluated for separate accounting. This ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with early adoption permitted. The Company does not expect the ASU to have a material impact on the Company's consolidated financial statements. In January 2015, the FASB issued ASU No. 2015-01, Income Statement —Extraordinary and Unusual Items (Subtopic 225-20). The objective of this ASU is to simplify the income statement presentation requirements in Subtopic 225-20 by eliminating the concept of extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. Eliminating the extraordinary classification simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration. This ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with early adoption permitted. The Company does not expect this ASU to have a material impact on the Company's consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). The ASU focuses on simplifying the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities by reducing the number of consolidation model from four to two, among other changes. The ASU will be effective for periods beginning after December 15, 2015, while early adoption is permitted. The Company does not expect this ASU to have a material impact on the Company's consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. ASU No. 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. ASU No. 2015-03 should be applied on a retrospective basis. The adoption of ASU No. 2015-03 is not expected to have a material impact on the Company's consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805). This ASU simplifies the accounting for adjustments made to provisional amounts recognized in a business combination during the measurement period. The amendments in this Update require that the acquirer recognize the adjustments to provisional amounts in the reporting period in which the adjustment amount is determined. The acquirer must also record in the same period's financial statements, the effect on earnings of changes in depreciation, amortization or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. This ASU has a potential impact on the Company, depending on any future business combinations. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The new guidance is intended to improve the recognition and measurement of financial instruments. This ASU requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. In addition, the amendment requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes and requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. This ASU also eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The amendment also requires a reporting organization to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument specific credit risk (also referred to as "own credit") when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. ASU No. 2016-01 is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for certain provisions. The Company is currently evaluating the impact of this ASU on the Company's consolidated financial statements. Reclassifications- Certain amounts reported in prior years' financial statements have been reclassified to conform to the current presentation. The results of the reclassifications are not considered material and have no effect on previously reported net earnings available to common shareholders and earnings per common share. |
Business Combinations |
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Business Combinations | Business Combinations Sterling Financial Corporation As of the close of business on April 18, 2014, the Company completed its merger with Sterling Financial Corporation, a Washington corporation ("Sterling"). The results of Sterling's operations are included in the Company's financial results beginning April 19, 2014 and the combined company's banking operations are operating under the Umpqua Bank name and brand. The structure of the transaction was as follows:
A summary of the consideration paid, the assets acquired and liabilities assumed in the Merger are presented below:
Amounts recorded are the estimated fair value. The primary reason for the Merger was to continue the Company's growth strategy, including expanding our geographic footprint in markets throughout the West Coast. All of the goodwill recorded has been attributed to the Community Banking segment and reporting unit. The Community Banking segment will benefit from the cost saves and greater economy of scales to deliver financial solutions to its customers. None of the goodwill will be deductible for income tax purposes. Subsequent to acquisition, the Company repaid securities sold under agreements to repurchase acquired of $500.0 million, funded through the sale of acquired investment securities in the second quarter of 2014. On June 20, 2014, the Company completed the required divestiture of six stores acquired in the Merger to another financial institution. The divestiture of the six stores included $211.5 million of deposits and $88.3 million of loans. As of April 18, 2014, the unpaid principal balance on purchased non-impaired loans was $7.0 billion. The fair value of the purchased non-impaired loans was $6.7 billion, resulting in a discount of $230.5 million being recorded on these loans. The following table presents the acquired purchased impaired loans as of the acquisition date:
The operations of Sterling are included in our operating results beginning on April 19, 2014, and contributed an estimated net interest income of $339.3 million and net income of $64.7 million for the year ended December 31, 2014. For the year ended December 31, 2015, the operations of attributed to Sterling contributed an estimated net interest income of $435.5 million and net income of $132.0 million. We incur significant expenses in connection with the completion and integration of bank acquisitions that are not capitalizable. These merger related expenses are recorded in accordance with a Board approved accounting policy with respect to merger related charges, including internal and external charges. These expenses include acquisition related expenses, facility closure related costs, customer communications, restructuring expenses (including associate severance and retention charges) and expenses related to conversions of systems, including consulting costs. The following table provides a breakout of Merger related expense for the year ended December 31, 2015 and 2014.
The following table presents unaudited pro forma results of operations for the years ended December 31, 2014 and 2013, as if the Sterling Merger had occurred on January 1, 2013. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2013. The pro forma results include the impact of certain acquisition accounting adjustments including accretion of loan discount, intangible assets amortization and deposit, borrowing premium accretion, and other reclasses of expenses between years. These adjustments increased pro forma net income by $54.4 million and $12.9 million for the years ended December 31, 2014 and 2013, respectively.
(1) Includes $31.9 million and $127.5 million of incremental loan discount accretion for the years ended December 31, 2014 and 2013, respectively. (2) Includes a reduction of interest income of $1.8 million and $6.6 million related to investment securities premium amortization for the years ended December 31, 2014 and 2013, respectively. (3) Includes a reduction of interest expense related to amortization of deposit and borrowing premium of $5.9 million and $22.1 million for the years ended December 31, 2014 and 2013, respectively. (4) Includes a reduction of service charges on deposit of $1.7 million and $5.8 million as a result of passing the $10 billion asset threshold for the years ended December 31, 2014 and 2013, respectively. (5) Includes a loss on junior subordinated debentures carried at fair value of $1.1 million and $3.9 million for the years ended December 31, 2014 and 2013, respectively. (6) Includes the reversal of the $7.0 million loss on the required divestiture of six Sterling stores in connection with the Merger for the year ended December 31, 2014. (7) Includes $2.1 million and $7.8 million of core deposit intangible amortization for the years ended ended December 31, 2014 and 2013, respectively. (8) The year ended December 31, 2014 included a net decrease of $52.6 million of merger expenses. The year ended December 31, 2013 was adjusted to include $98.2 million of merger expenses. Financial Pacific Holding Corp. On July 1, 2013, the Bank acquired Financial Pacific Holding Corp. ("FPHC") based in Federal Way, Washington, and its subsidiary, Financial Pacific Leasing, Inc ("FinPac Leasing"), and its subsidiaries, Financial Pacific Funding, Inc. ("FPF"), Financial Pacific Funding II, Inc. ("FPF II") and Financial Pacific Funding III, Inc. ("FPF III"). As part of the same transaction, the Company acquired two related entities, FPC Leasing Corporation ("FPC") and Financial Pacific Reinsurance Co., Ltd. ("FPR"). FPHC, FinPac Leasing, FPF, FPF II, FPF III, FPC and FPR are collectively referred to herein as "FinPac". FinPac provides business-essential commercial equipment leases to various industries throughout the United States and Canada. It originates leases through its brokers, lessors, and direct marketing programs. The results of FinPac's operations are included in the consolidated financial statements as of July 1, 2013. The aggregate consideration for the FinPac purchase was $158.0 million. Of that amount, $156.1 was distributed in cash, and $1.9 million was exchanged for restricted shares of the Company stock. The restricted shares were issued from the Company's 2013 Incentive Plan pursuant to employment agreements between the Company and certain executives of FinPac, vest over a period of either two or three years, and will be recognized over that time period within the salaries and employee benefits line item on the Consolidated Statements of Income. The structure of the transaction was as follows:
A summary of consideration paid, and the assets acquired and liabilities assumed at their fair values, in the acquisition of FinPac are presented below.
The acquisition provides diversification, and a scalable platform that is consistent with expansion initiatives that the Bank has completed over the last three years, including growth in the business banking, agricultural lending and home builder lending groups. The transaction leverages excess capital of the Company and deploys excess liquidity into significantly higher yielding assets, provides growth and diversification, and is anticipated to increase profitability. There is no tax deductible goodwill or other intangibles. The operations of FinPac are included in our operating results from July 1, 2013, and added revenue of $66.1 million, non-interest expense of $15.9 million, and net income of $18.7 million net of tax, for the year ended December 31, 2013. FinPac's results of operations prior to the acquisition are not included in our operating results. There are $110,000 FinPac merger related expenses for the year ended December 31, 2014. FinPac merger related expenses were $1.6 million for the year ended December 31, 2013. Leases acquired from FinPac are presented below as of acquisition date:
The following tables present unaudited pro forma results of operations for the year ended December 31, 2013 as if the acquisition of FinPac had occurred on January 1, 2013. The proforma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2013. The pro forma results include the impact of certain acquisition accounting adjustments which reduced pro forma earnings available to common shareholders by $4.2 million for the year ended December 31, 2013.
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Banking and Thrift [Abstract] | |
Cash and Due From Banks | Cash and Cash Equivalents The Bank is required to maintain an average reserve balance with the Federal Reserve Bank or maintain such reserve balance in the form of cash. The amount of required reserve balance at December 31, 2015 and 2014 was approximately $130.5 million and $80.7 million, respectively, and was met by holding cash and maintaining an average balance with the Federal Reserve Bank. Umpqua had restricted cash included in cash and due from banks on the balance sheet of $58.8 million as of December 31, 2015, and $43.7 million as of December 31, 2014, relating mostly to collateral required on interest rate swaps as discussed in Note 20. Restricted cash included in interest bearing cash and temporary investments on the balance sheet was $3.9 million as of December 31, 2015, and $4.0 million as of December 31, 2014, relating to collateral requirements for derivatives for mortgage banking activities. |
Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities The following table presents the amortized costs, unrealized gains, unrealized losses and approximate fair values of investment securities at December 31, 2015 and 2014: December 31, 2015
December 31, 2014
Investment securities that were in an unrealized loss position as of December 31, 2015 and December 31, 2014 are presented in the following tables, based on the length of time individual securities have been in an unrealized loss position. In the opinion of management, these securities are considered only temporarily impaired due to changes in market interest rates or the widening of market spreads subsequent to the initial purchase of the securities, and not due to concerns regarding the underlying credit of the issuers or the underlying collateral. December 31, 2015
December 31, 2014
The unrealized losses on obligations of states and political subdivisions were caused by changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities. Management monitors published credit ratings of these securities and no adverse ratings changes have occurred since the date of purchase of obligations of states and political subdivisions which are in an unrealized loss position as of December 31, 2015. Because the decline in fair value is attributable to changes in interest rates or widening market spreads and not credit quality, and because the Bank does not intend to sell the securities in this class and it is not more likely than not that the Bank will be required to sell these securities before recovery of their amortized cost basis, which may include holding each security until maturity, these investments are not considered other-than-temporarily impaired. All of the available for sale residential mortgage-backed securities and collateralized mortgage obligations portfolio in an unrealized loss position at December 31, 2015 are issued or guaranteed by government sponsored enterprises. The unrealized losses on residential mortgage-backed securities and collateralized mortgage obligations were caused by changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities, and not concerns regarding the underlying credit of the issuers or the underlying collateral. It is expected that these securities will not be settled at a price less than the amortized cost of each investment. Because the decline in fair value is attributable to changes in interest rates or widening market spreads and not credit quality, and because the Bank does not intend to sell the securities in this class and it is not more likely than not that the Bank will be required to sell these securities before recovery of their amortized cost basis, which may include holding each security until contractual maturity, these investments are not considered other-than-temporarily impaired. The following table presents the maturities of investment securities at December 31, 2015:
The amortized cost and fair value of collateralized mortgage obligations and mortgage-backed securities are presented by expected average life, rather than contractual maturity, in the preceding table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay underlying loans without prepayment penalties. The following table presents the gross realized gains and gross realized losses on the sale of securities available for sale for the years ended December 31, 2015, 2014 and 2013:
The following table presents, as of December 31, 2015, investment securities which were pledged to secure borrowings, public deposits, and repurchase agreements as permitted or required by law:
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Loans and Leases |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases | Loans and Leases The following table presents the major types of loans and leases, net of deferred fees and costs, as of December 31, 2015 and 2014:
The loan balances are net of deferred fees and costs of $47.0 million and $26.3 million as of December 31, 2015 and 2014, respectively. As of December 31, 2015, loans totaling $9.9 billion were pledged to secure borrowings and available lines of credit. Net loans include discounts on acquired loans of $105.6 million and $236.6 million as of December 31, 2015 and 2014, respectively. The outstanding contractual unpaid principal balance of purchased impaired loans, excluding acquisition accounting adjustments, was $540.4 million and $770.9 million at December 31, 2015 and 2014, respectively. The carrying balance of purchased impaired loans was $438.1 million and $562.9 million at December 31, 2015 and 2014, respectively. The following table presents the changes in the accretable yield for purchased impaired loans for the year ended December 31, 2015, and 2014:
The following table presents the net investment in direct financing leases and loans, net as of December 31, 2015 and 2014:
The following table presents the scheduled minimum lease payments receivable, excluding equipment finance loans, as of December 31, 2015:
Loans and leases sold In the course of managing the loan and lease portfolio, at certain times, management may decide to sell loans and leases. The following table summarizes loans and leases sold by loan portfolio during the years ended December 31, 2015 and 2014:
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Allowance for Loan and Lease Loss and Credit Quality |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Loan and Lease Loss and Credit Quality | Allowance for Loan and Lease Loss and Credit Quality The Bank's methodology for assessing the appropriateness of the Allowance for Loan and Lease Loss consists of three key elements: 1) the formula allowance; 2) the specific allowance; and 3) the unallocated allowance. By incorporating these factors into a single allowance requirement analysis, we believe all risk-based activities within the loan and lease portfolios are simultaneously considered. Formula Allowance When loans and leases are originated or acquired, they are assigned a risk rating that is reassessed periodically during the term of the loan or lease through the credit review process. The Bank's risk rating methodology assigns risk ratings ranging from 1 to 10, where a higher rating represents higher risk. The 10 risk rating categories are a primary factor in determining an appropriate amount for the formula allowance. The formula allowance is calculated by applying risk factors to various segments of pools of outstanding loans and leases. Risk factors are assigned to each portfolio segment based on management's evaluation of the losses inherent within each segment. Segments or regions with greater risk of loss will therefore be assigned a higher risk factor. Base risk – The portfolio is segmented into loan categories, and these categories are assigned a Base risk factor based on an evaluation of the loss inherent within each segment. Extra risk – Additional risk factors provide for an additional allocation of ALLL based on the loan and lease risk rating system and loan delinquency, and reflect the increased level of inherent losses associated with more adversely classified loans and leases. Risk factors may be changed periodically based on management's evaluation of the following factors: loss experience; changes in the level of non-performing loans and leases; regulatory exam results; changes in the level of adversely classified loans and leases; improvement or deterioration in local economic conditions; and any other factors deemed relevant. Specific Allowance Regular credit reviews of the portfolio identify loans that are considered potentially impaired. Potentially impaired loans are referred to the ALLL Committee which reviews and approves designated loans as impaired. A loan is considered impaired when, based on current information and events, we determine that we will probably not be able to collect all amounts due according to the loan contract, including scheduled interest payments. When we identify a loan as impaired, we measure the impairment using discounted cash flows or estimated note sale price, except when the sole remaining source of the repayment for the loan is the liquidation of the collateral. In these cases, we use the current fair value of the collateral, less selling costs, instead of discounted cash flows. If we determine that the value of the impaired loan is less than the recorded investment in the loan, we either recognize an impairment reserve as a specific allowance to be provided for in the allowance for loan and lease losses or charge-off the impaired balance on collateral-dependent loans if it is determined that such amount represents a confirmed loss. Loans determined to be impaired are excluded from the formula allowance so as not to double-count the loss exposure. The non-accrual impaired loans as of period-end have already been partially charged-off to their estimated net realizable value, and are expected to be resolved over the coming quarters with no additional material loss, absent further decline in market prices. The combination of the formula allowance component and the specific allowance component represents the allocated allowance for loan and lease losses. Management believes that the ALLL was adequate as of December 31, 2015. There is, however, no assurance that future loan and lease losses will not exceed the levels provided for in the ALLL and could possibly result in additional charges to the provision for loan and lease losses. The RUC is established to absorb inherent losses associated with our commitment to lend funds, such as with a letter or line of credit. The adequacy of the ALLL and RUC are monitored on a regular basis and are based on management's evaluation of numerous factors. These factors include the quality of the current loan portfolio; the trend in the loan portfolio's risk ratings; current economic conditions; loan concentrations; loan growth rates; past-due and non-performing trends; evaluation of specific loss estimates for all significant problem loans; historical charge-off and recovery experience; and other pertinent information. There have been no significant changes to the Bank's ALLL methodology or policies in the periods presented. Activity in the Allowance for Loan and Lease Losses The following table summarizes activity related to the allowance for loan and lease losses by loan and lease portfolio segment for the years ended December 31, 2015 and 2014:
The valuation allowance on purchased impaired loans was increased by provision expense, which includes amounts related to subsequent deterioration of purchased impaired loans of $2.1 million for the year ended December 31, 2015, and $2.6 million for the year ended December 31, 2014, respectively. The increase due to the provision expense of the valuation allowance on purchased impaired loans was offset by recaptured provision of $2.9 million for the year ended December 31, 2015, and $1.7 million for the year ended December 31, 2014, respectively. The following table presents the allowance and recorded investment in loans and leases by portfolio segment and balances individually or collectively evaluated for impairment as of December 31, 2015 and 2014:
Summary of Reserve for Unfunded Commitments Activity The following table presents a summary of activity in the RUC and unfunded commitments for the years ended December 31, 2015 and 2014:
Asset Quality and Non-Performing Loans and Leases We manage asset quality and control credit risk through diversification of the loan and lease portfolio and the application of policies designed to promote sound underwriting and loan and lease monitoring practices. The Bank's Credit Quality Administration is charged with monitoring asset quality, establishing credit policies and procedures and enforcing the consistent application of these policies and procedures across the Bank. Reviews of non-performing, past due loans and leases and larger credits, designed to identify potential charges to the allowance for loan and lease losses, and to determine the adequacy of the allowance, are conducted on an ongoing basis. These reviews consider such factors as the financial strength of borrowers, the value of the applicable collateral, loan and lease loss experience, estimated loan and lease losses, growth in the loan and lease portfolio, prevailing economic conditions and other factors. A loan is considered impaired when, based on current information and events, we determine it is probable that we will not be able to collect all amounts due according to the loan contract, including scheduled interest payments. Generally, when loans are identified as impaired, they are moved to the Special Assets Department. When we identify a loan as impaired, we measure the loan for potential impairment using discounted cash flows, except when the sole remaining source of the repayment for the loan is the liquidation of the collateral. In these cases, we will use the current fair value of collateral, less selling costs. The starting point for determining the fair value of collateral is through obtaining external appraisals. Generally, external appraisals are updated every 12 months. We obtain appraisals from a pre-approved list of independent, third party, local appraisal firms. Approval and addition to the list is based on experience, reputation, character, consistency and knowledge of the respective real estate market. In certain cases appraisals will be reviewed by our Real Estate Valuation Services group to ensure the quality of the appraisal and the expertise and independence of the appraiser. Upon receipt and review, an external appraisal is utilized to measure a loan for potential impairment. Our impairment analysis documents the date of the appraisal used in the analysis, whether the officer preparing the report deems it current, and, if not, allows for internal valuation adjustments with justification. Typical justified adjustments might include discounts for continued market deterioration subsequent to appraisal date, adjustments for the release of collateral contemplated in the appraisal, or the value of other collateral or consideration not contemplated in the appraisal. An appraisal over one year old in most cases will be considered stale dated and an updated or new appraisal will be required. Any adjustments from appraised value to net realizable value are detailed and justified in the impairment analysis, which is reviewed and approved by senior credit quality officers and the Bank's ALLL Committee. Although an external appraisal is the primary source to value collateral-dependent loans, we may also utilize values obtained through purchase and sale agreements, negotiated short sales, broker price opinions, or the sales price of the note. These alternative sources of value are used only if deemed to be more representative of value based on updated information regarding collateral resolution. Impairment analyses are updated, reviewed and approved on a quarterly basis at or near the end of each reporting period. Appraisals or other alternative sources of value received subsequent to the reporting period, but prior to our filing of periodic reports, are considered and evaluated to ensure our periodic filings are materially correct and not misleading. Based on these processes, we do not believe there are significant time lapses for the recognition of additional loan loss provisions or charge-offs from the date they become known. Non-Accrual Loans and Leases and Loans and Leases Past Due The following table summarizes our non-accrual loans and leases and loans and leases past due by loan and lease class as of December 31, 2015 and December 31, 2014:
(1) Other includes purchased credit impaired loans of $438.1 million.
(1) Other includes purchased credit impaired loans of $562.9 million. Impaired Loans Loans with no related allowance reported generally represent non-accrual loans. The Bank recognizes the charge-off on impaired loans in the period it arises for collateral dependent loans. Therefore, the non-accrual loans as of December 31, 2015 have already been written-down to their estimated net realizable value and are expected to be resolved with no additional material loss, absent further decline in market prices. The valuation allowance on impaired loans primarily represents the impairment reserves on performing restructured loans, and is measured by comparing the present value of expected future cash flows on the restructured loans discounted at the interest rate of the original loan agreement to the loan's carrying value. The only impaired loans accruing interest at each respective date represent certain restructured loans on accrual status. In order for a restructured loan to be considered for accrual status, the loan's collateral coverage generally will be greater than or equal to 100% of the loan balance, the loan is current on payments, and the borrower must either prefund an interest reserve or demonstrate the ability to make payments from a verified source of cash flow. The following tables summarize our impaired loans, including average recorded investment and interest income recognized on impaired loans, by loan class for the years ended December 31, 2015 and 2014:
The impaired loans for which these interest income amounts were recognized primarily relate to accruing restructured loans. Credit Quality Indicators As previously noted, the Bank's risk rating methodology assigns risk ratings ranging from 1 to 10, where a higher rating represents higher risk. The Bank differentiates its lending portfolios into homogeneous loans and leases and non-homogeneous loans and leases. The 10 risk rating categories can be generally described by the following groupings for non-homogeneous loans and leases: Minimal Risk—A minimal risk loan or lease, risk rated 1, is to a borrower of the highest quality. The borrower has an unquestioned ability to produce consistent profits and service all obligations and can absorb severe market disturbances with little or no difficulty. Low Risk—A low risk loan or lease, risk rated 2, is similar in characteristics to a minimal risk loan. Margins may be smaller or protective elements may be subject to greater fluctuation. The borrower will have a strong demonstrated ability to produce profits, provide ample debt service coverage and to absorb market disturbances. Modest Risk—A modest risk loan or lease, risk rated 3, is a desirable loan or lease with excellent sources of repayment and no currently identifiable risk associated with collection. The borrower exhibits a very strong capacity to repay the credit in accordance with the repayment agreement. The borrower may be susceptible to economic cycles, but will have reserves to weather these cycles. Average Risk—An average risk loan or lease, risk rated 4, is an attractive loan or lease with sound sources of repayment and no material collection or repayment weakness evident. The borrower has an acceptable capacity to pay in accordance with the agreement. The borrower is susceptible to economic cycles and more efficient competition, but should have modest reserves sufficient to survive all but the most severe downturns or major setbacks. Acceptable Risk—An acceptable risk loan or lease, risk rated 5, is a loan or lease with lower than average, but still acceptable credit risk. These borrowers may have higher leverage, less certain but viable repayment sources, have limited financial reserves and may possess weaknesses that can be adequately mitigated through collateral, structural or credit enhancement. The borrower is susceptible to economic cycles and is less resilient to negative market forces or financial events. Reserves may be insufficient to survive a modest downturn. Watch—A watch loan or lease, risk rated 6, is still pass-rated, but represents the lowest level of acceptable risk due to an emerging risk element or declining performance trend. Watch ratings are expected to be temporary, with issues resolved or manifested to the extent that a higher or lower rating would be appropriate. The borrower should have a plausible plan, with reasonable certainty of success, to correct the problems in a short period of time. Special Mention—A special mention loan or lease, risk rated 7, has potential weaknesses that deserve management's close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or the institution's credit position at some future date. They contain unfavorable characteristics and are generally undesirable. Loans and leases in this category are currently protected but are potentially weak and constitute an undue and unwarranted credit risk, but not to the point of a substandard classification. A special mention loan or lease has potential weaknesses, which if not checked or corrected, weaken the asset or inadequately protect the Bank's position at some future date. Substandard—A substandard asset, risk rated 8, is inadequately protected by the current worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified substandard. Loans and leases are classified as substandard when they have unsatisfactory characteristics causing unacceptable levels of risk. A substandard loan or lease normally has one or more well-defined weaknesses that could jeopardize repayment of the debt. The likely need to liquidate assets to correct the problem, rather than repayment from successful operations is the key distinction between special mention and substandard. Doubtful—Loans or leases classified as doubtful, risk rated 9, have all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors, which may work towards strengthening of the asset, classification as a loss (and immediate charge-off) is deferred until more exact status may be determined. Pending factors include proposed merger, acquisition, liquidation procedures, capital injection, and perfection of liens on additional collateral and refinancing plans. In certain circumstances, a doubtful rating will be temporary, while the Bank is awaiting an updated collateral valuation. In these cases, once the collateral is valued and appropriate margin applied, the remaining un-collateralized portion will be charged-off. The remaining balance, properly margined, may then be upgraded to substandard, however must remain on non-accrual. Loss—Loans or leases classified as loss, risk rated 10, are considered un-collectible and of such little value that the continuance as an active Bank asset is not warranted. This rating does not mean that the loan or lease has no recovery or salvage value, but rather that the loan or lease should be charged-off now, even though partial or full recovery may be possible in the future. Impaired—Loans are classified as impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal and interest when due, in accordance with the terms of the original loan agreement, without unreasonable delay. This generally includes all loans classified as non-accrual and troubled debt restructurings. Impaired loans are risk rated for internal and regulatory rating purposes, but presented separately for clarification. Homogeneous loans and leases are not risk rated until they are greater than 30 days past due, and risk rating is based on the past due status of the loan or lease. The risk rating categories can be generally described by the following groupings for commercial and commercial real estate homogeneous loans and leases: Special Mention—A homogeneous special mention loan or lease, risk rated 7, is greater than 30 to 59 days past due from the required payment date at month-end. Substandard—A homogeneous substandard loan or lease, risk rated 8, is 60 to 89 days past due from the required payment date at month-end. Doubtful—A homogeneous doubtful loan or lease, risk rated 9, is 90 to 179 days past due from the required payment date at month-end. Loss—A homogeneous loss loan or lease, risk rated 10, is 180 days and more past due from the required payment date. These loans are generally charged-off in the month in which the 180 day time period elapses. The risk rating categories can be generally described by the following groupings for residential and consumer and other homogeneous loans: Special Mention—A homogeneous retail special mention loan, risk rated 7, is greater than 30 to 89 days past due from the required payment date at month-end. Substandard—A homogeneous retail substandard loan, risk rated 8, is an open-end loan 90 to 180 days past due from the required payment date at month-end or a closed-end loan 90 to 120 days past due from the required payment date at month-end. Loss—A homogeneous retail loss loan, risk rated 10, is a closed-end loan that becomes past due 120 cumulative days or an open-end retail loan that becomes past due 180 cumulative days from the contractual due date. These loans are generally charged-off in the month in which the 120 or 180 day period elapses. The following table summarizes our internal risk rating by loan and lease class for the loan and lease portfolio, including purchased credit impaired loans, as of December 31, 2015 and December 31, 2014:
(1) The percentage of impaired loans classified as pass/watch, special mention and substandard was 5.0%, 4.6%, and 90.4%, respectively, as of December 31, 2015.
(1) The percentage of impaired loans classified as pass/watch, special mention, substandard, doubtful and loss was 5.6%, 15.1%, 77.9%, 0.1% and 1.3% respectively, as of December 31, 2014. Troubled Debt Restructurings At December 31, 2015 and December 31, 2014, impaired loans of $31.4 million and $54.8 million were classified as accruing restructured loans, respectively. The restructurings were granted in response to borrower financial difficulty, and generally provide for a temporary modification of loan repayment terms. The restructured loans on accrual status represent the only impaired loans accruing interest. In order for a restructured loan to be considered for accrual status, the loan's collateral coverage generally will be greater than or equal to 100% of the loan balance, the loan is current on payments, and the borrower must either prefund an interest reserve or demonstrate the ability to make payments from a verified source of cash flow. Impaired restructured loans carry a specific allowance and the allowance on impaired restructured loans is calculated consistently across the portfolios. There were no available commitments for troubled debt restructurings outstanding as of December 31, 2015 and $1.0 million as of December 31, 2014. The following tables present troubled debt restructurings by accrual versus non-accrual status and by loan class as of December 31, 2015 and December 31, 2014:
The Bank's policy is that loans placed on non-accrual will typically remain on non-accrual status until all principal and interest payments are brought current and the prospect for future payment in accordance with the loan agreement appears relatively certain. The Bank's policy generally refers to six months of payment performance as sufficient to warrant a return to accrual status. The following tables present newly restructured loans that occurred during the years ended December 31, 2015 and 2014:
For the periods presented in the tables above, the outstanding recorded investment was the same pre and post modification. There were $434,000 financing receivables modified as troubled debt restructurings within the previous 12 months for which there was a payment default during the year ended December 31, 2015. There were no financing receivables modified as troubled debt restructurings within the previous 12 months for which there was a payment default during the year ended December 31, 2014. |
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and Equipment | Premises and Equipment The following table presents the major components of premises and equipment at December 31, 2015 and 2014:
Depreciation expense totaled $47.6 million, $36.9 million and $20.5 million for the years ended December 31, 2015, 2014 and 2013, respectively. Umpqua's subsidiaries have entered into a number of non-cancelable lease agreements with respect to premises and equipment. See Note 19 for more information regarding rental expense, net of rent income, and minimum annual rental commitments under non-cancelable lease agreements. |
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 The following table summarizes the changes in the Company's goodwill and other intangible assets for the years ended December 31, 2013, 2014 and 2015.
Goodwill additions in 2015 and 2014 relate to the Sterling Merger and additions in 2013 relate to the FinPac acquisition. Goodwill represents the excess of the total acquisition price paid over the fair value of the assets acquired, net of the fair value of liabilities assumed. Additional information on the acquisition and purchase price allocation is provided in Note 2. The addition to goodwill in 2015 of $1.6 million relates to correcting immaterial errors in acquisition accounting adjustments. The reduction to goodwill in 2013 of $644,000 relates to acquisition accounting adjustments. Intangible asset additions in 2014 relate to the Sterling Merger and represent the value of core deposits, which includes all deposits except certificates of deposit. Core deposit intangible asset values were determined by an analysis of the cost differential between the core deposits inclusive of estimated servicing costs and alternative funding sources. The core deposit intangible recorded in connection with the Merger will be amortized on an accelerated basis over a period of 10 years. No impairment losses separate from the scheduled amortization have been recognized in the periods presented. The Company conducted its annual evaluation of goodwill for impairment at both December 31, 2015 and 2014, respectively. The Company assessed qualitative factors to determine whether the existence of events and circumstances indicated that it is more likely than not that the indefinite-lived intangible asset is impaired, and determined no factors indicated an impairment. Based on this analysis, no further testing was determined to be necessary. The table below presents the forecasted amortization expense for intangible assets at December 31, 2015:
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Residential Mortgage Servicing Rights |
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Residential Mortgage Servicing Rights | Residential Mortgage Servicing Rights The following table presents the changes in the Company's residential mortgage servicing rights ("MSR") for the years ended December 31, 2015, 2014 and 2013:
Information related to our serviced loan portfolio as of December 31, 2015, 2014 and 2013 is as follows:
The amount of contractually specified servicing fees, late fees and ancillary fees earned, recorded in residential mortgage banking revenue on the Consolidated Statements of Income, was $28.0 million, $20.8 million, and $10.4 million for the years ended December 31, 2015, 2014 and 2013, respectively. Key assumptions used in measuring the fair value of MSR as of December 31 were as follows:
A sensitivity analysis of the current fair value to changes in discount and prepayment speed assumptions as of December 31, 2015 and December 31, 2014 is as follows:
The sensitivity analysis presents the hypothetical effect on fair value of the MSR. The effect of such hypothetical change in assumptions generally cannot be extrapolated because the relationship of the change in an assumption to the change in fair value is not linear. Additionally, in the analysis, the impact of an adverse change in one assumption is calculated independent of any impact on other assumptions. In reality, changes in one assumption may change another assumption. |
Other Real Estate Owned, Net |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate Owned, Net | Other Real Estate Owned, Net The following table presents the changes in other real estate owned ("OREO") for the years ended December 31, 2015, 2014 and 2013:
As of December 31, 2015, 2014 and 2013, the Company had valuation allowances on its OREO balances of $4.1 million, $5.6 million, and $1.0 million, respectively. Valuation allowances on OREO balances are based on updated appraisals of the underlying properties as received during a period or management's authorization to reduce the selling price of a property during the period. As of December 31, 2015, Umpqua had $2.2 million of foreclosed residential real estate property held as other real estate owned. Umpqua's recorded investment in consumer mortgage loans collateralized by residential real estate property in process of foreclosure was $5.3 million as of December 31, 2015. |
Other Assets |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets | Other Assets Other assets consisted of the following at December 31, 2015 and 2014:
The Company invests in limited partnerships that operate qualified affordable housing projects to receive tax benefits in the form of tax deductions from operating losses and tax credits. The Company accounts for the investments using the proportional amortization method. The Company adopted ASU 2014-01 in the first quarter of 2015; amortization of the investment in qualified affordable housing projects is now recorded in the provision for income taxes together with the tax credits and benefits received. Previously, the amortization was recorded as other non-interest income. The Company recognized $1.7 million as a component of income tax expense for the year ended December 31, 2015 and recognized $1.4 million in affordable housing tax credits and other tax benefits during the year. After restatement, the Company recognized $1.9 million as a component of income tax expense for the year ended December 31, 2014 and recognized $2.0 million in affordable housing tax credits and other tax benefits during the previous year. The Company has federal low income housing tax credits of $7.1 million as of December 31, 2015 and 2014. The Company's remaining capital commitments to these partnerships at December 31, 2015 and 2014 were approximately $7.1 million and $5.3 million, respectively. Such amounts are included in other liabilities on the consolidated balance sheets. |
Income Taxes |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes The following table presents the components of income tax provision included in the Consolidated Statements of Income for the years ended December 31:
The following table presents a reconciliation of income taxes computed at the Federal statutory rate to the actual effective rate for the years ended December 31:
The following table reflects the effects of temporary differences that give rise to the components of the net deferred tax assets recorded on the consolidated balance sheets as of December 31:
The Company acquired a $276.8 million net deferred tax asset before acquisition accounting adjustments in the Merger, including $238.4 million of federal and state NOL and tax credit carry-forwards. The Merger triggered an "ownership change" as defined in Section 382 of the Internal Revenue Service Code ("Section 382"). As a result of being subject to Section 382, the Company will be limited in the amount of NOL carry-forwards that can be used annually to offset future taxable income. The Company believes it is more likely than not that it will be able to fully realize the benefit of its federal NOL carry-forwards. The Company also believes that it is more likely than not that the benefit from certain state NOL and tax credit carry-forwards will not be realized and therefore has provided a valuation allowance of $1.1 million as of December 31, 2015 and $3.4 million as of December 31, 2014 on the deferred tax assets relating to these state NOL and tax credit carry-forwards. The Company has determined that no other valuation allowance for the remaining deferred tax assets is required as management believes it is more likely than not that the remaining gross deferred tax assets of $307.3 million and $420.0 million at December 31, 2015 and 2014, respectively, will be realized principally through future reversals of existing taxable temporary differences. Management further believes that future taxable income will be sufficient to realize the benefits of temporary deductible differences that cannot be realized through carry-back to prior years or through the reversal of future temporary taxable differences. The tax credits consist of state tax credits of $6.6 million and $8.9 million at December 31, 2015 and 2014, respectively, and federal low income housing and alternative minimum tax credits of $9.1 million and $13.0 million at December 31, 2015 and 2014, respectively. The state tax credits will be utilized to offset future state income taxes. Most of the state tax credits benefit a five-year period, with an eight-year carry-forward allowed. Federal low income housing credits have a twenty-year carry forward and the alternative minimum tax credits may be carried forward indefinitely. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, as well as the majority of states and Canada. The Company is no longer subject to U.S. federal tax examinations for years before 2012, and no longer subject to other state tax authorities examinations for years before 2011, except in California, for years before 2005, and for Canadian tax authority examinations for years before 2012. The Company periodically reviews its income tax positions based on tax laws and regulations and financial reporting considerations, and records adjustments as appropriate. This review takes into consideration the status of current taxing authorities' examinations of the Company's tax returns, recent positions taken by the taxing authorities on similar transactions, if any, and the overall tax environment. The Company had gross unrecognized tax benefits in the amounts of $2.9 million and $2.7 million recorded as of December 31, 2015 and 2014, respectively. If recognized, the unrecognized tax benefit would reduce the 2015 annual effective tax rate by 1%. The Company accrued $29,000 and $206,000 of interest related to unrecognized tax benefits during 2015 and 2014, respectively. Interest on unrecognized tax benefits is reported by the Company as a component of tax expense. As of December 31, 2015 and 2014, the accrued interest related to unrecognized tax benefits is $428,000 and $399,000, respectively. Detailed below is a reconciliation of the Company's unrecognized tax benefits, gross of any related tax benefits, for the years ended December 31, 2015 and 2014, respectively:
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Interest Bearing Deposits |
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Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Bearing Deposits | Interest Bearing Deposits The following table presents the major types of interest bearing deposits at December 31, 2015 and 2014:
As of December 31, 2015 and 2014, the Company had time deposits of $689.3 million and $859.7 million, respectively, that meet or exceed the FDIC insurance limit. The following table presents the scheduled maturities of time deposits as of December 31, 2015:
The following table presents the remaining maturities of time deposits of $100,000 or more as of December 31, 2015:
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Securities Sold Under Agreements To Repurchase |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Sold Under Agreements To Repurchase | Securities Sold Under Agreements To Repurchase The following table presents information regarding securities sold under agreements to repurchase at December 31, 2015 and 2014:
The securities underlying agreements to repurchase entered into by the Bank are for the same securities originally sold, with a one-day maturity. In all cases, the Bank maintains control over the securities. Securities sold under agreements to repurchase averaged approximately $321.1 million, $189.5 million, and $177.9 million for the years ended December 31, 2015, 2014 and 2013, respectively. The maximum amount outstanding at any month end for the years ended December 31, 2015, 2014 and 2013, was $334.6 million, $313.3 million, and $233.8 million, respectively. Investment securities are pledged as collateral in an amount equal to or greater than the repurchase agreements. |
Federal Funds Purchased |
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Dec. 31, 2015 | |
Banking and Thrift [Abstract] | |
Federal Funds Purchased | Federal Funds Purchased At December 31, 2015 and 2014, the Company had no outstanding federal funds purchased balances. The Bank had available lines of credit with the FHLB totaling $5.4 billion at December 31, 2015 subject to certain collateral requirements. The Bank had available lines of credit with the Federal Reserve totaling $333.3 million subject to certain collateral requirements, namely the amount of certain pledged loans at December 31, 2015. The Bank had uncommitted federal funds line of credit agreements with additional financial institutions totaling $450.0 million at December 31, 2015. At December 31, 2015, the lines of credit had interest rates ranging from 0.2% to 0.9%. Availability of the lines is subject to federal funds balances available for loan and continued borrower eligibility and are reviewed and renewed periodically throughout the year. These lines are intended to support short-term liquidity needs, and the agreements may restrict consecutive day usage. |
Term Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Debt | Term Debt The Bank had outstanding secured advances from the FHLB and other creditors at December 31, 2015 and 2014 with carrying values of $888.8 million and $1.0 billion, respectively. The following table summarizes the future contractual maturities of borrowed funds as of December 31, 2015:
(1) Amount shows contractual borrowings, excluding acquisition accounting adjustments. The maximum amount outstanding from the FHLB under term advances at month end during 2015 was $1.0 billion and during 2014 was $1.1 billion. The average balance outstanding during 2015 was $919.1 million and during 2014 was $842.1 million. The average contractual interest rate on the borrowings was 1.9% in 2015 and 1.6% in 2014. The FHLB requires the Bank to maintain a required level of investment in FHLB and sufficient collateral to qualify for secured advances. The Bank has pledged as collateral for these secured advances all FHLB stock, all funds on deposit with the FHLB, and its investments and commercial real estate portfolios, accounts, general intangibles, equipment and other property in which a security interest can be granted by the Bank to the FHLB. |
Junior Subordinated Debentures |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior Subordinated Debentures | Junior Subordinated Debentures Following is information about the Company's wholly-owned trusts ("Trusts") as of December 31, 2015:
The Trusts are reflected as junior subordinated debentures in the Consolidated Balance Sheets. The common stock issued by the Trusts is recorded in other assets in the Consolidated Balance Sheets, and totaled $14.3 million at December 31, 2015 and December 31, 2014. As of December 31, 2015, all of the junior subordinated debentures were redeemable at par, at their applicable quarterly or semiannual interest payment dates. The Company selected the fair value measurement option for junior subordinated debentures originally issued by the Company (the Umpqua Statutory Trusts) and for junior subordinated debentures acquired from Sterling. Absent changes to the significant inputs utilized in the discounted cash flow model used to measure the fair value of these instruments, the discounts will reverse over time in a manner similar to the effective interest rate method as if these instruments were accounted for under the amortized cost method. Losses recorded resulting from the change in the fair value of these instruments were $6.3 million, $5.1 million and $2.2 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Employee Benefit Plans |
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Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Employee Savings Plan-Substantially all of the Bank's and Umpqua Investments' employees are eligible to participate in the Umpqua Bank 401(k) and Profit Sharing Plan (the "Umpqua 401(k) Plan"), a defined contribution and profit sharing plan sponsored by the Company. Employees may elect to have a portion of their salary contributed to the plan in conformity with Section 401(k) of the Internal Revenue Code. At the discretion of the Company's Board of Directors, the Company may elect to make matching and/or profit sharing contributions to the Umpqua 401(k) Plan based on profits of the Bank. The Company's contributions charged to expense amounted to $7.4 million, $5.0 million, and $3.8 million for the years ended December 31, 2015, 2014 and 2013, respectively. Supplemental Retirement Plans-The Company has established the Umpqua Holdings Corporation Deferred Compensation & Supplemental Retirement Plan (the "DC/SRP"), a nonqualified deferred compensation plan to help supplement the retirement income of certain highly compensated executives selected by resolution of the Company's Board of Directors. The DC/SRP has two components, a supplemental retirement plan ("SRP") and a deferred compensation plan ("DCP"). The Company may make discretionary contributions to the SRP. For the years ended December 31, 2015, 2014 and 2013, the Company's matching contribution charged to expense for these supplemental plans totaled $178,000, $140,000, and $123,000, respectively. The SRP plan balances at December 31, 2015 and 2014 were $889,000 and $812,000, respectively, and are recorded in other liabilities. Under the DCP, eligible officers may elect to defer up to 50% of their salary into a plan account. The DCP plan balance was $4.9 million and $3.9 million at December 31, 2015 and 2014, respectively. In addition, the Company has established a supplemental retirement plan for the CEO. The plan balance for this plan was $8.7 million as of both December 31, 2015 and 2014. Acquired Plans- In connection with prior acquisitions, the Bank assumed liability for certain salary continuation, supplemental retirement, and deferred compensation plans for key employees, retired employees and directors of acquired institutions. Subsequent to the effective date of these acquisitions, no additional contributions were made to these plans. These plans are unfunded, and provide for the payment of a specified amount on a monthly basis for a specified period (generally 10 to 20 years) after retirement. In the event of a participant employee's death prior to or during retirement, the Bank in most cases is obligated to pay to the designated beneficiary the benefits set forth under the plans. At December 31, 2015 and 2014, liabilities recorded for the estimated present value of future plan benefits totaled $36.1 million and $42.3 million, respectively, and are recorded in other liabilities. For the years ended December 31, 2015, 2014 and 2013, expense recorded for these plan's benefits totaled $1.1 million, $2.9 million, and $849,000, respectively. Rabbi Trusts-The Bank has established, for the DC/SRP plan noted above, and sponsors, for some deferred compensation plans assumed in connection with prior mergers, irrevocable trusts commonly referred to as "Rabbi Trusts." The trust assets (generally cash and trading assets) are consolidated in the Company's balance sheets and the associated liability (which equals the related asset balances) is included in other liabilities. The asset and liability balances related to these trusts as of December 31, 2015 and 2014 were $9.6 million and $9.1 million, respectively. The Bank has purchased, or acquired through mergers, life insurance policies in connection with the implementation of certain executive supplemental income, salary continuation and deferred compensation retirement plans. These policies provide protection against the adverse financial effects that could result from the death of a key employee and provide tax-exempt income to offset expenses associated with the plans. It is the Bank's intent to hold these policies as a long-term investment. However, there will be an income tax impact if the Bank chooses to surrender certain policies. Although the lives of individual current or former management-level employees are insured, the Bank is the owner and sole or partial beneficiary. At December 31, 2015 and 2014, the cash surrender value of these policies was $291.9 million and $294.3 million, respectively. At December 31, 2015 and 2014, the Bank also had liabilities for post-retirement benefits payable to other partial beneficiaries under some of these life insurance policies of $6.2 million and $6.2 million, respectively. The Bank is exposed to credit risk to the extent an insurance company is unable to fulfill its financial obligations under a policy. In order to mitigate this risk, the Bank uses a variety of insurance companies and regularly monitors their financial condition. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | Commitments and Contingencies Lease Commitments — The Bank leases 277 sites under non-cancelable operating leases. The leases contain various provisions for increases in rental rates, based either on changes in the published Consumer Price Index or a predetermined escalation schedule. Substantially all of the leases provide the Company with the option to extend the lease term one or more times following expiration of the initial term. Rent expense for the years ended December 31, 2015, 2014 and 2013 was $37.8 million, $33.1 million, and $19.1 million. Rent expense was offset by rent income for the years ended December 31, 2015, 2014 and 2013 of $1.4 million, $512,000 and $785,000. The following table sets forth, as of December 31, 2015, the future minimum lease payments under non-cancelable operating leases and future minimum income receivable under non-cancelable operating subleases:
Financial Instruments with Off-Balance-Sheet Risk — The Company's financial statements do not reflect various commitments and contingent liabilities that arise in the normal course of the Bank's business and involve elements of credit, liquidity, and interest rate risk. The following table presents a summary of the Bank's commitments and contingent liabilities:
The Bank is a party to financial instruments with off-balance-sheet credit risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit and financial guarantees. Those instruments involve elements of credit and interest-rate risk similar to the risk involved in on-balance sheet items recognized in the Consolidated Balance Sheets. The contract or notional amounts of those instruments reflect the extent of the Bank's involvement in particular classes of financial instruments. The Bank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit, and financial guarantees written, is represented by the contractual notional amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any covenant or condition established in the applicable 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. While most standby letters of credit are not utilized, a significant portion of such utilization is on an immediate payment basis. The Bank evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if it is deemed necessary by the Bank upon extension of credit, is based on management's credit evaluation of the counterparty. Collateral varies but may include cash, accounts receivable, inventory, premises and equipment and income-producing commercial properties. Standby letters of credit and written financial guarantees are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements, including international trade finance, commercial paper, bond financing and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank holds cash, marketable securities, or real estate as collateral supporting those commitments for which collateral is deemed necessary. The Bank was not required to perform on any financial guarantees in connection with standby letters of credit during the year ended December 31, 2015 or December 31, 2014. At December 31, 2015, approximately $39.8 million of standby letters of credit expire within one year, and $25.1 million expire thereafter. Upon issuance, the Bank recognizes a liability equivalent to the amount of fees received from the customer for these standby letter of credit commitments. Fees are recognized ratably over the term of the standby letter of credit. During the year ended December 31, 2015, the Bank collected approximately $950,000 in fees associated with standby letters of credit. Residential mortgage loans sold into the secondary market are sold with limited recourse against the Company, meaning that the Company may be obligated to repurchase or otherwise reimburse the investor for incurred losses on any loans that suffer an early payment default, are not underwritten in accordance with investor guidelines or are determined to have pre-closing borrower misrepresentations. As of December 31, 2015, the Company had a residential mortgage loan repurchase reserve liability of $2.2 million. Legal Proceedings—The Bank owns 483,806 shares of Class B common stock of Visa Inc. which are convertible into Class A common stock at a conversion ratio of 1.6483 per Class A share. As of December 31, 2015, the value of the Class A shares was $77.55 per share. Utilizing the conversion ratio, the value of unredeemed Class A equivalent shares owned by the Bank was $61.8 million as of December 31, 2015, and has not been reflected in the accompanying financial statements. The shares of Visa Inc. Class B common stock are restricted and may not be transferred. Visa member banks are required to fund an escrow account to cover settlements, resolution of pending litigation and related claims. If the funds in the escrow account are insufficient to settle all the covered litigation, Visa Inc. may sell additional Class A shares and use the proceeds to settle litigation, thereby reducing the conversion ratio. If funds remain in the escrow account after all litigation is settled, the Class B conversion ratio will be increased to reflect that surplus. On July 13, 2012, Visa, Inc. announced that it had entered into a memorandum of understanding obligating it to enter into a settlement agreement to resolve the multi-district interchange litigation brought by the class plaintiffs in the matter styled In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, Case No. 5-MD-1720 (JG) (JO) in the U.S. District Court for the Eastern District of New York. The claims originally were brought by a class of U.S. retailers in 2005. The settlement was approved by the Court on December 13, 2013, and Visa's share of the settlement to be paid is estimated at $4.4 billion. However, the December 13, 2013, decision of the Court is currently being appealed, thus the ultimate effect of this settlement on the value of the Bank's Class B common stock is unknown at this time. The Second Circuit Court of Appeals held a hearing on September 28, 2015 regarding the appeal of the settlement. The matter has now been submitted to the Court for decision. It is not known when the Second Circuit will issue its decision. In the ordinary course of business, various claims and lawsuits are brought by and against the Company and its subsidiaries, including the Bank and Umpqua Investments. In the opinion of management, there is no pending or threatened proceeding in which an adverse decision could result in a material adverse change in the Company's consolidated financial condition or results of operations. Concentrations of Credit Risk— The Bank grants real estate mortgage, real estate construction, commercial, agricultural and installment loans and leases to customers throughout Oregon, Washington, California, Idaho, and Nevada. In management's judgment, a concentration exists in real estate-related loans, which represented approximately 78% and 80% of the Bank's loan and lease portfolio at December 31, 2015 and December 31, 2014. Commercial real estate concentrations are managed to assure wide geographic and business diversity. Although management believes such concentrations have no more than the normal risk of collectability, a substantial decline in the economy in general, material increases in interest rates, changes in tax policies, tightening credit or refinancing markets, or a decline in real estate values in the Bank's primary market areas in particular, could have an adverse impact on the repayment of these loans. Personal and business incomes, proceeds from the sale of real property, or proceeds from refinancing, represent the primary sources of repayment for a majority of these loans. The Bank recognizes the credit risks inherent in dealing with other depository institutions. Accordingly, to prevent excessive exposure to any single correspondent, the Bank has established general standards for selecting correspondent banks as well as internal limits for allowable exposure to any single correspondent. In addition, the Bank has an investment policy that sets forth limitations that apply to all investments with respect to credit rating and concentrations with an issuer. |
Derivatives |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | Derivatives The Bank may use derivatives to hedge the risk of changes in the fair values of interest rate lock commitments, residential mortgage loans held for sale, and residential mortgage servicing rights. None of the Company's derivatives are designated as hedging instruments. Rather, they are accounted for as free-standing derivatives, or economic hedges, with changes in the fair value of the derivatives reported in income. The Company primarily utilizes forward interest rate contracts in its derivative risk management strategy. The Bank enters into forward delivery contracts to sell residential mortgage loans or mortgage-backed securities to broker/dealers at specific prices and dates in order to hedge the interest rate risk in its portfolio of mortgage loans held for sale and its residential mortgage loan commitments. Credit risk associated with forward contracts is limited to the replacement cost of those forward contracts in a gain position. There were no counterparty default losses on forward contracts in 2015, 2014, and 2013. Market risk with respect to forward contracts arises principally from changes in the value of contractual positions due to changes in interest rates. The Bank limits its exposure to market risk by monitoring differences between commitments to customers and forward contracts with broker/dealers. In the event the Company has forward delivery contract commitments in excess of available mortgage loans, the Company completes the transaction by either paying or receiving a fee to or from the broker/dealer equal to the increase or decrease in the market value of the forward contract. At December 31, 2015, the Bank had commitments to originate mortgage loans held for sale totaling $341.3 million and forward sales commitments of $556.6 million, which are used to hedge both on-balance sheet and off-balance sheet exposures. The Bank's mortgage banking derivative instruments do not have specific credit risk-related contingent features. The forward sales commitments do have contingent features that may require transferring collateral to the broker/dealers upon their request. However, this amount would be limited to the net unsecured loss exposure at such point in time and would not materially affect the Company's liquidity or results of operations. The Bank executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are hedged by simultaneously entering into an offsetting interest rate swap that the Bank executes with a third party, such that the Bank minimizes its net risk exposure. As of December 31, 2015, the Bank had 381 interest rate swaps with an aggregate notional amount of $1.9 billion related to this program. As of December 31, 2014, the Bank had 302 interest rate swaps with an aggregate notional amount of $1.4 billion related to this program. In connection with the interest rate swap program with commercial customers, the Bank has agreements with its derivative counterparties that contain a provision where if the Bank defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Bank could also be declared in default on its derivative obligations. The Bank also has agreements with its derivative counterparties that contain a provision where if the Bank fails to maintain its status as a well/adequately capitalized institution, then the counterparty could terminate the derivative positions and the Bank would be required to settle its obligations under the agreements. Similarly, the Bank could be required to settle its obligations under certain of its agreements if specific regulatory events occur, such as if the Bank were issued a prompt corrective action directive or a cease and desist order, or if certain regulatory ratios fall below specified levels. If the Bank had breached any of these provisions at December 31, 2015, it could have been required to settle its obligations under the agreements at the termination value. As of December 31, 2015 and 2014, the termination value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $40.2 million and $29.0 million, respectively. The Bank has collateral posting requirements for initial or variation margins with its clearing members and clearing houses and has been required to post collateral against its obligations under these agreements of $58.7 million and $43.5 million as of December 31, 2015 and 2014, respectively. The fair value of the interest rate swaps is determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves. In addition, to comply with the provisions of ASC 820, the Bank incorporates credit valuation adjustments ("CVA") to appropriately reflect nonperformance risk in the fair value measurements of its derivatives. The CVA is calculated by determining the total expected exposure of the derivatives (which incorporates both the current and potential future exposure) and then applying the counterparties' credit spreads to the exposure. For derivatives with two-way exposure, specifically, the Bank's interest rate swaps, the counterparty's credit spread is applied to the Bank's exposure to the counterparty, and the Bank's own credit spread is applied to the counterparty's exposure to the Bank, and the net CVA is reflected in the Bank's derivative valuations. The total expected exposure of a derivative is derived using market-observable inputs, such as yield curves and volatilities. For the Bank's own credit spread and for counterparties having publicly available credit information, the credit spreads over LIBOR used in the calculations represent implied credit default swap spreads obtained from a third party credit data provider. For counterparties without publicly available credit information, which are primarily commercial banking customers, the credit spreads over LIBOR used in the calculations are estimated by the Bank based on current market conditions, including consideration of current borrowing spreads for similar customers and transactions, review of existing collateralization or other credit enhancements, and changes in credit sector and entity-specific credit information. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Bank has considered the impact of netting and any applicable credit enhancements. The Company made an accounting policy election to use the exception commonly referred to as the "portfolio exception" with respect to measuring counterparty credit risk for its interest rate swap derivative instruments that are subject to master netting agreements with commercial banking customers that are hedged with offsetting interest rate swaps with third parties. The following tables summarize the types of derivatives, separately by assets and liabilities and the fair values of such derivatives as of December 31, 2015 and December 31, 2014:
The following table summarizes the types of derivatives and the gains (losses) recorded during the 2015, 2014, and 2013:
The Bank incorporates credit valuation adjustment ("CVA") to appropriately reflect nonperformance risk in the fair value measurement of its derivatives. As of December 31, 2015 and 2014, the net CVA decreased the settlement values of the Bank's net derivative assets by $1.9 million and $1.9 million, respectively. The gains (losses) above on the interest rate swaps relate to CVAs. Various factors impact changes in the CVA over time, including changes in the credit spreads of the parties to the contracts, as well as changes in market rates and volatilities, which affect the total expected exposure of the derivative instruments. The following table summarizes the derivatives that have a right of offset as of December 31, 2015 and December 31, 2014:
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Stock Compensation and Share Repurchase Plan |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Compensation and Share Repurchase Plan | Stock Compensation and Share Repurchase Plan On April 18, 2014, the Company completed the Merger with Sterling. The details of the conversion of Sterling common stock, stock options, and restricted stock units are included in Note 2. The conversion resulted in the issuance of 104,385,087 shares of common stock, 994,214 restricted stock units, and 439,921 stock options granted. Additionally, the 2,960,238 outstanding Sterling warrants were converted into warrants exercisable to receive 1.671 shares of Umpqua stock per warrant, with an exercise price of $12.88 as of the merger date. In November 2014, the warrants were net exercised in full for 2,889,896 shares and $6.6 million. As of December 31, 2014, the warrants were no longer outstanding. At a special meeting on February 25, 2014, the Company's shareholders approved an amendment to the Company's articles of incorporation, effective on April 18, 2014, increasing the number of authorized shares of common stock to 400,000,000. At the annual meeting on April 16, 2013, shareholders approved the Company's 2013 Incentive Plan (the "2013 Plan"), which, among other things, authorizes the issuance of equity awards to directors and employees and reserves 4,000,000 shares of the Company's common stock for issuance under the plan. With the adoption of the 2013 Plan, no additional awards will be issued from the 2003 Stock Incentive Plan or the 2007 Long Term Incentive Plan. Stock-Based Compensation The compensation cost related to stock options, restricted stock and restricted stock units (included in salaries and employee benefits) was $13.6 million, $12.5 million and $5.0 million for the years ended December 31, 2015, 2014, and 2013, respectively. The total income tax benefit recognized related to stock-based compensation was $5.2 million, $4.8 million and $1.9 million for the years ended December 31, 2015, 2014, and 2013, respectively. During the year ended December 31, 2014, vesting was accelerated for certain restricted stock units and stock options issued in connection with the Sterling Merger, resulting in $2.8 million of accelerated compensation expense which was recorded in merger related expense. As of December 31, 2015, there was $111,000 of total unrecognized compensation cost related to nonvested stock options which is expected to be recognized over a weighted-average period of 1.40 years. As of December 31, 2015, there was $8.7 million of total unrecognized compensation cost related to nonvested restricted stock awards which is expected to be recognized over a weighted-average period of 1.13 years. As of December 31, 2015, there was $3.9 million of total unrecognized compensation cost related to nonvested restricted stock units which is expected to be recognized over a weighted-average period of 1.50 years, assuming the current expectation of performance conditions are met. Stock Options The following table summarizes information about stock option activity for the years ended December 31, 2015, 2014 and 2013:
The following table summarizes information about outstanding stock options issued under all plans as of December 31, 2015:
The total intrinsic value (which is the amount by which the stock price exceeds the exercise price) as of December 31, 2015, was $1.4 million for options outstanding and $1.3 million options exercisable. The weighted average remaining contractual term of options exercisable was 3.7 years as of December 31, 2015. The total intrinsic value of options exercised was $535,000, $3.1 million, and $2.3 million, in the years ended December 31, 2015, 2014 and 2013, respectively. During the years ended December 31, 2015, 2014 and 2013, the amount of cash received from the exercise of stock options was $195,000, $4.6 million, and $159,000 and total consideration was $925,000, $6.8 million, and $6.4 million, respectively. The fair value of each option grant is estimated as of the grant date using the Black-Scholes option-pricing model. In 2014, there were stock options assumed in the Sterling Merger, however, no additional stock options were granted. There were no stock options granted in 2015 and 2013. The following weighted average assumptions were used to determine the fair value at the acquisition date of stock option grants assumed from the Sterling Merger during the year ended December 31, 2014:
The above items for 2015 and 2013 are not applicable as no stock options were granted in 2015 or 2013. Restricted Shares The Company grants restricted stock periodically for the benefit of employees and directors. Restricted shares generally vest over a three years period, subject to time or time plus performance vesting conditions. The following table summarizes information about nonvested restricted share activity for the year ended December 31:
The total fair value of restricted shares vested was $8.6 million, $7.1 million, and $2.0 million, for the years ended December 31, 2015, 2014 and 2013, respectively. Restricted Stock Units The Company granted restricted stock units as a part of the 2007 Long Term Incentive Plan for the benefit of certain executive officers. Restricted stock unit grants are subject to performance-based vesting as well as other approved vesting conditions. The total number of restricted stock units granted represents the maximum number of restricted stock units eligible to vest based upon the performance and service conditions set forth in the grant agreements. The following table summarizes information about nonvested restricted shares outstanding at December 31:
The total fair value of restricted stock units vested and released was $4.4 million and $4.8 million for the years ended December 31, 2015 and 2014, respectively, and none for the year ended December 31, 2013. For the years ended December 31, 2015, 2014 and 2013, the Company received income tax benefits of $5.2 million, $6.3 million, and $1.7 million, respectively, related to the exercise of non-qualified employee stock options, disqualifying dispositions in the exercise of incentive stock options, the vesting of restricted shares and the vesting of restricted stock units. For the years ended December 31, 2015, 2014 and 2013, the Company had a net excess tax benefit resulting from tax deductions greater than the compensation cost recognized of $552,000, $1.2 million and $148,000, respectively. Only cash flows from gross excess tax benefits are classified as financing cash flows. Share Repurchase Plan- The Company's share repurchase plan, which was first approved by the Board and announced in August 2003, and amended in September 2011 authorized the repurchase of up to 15 million shares of common stock. In 2015, the Board extended the plan to run through July 31, 2017. As of December 31, 2015, a total of 11.4 million shares remained available for repurchase. The Company repurchased 571,000 shares under the repurchase plan in 2015, repurchased no shares under the repurchase plan in 2014, and repurchased 98,027 shares under the repurchase plan in 2013. The timing and amount of future repurchases will depend upon the market price for our common stock, securities laws restricting repurchases, asset growth, earnings, and our capital plan. We also have certain stock option and restricted stock plans which provide for the payment of the option exercise price or withholding taxes by tendering previously owned or recently vested shares. During the years ended December 31, 2015 and 2014, there were 51,693 and 161,568 shares tendered in connection with option exercises, respectively. Restricted shares cancelled to pay withholding taxes totaled 135,474 and 107,131 shares during the years ended December 31, 2015 and 2014, respectively. There were 86,048 restricted stock units cancelled to pay withholding taxes for the years ended December 31, 2015 and 129,766 in 2014. |
Regulatory Capital |
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Brokers and Dealers [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital | Regulatory Capital The Company is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a material effect on the Company's financial statements. Under capital adequacy guidelines, the Company must meet specific capital guidelines that involve quantitative measures of the Company's assets, liabilities, and certain off balance sheet items as calculated under regulatory accounting practices. The Company's capital amounts and classifications are also subject to qualitative judgments by the regulators about risk components, asset risk weighting, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company to maintain minimum amounts and ratios (set forth in the table below) of total capital, Tier 1 capital and Tier 1 common to risk-weighted assets (as defined in the regulations), and of Tier 1 capital to average assets (as defined in the regulations). Management believes, as of December 31, 2015, that the Company meets all capital adequacy requirements to which it is subject. The Company's capital amounts and ratios, as calculated under regulatory guidelines of Basel III at December 31, 2015 and as calculated under regulatory guidelines of Basel I at December 31, 2014 are presented in the following table:
The Company is a registered financial holding company under the Gramm-Leach-Bliley Act of 1999 (the "GLB Act"), and is subject to the supervision of, and regulation by, the Board of Governors of the Federal Reserve System (the "Federal Reserve"). The Bank is an Oregon state chartered bank with deposits insured by the Federal Deposit Insurance Corporation ("FDIC"), and is subject to the supervision and regulation of the FDIC and the Director of the Oregon Department of Consumer and Business Services, administered through the Division of Finance and Corporate Securities, as well as to the supervision and regulation of the California, Washington, Idaho, and Nevada banking regulators. As of December 31, 2015, the most recent notification from the FDIC categorized the Bank as "well-capitalized" under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Bank's regulatory capital category. On July 2, 2013, the federal banking regulators approved the final proposed rules that revise the regulatory capital rules to incorporate certain revisions by the Basel Committee on Banking Supervision to the Basel capital framework ("Basel III"). The phase-in period for the final rules began for the Company on January 1, 2015, with full compliance with the final rules entire requirement phased in on January 1, 2019. The final rules, among other things, include a new common equity Tier 1 capital ("CET1") to risk-weighted assets ratio, including a capital conservation buffer, which will gradually increase from 4.5% on January 1, 2015 to 7.0% on January 1, 2019. The final rules also raise the minimum ratio of Tier 1 capital to risk-weighted assets from 4.0% to 6.0% on January 1, 2015 to 8.5% on January 1, 2019, as well as require a minimum leverage ratio of 4.0%. Under the final rule, as Umpqua grew above $15.0 billion in assets as a result of an acquisition, the combined trust preferred security debt issuances are required to be phased out of Tier 1 and into Tier 2 capital (75% starting in the first quarter of 2015 and 100% starting in the first quarter of 2016). It is possible the Company may accelerate redemption of the existing junior subordinated debentures. This could result in adjustments to the carrying value of these instruments, including the acceleration of losses on junior subordinated debentures carried at fair value within non-interest income. The Company currently does not intend to redeem the junior subordinated debentures in order to support regulatory total capital levels. The final rules also provide for a number of adjustments to and deductions from the new CET1. Under Basel III, the effects of certain accumulated other comprehensive items are not excluded; however, the Company and the Bank have made a one-time permanent election to continue to exclude these items in order to avoid significant variations in the level of capital depending on the impact of interest rate fluctuations on the fair value of the Company's securities portfolio. In addition, deductions include, for example, the requirement that mortgage servicing rights, certain deferred tax assets not dependent upon future taxable income and significant investments in non-consolidated financial entities be deducted from CET1 to the extent that any one such category exceeds 10% of CET1 or all such categories in the aggregate exceed 15% of CET1. |
Fair Value Measurement |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | Fair Value Measurement The following table presents estimated fair values of the Company's financial instruments as of December 31, 2015 and December 31, 2014, whether or not recognized or recorded at fair value in the Consolidated Balance Sheets:
Fair Value of Assets and Liabilities Measured on a Recurring Basis The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and December 31, 2014:
The following methods were used to estimate the fair value of each class of financial instrument above: Cash and Cash Equivalents - For short-term instruments, including cash and due from banks, and interest bearing deposits with banks, the carrying amount is a reasonable estimate of fair value. Securities - Fair values for investment securities are based on quoted market prices when available or through the use of alternative approaches, such as matrix or model pricing, or broker indicative bids, when market quotes are not readily accessible or available. Management periodically reviews the pricing information received from the third-party pricing service and compares it to a secondary pricing service, evaluating significant price variances between services to determine an appropriate estimate of fair value to report. Loans Held for Sale - Fair value is determined based on quoted secondary market prices for similar loans, including the implicit fair value of embedded servicing rights. Loans and Leases - Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, including commercial, real estate and consumer loans. Each loan category is further segregated by fixed and adjustable rate loans. The fair value of loans is calculated by discounting expected cash flows at rates which similar loans are currently being made. These amounts are discounted further by embedded probable losses expected to be realized in the portfolio. Restricted Equity Securities - The carrying value of restricted equity securities approximates fair value as the shares can only be redeemed by the issuing institution at par. Residential Mortgage Servicing Rights - The fair value of MSR is estimated using a discounted cash flow model. Assumptions used include market discount rates, anticipated prepayment speeds, delinquency and foreclosure rates, and ancillary fee income net of servicing costs. This model is periodically validated by an independent external model validation group. The model assumptions and the MSR fair value estimates are also compared to observable trades of similar portfolios as well as to MSR broker valuations and industry surveys, as available. Management believes the significant inputs utilized are indicative of those that would be used by market participants. Bank Owned Life Insurance Assets - Fair values of insurance policies owned are based on the insurance contract's cash surrender value. FDIC Indemnification Asset - The FDIC indemnification asset is calculated as the expected future cash flows under the loss-share agreement discounted by a rate reflective of the creditworthiness of the FDIC as would be required from the market. Visa Class B Common Stock - The fair value of Visa Class B common stock is estimated by applying a 5% discount to the value of the unredeemed Class A equivalent shares. The discount primarily represents the risk related to the further potential reduction of the conversion ratio between Class B and Class A shares and a liquidity risk premium. Deposits - The fair value of deposits with no stated maturity, such as non-interest bearing deposits, savings and interest checking accounts, and money market accounts, is equal to the amount payable on demand. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. Securities Sold under Agreements to Repurchase - For short-term instruments, including securities sold under agreements to repurchase and federal funds purchased, the carrying amount is a reasonable estimate of fair value. Term Debt - The fair value of term notes is calculated based on the discounted value of the contractual cash flows using current rates at which such borrowings can currently be obtained. Junior Subordinated Debentures - The fair value of junior subordinated debentures is estimated using an income approach valuation technique. The significant inputs utilized in the estimation of fair value of these instruments are the credit risk adjusted spread and three month LIBOR. The credit risk adjusted spread represents the nonperformance risk of the liability, contemplating the inherent risk of the obligation. The Company periodically validates the reasonableness of the fair value. The ending carrying (fair) value of the junior subordinated debentures measured at fair value represents the estimated amount that would be paid to transfer these liabilities in an orderly transaction amongst market participants. Due to credit concerns in the capital markets and inactivity in the trust preferred markets that have limited the observability of market spreads, we have classified this as a Level 3 fair value measure. Derivative Instruments - The fair value of the interest rate lock commitments and forward sales commitments are estimated using quoted or published market prices for similar instruments, adjusted for factors such as pull-through rate assumptions based on historical information, where appropriate. The pull-through rate assumptions are considered Level 3 valuation inputs and are significant to the interest rate lock commitment valuation; as such, the interest rate lock commitment derivatives are classified as Level 3. The fair value of the interest rate swaps is determined using a discounted cash flow technique incorporating credit valuation adjustments to reflect nonperformance risk in the measurement of fair value. Although the Bank has determined that the majority of the inputs used to value its interest rate swap derivatives fall within Level 2 of the fair value hierarchy, the CVA associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of December 31, 2015, the Bank has assessed the significance of the impact of the CVA on the overall valuation of its interest rate swap positions and has determined that the CVA are not significant to the overall valuation of its interest rate swap derivatives. As a result, the Bank has classified its interest rate swap derivative valuations in Level 2 of the fair value hierarchy. Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3) The following table provides a description of the valuation technique, significant unobservable input, and qualitative information about the unobservable inputs for the Company's assets and liabilities classified as Level 3 and measured at fair value on a recurring basis at December 31, 2015:
Generally, any significant increases in the constant prepayment rate and discount rate utilized in the fair value measurement of the residential mortgage servicing rights will result in negative fair value adjustments (and a decrease in the fair value measurement). Conversely, a decrease in the constant prepayment rate and discount rate will result in a positive fair value adjustment (and increase in the fair value measurement). An increase in the pull-through rate utilized in the fair value measurement of the interest rate lock commitment derivative will result in positive fair value adjustments (and an increase in the fair value measurement.) Conversely, a decrease in the pull-through rate will result in a negative fair value adjustment (and a decrease in the fair value measurement.) Management believes that the credit risk adjusted spread utilized in the fair value measurement of the junior subordinated debentures carried at fair value is indicative of the nonperformance risk premium a willing market participant would require under current market conditions, that is, the inactive market. Management attributes the change in fair value of the junior subordinated debentures during the period to market changes in the nonperformance expectations and pricing of this type of debt, and not as a result of changes to our entity-specific credit risk. The widening of the credit risk adjusted spread above the Company's contractual spreads has primarily contributed to the positive fair value adjustments. Future contractions in the credit risk adjusted spread relative to the spread currently utilized to measure the Company's junior subordinated debentures at fair value as of December 31, 2015, or the passage of time, will result in negative fair value adjustments. Generally, an increase in the credit risk adjusted spread and/or a decrease in the three month LIBOR swap curve will result in positive fair value adjustments (and decrease the fair value measurement). Conversely, a decrease in the credit risk adjusted spread and/or an increase in the three month LIBOR swap curve will result in negative fair value adjustments (and increase the fair value measurement). The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the years ended December 31, 2015 and 2014.
Gains (losses) on residential MSR carried at fair value are recorded in residential mortgage banking revenue within non-interest income. Gains (losses) on interest rate lock commitments carried at fair value are recorded in residential mortgage banking revenue within non-interest income. Gains (losses) on junior subordinated debentures carried at fair value are recorded within other non-interest income. The contractual interest expense on the junior subordinated debentures is recorded on an accrual basis as interest on junior subordinated debentures within interest expense. Settlements related to the junior subordinated debentures represent the payment of accrued interest that is embedded in the fair value of these liabilities. Additionally, from time to time, certain assets are measured at fair value on a nonrecurring basis. These adjustments to fair value generally result from the application of lower-of-cost-or-market accounting or write-downs of individual assets due to impairment. Fair Value of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The following table presents information about the Company's assets and liabilities measured at fair value on a nonrecurring basis for which a nonrecurring change in fair value has been recorded during the reporting period. The amounts disclosed below represent the fair values at the time the nonrecurring fair value measurements were made, and not necessarily the fair value as of the dates reported upon.
The following table presents the losses resulting from nonrecurring fair value adjustments for the years ended December 31, 2015, 2014 and 2013:
The following provides a description of the valuation technique and inputs for the Company's assets and liabilities classified as Level 3 and measured at fair value on a nonrecurring basis. Unobservable inputs and qualitative information about the unobservable inputs are not presented as the fair value is determined by third-party information. The loans and leases amount above represents impaired, collateral dependent loans that have been adjusted to fair value. When we identify a collateral dependent loan as impaired, we measure the impairment using the current fair value of the collateral, less selling costs. Depending on the characteristics of a loan, the fair value of collateral is generally estimated by obtaining external appraisals. If we determine that the value of the impaired loan is less than the recorded investment in the loan, we recognize this impairment and adjust the carrying value of the loan to fair value through the allowance for loan and lease losses. The loss represents charge-offs or impairments on collateral dependent loans for fair value adjustments based on the fair value of collateral. The carrying value of loans fully charged-off is zero. The other real estate owned amount above represents impaired real estate that has been adjusted to fair value. Other real estate owned represents real estate which the Bank has taken control of in partial or full satisfaction of loans. At the time of foreclosure, other real estate owned is recorded at the lower of the carrying amount of the loan or fair value less costs to sell, which becomes the property's new basis. Any write-downs based on the asset's fair value at the date of acquisition are charged to the allowance for loan and lease losses. After foreclosure, management periodically performs valuations such that the real estate is carried at the lower of its new cost basis or fair value, net of estimated costs to sell. Fair value adjustments on other real estate owned are recognized within net loss on real estate owned. The loss represents impairments on other real estate owned for fair value adjustments based on the fair value of the real estate. Fair Value Option The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale accounted for under the fair value option as of December 31, 2015 and December 31, 2014:
Residential mortgage loans held for sale accounted for under the fair value option are measured initially at fair value with subsequent changes in fair value recognized in earnings. Gains and losses from such changes in fair value are reported as a component of residential mortgage banking revenue, net in the Consolidated Statements of Income. For the years ended December 31, 2015, 2014 and 2013, the Company recorded a net decrease of $696,000, a net increase of $6.4 million, and a net decrease of $14.5 million, respectively, representing the change in fair value reflected in earnings. There were no nonaccrual mortgage loans held for sale or mortgage loans held for sale 90 days or more past due and still accruing interest as of December 31, 2015 and December 31, 2014, respectively. The Company selected the fair value measurement option for existing junior subordinated debentures (the Umpqua Statutory Trusts) and for junior subordinated debentures acquired from Sterling. The remaining junior subordinated debentures were acquired through previous business combinations and were measured at fair value at the time of acquisition and subsequently measured at amortized cost. Accounting for the selected junior subordinated debentures at fair value enables us to more closely align our financial performance with the economic value of those liabilities. Additionally, we believe it improves our ability to manage the market and interest rate risks associated with the junior subordinated debentures. The junior subordinated debentures measured at fair value and amortized cost are presented as separate line items on the balance sheet. The ending carrying (fair) value of the junior subordinated debentures measured at fair value represents the estimated amount that would be paid to transfer these liabilities in an orderly transaction amongst market participants under current market conditions as of the measurement date. Due to inactivity in the junior subordinated debenture market and the lack of observable quotes of our, or similar, junior subordinated debenture liabilities or the related trust preferred securities when traded as assets, we utilize an income approach valuation technique to determine the fair value of these liabilities using our estimation of market discount rate assumptions. The Company monitors activity in the trust preferred and related markets, to the extent available, changes related to the current and anticipated future interest rate environment, and considers our entity-specific creditworthiness, to validate the reasonableness of the credit risk adjusted spread and effective yield utilized in our discounted cash flow model. Regarding the activity in and condition of the junior subordinated debt market, we noted no observable changes in the current period as it relates to companies comparable to our size and condition, in either the primary or secondary markets. Relating to the interest rate environment, we considered the change in slope and shape of the forward LIBOR swap curve in the current period, the effects of which did not result in a significant change in the fair value of these liabilities. |
Earnings Per Common Share |
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Earnings Per Common Share | Earnings Per Common Share The following is a computation of basic and diluted earnings per common share for the years ended December 31, 2015, 2014 and 2013:
The following table presents the weighted average outstanding securities that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive for the years ended December 31, 2015, 2014 and 2013.
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Segment Information |
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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 December 31, 2015, the Community Banking segment operated 382 locations throughout Oregon, California, Washington, 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:
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Related Party Transactions |
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Related Party Transactions | Related Party Transactions In the ordinary course of business, the Bank has made loans to its directors and executive officers (and their associated and affiliated companies). All such loans have been made in accordance with regulatory requirements. The following table presents a summary of aggregate activity involving related party borrowers for the years ended December 31, 2015, 2014 and 2013:
(1) Represents loans that were once considered related party but are no longer considered related party, or loans that were not related party that subsequently became related party loans. At December 31, 2015 and 2014, deposits of related parties amounted to $9.5 million and $13.7 million, respectively. |
Parent Company Financial Statements |
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Parent Company Financial Statements | Parent Company Financial Statements Condensed Balance Sheets December 31,
Condensed Statements of Income Year Ended December 31,
Condensed Statements of Cash Flows Year Ended December 31,
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Quarterly Financial Information (Unaudited) |
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information (Unaudited) | Quarterly Financial Information (Unaudited) The following tables present the summary results for the eight quarters ending December 31, 2015:
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Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
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Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations-Umpqua Holdings Corporation (the "Company") is a financial holding company with headquarters in Portland, Oregon, that is engaged primarily in the business of commercial and retail banking and the delivery of retail brokerage services. The Company provides a wide range of banking, wealth management, mortgage and other financial services to corporate, institutional and individual customers through its wholly-owned banking subsidiary Umpqua Bank (the "Bank"). The Company engages in the retail brokerage business through its wholly-owned subsidiary Umpqua Investments, Inc. ("Umpqua Investments"). The Bank also has a wholly-owned subsidiary, Financial Pacific Leasing Inc., a commercial equipment leasing company. In 2015, we formed Pivotus Ventures, Inc. as a wholly-owned subsidiary of Umpqua Holdings Corporation. Pivotus will focus on advancing bank innovation by developing new bank platforms that could have a significant impact on the experience and economics of banking. The Company and its subsidiaries are subject to regulation by certain federal and state agencies and undergo periodic examination by these regulatory agencies. |
Basis of Financial Statement Presentation | Basis of Financial Statement Presentation-The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States and with prevailing practices within the banking and securities industries. In preparing such financial statements, management is required to make certain estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the balance sheet and the reported amounts of revenues and expenses for the reporting period. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change relate to the determination of the allowance for loan and lease losses, the valuation of mortgage servicing rights, the fair value of junior subordinated debentures, and the valuation of goodwill and other intangible assets. |
Consolidation | Consolidation-The accompanying consolidated financial statements include the accounts of the Company, the Bank, Umpqua Investments, and Pivotus. All significant intercompany balances and transactions have been eliminated in consolidation. As of December 31, 2015, the Company had 25 wholly-owned trusts ("Trusts") that were formed to issue trust preferred securities and related common securities of the Trusts. The Company has not consolidated the accounts of the Trusts in its consolidated financial statements. As a result, the junior subordinated debentures issued by the Company to the Trusts are reflected on the Company's consolidated balance sheet as junior subordinated debentures. |
Subsequent events | Subsequent events-The Company has evaluated events and transactions subsequent to December 31, 2015 for potential recognition or disclosure. |
Cash and Cash Equivalents | Cash and Cash Equivalents-Cash and cash equivalents include cash and due from banks, and temporary investments which are federal funds sold and interest bearing balances due from other banks. Cash and cash equivalents generally have a maturity of 90 days or less at the time of purchase. |
Trading Account Securities | Trading Account Securities-Debt and equity securities held for resale are classified as trading account securities and reported at fair value. Realized and unrealized gains or losses are recorded in non-interest income. |
Investment Securities | Investment Securities-Debt securities are classified as held to maturity if the Company has both the intent and ability to hold those securities to maturity regardless of changes in market conditions, liquidity needs or changes in general economic conditions. These securities are carried at cost adjusted for amortization of purchase premiums and accretion of purchase discounts, computed by the effective interest method over their contractual lives. Securities are classified as available for sale if the Company intends and has the ability to hold those securities for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as available for sale would be based on various factors, including significant movements in interest rates, changes in the maturity mix of assets and liabilities, liquidity needs, regulatory capital considerations and other similar factors. Securities available for sale are carried at fair value. Unrealized holding gains or losses are included in other comprehensive income ("OCI") as a separate component of shareholders' equity, net of tax. Realized gains or losses, determined on the basis of the cost of specific securities sold, are included in earnings. Premiums and discounts are amortized or accreted over the life of the related investment security as an adjustment to yield using the effective interest method. Dividend and interest income are recognized when earned. Transfers of securities from available for sale to held to maturity are accounted for at fair value as of the date of the transfer. The difference between the fair value and the par value at the date of transfer is considered a premium or discount and is accounted for accordingly. Any unrealized gain or loss at the date of the transfer is reported in OCI, and is amortized over the remaining life of the security as an adjustment of yield in a manner consistent with the amortization of any premium or discount, and will offset or mitigate the effect on interest income of the amortization of the premium or discount for that held to maturity security. We review investment securities on an ongoing basis for the presence of other-than-temporary impairment ("OTTI") or permanent impairment, taking into consideration current market conditions, fair value in relationship to cost, extent and nature of the change in fair value, issuer rating changes and trends, whether we intend to sell a security or if it is likely that we will be required to sell the security before recovery of our amortized cost basis of the investment, which may be maturity, and other factors. For debt securities, if we intend to sell the security or it is likely that we will be required to sell the security before recovering its cost basis, the entire impairment loss would be recognized in earnings as an OTTI. If we do not intend to sell the security and it is not likely that we will be required to sell the security but we do not expect to recover the entire amortized cost basis of the security, only the portion of the impairment loss representing credit losses would be recognized in earnings. The credit loss on a security is measured as the difference between the amortized cost basis and the present value of the cash flows expected to be collected. Projected cash flows are discounted by the original or current effective interest rate depending on the nature of the security being measured for potential OTTI. The remaining impairment related to all other factors, the difference between the present value of the cash flows expected to be collected and fair value, is recognized as a charge to other comprehensive income. Impairment losses related to all other factors are presented as separate categories within OCI. For investment securities held to maturity, this amount is accreted over the remaining life of the debt security prospectively based on the amount and timing of future estimated cash flows. The accretion of the OTTI amount recorded in OCI will increase the carrying value of the investment, and would not affect earnings. If there is an indication of additional credit losses, the security is re-evaluated. |
Loans Held for Sale | Loans Held for Sale-The Company has elected to account for loans held for sale, which is comprised of residential mortgage loans, at fair value. Fair value is determined based on quoted secondary market prices for similar loans, including the implicit fair value of embedded servicing rights. The change in fair value of loans held for sale is primarily driven by changes in interest rates subsequent to loan funding and changes in the fair value of related servicing asset, resulting in revaluation adjustments to the recorded fair value. The inputs used in the fair value measurements are considered Level 2 inputs. The use of the fair value option allows the change in the fair value of loans to more effectively offset the change in the fair value of derivative instruments that are used as economic hedges to loans held for sale. Loan origination fees and direct origination costs are recognized immediately in net income in accordance with the fair value option accounting requirements. Interest income on loans held for sale is included in interest income in the Consolidated Statements of Income and recognized when earned. Loans held for sale are placed on nonaccrual in a manner consistent with loans held for investment. |
Acquired Loans and Leases | Acquired Loans and Leases-Purchased loans and leases are recorded at their fair value at the acquisition date. Credit discounts are included in the determination of fair value; therefore, an allowance for loan and lease losses is not recorded at the acquisition date. Acquired loans are evaluated upon acquisition and classified as either purchased impaired or purchased non-impaired. Purchased impaired loans reflect credit deterioration since origination such that it is probable at acquisition that the Company will be unable to collect all contractually required payments. Purchased impaired loans are aggregated into pools based on individually evaluated common risk characteristics and aggregate expected cash flows were estimated for each pool. A pool is accounted for as a single asset with a single interest rate, cumulative loss rate and cash flow expectation. The risk characteristics used to aggregate the purchased impaired loans into different pools include risk rating, underlying collateral, type of interest rate (fixed or adjustable), types of amortization, loan purpose, and other similar factors. A loan will be removed from a pool of loans only if the loan is sold, foreclosed, or assets are received in full satisfaction of the loan, and will be removed from the pool at its carrying value. If an individual loan is removed from a pool of loans, the difference between its relative carrying amount and its cash, fair value of the collateral, or other assets received will be recognized in income immediately as interest income on loans and would not affect the effective yield used to recognize the accretable yield on the remaining pool. If, at acquisition, the loans are collateral dependent and acquired primarily for the rewards of ownership of the underlying collateral, or if cash flows expected to be collected cannot be reasonably estimated, accrual of income is inappropriate. The cash flows expected to be received over the life of the pool were estimated by management. These cash flows were input into a loan accounting system which calculates the carrying values of the pools and underlying loans, book yields, effective interest income and impairment, if any, based on actual and projected events. Default rates, loss severity, and prepayment speed assumptions will be periodically reassessed and updated within the accounting system to update our expectation of future cash flows. The excess of the cash flows expected to be collected over a pool's carrying value is considered to be the accretable yield and is recognized as interest income over the estimated life of the pool using the effective yield method. The accretable yield may change due to changes in the timing and amounts of expected cash flows. Changes in the accretable yield are disclosed quarterly. The excess of the undiscounted contractual balances due over the cash flows expected to be collected is considered to be the nonaccretable difference. The nonaccretable difference represents our estimate of the credit losses expected to occur and was considered in determining the fair value of the loans as of the acquisition date. Subsequent to the acquisition date, any increases in expected cash flows over those expected at purchase date in excess of fair value are adjusted through a change to the accretable yield on a prospective basis. Any subsequent decreases in expected cash flows attributable to credit deterioration are recognized by recording a provision for loan losses. The purchased impaired loans acquired are and will continue to be subject to the Company's internal and external credit review and monitoring. The purchased impaired loan portfolio also includes revolving lines of credit with funded and unfunded commitments. The funded portion of these loans, representing the balances outstanding at the time of acquisition, are accounted for as purchased impaired. The unfunded portion of these loans as of the acquisition date as well as any additional advances on these loans subsequent to the acquisition date are not classified as purchased impaired, and are accounted for similar to newly originated loans. For purchased non-impaired loans, the difference between the fair value and unpaid principal balance of the loan at the acquisition date is amortized or accreted to interest income using the effective interest method over the remaining period to contractual maturity or until repayment in full or sale of the loan. For purchased leases and equipment finance loans, the difference in the cash flows expected to be collected over the initial allocation of fair value to the acquired leases and loans is accreted into interest income over their related term based on the effective interest method. |
Originated Loans and Leases | Originated Loans and Leases-Loans are stated at the amount of unpaid principal, net of unearned income and any deferred fees or costs. All discounts and premiums are recognized over the estimated life of the loan as yield adjustments. Leases are recorded at the amount of minimum future lease payments receivable and estimated residual value of the leased equipment, net of unearned income and any deferred fees. Initial direct costs related to lease originations are deferred as part of the investment in direct financing leases and amortized over their term using the effective interest method. Unearned lease income is amortized over their term using the effective interest method. Loans are classified as impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal and interest when due, in accordance with the terms of the original loan agreement. The carrying value of impaired loans is based on the present value of expected future cash flows (discounted at each loan's effective interest rate), estimated note sale price, or, for collateral dependent loans, at fair value of the collateral, less selling costs. If the measurement of each impaired loans' value is less than the recorded investment in the loan, we recognize this impairment and adjust the carrying value of the loan to fair value through the allowance for loan and lease losses. This can be accomplished by charging off the impaired portion of the loan or establishing a specific component to be provided for in the allowance for loan and lease losses. |
FDIC Indemnification Asset | FDIC Indemnification Asset-The Company accounts for amounts receivable under the loss-share agreement as an indemnification asset. The FDIC indemnification asset is initially recorded at fair value, based on the discounted value of expected future cash flows under the loss-share agreement. The difference between the present value and the undiscounted cash flows the Company expects to collect from the FDIC will be accreted into non-interest income over the life of the FDIC indemnification asset. Subsequent to initial recognition, the FDIC indemnification asset is reviewed quarterly and adjusted for any changes in expected cash flows based on recent performance and expectations for future performance of the covered portfolio. These adjustments are measured on the same basis as the related covered loans, at a pool level, and covered other real estate owned. Generally, any increases in cash flow of the covered assets over those previously expected will result in prospective increases in the loan pool yield and amortization of the FDIC indemnification asset. Any decreases in cash flow of the covered assets under those previously expected will trigger impairments on the underlying loan pools and will result in a corresponding gain of the FDIC indemnification asset. Increases and decreases to the FDIC indemnification asset are recorded as adjustments to non-interest income. The resulting carrying value of the indemnification asset represents the amounts recoverable from the FDIC for future expected losses, and the amounts due from the FDIC for claims related to covered losses the Company has incurred less amounts due back to the FDIC relating to shared recoveries. |
Income Recognition on Non-Accrual and Impaired Loans | Income Recognition on Non-Accrual and Impaired Loans- Loans, including impaired loans, are classified as non-accrual if the collection of principal and interest is doubtful. Generally, this occurs when a loan is past due as to maturity or payment of principal or interest by 90 days or more, unless such loans are well-secured and in the process of collection. Generally, if a loan or portion thereof is partially charged-off, the loan is considered impaired and classified as non-accrual. Loans that are less than 90 days past due may also be classified as non-accrual if repayment in full of principal and/or interest is in doubt. Generally, when a loan is classified as non-accrual, all uncollected accrued interest is reversed to interest income and the accrual of interest income is terminated. Generally, any cash payments are applied as a reduction of principal outstanding. In cases where the future collectability of the principal balance in full is expected, interest income may be recognized on a cash basis. A loan may be restored to accrual status when the borrower's financial condition improves so that full collection of future contractual payments is considered likely. For those loans placed on non-accrual status due to payment delinquency, return to accrual status will generally not occur until the borrower demonstrates repayment ability over a period of not less than six months. Loans and leases are reported as past due when installment payments, interest payments, or maturity payments are past due based on contractual terms. All loans and leases determined to be impaired are individually assessed for impairment except for homogeneous loans which are collectively evaluated for impairment. The specific factors considered in determining that a loan or lease is impaired include borrower financial capacity, current economic, business and market conditions, collection efforts, collateral position and other factors deemed relevant. Generally, impaired loans and leases are placed on non-accrual status and all cash receipts are applied to the principal balance. Continuation of accrual status and recognition of interest income on impaired loans and leases is generally limited to performing restructured loans. Loans are reported as restructured when the Bank grants a more than insignificant concession(s) to a borrower experiencing financial difficulties that it would not otherwise consider. Examples of such concessions include forgiveness of principal or accrued interest, extending the maturity date or providing a lower interest rate than would be normally available for a transaction of similar risk. As a result of these concessions, restructured loans are impaired as the Bank will not collect all amounts due, both principal and interest, in accordance with the terms of the original loan agreement. Impairment reserves on non-collateral dependent restructured loans are measured by comparing the present value of expected future cash flows on the restructured loans discounted at the interest rate of the original loan agreement to the loan's carrying value. These impairment reserves are recognized as a specific component to be provided for in the allowance for loan and lease losses. The decision to classify a loan as impaired is made by the Bank's Allowance for Loan and Lease Losses ("ALLL") Committee. The ALLL Committee meets regularly to review the status of all problem and potential problem loans. If the ALLL Committee concludes a loan is impaired but recovery of principal and interest is expected, an impaired loan may remain on accrual status. |
Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses- The Bank performs regular credit reviews of the loan and lease portfolio to determine the credit quality of the portfolio and the adherence to underwriting standards. When loans and leases are originated, they are assigned a risk rating that is reassessed periodically during the term of the loan through the credit review process. The Company's risk rating methodology assigns risk ratings ranging from 1 to 10, where a higher rating represents higher risk. The 10 risk rating categories are a primary factor in determining an appropriate amount for the allowance for loan and lease losses. The Bank has a management ALLL Committee, which is responsible for, among other things, regularly reviewing the ALLL methodology, including loss factors, and ensuring that it is designed and applied in accordance with generally accepted accounting principles. The ALLL Committee reviews and approves loans and leases recommended for impaired status. The ALLL Committee also approves removing loans and leases from impaired status. The Bank's Audit and Compliance Committee provides board oversight of the ALLL process and reviews and approves the ALLL methodology on a quarterly basis. Each risk rating is assessed an inherent credit loss factor that determines the amount of the allowance for loan and lease losses provided for that group of loans and leases with similar risk rating. Regular credit reviews of the portfolio also identify loans that are considered potentially impaired. Potentially impaired loans are referred to the ALLL Committee which reviews and approves designated loans as impaired. A loan is considered impaired when based on current information and events, we determine that we will more than likely not be able to collect all amounts due according to the loan contract, including scheduled interest payments. When we identify a loan as impaired, we measure the impairment using discounted cash flows or estimated note sale price, except when the sole remaining source of the repayment for the loan is the liquidation of the collateral. In these cases, we use the current fair value of the collateral, less selling costs, instead of discounted cash flows. If we determine that the value of the impaired loan is less than the recorded investment in the loan, we either recognize this impairment reserve as a specific component to be provided for in the allowance for loan and lease losses or charge-off the impaired balance on collateral dependent loans if it is determined that such amount represents a confirmed loss. The combination of the risk rating-based allowance component and the impairment reserve allowance component lead to an allocated allowance for loan and lease losses. The Bank may also maintain an unallocated allowance amount to provide for other credit losses inherent in a loan and lease portfolio that may not have been contemplated in the credit loss factors. This unallocated amount generally comprises less than 5% of the allowance, but may be maintained at higher levels during times of economic conditions characterized by falling real estate values. The unallocated amount is reviewed periodically based on trends in credit losses, the results of credit reviews and overall economic trends. As adjustments become necessary, they are reported in earnings in the periods in which they become known as a change in the provision for loan and lease losses and a corresponding charge to the allowance. Loans, or portions thereof, deemed uncollectible are charged to the allowance. Provisions for losses, and recoveries on loans previously charged-off, are added to the allowance. The adequacy of the ALLL is monitored on a regular basis and is based on management's evaluation of numerous factors. These factors include the quality of the current loan portfolio; the trend in the loan portfolio's risk ratings; current economic conditions; loan concentrations; loan growth rates; past-due and non-performing trends; evaluation of specific loss estimates for all significant problem loans; historical charge-off and recovery experience; and other pertinent information. Management believes that the ALLL was adequate as of December 31, 2015. There is, however, no assurance that future loan losses will not exceed the levels provided for in the ALLL and could possibly result in additional charges to the provision for loan and lease losses. In addition, bank regulatory authorities, as part of their periodic examination of the Bank, may require additional charges to the provision for loan and lease losses in future periods if warranted as a result of their review. The Bank's methodology for assessing the appropriateness of the Allowance for Loan and Lease Loss consists of three key elements: 1) the formula allowance; 2) the specific allowance; and 3) the unallocated allowance. By incorporating these factors into a single allowance requirement analysis, we believe all risk-based activities within the loan and lease portfolios are simultaneously considered. Formula Allowance When loans and leases are originated or acquired, they are assigned a risk rating that is reassessed periodically during the term of the loan or lease through the credit review process. The Bank's risk rating methodology assigns risk ratings ranging from 1 to 10, where a higher rating represents higher risk. The 10 risk rating categories are a primary factor in determining an appropriate amount for the formula allowance. The formula allowance is calculated by applying risk factors to various segments of pools of outstanding loans and leases. Risk factors are assigned to each portfolio segment based on management's evaluation of the losses inherent within each segment. Segments or regions with greater risk of loss will therefore be assigned a higher risk factor. Base risk – The portfolio is segmented into loan categories, and these categories are assigned a Base risk factor based on an evaluation of the loss inherent within each segment. Extra risk – Additional risk factors provide for an additional allocation of ALLL based on the loan and lease risk rating system and loan delinquency, and reflect the increased level of inherent losses associated with more adversely classified loans and leases. Risk factors may be changed periodically based on management's evaluation of the following factors: loss experience; changes in the level of non-performing loans and leases; regulatory exam results; changes in the level of adversely classified loans and leases; improvement or deterioration in local economic conditions; and any other factors deemed relevant. Specific Allowance Regular credit reviews of the portfolio identify loans that are considered potentially impaired. Potentially impaired loans are referred to the ALLL Committee which reviews and approves designated loans as impaired. A loan is considered impaired when, based on current information and events, we determine that we will probably not be able to collect all amounts due according to the loan contract, including scheduled interest payments. When we identify a loan as impaired, we measure the impairment using discounted cash flows or estimated note sale price, except when the sole remaining source of the repayment for the loan is the liquidation of the collateral. In these cases, we use the current fair value of the collateral, less selling costs, instead of discounted cash flows. If we determine that the value of the impaired loan is less than the recorded investment in the loan, we either recognize an impairment reserve as a specific allowance to be provided for in the allowance for loan and lease losses or charge-off the impaired balance on collateral-dependent loans if it is determined that such amount represents a confirmed loss. Loans determined to be impaired are excluded from the formula allowance so as not to double-count the loss exposure. The non-accrual impaired loans as of period-end have already been partially charged-off to their estimated net realizable value, and are expected to be resolved over the coming quarters with no additional material loss, absent further decline in market prices. The combination of the formula allowance component and the specific allowance component represents the allocated allowance for loan and lease losses. Management believes that the ALLL was adequate as of December 31, 2015. There is, however, no assurance that future loan and lease losses will not exceed the levels provided for in the ALLL and could possibly result in additional charges to the provision for loan and lease losses. The RUC is established to absorb inherent losses associated with our commitment to lend funds, such as with a letter or line of credit. The adequacy of the ALLL and RUC are monitored on a regular basis and are based on management's evaluation of numerous factors. These factors include the quality of the current loan portfolio; the trend in the loan portfolio's risk ratings; current economic conditions; loan concentrations; loan growth rates; past-due and non-performing trends; evaluation of specific loss estimates for all significant problem loans; historical charge-off and recovery experience; and other pertinent information. There have been no significant changes to the Bank's ALLL methodology or policies in the periods presented. |
Reserve for Unfunded Commitments | Reserve for Unfunded Commitments-A reserve for unfunded commitments ("RUC") is maintained at a level that, in the opinion of management, is adequate to absorb probable losses associated with the Bank's commitment to lend funds under existing agreements, such as letters or lines of credit. Management determines the adequacy of the reserve for unfunded commitments based upon reviews of individual credit facilities, current economic conditions, the risk characteristics of the various categories of commitments and other relevant factors. The reserve is based on estimates, and ultimate losses may vary from the current estimates. These estimates are evaluated on a regular basis and, as adjustments become necessary, they are reported in earnings in the periods in which they become known. Draws on unfunded commitments that are considered uncollectible at the time funds are advanced are charged to the allowance for loan and lease losses. Provisions for unfunded commitment losses are added to the reserve for unfunded commitments, which is included in the Other Liabilities section of the consolidated balance sheets. |
Loan Fees and Direct Loan Origination Costs | Loan and Lease Fees and Direct Loan Origination Costs-Origination and commitment fees and direct loan origination costs for loans and leases held for investment are deferred and recognized as an adjustment to the yield over the life of the portfolio loans and leases. |
Restricted Equity Securities | Restricted Equity Securities-Restricted equity securities were $46.9 million and $119.3 million at December 31, 2015 and 2014, respectively. Federal Home Loan Bank stock amounted to $45.5 million and $117.9 million of the total restricted securities as of December 31, 2015 and 2014, respectively. Federal Home Loan Bank stock represents the Bank's investment in the Federal Home Loan Banks of Des Moines and San Francisco ("FHLB") stock and is carried at par value, which reasonably approximates its fair value. Management periodically evaluates FHLB stock for other-than-temporary or permanent impairment. Management's determination of whether these investments are impaired is based on its assessment of the ultimate recoverability of cost rather than by recognizing temporary declines in value. The determination of whether a decline affects the ultimate recoverability of cost is influenced by criteria such as (1) the significance of any decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time the situation has persisted, (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB, (3) the impact of legislative and regulatory changes on institutions and, accordingly, the customer base of the FHLB, and (4) the liquidity position of the FHLB. As a member of the FHLB system, the Bank is required to maintain a minimum level of investment in FHLB stock based on specific percentages of its outstanding mortgages, total assets, or FHLB advances. At December 31, 2015, the Bank's minimum required investment in FHLB stock was $45.5 million. The Bank may request redemption at par value of any stock in excess of the minimum required investment. Stock redemptions are at the discretion of the FHLB. The remaining restricted equity securities balance primarily represents an investment in Pacific Coast Bankers' Bancshares stock. |
Premises and Equipment | Premises and Equipment-Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is provided over the estimated useful life of equipment, generally three to ten years, on a straight-line or accelerated basis. Depreciation is provided over the estimated useful life of premises, up to 39 years, on a straight-line or accelerated basis. Generally, leasehold improvements are amortized over the life of the related lease, or the life of the related asset, whichever is shorter. Expenditures for major renovations and betterments of the Company's premises and equipment are capitalized. The Company purchases, as well as internally develops and customizes, certain software to enhance or perform internal business functions. Software development costs incurred in the preliminary project stages are charged to non-interest expense. Costs associated with designing software configuration, installation, coding programs and testing systems are capitalized and amortized using the straight-line method over three years. Management reviews long-lived assets any time that a change in circumstance indicates that the carrying amount of these assets may not be recoverable. Recoverability of these assets is determined by comparing the carrying value of the asset to the forecasted undiscounted cash flows of the operation associated with the asset. If the evaluation of the forecasted cash flows indicates that the carrying value of the asset is not recoverable, the asset is written down to fair value. |
Goodwill and Other Intangibles | Goodwill and Other Intangibles-Intangible assets are comprised of goodwill and other intangibles acquired in business combinations. Goodwill and intangible assets with indefinite useful lives are not amortized. Intangible assets with definite useful lives are amortized to their estimated residual values over their respective estimated useful lives, and also reviewed for impairment. Amortization of intangible assets is included in non-interest expense in the Consolidated Statements of Income. The Company performs a goodwill impairment analysis on an annual basis as of December 31. On at least an annual basis, we assess qualitative factors to determine whether it is necessary to perform a quantitative impairment test. Additionally, the Company performs a goodwill impairment evaluation on an interim basis when events or circumstances indicate impairment potentially exists. A significant amount of judgment is involved in determining if an indicator of impairment has occurred. Such indicators may include, among others, a significant decline in our expected future cash flows; a sustained, significant decline in our stock price and market capitalization; a significant adverse change in legal factors or in the business climate; adverse action or assessment by a regulator; and unanticipated competition. |
Residential Mortgage Servicing Rights (MSR) | Residential Mortgage Servicing Rights ("MSR")- The Company determines its classes of servicing assets based on the asset type being serviced along with the methods used to manage the risk inherent in the servicing assets, which includes the market inputs used to value the servicing assets. The Company measures its residential mortgage servicing assets at fair value and reports changes in fair value through earnings. Fair value adjustments that encompass market-driven valuation changes and the runoff in value that occurs from the passage of time, are each separately reported. Under the fair value method, the MSR is carried in the balance sheet at fair value and the changes in fair value are reported in earnings under the caption residential mortgage banking revenue in the period in which the change occurs. Retained MSR are measured at fair value as of the date of sale. Subsequent fair value measurements are determined using a discounted cash flow model. In order to determine the fair value of the MSR, the present value of net expected future cash flows is estimated. Assumptions used include market discount rates, anticipated prepayment speeds, delinquency and foreclosure rates, and ancillary fee income net of servicing costs. This model is periodically validated by an independent external model validation group. The model assumptions and the MSR fair value estimates are also compared to observable trades of similar portfolios as well as to MSR broker valuations and industry surveys, as available. The expected life of the loan can vary from management's estimates due to prepayments by borrowers, especially when rates fall. Prepayments in excess of management's estimates would negatively impact the recorded value of the residential mortgage servicing rights. The value of the residential mortgage servicing rights is also dependent upon the discount rate used in the model, which management reviews on an ongoing basis using current market rates. A significant increase in the discount rate would reduce the value of residential mortgage servicing rights. |
SBA/USDA Loans Sales, Servicing, and Commercial Servicing Asset | SBA/USDA Loans Sales, Servicing, and Commercial Servicing Asset-The Bank, on a limited basis, sells or transfers loans, including the guaranteed portion of Small Business Administration ("SBA") and Department of Agriculture ("USDA") loans (with servicing retained) for cash proceeds equal to the principal amount of loans, as adjusted to yield interest to the investor based upon the current market rates. The Bank records a servicing asset when it sells a loan and retains the servicing rights. The servicing asset is recorded at fair value upon sale, and the fair value is estimated by discounting estimated net future cash flows from servicing using discount rates that approximate current market rates and using estimated prepayment rates. Subsequent to initial recognition, the servicing rights are carried at the lower of amortized cost or fair market value, and are amortized in proportion to, and over the period of, the estimated net servicing income. For purposes of evaluating and measuring impairment, the fair value of Commercial and SBA servicing rights are measured using a discounted estimated net future cash flow model as described above. Any impairment is measured as the amount by which the carrying value of servicing rights for an interest rate-stratum exceeds its fair value. No impairment charges were recorded for the years ended December 31, 2015, 2014 and 2013, related to these servicing assets. A premium over the adjusted carrying value is received upon the sale of the guaranteed portion of an SBA or USDA loan. The Bank's investment in an SBA or USDA loan is allocated among the sold and retained portions of the loan based on the relative fair value of each portion at the time of loan origination, adjusted for payments and other activities. Because the portion retained does not carry an SBA or USDA guarantee, part of the gain recognized on the sold portion of the loan is deferred and amortized as a yield enhancement on the retained portion in order to obtain a market equivalent yield. |
Other Real Estate Owned | Other Real Estate Owned- Other real estate owned ("OREO") represents real estate which the Bank has taken control of in partial or full satisfaction of loans. At the time of foreclosure, OREO is recorded at fair value less costs to sell the property, which becomes the property's new basis. Any write-downs at the date of acquisition are charged to the allowance for loan and lease losses. After foreclosure, management periodically performs valuations such that the real estate is carried at the lower of its new cost basis or fair value, net of estimated costs to sell. Subsequent valuation adjustments are recognized within net loss on OREO. Revenue and expenses from operations are included in other non-interest expense in the Consolidated Statements of Income. In some instances, the Bank may make loans to facilitate the sales of other real estate owned. Management reviews all sales for which it is the lending institution to determine if it meets the criteria to recognize the sale for accounting purposes. Any gains related to sales of other real estate owned may be deferred until the buyer has a sufficient initial and continuing investment in the property. |
Income Taxes | Income Taxes-Income taxes are accounted for using the asset and liability method. Under this method a deferred tax asset or liability is determined based on the enacted tax rates which will be in effect when the differences between the financial statement carrying amounts and tax basis of existing assets and liabilities are expected to be reported in the Company's income tax returns. The effect on deferred taxes of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established to reduce the net carrying amount of deferred tax assets if it is determined to be more likely than not, that all or some portion of the potential deferred tax asset will not be realized. |
Derivatives | Derivatives-The Bank enters into forward delivery contracts to sell residential mortgage loans or mortgage-backed securities to broker/dealers at specific prices and dates in order to hedge the interest rate risk in its portfolio of mortgage loans held for sale and its residential mortgage loan commitments. The commitments to originate mortgage loans held for sale and the related forward delivery contracts are considered derivatives. The Bank also executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are hedged by simultaneously entering into an offsetting interest rate swap that the Bank executes with a third party, such that the Bank minimizes its net risk exposure. The Company considers all free-standing derivatives as economic hedges and recognizes these derivatives as either assets or liabilities in the balance sheet, and requires measurement of those instruments at fair value through adjustments to current earnings. None of the Company's derivatives are designated as hedging instruments. The fair value of the derivative residential mortgage loan commitments is estimated using the net present value of expected future cash flows. Assumptions used include pull-through rate assumption based on historical information, current mortgage interest rates, the stage of completion of the underlying application and underwriting process, direct origination costs yet to be incurred, the time remaining until the expiration of the derivative loan commitment, and the expected net future cash flows related to the associated servicing of the loan. The Bank may use derivatives to hedge the risk of changes in the fair values of interest rate lock commitments, residential mortgage loans held for sale, and residential mortgage servicing rights. None of the Company's derivatives are designated as hedging instruments. Rather, they are accounted for as free-standing derivatives, or economic hedges, with changes in the fair value of the derivatives reported in income. The Company primarily utilizes forward interest rate contracts in its derivative risk management strategy. |
Operating Segments | Operating Segments- Public enterprises are required to report certain information about their operating segments in its financial statements. They are also required to report certain enterprise-wide information about the Company's products and services, its activities in different geographic areas, and its reliance on major customers. The basis for determining the Company's operating segments is the manner in which management operates the business. Management has identified two primary business segments, Community Banking and Home Lending. |
Share-Based Payment | Share-Based Payment- We recognize in the income statement the grant-date fair value of stock options and other equity-based forms of compensation issued to employees over the employees' requisite service period (generally the vesting period). The requisite service period may be subject to performance conditions. Stock options and restricted stock awards generally vest ratably over three to five years and are recognized as expense over that same period of time. The exercise price of each option equals the market price of the Company's common stock on the date of the grant, and the maximum term is ten years. The fair value of each stock option grant is estimated as of the grant date using the Black-Scholes option-pricing model or a Monte Carlo simulation pricing model. Expected volatility is based on the historical volatility of the price of the Company's common stock. The Company uses historical data to estimate option exercise and stock option forfeiture rates within the valuation model. The expected term of options granted is determined based on historical experience with similar options, giving consideration to the contractual terms and vesting schedules, and represents the period of time that options granted are expected to be outstanding. The expected dividend yield is based on dividend trends and the market value of the Company's common stock at the time of grant. The risk-free rate is based on the U.S. Treasury yield curve in effect at the time of grant corresponding to the estimated expected term of the options granted. Restricted stock unit grants and certain restricted stock awards are subject to performance-based and market-based vesting as well as other approved vesting conditions and cliff vest based on those conditions. Compensation expense is recognized over the service period to the extent restricted stock units are expected to vest. |
Earnings per Share (EPS) | Earnings per Share ("EPS")-Nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are participating securities and are included in the computation of EPS pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Certain of the Company's nonvested restricted stock awards qualify as participating securities. Net income is allocated between the common stock and participating securities pursuant to the two-class method, based on their rights to receive dividends, participate in earnings or absorb losses. Basic earnings per common share is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period, excluding participating nonvested restricted shares. Diluted earnings per common share is computed in a similar manner, except that first the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares, excluding the participating securities, were issued using the treasury stock method. For all periods presented, stock options, certain restricted stock awards and restricted stock units are potentially dilutive non-participating instruments issued by the Company. For a portion of 2014, the Company had warrants that also were potentially dilutive. Next, we determine and include in diluted earnings per common share calculation the more dilutive effect of the participating securities using the treasury stock method or the two-class method. Undistributed losses are not allocated to the nonvested share-based payment awards (the participating securities) under the two-class method as the holders are not contractually obligated to share in the losses of the Company. |
Fair Value Measurements | Fair Value Measurements- Fair value is defined as the 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. There is a three-level hierarchy for disclosure of assets and liabilities measured or disclosed at fair value. The classification of assets and liabilities within the hierarchy is based on whether the inputs to the valuation methodology used for measurement are observable or unobservable. Observable inputs reflect market-derived or market-based information obtained from independent sources, while unobservable inputs reflect our estimates about market data. In general, fair values determined by Level 1 inputs utilize quoted prices for identical assets or liabilities traded in active markets that the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy within which the fair value measurement in its entirety falls has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. |
Recently Issued Accounting Pronouncements | Application of New Accounting Guidance As of January 1, 2015, Umpqua adopted the Financial Accounting Standards Board's ("FASB") Accounting Standard Update ("ASU") No. 2014-01, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects. Application of ASU No. 2014-01 provides for a consistent accounting method for our investments in qualified affordable housing projects using a proportional amortization method. As required by ASU No. 2014-01, the new accounting methodology has been retrospectively applied resulting in changes to other non-interest income, tax expense, and net income, deferred tax asset, other assets, and retained earnings in the prior periods presented. The effect of this change was a decrease in net income of $440,000 for the year ended December 31, 2015, an increase in net income of $138,000 for the year ended December 31, 2014 and a decrease of $70,000 for the year ended December 31, 2013. Retained earnings as of January 1, 2013, has been adjusted down by $3.4 million for the effect of the retroactive application of the new standard. As of January 1, 2015, Umpqua applied FASB ASU No. 2014-04, Receivables -Troubled Debt Restructurings by Creditors (Subtopic 310-40): Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure. ASU 2014-04 clarifies when a repossession or foreclosure has occurred. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. Umpqua has applied this ASU by adding additional disclosures to Note 10, Other Real Estate Owned, Net. Recently Issued Accounting Pronouncements- In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which creates Topic 606 and supersedes Topic 605, Revenue Recognition. In August 2015, FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606), which postponed the effective date of 2014-09. The core principle of Topic 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In general, the new guidance requires companies to use more judgment and make more estimates than under current guidance, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The standard is effective for public entities for interim and annual periods beginning after December 15, 2017; early adoption is not permitted. For financial reporting purposes, the standard allows for either full retrospective adoption, meaning the standard is applied to all of the periods presented, or modified retrospective adoption, meaning the standard is applied only to the most current period presented in the financial statements with the cumulative effect of initially applying the standard recognized at the date of initial application. The Company is currently evaluating the provisions of ASU No. 2014-09 to determine the potential impact the new standard will have on the Company's consolidated financial statements. In June 2014, the FASB issued ASU No. 2014-12, Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The ASU requires that a performance target that affects vesting and that could be achieved after the requisite service period be treated as a performance condition. A reporting entity should apply existing guidance in Topic 718, Compensation – Stock Compensation, as it relates to awards with performance conditions that affect vesting to account for such awards. The performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The amendments in this ASU can be applied prospectively or retrospectively and are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with early adoption permitted. The Company does not expect the ASU to have a material impact on the Company's consolidated financial statements. In November 2014, the FASB issued ASU No. 2014-16, Derivatives and Hedging (Topic 815): Determining Whether the Host Contract in a Hybrid Financial Instrument Issued in the Form of a Share is More Akin to Debt or to Equity. The ASU clarifies how current guidance should be interpreted in evaluating the characteristics and risks of a host contract in a hybrid financial instrument issued in the form of a share. One criterion requires evaluating whether the nature of the host contract is more akin to debt or to equity and whether the economic characteristics and risks of the embedded derivative feature are "clearly and closely related" to the host contract. In making that evaluation, an issuer or investor must consider all terms and features in a hybrid financial instrument including the embedded derivative feature that is being evaluated for separate accounting or may consider all terms and features in the hybrid financial instrument except for the embedded derivative feature that is being evaluated for separate accounting. This ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with early adoption permitted. The Company does not expect the ASU to have a material impact on the Company's consolidated financial statements. In January 2015, the FASB issued ASU No. 2015-01, Income Statement —Extraordinary and Unusual Items (Subtopic 225-20). The objective of this ASU is to simplify the income statement presentation requirements in Subtopic 225-20 by eliminating the concept of extraordinary items. Extraordinary items are events and transactions that are distinguished by their unusual nature and by the infrequency of their occurrence. Eliminating the extraordinary classification simplifies income statement presentation by altogether removing the concept of extraordinary items from consideration. This ASU is effective for annual periods and interim periods within those annual periods beginning after December 15, 2015 with early adoption permitted. The Company does not expect this ASU to have a material impact on the Company's consolidated financial statements. In February 2015, the FASB issued ASU No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis, which is intended to improve targeted areas of consolidation guidance for legal entities such as limited partnerships, limited liability corporations, and securitization structures (collateralized debt obligations, collateralized loan obligations, and mortgage-backed security transactions). The ASU focuses on simplifying the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities by reducing the number of consolidation model from four to two, among other changes. The ASU will be effective for periods beginning after December 15, 2015, while early adoption is permitted. The Company does not expect this ASU to have a material impact on the Company's consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected. ASU No. 2015-03 is effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. ASU No. 2015-03 should be applied on a retrospective basis. The adoption of ASU No. 2015-03 is not expected to have a material impact on the Company's consolidated financial statements. In September 2015, the FASB issued ASU No. 2015-16, Business Combinations (Topic 805). This ASU simplifies the accounting for adjustments made to provisional amounts recognized in a business combination during the measurement period. The amendments in this Update require that the acquirer recognize the adjustments to provisional amounts in the reporting period in which the adjustment amount is determined. The acquirer must also record in the same period's financial statements, the effect on earnings of changes in depreciation, amortization or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. This ASU has a potential impact on the Company, depending on any future business combinations. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The new guidance is intended to improve the recognition and measurement of financial instruments. This ASU requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income. In addition, the amendment requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes and requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset (i.e., securities or loans and receivables) on the balance sheet or the accompanying notes to the financial statements. This ASU also eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. The amendment also requires a reporting organization to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument specific credit risk (also referred to as "own credit") when the organization has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. ASU No. 2016-01 is effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted for certain provisions. The Company is currently evaluating the impact of this ASU on the Company's consolidated financial statements. |
Reclassifications | Reclassifications- Certain amounts reported in prior years' financial statements have been reclassified to conform to the current presentation. The results of the reclassifications are not considered material and have no effect on previously reported net earnings available to common shareholders and earnings per common share. |
Income Tax Uncertainties | The Company periodically reviews its income tax positions based on tax laws and regulations and financial reporting considerations, and records adjustments as appropriate. This review takes into consideration the status of current taxing authorities' examinations of the Company's tax returns, recent positions taken by the taxing authorities on similar transactions, if any, and the overall tax environment. |
Loans and Leases, Troubled Debt Restructurings | The restructured loans on accrual status represent the only impaired loans accruing interest. In order for a restructured loan to be considered for accrual status, the loan's collateral coverage generally will be greater than or equal to 100% of the loan balance, the loan is current on payments, and the borrower must either prefund an interest reserve or demonstrate the ability to make payments from a verified source of cash flow. Impaired restructured loans carry a specific allowance and the allowance on impaired restructured loans is calculated consistently across the portfolios. |
Business Combinations (Tables) |
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Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Merger Related Expense | The following table provides a breakout of Merger related expense for the year ended December 31, 2015 and 2014.
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Sterling Financial Corporation [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets Acquired and Liabilities Assumed at Estimated Fair Values | A summary of the consideration paid, the assets acquired and liabilities assumed in the Merger are presented below:
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Schedule of Loans Acquired | The following table presents the acquired purchased impaired loans as of the acquisition date:
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Pro Forma Results of Operations | The following table presents unaudited pro forma results of operations for the years ended December 31, 2014 and 2013, as if the Sterling Merger had occurred on January 1, 2013. The pro forma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2013. The pro forma results include the impact of certain acquisition accounting adjustments including accretion of loan discount, intangible assets amortization and deposit, borrowing premium accretion, and other reclasses of expenses between years. These adjustments increased pro forma net income by $54.4 million and $12.9 million for the years ended December 31, 2014 and 2013, respectively.
(1) Includes $31.9 million and $127.5 million of incremental loan discount accretion for the years ended December 31, 2014 and 2013, respectively. (2) Includes a reduction of interest income of $1.8 million and $6.6 million related to investment securities premium amortization for the years ended December 31, 2014 and 2013, respectively. (3) Includes a reduction of interest expense related to amortization of deposit and borrowing premium of $5.9 million and $22.1 million for the years ended December 31, 2014 and 2013, respectively. (4) Includes a reduction of service charges on deposit of $1.7 million and $5.8 million as a result of passing the $10 billion asset threshold for the years ended December 31, 2014 and 2013, respectively. (5) Includes a loss on junior subordinated debentures carried at fair value of $1.1 million and $3.9 million for the years ended December 31, 2014 and 2013, respectively. (6) Includes the reversal of the $7.0 million loss on the required divestiture of six Sterling stores in connection with the Merger for the year ended December 31, 2014. (7) Includes $2.1 million and $7.8 million of core deposit intangible amortization for the years ended ended December 31, 2014 and 2013, respectively. (8) The year ended December 31, 2014 included a net decrease of $52.6 million of merger expenses. The year ended December 31, 2013 was adjusted to include $98.2 million of merger expenses. |
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Financial Pacific Holding Corp [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loans Acquired | Leases acquired from FinPac are presented below as of acquisition date:
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Pro Forma Results of Operations | The following tables present unaudited pro forma results of operations for the year ended December 31, 2013 as if the acquisition of FinPac had occurred on January 1, 2013. The proforma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2013. The pro forma results include the impact of certain acquisition accounting adjustments which reduced pro forma earnings available to common shareholders by $4.2 million for the year ended December 31, 2013.
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Schedule of Business Acquisitions, by Acquisition | A summary of consideration paid, and the assets acquired and liabilities assumed at their fair values, in the acquisition of FinPac are presented below.
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Investment Securities (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized Cost, Unrealized Gains And Losses, And Fair Value Of Investment Securities | The following table presents the amortized costs, unrealized gains, unrealized losses and approximate fair values of investment securities at December 31, 2015 and 2014: December 31, 2015
December 31, 2014
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Schedule Of Fair Value And Unrealized Losses Of Securities | December 31, 2015
December 31, 2014
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Schedule Of Maturities Of Investment Securities | The following table presents the maturities of investment securities at December 31, 2015:
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Gross Realized Gains And Losses On Sales Of Available-For-Sale Securities | The following table presents the gross realized gains and gross realized losses on the sale of securities available for sale for the years ended December 31, 2015, 2014 and 2013:
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Investment Securities Pledged To Secure Borrowings And Public Deposits | The following table presents, as of December 31, 2015, investment securities which were pledged to secure borrowings, public deposits, and repurchase agreements as permitted or required by law:
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Loans and Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Major Types Of Loans and Leases | The following table presents the net investment in direct financing leases and loans, net as of December 31, 2015 and 2014:
The following table presents the major types of loans and leases, net of deferred fees and costs, as of December 31, 2015 and 2014:
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Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Movement Schedule Roll Forward | The following table presents the changes in the accretable yield for purchased impaired loans for the year ended December 31, 2015, and 2014:
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Schedule of Financing Receivables, Minimum Payments | The following table presents the scheduled minimum lease payments receivable, excluding equipment finance loans, as of December 31, 2015:
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Summary of Loans and Leases Sold | The following table summarizes loans and leases sold by loan portfolio during the years ended December 31, 2015 and 2014:
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Allowance for Loan and Lease Loss and Credit Quality (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Activity In The Non-Covered Allowance For Loan And Lease Losses | The following table summarizes activity related to the allowance for loan and lease losses by loan and lease portfolio segment for the years ended December 31, 2015 and 2014:
The valuation allowance on purchased impaired loans was increased by provision expense, which includes amounts related to subsequent deterioration of purchased impaired loans of $2.1 million for the year ended December 31, 2015, and $2.6 million for the year ended December 31, 2014, respectively. The increase due to the provision expense of the valuation allowance on purchased impaired loans was offset by recaptured provision of $2.9 million for the year ended December 31, 2015, and $1.7 million for the year ended December 31, 2014, respectively. The following table presents the allowance and recorded investment in loans and leases by portfolio segment and balances individually or collectively evaluated for impairment as of December 31, 2015 and 2014:
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Schedule of Reserve for Unfunded Commitments and Unfunded Commitments | The following table presents a summary of activity in the RUC and unfunded commitments for the years ended December 31, 2015 and 2014:
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Non-Covered Loans Sold | The following table summarizes loans and leases sold by loan portfolio during the years ended December 31, 2015 and 2014:
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Non-Covered Non-Accrual Loans And Loans Past Due | The following table summarizes our non-accrual loans and leases and loans and leases past due by loan and lease class as of December 31, 2015 and December 31, 2014:
(1) Other includes purchased credit impaired loans of $438.1 million.
(1) Other includes purchased credit impaired loans of $562.9 million. |
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Non-Covered Impaired Loans | The following tables summarize our impaired loans, including average recorded investment and interest income recognized on impaired loans, by loan class for the years ended December 31, 2015 and 2014:
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Internal Risk Rating By Loan Class | The following table summarizes our internal risk rating by loan and lease class for the loan and lease portfolio, including purchased credit impaired loans, as of December 31, 2015 and December 31, 2014:
(1) The percentage of impaired loans classified as pass/watch, special mention and substandard was 5.0%, 4.6%, and 90.4%, respectively, as of December 31, 2015.
(1) The percentage of impaired loans classified as pass/watch, special mention, substandard, doubtful and loss was 5.6%, 15.1%, 77.9%, 0.1% and 1.3% respectively, as of December 31, 2014. |
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Schedule Of Troubled Debt Restructurings | The following tables present troubled debt restructurings by accrual versus non-accrual status and by loan class as of December 31, 2015 and December 31, 2014:
The following tables present newly restructured loans that occurred during the years ended December 31, 2015 and 2014:
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Premises and Equipment (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Major Components of Premises and Equipment | The following table presents the major components of premises and equipment at December 31, 2015 and 2014:
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Goodwill and Other Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | The following table summarizes the changes in the Company's goodwill and other intangible assets for the years ended December 31, 2013, 2014 and 2015.
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Finite-lived Intangible Assets Amortization Expense | The table below presents the forecasted amortization expense for intangible assets at December 31, 2015:
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Residential Mortgage Servicing Rights (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers and Servicing [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Changes In Mortgage Servicing Rights | The following table presents the changes in the Company's residential mortgage servicing rights ("MSR") for the years ended December 31, 2015, 2014 and 2013:
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Schedule Of Other Information Servicing Loan Portfolio | Information related to our serviced loan portfolio as of December 31, 2015, 2014 and 2013 is as follows:
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Key Assumptions Used In Measuring The Fair Value of MSR | Key assumptions used in measuring the fair value of MSR as of December 31 were as follows:
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Sensitivity Analysis of Current Fair Value to Changes in Discount and Prepayment Speed Assumptions | A sensitivity analysis of the current fair value to changes in discount and prepayment speed assumptions as of December 31, 2015 and December 31, 2014 is as follows:
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Other Real Estate Owned, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Changes In Other Real Estate Owned | The following table presents the changes in other real estate owned ("OREO") for the years ended December 31, 2015, 2014 and 2013:
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Other Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Assets | Other assets consisted of the following at December 31, 2015 and 2014:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | The following table presents the components of income tax provision included in the Consolidated Statements of Income for the years ended December 31:
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Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation of income taxes computed at the Federal statutory rate to the actual effective rate for the years ended December 31:
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Schedule of Deferred Tax Assets and Liabilities | The following table reflects the effects of temporary differences that give rise to the components of the net deferred tax assets recorded on the consolidated balance sheets as of December 31:
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Schedule Of Reconciliation Of Unrecognized Tax Benefits Of The Company | Detailed below is a reconciliation of the Company's unrecognized tax benefits, gross of any related tax benefits, for the years ended December 31, 2015 and 2014, respectively:
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Interest Bearing Deposits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Interest Bearing Deposits | The following table presents the major types of interest bearing deposits at December 31, 2015 and 2014:
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Schedule Of Maturities Time Deposits | The following table presents the scheduled maturities of time deposits as of December 31, 2015:
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Schedule Of Remaining Maturities Of Time Deposits | The following table presents the remaining maturities of time deposits of $100,000 or more as of December 31, 2015:
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Securities Sold Under Agreements To Repurchase (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities Sold Under Agreements To Repurchase | The following table presents information regarding securities sold under agreements to repurchase at December 31, 2015 and 2014:
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Term Debt (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Future Contractual Maturities Of Borrowed Funds | The following table summarizes the future contractual maturities of borrowed funds as of December 31, 2015:
(1) Amount shows contractual borrowings, excluding acquisition accounting adjustments. |
Junior Subordinated Debentures (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior Subordinated Debentures | Following is information about the Company's wholly-owned trusts ("Trusts") as of December 31, 2015:
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Commitments and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The following table sets forth, as of December 31, 2015, the future minimum lease payments under non-cancelable operating leases and future minimum income receivable under non-cancelable operating subleases:
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Schedule Of Commitments And Contingencies | The following table presents a summary of the Bank's commitments and contingent liabilities:
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Derivatives (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Types Of Derivatives, Separately By Assets And Liabilities And Fair Value Of Derivatives | The following tables summarize the types of derivatives, separately by assets and liabilities and the fair values of such derivatives as of December 31, 2015 and December 31, 2014:
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Summary Of Types Of Derivatives And Gains (Losses) Recorded | The following table summarizes the types of derivatives and the gains (losses) recorded during the 2015, 2014, and 2013:
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Offsetting Derivatives Assets | The following table summarizes the derivatives that have a right of offset as of December 31, 2015 and December 31, 2014:
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Offsetting Derivatives Liabilities | The following table summarizes the derivatives that have a right of offset as of December 31, 2015 and December 31, 2014:
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Stock Compensation and Share Repurchase Plan (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock Option Activity | The following table summarizes information about stock option activity for the years ended December 31, 2015, 2014 and 2013:
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Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The following table summarizes information about outstanding stock options issued under all plans as of December 31, 2015:
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The following weighted average assumptions were used to determine the fair value at the acquisition date of stock option grants assumed from the Sterling Merger during the year ended December 31, 2014:
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Summary of Nonvested Restricted Share Activity | The following table summarizes information about nonvested restricted share activity for the year ended December 31:
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Schedule of Share-based Compensation Restricted Stock Activity | The following table summarizes information about nonvested restricted shares outstanding at December 31:
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Regulatory Capital (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brokers and Dealers [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The Company's capital amounts and ratios, as calculated under regulatory guidelines of Basel III at December 31, 2015 and as calculated under regulatory guidelines of Basel I at December 31, 2014 are presented in the following table:
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Fair Value Measurement (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Carrying Value And Fair Value Of Financial Instruments Not Recorded At Fair Value | The following table presents estimated fair values of the Company's financial instruments as of December 31, 2015 and December 31, 2014, whether or not recognized or recorded at fair value in the Consolidated Balance Sheets:
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Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis | The following tables present information about the Company's assets and liabilities measured at fair value on a recurring basis as of December 31, 2015 and December 31, 2014:
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Schedule of a Description of the Valuation Technique, Unobservable Input, and Qualitative Information for the Company's Assets and Liabilities Classified as Level 3 | The following table provides a description of the valuation technique, significant unobservable input, and qualitative information about the unobservable inputs for the Company's assets and liabilities classified as Level 3 and measured at fair value on a recurring basis at December 31, 2015:
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Schedule Of Reconciliation Of Assets And Liabilities Measured At Fair Value Using Significant Unobservable Inputs (Level 3) On A Recurring Basis | The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the years ended December 31, 2015 and 2014.
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Fair Value Assets And Liabilities Measured On Nonrecurring Basis |
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Losses Resulting From Nonrecurring Fair Value Adjustments | The following table presents the losses resulting from nonrecurring fair value adjustments for the years ended December 31, 2015, 2014 and 2013:
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Fair Value Option | The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale accounted for under the fair value option as of December 31, 2015 and December 31, 2014:
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Earnings Per Common Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation Of Basic And Diluted Earnings (Loss) Per Common Share | The following is a computation of basic and diluted earnings per common share for the years ended December 31, 2015, 2014 and 2013:
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Schedule Of Weighted Average Outstanding Securities Not Included In The Computation Of Diluted Earnings Per Common Share | The following table presents the weighted average outstanding securities that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive for the years ended December 31, 2015, 2014 and 2013.
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Segment Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary Of Financial Information By Reportable Segment | Summarized financial information concerning the Company's reportable segments and the reconciliation to the consolidated financial results is shown in the following tables:
|
Related Party Transactions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Aggregate Activity Involving Related party Borrowers | The following table presents a summary of aggregate activity involving related party borrowers for the years ended December 31, 2015, 2014 and 2013:
(1) Represents loans that were once considered related party but are no longer considered related party, or loans that were not related party that subsequently became related party loans. |
Parent Company Financial Statements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Condensed Balance Sheet | Condensed Balance Sheets December 31,
|
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Schedule Of Condensed Statements Of Operations | Condensed Statements of Income Year Ended December 31,
|
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Schedule Of Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Year Ended December 31,
|
Quarterly Financial Information (Unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | The following tables present the summary results for the eight quarters ending December 31, 2015:
|
Summary of Significant Accounting Policies (Narrative) (Details) |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015
USD ($)
trust
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2012
USD ($)
|
|
Property, Plant and Equipment [Line Items] | ||||
Number Of Wholly Owned Trusts | trust | 25 | |||
Cash And Cash Equivalents General Maturity | 90 days | |||
Unallocated Allowance Maximum Amount | 5.00% | |||
Federal Home Loan Bank Stock | $ 46,949,000 | $ 119,334,000 | ||
Impairment charges related to SBA/USDA servicing assets | 0 | 0 | $ 0 | |
Accounting Standards Update 2014-01 [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cumulative Effect Adjustment ASU 2014-01 | $ (3,439,000) | |||
Restatement Adjustment [Member] | Accounting Standards Update 2014-01 [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ (440,000) | 138,000 | $ (70,000) | |
Retained Earnings [Member] | Accounting Standards Update 2014-01 [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cumulative Effect Adjustment ASU 2014-01 | (3,439,000) | |||
Retained Earnings [Member] | Restatement Adjustment [Member] | Accounting Standards Update 2014-01 [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Cumulative Effect Adjustment ASU 2014-01 | $ (3,439,000) | |||
Land and Building [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 39 years | |||
Minimum [Member] | Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 3 years | |||
Maximum [Member] | Equipment [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
2013 Stock Incentive Plan [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Expiration Period | 10 years | |||
2013 Stock Incentive Plan [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Share-based compensation award, vesting period | 3 years | |||
2013 Stock Incentive Plan [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Share-based compensation award, vesting period | 5 years | |||
Investment in Federal Home Loan Bank Stock [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Federal Home Loan Bank Stock | $ 45,500,000 | $ 117,900,000 | ||
Federal home loan bank stock, minimum investment | $ 45,500,000 |
Business Combinations (Narrative) (Details) |
3 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 18, 2014
USD ($)
$ / shares
|
Jul. 02, 2013
USD ($)
|
Dec. 31, 2015
USD ($)
|
Sep. 30, 2015
USD ($)
|
Jun. 30, 2015
USD ($)
|
Mar. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Sep. 30, 2014
USD ($)
|
Jun. 30, 2014
USD ($)
|
Mar. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Jun. 20, 2014
USD ($)
branches
|
|
Business Acquisition [Line Items] | ||||||||||||||||
Net earnings available to common shareholders | $ 62,923,000 | $ 57,523,000 | $ 54,691,000 | $ 47,045,000 | $ 52,436,000 | $ 58,741,000 | $ 17,459,000 | $ 18,538,000 | $ 222,182,000 | $ 147,174,000 | $ 97,503,000 | |||||
Non-interest expense | 185,911,000 | 183,194,000 | 201,918,000 | 192,619,000 | 190,856,000 | 182,558,000 | 214,131,000 | 96,518,000 | 763,642,000 | 684,063,000 | 364,661,000 | |||||
Net income (loss) | 63,019,000 | $ 57,607,000 | $ 54,784,000 | $ 47,129,000 | $ 52,582,000 | $ 58,883,000 | $ 17,542,000 | $ 18,651,000 | 222,539,000 | 147,658,000 | 98,291,000 | |||||
Merger related expenses | 45,582,000 | 82,317,000 | 8,836,000 | |||||||||||||
Sterling Financial Corporation [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Equity issuable, share conversion ratio | 1.671 | |||||||||||||||
Cash conversion, per share | $ / shares | $ 2.18 | |||||||||||||||
Tax deductible goodwill | 0 | 0 | ||||||||||||||
Securities sold under agreements to repurchase expected to be repaid | $ 500,000,000 | |||||||||||||||
Number of branches expected to be divested to Banner Bank | branches | 6 | |||||||||||||||
Disposal group, deposits | $ 211,500,000 | |||||||||||||||
Disposal group, loans receivable | $ 88,300,000 | |||||||||||||||
Loans | 7,000,000,000 | |||||||||||||||
Business Combination, Acquiree, Loans, Fair Value | 6,700,000,000 | |||||||||||||||
Business Combination, Acquiree, Discount on Loans | 230,500,000 | |||||||||||||||
Business Combination, Pro Forma Information, Interest Income (Expense), Net Of Acquiree Since Acquisition Date, Actual | $ 339,300,000 | 435,500,000 | ||||||||||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ 64,700,000 | 132,000,000 | ||||||||||||||
Aggregate consideration to acquire entity | 2,132,467,000 | |||||||||||||||
Cash payment paid | 136,200,000 | |||||||||||||||
Fair value of common shares issued | $ 1,939,497,000 | |||||||||||||||
Merger related expenses | 45,582,000 | 82,317,000 | ||||||||||||||
Sterling Financial Corporation [Member] | Acquisition-related Costs [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Net earnings available to common shareholders | 54,400,000 | 12,900,000 | ||||||||||||||
Sterling Financial Corporation [Member] | Equity Option [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Equity issuable, share conversion ratio | 1.7896 | |||||||||||||||
Sterling Financial Corporation [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Equity issuable, share conversion ratio | 1.7896 | |||||||||||||||
Financial Pacific Holding Corp [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Tax deductible goodwill | $ 0 | $ 0 | ||||||||||||||
Aggregate consideration to acquire entity | $ 158,000,000 | |||||||||||||||
Cash payment paid | 156,110,000 | |||||||||||||||
Fair value of common shares issued | $ 1,900,000 | |||||||||||||||
Revenues | $ 66,100,000 | |||||||||||||||
Non-interest expense | 15,900,000 | |||||||||||||||
Net income (loss) | 18,700,000 | |||||||||||||||
Merger related expenses | $ 1,600,000 | $ 110,000 | ||||||||||||||
Financial Pacific Holding Corp [Member] | Minimum [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Vesting period of equity consideration | 2 years | |||||||||||||||
Financial Pacific Holding Corp [Member] | Maximum [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Vesting period of equity consideration | 3 years | |||||||||||||||
Financial Pacific Holding Corp [Member] | Acquisition-related Costs [Member] | ||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||
Net earnings available to common shareholders | $ 4,200,000 |
Business Combinations (Statement of Assets Acquired and Liabilities Assumed at Estimated Fair Values) (Details) - USD ($) $ in Thousands |
Apr. 18, 2014 |
Jul. 02, 2013 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Fair value of liabilities assumed: | ||||
Goodwill | $ 1,787,793 | $ 1,786,225 | ||
Sterling Financial Corporation [Member] | ||||
Fair value of consideration: | ||||
Cash paid | $ 136,200 | |||
Liability recorded for warrants' cash payment per share | 6,453 | |||
Fair value of common shares issued | 1,939,497 | |||
Fair value of warrants, common stock options, and restricted stock exchanged | 50,317 | |||
Total consideration | 2,132,467 | |||
Fair value of assets acquired: | ||||
Cash and cash equivalents | 253,067 | |||
Investment securities | 1,378,300 | |||
Loans held for sale | 214,911 | |||
Loans and leases | 7,124,553 | |||
Premises and equipment | 116,576 | |||
Residential mortgage servicing rights | 62,770 | |||
Other intangible assets | 54,562 | |||
Other real estate owned | 8,666 | |||
Bank owned life insurance | 193,246 | |||
Deferred tax asset | 299,477 | |||
Accrued interest receivable | 23,553 | |||
Other assets | 148,906 | |||
Total assets acquired | 9,878,587 | |||
Fair value of liabilities assumed: | ||||
Deposits | 7,086,052 | |||
Securities sold under agreements to repurchase | 584,746 | |||
Term debt | 854,737 | |||
Junior subordinated debentures | 156,171 | |||
Other liabilities | 87,902 | |||
Total liabilities assumed | 8,769,608 | |||
Net assets acquired | 1,108,979 | |||
Goodwill | $ 1,023,488 | |||
Financial Pacific Holding Corp [Member] | ||||
Fair value of consideration: | ||||
Cash paid | $ 156,110 | |||
Fair value of common shares issued | 1,900 | |||
Total consideration | 158,000 | |||
Fair value of assets acquired: | ||||
Cash and cash equivalents | 6,452 | |||
Loans and leases | 264,336 | |||
Premises and equipment | 491 | |||
Other assets | 8,015 | |||
Total assets acquired | 279,294 | |||
Fair value of liabilities assumed: | ||||
Term debt | 211,204 | |||
Other liabilities | 8,757 | |||
Total liabilities assumed | 219,961 | |||
Net assets acquired | 59,333 | |||
Goodwill | $ 96,777 |
Business Combinations (Schedule of Loans Acquired) (Details) - USD ($) $ in Thousands |
Apr. 18, 2014 |
Jul. 02, 2013 |
---|---|---|
Sterling Financial Corporation [Member] | ||
Business Acquisition [Line Items] | ||
Contractually required principal and interest payments | $ 604,136 | |
Nonaccretable difference | (95,614) | |
Cash flows expected to be collected | 508,522 | |
Accretable yield | (110,757) | |
Balance of performing non-covered loans | $ 397,765 | |
Financial Pacific Holding Corp [Member] | ||
Business Acquisition [Line Items] | ||
Contractually required principal and interest payments | $ 350,403 | |
Purchase adjustment for credit | (20,520) | |
Balance of performing non-covered loans | $ 264,336 |
Business Combinations (Merger Related Expense) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Business Acquisition [Line Items] | |||
Total Merger related expense | $ 45,582 | $ 82,317 | $ 8,836 |
Sterling Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Legal and professional | 21,849 | 22,276 | |
Personnel | 11,564 | 18,837 | |
Premises and equipment | 6,640 | 3,677 | |
Communication | 2,309 | 2,522 | |
Contract termination | 154 | 10,378 | |
Charitable contributions | 0 | 10,000 | |
Investment banking fees | 0 | 9,573 | |
Other | 3,066 | 5,054 | |
Total Merger related expense | $ 45,582 | $ 82,317 |
Business Combinations (Pro Forma Results of Operations) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Business Acquisition, Pro Forma Information [Abstract] | ||||||||||||
Net interest income | $ 219,834 | $ 219,215 | $ 217,466 | $ 215,119 | $ 228,015 | $ 225,716 | $ 212,259 | $ 107,838 | $ 871,634 | $ 773,828 | $ 404,965 | |
Provision for loan and lease losses | 4,545 | 8,153 | 11,254 | 12,637 | 5,241 | 14,333 | 14,696 | 5,971 | 36,589 | 40,241 | 10,716 | |
Non-interest income | 69,345 | 61,372 | 81,102 | 63,905 | 50,305 | 62,165 | 45,466 | 23,238 | 275,724 | 181,174 | 122,895 | |
Non-interest expense | 185,911 | 183,194 | 201,918 | 192,619 | 190,856 | 182,558 | 214,131 | 96,518 | 763,642 | 684,063 | 364,661 | |
Income before income taxes | 98,723 | 89,240 | 85,396 | 73,768 | 82,223 | 90,990 | 28,898 | 28,587 | 347,127 | 230,698 | 152,483 | |
Provision for income taxes | 35,704 | 31,633 | 30,612 | 26,639 | 29,641 | 32,107 | 11,356 | 9,936 | 124,588 | 83,040 | 54,192 | |
Net income | 63,019 | 57,607 | 54,784 | 47,129 | 52,582 | 58,883 | 17,542 | 18,651 | 222,539 | 147,658 | 98,291 | |
Dividends and undistributed earnings allocated to participating securities | 96 | 84 | 93 | 84 | 146 | 142 | 83 | 113 | 357 | 484 | 788 | |
Net earnings available to common shareholders | $ 62,923 | $ 57,523 | $ 54,691 | $ 47,045 | $ 52,436 | $ 58,741 | $ 17,459 | $ 18,538 | $ 222,182 | $ 147,174 | $ 97,503 | |
Earnings per share: | ||||||||||||
Basic earnings per common share (usd per share) | $ 0.29 | $ 0.26 | $ 0.25 | $ 0.21 | $ 0.24 | $ 0.27 | $ 0.09 | $ 0.17 | $ 1.01 | $ 0.79 | $ 0.87 | |
Diluted earnings per common share (usd per share) | $ 0.28 | $ 0.26 | $ 0.25 | $ 0.21 | $ 0.24 | $ 0.27 | $ 0.09 | $ 0.16 | $ 1.01 | $ 0.78 | $ 0.87 | |
Average shares outstanding: | ||||||||||||
Basic (in shares) | 220,327 | 186,550 | 111,938 | |||||||||
Diluted (in shares) | 221,045 | 187,544 | 112,176 | |||||||||
Footnote Information [Abstract] | ||||||||||||
Amortization of investment premiums, net | $ (23,544) | $ (20,822) | $ (32,663) | |||||||||
Change in junior subordinated debentures carried at fair value | $ (6,163) | (5,849) | (2,193) | |||||||||
Sterling Financial Corporation [Member] | Acquisition-related Costs [Member] | ||||||||||||
Business Acquisition, Pro Forma Information [Abstract] | ||||||||||||
Net earnings available to common shareholders | 54,400 | 12,900 | ||||||||||
Financial Pacific Holding Corp [Member] | ||||||||||||
Business Acquisition, Pro Forma Information [Abstract] | ||||||||||||
Non-interest expense | $ 15,900 | |||||||||||
Net income | $ 18,700 | |||||||||||
Financial Pacific Holding Corp [Member] | Acquisition-related Costs [Member] | ||||||||||||
Business Acquisition, Pro Forma Information [Abstract] | ||||||||||||
Net earnings available to common shareholders | 4,200 | |||||||||||
Pro Forma [Member] | ||||||||||||
Business Acquisition, Pro Forma Information [Abstract] | ||||||||||||
Net interest income | 423,600 | |||||||||||
Provision for loan and lease losses | 13,988 | |||||||||||
Non-interest income | 122,753 | |||||||||||
Non-interest expense | 373,181 | |||||||||||
Income before income taxes | 159,184 | |||||||||||
Provision for income taxes | 55,879 | |||||||||||
Net income | 103,305 | |||||||||||
Dividends and undistributed earnings allocated to participating securities | 829 | |||||||||||
Net earnings available to common shareholders | $ 102,476 | |||||||||||
Earnings per share: | ||||||||||||
Basic earnings per common share (usd per share) | $ 0.92 | |||||||||||
Diluted earnings per common share (usd per share) | $ 0.91 | |||||||||||
Average shares outstanding: | ||||||||||||
Basic (in shares) | 111,938 | |||||||||||
Diluted (in shares) | 112,176 | |||||||||||
Pro Forma [Member] | Sterling Financial Corporation [Member] | ||||||||||||
Business Acquisition, Pro Forma Information [Abstract] | ||||||||||||
Net interest income | 910,715 | $ 873,972 | ||||||||||
Provision for loan and lease losses | 40,241 | 10,716 | ||||||||||
Non-interest income | 205,557 | 242,609 | ||||||||||
Non-interest expense | 750,069 | 802,371 | ||||||||||
Income before income taxes | 325,962 | 303,494 | ||||||||||
Provision for income taxes | 118,679 | 98,603 | ||||||||||
Net income | 207,283 | 204,891 | ||||||||||
Dividends and undistributed earnings allocated to participating securities | 484 | 788 | ||||||||||
Net earnings available to common shareholders | $ 206,799 | $ 204,103 | ||||||||||
Earnings per share: | ||||||||||||
Basic earnings per common share (usd per share) | $ 0.91 | $ 0.94 | ||||||||||
Diluted earnings per common share (usd per share) | $ 0.90 | $ 0.93 | ||||||||||
Average shares outstanding: | ||||||||||||
Basic (in shares) | 227,807 | 216,025 | ||||||||||
Diluted (in shares) | 229,690 | 218,508 | ||||||||||
Footnote Information [Abstract] | ||||||||||||
Accretion of loan discounts | $ 31,900 | $ 127,500 | ||||||||||
Amortization of investment premiums, net | (1,800) | (6,600) | ||||||||||
Amortization of deposit and borrowings premiums | (5,900) | (22,100) | ||||||||||
Loss on service charges due to exceeding $10 billion asset threshold | 1,700 | 5,800 | ||||||||||
Change in junior subordinated debentures carried at fair value | (1,100) | (3,900) | ||||||||||
Reversal of provision for loss on divestiture | 7,000 | |||||||||||
Amortization of core deposit intangibles | 2,100 | 7,800 | ||||||||||
Increase (decrease) in merger related expenses | $ (52,600) | $ 98,200 |
Cash and Cash Equivalents (Narrative) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Federal reserve cash required reserve | $ 130.5 | $ 80.7 |
Cash and due from banks [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | 58.8 | 43.7 |
Interest-bearing cash and temporary investments [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 3.9 | $ 4.0 |
Investment Securities (Amortized Cost, Unrealized Gains And Losses, And Fair Value Of Investment Securities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Investment Holdings [Line Items] | ||
Available-for-sale Securities, Amortized Cost | $ 2,526,699 | $ 2,278,932 |
Available-for-sale Securities, Unrealized Gains | 20,002 | 31,524 |
Available-for-sale Securities, Unrealized Losses | (24,162) | (11,901) |
Available for sale, at fair value | 2,522,539 | 2,298,555 |
Held to maturity, at amortized cost | 4,609 | 5,211 |
Held-to-maturity Securities, Unrecognized Gains | 981 | 358 |
Held-to-maturity Securities, Unrecognized Losses | 0 | (15) |
Held-to-maturity Securities, Fair Value | 5,590 | 5,554 |
Obligations Of States And Political Subdivisions [Member] | ||
Investment Holdings [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 300,998 | 325,189 |
Available-for-sale Securities, Unrealized Gains | 12,741 | 14,056 |
Available-for-sale Securities, Unrealized Losses | (622) | (841) |
Available for sale, at fair value | 313,117 | 338,404 |
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | ||
Investment Holdings [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 2,223,742 | 1,951,514 |
Available-for-sale Securities, Unrealized Gains | 7,218 | 17,398 |
Available-for-sale Securities, Unrealized Losses | (23,540) | (11,060) |
Available for sale, at fair value | 2,207,420 | 1,957,852 |
Held to maturity, at amortized cost | 4,609 | 5,088 |
Held-to-maturity Securities, Unrecognized Gains | 981 | 358 |
Held-to-maturity Securities, Unrecognized Losses | 0 | (15) |
Held-to-maturity Securities, Fair Value | 5,590 | 5,431 |
Investments In Mutual Funds And Other Equity Securities [Member] | ||
Investment Holdings [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 1,959 | 2,016 |
Available-for-sale Securities, Unrealized Gains | 43 | 54 |
Available-for-sale Securities, Unrealized Losses | 0 | 0 |
Available for sale, at fair value | $ 2,002 | 2,070 |
US Treasury and Government [Member] | ||
Investment Holdings [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 213 | |
Available-for-sale Securities, Unrealized Gains | 16 | |
Available-for-sale Securities, Unrealized Losses | 0 | |
Available for sale, at fair value | 229 | |
Other Investment Securities [Member] | ||
Investment Holdings [Line Items] | ||
Held to maturity, at amortized cost | 123 | |
Held-to-maturity Securities, Unrecognized Gains | 0 | |
Held-to-maturity Securities, Unrecognized Losses | 0 | |
Held-to-maturity Securities, Fair Value | $ 123 |
Investment Securities (Schedule Of Fair Value And Unrealized Losses Of Securities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Investment Holdings [Line Items] | ||
Available-for-sale Securities, Less than 12 Months, Fair Value | $ 1,259,524 | $ 231,677 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 14,548 | 1,362 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 343,189 | 503,646 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 9,614 | 10,539 |
Available-for-sale Securities, Fair Value | 1,602,713 | 735,323 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 24,162 | 11,901 |
Held-to-maturity Securities, Less than 12 Months, Fair Value | 224 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 15 | |
Held-to-maturity Securities, 12 Months or Longer, Fair Value | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Held-to-maturity Securities, Fair Value | 224 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | 15 | |
Obligations Of States And Political Subdivisions [Member] | ||
Investment Holdings [Line Items] | ||
Available-for-sale Securities, Less than 12 Months, Fair Value | 2,530 | 11,100 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 83 | 547 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 8,208 | 8,550 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 539 | 294 |
Available-for-sale Securities, Fair Value | 10,738 | 19,650 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | 622 | 841 |
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | ||
Investment Holdings [Line Items] | ||
Available-for-sale Securities, Less than 12 Months, Fair Value | 1,256,994 | 220,577 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 14,465 | 815 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 334,981 | 495,096 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 9,075 | 10,245 |
Available-for-sale Securities, Fair Value | 1,591,975 | 715,673 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 23,540 | 11,060 |
Held-to-maturity Securities, Less than 12 Months, Fair Value | 224 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 15 | |
Held-to-maturity Securities, 12 Months or Longer, Fair Value | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Held-to-maturity Securities, Fair Value | 224 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 15 |
Investment Securities (Schedule Of Maturities Of Investment Securities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Investment Holdings [Line Items] | ||
Available-for-sale Securities, Three months or less, Amortized Cost | $ 4,648 | |
Available-for-sale Securities, Over three months through twelve months, Amortized Cost | 72,886 | |
Available-for-sale Securities, After one year through five years, Amortized Cost | 1,646,982 | |
Available-for-sale Securities, After five years through ten years, Amortized Cost | 602,427 | |
Available-for-sale Securities, After ten years, Amortized Cost | 197,797 | |
Available-for-sale Securities, Amortized Cost | 2,526,699 | |
Available-for-sale Securities, Three months or less, Fair Value | 4,673 | |
Available-for-sale Securities, Over three months through twelve months, Fair Value | 73,615 | |
Available-for-sale Securities, After one year through five years, Fair Value | 1,648,510 | |
Available-for-sale Securities, After five years through ten years, Fair Value | 595,462 | |
Available-for-sale Securities, After ten years, Fair Value | 198,277 | |
Available-for-sale Securities, Fair Value | 2,522,539 | |
Held-to-maturity Securities, Three months or less, Amortized Cost | 0 | |
Held-to-maturity Securities, Over three months through twelve months, Amortized Cost | 6 | |
Held-to-maturity Securities, After one year through five years, Amortized Cost | 257 | |
Held-to-maturity Securities, After five years through ten years, Amortized Cost | 332 | |
Held-to-maturity Securities, After ten years, Amortized Cost | 4,014 | |
Held to maturity, at amortized cost | 4,609 | $ 5,211 |
Held-to-maturity Securities, Three months or less, Fair Value | 0 | |
Held-to-maturity Securities, Over three months through twelve months, Fair Value | 8 | |
Held-to-maturity Securities, After one year through five years, Fair Value | 760 | |
Held-to-maturity Securities, After five years through ten years, Fair Value | 808 | |
Held-to-maturity Securities, After ten years, Fair Value | 4,014 | |
Held-to-maturity Securities, Fair Value | 5,590 | $ 5,554 |
Other Investment Securities [Member] | ||
Investment Holdings [Line Items] | ||
Available-for-sale Securities, Amortized Cost | 1,959 | |
Available-for-sale Securities, Fair Value | 2,002 | |
Held to maturity, at amortized cost | 0 | |
Held-to-maturity Securities, Fair Value | $ 0 |
Investment Securities (Gross Realized Gains And Losses On Sales Of Available-For-Sale Securities) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Investment Holdings [Line Items] | |||
Gains | $ 3,763 | $ 2,905 | $ 210 |
Losses | 841 | 1 | 1 |
US Treasury and Government [Member] | |||
Investment Holdings [Line Items] | |||
Gains | 13 | 0 | 0 |
Losses | 0 | 0 | 0 |
Obligations Of States And Political Subdivisions [Member] | |||
Investment Holdings [Line Items] | |||
Gains | 631 | 3 | 10 |
Losses | 0 | 1 | 1 |
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | |||
Investment Holdings [Line Items] | |||
Gains | 3,119 | 2,902 | 0 |
Losses | 841 | 0 | 0 |
Other Debt Securities [Member] | |||
Investment Holdings [Line Items] | |||
Gains | 0 | 0 | 200 |
Losses | $ 0 | $ 0 | $ 0 |
Investment Securities (Investment Securities Pledged To Secure Borrowings And Public Deposits) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Investments, Debt and Equity Securities [Abstract] | |
To Federal Home Loan Bank to secure borrowings, Amortized Cost | $ 816 |
To Federal Home Loan Bank to secure borrowings, Fair Value | 834 |
To state and local governments to secure public deposits, Amortized Cost | 1,719,779 |
To state and local governments to secure public deposits, Fair Value | 1,719,098 |
Other securities pledged principally to secure repurchase agreements, Amortized Cost | 470,883 |
Other securities pledged principally to secure repurchase agreements, Fair Value | 467,936 |
Total pledged securities, Amortized Cost | 2,191,478 |
Total pledged securities, Fair Value | $ 2,187,868 |
Loans and Leases (Narrative) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Receivables [Abstract] | ||
Loans and leases, deferred fees and costs | $ 47,000 | $ 26,300 |
Total loans pledged to secure borrowings | 9,900,000 | |
Discounts on acquired loans | 105,600 | 236,600 |
Outstanding contractual unpaid principal balance of non-covered purchased impaired loans | 540,400 | 770,900 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans acquired with deteriorated credit quality | 705,896 | 508,745 |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans acquired with deteriorated credit quality | $ 438,104 | $ 562,851 |
Loans and Leases (Schedule Of Major Types Of Loans And Leases) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Receivables [Abstract] | ||
Loans Receivable Commercial Term and Multifamily | $ 3,140,845 | $ 3,290,610 |
Commercial real estate, Owner occupied term, net | 2,691,921 | 2,633,864 |
Commercial real estate, Multifamily, net | 3,074,918 | 2,638,618 |
Commercial real estate, Construction & development, net | 301,892 | 258,722 |
Commercial real estate, Residential development, net | 99,459 | 81,846 |
Commercial, Term, net | 1,425,009 | 1,396,089 |
Commercial, LOC & other, net | 1,043,076 | 1,029,620 |
Commercial, Leases and equipment finance, net | 729,161 | 523,114 |
Residential, Mortgage, net | 2,890,223 | 2,233,735 |
Residential, Home equity loans & lines, net | 923,667 | 852,478 |
Consumer & other, net | 527,189 | 389,036 |
Total, Non-covered loans and leases | $ 16,847,360 | $ 15,327,732 |
Loans and Leases (Accretable Yield Movement Schedule) (Details) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance, beginning of period | $ 201,699 | $ 127,624 |
Additions | 110,757 | |
Accretion to interest income | (60,065) | (62,147) |
Disposals | (32,586) | (32,466) |
Reclassifications from nonaccretable difference | 23,781 | 57,931 |
Balance, end of period | 132,829 | 201,699 |
Evergreen Bank [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance, beginning of period | 9,466 | 20,063 |
Additions | 0 | |
Accretion to interest income | (4,521) | (11,340) |
Disposals | (3,642) | (5,457) |
Reclassifications from nonaccretable difference | 3,806 | 6,200 |
Balance, end of period | 5,109 | 9,466 |
Rainer [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance, beginning of period | 49,989 | 71,789 |
Additions | 0 | |
Accretion to interest income | (14,981) | (18,264) |
Disposals | (6,689) | (11,217) |
Reclassifications from nonaccretable difference | 9,599 | 7,681 |
Balance, end of period | 37,918 | 49,989 |
Nevada Security Bank [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance, beginning of period | 23,666 | 34,632 |
Additions | 0 | |
Accretion to interest income | (8,445) | (13,791) |
Disposals | (4,150) | (5,841) |
Reclassifications from nonaccretable difference | 2,853 | 8,666 |
Balance, end of period | 13,924 | 23,666 |
Circle Bancorp [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance, beginning of period | 796 | 1,140 |
Additions | 0 | |
Accretion to interest income | (262) | (344) |
Disposals | (342) | 0 |
Reclassifications from nonaccretable difference | 37 | 0 |
Balance, end of period | 229 | 796 |
Sterling Financial Corporation [Member] | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance, beginning of period | 117,782 | 0 |
Additions | 110,757 | |
Accretion to interest income | (31,856) | (18,408) |
Disposals | (17,763) | (9,951) |
Reclassifications from nonaccretable difference | 7,486 | 35,384 |
Balance, end of period | $ 75,649 | $ 117,782 |
Loans and Leases (Net Investment In Direct Financing Leases and Loans) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Receivables [Abstract] | ||
Minimum lease payments receivable | $ 345,495 | $ 283,942 |
Estimated guaranteed and unguaranteed residual values | 38,447 | 9,158 |
Initial direct costs - net of accumulated amortization | 12,336 | 9,140 |
Unearned income | (71,696) | (55,868) |
Equipment finance loans, including unamortized deferred fees and costs | 404,364 | 275,639 |
Accretable yield/purchase accounting adjustments | 215 | 1,103 |
Net investment in direct financing leases and loans | 729,161 | 523,114 |
Allowance for credit losses | (23,265) | (14,369) |
Net investment in direct financing leases and loans - net | $ 705,896 | $ 508,745 |
Loans and Leases (Schedule Of Minimum Lease Payments Receivable) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Receivables [Abstract] | |
2016 | $ 122,812 |
2017 | 96,059 |
2018 | 65,473 |
2019 | 36,122 |
2020 | 13,984 |
Thereafter | 11,045 |
Total | $ 345,495 |
Loans and Leases (Loans and Leases Sold) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Receivable Held-for-sale, Reconciliation to Cash Flow, Deductions from Held-for-sale | $ 266,424 | $ 341,352 |
Commercial Real Estate [Member] | Non-owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Receivable Held-for-sale, Reconciliation to Cash Flow, Deductions from Held-for-sale | 7,955 | 15,500 |
Commercial Real Estate [Member] | Owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Receivable Held-for-sale, Reconciliation to Cash Flow, Deductions from Held-for-sale | 49,991 | 87,385 |
Commercial Real Estate [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Receivable Held-for-sale, Reconciliation to Cash Flow, Deductions from Held-for-sale | 435 | 60,508 |
Commercial Real Estate [Member] | Construction & Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Receivable Held-for-sale, Reconciliation to Cash Flow, Deductions from Held-for-sale | 0 | 566 |
Commercial Real Estate [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Receivable Held-for-sale, Reconciliation to Cash Flow, Deductions from Held-for-sale | 0 | 800 |
Commercial [Member] | Term [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Receivable Held-for-sale, Reconciliation to Cash Flow, Deductions from Held-for-sale | 6,212 | 30,497 |
Commercial [Member] | LOC & Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Receivable Held-for-sale, Reconciliation to Cash Flow, Deductions from Held-for-sale | 750 | 6,061 |
Residential [Member] | Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Receivable Held-for-sale, Reconciliation to Cash Flow, Deductions from Held-for-sale | 201,081 | 108,246 |
Residential [Member] | Home Equity Loans & Lines [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Receivable Held-for-sale, Reconciliation to Cash Flow, Deductions from Held-for-sale | 0 | 24,445 |
Consumer & Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans Receivable Held-for-sale, Reconciliation to Cash Flow, Deductions from Held-for-sale | $ 0 | $ 7,344 |
Allowance for Loan and Lease Loss and Credit Quality (Narrative) (Details) |
12 Months Ended | |
---|---|---|
Dec. 31, 2015
USD ($)
risk_code
|
Dec. 31, 2014
USD ($)
|
|
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Provision for Loan and Lease Losses, Subsequent Deterioration of Purchased Impaired Loans | $ | $ 2,100,000 | $ 2,600,000 |
Allowance for Loan and Lease Losses, Purchased Impaired Loans, Period Increase (Decrease) | $ | $ 2,900,000 | 1,700,000 |
External Appraisal | 12 months | |
External appraisal considered stale requiring a new appraisal, years | 1 year | |
Financing Receivable Modifications Recorded Investments | $ | $ 41,207,000 | 66,696,000 |
Financing receivables modified as troubled debt restructurings within the previous 12 months for which there was a payment default | $ | $ 434,000 | 0 |
Homogeneous [Member] | Minimum [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Duration of time account is past due before risk rating is applied | 30 days | |
Restructured Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable Modifications Recorded Investments | $ | $ 31,400,000 | 54,800,000 |
Percentage of loan collateral balance, greater than or equal to | 100.00% | |
Available commitments for troubled debt restructurings outstanding | $ | $ 0 | $ 1,000,000 |
Minimal Risk [Member] | Non Homogeneous [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Internal risk rating code | 1 | |
Low Risk [Member] | Non Homogeneous [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Internal risk rating code | 2 | |
Modest Risk [Member] | Non Homogeneous [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Internal risk rating code | 3 | |
Average Risk [Member] | Non Homogeneous [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Internal risk rating code | 4 | |
Acceptable Risk [Member] | Non Homogeneous [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Internal risk rating code | 5 | |
Pass/Watch [Member] | Non Homogeneous [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Internal risk rating code | 6 | |
Special Mention [Member] | Non Homogeneous [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Internal risk rating code | 7 | |
Special Mention [Member] | Homogeneous [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Internal risk rating code | 7 | |
Special Mention [Member] | Homogeneous [Member] | Minimum [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days past due on account for qualifying credit quality indicator | 30 days | |
Special Mention [Member] | Homogeneous [Member] | Maximum [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days past due on account for qualifying credit quality indicator | 59 days | |
Special Mention [Member] | Homogeneous Retail [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Internal risk rating code | 7 | |
Special Mention [Member] | Homogeneous Retail [Member] | Minimum [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days past due on account for qualifying credit quality indicator | 30 days | |
Special Mention [Member] | Homogeneous Retail [Member] | Maximum [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days past due on account for qualifying credit quality indicator | 89 days | |
Substandard [Member] | Non Homogeneous [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Internal risk rating code | 8 | |
Substandard [Member] | Homogeneous [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Internal risk rating code | 8 | |
Substandard [Member] | Homogeneous [Member] | Minimum [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days past due on account for qualifying credit quality indicator | 60 days | |
Substandard [Member] | Homogeneous [Member] | Maximum [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days past due on account for qualifying credit quality indicator | 89 days | |
Substandard [Member] | Homogeneous Retail [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Internal risk rating code | 8 | |
Substandard [Member] | Homogeneous Retail [Member] | Open-End Loan [Member] | Minimum [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days past due on account for qualifying credit quality indicator | 90 days | |
Substandard [Member] | Homogeneous Retail [Member] | Open-End Loan [Member] | Maximum [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days past due on account for qualifying credit quality indicator | 180 days | |
Substandard [Member] | Homogeneous Retail [Member] | Closed-End Loan [Member] | Minimum [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days past due on account for qualifying credit quality indicator | 90 days | |
Substandard [Member] | Homogeneous Retail [Member] | Closed-End Loan [Member] | Maximum [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days past due on account for qualifying credit quality indicator | 120 days | |
Doubtful [Member] | Non Homogeneous [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Internal risk rating code | 9 | |
Doubtful [Member] | Homogeneous [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Internal risk rating code | 9 | |
Doubtful [Member] | Homogeneous [Member] | Minimum [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days past due on account for qualifying credit quality indicator | 90 days | |
Doubtful [Member] | Homogeneous [Member] | Maximum [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days past due on account for qualifying credit quality indicator | 179 days | |
Loss [Member] | Non Homogeneous [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Internal risk rating code | 10 | |
Loss [Member] | Homogeneous [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Internal risk rating code | 10 | |
Loss [Member] | Homogeneous [Member] | Minimum [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days past due on account for qualifying credit quality indicator | 180 days | |
Loss [Member] | Homogeneous Retail [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Internal risk rating code | 10 | |
Loss [Member] | Homogeneous Retail [Member] | Minimum [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days past due on account for qualifying credit quality indicator | 120 days | |
Loss [Member] | Homogeneous Retail [Member] | Maximum [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days past due on account for qualifying credit quality indicator | 180 days | |
Loss [Member] | Homogeneous Retail [Member] | Open-End Loan [Member] | Minimum [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days past due on account for qualifying credit quality indicator | 180 days | |
Loss [Member] | Homogeneous Retail [Member] | Closed-End Loan [Member] | Minimum [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Days past due on account for qualifying credit quality indicator | 120 days |
Allowance for Loan and Lease Loss and Credit Quality (Activity In The Allowance For Loan And Lease Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||
Balance, beginning of period, Allowance | $ 116,167 | $ 95,085 | $ 116,167 | $ 95,085 | |||||||||
Charge-offs | (35,571) | (30,178) | |||||||||||
Recoveries | 13,137 | 11,019 | |||||||||||
Provision for loan and lease losses | $ 4,545 | $ 8,153 | $ 11,254 | 12,637 | $ 5,241 | $ 14,333 | $ 14,696 | 5,971 | 36,589 | 40,241 | $ 10,716 | ||
Balance, end of period, Allowance | 130,322 | 116,167 | 130,322 | 116,167 | 95,085 | ||||||||
Collectively evaluated for impairment, Allowance | $ 125,664 | $ 106,420 | |||||||||||
Individually evaluated for impairment, Allowance | 788 | 1,408 | |||||||||||
Loans acquired with deteriorated credit quality | 23,265 | 14,369 | |||||||||||
Total, Allowance for non-covered loans and leases | 130,322 | 116,167 | 116,167 | 95,085 | 116,167 | 95,085 | 95,085 | 130,322 | 116,167 | ||||
Collectively evaluated for impairment, Non-covered loans and leases | 16,357,143 | 14,662,309 | |||||||||||
Individually evaluated for impairment, Non-covered loans and leases | 52,113 | 102,572 | |||||||||||
Loans acquired with deteriorated credit quality | 705,896 | 508,745 | |||||||||||
Total, Non-covered loans and leases | 16,847,360 | 15,327,732 | |||||||||||
Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||
Loans acquired with deteriorated credit quality | 3,870 | 8,339 | |||||||||||
Loans acquired with deteriorated credit quality | 438,104 | 562,851 | |||||||||||
Commercial Real Estate [Member] | |||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||
Balance, beginning of period, Allowance | 55,184 | 59,538 | 55,184 | 59,538 | |||||||||
Charge-offs | (6,194) | (8,030) | |||||||||||
Recoveries | 2,682 | 2,539 | |||||||||||
Provision for loan and lease losses | 2,413 | 1,137 | |||||||||||
Balance, end of period, Allowance | 54,085 | 55,184 | 54,085 | 55,184 | 59,538 | ||||||||
Collectively evaluated for impairment, Allowance | 51,085 | 49,243 | |||||||||||
Individually evaluated for impairment, Allowance | 281 | 1,088 | |||||||||||
Total, Allowance for non-covered loans and leases | 54,085 | 55,184 | 55,184 | 59,538 | 55,184 | 59,538 | 59,538 | 54,085 | 55,184 | ||||
Collectively evaluated for impairment, Non-covered loans and leases | 8,941,213 | 8,374,716 | |||||||||||
Individually evaluated for impairment, Non-covered loans and leases | 28,119 | 69,636 | |||||||||||
Total, Non-covered loans and leases | 9,309,035 | 8,903,660 | |||||||||||
Commercial Real Estate [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||
Loans acquired with deteriorated credit quality | 2,719 | 4,853 | |||||||||||
Loans acquired with deteriorated credit quality | 339,703 | 459,308 | |||||||||||
Commercial [Member] | |||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||
Balance, beginning of period, Allowance | 41,216 | 27,028 | 41,216 | 27,028 | |||||||||
Charge-offs | (15,875) | (16,824) | |||||||||||
Recoveries | 5,001 | 6,744 | |||||||||||
Provision for loan and lease losses | 17,353 | 24,268 | |||||||||||
Balance, end of period, Allowance | 47,695 | 41,216 | 47,695 | 41,216 | 27,028 | ||||||||
Collectively evaluated for impairment, Allowance | 46,941 | 38,201 | |||||||||||
Individually evaluated for impairment, Allowance | 507 | 320 | |||||||||||
Total, Allowance for non-covered loans and leases | 47,695 | 41,216 | 41,216 | 27,028 | 41,216 | 27,028 | 27,028 | 47,695 | 41,216 | ||||
Collectively evaluated for impairment, Non-covered loans and leases | 3,141,682 | 2,884,388 | |||||||||||
Individually evaluated for impairment, Non-covered loans and leases | 23,994 | 32,936 | |||||||||||
Total, Non-covered loans and leases | 3,197,246 | 2,948,823 | |||||||||||
Commercial [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||
Loans acquired with deteriorated credit quality | 247 | 2,695 | |||||||||||
Loans acquired with deteriorated credit quality | 31,570 | 31,499 | |||||||||||
Residential [Member] | |||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||
Balance, beginning of period, Allowance | 15,922 | 7,487 | 15,922 | 7,487 | |||||||||
Charge-offs | (879) | (1,855) | |||||||||||
Recoveries | 641 | 462 | |||||||||||
Provision for loan and lease losses | 6,333 | 9,828 | |||||||||||
Balance, end of period, Allowance | 22,017 | 15,922 | 22,017 | 15,922 | 7,487 | ||||||||
Collectively evaluated for impairment, Allowance | 21,215 | 15,858 | |||||||||||
Individually evaluated for impairment, Allowance | 0 | 0 | |||||||||||
Total, Allowance for non-covered loans and leases | 22,017 | 15,922 | 15,922 | 7,487 | 15,922 | 7,487 | 7,487 | 22,017 | 15,922 | ||||
Collectively evaluated for impairment, Non-covered loans and leases | 3,750,023 | 3,084,633 | |||||||||||
Individually evaluated for impairment, Non-covered loans and leases | 0 | 0 | |||||||||||
Total, Non-covered loans and leases | 3,813,890 | 3,086,213 | |||||||||||
Residential [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||
Loans acquired with deteriorated credit quality | 802 | 64 | |||||||||||
Loans acquired with deteriorated credit quality | 63,867 | 1,580 | |||||||||||
Consumer & Other [Member] | |||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||
Balance, beginning of period, Allowance | 3,845 | 1,032 | 3,845 | 1,032 | |||||||||
Charge-offs | (12,623) | (3,469) | |||||||||||
Recoveries | 4,813 | 1,274 | |||||||||||
Provision for loan and lease losses | 10,490 | 5,008 | |||||||||||
Balance, end of period, Allowance | 6,525 | 3,845 | 6,525 | 3,845 | 1,032 | ||||||||
Collectively evaluated for impairment, Allowance | 6,423 | 3,118 | |||||||||||
Individually evaluated for impairment, Allowance | 0 | 0 | |||||||||||
Total, Allowance for non-covered loans and leases | $ 6,525 | $ 3,845 | $ 3,845 | $ 1,032 | $ 3,845 | $ 1,032 | $ 1,032 | 6,525 | 3,845 | ||||
Collectively evaluated for impairment, Non-covered loans and leases | 524,225 | 318,572 | |||||||||||
Individually evaluated for impairment, Non-covered loans and leases | 0 | 0 | |||||||||||
Total, Non-covered loans and leases | 527,189 | 389,036 | |||||||||||
Consumer & Other [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||||||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||||||||||
Loans acquired with deteriorated credit quality | 102 | 727 | |||||||||||
Loans acquired with deteriorated credit quality | $ 2,964 | $ 70,464 |
Allowance for Loan and Lease Loss and Credit Quality (Summary Of Reserve For Unfunded Commitments Activity) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Reserve for Unfunded Commitments [Roll Forward] | ||
Balance, beginning of period | $ 3,539 | $ 1,436 |
Net change to other expense | 35 | (1,863) |
Provision for Reserve of Unfunded Commitments | 0 | 3,966 |
Balance, end of period | 3,574 | 3,539 |
Unfunded loan commitments | $ 3,723,520 | $ 3,000,505 |
Allowance for Loan and Lease Loss and Credit Quality (Non-Accrual Loans And Leases and Loans and Leases Past Due) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 43,592 | $ 32,171 |
Nonaccrual | 29,215 | 52,041 |
Current | 16,774,553 | 15,243,520 |
Total, Non-covered loans and leases | 16,847,360 | 15,327,732 |
Loans acquired with deteriorated credit quality | 705,896 | 508,745 |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 438,100 | 562,900 |
Loans acquired with deteriorated credit quality | 438,104 | 562,851 |
Greater Than 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13,638 | 18,284 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 14,785 | 6,375 |
Greater than 90 Days and Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 15,169 | 7,512 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total, Non-covered loans and leases | 9,309,035 | 8,903,660 |
Commercial Real Estate [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans acquired with deteriorated credit quality | 339,703 | 459,308 |
Commercial Real Estate [Member] | Non-owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,225 | 735 |
Nonaccrual | 2,633 | 8,957 |
Current | 3,133,987 | 3,280,918 |
Total, Non-covered loans and leases | 3,140,845 | 3,290,610 |
Commercial Real Estate [Member] | Owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,967 | 2,651 |
Nonaccrual | 5,928 | 8,292 |
Current | 2,682,026 | 2,622,921 |
Total, Non-covered loans and leases | 2,691,921 | 2,633,864 |
Commercial Real Estate [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 408 | 512 |
Nonaccrual | 0 | 300 |
Current | 3,074,510 | 2,637,806 |
Total, Non-covered loans and leases | 3,074,918 | 2,638,618 |
Commercial Real Estate [Member] | Construction & Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,959 | 1,091 |
Nonaccrual | 0 | 0 |
Current | 298,933 | 257,631 |
Total, Non-covered loans and leases | 301,892 | 258,722 |
Commercial Real Estate [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 6,155 |
Nonaccrual | 0 | 0 |
Current | 99,459 | 75,691 |
Total, Non-covered loans and leases | 99,459 | 81,846 |
Commercial Real Estate [Member] | Greater Than 30 to 59 Days Past Due [Member] | Non-owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,312 | 452 |
Commercial Real Estate [Member] | Greater Than 30 to 59 Days Past Due [Member] | Owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,394 | 2,304 |
Commercial Real Estate [Member] | Greater Than 30 to 59 Days Past Due [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 408 | 0 |
Commercial Real Estate [Member] | Greater Than 30 to 59 Days Past Due [Member] | Construction & Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 1,091 |
Commercial Real Estate [Member] | Greater Than 30 to 59 Days Past Due [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 6,155 |
Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | Non-owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,776 | 0 |
Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | Owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,150 | 347 |
Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 512 |
Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | Construction & Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,959 | 0 |
Commercial Real Estate [Member] | 60 to 89 Days Past Due [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate [Member] | Greater than 90 Days and Accruing [Member] | Non-owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 137 | 283 |
Commercial Real Estate [Member] | Greater than 90 Days and Accruing [Member] | Owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 423 | 0 |
Commercial Real Estate [Member] | Greater than 90 Days and Accruing [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate [Member] | Greater than 90 Days and Accruing [Member] | Construction & Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial Real Estate [Member] | Greater than 90 Days and Accruing [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 0 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total, Non-covered loans and leases | 3,197,246 | 2,948,823 |
Commercial [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans acquired with deteriorated credit quality | 31,570 | 31,499 |
Commercial [Member] | Term [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 631 | 1,343 |
Nonaccrual | 15,185 | 19,097 |
Current | 1,409,193 | 1,375,649 |
Total, Non-covered loans and leases | 1,425,009 | 1,396,089 |
Commercial [Member] | LOC & Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,007 | 4,015 |
Nonaccrual | 664 | 8,825 |
Current | 1,040,405 | 1,016,780 |
Total, Non-covered loans and leases | 1,043,076 | 1,029,620 |
Commercial [Member] | Leases and Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,254 | 3,872 |
Nonaccrual | 4,801 | 5,084 |
Current | 717,106 | 514,158 |
Total, Non-covered loans and leases | 729,161 | 523,114 |
Commercial [Member] | Greater Than 30 to 59 Days Past Due [Member] | Term [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 298 | 1,098 |
Commercial [Member] | Greater Than 30 to 59 Days Past Due [Member] | LOC & Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,907 | 1,637 |
Commercial [Member] | Greater Than 30 to 59 Days Past Due [Member] | Leases and Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,933 | 1,482 |
Commercial [Member] | 60 to 89 Days Past Due [Member] | Term [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 333 | 242 |
Commercial [Member] | 60 to 89 Days Past Due [Member] | LOC & Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 92 | 1,155 |
Commercial [Member] | 60 to 89 Days Past Due [Member] | Leases and Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,499 | 1,695 |
Commercial [Member] | Greater than 90 Days and Accruing [Member] | Term [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 0 | 3 |
Commercial [Member] | Greater than 90 Days and Accruing [Member] | LOC & Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8 | 1,223 |
Commercial [Member] | Greater than 90 Days and Accruing [Member] | Leases and Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 822 | 695 |
Residential [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total, Non-covered loans and leases | 3,813,890 | 3,086,213 |
Residential [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans acquired with deteriorated credit quality | 63,867 | 1,580 |
Residential [Member] | Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 12,532 | 5,521 |
Nonaccrual | 0 | 655 |
Current | 2,877,691 | 2,227,559 |
Total, Non-covered loans and leases | 2,890,223 | 2,233,735 |
Residential [Member] | Home Equity Loans & Lines [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,807 | 3,375 |
Nonaccrual | 0 | 615 |
Current | 918,860 | 848,488 |
Total, Non-covered loans and leases | 923,667 | 852,478 |
Residential [Member] | Greater Than 30 to 59 Days Past Due [Member] | Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 31 | 8 |
Residential [Member] | Greater Than 30 to 59 Days Past Due [Member] | Home Equity Loans & Lines [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 1,084 | 1,924 |
Residential [Member] | 60 to 89 Days Past Due [Member] | Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,444 | 1,224 |
Residential [Member] | 60 to 89 Days Past Due [Member] | Home Equity Loans & Lines [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 643 | 702 |
Residential [Member] | Greater than 90 Days and Accruing [Member] | Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 10,057 | 4,289 |
Residential [Member] | Greater than 90 Days and Accruing [Member] | Home Equity Loans & Lines [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,080 | 749 |
Consumer & Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,802 | 2,901 |
Nonaccrual | 4 | 216 |
Current | 522,383 | 385,919 |
Total, Non-covered loans and leases | 527,189 | 389,036 |
Consumer & Other [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans acquired with deteriorated credit quality | 2,964 | 70,464 |
Consumer & Other [Member] | Greater Than 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 3,271 | 2,133 |
Consumer & Other [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 889 | 498 |
Consumer & Other [Member] | Greater than 90 Days and Accruing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 642 | $ 270 |
Allowance for Loan and Lease Loss and Credit Quality (Impaired Loans) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | $ 21,738 | $ 52,782 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 30,375 | 49,790 |
Related Allowance | 788 | 1,408 |
Unpaid Principal Balance | 58,184 | 126,769 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 74,726 | 106,282 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 1,769 | 2,568 |
Commercial Real Estate [Member] | Non-owner Occupied Term [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 8,633 | 42,793 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,946 | 16,916 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 6,260 | 22,190 |
Related Allowance | 91 | 502 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 21,010 | 50,589 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 632 | 1,619 |
Commercial Real Estate [Member] | Owner Occupied Term [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 7,476 | 16,339 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 4,340 | 8,290 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 3,072 | 7,655 |
Related Allowance | 40 | 364 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 12,356 | 12,781 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 240 | 282 |
Commercial Real Estate [Member] | Multifamily [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 3,519 | 4,040 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 300 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 3,519 | 3,519 |
Related Allowance | 49 | 49 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 3,579 | 2,954 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 123 | 145 |
Commercial Real Estate [Member] | Construction & Development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,091 | 2,655 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,091 | 1,091 |
Related Allowance | 11 | 7 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,091 | 6,156 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 54 | 44 |
Commercial Real Estate [Member] | Residential Development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 7,889 | 9,670 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 7,891 | 9,675 |
Related Allowance | 90 | 166 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 8,634 | 13,237 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 338 | 463 |
Commercial [Member] | Term [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 26,106 | 31,733 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 14,788 | 18,701 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 6,220 | 256 |
Related Allowance | 283 | 12 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 21,873 | 15,401 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 223 | 15 |
Commercial [Member] | LOC & Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 3,470 | 18,761 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 664 | 8,575 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,322 | 5,404 |
Related Allowance | 224 | 308 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 6,183 | 5,138 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 152 | 0 |
Residential [Member] | Mortgage [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 |
Residential [Member] | Home Equity Loans & Lines [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 626 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 7 | 0 |
Consumer & Other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 152 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 26 |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | $ 0 | $ 0 |
Allowance for Loan and Lease Loss and Credit Quality (Internal Risk Rating By Loan Class) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | $ 16,847,360 | $ 15,327,732 |
Pass/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | $ 16,345,001 | $ 14,729,544 |
Percentage of impaired loans | 5.00% | 5.60% |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | $ 205,959 | $ 213,806 |
Percentage of impaired loans | 4.60% | 15.10% |
Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | $ 219,774 | $ 261,399 |
Percentage of impaired loans | 90.40% | 77.90% |
Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | $ 5,871 | $ 4,863 |
Percentage of impaired loans | 0.10% | |
Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 18,642 | $ 15,548 |
Percentage of impaired loans | 1.30% | |
Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 52,113 | $ 102,572 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 9,309,035 | 8,903,660 |
Commercial Real Estate [Member] | Non-owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 3,140,845 | 3,290,610 |
Commercial Real Estate [Member] | Owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 2,691,921 | 2,633,864 |
Commercial Real Estate [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 3,074,918 | 2,638,618 |
Commercial Real Estate [Member] | Construction & Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 301,892 | 258,722 |
Commercial Real Estate [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 99,459 | 81,846 |
Commercial Real Estate [Member] | Pass/Watch [Member] | Non-owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 2,963,339 | 3,027,777 |
Commercial Real Estate [Member] | Pass/Watch [Member] | Owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 2,553,909 | 2,475,944 |
Commercial Real Estate [Member] | Pass/Watch [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 3,047,889 | 2,610,039 |
Commercial Real Estate [Member] | Pass/Watch [Member] | Construction & Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 288,018 | 248,547 |
Commercial Real Estate [Member] | Pass/Watch [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 89,706 | 68,789 |
Commercial Real Estate [Member] | Special Mention [Member] | Non-owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 82,538 | 99,556 |
Commercial Real Estate [Member] | Special Mention [Member] | Owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 60,042 | 58,425 |
Commercial Real Estate [Member] | Special Mention [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 5,641 | 9,583 |
Commercial Real Estate [Member] | Special Mention [Member] | Construction & Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 10,659 | 4,081 |
Commercial Real Estate [Member] | Special Mention [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 507 | 963 |
Commercial Real Estate [Member] | Substandard [Member] | Non-owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 86,213 | 123,350 |
Commercial Real Estate [Member] | Substandard [Member] | Owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 68,522 | 81,567 |
Commercial Real Estate [Member] | Substandard [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 17,869 | 15,177 |
Commercial Real Estate [Member] | Substandard [Member] | Construction & Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 2,124 | 5,003 |
Commercial Real Estate [Member] | Substandard [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1,355 | 2,419 |
Commercial Real Estate [Member] | Doubtful [Member] | Non-owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 270 | 821 |
Commercial Real Estate [Member] | Doubtful [Member] | Owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 675 | 309 |
Commercial Real Estate [Member] | Doubtful [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial Real Estate [Member] | Doubtful [Member] | Construction & Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial Real Estate [Member] | Doubtful [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial Real Estate [Member] | Loss [Member] | Non-owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 279 | 0 |
Commercial Real Estate [Member] | Loss [Member] | Owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1,361 | 1,674 |
Commercial Real Estate [Member] | Loss [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial Real Estate [Member] | Loss [Member] | Construction & Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial Real Estate [Member] | Loss [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Commercial Real Estate [Member] | Impaired [Member] | Non-owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 8,206 | 39,106 |
Commercial Real Estate [Member] | Impaired [Member] | Owner Occupied Term [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 7,412 | 15,945 |
Commercial Real Estate [Member] | Impaired [Member] | Multifamily [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 3,519 | 3,819 |
Commercial Real Estate [Member] | Impaired [Member] | Construction & Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1,091 | 1,091 |
Commercial Real Estate [Member] | Impaired [Member] | Residential Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 7,891 | 9,675 |
Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 3,197,246 | 2,948,823 |
Commercial [Member] | Term [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1,425,009 | 1,396,089 |
Commercial [Member] | LOC & Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1,043,076 | 1,029,620 |
Commercial [Member] | Leases and Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 729,161 | 523,114 |
Commercial [Member] | Pass/Watch [Member] | Term [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1,369,230 | 1,346,148 |
Commercial [Member] | Pass/Watch [Member] | LOC & Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1,004,946 | 991,209 |
Commercial [Member] | Pass/Watch [Member] | Leases and Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 716,190 | 513,104 |
Commercial [Member] | Special Mention [Member] | Term [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 13,620 | 12,661 |
Commercial [Member] | Special Mention [Member] | LOC & Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 19,183 | 17,665 |
Commercial [Member] | Special Mention [Member] | Leases and Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 3,849 | 2,554 |
Commercial [Member] | Substandard [Member] | Term [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 20,953 | 17,901 |
Commercial [Member] | Substandard [Member] | LOC & Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 15,959 | 6,399 |
Commercial [Member] | Substandard [Member] | Leases and Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 3,499 | 3,809 |
Commercial [Member] | Doubtful [Member] | Term [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 36 | 198 |
Commercial [Member] | Doubtful [Member] | LOC & Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1 | 280 |
Commercial [Member] | Doubtful [Member] | Leases and Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 4,889 | 3,255 |
Commercial [Member] | Loss [Member] | Term [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 162 | 224 |
Commercial [Member] | Loss [Member] | LOC & Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 1 | 88 |
Commercial [Member] | Loss [Member] | Leases and Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 734 | 392 |
Commercial [Member] | Impaired [Member] | Term [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 21,008 | 18,957 |
Commercial [Member] | Impaired [Member] | LOC & Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 2,986 | 13,979 |
Commercial [Member] | Impaired [Member] | Leases and Equipment Finance [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 3,813,890 | 3,086,213 |
Residential [Member] | Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 2,890,223 | 2,233,735 |
Residential [Member] | Home Equity Loans & Lines [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 923,667 | 852,478 |
Residential [Member] | Pass/Watch [Member] | Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 2,871,516 | 2,215,956 |
Residential [Member] | Pass/Watch [Member] | Home Equity Loans & Lines [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 917,919 | 846,277 |
Residential [Member] | Special Mention [Member] | Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 3,557 | 2,330 |
Residential [Member] | Special Mention [Member] | Home Equity Loans & Lines [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 2,189 | 3,271 |
Residential [Member] | Substandard [Member] | Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 2,019 | 4,497 |
Residential [Member] | Substandard [Member] | Home Equity Loans & Lines [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 803 | 1,079 |
Residential [Member] | Doubtful [Member] | Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Residential [Member] | Doubtful [Member] | Home Equity Loans & Lines [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Residential [Member] | Loss [Member] | Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 13,131 | 10,952 |
Residential [Member] | Loss [Member] | Home Equity Loans & Lines [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 2,756 | 1,851 |
Residential [Member] | Impaired [Member] | Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Residential [Member] | Impaired [Member] | Home Equity Loans & Lines [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Consumer & Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 527,189 | 389,036 |
Consumer & Other [Member] | Pass/Watch [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 522,339 | 385,754 |
Consumer & Other [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 4,174 | 2,717 |
Consumer & Other [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 458 | 198 |
Consumer & Other [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 0 | 0 |
Consumer & Other [Member] | Loss [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | 218 | 367 |
Consumer & Other [Member] | Impaired [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans by credit quality | $ 0 | $ 0 |
Allowance for Loan and Lease Loss and Credit Quality (Schedule Of Troubled Debt Restructuring By Accrual versus Non-Accrual Status) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications Recorded Investments | $ 41,207 | $ 66,696 |
Accrual Status [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications Recorded Investments | 31,355 | 54,836 |
Non-Accrual Status [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications Recorded Investments | 9,852 | 11,860 |
Commercial Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications Recorded Investments | 19,219 | 51,136 |
Commercial Real Estate [Member] | Accrual Status [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications Recorded Investments | 17,895 | 48,817 |
Commercial Real Estate [Member] | Non-Accrual Status [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications Recorded Investments | 1,324 | 2,319 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications Recorded Investments | 17,071 | 14,945 |
Commercial [Member] | Accrual Status [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications Recorded Investments | 8,543 | 5,404 |
Commercial [Member] | Non-Accrual Status [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications Recorded Investments | 8,528 | 9,541 |
Residential [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications Recorded Investments | 4,917 | 615 |
Residential [Member] | Accrual Status [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications Recorded Investments | 4,917 | 615 |
Residential [Member] | Non-Accrual Status [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications Recorded Investments | $ 0 | $ 0 |
Allowance for Loan and Lease Loss and Credit Quality (Schedule Of Newly Restructured Loans) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | $ 17,297 | $ 19,758 |
Rate Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 0 | 0 |
Term Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 74 | 10,691 |
Interest Only Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 0 | 0 |
Payment Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 122 | 0 |
Combination Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 17,101 | 9,067 |
Commercial Real Estate [Member] | Term And Multi Family [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 1,374 | 5,851 |
Commercial Real Estate [Member] | Term And Multi Family [Member] | Rate Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 0 | 0 |
Commercial Real Estate [Member] | Term And Multi Family [Member] | Term Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 0 | 2,332 |
Commercial Real Estate [Member] | Term And Multi Family [Member] | Interest Only Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 0 | 0 |
Commercial Real Estate [Member] | Term And Multi Family [Member] | Payment Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 0 | 0 |
Commercial Real Estate [Member] | Term And Multi Family [Member] | Combination Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 1,374 | 3,519 |
Commercial [Member] | Term [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 11,737 | 13,769 |
Commercial [Member] | Term [Member] | Rate Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 0 | 0 |
Commercial [Member] | Term [Member] | Term Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 0 | 8,359 |
Commercial [Member] | Term [Member] | Interest Only Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 0 | 0 |
Commercial [Member] | Term [Member] | Payment Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 0 | 0 |
Commercial [Member] | Term [Member] | Combination Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 11,737 | 5,410 |
Residential [Member] | Mortgage [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 4,186 | 138 |
Residential [Member] | Mortgage [Member] | Rate Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 0 | 0 |
Residential [Member] | Mortgage [Member] | Term Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 74 | 0 |
Residential [Member] | Mortgage [Member] | Interest Only Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 0 | 0 |
Residential [Member] | Mortgage [Member] | Payment Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 122 | 0 |
Residential [Member] | Mortgage [Member] | Combination Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 3,990 | 138 |
Consumer & Other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 0 | 0 |
Consumer & Other [Member] | Rate Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 0 | 0 |
Consumer & Other [Member] | Term Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 0 | 0 |
Consumer & Other [Member] | Interest Only Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 0 | 0 |
Consumer & Other [Member] | Payment Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | 0 | 0 |
Consumer & Other [Member] | Combination Modifications [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Financing Receivable Modifications During The Period | $ 0 | $ 0 |
Premises and Equipment (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 47.6 | $ 36.9 | $ 20.5 |
Premises and Equipment (Components Of Premises And Equipment) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Property, Plant and Equipment [Line Items] | ||
Land | $ 45,762 | $ 46,415 |
Buildings and improvements | 232,635 | 218,326 |
Furniture, fixtures and equipment | 156,031 | 132,249 |
Software | 70,195 | 40,785 |
Construction in progress | 13,781 | 32,313 |
Total premises and equipment | 518,404 | 470,088 |
Less: Accumulated depreciation and amortization | (189,670) | (152,254) |
Premises and equipment, net | $ 328,734 | $ 317,834 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 7 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 39 years | |
Office Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 4 years | |
Office Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years | |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years |
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2013 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill, Period Increase (Decrease) | $ 1,600 | $ (644) |
Goodwill and Other Intangible Assets (Goodwill And Other Intangible Assets) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Goodwill [Roll Forward] | |||
Goodwill, Total, Beginning Balance | $ 1,786,225 | ||
Goodwill, Total, Ending Balance | 1,787,793 | $ 1,786,225 | |
Finite-lived Intangible Assets [Roll Forward] | |||
Other Intangible Assets, Amortization | (11,225) | (10,207) | $ (4,781) |
Other Intangible Assets, Net, Ending Balance | 45,508 | ||
Community Banking [Member] | |||
Goodwill [Roll Forward] | |||
Goodwill, Gross, Beginning Balance | 1,899,159 | 877,239 | 781,106 |
Goodwill, Impaired, Accumulated Impairment Loss, Beginning Balance | (112,934) | (112,934) | (112,934) |
Goodwill, Total, Beginning Balance | 1,786,225 | 764,305 | 668,172 |
Goodwill, Net additions | 1,568 | 1,021,920 | 96,777 |
Goodwill, Reductions | 0 | 0 | (644) |
Goodwill, Gross, Ending Balance | 1,900,727 | 1,899,159 | 877,239 |
Goodwill, Impaired, Accumulated Impairment Loss, Ending Balance | (112,934) | (112,934) | (112,934) |
Goodwill, Total, Ending Balance | 1,787,793 | 1,786,225 | 764,305 |
Other Intagible Assets [Member] | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Other Intangible Assets, Gross, Beginning Balance | 113,471 | 58,909 | 58,909 |
Other Intangible Assets, Accumulated Amortization, Beginning Balance | (56,738) | (46,531) | (41,750) |
Other Intangible Assets, Net, Beginning Balance | 56,733 | 12,378 | 17,159 |
Other Intangible Assets, Net additions | 0 | 54,562 | 0 |
Other Intangible Assets, Amortization | (11,225) | (10,207) | (4,781) |
Other Intangible Assets, Gross, Ending Balance | 113,471 | 113,471 | 58,909 |
Other Intangible Assets, Accumulated Amortization, Ending Balance | (67,963) | (56,738) | (46,531) |
Other Intangible Assets, Net, Ending Balance | $ 45,508 | $ 56,733 | $ 12,378 |
Goodwill and Other Intangible Assets (Schedule Of Intangible Assets and Goodwill) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2016 | $ 8,622 |
2017 | 6,756 |
2018 | 6,166 |
2019 | 5,618 |
2020 | 4,986 |
Thereafter | 13,360 |
Total Expected Amortization | $ 45,508 |
Residential Mortgage Servicing Rights (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Transfers and Servicing [Abstract] | |||
Contractually specified servicing fees, late fees and ancillary fees earned | $ 28.0 | $ 20.8 | $ 10.4 |
Residential Mortgage Servicing Rights (Schedule Of Changes In Mortgage Servicing Rights) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Balance, beginning of period | $ 117,259 | $ 47,765 | $ 27,428 |
Acquired/purchased MSR | 0 | 62,770 | 0 |
Additions for new MSR capitalized | 35,284 | 23,311 | 17,963 |
Due to changes in model inputs or assumptions | (380) | (5,757) | 5,688 |
Other | (20,346) | (10,830) | (3,314) |
Balance, end of period | $ 131,817 | $ 117,259 | $ 47,765 |
Residential Mortgage Servicing Rights (Schedule Of Information Relates To Serviced Loan Portfolio) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Transfers and Servicing [Abstract] | |||
Balance of loans serviced for others | $ 13,047,266 | $ 11,590,310 | $ 4,362,499 |
MSR as a percentage of serviced loans | 1.01% | 1.01% | 1.09% |
Residential Mortgage Servicing Rights (Key Assumptions Used In Measuring The Fair Value Of MSR) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Transfers and Servicing [Abstract] | |||
Constant prepayment rate | 11.70% | 12.39% | 12.74% |
Discount rate | 9.68% | 9.17% | 8.69% |
Weighted average life (years) | 6 years 6 months | 6 years 4 months 24 days | 6 years |
Residential Mortgage Servicing Rights (Sensitivity Analysis of Current Fair Value to Changes in Discount and Prepayment Speed Assumptions) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Transfers and Servicing [Abstract] | ||
Effect on fair value of a 10% adverse change | $ (5,337) | $ (4,965) |
Effect on fair value of a 20% adverse change | (10,283) | (9,547) |
Effect on fair value of a 100 basis point adverse change | (4,936) | (4,539) |
Effect on fair value of a 200 basis point adverse change | $ (9,494) | $ (8,771) |
Other Real Estate Owned, Net (Narrative) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
---|---|---|---|---|
Financing Receivable, Impaired [Line Items] | ||||
Real Estate Owned, Valuation Allowance | $ 4,100 | $ 5,600 | $ 1,000 | |
Other real estate owned | 22,307 | $ 37,942 | $ 23,935 | $ 27,512 |
Residential Real Estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Other real estate owned | 2,200 | |||
Mortgage loans in process of foreclosure | $ 5,300 |
Other Real Estate Owned, Net (Schedule Of Changes In Other Real Estate Owned) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Real Estate Owned Valuation Allowance [Roll Forward] | |||
Balance, beginning of period | $ 37,942 | $ 23,935 | $ 27,512 |
Additions to OREO due to acquisition | 0 | 8,666 | 0 |
Additions to OREO | 9,062 | 24,873 | 24,193 |
Dispositions of OREO | (21,915) | (15,804) | (25,610) |
Valuation adjustments in the period | (2,782) | (3,728) | (2,160) |
Balance, end of period | $ 22,307 | $ 37,942 | $ 23,935 |
Other Assets (Narrative) (Details) - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Tax Credit Carryforward [Line Items] | ||
Affordable Housing Project Investment, Income Tax Effect | $ 1.7 | $ 1.9 |
Affordable Housing Tax Credits and Other Tax Benefits, Amount | 1.4 | 2.0 |
Capital commitments relating to investments | 7.1 | 5.3 |
Low Income Housing Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Tax Credit Carryforward, Amount | $ 7.1 | $ 7.1 |
Other Assets (Schedule of Other Assets) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Accrued interest receivable | $ 52,835 | $ 48,343 |
Derivative assets | 43,549 | 29,210 |
Low-income housing tax credit investments | 15,889 | 12,311 |
Prepaid expenses | 15,021 | 44,031 |
Investment in unconsolidated trust subsidiaries | 14,277 | 14,296 |
Income taxes receivable | 10,715 | 18,663 |
Commercial servicing asset | 7,944 | 9,329 |
Other | 42,266 | 51,935 |
Total | $ 202,496 | $ 228,118 |
Income Taxes (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Apr. 18, 2014 |
|
Income Tax Contingency [Line Items] | |||
Deferred tax asset, net | $ 138,082 | $ 230,442 | $ 276,800 |
Net operating loss and tax credit carryforwards | 238,400 | ||
Valuation allowance | 1,090 | 3,366 | |
Deferred Tax Assets, Gross | $ 307,300 | 420,000 | |
State Tax Credits Benefit Period | 5 years | ||
State Tax Credits Carry Forward Period | 8 years | ||
Unrecognized Tax Benefits | $ 2,900 | 2,700 | |
Effective income tax rate on unrecognized tax benefits that would impact effective tax rate | 1.00% | ||
Unrecognized Tax Benefits, Interest on Income Taxes Expense | $ 29 | 206 | |
Accrued interest related to unrecognized tax benefits | 428 | 399 | |
Low Income Housing Tax Credit Carryforward [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax Credit Carryforward, Amount | 7,100 | 7,100 | |
State and Local Jurisdiction [Member] | |||
Income Tax Contingency [Line Items] | |||
Valuation allowance | 1,100 | 3,400 | |
Tax Credit Carryforward, Amount | 6,600 | 8,900 | |
Domestic Tax Authority [Member] | Low Income Housing And Alternative Minimum Tax, Tax Credit Carryforward [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax Credit Carryforward, Amount | $ 9,100 | $ 13,000 | |
Domestic Tax Authority [Member] | Low Income Housing Tax Credit Carryforward [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax Credit Carryforward, Carryforward Term | 20 years |
Income Taxes (Schedule Of Components Of Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||||||||||
Current, Federal | $ 22,914 | $ 1,968 | $ 37,960 | ||||||||
Deferred, Federal | 81,267 | 70,583 | 7,722 | ||||||||
Total, Federal | 104,181 | 72,551 | 45,682 | ||||||||
Current, State | 1,708 | 1,045 | 8,187 | ||||||||
Deferred, State | 18,699 | 9,444 | 323 | ||||||||
State, Total | 20,407 | 10,489 | 8,510 | ||||||||
Current Income Tax Expense (Benefit) | 24,622 | 3,013 | 46,147 | ||||||||
Deferred income tax expense | 99,966 | 80,027 | 8,045 | ||||||||
Income Tax Expense (Benefit) | $ 35,704 | $ 31,633 | $ 30,612 | $ 26,639 | $ 29,641 | $ 32,107 | $ 11,356 | $ 9,936 | $ 124,588 | $ 83,040 | $ 54,192 |
Income Taxes (Schedule Of Reconciliation Of Income Taxes) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Statutory Federal income tax rate | 35.00% | 35.00% | 35.00% |
State tax, net of Federal income tax | 4.00% | 3.50% | 4.40% |
Tax-exempt income | (1.80%) | (2.50%) | (3.20%) |
Tax credits | (0.10%) | (0.80%) | (1.80%) |
Nondeductible merger expenses | 0.00% | 1.20% | 1.00% |
BOLI | (1.10%) | (1.60%) | (0.80%) |
Other | (0.10%) | 1.20% | 1.00% |
Effective income tax rate | 35.90% | 36.00% | 35.60% |
Income Taxes (Components Of The Net Deferred Tax (Liabilities) Assets) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Apr. 18, 2014 |
---|---|---|---|
Deferred Tax Assets, Gross [Abstract] | |||
Net operating loss carryforwards | $ 137,302 | $ 197,227 | |
Allowance for loan and lease losses | 54,048 | 41,133 | |
Loan discount | 40,068 | 90,287 | |
Accrued severance and deferred compensation | 28,893 | 28,216 | |
Tax credits | 15,778 | 21,966 | |
Other | 32,350 | 44,493 | |
Total gross deferred tax assets | 308,439 | 423,322 | |
Deferred Tax Liabilities, Gross [Abstract] | |||
Residential mortgage servicing rights | 54,112 | 48,496 | |
Fair market value adjustment on preferred securities | 48,407 | 50,549 | |
Intangibles | 17,417 | 15,074 | |
Total gross deferred tax liabilities | 49,331 | 75,395 | |
Total gross deferred tax liabilities | 169,267 | 189,514 | |
Valuation allowance | (1,090) | (3,366) | |
Net deferred tax assets | $ 138,082 | $ 230,442 | $ 276,800 |
Income Taxes (Schedule Of Company's Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance, beginning of period | $ 2,671 | $ 602 |
Effectively settled positions | 0 | (86) |
Changes for tax positions of current year | 178 | 146 |
Changes for tax positions of prior years/assumed in merger | 574 | 2,009 |
Lapse of statute of limitations | (535) | 0 |
Balance, end of period | $ 2,888 | $ 2,671 |
Interest Bearing Deposits (Major Types Of Interest Bearing Deposits) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Banking and Thrift [Abstract] | ||
Interest bearing demand | $ 2,157,376 | $ 2,054,994 |
Money market | 6,599,516 | 6,113,138 |
Savings | 1,136,809 | 971,185 |
Time, $100,000 and over | 1,604,446 | 1,765,721 |
Time less than $100,000 | 890,451 | 1,242,257 |
Total interest bearing deposits | 12,388,598 | 12,147,295 |
Time deposits that meet or exceed FDIC insurance limit | $ 689,300 | $ 859,700 |
Interest Bearing Deposits (Maturities Of Time Deposits) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Banking and Thrift [Abstract] | |
2016 | $ 1,656,200 |
2017 | 447,947 |
2018 | 87,399 |
2019 | 157,283 |
2020 | 137,659 |
Thereafter | 8,409 |
Total time deposits | $ 2,494,897 |
Interest Bearing Deposits (Remaining Maturities Of Time Deposits of $100,000 Or More) (Details) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Banking and Thrift [Abstract] | ||
Three months or less | $ 494,891,000 | |
Over three months through six months | 299,599,000 | |
Over six months through twelve months | 310,738,000 | |
Over twelve months | 499,218,000 | |
Time, $100,000 and over | 1,604,446,000 | $ 1,765,721,000 |
Time Deposit Of One Hundred Thousand Or More | $ 100,000 |
Securities Sold Under Agreements To Repurchase (Narrative) (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|
Investments, Debt and Equity Securities [Abstract] | |||
Securities sold under agreements to repurchase average | $ 321.1 | $ 189.5 | $ 177.9 |
Securities sold under agreements to repurchase maximum outstanding | $ 334.6 | $ 313.3 | $ 233.8 |
Securities Sold Under Agreements To Repurchase (Securities Sold Under Agreements to Repurchase) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Repurchase Amount | $ 304,560 | $ 313,321 |
Weighted Average Interest Rate | 0.02% | 0.04% |
Carrying Value of Underlying Assets | $ 402,003 | $ 411,569 |
Market Value of Underlying Assets | $ 402,003 | $ 411,569 |
Federal Funds Purchased (Details) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Banking and Thrift [Abstract] | ||
Outstanding federal funds purchased balance | $ 0 | $ 0 |
Federal home loan bank, advances, general debt obligations, disclosures, amount of available, unused funds | $ 5,400,000,000 | |
Minimum [Member] | ||
Federal Funds Purchased [Line Items] | ||
Interest rate available lines of credit | 0.20% | |
Maximum [Member] | ||
Federal Funds Purchased [Line Items] | ||
Interest rate available lines of credit | 0.90% | |
Federal Reserve Bank Advances [Member] | ||
Federal Funds Purchased [Line Items] | ||
Lines of credit | $ 333,300,000 | |
Federal Funds Purchased [Member] | ||
Federal Funds Purchased [Line Items] | ||
Lines of credit | $ 450,000,000 |
Term Debt (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Debt Disclosure [Abstract] | ||
Term debt | $ 888,769 | $ 1,006,395 |
Maximum outstanding FHLB advances at any month end | 1,000,000 | 1,100,000 |
Average outstanding FHLB advances | $ 919,100 | $ 842,100 |
Average interest rate on borrowings | 1.90% | 1.60% |
Term Debt (Schedule Of Future Contractual Maturities Of Borrowed Funds) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2016 | $ 525,016 |
2017 | 155,000 |
2018 | 50,000 |
2019 | 0 |
2020 | 150,000 |
Thereafter | 5,151 |
Total borrowed funds | $ 885,167 |
Junior Subordinated Debentures (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Debt Disclosure [Abstract] | |||
Common stock issued by Trusts | $ 14,300 | $ 14,300 | |
Loss on junior subordinated debentures carried at fair value | $ 6,306 | $ 5,090 | $ 2,197 |
Junior Subordinated Debentures (Junior Subordinated Debentures) (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 475,427 | |
AT AMORTIZED COST | 101,254 | $ 101,576 |
Carrying Value | 356,711 | |
Junior Subordinated Debt, at Fair Value [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | 379,390 | |
AT FAIR VALUE | 255,457 | |
Junior Subordinated Debt, at Fair Value [Member] | Umpqua Statutory Trust II [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | 20,619 | |
AT FAIR VALUE | $ 15,427 | |
Rate | LIBOR | |
Basis spread on LIBOR | 3.35% | |
Effective Rate | 4.91% | |
Junior Subordinated Debt, at Fair Value [Member] | Umpqua Statutory Trust III [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 30,928 | |
AT FAIR VALUE | $ 23,320 | |
Rate | LIBOR | |
Basis spread on LIBOR | 3.45% | |
Effective Rate | 5.06% | |
Junior Subordinated Debt, at Fair Value [Member] | Umpqua Statutory Trust IV [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
AT FAIR VALUE | $ 7,319 | |
Rate | LIBOR | |
Basis spread on LIBOR | 2.85% | |
Effective Rate | 4.47% | |
Junior Subordinated Debt, at Fair Value [Member] | Umpqua Statutory Trust V [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
AT FAIR VALUE | $ 7,292 | |
Rate | LIBOR | |
Basis spread on LIBOR | 2.85% | |
Effective Rate | 4.77% | |
Junior Subordinated Debt, at Fair Value [Member] | Umpqua Master Trust I [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 41,238 | |
AT FAIR VALUE | $ 24,268 | |
Rate | LIBOR | |
Basis spread on LIBOR | 1.35% | |
Effective Rate | 3.16% | |
Junior Subordinated Debt, at Fair Value [Member] | Umpqua Master Trust IB [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 20,619 | |
AT FAIR VALUE | $ 14,063 | |
Rate | LIBOR | |
Basis spread on LIBOR | 2.75% | |
Effective Rate | 4.78% | |
Junior Subordinated Debt, at Fair Value [Member] | Sterling Capital Trust III [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 14,433 | |
AT FAIR VALUE | $ 11,311 | |
Rate | LIBOR | |
Basis spread on LIBOR | 3.25% | |
Effective Rate | 4.57% | |
Junior Subordinated Debt, at Fair Value [Member] | Sterling Capital Trust IV [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
AT FAIR VALUE | $ 7,994 | |
Rate | LIBOR | |
Basis spread on LIBOR | 3.15% | |
Effective Rate | 4.53% | |
Junior Subordinated Debt, at Fair Value [Member] | Sterling Capital Statutory Trust V [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 20,619 | |
AT FAIR VALUE | $ 16,040 | |
Rate | LIBOR | |
Basis spread on LIBOR | 3.25% | |
Effective Rate | 4.95% | |
Junior Subordinated Debt, at Fair Value [Member] | Sterling Capital Trust VI [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
AT FAIR VALUE | $ 7,969 | |
Rate | LIBOR | |
Basis spread on LIBOR | 3.20% | |
Effective Rate | 4.45% | |
Junior Subordinated Debt, at Fair Value [Member] | Sterling Capital Trust VII [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 56,702 | |
AT FAIR VALUE | $ 34,540 | |
Rate | LIBOR | |
Basis spread on LIBOR | 1.53% | |
Effective Rate | 3.34% | |
Junior Subordinated Debt, at Fair Value [Member] | Sterling Capital Trust VIII [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 51,547 | |
AT FAIR VALUE | $ 31,708 | |
Rate | LIBOR | |
Basis spread on LIBOR | 1.63% | |
Effective Rate | 3.48% | |
Junior Subordinated Debt, at Fair Value [Member] | Sterling Capital Trust IX [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 46,392 | |
AT FAIR VALUE | $ 27,241 | |
Rate | LIBOR | |
Basis spread on LIBOR | 1.40% | |
Effective Rate | 2.94% | |
Junior Subordinated Debt, at Fair Value [Member] | Lynnwood Financial Statutory Trust I [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 9,279 | |
AT FAIR VALUE | $ 7,144 | |
Rate | LIBOR | |
Basis spread on LIBOR | 3.15% | |
Effective Rate | 4.87% | |
Junior Subordinated Debt, at Fair Value [Member] | Lynnwood Financial Statutory Trust II [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
AT FAIR VALUE | $ 6,599 | |
Rate | LIBOR | |
Basis spread on LIBOR | 1.80% | |
Effective Rate | 3.61% | |
Junior Subordinated Debt, at Fair Value [Member] | Klamath First Capital Trust I [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 15,464 | |
AT FAIR VALUE | $ 13,222 | |
Rate | LIBOR | |
Basis spread on LIBOR | 3.75% | |
Effective Rate | 4.95% | |
Junior Subordinated Debt, at Amortized Cost [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 96,037 | |
AT AMORTIZED COST | 101,254 | |
Junior Subordinated Debt, at Amortized Cost [Member] | HB Capital Trust I [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | 5,310 | |
AT AMORTIZED COST | $ 6,106 | |
Debt Instrument, Interest Rate, Stated Percentage | 10.875% | |
Effective Rate | 8.54% | |
Junior Subordinated Debt, at Amortized Cost [Member] | Humboldt Bancorp Statutory Trust I [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 5,155 | |
AT AMORTIZED COST | $ 5,741 | |
Debt Instrument, Interest Rate, Stated Percentage | 10.20% | |
Effective Rate | 8.48% | |
Junior Subordinated Debt, at Amortized Cost [Member] | Humboldt Bancorp Statutory Trust II [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
AT AMORTIZED COST | $ 11,164 | |
Rate | LIBOR | |
Basis spread on LIBOR | 3.60% | |
Effective Rate | 3.33% | |
Junior Subordinated Debt, at Amortized Cost [Member] | Humboldt Bancorp Statutory Trust III [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 27,836 | |
AT AMORTIZED COST | $ 30,083 | |
Rate | LIBOR | |
Basis spread on LIBOR | 2.95% | |
Effective Rate | 2.78% | |
Junior Subordinated Debt, at Amortized Cost [Member] | Cib Capital Trust [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
AT AMORTIZED COST | $ 11,044 | |
Rate | LIBOR | |
Basis spread on LIBOR | 3.45% | |
Effective Rate | 3.16% | |
Junior Subordinated Debt, at Amortized Cost [Member] | Western Sierra Statutory Trust I [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 6,186 | |
AT AMORTIZED COST | $ 6,186 | |
Rate | LIBOR | |
Basis spread on LIBOR | 3.58% | |
Effective Rate | 3.91% | |
Junior Subordinated Debt, at Amortized Cost [Member] | Western Sierra Statutory Trust II [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
AT AMORTIZED COST | $ 10,310 | |
Rate | LIBOR | |
Basis spread on LIBOR | 3.60% | |
Effective Rate | 4.13% | |
Junior Subordinated Debt, at Amortized Cost [Member] | Western Sierra Statutory Trust III [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
AT AMORTIZED COST | $ 10,310 | |
Rate | LIBOR | |
Basis spread on LIBOR | 2.90% | |
Effective Rate | 3.22% | |
Junior Subordinated Debt, at Amortized Cost [Member] | Western Sierra Statutory Trust IV [Member] | ||
Junior Subordinated Debentures [Line Items] | ||
Issued Amount | $ 10,310 | |
AT AMORTIZED COST | $ 10,310 | |
Rate | LIBOR | |
Basis spread on LIBOR | 2.90% | |
Effective Rate | 3.22% |
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $ 7,400 | $ 5,000 | $ 3,800 |
Deferred Compensation Liability, Current and Noncurrent | $ 4,900 | 3,900 | |
Salary continuation plan minimum period | 10 years | ||
Salary continuation plan maximum period | 20 years | ||
Present Value Of Future Salary Contribution Plan Benefits | $ 36,100 | 42,300 | |
Postemployment Benefits, Period Expense | 1,100 | 2,900 | 849 |
Deferred Compensation Cash-based Arrangements, Liability, Current and Noncurrent | 9,600 | 9,100 | |
Cash Surrender Value of Life Insurance | 291,900 | 294,300 | |
Other Postretirement Defined Benefit Plan, Liabilities | 6,200 | 6,200 | |
Supplemental Employee Retirement Plans, Defined Benefit [Member] | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Contributions by Employer | 178 | 140 | $ 123 |
Other Deferred Compensation Arrangements, Liability, Current and Noncurrent | $ 889 | 812 | |
Percentage Of Deferred Salary | 50.00% | ||
Pension and Other Postretirement Defined Benefit Plans, Liabilities | $ 8,700 | $ 8,700 |
Commitments and Contingencies (Narrative) (Details) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
properties
$ / shares
shares
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Loss Contingencies [Line Items] | |||
Number of non-cancelable operating leases | properties | 277 | ||
Rent expense | $ 37,800 | $ 33,100 | $ 19,100 |
Rent income | 1,400 | $ 512 | 785 |
Standby letters of credit that expire within one year | 39,800 | ||
Standby letters of credit that expire thereafter | 25,100 | ||
Standby Letters of Credit, Fees | 950 | ||
Mortgage Loans on Real Estate, Repurchase Reserve Liability | $ 2,200 | ||
Litigation settlement other company owned stock | $ 4,400,000 | ||
Concentration risk, percentage | 78.00% | 80.00% | |
Visa Inc [Member] | |||
Loss Contingencies [Line Items] | |||
Other company stock owned shares | shares | 483,806 | ||
Conversion ratio from Class B shares into Class A shares | 1.6483 | ||
Value of the Class A shares (in usd per share) | $ / shares | $ 77.55 | ||
Unredeemed Class A equivalent shares owned | $ 61,800 |
Commitments and Contingencies (Future Minimum Lease Payments And Future Minimum Income Receivable Under Non-Cancelable Operating Leases) (Details) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
2016, Lease Payments | $ 30,822 |
2017, Lease Payments | 26,488 |
2018, Lease Payments | 23,074 |
2019, Lease Payments | 20,259 |
2020, Lease Payments | 16,177 |
Thereafter, Lease Payments | 43,852 |
Total, Lease Payments | 160,672 |
2016, Sublease Income | 1,291 |
2017, Sublease Income | 1,461 |
2018, Sublease Income | 1,167 |
2019, Sublease Income | 1,152 |
2020, Sublease Income | 1,168 |
Thereafter, Sublease | 4,759 |
Total, Sublease Income | $ 10,998 |
Commitments and Contingencies (Schedule Of Commitments And Contingencies) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | ||
Commitments To Extend Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | $ 3,658,614 | |
Commitments To Extend Overdrafts [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | 808,216 | |
Forward Sales Commitments [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | 556,568 | |
Commitments To Originate Loans Held For Sale [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | 341,263 | |
Standby Letters Of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Commitments and contingent liabilities | $ 64,906 |
Derivatives (Narrative) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
contracts
|
Dec. 31, 2014
USD ($)
contracts
|
Dec. 31, 2013
USD ($)
|
|
Credit Derivatives [Line Items] | |||
Counterparty default losses on forward contracts | $ 0 | $ 0 | $ 0 |
Commitments and contingent liabilities | |||
Number of interest rate derivatives held | contracts | 381 | 302 | |
Notional amount of credit risk derivatives | $ 1,900,000,000 | $ 1,400,000,000 | |
Termination value of derivatives in net liability position | 40,200,000 | 29,000,000 | |
Required collateral posting | 58,700,000 | 43,500,000 | |
Increase (decrease) in settlement values of the Bank's derivative assets | 1,900,000 | $ 1,900,000 | |
Commitments To Originate Loans Held For Sale [Member] | |||
Credit Derivatives [Line Items] | |||
Commitments and contingent liabilities | 341,263,000 | ||
Interest Rate Forward Sales Commitments [Member] | |||
Credit Derivatives [Line Items] | |||
Commitments and contingent liabilities | $ 556,568,000 |
Derivatives (Summary Of Types Of Derivatives, Separately By Assets And Liabilities And Fair Value Of Derivatives) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Derivatives, Fair Value [Line Items] | ||
Derivative assets | $ 43,549 | $ 29,210 |
Interest Rate Lock Commitments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 3,631 | 2,867 |
Interest Rate Forward Sales Commitments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1,155 | 16 |
Total liability derivatives | 971 | 2,627 |
Interest Rate Swap [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 38,567 | 26,327 |
Total liability derivatives | 40,238 | 28,158 |
Interest Rate Contracts [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 43,549 | 29,775 |
Total liability derivatives | 41,514 | 30,888 |
Interest Rate Contracts [Member] | Interest Rate Lock Commitments [Member] | Other Assets[Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 3,631 | 2,867 |
Interest Rate Contracts [Member] | Interest Rate Lock Commitments [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total liability derivatives | 0 | 0 |
Interest Rate Contracts [Member] | Interest Rate Forward Sales Commitments [Member] | Other Assets[Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 1,155 | 16 |
Interest Rate Contracts [Member] | Interest Rate Forward Sales Commitments [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total liability derivatives | 971 | 2,627 |
Interest Rate Contracts [Member] | Interest Rate Swap [Member] | Other Assets[Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 38,567 | 26,327 |
Interest Rate Contracts [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total liability derivatives | 40,238 | 28,158 |
Foreign Exchange Contract [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 196 | 565 |
Total liability derivatives | 305 | 103 |
Foreign Exchange Contract [Member] | Other Assets[Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets | 196 | 565 |
Foreign Exchange Contract [Member] | Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Total liability derivatives | $ 305 | $ 103 |
Derivatives (Summary Of Types Of Derivatives And Gains (Losses) Recorded) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Interest Rate Contracts [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gains (losses) | $ (2,816) | $ (23,805) | $ 14,298 |
Interest Rate Contracts [Member] | Interest Rate Lock Commitments [Member] | Mortgage Banking Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gains (losses) | 763 | 2,000 | (772) |
Interest Rate Contracts [Member] | Interest Rate Forward Sales Commitments [Member] | Mortgage Banking Revenue [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gains (losses) | (4,752) | (23,463) | 13,225 |
Interest Rate Contracts [Member] | Interest Rate Swap [Member] | Other Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gains (losses) | 162 | (3,232) | 1,243 |
Foreign Exchange Contract [Member] | Other Income [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative gains (losses) | $ 1,011 | $ 890 | $ 602 |
Derivatives (Offsetting Derivatives Assets) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Derivative Assets | ||
Derivatives Assets, Net Amounts of Assets presented in the Statement of Financial Position | $ 43,549 | $ 29,210 |
Interest Rate Swap [Member] | ||
Derivative Assets | ||
Derivative Assets, Gross Amounts of Recognized Assets | 38,567 | 26,327 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Derivatives Assets, Net Amounts of Assets presented in the Statement of Financial Position | 38,567 | 26,327 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | (198) | (131) |
Derivative Assets, Gross Amounts Not Offset in the Statement of Financial Position, Collateral Posted | 0 | 0 |
Derivative Assets, Net Amount | 38,369 | 26,196 |
Foreign Exchange Contract [Member] | ||
Derivative Assets | ||
Derivative Assets, Gross Amounts of Recognized Assets | 196 | 565 |
Derivative Asset, Fair Value, Gross Liability | 0 | 0 |
Derivatives Assets, Net Amounts of Assets presented in the Statement of Financial Position | 196 | 565 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 0 | 0 |
Derivative Assets, Gross Amounts Not Offset in the Statement of Financial Position, Collateral Posted | 0 | 0 |
Derivative Assets, Net Amount | $ 196 | $ 565 |
Derivatives (Offsetting Derivatives Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Interest Rate Swap [Member] | ||
Derivative Liabilities | ||
Derivative Liabilities, Gross Amounts of Recognized Liabilities | $ 40,238 | $ 28,158 |
Derivative Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Derivatives Liabilities, Net Amounts of Liabilities presented in the Statement of Financial Position | 40,238 | 28,158 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | (198) | (131) |
Derivative Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Collateral Posted | (40,040) | (28,027) |
Derivative Liabilities, Net Amount | 0 | 0 |
Foreign Exchange Contract [Member] | ||
Derivative Liabilities | ||
Derivative Liabilities, Gross Amounts of Recognized Liabilities | 305 | 103 |
Derivative Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Derivatives Liabilities, Net Amounts of Liabilities presented in the Statement of Financial Position | 305 | 103 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral [Abstract] | ||
Derivative Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | 0 | 0 |
Derivative Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Collateral Posted | 0 | 0 |
Derivative Liabilities, Net Amount | $ 305 | $ 103 |
Stock Compensation and Share Repurchase Plan (Narrative) (Details) |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Apr. 18, 2014
$ / shares
shares
|
Nov. 30, 2014
USD ($)
shares
|
Dec. 31, 2015
USD ($)
shares
|
Dec. 31, 2014
USD ($)
shares
|
Dec. 31, 2013
USD ($)
shares
|
Apr. 16, 2013
shares
|
|
Shareholders Equity and Share-Based Payments [Line Items] | ||||||
Stock options granted (in shares) | shares | 0 | 0 | ||||
Shares issued from exercise of warrants (in shares) | shares | 2,889,996 | |||||
Common stock, shares authorized | shares | 400,000,000 | 400,000,000 | 400,000,000 | |||
Compensation cost | $ 14,383,000 | $ 15,292,000 | $ 5,017,000 | |||
Accelerated compensation expense | 2,800,000 | |||||
Cash received from exercise of stock options | 195,000 | 4,600,000 | 159,000 | |||
Income tax benefits received | 5,200,000 | 6,300,000 | 1,700,000 | |||
Net tax benefit from stock options exercised | $ 552,000 | $ 1,200,000 | $ 148,000 | |||
Stock repurchased during period, shares | shares | 571,000 | 0 | 98,027 | |||
Restricted Stock Units (RSUs) [Member] | ||||||
Shareholders Equity and Share-Based Payments [Line Items] | ||||||
Total unrecognized compensation cost related to nonvested stock awards | $ 3,900,000 | |||||
Expected recognized over a weighted-average period, years | 1 year 6 months | |||||
Total fair value of restricted stock shares/units vested and released | $ 4,400,000 | $ 4,800,000 | $ 0 | |||
Cancellation of restricted stock units to pay withholding (in shares) | shares | 86,048 | 129,766 | ||||
2013 Stock Incentive Plan [Member] | ||||||
Shareholders Equity and Share-Based Payments [Line Items] | ||||||
Shares of common stock for issuance under the plan (in shares) | shares | 4,000,000 | |||||
Stock Options [Member] | ||||||
Shareholders Equity and Share-Based Payments [Line Items] | ||||||
Compensation cost | $ 13,600,000 | $ 12,500,000 | 5,000,000 | |||
Total income tax benefit recognized related to stock-based compensation | 5,200,000 | 4,800,000 | 1,900,000 | |||
Total intrinsic value of options outstanding | 1,400,000 | |||||
Total intrinsic value of options exercisable | $ 1,300,000 | |||||
Share-based compensation arrangement by share-based payment award, options, exercisable, weighted average remaining contractual term | 3 years 8 months 12 days | |||||
Total intrinsic value of options exercised | $ 535,000 | 3,100,000 | 2,300,000 | |||
Stock option compensation cost | $ 925,000 | $ 6,800,000 | 6,400,000 | |||
Stock repurchase program number of shares tendered | shares | 51,693 | 161,568 | ||||
Nonvested Stock [Member] | ||||||
Shareholders Equity and Share-Based Payments [Line Items] | ||||||
Total unrecognized compensation cost related to nonvested stock awards | $ 111,000 | |||||
Expected recognized over a weighted-average period, years | 1 year 4 months 24 days | |||||
Restricted Stock [Member] | ||||||
Shareholders Equity and Share-Based Payments [Line Items] | ||||||
Total unrecognized compensation cost related to nonvested stock awards | $ 8,700,000 | |||||
Expected recognized over a weighted-average period, years | 1 year 1 month 17 days | |||||
Fair value of restricted shares | $ 8,600,000 | $ 7,100,000 | $ 2,000,000 | |||
Cancellation of restricted stock shares to pay withholding (in shares) | shares | 135,474 | 107,131 | ||||
Stock Repurchase Plan [Member] | ||||||
Shareholders Equity and Share-Based Payments [Line Items] | ||||||
Stock repurchase program number of shares authorized, amended | shares | 15,000,000 | |||||
Stock repurchase program, remaining number of shares authorized to be repurchased | shares | 11,400,000 | |||||
Subsequent To 2011 [Member] | Restricted Stock [Member] | ||||||
Shareholders Equity and Share-Based Payments [Line Items] | ||||||
Share-based compensation award, vesting period | 3 years | |||||
Sterling Financial Corporation [Member] | ||||||
Shareholders Equity and Share-Based Payments [Line Items] | ||||||
Common shares issued (in shares) | shares | 104,385,087 | |||||
Stock options granted (in shares) | shares | 439,921 | |||||
Warrants outstanding (in shares) | shares | 2,960,238 | |||||
Equity issuable, share conversion ratio | 1.671 | |||||
Exercise price of warrants (usd per share) | $ / shares | $ 12.88 | |||||
Shares issued from exercise of warrants (in shares) | shares | 2,889,896 | |||||
Value of shares issued from exercise of warrants | $ 6,600,000 | |||||
Sterling Financial Corporation [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Shareholders Equity and Share-Based Payments [Line Items] | ||||||
Restricted stock units granted (in shares) | shares | 994,214 | |||||
Equity issuable, share conversion ratio | 1.7896 |
Stock Compensation and Share Repurchase Plan (Summary Of Stock Option Activity) (Details) - $ / shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options Outstanding, Balance, beginning of period (in shares) | 807 | 981 | 1,850 |
Options Outstanding, Granted/assumed (in shares) | 0 | 440 | 0 |
Options Outstanding, Exercised (in shares) | (83) | (572) | (515) |
Options Outstanding, Forfeited/expired (in shares) | (252) | (42) | (354) |
Options Outstanding, Balance, end of period (in shares) | 472 | 807 | 981 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |||
Weighted Avg Exercise Price, Balance beginning of period (in usd per share) | $ 16.80 | $ 16.17 | $ 15.37 |
Weighted-Avg Exercise Price, Granted (in usd per share) | 0.00 | 12.12 | 0.00 |
Weighted-Avg Exercise Price, Exercised (in usd per share) | 11.06 | 11.93 | 12.42 |
Weighted-Avg Exercise Price, Forfeited/expired (in usd per share) | 22.88 | 19.28 | 17.46 |
Weighted Avg Exercise Price, Balance, end of period (in usd per share) | $ 14.58 | $ 16.80 | $ 16.17 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Options exercisable, end of year, Options Outstanding (in shares) | 437 | 676 | 627 |
Options exercisable, end of year, Weighted Avg. Exercise Price (in usd per share) | $ 14.78 | $ 17.71 | $ 18.86 |
Stock Compensation and Share Repurchase Plan (Summary Of Outstanding Stock Options Issued Under All Plans) (Details) - $ / shares shares in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding (in shares) | 472 | 807 | 981 | 1,850 |
Weighted Avg Remaining Contractual Life | 3 years 10 months 28 days | |||
Options Outstanding, Weighted Avg. Exercise Price (in usd per share) | $ 14.58 | $ 16.80 | $ 16.17 | $ 15.37 |
Options Exercisable (in shares) | 437 | 676 | 627 | |
Options Exercisable, Weighted Avg. Exercise Price | $ 14.78 | $ 17.71 | $ 18.86 | |
$9.23 to $11.89 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Range of Exercise Prices, minimum (in usd per share) | 9.23 | |||
Options Outstanding, Range of Exercise Prices, maximum (in usd per share) | $ 11.89 | |||
Options Outstanding (in shares) | 217 | |||
Weighted Avg Remaining Contractual Life | 4 years 3 months 7 days | |||
Options Outstanding, Weighted Avg. Exercise Price (in usd per share) | $ 11.18 | |||
Options Exercisable (in shares) | 217 | |||
Options Exercisable, Weighted Avg. Exercise Price | $ 11.18 | |||
$11.98 to $15.50 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Range of Exercise Prices, minimum (in usd per share) | 11.98 | |||
Options Outstanding, Range of Exercise Prices, maximum (in usd per share) | $ 15.50 | |||
Options Outstanding (in shares) | 180 | |||
Weighted Avg Remaining Contractual Life | 4 years 9 months 11 days | |||
Options Outstanding, Weighted Avg. Exercise Price (in usd per share) | $ 13.54 | |||
Options Exercisable (in shares) | 145 | |||
Options Exercisable, Weighted Avg. Exercise Price | $ 13.90 | |||
$26.12 to $28.43 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Range of Exercise Prices, minimum (in usd per share) | 26.12 | |||
Options Outstanding, Range of Exercise Prices, maximum (in usd per share) | $ 28.43 | |||
Options Outstanding (in shares) | 75 | |||
Weighted Avg Remaining Contractual Life | 9 months 18 days | |||
Options Outstanding, Weighted Avg. Exercise Price (in usd per share) | $ 26.89 | |||
Options Exercisable (in shares) | 75 | |||
Options Exercisable, Weighted Avg. Exercise Price | $ 26.89 |
Stock Compensation and Share Repurchase Plan (Schedule Of Assumptions Used In Measuring The Fair Value Of Mortgage Servicing Rights) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2014
$ / shares
| |
Equity [Abstract] | |
Dividend yield | 3.25% |
Expected life (years) | 6 years 9 months 13 days |
Expected volatility | 31.00% |
Risk-free rate | 0.91% |
Weighted average fair value of options on date of grant | $ 3.22 |
Stock Compensation and Share Repurchase Plan (Summary Of Nonvested Restricted Share Activity) (Details) - Restricted Stock [Member] - $ / shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares Outstanding - Balance, beginning of year | 1,386 | 992 | 763 |
Shares Outstanding - Granted | 639 | 839 | 467 |
Shares Outstanding - Vested/released | (516) | (399) | (153) |
Shares Outstanding - Forfeited/expired | (133) | (46) | (85) |
Shares Outstanding - Balance, end of year | 1,376 | 1,386 | 992 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Weighted Average Grant Date Fair Value - Balance, beginning of year | $ 15.39 | $ 12.79 | $ 12.39 |
Weighted Average Grant Date Fair Value - Granted | 15.83 | 17.33 | 13.04 |
Weighted Average Grant Date Fair Value - Vested/released | 14.58 | 12.42 | 12.17 |
Weighted Average Grant Date Fair Value - Forfeited/expired | 15.22 | 12.99 | 11.74 |
Weighted Average Grant Date Fair Value - Balance, end of year | $ 16.18 | $ 15.39 | $ 12.79 |
Stock Compensation and Share Repurchase Plan (Summary Of Restricted Stock Unit Activity) (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Shares Outstanding - Balance, beginning of year | 675 | 95 | 130 |
Shares Outstanding - Granted | 0 | 994 | 0 |
Shares Outstanding - Released | (254) | (342) | 0 |
Shares Outstanding - Forfeited/expired | (158) | (72) | (35) |
Shares Outstanding - Balance, end of year | 263 | 675 | 95 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Weighted Average Grant Date Fair Value - Balance, beginning of year | $ 18.03 | $ 10.41 | $ 10.41 |
Weighted Average Grant Date Fair Value - Granted | 0 | 18.58 | 0.00 |
Weighted Average Grant Date Fair Value - Released | 17.99 | 16.91 | 0.00 |
Weighted Average Grant Date Fair Value - Forfeited/expired | 18.48 | 18.58 | 10.42 |
Weighted Average Grant Date Fair Value - Balance, end of year | $ 18.58 | $ 18.03 | $ 10.41 |
Regulatory Capital (Summary of Company's Capital Amounts And Ratios) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Consolidated [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital | $ 2,553,161 | $ 2,391,267 |
Capital to Risk Weighted Assets | 14.34% | 15.20% |
Capital Required for Capital Adequacy | $ 1,424,127 | $ 1,258,198 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 1,780,159 | $ 1,572,747 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital | $ 2,073,402 | $ 2,271,563 |
Tier One Risk Based Capital to Risk Weighted Assets | 11.65% | 14.44% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 1,068,096 | $ 629,099 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 4.00% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 1,424,127 | $ 943,648 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 6.00% |
Tier One Common Equity | $ 2,020,814 | |
Tier One Common Equity to Risk Weighted Assets | 11.35% | |
Tier One Common Equity Required for Capital Adequacy | $ 801,072 | |
Tier One Common Equity Required for Capital Adequacy to Risk Weighted Assets | 4.50% | |
Tier One Common Equity Required to be Well Capitalized | $ 1,157,104 | |
Tier One Common Equity Required to be Well Capitalized to Risk Weighted Assets | 6.50% | |
Tier One Leverage Capital | $ 2,073,402 | $ 2,271,563 |
Tier One Leverage Capital to Average Assets | 9.73% | 10.99% |
Tier One Leverage Capital Required for Capital Adequacy | $ 852,091 | $ 827,128 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 1,065,114 | $ 1,033,910 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Umpqua Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital | $ 2,368,213 | $ 2,181,776 |
Capital to Risk Weighted Assets | 13.32% | 13.90% |
Capital Required for Capital Adequacy | $ 1,422,495 | $ 1,255,819 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | $ 1,778,118 | $ 1,569,774 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital | $ 2,234,458 | $ 2,062,151 |
Tier One Risk Based Capital to Risk Weighted Assets | 12.57% | 13.14% |
Tier One Risk Based Capital Required for Capital Adequacy | $ 1,066,871 | $ 627,910 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | 4.00% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 1,422,495 | $ 941,864 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 6.00% |
Tier One Common Equity | $ 2,234,458 | |
Tier One Common Equity to Risk Weighted Assets | 12.57% | |
Tier One Common Equity Required for Capital Adequacy | $ 800,153 | |
Tier One Common Equity Required for Capital Adequacy to Risk Weighted Assets | 4.50% | |
Tier One Common Equity Required to be Well Capitalized | $ 1,155,777 | |
Tier One Common Equity Required to be Well Capitalized to Risk Weighted Assets | 6.50% | |
Tier One Leverage Capital | $ 2,234,458 | $ 2,062,151 |
Tier One Leverage Capital to Average Assets | 10.50% | 9.96% |
Tier One Leverage Capital Required for Capital Adequacy | $ 851,554 | $ 828,061 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | $ 1,064,443 | $ 1,035,076 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Fair Value Measurement (Narrative) (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Fair Value Disclosures [Abstract] | |||
Other Company Stock Owned Fair Value Discount Percentage | 5.00% | ||
Carrying value of loans fully charged-off | $ 0 | ||
Net gain (loss) representing the change in fair value in earnings | $ (696,000) | $ 6,400,000 | $ (14,500,000) |
Fair Value Measurement (Schedule Of Carrying Value And Fair Value Of Financial Instruments Not Recorded At Fair Value) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
---|---|---|---|---|
FINANCIAL ASSETS: | ||||
Cash and cash equivalents | $ 277,645 | $ 282,455 | ||
Trading securities | 9,586 | 9,999 | ||
Investment securities available for sale | 2,522,539 | 2,298,555 | ||
Investment securities held to maturity | 4,609 | 5,211 | ||
Loans held for sale, at fair value | 363,275 | 286,802 | ||
Loans and leases, net | 16,847,360 | 15,327,732 | ||
Restricted equity securities | 46,949 | 119,334 | ||
Residential mortgage servicing rights | 131,817 | 117,259 | $ 47,765 | $ 27,428 |
Bank owned life insurance | 291,892 | 294,296 | ||
FDIC indemnification asset | 855 | 4,417 | ||
Derivatives | 43,549 | 29,210 | ||
FINANCIAL LIABILITIES: | ||||
Deposits | 17,707,189 | 16,892,099 | $ 9,117,660 | |
Securities sold under agreements to repurchase | 304,560 | 313,321 | ||
Term debt | 888,769 | 1,006,395 | ||
Junior subordinated debentures, at amortized cost | 101,254 | 101,576 | ||
Carrying Value [Member] | ||||
FINANCIAL ASSETS: | ||||
Cash and cash equivalents | 773,725 | 1,605,171 | ||
Trading securities | 9,586 | 9,999 | ||
Investment securities available for sale | 2,522,539 | 2,298,555 | ||
Investment securities held to maturity | 4,609 | 5,211 | ||
Loans held for sale, at fair value | 363,275 | 286,802 | ||
Loans and leases, net | 16,717,038 | 15,211,565 | ||
Restricted equity securities | 46,949 | 119,334 | ||
Residential mortgage servicing rights | 131,817 | 117,259 | ||
Bank owned life insurance | 291,892 | 294,296 | ||
FDIC indemnification asset | 855 | 4,417 | ||
Derivatives | 43,549 | 29,775 | ||
Visa Class B common stock | 0 | 0 | ||
FINANCIAL LIABILITIES: | ||||
Deposits | 17,707,189 | 16,892,099 | ||
Securities sold under agreements to repurchase | 304,560 | 313,321 | ||
Term debt | 888,769 | 1,006,395 | ||
Junior subordinated debentures, at fair value | 255,457 | 249,294 | ||
Junior subordinated debentures, at amortized cost | 101,254 | 101,576 | ||
Derivatives | 41,514 | 30,888 | ||
Estimated Fair Value [Member] | ||||
FINANCIAL ASSETS: | ||||
Cash and cash equivalents | 773,725 | 1,605,171 | ||
Trading securities | 9,586 | 9,999 | ||
Investment securities available for sale | 2,522,539 | 2,298,555 | ||
Investment securities held to maturity | 5,590 | 5,554 | ||
Loans held for sale, at fair value | 363,275 | 286,802 | ||
Loans and leases, net | 16,641,903 | 15,252,083 | ||
Restricted equity securities | 46,949 | 119,334 | ||
Residential mortgage servicing rights | 131,817 | 117,259 | ||
Bank owned life insurance | 291,892 | 294,296 | ||
FDIC indemnification asset | 201 | 2,058 | ||
Derivatives | 43,549 | 29,775 | ||
Visa Class B common stock | 58,751 | 49,663 | ||
FINANCIAL LIABILITIES: | ||||
Deposits | 17,709,555 | 16,893,890 | ||
Securities sold under agreements to repurchase | 304,560 | 313,321 | ||
Term debt | 890,852 | 1,018,948 | ||
Junior subordinated debentures, at fair value | 255,457 | 249,294 | ||
Junior subordinated debentures, at amortized cost | 75,654 | 73,840 | ||
Derivatives | $ 41,514 | $ 30,888 |
Fair Value Measurement (Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading, at fair value | $ 9,586 | $ 9,999 | ||
Available for sale, at fair value | 2,522,539 | 2,298,555 | ||
Loans held for sale, at fair value | 363,275 | 286,802 | ||
Residential mortgage servicing rights, at fair value | 131,817 | 117,259 | $ 47,765 | $ 27,428 |
Derivatives, assets | 43,549 | 29,210 | ||
Total assets measured at fair value | 3,070,766 | 2,742,390 | ||
Junior subordinated debentures, at fair value | 255,457 | 249,294 | ||
Total liabilities measured at fair value | 296,971 | 280,182 | ||
Interest Rate Lock Commitments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives, assets | 3,631 | 2,867 | ||
Interest Rate Forward Sales Commitments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives, assets | 1,155 | 16 | ||
Derivatives, liabilities | 971 | 2,627 | ||
Interest Rate Swap [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives, assets | 38,567 | 26,327 | ||
Derivatives, liabilities | 40,238 | 28,158 | ||
Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives, assets | 196 | 565 | ||
Derivatives, liabilities | 305 | 103 | ||
Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Residential mortgage servicing rights, at fair value | 0 | 0 | ||
Total assets measured at fair value | 9,511 | 5,283 | ||
Junior subordinated debentures, at fair value | 0 | 0 | ||
Total liabilities measured at fair value | 0 | 0 | ||
Level 1 [Member] | Interest Rate Lock Commitments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives, assets | 0 | 0 | ||
Level 1 [Member] | Interest Rate Forward Sales Commitments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives, assets | 0 | 0 | ||
Derivatives, liabilities | 0 | 0 | ||
Level 1 [Member] | Interest Rate Swap [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives, assets | 0 | 0 | ||
Derivatives, liabilities | 0 | 0 | ||
Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held for sale, at fair value | 363,275 | 286,802 | ||
Residential mortgage servicing rights, at fair value | 0 | 0 | ||
Total assets measured at fair value | 2,925,807 | 2,616,981 | ||
Junior subordinated debentures, at fair value | 0 | 0 | ||
Total liabilities measured at fair value | 41,514 | 30,888 | ||
Level 2 [Member] | Interest Rate Lock Commitments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives, assets | 0 | 0 | ||
Level 2 [Member] | Interest Rate Forward Sales Commitments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives, assets | 1,155 | 16 | ||
Derivatives, liabilities | 971 | 2,627 | ||
Level 2 [Member] | Interest Rate Swap [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives, assets | 38,567 | 26,327 | ||
Derivatives, liabilities | 40,238 | 28,158 | ||
Level 2 [Member] | Foreign Exchange Contract [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives, assets | 196 | 565 | ||
Derivatives, liabilities | 305 | 103 | ||
Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Residential mortgage servicing rights, at fair value | 131,817 | 117,259 | ||
Total assets measured at fair value | 135,448 | 120,126 | ||
Junior subordinated debentures, at fair value | 255,457 | 249,294 | ||
Total liabilities measured at fair value | 255,457 | 249,294 | ||
Level 3 [Member] | Interest Rate Lock Commitments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives, assets | 3,631 | 2,867 | ||
Level 3 [Member] | Interest Rate Forward Sales Commitments [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives, assets | 0 | 0 | ||
Derivatives, liabilities | 0 | 0 | ||
Level 3 [Member] | Interest Rate Swap [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Derivatives, assets | 0 | 0 | ||
Derivatives, liabilities | 0 | 0 | ||
Obligations Of States And Political Subdivisions [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading, at fair value | 75 | 124 | ||
Available for sale, at fair value | 313,117 | 338,404 | ||
Obligations Of States And Political Subdivisions [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading, at fair value | 0 | 0 | ||
Available for sale, at fair value | 0 | 0 | ||
Obligations Of States And Political Subdivisions [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading, at fair value | 75 | 124 | ||
Available for sale, at fair value | 313,117 | 338,404 | ||
Obligations Of States And Political Subdivisions [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading, at fair value | 0 | 0 | ||
Available for sale, at fair value | 0 | 0 | ||
Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading, at fair value | 9,511 | 5,283 | ||
Equity Securities [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading, at fair value | 9,511 | 5,283 | ||
Equity Securities [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading, at fair value | 0 | 0 | ||
Equity Securities [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading, at fair value | 0 | 0 | ||
Other Investment Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading, at fair value | 4,592 | |||
Other Investment Securities [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading, at fair value | 0 | |||
Other Investment Securities [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading, at fair value | 4,592 | |||
Other Investment Securities [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Trading, at fair value | 0 | |||
US Treasury and Government [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale, at fair value | 229 | |||
US Treasury and Government [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale, at fair value | 0 | |||
US Treasury and Government [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale, at fair value | 229 | |||
US Treasury and Government [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale, at fair value | 0 | |||
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale, at fair value | 2,207,420 | 1,957,852 | ||
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale, at fair value | 0 | 0 | ||
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale, at fair value | 2,207,420 | 1,957,852 | ||
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale, at fair value | 0 | 0 | ||
Investments In Mutual Funds And Other Equity Securities [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale, at fair value | 2,002 | 2,070 | ||
Investments In Mutual Funds And Other Equity Securities [Member] | Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale, at fair value | 0 | 0 | ||
Investments In Mutual Funds And Other Equity Securities [Member] | Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale, at fair value | 2,002 | 2,070 | ||
Investments In Mutual Funds And Other Equity Securities [Member] | Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Available for sale, at fair value | $ 0 | $ 0 |
Fair Value Measurement (Schedule Of A Description Of The Valuation Technique, Unobservable Input, And Qualitative Information For The Company's Assets And Liabilities Classified As Level 3) (Details) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Constant prepayment rate | 11.70% | 12.39% | 12.74% |
Discount rate | 9.68% | 9.17% | 8.69% |
Mortgage Servicing Rights [Member] | |||
Valuation Technique | Discounted cash flow | ||
Interest Rate Lock Commitments [Member] | |||
Valuation Technique | Internal Pricing Model | ||
Junior Subordinated Debentures [Member] | |||
Valuation Technique | Discounted cash flow | ||
Weighted Average [Member] | Mortgage Servicing Rights [Member] | |||
Constant prepayment rate | 11.70% | ||
Discount rate | 9.68% | ||
Weighted Average [Member] | Interest Rate Lock Commitments [Member] | |||
Fair Value Inputs, Pull-through Rate | 86.10% | ||
Weighted Average [Member] | Junior Subordinated Debentures [Member] | |||
Credit spread | 5.84% |
Fair Value Measurement (Schedule Of Reconciliation Of Assets And Liabilities Measured At Fair Value Using Significant Unobservable Inputs (Level 3) On A Recurring Basis) (Details) - Level 3 [Member] - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Junior Subordinated Debentures [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Junior subordinated debentures, at fair value, Beginning Balance | $ 249,294 | $ 87,274 |
Junior subordinated debentures, at fair value, Change included in earnings | 16,005 | 12,303 |
Junior subordinated debentures, at fair value, Purchases and issuances | 0 | 156,840 |
Junior subordinated debentures, at fair value, Sales and settlements | (9,842) | (7,123) |
Junior subordinated debentures, at fair value, Ending Balance | 255,457 | 249,294 |
Junior subordinated debentures, at fair value, Net change in unrealized gains or (losses) relating to items held at end of period | 16,005 | 12,303 |
Interest Rate Lock Commitments [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Interest rate lock commitment, Beginning Balance | 2,867 | 706 |
Interest rate lock commitment, Change included in earnings | 851 | (3,716) |
Interest rate lock commitment, Purchases and issuances | 47,764 | 28,350 |
Interest rate lock commitment, Sales and settlements | (47,851) | (22,473) |
Interest rate lock commitment, Ending Balance | 3,631 | 2,867 |
Interest rate lock commitment, Net change in unrealized gains or (losses) relating to items held at end of period | 3,631 | 2,867 |
Mortgage Servicing Rights [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Mortgage servicing rights, at fair value, Beginning Balance | 117,259 | 47,765 |
Mortgage servicing rights, at fair value, Change included in earnings | (20,726) | (16,587) |
Mortgage servicing rights, at fair value, Purchases and issuances | 35,284 | 86,081 |
Mortgage servicing rights, at fair value, Sales and settlements | 0 | 0 |
Mortgage servicing rights, at fair value, Ending Balance | 131,817 | 117,259 |
Mortgage servicing rights, at fair value, Net change in unrealized gains or (losses) relating to items held at end of period | $ (14,270) | $ (13,430) |
Fair Value Measurement (Fair Value Assets And Liabilities Measured On Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | $ 25,492 | $ 27,461 |
Level 1 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 0 | 0 |
Level 2 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 0 | 0 |
Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 25,492 | 27,461 |
Loans And Leases [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 24,690 | 14,720 |
Loans And Leases [Member] | Level 1 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 0 | 0 |
Loans And Leases [Member] | Level 2 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 0 | 0 |
Loans And Leases [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 24,690 | 14,720 |
Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 802 | 12,741 |
Other Real Estate Owned [Member] | Level 1 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 0 | 0 |
Other Real Estate Owned [Member] | Level 2 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | 0 | 0 |
Other Real Estate Owned [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Assets, nonrecurring | $ 802 | $ 12,741 |
Fair Value Measurement (Losses Resulting From Nonrecurring Fair Value Adjustments) (Details) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss from nonrecurring measurements | $ 31,865 | $ 13,993 | $ 29,331 |
Loans And Leases [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss from nonrecurring measurements | 29,083 | 10,265 | 27,171 |
Other Real Estate Owned [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loss from nonrecurring measurements | $ 2,782 | $ 3,728 | $ 2,160 |
Fair Value Measurement (Fair Value Option) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Fair Value | $ 363,275 | $ 286,802 |
Aggregate Unpaid Balance | 351,414 | 274,245 |
Fair Value Less Aggregate Unpaid Balance | $ 11,861 | $ 12,557 |
Earnings Per Common Share (Computation Of Basic And Diluted Earnings (Loss) Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
NUMERATORS: | |||||||||||
Net income | $ 63,019 | $ 57,607 | $ 54,784 | $ 47,129 | $ 52,582 | $ 58,883 | $ 17,542 | $ 18,651 | $ 222,539 | $ 147,658 | $ 98,291 |
Dividends and undistributed earnings allocated to participating securities | 96 | 84 | 93 | 84 | 146 | 142 | 83 | 113 | 357 | 484 | 788 |
Net earnings available to common shareholders | $ 62,923 | $ 57,523 | $ 54,691 | $ 47,045 | $ 52,436 | $ 58,741 | $ 17,459 | $ 18,538 | $ 222,182 | $ 147,174 | $ 97,503 |
DENOMINATORS: | |||||||||||
Weighted average number of common shares outstanding - basic | 220,327 | 186,550 | 111,938 | ||||||||
Effect of potentially dilutive common shares | 718 | 994 | 238 | ||||||||
Weighted average number of common shares outstanding - diluted | 221,045 | 187,544 | 112,176 | ||||||||
EARNINGS PER COMMON SHARE: | |||||||||||
Basic earnings per common share (usd per share) | $ 0.29 | $ 0.26 | $ 0.25 | $ 0.21 | $ 0.24 | $ 0.27 | $ 0.09 | $ 0.17 | $ 1.01 | $ 0.79 | $ 0.87 |
Diluted earnings per common share (usd per share) | $ 0.28 | $ 0.26 | $ 0.25 | $ 0.21 | $ 0.24 | $ 0.27 | $ 0.09 | $ 0.16 | $ 1.01 | $ 0.78 | $ 0.87 |
Earnings Per Common Share (Schedule Of Weighted Average Outstanding Securities Not Included In The Computation Of Diluted Earnings Per Common Share) (Details) - shares shares in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Stock Options [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 95 | 323 | 669 |
Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 3 | 443 | 3 |
Segment Information (Narrative) (Details) |
12 Months Ended |
---|---|
Dec. 31, 2015
operating_location
segment
| |
Segment Reporting [Abstract] | |
Number of primary segments | segment | 2 |
Community Banking [Member] | |
Segment Reporting Information [Line Items] | |
Number of locations in operation | operating_location | 382 |
Segment Information (Summary Of Financial Information By Reportable Segment) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Segment Reporting Information [Line Items] | |||||||||||
Interest income | $ 235,205 | $ 233,802 | $ 231,788 | $ 229,071 | $ 242,151 | $ 239,523 | $ 224,967 | $ 115,880 | $ 929,866 | $ 822,521 | $ 442,846 |
Interest expense | 15,371 | 14,587 | 14,322 | 13,952 | 14,136 | 13,807 | 12,708 | 8,042 | 58,232 | 48,693 | 37,881 |
Net interest income | 219,834 | 219,215 | 217,466 | 215,119 | 228,015 | 225,716 | 212,259 | 107,838 | 871,634 | 773,828 | 404,965 |
Provision for loan and lease losses | 4,545 | 8,153 | 11,254 | 12,637 | 5,241 | 14,333 | 14,696 | 5,971 | 36,589 | 40,241 | 10,716 |
Non-interest income | 69,345 | 61,372 | 81,102 | 63,905 | 50,305 | 62,165 | 45,466 | 23,238 | 275,724 | 181,174 | 122,895 |
Non-interest expense | 185,911 | 183,194 | 201,918 | 192,619 | 190,856 | 182,558 | 214,131 | 96,518 | 763,642 | 684,063 | 364,661 |
Income before income taxes | 98,723 | 89,240 | 85,396 | 73,768 | 82,223 | 90,990 | 28,898 | 28,587 | 347,127 | 230,698 | 152,483 |
Provision for income taxes | 35,704 | 31,633 | 30,612 | 26,639 | 29,641 | 32,107 | 11,356 | 9,936 | 124,588 | 83,040 | 54,192 |
Net income | 63,019 | $ 57,607 | $ 54,784 | $ 47,129 | 52,582 | $ 58,883 | $ 17,542 | $ 18,651 | 222,539 | 147,658 | 98,291 |
Total assets | 23,387,205 | 22,609,903 | 23,387,205 | 22,609,903 | 11,632,603 | ||||||
Total loans and leases | 16,847,360 | 15,327,732 | 16,847,360 | 15,327,732 | 7,728,166 | ||||||
Total deposits | 17,707,189 | 16,892,099 | 17,707,189 | 16,892,099 | 9,117,660 | ||||||
Community Banking [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 823,885 | 755,374 | 420,854 | ||||||||
Interest expense | 49,081 | 43,077 | 35,367 | ||||||||
Net interest income | 774,804 | 712,297 | 385,487 | ||||||||
Provision for loan and lease losses | 32,808 | 40,241 | 10,716 | ||||||||
Non-interest income | 130,877 | 93,177 | 43,556 | ||||||||
Non-interest expense | 646,492 | 615,275 | 325,743 | ||||||||
Income before income taxes | 226,381 | 149,958 | 92,584 | ||||||||
Provision for income taxes | 81,252 | 54,427 | 30,232 | ||||||||
Net income | 145,129 | 95,531 | 62,352 | ||||||||
Total assets | 20,195,322 | 20,095,189 | 20,195,322 | 20,095,189 | 10,945,541 | ||||||
Total loans and leases | 14,164,743 | 13,181,463 | 14,164,743 | 13,181,463 | 7,196,137 | ||||||
Total deposits | 17,689,815 | 16,850,682 | 17,689,815 | 16,850,682 | 9,090,959 | ||||||
Home Lending [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest income | 105,981 | 67,147 | 21,992 | ||||||||
Interest expense | 9,151 | 5,616 | 2,514 | ||||||||
Net interest income | 96,830 | 61,531 | 19,478 | ||||||||
Provision for loan and lease losses | 3,781 | 0 | 0 | ||||||||
Non-interest income | 144,847 | 87,997 | 79,339 | ||||||||
Non-interest expense | 117,150 | 68,788 | 38,918 | ||||||||
Income before income taxes | 120,746 | 80,740 | 59,899 | ||||||||
Provision for income taxes | 43,336 | 28,613 | 23,960 | ||||||||
Net income | 77,410 | 52,127 | 35,939 | ||||||||
Total assets | 3,191,883 | 2,514,714 | 3,191,883 | 2,514,714 | 687,062 | ||||||
Total loans and leases | 2,682,617 | 2,146,269 | 2,682,617 | 2,146,269 | 532,029 | ||||||
Total deposits | $ 17,374 | $ 41,417 | $ 17,374 | $ 41,417 | $ 26,701 |
Related Party Transactions (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Related Party Transaction, Due from (to) Related Party [Roll Forward] | |||
Loans outstanding at the beginning of the year | $ 19,718 | $ 13,307 | $ 12,272 |
New loans and advances | 7,165 | 11,392 | 3,584 |
Less loan repayments | (16,506) | (2,490) | (2,213) |
Reclassification | (75) | (2,491) | (336) |
Loans outstanding at the end of the year | 10,302 | 19,718 | $ 13,307 |
Deposits of related parties | $ 9,500 | $ 13,700 |
Parent Company Financial Statements (Schedule Of Condensed Balance Sheets) (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|
Condensed Financial Statements, Captions [Line Items] | |||
Other assets | $ 202,496 | $ 228,118 | |
Total assets | 23,387,205 | 22,609,903 | $ 11,632,603 |
Other liabilities | 280,642 | 269,592 | |
Junior subordinated debentures, at fair value | 255,457 | 249,294 | |
Junior subordinated debentures, at amortized cost | 101,254 | 101,576 | |
Total liabilities | 19,537,871 | 18,832,277 | |
Shareholders' equity | 3,849,334 | 3,777,626 | |
Total liabilities and shareholders' equity | 23,387,205 | 22,609,903 | |
Umpqua Bank [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Non-interest bearing deposits with subsidiary bank | 91,354 | 102,102 | |
Investments in Bank subsidiary | 4,132,630 | 4,050,917 | |
Investments In Nonbank subsidiaries | 44,976 | 38,776 | |
Other assets | 3,742 | 4,079 | |
Total assets | 4,272,702 | 4,195,874 | |
Payable to bank subsidiary | 36 | 33 | |
Other liabilities | 66,621 | 67,345 | |
Junior subordinated debentures, at fair value | 255,457 | 249,294 | |
Junior subordinated debentures, at amortized cost | 101,254 | 101,576 | |
Total liabilities | 423,368 | 418,248 | |
Shareholders' equity | 3,849,334 | 3,777,626 | |
Total liabilities and shareholders' equity | $ 4,272,702 | $ 4,195,874 |
Parent Company Financial Statements (Schedule Of Condensed Statements Of Income) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Other income | $ 46,287 | $ 26,465 | $ 20,080 | ||||||||
Other expenses | 39,137 | 36,465 | 27,265 | ||||||||
Income tax benefit | $ 35,704 | $ 31,633 | $ 30,612 | $ 26,639 | $ 29,641 | $ 32,107 | $ 11,356 | $ 9,936 | 124,588 | 83,040 | 54,192 |
Net income | 63,019 | 57,607 | 54,784 | 47,129 | 52,582 | 58,883 | 17,542 | 18,651 | 222,539 | 147,658 | 98,291 |
Dividends and undistributed earnings allocated to participating securities | 96 | 84 | 93 | 84 | 146 | 142 | 83 | 113 | 357 | 484 | 788 |
Net earnings available to common shareholders | $ 62,923 | $ 57,523 | $ 54,691 | $ 47,045 | $ 52,436 | $ 58,741 | $ 17,459 | $ 18,538 | 222,182 | 147,174 | 97,503 |
Umpqua Bank [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Dividends from subsidiaries | 153,437 | 250,848 | 62,241 | ||||||||
Other income | (6,272) | (5,196) | (2,321) | ||||||||
Total income | 147,165 | 245,652 | 59,920 | ||||||||
Management fees paid to subsidiaries | 447 | 533 | 501 | ||||||||
Other expenses | 15,564 | 12,966 | 8,885 | ||||||||
Total expenses | 16,011 | 13,499 | 9,386 | ||||||||
Income before income tax benefit and equity in undistributed earnings of subsidiaries | 131,154 | 232,153 | 50,534 | ||||||||
Income tax benefit | (7,269) | (7,336) | (4,446) | ||||||||
Net income before equity in undistributed earnings of subsidiaries | 138,423 | 239,489 | 54,980 | ||||||||
Equity in undistributed earnings of subsidiaries | 84,116 | (91,831) | 43,311 | ||||||||
Net income | 222,539 | 147,658 | 98,291 | ||||||||
Dividends and undistributed earnings allocated to participating securities | $ 357 | $ 484 | $ 788 |
Parent Company Financial Statements (Schedule Of Condensed Statements Of Cash Flows) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | $ 63,019 | $ 57,607 | $ 54,784 | $ 47,129 | $ 52,582 | $ 58,883 | $ 17,542 | $ 18,651 | $ 222,539 | $ 147,658 | $ 98,291 |
Depreciation, amortization and accretion | 51,593 | 39,209 | 23,636 | ||||||||
Change in fair value of junior subordinated debentures | 6,163 | 5,849 | 2,193 | ||||||||
Net decrease (increase) in other assets | 25,248 | (45,913) | 31,902 | ||||||||
Net decrease in other liabilities | 15,290 | 38,632 | (7,589) | ||||||||
Net cash provided by operating activities | 376,740 | 359,196 | 417,932 | ||||||||
Acquisitions | 0 | 116,867 | (149,658) | ||||||||
Net cash used by investing activities | (1,756,911) | 242,140 | 276,237 | ||||||||
Dividends paid on common stock | (134,618) | (99,233) | (50,768) | ||||||||
Stock repurchased | (14,589) | (7,183) | (9,360) | ||||||||
Proceeds from exercise of stock options | 925 | 6,116 | 6,398 | ||||||||
Net cash provided (used) by financing activities | 548,725 | 213,412 | (447,533) | ||||||||
Net (decrease) increase in cash and cash equivalents | (831,446) | 814,748 | 246,636 | ||||||||
Cash and cash equivalents, beginning of year | 1,605,171 | 790,423 | 1,605,171 | 790,423 | 543,787 | ||||||
Cash and cash equivalents, end of year | 773,725 | 1,605,171 | 773,725 | 1,605,171 | 790,423 | ||||||
Umpqua Bank [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Net income | 222,539 | 147,658 | 98,291 | ||||||||
Equity in undistributed earnings of subsidiaries | (84,116) | 91,831 | (43,311) | ||||||||
Depreciation, amortization and accretion | (322) | (322) | (322) | ||||||||
Change in fair value of junior subordinated debentures | 6,163 | 5,849 | 2,193 | ||||||||
Net decrease (increase) in other assets | 617 | (6,020) | (92) | ||||||||
Net decrease in other liabilities | (2,903) | (8,708) | (1,361) | ||||||||
Net cash provided by operating activities | 141,978 | 230,288 | 55,398 | ||||||||
Investment in subsidiaries | (5,000) | 6 | (2,928) | ||||||||
Acquisitions | 0 | (102,143) | 0 | ||||||||
Net cash used by investing activities | (5,000) | (102,137) | (2,928) | ||||||||
Net decrease in payables to subsidiaries | 0 | (4) | (8,448) | ||||||||
Dividends paid on common stock | (134,618) | (99,233) | (50,767) | ||||||||
Stock repurchased | (14,589) | (7,183) | (9,356) | ||||||||
Proceeds from exercise of stock options | 1,481 | 7,692 | 6,397 | ||||||||
Net cash provided (used) by financing activities | (147,726) | (98,728) | (62,174) | ||||||||
Net (decrease) increase in cash and cash equivalents | (10,748) | 29,423 | (9,704) | ||||||||
Cash and cash equivalents, beginning of year | $ 102,102 | $ 72,679 | 102,102 | 72,679 | 82,383 | ||||||
Cash and cash equivalents, end of year | $ 91,354 | $ 102,102 | $ 91,354 | $ 102,102 | $ 72,679 |
Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
Sep. 30, 2014 |
Jun. 30, 2014 |
Mar. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 235,205 | $ 233,802 | $ 231,788 | $ 229,071 | $ 242,151 | $ 239,523 | $ 224,967 | $ 115,880 | $ 929,866 | $ 822,521 | $ 442,846 |
Interest expense | 15,371 | 14,587 | 14,322 | 13,952 | 14,136 | 13,807 | 12,708 | 8,042 | 58,232 | 48,693 | 37,881 |
Net interest income | 219,834 | 219,215 | 217,466 | 215,119 | 228,015 | 225,716 | 212,259 | 107,838 | 871,634 | 773,828 | 404,965 |
Provision for loan and lease losses | 4,545 | 8,153 | 11,254 | 12,637 | 5,241 | 14,333 | 14,696 | 5,971 | 36,589 | 40,241 | 10,716 |
Non-interest income | 69,345 | 61,372 | 81,102 | 63,905 | 50,305 | 62,165 | 45,466 | 23,238 | 275,724 | 181,174 | 122,895 |
Non-interest expense | 185,911 | 183,194 | 201,918 | 192,619 | 190,856 | 182,558 | 214,131 | 96,518 | 763,642 | 684,063 | 364,661 |
Income before income taxes | 98,723 | 89,240 | 85,396 | 73,768 | 82,223 | 90,990 | 28,898 | 28,587 | 347,127 | 230,698 | 152,483 |
Provision for income taxes | 35,704 | 31,633 | 30,612 | 26,639 | 29,641 | 32,107 | 11,356 | 9,936 | 124,588 | 83,040 | 54,192 |
Net income | 63,019 | 57,607 | 54,784 | 47,129 | 52,582 | 58,883 | 17,542 | 18,651 | 222,539 | 147,658 | 98,291 |
Dividends and undistributed earnings allocated to participating securities | 96 | 84 | 93 | 84 | 146 | 142 | 83 | 113 | 357 | 484 | 788 |
Net earnings available to common shareholders | $ 62,923 | $ 57,523 | $ 54,691 | $ 47,045 | $ 52,436 | $ 58,741 | $ 17,459 | $ 18,538 | $ 222,182 | $ 147,174 | $ 97,503 |
Basic earnings per common share (usd per share) | $ 0.29 | $ 0.26 | $ 0.25 | $ 0.21 | $ 0.24 | $ 0.27 | $ 0.09 | $ 0.17 | $ 1.01 | $ 0.79 | $ 0.87 |
Diluted earnings per common share (usd per share) | 0.28 | 0.26 | 0.25 | 0.21 | 0.24 | 0.27 | 0.09 | 0.16 | $ 1.01 | $ 0.78 | $ 0.87 |
Cash dividends declared per common share | $ 0.16 | $ 0.16 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 | $ 0.15 |
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