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LOANS AND LEASES
 3 Months Ended
Mar. 31, 2014
LOANS AND LEASES  
LOANS AND LEASES

NOTE 6—LOANS AND LEASES

        The Company's loan portfolio consists of (1) purchased credit-impaired ("PCI") loans and (2) non-purchased credit-impaired ("Non-PCI") loans. PCI loans represent acquired loans for which there was, at the acquisition date, evidence of credit deterioration since their origination and it was probable that we would be unable to collect all contractually required payments. Such loans are accounted for in accordance with ASC Subtopic 310-30, "Loans and Debt Securities Acquired with Deteriorated Credit Quality." Non-PCI loans are comprised of originated loans and acquired non-impaired loans for which there was no evidence of credit deterioration at their acquisition date and it was probable that we would be able to collect all contractually required payments. Originated loans are carried at the principal amount outstanding, net of unearned income. Unearned income is recognized as an adjustment to interest income over the contractual life of the loans using the effective interest method or taken into income when the related loans are paid off or sold. The purchase discount on acquired non-impaired loans is recognized as an adjustment to interest income over the contractual life of such loans using the effective interest method or taken into income when the related loans are paid off or sold.

        We further present our loans by "covered" and "non-covered" loan categories. Covered loans represent loans covered by loss sharing agreements with the FDIC for which we will be reimbursed for a substantial portion of any future losses under the terms of the agreements. Covered loans also include a portion of the loans acquired in the FCAL acquisition as FCB had acquired two failed banks from the FDIC for which the loss sharing agreements with the FDIC remain in effect. Non-covered loans and leases represent loans and leases not covered by FDIC loss sharing agreements.

        The following table summarizes the composition of our loan and lease portfolio as of the dates indicated:

 
   March 31, 2014   December 31, 2013  
 
   Non-PCI
Loans
and Leases		   PCI
Loans		   Total   Non-PCI
Loans
and Leases		   PCI
Loans		   Total  
 
   (In thousands)
  

Non-covered loans and leases

   $ 3,745,849   $ 16,871   $ 3,762,720   $ 3,844,591   $ 20,326   $ 3,864,917  

Covered loans

     82,720     315,645     398,365     85,948     362,470     448,418  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total gross loans and leases

     3,828,569     332,516     4,161,085     3,930,539     382,796     4,313,335  

Unearned income

     (18 )   —     (18 )   (983 )   —     (983 )
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total loans and leases, net of unearned income

     3,828,551     332,516     4,161,067     3,929,556     382,796     4,312,352  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Allowance for loan and lease losses:

                                      

Non-covered loans and leases

     (59,980 )   (270 )   (60,250 )   (60,241 )   —     (60,241 )

Covered loans

     —     (20,930 )   (20,930 )   —     (21,793 )   (21,793 )
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total allowance for loan and lease losses

     (59,980 )   (21,200 )   (81,180 )   (60,241 )   (21,793 )   (82,034 )
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total net loans and leases

   $ 3,768,571   $ 311,316   $ 4,079,887   $ 3,869,315   $ 361,003   $ 4,230,318  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

        The following table presents the composition of our gross loans and leases by portfolio segment as of the dates indicated:

 
   March 31, 2014   December 31, 2013  
 
   Non-PCI
Loans
and Leases		   PCI
Loans		   Total   Non-PCI
Loans
and Leases		   PCI
Loans		   Total  
 
   (In thousands)
  

Non-Covered Loans and Leases

                                      

Real estate mortgage

   $ 2,257,853   $ 15,306   $ 2,273,159   $ 2,359,125   $ 18,900   $ 2,378,025  

Real estate construction

     231,351     1,531     232,882     200,332     1,391     201,723  

Commercial

     942,687     —     942,687     963,152     —     963,152  

Leases

     249,736     —     249,736     269,769     —     269,769  

Consumer

     64,222     34     64,256     52,213     35     52,248  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total gross non-covered loans and leases

   $ 3,745,849   $ 16,871   $ 3,762,720   $ 3,844,591   $ 20,326   $ 3,864,917  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

Covered Loans

                                      

Real estate mortgage

   $ 62,719   $ 306,226   $ 368,945   $ 65,739   $ 352,234   $ 417,973  

Real estate construction

     8,722     8,315     17,037     8,758     9,036     17,794  

Commercial

     8,719     873     9,592     8,855     974     9,829  

Consumer

     2,560     231     2,791     2,596     226     2,822  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total gross covered loans

   $ 82,720   $ 315,645   $ 398,365   $ 85,948   $ 362,470   $ 448,418  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

Total Loans and Leases

                                      

Real estate mortgage

   $ 2,320,572   $ 321,532   $ 2,642,104   $ 2,424,864   $ 371,134   $ 2,795,998  

Real estate construction

     240,073     9,846     249,919     209,090     10,427     219,517  

Commercial

     951,406     873     952,279     972,007     974     972,981  

Leases

     249,736     —     249,736     269,769     —     269,769  

Consumer

     66,782     265     67,047     54,809     261     55,070  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total gross loans and leases

   $ 3,828,569   $ 332,516   $ 4,161,085   $ 3,930,539   $ 382,796   $ 4,313,335  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

        The following tables present a summary of the activity in the allowance for loan and lease losses on Non-PCI loans and leases by portfolio segment and PCI loans for the periods indicated:

 
   Three Months Ended March 31, 2014  
 
   Real
Estate
Mortgage		   Real
Estate
Construction		   Commercial   Leases   Consumer   Total
Non-PCI		   Total
PCI		   Total  
 
   (In thousands)
  

Allowance for Loan and Lease Losses:

                                                  

Balance, beginning of period

   $ 26,078   $ 4,298   $ 23,694   $ 3,227   $ 2,944   $ 60,241   $ 21,793   $ 82,034  

Charge-offs

     (94 )   —     (1,069 )   (372 )   (15 )   (1,550 )   —     (1,550 )

Recoveries

     261     24     377     —     27     689     51     740  

Provision (negative provision)

     (1,893 )   (219 )   1,332     551     829     600     (644 )   (44 )
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Balance, end of period

   $ 24,352   $ 4,103   $ 24,334   $ 3,406   $ 3,785   $ 59,980   $ 21,200   $ 81,180  
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                   

Amount of the allowance applicable to loans and leases:

                                                  

Individually evaluated for impairment

   $ 2,690   $ 251   $ 5,337   $ —   $ 387   $ 8,665              
                                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                       

Collectively evaluated for impairment

   $ 21,662   $ 3,852   $ 18,997   $ 3,406   $ 3,398   $ 51,315              
                                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                       

Acquired with deteriorated credit quality

                                       $ 21,200        
                                                 
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                                 

Loans and Leases:

                                                  

Ending balance

   $ 2,320,572   $ 240,073   $ 951,406   $ 249,736   $ 66,782   $ 3,828,569   $ 332,516   $ 4,161,085  
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                   

The ending balance of the loan and lease portfolio is composed of loans and leases:

                                                  

Individually evaluated for impairment

   $ 58,532   $ 12,926   $ 17,572   $ 220   $ 3,972   $ 93,222              
                                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                       

Collectively evaluated for impairment

   $ 2,262,040   $ 227,147   $ 933,834   $ 249,516   $ 62,810   $ 3,735,347              
                                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                       

Acquired with deteriorated credit quality

                                       $ 332,516        
                                                 
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                                 


 

 
   Three Months Ended March 31, 2013  
 
   Real
Estate
Mortgage		   Real
Estate
Construction		   Commercial   Leases   Consumer   Total
Non-PCI		   Total
PCI		   Total  
 
   (In thousands)
  

Allowance for Loan and Lease Losses:

                                                  

Balance, beginning of period

   $ 38,700   $ 3,221   $ 20,759   $ 1,493   $ 1,726   $ 65,899   $ 26,069   $ 91,968  

Charge-offs

     (322 )   —     (708 )   (114 )   (9 )   (1,153 )   —     (1,153 )

Recoveries

     177     323     407     —     23     930     97     1,027  

Provision (negative provision)

     (1,290 )   (244 )   693     627     (246 )   (460 )   3,137     2,677  
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Balance, end of period

   $ 37,265   $ 3,300   $ 21,151   $ 2,006   $ 1,494   $ 65,216   $ 29,303   $ 94,519  
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                   

Amount of the allowance applicable to loans and leases:

                                                  

Individually evaluated for impairment

   $ 7,805   $ 122   $ 4,467   $ —   $ 273   $ 12,667              
                                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                       

Collectively evaluated for impairment

   $ 29,460   $ 3,178   $ 16,684   $ 2,006   $ 1,221   $ 52,549              
                                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                       

Acquired with deteriorated credit quality

                                       $ 29,303        
                                                 
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                                 

Loans and Leases:

                                                  

Ending balance

   $ 1,818,285   $ 126,707   $ 814,292   $ 204,766   $ 19,148   $ 2,983,198   $ 487,489   $ 3,470,687  
                                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                   

The ending balance of the loan and lease portfolio is composed of loans and leases:

                                                  

Individually evaluated for impairment

   $ 95,712   $ 13,688   $ 13,355   $ 244   $ 629   $ 123,628              
                                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                       

Collectively evaluated for impairment

   $ 1,722,573   $ 113,019   $ 800,937   $ 204,522   $ 18,519   $ 2,859,570              
                                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                       

Acquired with deteriorated credit quality

                                       $ 487,489        
                                                 
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                                 

  • Non-Purchased Credit Impaired (Non-PCI) Loans and Leases

        The following table presents the composition of Non-PCI loans and leases by portfolio segment as of the dates indicated:

 
   March 31, 2014   December 31, 2013  
 
   Amount   % of
Total		   Amount   % of
Total		  
 
   (Dollars in thousands)
  

Real estate mortgage

   $ 2,320,572     60 % $ 2,424,864     62 %

Real estate construction

     240,073     6     209,090     5  

Commercial

     951,406     25     972,007     25  

Leases

     249,736     7     269,769     7  

Consumer

     66,782     2     54,809     1  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total gross Non-PCI loans and leases

     3,828,569     100 %   3,930,539     100 %
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Less:

                          

Unearned income

     (18 )         (983 )      

Allowance for loan and lease losses

     (59,980 )         (60,241 )      
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total net Non-PCI loans and leases

   $ 3,768,571         $ 3,869,315        
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

        The following table presents the credit risk rating categories for Non-PCI loans and leases by portfolio segment and class as of the dates indicated. Nonclassified loans and leases are those with a credit risk rating of either pass or special mention, while classified loans and leases are those with a credit risk rating of either substandard or doubtful.

 
   March 31, 2014   December 31, 2013  
 
   Nonclassified   Classified   Total   Nonclassified   Classified   Total  
 
   (In thousands)
  

Real estate mortgage:

                                      

Hospitality

   $ 159,966   $ 10,907   $ 170,873   $ 168,216   $ 12,337   $ 180,553  

SBA 504

     37,143     5,175     42,318     39,869     5,297     45,166  

Other

     2,043,877     63,504     2,107,381     2,134,866     64,279     2,199,145  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total real estate mortgage

     2,240,986     79,586     2,320,572     2,342,951     81,913     2,424,864  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Real estate construction:

                                      

Residential

     59,795     747     60,542     58,131     750     58,881  

Commercial

     173,294     6,237     179,531     143,918     6,291     150,209  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total real estate construction

     233,089     6,984     240,073     202,049     7,041     209,090  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Commercial:

                                      

Collateralized

     535,547     44,437     579,984     568,348     18,838     587,186  

Unsecured

     141,532     1,977     143,509     151,896     1,856     153,752  

Asset-based

     196,802     3,772     200,574     195,569     6,859     202,428  

SBA 7(a)

     21,729     5,610     27,339     22,880     5,761     28,641  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total commercial

     895,610     55,796     951,406     938,693     33,314     972,007  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Leases

     245,936     3,800     249,736     269,137     632     269,769  

Consumer

     62,431     4,351     66,782     50,398     4,411     54,809  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Non-PCI loans and leases

   $ 3,678,052   $ 150,517   $ 3,828,569   $ 3,803,228   $ 127,311   $ 3,930,539  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

        In addition to our internal risk rating process, our federal and state banking regulators, as an integral part of their examination process, periodically review the Company's loan risk rating classifications. Our regulators may require the Company to recognize rating downgrades based on their judgments related to information available to them at the time of their examinations. Risk rating downgrades generally result in higher allowances for credit losses.

        The following tables present an aging analysis of our Non-PCI loans and leases by portfolio segment and class as of the dates indicated:

 
   March 31, 2014  
 
   30 - 59 Days
Past Due		   60 - 89 Days
Past Due		   Greater
Than
90 Days
Past Due		   Total
Past Due		   Current   Total  
 
   (In thousands)
  

Real estate mortgage:

                                      

Hospitality

   $ —   $ —   $ —   $ —   $ 170,873   $ 170,873  

SBA 504

     393     1,092     —     1,485     40,833     42,318  

Other

     5,065     379     12,941     18,385     2,088,996     2,107,381  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total real estate mortgage

     5,458     1,471     12,941     19,870     2,300,702     2,320,572  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Real estate construction:

                                      

Residential

     —     —     —     —     60,542     60,542  

Commercial

     —     —     2,013     2,013     177,518     179,531  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total real estate construction

     —     —     2,013     2,013     238,060     240,073  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Commercial:

                                      

Collateralized

     140     382     365     887     579,097     579,984  

Unsecured

     —     1     64     65     143,444     143,509  

Asset-based

     —     —     —     —     200,574     200,574  

SBA 7(a)

     1,471     21     407     1,899     25,440     27,339  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total commercial

     1,611     404     836     2,851     948,555     951,406  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Leases

     4,075     220     —     4,295     245,441     249,736  

Consumer

     280     32     3,180     3,492     63,290     66,782  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Non-PCI loans and leases

   $ 11,424   $ 2,127   $ 18,970   $ 32,521   $ 3,796,048   $ 3,828,569  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           


 

 
   December 31, 2013  
 
   30 - 59 Days
Past Due		   60 - 89 Days
Past Due		   Greater
Than
90 Days
Past Due		   Total
Past Due		   Current   Total  
 
   (In thousands)
  

Real estate mortgage:

                                      

Hospitality

   $ —   $ —   $ —   $ —   $ 180,553   $ 180,553  

SBA 504

     2,564     —     —     2,564     42,602     45,166  

Other

     12,466     560     2,406     15,432     2,183,713     2,199,145  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total real estate mortgage

     15,030     560     2,406     17,996     2,406,868     2,424,864  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Real estate construction:

                                      

Residential

     —     —     —     —     58,881     58,881  

Commercial

     —     —     2,013     2,013     148,196     150,209  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total real estate construction

     —     —     2,013     2,013     207,077     209,090  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Commercial:

                                      

Collateralized

     66     407     259     732     586,454     587,186  

Unsecured

     83     —     68     151     153,601     153,752  

Asset-based

     —     —     —     —     202,428     202,428  

SBA 7(a)

     1,173     597     243     2,013     26,628     28,641  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total commercial

     1,322     1,004     570     2,896     969,111     972,007  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Leases

     2,530     132     244     2,906     266,863     269,769  

Consumer

     3,315     4     —     3,319     51,490     54,809  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Non-PCI loans and leases

   $ 22,197   $ 1,700   $ 5,233   $ 29,130   $ 3,901,409   $ 3,930,539  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

        At March 31, 2014 and December 31, 2013, the Company had no loans and leases (excluding PCI loans) that were greater than 90 days past due and still accruing interest. It is the Company's policy to discontinue accruing interest when principal or interest payments are past due 90 days or when, in the opinion of management, there is a reasonable doubt as to the collectability of a loan or lease in the normal course of business.

        The following table presents our nonaccrual and performing Non-PCI loans and leases by portfolio segment and class as of the dates indicated:

 
   March 31, 2014   December 31, 2013  
 
   Nonaccrual   Performing   Total   Nonaccrual   Performing   Total  
 
   (In thousands)
  

Real estate mortgage:

                                      

Hospitality

   $ 6,639   $ 164,234   $ 170,873   $ 6,723   $ 173,830   $ 180,553  

SBA 504

     2,519     39,799     42,318     2,602     42,564     45,166  

Other

     29,701     2,077,680     2,107,381     18,648     2,180,497     2,199,145  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total real estate mortgage

     38,859     2,281,713     2,320,572     27,973     2,396,891     2,424,864  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Real estate construction:

                                      

Residential

     387     60,155     60,542     389     58,492     58,881  

Commercial

     3,353     176,178     179,531     2,830     147,379     150,209  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total real estate construction

     3,740     236,333     240,073     3,219     205,871     209,090  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Commercial:

                                      

Collateralized

     7,797     572,187     579,984     9,991     577,195     587,186  

Unsecured

     411     143,098     143,509     458     153,294     153,752  

Asset-based

     558     200,016     200,574     1,070     201,358     202,428  

SBA 7(a)

     2,993     24,346     27,339     3,037     25,604     28,641  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total commercial

     11,759     939,647     951,406     14,556     957,451     972,007  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Leases

     220     249,516     249,736     632     269,137     269,769  

Consumer

     3,543     63,239     66,782     394     54,415     54,809  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Non-PCI loans and leases

   $ 58,121   $ 3,770,448   $ 3,828,569   $ 46,774   $ 3,883,765   $ 3,930,539  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

        At March 31, 2014, nonaccrual loans and leases totaled $58.1 million. Nonaccrual loans and leases included $5.7 million of loans 30 to 89 days past due and $33.4 million of current loans that were placed on nonaccrual status based on management's judgment regarding their collectability. Nonaccrual loans and leases totaled $46.8 million at December 31, 2013, including $4.2 million of loans 30 to 89 days past due and $37.3 million of current loans that were placed on nonaccrual status based on management's judgment regarding their collectability.

        Non-PCI Nonaccrual loans and leases and performing restructured loans are considered impaired for reporting purposes. The following table presents the composition of our impaired loans and leases as of the dates indicated:

 
   March 31, 2014   December 31, 2013  
 
   Nonaccrual
Loans/Leases		   Performing
Restructured
Loans		   Total
Impaired
Loans/Leases		   Nonaccrual
Loans/Leases		   Performing
Restructured
Loans		   Total
Impaired
Loans/Leases		  
 
   (In thousands)
  

Real estate mortgage

   $ 38,859   $ 19,673   $ 58,532   $ 27,973   $ 34,303   $ 62,276  

Real estate construction

     3,740     9,186     12,926     3,219     4,293     7,512  

Commercial

     11,759     5,813     17,572     14,556     2,744     17,300  

Leases

     220     —     220     632     —     632  

Consumer

     3,543     429     3,972     394     308     702  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 58,121   $ 35,101   $ 93,222   $ 46,774   $ 41,648   $ 88,422  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

        The following tables present information regarding our Non-PCI impaired loans and leases by portfolio segment and class for the dates indicated:

 
   March 31, 2014   December 31, 2013  
 
   Recorded
Investment		   Unpaid
Principal
Balance		   Related
Allowance		   Recorded
Investment		   Unpaid
Principal
Balance		   Related
Allowance		  
 
   (In thousands)
  

With An Allowance Recorded:

                                      

Real estate mortgage:

                                      

Hospitality

   $ 5,658   $ 6,198   $ 132   $ 5,717   $ 6,215   $ 198  

SBA 504

     1,092     1,092     99     1,642     1,643     230  

Other

     18,656     18,831     2,459     15,937     16,571     1,760  

Real estate construction:

                                      

Residential

     774     774     158     778     778     168  

Commercial

     443     443     93     1,250     1,250     1  

Commercial:

                                      

Collateralized

     5,989     6,360     4,415     4,377     4,692     4,270  

Unsecured

     778     808     357     801     829     375  

Asset-based

     558     558     388     1,070     1,070     180  

SBA 7(a)

     919     919     177     1,136     1,136     178  

Consumer

     3,721     3,788     387     424     471     240  

With No Related Allowance Recorded:

    
 		    
 		    
 		    
 		    
 		    
 		  

Real estate mortgage:

                                      

Hospitality

   $ 2,971   $ 3,385   $ —   $ 3,013   $ 3,385   $ —  

SBA 504

     2,519     3,624     —     2,602     3,646     —  

Other

     27,636     35,127     —     33,365     46,062     —  

Real estate construction:

                                      

Commercial

     11,709     16,175     —     5,484     9,923     —  

Commercial:

                                      

Collateralized

     5,852     7,848     —     6,700     9,924     —  

Unsecured

     344     462     —     179     247     —  

SBA 7(a)

     3,132     5,105     —     3,037     4,945     —  

Leases

     220     220     —     632     632     —  

Consumer

     251     366     —     278     394     —  

Total Non-PCI Loans and Leases With and Without An Allowance Recorded:

    
 		    
 		    
 		    
 		    
 		    
 		  

Real estate mortgage

   $ 58,532   $ 68,257   $ 2,690   $ 62,276   $ 77,522   $ 2,188  

Real estate construction

     12,926     17,392     251     7,512     11,951     169  

Commercial

     17,572     22,060     5,337     17,300     22,843     5,003  

Leases

     220     220     —     632     632     —  

Consumer

     3,972     4,154     387     702     865     240  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 93,222   $ 112,083   $ 8,665   $ 88,422   $ 113,813   $ 7,600  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           


 

 
   Three Months Ended March 31,  
 
   2014   2013  
 
   Weighted
Average
Recorded
Investment(1)		   Interest
Income
Recognized		   Weighted
Average
Recorded
Investment(1)		   Interest
Income
Recognized		  
 
   (In thousands)
  

With An Allowance Recorded:

                          

Real estate mortgage:

                          

Hospitality

   $ 5,658   $ 20   $ 8,860   $ 20  

SBA 504

     1,092     15     1,672     22  

Other

     16,174     119     48,032     395  

Real estate construction:

                          

Residential

     774     4     1,046     —  

Commercial

     5     —     3,296     34  

Commercial:

                          

Collateralized

     3,765     6     2,523     13  

Unsecured

     742     6     2,228     10  

Asset-based

     304     —     19     —  

SBA 7(a)

     919     10     2,159     15  

Consumer

     2,151     4     458     2  

With No Related Allowance Recorded:

    
 		    
 		    
 		    
 		  

Real estate mortgage:

                          

Hospitality

   $ 2,971   $ —   $ —   $ —  

SBA 504

     2,519     —     2,936     —  

Other

     23,549     63     11,312     93  

Real estate construction:

                          

Commercial

     5,491     25     3,688     25  

Commercial:

                          

Collateralized

     4,861     6     1,297     —  

Unsecured

     326     —     143     —  

SBA 7(a)

     3,132     2     3,119     5  

Leases

     220     —     244     —  

Consumer

     251     1     155     —  

Total Non-PCI Loans and Leases With and Without An Allowance Recorded:

    
 		    
 		    
 		    
 		  

Real estate mortgage

   $ 51,963   $ 217   $ 72,812   $ 530  

Real estate construction

     6,270     29     8,030     59  

Commercial

     14,049     30     11,488     43  

Leases

     220     —     244     —  

Consumer

     2,402     5     613     2  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

   $ 74,904   $ 281   $ 93,187   $ 634  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   
(1)
For the loans and leases (excluding PCI loans) reported as impaired at March 31, 2014 and March 31, 2013, amounts were calculated based on the period of time such loans and leases were impaired during the reporting period.

        The following tables present Non-PCI new troubled debt restructurings and defaulted troubled debt restructurings for the periods indicated:

 
   Troubled Debt Restructurings    
    
  
 
   Troubled Debt Restructurings That Subsequently Defaulted(1)  
 
    
   Pre-
Modification
Outstanding
Recorded
Investment		   Post-
Modification
Outstanding
Recorded
Investment		  
 
   Number
of
Loans		   Number
of
Loans		   Recorded
Investment		  
 
   (Dollars in thousands)
  

Three Months Ended March 31, 2014

                                

Real estate mortgage:

                                

Other

     4   $ 2,515   $ 2,515     —   $ —  

Real estate construction:

                                

Commercial

     2     4,927     4,927     —     —  

Commercial:

                                

Collateralized

     4     3,287     3,287     2     559  

Unsecured

     2     38     38     1     21  

Asset-based

     —     —     —     1     301  

SBA 7(a)

     1     238     238     —     —  

Consumer

     1     124     124     —     —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

     14   $ 11,129   $ 11,129     4   $ 881 (2)
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Three Months Ended March 31, 2013

    
 		    
 		    
 		    
 		    
 		  

Real estate mortgage:

                                

Other

     5   $ 13,223   $ 13,223     1   $ 1,298  

Real estate construction:

                                

Commercial

     —     —     —     1     562  

Commercial:

                                

Collateralized

     1     395     395     —     —  
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total

     6   $ 13,618   $ 13,618     2   $ 1,860 (3)
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       
(1)
The population of defaulted restructured loans for the period indicated includes only those loans restructured during the preceding 12-month period. The table excludes defaulted troubled restructurings in those classes for which the recorded investment was zero at the end of the period.

(2)
Represents the balance at March 31, 2014, for which there were no charge-offs.

(3)
Represents the balance at March 31, 2013, for which there were no charge-offs.

  • Purchased Credit Impaired (PCI) Loans

        The following table reflects the PCI loans by portfolio segment as of the dates indicated:

 
   March 31, 2014   December 31, 2013  
 
   Amount   % of
Total		   Amount   % of
Total		  
 
   (Dollars in thousands)
  

Real estate mortgage

   $ 356,653     96 % $ 412,791     96 %

Real estate construction

     11,062     3     12,015     3  

Commercial

     2,542     1     3,021     1  

Consumer

     416     —     424     —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total gross PCI loans

     370,673     100 %   428,251     100 %
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

Less:

                          

Discount

     (38,157 )         (45,455 )      

Allowance for loan losses

     (21,200 )         (21,793 )      
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total net PCI loans

   $ 311,316         $ 361,003        
                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                       

        The following table summarizes the changes in the carrying amount of PCI loans and accretable yield on those loans for the period indicated:

 
   Covered PCI Loans   Non-Covered PCI
Loans		  
 
   Carrying
Amount		   Accretable
Yield		   Carrying
Amount		   Accretable
Yield		  
 
   (In thousands)
    
    
  

Balance, December 31, 2013

   $ 340,677   $ (133,648 ) $ 20,326   $ (5,920 )

Accretion

     13,903     13,903     4,362     4,362  

Payments received

     (60,779 )   —     (7,817 )   —  

Decrease (increase) in expected cash flows, net          

     —     869     —     (3,903 )

Negative provision (provision) for credit losses          

     914     —     (270 )   —  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Balance, March 31, 2014

   $ 294,715   $ (118,876 ) $ 16,601   $ (5,461 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                   

        The following table presents the credit risk rating categories for PCI loans by portfolio segment as of the dates indicated. Nonclassified loans are those with a credit risk rating of either pass or special mention, while classified loans are those with a credit risk rating of either substandard or doubtful.

 
   March 31, 2014   December 31, 2013  
 
   Nonclassified   Classified   Total   Nonclassified   Classified   Total  
 
   (In thousands)
  

Real estate mortgage

   $ 193,554   $ 127,978   $ 321,532   $ 216,092   $ 155,042   $ 371,134  

Real estate construction

     3,663     6,183     9,846     4,399     6,028     10,427  

Commercial

     455     418     873     569     405     974  

Consumer

     —     265     265     —     261     261  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total PCI loans

   $ 197,672   $ 134,844   $ 332,516   $ 221,060   $ 161,736   $ 382,796  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                           

        In addition to our internal risk rating process, our federal and state banking regulators, as an integral part of their examination process, periodically review the Company's loan risk rating classifications. Our regulators may require the Company to recognize rating downgrades based on their judgments related to information available to them at the time of their examinations.