Delaware | 33-0885320 | |
(State of Incorporation) | (I.R.S. Employer Identification No.) |
Common Stock, par value $0.01 per share | The Nasdaq Stock Market, LLC | |
(Title of Each Class) | (Name of Exchange on Which Registered) |
þ Large accelerated filer | o Accelerated filer | |
o Non-accelerated filer | (Do not check if a smaller reporting company) | o Smaller reporting company |
PART I | ||
Item 1. | Business | |
General | ||
Our Business Strategy | ||
Loan Concentrations | ||
Current Developments | ||
Financing | ||
Information Technology Systems | ||
Risk Oversight and Management | ||
Competition | ||
Employees | ||
Financial and Statistical Disclosure | ||
Supervision and Regulation | ||
Available Information | ||
Forward‑Looking Information | ||
Item 1A. | Risk Factors | |
Item 1B. | Unresolved Staff Comments | |
Item 2. | Properties | |
Item 3. | Legal Proceedings | |
Item 4. | Mine Safety Disclosure | |
PART II | ||
ITEM 5. | Market For Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities | |
Marketplace Designation, Sales Price Information and Holders | ||
Dividends | ||
Securities Authorized for Issuance under Equity Compensation Plans | ||
Recent Sales of Unregistered Securities and Use of Proceeds | ||
Repurchases of Common Stock | ||
Five‑Year Stock Performance Graph | ||
ITEM 6. | Selected Financial Data | |
ITEM 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |
Overview | ||
Key Performance Indicators | ||
Critical Accounting Policies | ||
Non-GAAP Measurements | ||
Results of Operations | ||
Financial Condition | ||
Capital Resources | ||
Liquidity | ||
Contractual Obligations | ||
Off-Balance Sheet Arrangements | ||
Recent Accounting Pronouncements | ||
ITEM 7A. | Quantitative and Qualitative Disclosures About Market Risk |
ITEM 8. | Financial Statements and Supplementary Data | |
Contents | ||
Management’s Report on Internal Control Over Financial Reporting | ||
Report of Independent Registered Public Accounting Firm | ||
Consolidated Balance Sheets as of December 31, 2015 and 2014 | ||
Consolidated Statements of Earnings for the Years Ended December 31, 2015, 2014 and 2013 | ||
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2015, 2014 and 2013 | ||
Consolidated Statements of Changes in Stockholders’ Equity for the Years Ended December 31, 2015, 2014 and 2013 | ||
Consolidated Statements of Cash Flows for the Years Ended December 31, 2015, 2014 and 2013 | ||
Notes to Consolidated Financial Statements | ||
ITEM 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | |
ITEM 9A. | Controls and Procedures | |
ITEM 9B. | Other Information | |
PART III | ||
ITEM 10. | Directors, Executive Officers and Corporate Governance | |
ITEM 11. | Executive Compensation | |
ITEM 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | |
ITEM 13. | Certain Relationships and Related Transactions, and Director Independence | |
ITEM 14. | Principal Accountant Fees and Services | |
PART IV | ||
ITEM 15. | Exhibits and Financial Statement Schedules | |
SIGNATURES | ||
CERTIFICATIONS |
Date | Institution/Company Acquired |
May 2000 | Rancho Santa Fe National Bank |
May 2000 | First Community Bank of the Desert |
January 2001 | Professional Bancorp, Inc. |
October 2001 | First Charter Bank |
January 2002 | Pacific Western National Bank |
March 2002 | W.H.E.C., Inc. |
August 2002 | Upland Bank |
August 2002 | Marathon Bancorp |
September 2002 | First National Bank |
January 2003 | Bank of Coronado |
August 2003 | Verdugo Banking Company |
March 2004 | First Community Financial Corporation |
April 2004 | Harbor National Bank |
August 2005 | First American Bank |
October 2005 | Pacific Liberty Bank |
January 2006 | Cedars Bank |
May 2006 | Foothill Independent Bancorp |
October 2006 | Community Bancorp Inc. |
June 2007 | Business Finance Capital Corporation |
November 2008 | Security Pacific Bank (deposits only)(1) |
August 2009 | Affinity Bank(1) |
August 2010 | Los Padres Bank(1) |
January 2012 | Pacific Western Equipment Finance (formerly Marquette Equipment Finance) |
April 2012 | Celtic Capital Corporation |
August 2012 | American Perspective Bank |
May 2013 | First California Financial Group, Inc.(2) |
April 2014 | CapitalSource Inc. |
October 2015 | Square 1 Financial, Inc. |
(1) | FDIC assisted. |
(2) | Includes assets covered by two FDIC loss sharing agreements. |
• | increased competition in pricing and loan structure; |
• | the economic conditions of the United States, particularly Southern California; |
• | interest rate increases; |
• | decreased real estate values in the markets where we lend; |
• | the borrower's inability to repay our loan due to decreased cash flow or operating losses; |
• | the borrower’s inability to refinance or payoff our loan upon maturity; |
• | loss of our loan principal stemming from a collateral foreclosure; and |
• | various environmental risks, including natural disasters. |
• | construction costs being more than anticipated; |
• | construction taking longer than anticipated; |
• | failure by developers and contractors to meet project specifications; |
• | disagreement between contractors, subcontractors and developers; |
• | demand for completed projects being less than anticipated; and |
• | buyers of the completed projects not being able to secure financing. |
• | reviewing each loan request and renewal individually; |
• | using a credit committee approval process for the approval of each loan request over a certain dollar amount; |
• | adhering to written loan policies including, among other factors, minimum collateral requirements, maximum loan‑to‑value ratio requirements, cash flow requirements and full or partial guaranty requirements; |
• | obtaining independent third-party appraisals that are reviewed by our appraisal department; |
• | obtaining environmental risk assessments; and |
• | obtaining seismic studies where appropriate. |
• | implementing a controlled disbursement process for loan proceeds in accordance with an agreed upon schedule; |
• | conducting project site visits; and |
• | monitoring the construction costs compared to the budgeted costs and the remaining costs to complete. |
• | Cash flow loans. These loans include senior secured loans provided to entities in conjunction with equity contributions from private equity groups to finance the acquisition or recapitalization of a business, SBA 7(a) loans, loans to professionals and other specialty finance products, and leveraged loans (defined below). Our cash flow lending focuses on borrowers with a high degree of contractual recurring revenues operating primarily in the technology, healthcare and security monitoring sectors. The primary source of repayment is cash flow from operations, the refinancing of the loan, and/or the proceeds from the sale of the company. The loan terms are three to six years with some amortization during the term. According to regulatory guidance, the majority of cash flow loans are considered leveraged loans. Leveraged loans are typically loans where the proceeds are used for buyouts or acquisitions and where the resulting total debt levels are four or more times the in-place historical adjusted earnings of the borrower. Leveraged loans are supported by underwriting that indicates the debt levels relative to earnings will decline meaningfully over the terms of the loans and for which the enterprise value provides sufficient coverage for our debt. The SBA 7(a) loans are secured by the value of a business and its equipment and are fully-amortizing term loans generally over a 10-year period. |
• | Asset-based loans. These loans are used for working capital and are secured by trade accounts receivable and/or inventory. In conjunction with our healthcare real estate loans, we may provide healthcare operators with asset-based loans secured by healthcare accounts receivable to support working capital needs. This loan segment also includes lender finance loans or loans to finance companies and timeshare operators. These loans are used to purchase finance receivables or extend finance receivables to the underlying obligors and are secured primarily by the finance receivables owed to our borrowers. The primary sources of repayment are the operating income of the borrower, the collection of the receivables securing the loan, and/or the sale of the inventory securing the loan. The loans are typically revolving lines of credit with terms of one to three years. Also included in this segment are loans used to finance annual life insurance premiums and are fully secured by the corresponding cash surrender value of life insurance contracts and other liquid collateral with one-year terms that generally renew annually. |
• | Equipment-secured loans and leases. These loans and leases are used to purchase equipment essential to the operations of our borrower or lessee and are secured by the specific equipment financed. The primary source of repayment is the operating income of the borrower or lessee. The loan and lease terms are two to ten years and generally amortize to either a full repayment or residual balance or investment that is expected to be collected through a sale of the equipment to the lessee or a third party. |
• | Venture capital loans. These loans are to venture-backed companies to support their operations, including operating losses, working capital requirements and fixed asset acquisitions. Our borrowers are at various stages in their development and are generally reporting operating losses. The primary sources of repayment are future additional venture capital equity investments, or the sale of the company or its assets. This loan segment also includes loans directly to venture capital firms, venture capital funds, and venture capital management companies to provide a bridge to the receipt of capital calls and to support the borrowers' working capital needs, such as the cost of raising a new venture fund or leasehold improvements for new office space. The primary sources of repayment are receipt of capital calls, exits from portfolio company investments, or management fees. The loan terms for venture loans are generally one to four years. |
• | the economic conditions of the United States; |
• | interest rate increases; |
• | deterioration of the value of the underlying collateral; |
• | increased competition in pricing and loan structure; |
• | the deterioration of a borrower’s or guarantor’s financial capabilities; and |
• | various environmental risks, including natural disasters, which can negatively affect a borrower’s business. |
• | consider the prospects for the borrower's industry; |
• | consider our past experience with the borrower, the borrower's industry, and the collateral type; |
• | consider our current loan and lease portfolio concentration by loan type and collateral type; |
• | reviewing each loan request and renewal individually; |
• | using our credit committee approval process for the approval of each loan request over a certain dollar amount; and |
• | adhering to written loan underwriting policies and procedures. |
• | the economic conditions of the United States and the levels of unemployment; |
• | the amount of credit offered to consumers in the market; |
• | interest rate increases; |
• | consumer bankruptcy laws which allow consumers to discharge certain debts (excluding student loans); |
• | compliance with consumer lending regulations; |
• | additional regulations and oversight by the Consumer Financial Protection Bureau ("CFPB"); and |
• | the ability of the sub-servicer of the Bank’s student loan participation interests to service the loans in accordance with the terms of the loan purchase agreement. |
December 31, 2015 | December 31, 2014 | ||||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||
(Dollars in thousands) | |||||||||||||
Real estate mortgage: | |||||||||||||
Commercial | $ | 4,645,533 | 33 | % | $ | 4,583,350 | 38 | % | |||||
Residential | 1,211,209 | 8 | % | 1,010,022 | 9 | % | |||||||
Total real estate mortgage | 5,856,742 | 41 | % | 5,593,372 | 47 | % | |||||||
Real estate construction and land: | |||||||||||||
Commercial | 345,991 | 2 | % | 220,927 | 2 | % | |||||||
Residential | 184,382 | 1 | % | 96,749 | 1 | % | |||||||
Total real estate construction and land | 530,373 | 3 | % | 317,676 | 3 | % | |||||||
Total real estate | 6,387,115 | 44 | % | 5,911,048 | 50 | % | |||||||
Commercial: | |||||||||||||
Cash flow (1) | 3,073,965 | 21 | % | 2,665,654 | 22 | % | |||||||
Asset-based | 2,547,665 | 18 | % | 2,234,474 | 19 | % | |||||||
Equipment finance | 890,349 | 6 | % | 969,489 | 8 | % | |||||||
Venture capital | 1,458,013 | 10 | % | — | — | % | |||||||
Total commercial | 7,969,992 | 55 | % | 5,869,617 | 49 | % | |||||||
Consumer | 121,147 | 1 | % | 101,767 | 1 | % | |||||||
Total loans and leases, net of deferred fees (2) | $ | 14,478,254 | 100 | % | $ | 11,882,432 | 100 | % |
(1) | Includes leveraged loans of $2.2 billion and $1.7 billion at December 31, 2015 and 2014. |
(2) | Includes purchased credit impaired ("PCI") loans of $189.0 million and $290.9 million at December 31, 2015 and 2014, of which the majority are included in the Real Estate Mortgage category in this table. |
• | 4.5% CET1 to risk‑weighted assets; |
• | 6.0% Tier 1 capital (that is, CET1 plus Additional Tier 1 capital) to risk‑weighted assets; |
• | 8.0% Total capital (that is, Tier 1 capital plus Tier 2 capital) to risk‑weighted assets; and |
• | 4% Tier 1 capital to average consolidated assets as reported on regulatory financial statements (known as the “leverage ratio”). |
• | the Company’s ability to complete future acquisitions and to successfully integrate such acquired entities or achieve expected benefits, synergies and/or operating efficiencies within expected time frames or at all; |
• | business disruption following the Square 1 acquisition; |
• | changes in the Company’s stock price; |
• | the reaction to the Square 1 acquisition of the companies’ customers, employees and counterparties; |
• | change in interest rates and lending spreads; |
• | unfavorable changes in asset mix; |
• | compression of the net interest margin due to changes in our loan products or spreads on newly originated loans and leases; |
• | a change in the interest rate environment reduces net interest margins; |
• | credit quality deterioration or pronounced and sustained reduction in market values or other economic factors which adversely affect our borrowers’ ability to repay loans and leases; |
• | changes in economic or competitive market conditions could negatively impact investment or lending opportunities or product pricing and services; |
• | reduced demand for our services due to strategic or regulatory reasons; |
• | our inability to grow deposits and access wholesale funding sources; |
• | legislative or regulatory requirements or changes could negatively impact our business, including an increase to capital requirements; |
• | loan repayments higher than expected; |
• | higher than anticipated delinquencies, charge-offs, and loan and lease losses; |
• | the impact of asset/liability repricing risk and liquidity risk on net interest margin and the value of investments; |
• | increased costs to manage and sell foreclosed assets; |
• | higher than anticipated increases in operating expenses; |
• | increased litigation; |
• | increased asset workout or loan servicing expenses; |
• | higher compensation costs and professional fees to retain and/or incent employees; |
• | lower than expected dividends paid from the Bank to the holding company; |
• | a deterioration in the overall macroeconomic conditions or the state of the banking industry that could warrant further analysis of the carrying value of goodwill and could result in an adjustment to its carrying value resulting in a non-cash charge to net income; |
• | the success and timing of other business strategies and asset sales; |
• | changes in the relationship between yields on investment securities and loans repaid and yields on assets reinvested; |
• | changes in the forward yield curve; |
• | changes in tax laws or regulations affecting our business; |
• | our inability to generate sufficient earnings; |
• | tax planning or disallowance of tax benefits by tax authorities; and |
• | other risk factors described in our audited consolidated financial statements, and other risk factors described in this Form 10-K and other documents filed or furnished by PacWest with the SEC. |
• | a decrease in the demand for loans and leases and other products and services offered by us; |
• | a decrease in deposit balances due to overall reductions in the accounts of customers; |
• | a decrease in the value of our loans or other assets secured by real estate; |
• | a decrease in net interest income derived from our lending and deposit gathering activities; |
• | an impairment of certain intangible assets; or |
• | an increase in the number of borrowers who become delinquent, file for protection under bankruptcy laws or default on their loans or other obligations to us. An increase in the number of delinquencies, bankruptcies or defaults could result in a higher level of nonperforming assets, net charge-offs and provisions for credit losses. |
• | actual or anticipated quarterly fluctuations in our periodic operating results and financial condition; |
• | changes in revenue or earnings estimates or publication of research reports and recommendations by financial analysts; |
• | failure to meet analysts’ revenue or earnings estimates; |
• | cyber security breaches; |
• | speculation in the press or investment community; |
• | strategic actions by us or our competitors, such as acquisitions or restructurings; |
• | actions by institutional stockholders; |
• | fluctuations in the stock price and operating results of our competitors; |
• | general market conditions and, in particular, developments related to market conditions for the financial services industry; |
• | proposed or adopted regulatory changes or developments; |
• | anticipated or pending investigations, proceedings or litigation that involve or affect us; or |
• | domestic and international economic factors unrelated to our performance. |
• | together with regulations implementing Basel III reforms, affect the levels of capital and liquidity with which we must operate and how we plan capital and liquidity levels; |
• | subject us to new and/or higher fees paid to various regulatory entities, including but not limited to deposit insurance fees to the FDIC; |
• | subject us to annual stress tests; |
• | impact our ability to invest in certain types of entities or engage in certain activities; |
• | restrict the nature of our incentive compensation programs for executive officers; |
• | subject us to the supervision of the CFPB, with its broad authority to implement new consumer protection regulations and to examine and enforce compliance with federal consumer financial protection laws; and |
• | subject us to new and different litigation and regulatory enforcement risks. |
ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED SHAREHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
Dividends | |||||
Declared | |||||
Stock Sales Prices | During | ||||
High | Low | Quarter | |||
2014 | |||||
First quarter | $46.08 | $37.70 | $0.25 | ||
Second quarter | $47.37 | $38.04 | $0.25 | ||
Third quarter | $44.80 | $39.50 | $0.25 | ||
Fourth quarter | $48.03 | $37.63 | $0.50 | ||
2015 | |||||
First quarter | $47.47 | $41.41 | $0.50 | ||
Second quarter | $48.86 | $43.69 | $0.50 | ||
Third quarter | $48.54 | $40.00 | $0.50 | ||
Fourth quarter | $48.00 | $41.11 | $0.50 |
Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) | |||||||||||
Plan Category | Plan Name | (a) | (b) | (c) | |||||||||
Equity compensation plans approved by security holders | The PacWest Bancorp 2003 Stock Incentive Plan (1) | — | (2) | — | 12,978,460 | (3) | |||||||
Equity compensation plans not approved by security holders | None | — | — | — |
(1) | The PacWest Bancorp 2003 Stock Incentive Plan (the “Incentive Plan”) was last approved by our stockholders at our 2014 Special Stockholders Meeting. The authorized number of shares available for issuance under the Incentive Plan was increased to 9,000,000 shares at our 2014 Special Stockholders Meeting. Upon consummation of the CapitalSource Inc. merger on April 7, 2014, an additional 10,686,565 shares were added to the Incentive Plan. Such shares were available for grant under the former CapitalSource Inc. Equity Incentive Plan and remain available for: (a) former employees of CapitalSource Bank who remain employed with the Company, and (b) newly hired employees of the Company. |
(2) | Amount does not include the 1,211,951 shares of unvested time-based restricted stock outstanding with a zero exercise price as of December 31, 2015. |
(3) | The Incentive Plan permits these remaining shares to be issued in the form of options, restricted stock, or SARs. The amount includes 9,550,459 shares remaining from those added to the Incentive Plan from the CapitalSource Inc. merger. |
Total | ||||||
Number of | Average | |||||
Shares | Price Paid | |||||
Purchase Dates: | Purchased (1) | Per Share | ||||
October 1 – October 31, 2015 | — | $ | — | |||
November 1 – November 30, 2015 | 188 | 47.14 | ||||
December 1 – December 31, 2015 | — | — | ||||
Total | 188 | $ | 47.14 |
(1) | Shares repurchased pursuant to net settlement by employees and directors, in satisfaction of income tax withholding obligations incurred through the vesting of Company restricted stock. We did not repurchase any shares as part of publicly announced plans or programs. |
Year Ended December 31, | |||||||||||||||||||||||
Index: | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | |||||||||||||||||
PacWest Bancorp | $ | 100.00 | $ | 89.64 | $ | 121.24 | $ | 213.38 | $ | 236.68 | $ | 234.44 | |||||||||||
NASDAQ Composite | 100.00 | 100.53 | 116.92 | 166.19 | 188.78 | 199.95 | |||||||||||||||||
KBW Regional Banking | 100.00 | 93.41 | 103.69 | 150.50 | 153.45 | 161.16 |
At or For the Year Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
(In thousands, except per share amounts and percentages) | |||||||||||||||||||
Results of Operations (1): | |||||||||||||||||||
Interest income | $ | 883,938 | $ | 704,775 | $ | 309,914 | $ | 296,115 | $ | 295,284 | |||||||||
Interest expense | (60,592 | ) | (42,398 | ) | (12,201 | ) | (19,648 | ) | (32,643 | ) | |||||||||
Net interest income | 823,346 | 662,377 | 297,713 | 276,467 | 262,641 | ||||||||||||||
Total (provision) negative provision for credit losses | (45,481 | ) | (11,499 | ) | 4,210 | 12,819 | (26,570 | ) | |||||||||||
Gain on securities | 3,744 | 4,841 | 5,359 | 1,239 | — | ||||||||||||||
FDIC loss sharing (expense) income, net | (18,246 | ) | (31,730 | ) | (26,172 | ) | (10,070 | ) | 7,776 | ||||||||||
Other noninterest income | 98,812 | 69,076 | 25,057 | 24,703 | 23,650 | ||||||||||||||
Total noninterest income | 84,310 | 42,187 | 4,244 | 15,872 | 31,426 | ||||||||||||||
Foreclosed assets (expense) income, net | 668 | (5,401 | ) | 1,503 | (10,931 | ) | (10,676 | ) | |||||||||||
Acquisition, integration and reorganization costs | (21,247 | ) | (101,016 | ) | (40,812 | ) | (4,089 | ) | (600 | ) | |||||||||
Debt termination expense | — | — | — | (22,598 | ) | — | |||||||||||||
Other noninterest expense | (361,460 | ) | (299,175 | ) | (188,856 | ) | (172,996 | ) | (168,589 | ) | |||||||||
Total noninterest expense | (382,039 | ) | (405,592 | ) | (228,165 | ) | (210,614 | ) | (179,865 | ) | |||||||||
Earnings from continuing operations before | |||||||||||||||||||
income tax expense | 480,136 | 287,473 | 78,002 | 94,544 | 87,632 | ||||||||||||||
Income tax expense | (180,517 | ) | (117,005 | ) | (32,525 | ) | (37,743 | ) | (36,928 | ) | |||||||||
Net earnings from continuing operations | 299,619 | 170,468 | 45,477 | 56,801 | 50,704 | ||||||||||||||
Loss from discontinued operations before | |||||||||||||||||||
income tax benefit | — | (2,677 | ) | (620 | ) | — | — | ||||||||||||
Income tax benefit | — | 1,114 | 258 | — | — | ||||||||||||||
Net loss from discontinued operations | — | (1,563 | ) | (362 | ) | — | — | ||||||||||||
Net earnings (loss) | $ | 299,619 | $ | 168,905 | $ | 45,115 | $ | 56,801 | $ | 50,704 | |||||||||
Adjusted net earnings (2) | $ | 287,422 | $ | 219,701 | $ | 76,367 | $ | 76,682 | $ | 43,724 | |||||||||
Per Common Share Data: | |||||||||||||||||||
Basic and diluted earnings per share (EPS): | |||||||||||||||||||
Net earnings from continuing operations | $ | 2.79 | $ | 1.94 | $ | 1.09 | $ | 1.54 | $ | 1.37 | |||||||||
Net earnings | $ | 2.79 | $ | 1.92 | $ | 1.08 | $ | 1.54 | $ | 1.37 | |||||||||
Dividends declared during year | $ | 2.00 | $ | 1.25 | $ | 1.00 | $ | 0.79 | $ | 0.21 | |||||||||
Book value per share (2)(3) | $ | 36.22 | $ | 34.03 | $ | 17.65 | $ | 15.74 | $ | 14.66 | |||||||||
Tangible book value per share (2)(3) | $ | 17.86 | $ | 17.17 | $ | 12.72 | $ | 13.22 | $ | 13.14 | |||||||||
Shares outstanding at year-end (3) | 121,414 | 103,022 | 45,823 | 37,421 | 37,254 | ||||||||||||||
Average shares outstanding for basic and diluted EPS | 106,327 | 86,853 | 40,823 | 35,685 | 35,491 |
At or For the Year Ended December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
(In thousands, except per share amounts and percentages) | |||||||||||||||||||
Balance Sheet Data: | |||||||||||||||||||
Total assets | $ | 21,288,490 | $ | 16,234,605 | $ | 6,533,168 | $ | 5,463,658 | $ | 5,528,237 | |||||||||
Cash and cash equivalents | 396,486 | 313,226 | 147,422 | 164,404 | 295,617 | ||||||||||||||
Investment securities | 3,579,147 | 1,607,786 | 1,522,684 | 1,392,511 | 1,372,464 | ||||||||||||||
Non-purchased credit impaired (Non-PCI) loans and leases | 14,339,070 | 11,613,832 | 3,930,539 | 3,074,947 | 2,841,071 | ||||||||||||||
Allowance for credit losses, Non-PCI loans and leases | 122,268 | 76,767 | 67,816 | 72,119 | 93,783 | ||||||||||||||
Purchased credit impaired (PCI) loans | 189,095 | 290,852 | 382,796 | 517,885 | 705,332 | ||||||||||||||
Goodwill | 2,176,291 | 1,720,479 | 208,743 | 79,866 | 39,141 | ||||||||||||||
Core deposit and customer relationship intangibles | 53,220 | 17,204 | 17,248 | 14,723 | 17,415 | ||||||||||||||
Deposits | 15,666,182 | 11,755,128 | 5,280,987 | 4,709,121 | 4,577,453 | ||||||||||||||
Borrowings | 621,914 | 383,402 | 113,726 | 12,591 | 225,000 | ||||||||||||||
Subordinated debentures | 436,000 | 433,583 | 132,645 | 108,250 | 129,271 | ||||||||||||||
Stockholders’ equity | 4,397,691 | 3,506,230 | 808,898 | 589,121 | 546,203 | ||||||||||||||
Performance Ratios: | |||||||||||||||||||
Return on average assets | 1.70 | % | 1.27 | % | 0.74 | % | 1.04 | % | 0.92 | % | |||||||||
Return on average equity | 7.99 | % | 6.11 | % | 6.28 | % | 10.01 | % | 9.92 | % | |||||||||
Return on average tangible equity (2) | 15.76 | % | 11.88 | % | 8.25 | % | 11.76 | % | 11.33 | % | |||||||||
Net interest margin | 5.60 | % | 6.01 | % | 5.48 | % | 5.52 | % | 5.26 | % | |||||||||
Efficiency ratio | 38.5 | % | 41.6 | % | 60.7 | % | 56.4 | % | 54.3 | % | |||||||||
Stockholders’ equity to total assets ratio (2) | 20.7 | % | 21.6 | % | 12.4 | % | 10.8 | % | 9.9 | % | |||||||||
Tangible common equity ratio (2) | 11.4 | % | 12.2 | % | 9.2 | % | 9.2 | % | 9.0 | % | |||||||||
Average equity to average assets | 21.3 | % | 20.7 | % | 11.8 | % | 10.4 | % | 9.3 | % | |||||||||
Dividend payout ratio | 71.8 | % | 67.7 | % | 90.9 | % | 50.7 | % | 15.0 | % | |||||||||
Tier 1 leverage ratio (4) | 11.67 | % | 12.34 | % | 11.22 | % | 10.53 | % | 10.42 | % | |||||||||
Tier 1 capital ratio (4) | 12.60 | % | 13.16 | % | 15.12 | % | 15.17 | % | 15.97 | % | |||||||||
Total capital ratio (4) | 15.65 | % | 16.07 | % | 16.38 | % | 16.43 | % | 17.25 | % | |||||||||
Non-PCI Credit Quality Metrics: | |||||||||||||||||||
Non-PCI nonaccrual loans and leases | $ | 129,019 | $ | 83,621 | $ | 46,774 | $ | 41,762 | $ | 61,619 | |||||||||
Foreclosed assets | 22,120 | 43,721 | 55,891 | 56,414 | 81,918 | ||||||||||||||
Total nonperforming assets | 151,839 | 127,342 | 102,665 | 98,176 | 143,537 | ||||||||||||||
Non-PCI nonaccrual loans to Non-PCI loans and leases | 0.90 | % | 0.72 | % | 1.19 | % | 1.36 | % | 2.17 | % | |||||||||
Nonperforming assets to Non-PCI loans and leases | |||||||||||||||||||
and foreclosed assets | 1.06 | % | 1.09 | % | 2.58 | % | 3.14 | % | 4.91 | % | |||||||||
Allowance for credit losses to Non-PCI nonaccrual | |||||||||||||||||||
loans and leases | 94.8 | % | 91.8 | % | 145.0 | % | 172.7 | % | 152.2 | % | |||||||||
Allowance for credit losses to Non-PCI loans and leases | 0.85 | % | 0.66 | % | 1.73 | % | 2.35 | % | 3.30 | % | |||||||||
Net charge-offs to average Non-PCI loans and leases (2) | 0.06 | % | 0.02 | % | 0.12 | % | 0.33 | % | 0.80 | % |
(1) | Operating results of acquired companies are included from the respective acquisition dates. See Note 4. Acquisitions, of the Notes to Consolidated Financial Statements contained in “Item 8. Financial Statements and Supplementary Data.” |
(2) | For information regarding this calculation, see “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations-Non‑GAAP Measurements.” |
(3) | Includes 1,211,951 shares, 1,108,505 shares, 1,216,524 shares, 1,698,281 shares, and 1,675,730 shares of unvested restricted stock outstanding at December 31, 2015, 2014, 2013, 2012, and 2011. |
(4) | Capital ratios presented are for the consolidated Company. Capital ratios for 2015 calculated using Basel III capital rules. |
Quarterly Period in 2015: | Efficiency Ratio |
First | 36.9% |
Second | 38.0% |
Third | 39.6% |
Fourth | 39.3% |
Year Ended December 31, | ||||||||||||
Efficiency Ratio: | 2015 | 2014 | 2013 | |||||||||
(Dollars in thousands) | ||||||||||||
Noninterest expense | $ | 382,039 | $ | 405,592 | $ | 228,165 | ||||||
Less: | Intangible asset amortization | 9,410 | 6,268 | 5,402 | ||||||||
Foreclosed assets (income) expense, net | (668 | ) | 5,401 | (1,503 | ) | |||||||
Acquisition, integration, and reorganization costs | 21,247 | 101,016 | 40,812 | |||||||||
Noninterest expense used for efficiency ratio | $ | 352,050 | $ | 292,907 | $ | 183,454 | ||||||
Net interest income (tax equivalent) | $ | 834,814 | $ | 668,769 | $ | 303,515 | ||||||
Noninterest income | 84,310 | 42,187 | 4,244 | |||||||||
Net revenues | 919,124 | 710,956 | 307,759 | |||||||||
Less: | Gain on securities | 3,744 | 4,841 | 5,359 | ||||||||
Gain on sale of owned office building | — | 1,570 | — | |||||||||
Net revenues used for efficiency ratio | $ | 915,380 | $ | 704,545 | $ | 302,400 | ||||||
Efficiency ratio(1) | 38.5 | % | 41.6 | % | 60.7 | % |
(1) | Noninterest expense used for efficiency ratio divided by net revenues used for efficiency ratio. |
• | current economic trends and forecasts; |
• | current commercial real estate values, performance trends, and overall outlook in the markets where we lend; |
• | legal and regulatory matters that could impact our borrowers’ ability to repay our loans; |
• | our loan portfolio composition and any loan concentrations; |
• | our current lending policies and the effects of any new policies or policy amendments; |
• | our new loan origination volume and the nature of it; |
• | our loan portfolio credit performance trends; and |
• | the results of our on-going independent credit review. |
• | Pass: Loans and leases classified as "pass" are not adversely classified and collection and repayment in full is expected. |
• | Special Mention: Loans and leases classified as "special mention" have a potential weakness that requires management's attention. If not addressed, these potential weaknesses may result in further deterioration in the borrower's ability to repay the loan or lease. |
• | Substandard: Loans and leases classified as "substandard" have a well-defined weakness or weaknesses that jeopardize the collection of the debt. They are characterized by the possibility that we will sustain some loss if the weaknesses are not corrected. |
• | Doubtful: Loans and leases classified as "doubtful" have all the weaknesses of those classified as "substandard," with the additional trait that the weaknesses make collection or repayment in full highly questionable and improbable. |
• | Adjusted net earnings: To calculate adjusted net earnings, we exclude from net earnings primarily income statement items for which the related assets or liabilities have been completely resolved and are no longer on the balance sheet. As analysts and investors view this measure as an indicator of our ability to generate recurring earnings, we disclose this amount in addition to net earnings. |
• | Adjusted return on average assets, adjusted return on average equity, return on average tangible equity, adjusted return on average tangible equity, tangible common equity amounts and ratios, and tangible book value per share: Given that the use of these measures is prevalent among banking regulators, investors and analysts, we disclose them in addition to return on average assets, return on average equity, equity-to-assets ratio, and book value per share, respectively. |
• | Adjusted allowance for credit losses to loans and leases: As the allowance for credit losses takes into consideration credit deterioration on acquired loans and leases only after the purchase date and an estimate of credit losses is included in their initial fair values, we disclose the adjusted allowance for credit losses to loans and leases in addition to the allowance for credit losses to loans and leases. The adjusted allowance for credit losses to loans and leases excludes acquired loans and leases and the related allowance. |
Year Ended December 31, | ||||||||||||
Adjusted Net Earnings and Related Ratios: | 2015 | 2014 | 2013 | |||||||||
(In thousands) | ||||||||||||
Net earnings | $ | 299,619 | $ | 168,905 | $ | 45,115 | ||||||
Less: | Tax benefit on discontinued operations | — | (1,114 | ) | (258 | ) | ||||||
Add: | Tax expense on continuing operations | 180,517 | 117,005 | 32,525 | ||||||||
Pre-tax earnings | 480,136 | 284,796 | 77,382 | |||||||||
Add: | Acquisition, integration, and reorganization costs | 21,247 | 101,016 | 40,812 | ||||||||
Less: | FDIC loss sharing expense, net | (18,246 | ) | (31,730 | ) | (26,172 | ) | |||||
Gain on sale of loans and leases | 373 | 601 | 1,791 | |||||||||
Gain on securities | 3,744 | 4,841 | 5,359 | |||||||||
Covered OREO income, net | 2,931 | 1,172 | 1,833 | |||||||||
Gain on sale of owned office building | — | 1,570 | — | |||||||||
Adjusted pre-tax earnings before accelerated discount accretion | 512,581 | 409,358 | 135,383 | |||||||||
Less: | Accelerated discount accretion from early payoffs of acquired loans | 51,969 | 38,867 | 4,393 | ||||||||
Adjusted pre-tax earnings | 460,612 | 370,491 | 130,990 | |||||||||
Tax expense (1) | (173,190 | ) | (150,790 | ) | (54,623 | ) | ||||||
Adjusted net earnings | $ | 287,422 | $ | 219,701 | $ | 76,367 | ||||||
Average assets | $ | 17,578,844 | $ | 13,322,388 | $ | 6,116,853 | ||||||
Average stockholders' equity | $ | 3,751,995 | $ | 2,763,726 | $ | 718,920 | ||||||
Less: | Average intangible assets | 1,850,988 | 1,342,286 | 172,096 | ||||||||
Average tangible common equity | $ | 1,901,007 | $ | 1,421,440 | $ | 546,824 | ||||||
Return on average assets (2) | 1.70 | % | 1.27 | % | 0.74 | % | ||||||
Return on average equity (3) | 7.99 | % | 6.11 | % | 6.28 | % | ||||||
Return on average tangible equity (4) | 15.76 | % | 11.88 | % | 8.25 | % | ||||||
Adjusted return on average assets (5) | 1.64 | % | 1.65 | % | 1.25 | % | ||||||
Adjusted return on average equity (6) | 7.66 | % | 7.95 | % | 10.62 | % | ||||||
Adjusted return on average tangible equity (7) | 15.12 | % | 15.46 | % | 13.97 | % |
(1) | Actual effective tax rate of 37.6%, 40.7% and 41.7% used in 2015, 2014 and 2013. |
(2) | Net earnings divided by average assets. |
(3) | Net earnings divided by average stockholders' equity. |
(4) | Net earnings divided by average tangible common equity. |
(5) | Adjusted net earnings divided by average assets. |
(6) | Adjusted net earnings divided by average stockholders' equity. |
(7) | Adjusted net earnings divided by average tangible common equity. |
December 31, | |||||||||||
Tangible Common Equity: | 2015 | 2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||||
PacWest Bancorp Consolidated: | |||||||||||
Stockholders’ equity | $ | 4,397,691 | $ | 3,506,230 | $ | 808,898 | |||||
Less: Intangible assets | 2,229,511 | 1,737,683 | 225,991 | ||||||||
Tangible common equity | $ | 2,168,180 | $ | 1,768,547 | $ | 582,907 | |||||
Total assets | $ | 21,288,490 | $ | 16,234,605 | $ | 6,533,168 | |||||
Less: Intangible assets | 2,229,511 | 1,737,683 | 225,991 | ||||||||
Tangible assets | $ | 19,058,979 | $ | 14,496,922 | $ | 6,307,177 | |||||
Equity to assets ratio | 20.66 | % | 21.60 | % | 12.38 | % | |||||
Tangible common equity ratio(1) | 11.38 | % | 12.20 | % | 9.24 | % | |||||
Book value per share | $ | 36.22 | $ | 34.03 | $ | 17.65 | |||||
Tangible book value per share | $ | 17.86 | $ | 17.17 | $ | 12.72 | |||||
Shares outstanding | 121,413,727 | 103,022,017 | 45,822,834 | ||||||||
Pacific Western Bank: | |||||||||||
Stockholders’ equity | $ | 4,276,279 | $ | 3,378,879 | $ | 911,005 | |||||
Less: Intangible assets | 2,229,511 | 1,737,683 | 225,991 | ||||||||
Tangible common equity | $ | 2,046,768 | $ | 1,641,196 | $ | 685,014 | |||||
Total assets | $ | 21,180,689 | $ | 15,995,719 | $ | 6,523,547 | |||||
Less: Intangible assets | 2,229,511 | 1,737,683 | 225,991 | ||||||||
Tangible assets | $ | 18,951,178 | $ | 14,258,036 | $ | 6,297,556 | |||||
Equity to assets ratio | 20.19 | % | 21.12 | % | 13.96 | % | |||||
Tangible common equity ratio(1) | 10.80 | % | 11.51 | % | 10.88 | % |
(1) | Tangible common equity divided by tangible assets. |
December 31, | |||||||||||
Adjusted Allowance for Credit Losses to Loans and Leases (Excludes PCI Loans): | 2015 | 2014 | 2013 | ||||||||
(Dollars in thousands) | |||||||||||
Allowance for credit losses | $ | 122,268 | $ | 76,767 | $ | 67,816 | |||||
Less: Allowance related to acquired Non-PCI loans and leases | 19,127 | 4,184 | 607 | ||||||||
Adjusted allowance for credit losses | $ | 103,141 | $ | 72,583 | $ | 67,209 | |||||
Gross Non-PCI loans and leases | $ | 14,339,070 | $ | 11,613,832 | $ | 3,930,539 | |||||
Less: Carrying value of acquired Non‑PCI loans and leases | 6,030,921 | 6,562,237 | 1,060,172 | ||||||||
Adjusted loans and leases | $ | 8,308,149 | $ | 5,051,595 | $ | 2,870,367 | |||||
Allowance for credit losses to loans and leases(1) | 0.85 | % | 0.66 | % | 1.73 | % | |||||
Adjusted allowance for credit losses to loans and leases(2) | 1.24 | % | 1.44 | % | 2.34 | % |
(1) | Allowance for credit losses divided by gross Non-PCI loans and leases. |
(2) | Adjusted allowance for credit losses divided by adjusted loans and leases. |
Year Ended December 31, | ||||||||||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Average Balance | Interest Income/ Expense | Yields and Rates | Average Balance | Interest Income/ Expense | Yields and Rates | Average Balance | Interest Income/ Expense | Yields and Rates | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||||||||
PCI loans | $ | 212,630 | $ | 31,909 | 15.01 | % | $ | 347,124 | $ | 57,105 | 16.45 | % | $ | 447,059 | $ | 47,503 | 10.63 | % | ||||||||||||||
Non-PCI loans and leases | 12,368,432 | 787,185 | 6.36 | % | 9,079,217 | 599,992 | 6.61 | % | 3,528,278 | 225,223 | 6.38 | % | ||||||||||||||||||||
Total loans and leases (1) | 12,581,062 | 819,094 | 6.51 | % | 9,426,341 | 657,097 | 6.97 | % | 3,975,337 | 272,726 | 6.86 | % | ||||||||||||||||||||
Investment securities(2) | 2,150,408 | 75,836 | 3.53 | % | 1,574,294 | 53,737 | 3.41 | % | 1,460,516 | 42,725 | 2.93 | % | ||||||||||||||||||||
Deposits in financial institutions | 182,804 | 476 | 0.26 | % | 129,920 | 333 | 0.26 | % | 104,092 | 265 | 0.25 | % | ||||||||||||||||||||
Total interest‑earning assets (2) | 14,914,274 | 895,406 | 6.00 | % | 11,130,555 | 711,167 | 6.39 | % | 5,539,945 | 315,716 | 5.70 | % | ||||||||||||||||||||
Other assets | 2,664,570 | 2,191,833 | 576,908 | |||||||||||||||||||||||||||||
Total assets | $ | 17,578,844 | $ | 13,322,388 | $ | 6,116,853 | ||||||||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||||||||||||||
Interest checking deposits | $ | 786,702 | $ | 1,041 | 0.13 | % | $ | 634,435 | $ | 434 | 0.07 | % | $ | 582,408 | $ | 303 | 0.05 | % | ||||||||||||||
Money market deposits | 2,473,556 | 4,794 | 0.19 | % | 1,667,322 | 3,333 | 0.20 | % | 1,400,065 | 2,455 | 0.18 | % | ||||||||||||||||||||
Savings deposits | 747,688 | 2,020 | 0.27 | % | 618,398 | 1,709 | 0.28 | % | 194,300 | 63 | 0.03 | % | ||||||||||||||||||||
Time deposits | 5,128,028 | 33,648 | 0.66 | % | 4,363,819 | 21,856 | 0.50 | % | 753,122 | 5,047 | 0.67 | % | ||||||||||||||||||||
Total interest‑bearing deposits | 9,135,974 | 41,503 | 0.45 | % | 7,283,974 | 27,332 | 0.38 | % | 2,929,895 | 7,868 | 0.27 | % | ||||||||||||||||||||
Borrowings | 194,468 | 554 | 0.28 | % | 92,767 | 496 | 0.53 | % | 12,979 | 537 | 4.14 | % | ||||||||||||||||||||
Subordinated debentures | 433,752 | 18,535 | 4.27 | % | 353,828 | 14,570 | 4.12 | % | 122,649 | 3,796 | 3.10 | % | ||||||||||||||||||||
Total interest‑bearing liabilities | 9,764,194 | 60,592 | 0.62 | % | 7,730,569 | 42,398 | 0.55 | % | 3,065,523 | 12,201 | 0.40 | % | ||||||||||||||||||||
Noninterest‑bearing demand | ||||||||||||||||||||||||||||||||
deposits | 3,916,702 | 2,652,076 | 2,186,697 | |||||||||||||||||||||||||||||
Other liabilities | 145,953 | 176,017 | 145,713 | |||||||||||||||||||||||||||||
Total liabilities | 13,826,849 | 10,558,662 | 5,397,933 | |||||||||||||||||||||||||||||
Stockholders’ equity | 3,751,995 | 2,763,726 | 718,920 | |||||||||||||||||||||||||||||
Total liabilities and stockholders’ | ||||||||||||||||||||||||||||||||
equity | $ | 17,578,844 | $ | 13,322,388 | $ | 6,116,853 | ||||||||||||||||||||||||||
Net interest income | ||||||||||||||||||||||||||||||||
(tax equivalent) (2) | $ | 834,814 | $ | 668,769 | $ | 303,515 | ||||||||||||||||||||||||||
Net interest rate spread | 5.38 | % | 5.84 | % | 5.30 | % | ||||||||||||||||||||||||||
Net interest margin | 5.60 | % | 6.01 | % | 5.48 | % | ||||||||||||||||||||||||||
Total deposits (3) | $ | 13,052,676 | $ | 41,503 | 0.32 | % | $ | 9,936,050 | $ | 27,332 | 0.28 | % | $ | 5,116,592 | $ | 7,868 | 0.15 | % | ||||||||||||||
Funding sources (4) | $ | 13,680,896 | $ | 60,592 | 0.44 | % | $ | 10,382,645 | $ | 42,398 | 0.41 | % | $ | 5,252,220 | $ | 12,201 | 0.23 | % |
(1) | Includes nonaccrual loans and leases and loan fees. |
(2) | Includes tax-equivalent adjustments of $11.5 million, $6.4 million, and $5.8 million for 2015, 2014 and 2013, respectively, related to tax-exempt income on municipal securities. The federal statutory rate utilized was 35% for all years. |
(3) | Total deposits is the sum of interest-bearing deposits and noninterest-bearing demand deposits. The cost of total deposits is calculated as annualized interest expense on deposits divided by average total deposits. |
(4) | Funding sources is the sum of interest-bearing liabilities and noninterest-bearing demand deposits. The cost of funding sources is calculated as annualized total interest expense divided by average funding sources. |
2015 Compared to 2014 | 2014 Compared to 2013 | ||||||||||||||||||||||
Total | Increase (Decrease) | Total | Increase (Decrease) | ||||||||||||||||||||
Increase | Due to | Increase | Due to | ||||||||||||||||||||
(Decrease) | Volume | Rate | (Decrease) | Volume | Rate | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Interest Income: | |||||||||||||||||||||||
Loans and leases | $ | 161,997 | $ | 189,541 | $ | (27,544 | ) | $ | 384,371 | $ | 379,929 | $ | 4,442 | ||||||||||
Investment securities | 22,099 | 20,263 | 1,836 | 11,012 | 3,631 | 7,381 | |||||||||||||||||
Deposits in financial institutions | 143 | 138 | 5 | 68 | 57 | 11 | |||||||||||||||||
Total interest income | 184,239 | 209,942 | (25,703 | ) | 395,451 | 383,617 | 11,834 | ||||||||||||||||
Interest Expense: | |||||||||||||||||||||||
Interest checking deposits | 607 | 124 | 483 | 131 | 6 | 125 | |||||||||||||||||
Money market deposits | 1,461 | 1,565 | (104 | ) | 877 | 577 | 300 | ||||||||||||||||
Savings deposits | 311 | 350 | (39 | ) | 1,646 | 320 | 1,326 | ||||||||||||||||
Time deposits | 11,792 | 4,256 | 7,536 | 16,810 | 18,399 | (1,589 | ) | ||||||||||||||||
Total interest-bearing deposits | 14,171 | 6,295 | 7,876 | 19,464 | 19,302 | 162 | |||||||||||||||||
Borrowings | 58 | 366 | (308 | ) | (41 | ) | 785 | (826 | ) | ||||||||||||||
Subordinated debentures | 3,965 | 3,398 | 567 | 10,774 | 9,173 | 1,601 | |||||||||||||||||
Total interest expense | 18,194 | 10,059 | 8,135 | 30,197 | 29,260 | 937 | |||||||||||||||||
Net interest income (tax equivalent) | $ | 166,045 | $ | 199,883 | $ | (33,838 | ) | $ | 365,254 | $ | 354,357 | $ | 10,897 |
Year Ended December 31, | ||||||||
2015 | 2014 | 2013 | ||||||
NIM: | ||||||||
Reported | 5.60 | % | 6.01 | % | 5.48 | % | ||
Less: Accelerated accretion of acquisition discounts from early | ||||||||
payoffs of acquired loans | (0.35 | )% | (0.35 | )% | (0.08 | )% | ||
Core | 5.25 | % | 5.66 | % | 5.40 | % | ||
Loan and Lease Yield: | ||||||||
Reported | 6.51 | % | 6.97 | % | 6.86 | % | ||
Less: Accelerated accretion of acquisition discounts from early | ||||||||
payoffs of acquired loans | (0.41 | )% | (0.41 | )% | (0.12 | )% | ||
Core | 6.10 | % | 6.56 | % | 6.74 | % |
Year Ended | Year Ended | Year Ended | ||||||||||||||||||
December 31, 2015 | December 31, 2014 | December 31, 2013 | ||||||||||||||||||
Impact on | Impact on | Impact on | ||||||||||||||||||
Amount | NIM | Amount | NIM | Amount | NIM | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net interest income/NIM (tax equivalent) | $ | 834,814 | 5.60 | % | $ | 668,769 | 6.01 | % | $ | 303,515 | 5.48 | % | ||||||||
Less: | ||||||||||||||||||||
Accelerated accretion of acquisition discounts | ||||||||||||||||||||
from early payoffs of acquired loans | (51,969 | ) | (0.35 | )% | (38,867 | ) | (0.35 | )% | (4,393 | ) | (0.08 | )% | ||||||||
Remaining accretion of Non-PCI loan | ||||||||||||||||||||
acquisition discounts | (37,741 | ) | (0.25 | )% | (48,704 | ) | (0.44 | )% | (3,927 | ) | (0.07 | )% | ||||||||
Total accretion of loan acquisition discounts | (89,710 | ) | (0.60 | )% | (87,571 | ) | (0.79 | )% | (8,320 | ) | (0.15 | )% | ||||||||
Amortization of TruPS discount | 5,597 | 0.04 | % | 4,253 | 0.04 | % | 334 | 0.01 | % | |||||||||||
Accretion of time deposits premium | (3,044 | ) | (0.02 | )% | (14,512 | ) | (0.13 | )% | (837 | ) | (0.02 | )% | ||||||||
Total purchase accounting adjustments | (87,157 | ) | (0.58 | )% | (97,830 | ) | (0.88 | )% | (8,823 | ) | (0.16 | )% | ||||||||
Net interest income/NIM excluding purchase accounting | $ | 747,657 | 5.02 | % | $ | 570,939 | 5.13 | % | $ | 294,692 | 5.32 | % |
Year Ended December 31, | |||||||||||||||||||
Increase | Increase | ||||||||||||||||||
2015 | (Decrease) | 2014 | (Decrease) | 2013 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Provision For Credit Losses: | |||||||||||||||||||
Addition to (reduction in) allowance for | |||||||||||||||||||
Non-PCI loans and leases | $ | 42,604 | $ | 30,858 | $ | 11,746 | $ | 13,101 | $ | (1,355 | ) | ||||||||
Addition to (reduction in) reserve for | |||||||||||||||||||
unfunded loan commitments | 5,677 | 6,941 | (1,264 | ) | (2,619 | ) | 1,355 | ||||||||||||
Total provision for Non-PCI loans | |||||||||||||||||||
and leases | 48,281 | 37,799 | 10,482 | 10,482 | — | ||||||||||||||
(Negative provision) provision for PCI loans | (2,800 | ) | (3,817 | ) | 1,017 | 5,227 | (4,210 | ) | |||||||||||
Total provision (negative provision) for | |||||||||||||||||||
credit losses | $ | 45,481 | $ | 33,982 | $ | 11,499 | $ | 15,709 | $ | (4,210 | ) | ||||||||
Non‑PCI Credit Quality Metrics: | |||||||||||||||||||
Net charge‑offs on Non-PCI loans | |||||||||||||||||||
and leases | $ | 7,526 | $ | 5,995 | $ | 1,531 | $ | (2,772 | ) | $ | 4,303 | ||||||||
Net charge‑offs to average Non-PCI loans | |||||||||||||||||||
and leases | 0.06 | % | 0.02 | % | 0.12 | % | |||||||||||||
At Year End: | |||||||||||||||||||
Allowance for loan and lease losses | $ | 105,534 | $ | 35,078 | $ | 70,456 | $ | 10,215 | $ | 60,241 | |||||||||
Allowance for credit losses | 122,268 | 45,501 | 76,767 | 8,951 | 67,816 | ||||||||||||||
Non‑PCI nonaccrual loans and leases | 129,019 | 45,398 | 83,621 | 36,847 | 46,774 | ||||||||||||||
Non‑PCI classified loans and leases | 391,754 | 149,143 | 242,611 | 115,300 | 127,311 | ||||||||||||||
Allowance for credit losses to Non-PCI | |||||||||||||||||||
loans and leases | 0.85 | % | 0.66 | % | 1.73 | % | |||||||||||||
Allowance for credit losses to Non-PCI | |||||||||||||||||||
nonaccrual loans and leases | 94.8 | % | 91.8 | % | 145.0 | % |
Year Ended December 31, | |||||||||||||||||||
Increase | Increase | ||||||||||||||||||
2015 | (Decrease) | 2014 | (Decrease) | 2013 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Noninterest Income: | |||||||||||||||||||
Service charges on deposit accounts | $ | 11,688 | $ | 455 | $ | 11,233 | $ | (532 | ) | $ | 11,765 | ||||||||
Other commissions and fees | 31,586 | 12,984 | 18,602 | 10,186 | 8,416 | ||||||||||||||
Leased equipment income | 24,023 | 7,354 | 16,669 | 16,669 | — | ||||||||||||||
Gain on sale of loans and leases | 373 | (228 | ) | 601 | (1,190 | ) | 1,791 | ||||||||||||
Gain on securities | 3,744 | (1,097 | ) | 4,841 | (518 | ) | 5,359 | ||||||||||||
FDIC loss sharing expense, net | (18,246 | ) | 13,484 | (31,730 | ) | (5,558 | ) | (26,172 | ) | ||||||||||
Other income: | |||||||||||||||||||
Dividends and realized gains on equity investments | 20,889 | 14,682 | 6,207 | 6,207 | — | ||||||||||||||
Foreign currency translation net gains | 186 | (3,172 | ) | 3,358 | 3,358 | — | |||||||||||||
Income recognized on early repayment of leases | 3,198 | (2,072 | ) | 5,270 | 5,270 | — | |||||||||||||
Gain on sale of owned office building | — | (1,570 | ) | 1,570 | 1,570 | — | |||||||||||||
Other | 6,869 | 1,303 | 5,566 | 2,481 | 3,085 | ||||||||||||||
Total noninterest income | $ | 84,310 | $ | 42,123 | $ | 42,187 | $ | 37,943 | $ | 4,244 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(In thousands) | |||||||||||
FDIC Loss Sharing Expense, Net: | |||||||||||
(Loss) gain on FDIC loss sharing asset (1) | $ | (1,988 | ) | $ | (5,457 | ) | $ | 2,320 | |||
FDIC loss sharing asset amortization, net | (13,425 | ) | (25,051 | ) | (26,829 | ) | |||||
Net reimbursement (to) from FDIC for covered OREOs (2) | (2,406 | ) | (845 | ) | (1,547 | ) | |||||
Other | (427 | ) | (377 | ) | (116 | ) | |||||
Total FDIC loss sharing expense, net | $ | (18,246 | ) | $ | (31,730 | ) | $ | (26,172 | ) |
(1) | Includes increases related to covered loan loss provisions and decreases for: (a) write‑offs for covered loans expected to be resolved at amounts higher than their carrying values, and (b) amounts to be reimbursed to the FDIC for covered loans resolved at amounts higher than their carrying values. |
(2) | Represents amounts to be reimbursed to the FDIC for gains on covered other real estate owned ("OREO") sales and due from the FDIC for covered OREO write‑downs. |
Year Ended December 31, | |||||||||||||||||||
Increase | Increase | ||||||||||||||||||
2015 | (Decrease) | 2014 | (Decrease) | 2013 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Noninterest Expense: | |||||||||||||||||||
Compensation | $ | 203,914 | $ | 38,415 | $ | 165,499 | $ | 58,432 | $ | 107,067 | |||||||||
Occupancy | 44,144 | 3,538 | 40,606 | 11,147 | 29,459 | ||||||||||||||
Data processing | 18,617 | 3,999 | 14,618 | 5,124 | 9,494 | ||||||||||||||
Other professional services | 13,760 | 2,526 | 11,234 | 4,480 | 6,754 | ||||||||||||||
Insurance and assessments | 16,996 | 6,089 | 10,907 | 5,311 | 5,596 | ||||||||||||||
Intangible asset amortization | 9,410 | 3,142 | 6,268 | 866 | 5,402 | ||||||||||||||
Leased equipment depreciation | 13,603 | 4,444 | 9,159 | 9,159 | — | ||||||||||||||
Foreclosed assets (income) expense, net | (668 | ) | (6,069 | ) | 5,401 | 6,904 | (1,503 | ) | |||||||||||
Acquisition, integration, and reorganization costs | 21,247 | (79,769 | ) | 101,016 | 60,204 | 40,812 | |||||||||||||
Other expense: | |||||||||||||||||||
Loan-related expense | 6,064 | (4,230 | ) | 10,294 | 5,969 | 4,325 | |||||||||||||
Communications | 4,853 | 158 | 4,695 | 1,772 | 2,923 | ||||||||||||||
Other | 30,099 | 4,204 | 25,895 | 8,059 | 17,836 | ||||||||||||||
Total noninterest expense | $ | 382,039 | $ | (23,553 | ) | $ | 405,592 | $ | 177,427 | $ | 228,165 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(In thousands) | |||||||||||
Foreclosed Assets (Income) Expense: | |||||||||||
Provision for losses | $ | 5,228 | $ | 7,306 | $ | 2,515 | |||||
Operating (income) expense | (2,929 | ) | 1,515 | 1,183 | |||||||
Gain on sale, net | (2,967 | ) | (3,420 | ) | (5,201 | ) | |||||
Total foreclosed assets (income) expense, net | $ | (668 | ) | $ | 5,401 | $ | (1,503 | ) |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(In thousands) | |||||||||||
Acquisition, Integration and Reorganization Costs: | |||||||||||
Severance and employee-related(1) | $ | 10,550 | $ | 57,868 | $ | 21,497 | |||||
System conversion and integration | 4,246 | 1,868 | 3,829 | ||||||||
Asset write-downs, lease terminations and other facilities-related | 125 | 6,353 | 3,212 | ||||||||
Asset financing segment reorganization | — | 10,073 | — | ||||||||
Investment banking deal costs | 1,050 | 16,117 | 5,309 | ||||||||
Other (legal, accounting, insurance, consulting) | 5,276 | 8,737 | 6,965 | ||||||||
Total acquisition, integration and reorganization costs | $ | 21,247 | $ | 101,016 | $ | 40,812 |
Three Months Ended | |||||||
December 31, | September 30, | ||||||
2015 | 2015 | ||||||
(Dollars in thousands, except per share data) | |||||||
Earnings Summary: | |||||||
Interest income | $ | 243,497 | $ | 207,672 | |||
Interest expense | (14,298 | ) | (15,152 | ) | |||
Net interest income | 229,199 | 192,520 | |||||
Provision for credit losses | (13,772 | ) | (8,746 | ) | |||
FDIC loss sharing expense, net | (4,291 | ) | (4,449 | ) | |||
Gain on securities | — | 655 | |||||
Other noninterest income | 32,349 | 19,552 | |||||
Total noninterest income | 28,058 | 15,758 | |||||
Foreclosed assets income (expense), net | 3,185 | (4,521 | ) | ||||
Acquisition, integration, and reorganization costs | (17,600 | ) | (747 | ) | |||
Other noninterest expense | (107,849 | ) | (84,871 | ) | |||
Total noninterest expense | (122,264 | ) | (90,139 | ) | |||
Earnings before income taxes | 121,221 | 109,393 | |||||
Income tax expense | (49,380 | ) | (39,777 | ) | |||
Net earnings | $ | 71,841 | $ | 69,616 | |||
Profitability Measures: | |||||||
Diluted earnings per share | $ | 0.60 | $ | 0.68 | |||
Annualized return on: | |||||||
Average assets | 1.37 | % | 1.65 | % | |||
Average tangible equity (1) | 13.14 | % | 15.09 | % | |||
Annualized adjusted return on: | |||||||
Average assets (2) | 1.60 | % | 1.55 | % | |||
Average tangible equity (1)(2) | 15.35 | % | 14.10 | % | |||
Net interest margin (tax equivalent) | 5.22 | % | 5.46 | % | |||
Core net interest margin (tax equivalent) (3) | 5.10 | % | 5.19 | % | |||
Efficiency ratio | 39.3 | % | 39.6 | % |
(1) | Calculation reduces average equity by average intangible assets. |
(2) | See "Non-GAAP Measurements" for the calculation of this item. |
(3) | Excludes accelerated accretion of acquisition discounts from early payoffs of acquired loans. |
Three Months Ended | Three Months Ended | ||||||||||
December 31, 2015 | September 30, 2015 | ||||||||||
Loan and | Loan and | ||||||||||
NIM | Lease Yield | NIM | Lease Yield | ||||||||
Reported | 5.22 | % | 6.21 | % | 5.46 | % | 6.34 | % | |||
Less: Accelerated accretion of acquisition discounts | |||||||||||
from early payoffs of acquired loans | (0.12 | )% | (0.16 | )% | (0.27 | )% | (0.32 | )% | |||
Core | 5.10 | % | 6.05 | % | 5.19 | % | 6.02 | % |
Three Months Ended | Three Months Ended | ||||||||||||
December 31, 2015 | September 30, 2015 | ||||||||||||
Impact on | Impact on | ||||||||||||
Amount | NIM | Amount | NIM | ||||||||||
(Dollars in thousands) | |||||||||||||
Net interest income/NIM (tax equivalent) | $ | 233,959 | 5.22 | % | $ | 195,274 | 5.46 | % | |||||
Less: | |||||||||||||
Accelerated accretion of acquisition discounts | |||||||||||||
from early payoffs of acquired loans | (5,511 | ) | (0.12 | )% | (9,659 | ) | (0.27 | )% | |||||
Remaining accretion of Non-PCI loan | |||||||||||||
acquisition discounts | (10,553 | ) | (0.24 | )% | (7,485 | ) | (0.21 | )% | |||||
Total accretion of loan acquisition discounts | (16,064 | ) | (0.36 | )% | (17,144 | ) | (0.48 | )% | |||||
Amortization of TruPS discount | 1,397 | 0.03 | % | 1,399 | 0.04 | % | |||||||
Accretion of time deposits premium | (384 | ) | (0.01 | )% | (576 | ) | (0.02 | )% | |||||
Total purchase accounting adjustments | (15,051 | ) | (0.34 | )% | (16,321 | ) | (0.46 | )% | |||||
Net interest income/NIM excluding purchase accounting | $ | 218,908 | 4.88 | % | $ | 178,953 | 5.00 | % |
Three Months Ended | |||||||||||
December 31, | September 30, | Increase | |||||||||
2015 | 2015 | (Decrease) | |||||||||
(In thousands) | |||||||||||
Provision (Negative Provision) for Credit Losses on: | |||||||||||
Non‑PCI loans and leases | $ | 15,114 | $ | 11,000 | $ | 4,114 | |||||
PCI loans | (1,342 | ) | (2,254 | ) | 912 | ||||||
Total provision for credit losses | $ | 13,772 | $ | 8,746 | $ | 5,026 |
December 31, | |||||||||||
Security Type: | 2015 | 2014 | 2013 | ||||||||
(In thousands) | |||||||||||
Residential mortgage-backed securities: | |||||||||||
Government agency and government-sponsored enterprise pass-through securities | $ | 767,797 | $ | 535,672 | $ | 707,188 | |||||
Government agency and government-sponsored enterprise collateralized mortgage obligations | 486,239 | 277,946 | 192,873 | ||||||||
Covered private label collateralized mortgage obligations | 29,782 | 33,947 | 37,904 | ||||||||
Other private label collateralized mortgage obligations | 115,014 | 10,914 | — | ||||||||
Municipal securities | 1,547,331 | 536,116 | 436,658 | ||||||||
US Treasury securities | 69,380 | — | — | ||||||||
Corporate debt securities | 48,424 | 110,109 | 82,707 | ||||||||
Collateralized loan obligations | 132,189 | — | — | ||||||||
SBA securities | 211,157 | — | — | ||||||||
Government-sponsored enterprise debt securities | 36,913 | 36,757 | 9,872 | ||||||||
Asset-backed and other securities | 115,211 | 25,716 | 27,543 | ||||||||
Total securities available-for-sale | $ | 3,559,437 | $ | 1,567,177 | $ | 1,494,745 | |||||
Federal Home Loan Bank stock | 19,710 | 40,609 | 27,939 | ||||||||
Total investment securities | $ | 3,579,147 | $ | 1,607,786 | $ | 1,522,684 |
Year Ended December 31, | |||||||||||
Security Type: | 2015 | 2014 | 2013 | ||||||||
(In thousands) | |||||||||||
Residential mortgage‑backed securities: | |||||||||||
Government agency and government‑sponsored enterprise pass-through securities | $ | 44,857 | $ | 34,171 | $ | 199,563 | |||||
Government agency and government‑sponsored enterprise collateralized mortgage obligations | 166,757 | 79,745 | 129,321 | ||||||||
Municipal securities | 591,836 | 70,989 | 122,740 | ||||||||
Corporate debt securities | 4,958 | 25,692 | 54,148 | ||||||||
Collateralized loan obligations | 133,079 | — | 9,867 | ||||||||
SBA securities | 51,164 | — | — | ||||||||
Government-sponsored enterprise debt securities | — | 26,129 | 10,047 | ||||||||
Asset-backed and other securities | 29 | 13 | 24,525 | ||||||||
Total market purchases of securities available‑for‑sale | $ | 992,680 | $ | 236,739 | $ | 550,211 |
December 31, 2015 | |||||||||||
Security Type: | Amortized Cost | Fair Value | Yield (1)(2) | Duration (in years) | |||||||
(Dollars in thousands) | |||||||||||
Residential mortgage-backed securities: | |||||||||||
Government agency and government-sponsored enterprise | |||||||||||
pass-through securities | $ | 759,881 | $ | 767,797 | 2.28% | 3.8 | |||||
Government agency and government-sponsored enterprise | |||||||||||
collateralized mortgage obligations | 486,065 | 486,239 | 2.10% | 4.9 | |||||||
Private label collateralized mortgage obligations | 140,065 | 144,796 | 4.25% | 2.2 | |||||||
Municipal securities(2) | 1,508,968 | 1,547,331 | 4.03% | 6.5 | |||||||
US Treasury securities | 70,196 | 69,380 | 1.03% | 3.1 | |||||||
Corporate debt securities | 49,047 | 48,424 | 7.26% | 5.9 | |||||||
Collateralized loan obligations | 133,192 | 132,189 | 2.63% | 0.1 | |||||||
SBA securities | 211,946 | 211,157 | 0.84% | 4.6 | |||||||
Government-sponsored enterprise debt securities | 36,302 | 36,913 | 2.15% | 4.4 | |||||||
Asset-backed and other securities | 116,723 | 115,211 | 2.46% | 2.6 | |||||||
Total securities available-for-sale(2) | $ | 3,512,385 | $ | 3,559,437 | 3.07% | 5.0 |
(1) | Represents the yield for the month of December 2015. |
(2) | Tax-equivalent basis. |
December 31, 2015 | |||||
Municipal Securities by State: | Carrying Value | % of Total | |||
(Dollars in thousands) | |||||
California | $ | 206,522 | 13% | ||
New York | 182,647 | 12% | |||
Washington | 169,433 | 11% | |||
Texas | 125,297 | 8% | |||
Ohio | 96,143 | 6% | |||
Massachusetts | 76,749 | 5% | |||
District of Columbia | 66,572 | 4% | |||
Florida | 53,083 | 3% | |||
Illinois | 46,693 | 3% | |||
Oregon | 43,522 | 3% | |||
Total of 10 largest states | 1,066,661 | 68% | |||
All other states | 480,670 | 32% | |||
Total municipal securities | $ | 1,547,331 | 100% |
One Year | Five Years | |||||||||||||||||||||||||||||||||
One Year | Through | Through | Over | |||||||||||||||||||||||||||||||
or Less | Five Years | Ten Years | Ten Years | Total | ||||||||||||||||||||||||||||||
Fair | Fair | Fair | Fair | Fair | ||||||||||||||||||||||||||||||
December 31, 2015 | Value | Rate | Value | Rate | Value | Rate | Value | Rate | Value | Rate | ||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||||||||||
Residential mortgage- | ||||||||||||||||||||||||||||||||||
backed securities: | ||||||||||||||||||||||||||||||||||
Government agency | ||||||||||||||||||||||||||||||||||
and government- | ||||||||||||||||||||||||||||||||||
sponsored enterprise | ||||||||||||||||||||||||||||||||||
pass-through securities | $ | 5 | 8.94 | % | $ | 46,466 | 3.50 | % | $ | 191,887 | 3.40 | % | $ | 529,439 | 3.79 | % | $ | 767,797 | 3.67 | % | ||||||||||||||
Government agency | ||||||||||||||||||||||||||||||||||
and government- | ||||||||||||||||||||||||||||||||||
sponsored enterprise | ||||||||||||||||||||||||||||||||||
collateralized | ||||||||||||||||||||||||||||||||||
mortgage obligations | — | — | 56,401 | 4.03 | % | 214,436 | 2.98 | % | 215,402 | 3.17 | % | 486,239 | 3.18 | % | ||||||||||||||||||||
Covered private label | ||||||||||||||||||||||||||||||||||
collateralized | ||||||||||||||||||||||||||||||||||
mortgage obligations | — | — | 42 | 4.88 | % | 274 | 5.46 | % | 29,466 | 5.50 | % | 29,782 | 5.49 | % | ||||||||||||||||||||
Other private label | ||||||||||||||||||||||||||||||||||
collateralized | ||||||||||||||||||||||||||||||||||
mortgage obligations | — | — | 6,087 | 4.75 | % | 2,118 | 3.47 | % | 106,809 | 3.33 | % | 115,014 | 3.40 | % | ||||||||||||||||||||
Municipal securities(1) | 9,320 | 4.87 | % | 29,352 | 4.51 | % | 73,655 | 3.58 | % | 1,435,004 | 4.04 | % | 1,547,331 | 4.03 | % | |||||||||||||||||||
US Treasury securities | — | — | 69,380 | 1.15 | % | — | — | — | — | 69,380 | 1.15 | % | ||||||||||||||||||||||
Corporate debt securities | — | — | 29,379 | 9.44 | % | — | — | 19,045 | 5.62 | % | 48,424 | 7.94 | % | |||||||||||||||||||||
Collateralized loan obligations | — | — | — | — | 35,739 | 2.63 | % | 96,450 | 2.44 | % | 132,189 | 2.50 | % | |||||||||||||||||||||
SBA securities | 8 | 5.56 | % | 3,528 | 3.42 | % | 110,584 | 3.53 | % | 97,037 | 3.13 | % | 211,157 | 3.34 | % | |||||||||||||||||||
Government-sponsored | ||||||||||||||||||||||||||||||||||
enterprise debt securities | — | — | 36,913 | 2.01 | % | — | — | — | — | 36,913 | 2.01 | % | ||||||||||||||||||||||
Asset-backed and other securities | 3,344 | — | 26,615 | 3.20 | % | 35,383 | 2.96 | % | 49,869 | 1.98 | % | 115,211 | 2.51 | % | ||||||||||||||||||||
Total securities | ||||||||||||||||||||||||||||||||||
available-for-sale(1) | $ | 12,677 | 3.59 | % | $ | 304,163 | 3.55 | % | $ | 664,076 | 3.24 | % | $ | 2,578,521 | 3.78 | % | $ | 3,559,437 | 3.66 | % |
(1) | Rates on tax-exempt securities are contractual rates and are not presented on a tax-equivalent basis. |
December 31, 2015 | December 31, 2014 | ||||||||||||
Amount | % of Total | Amount | % of Total | ||||||||||
(Dollars in thousands) | |||||||||||||
Real estate mortgage: | |||||||||||||
Healthcare real estate | $ | 1,230,787 | 9 | % | $ | 1,047,861 | 9 | % | |||||
Hospitality | 656,750 | 5 | % | 570,634 | 5 | % | |||||||
SBA program | 473,960 | 3 | % | 380,890 | 3 | % | |||||||
Other commercial real estate | 2,284,036 | 16 | % | 2,583,965 | 21 | % | |||||||
Total commercial real estate | 4,645,533 | 33 | % | 4,583,350 | 38 | % | |||||||
Income producing residential | 1,035,164 | 7 | % | 789,271 | 7 | % | |||||||
Owner-occupied residential | 176,045 | 1 | % | 220,751 | 2 | % | |||||||
Total residential real estate | 1,211,209 | 8 | % | 1,010,022 | 9 | % | |||||||
Total real estate mortgage | 5,856,742 | 41 | % | 5,593,372 | 47 | % | |||||||
Real estate construction and land: | |||||||||||||
Commercial | 345,991 | 2 | % | 220,927 | 2 | % | |||||||
Residential | 184,382 | 1 | % | 96,749 | 1 | % | |||||||
Total real estate construction and land | 530,373 | 3 | % | 317,676 | 3 | % | |||||||
Total real estate loans | 6,387,115 | 44 | % | 5,911,048 | 50 | % | |||||||
Commercial: | |||||||||||||
Technology cash flow | 978,283 | 7 | % | 843,995 | 7 | % | |||||||
Security cash flow | 450,544 | 3 | % | 405,105 | 3 | % | |||||||
Healthcare cash flow | 865,355 | 6 | % | 641,941 | 5 | % | |||||||
Other cash flow | 779,783 | 5 | % | 774,613 | 7 | % | |||||||
Total cash flow | 3,073,965 | 21 | % | 2,665,654 | 22 | % | |||||||
Lender finance & timeshare | 1,587,577 | 11 | % | 1,364,814 | 12 | % | |||||||
Healthcare asset based | 228,445 | 2 | % | 158,400 | 1 | % | |||||||
Other asset based | 731,643 | 5 | % | 711,260 | 6 | % | |||||||
Total asset based | 2,547,665 | 18 | % | 2,234,474 | 19 | % | |||||||
Equipment finance | 890,349 | 6 | % | 969,489 | 8 | % | |||||||
Venture capital services | 228,863 | 2 | % | — | — | % | |||||||
Early stage | 347,298 | 2 | % | — | — | % | |||||||
Expansion stage | 600,541 | 4 | % | — | — | % | |||||||
Later stage | 281,311 | 2 | % | — | — | % | |||||||
Venture backed lending | 1,458,013 | 10 | % | — | — | % | |||||||
Total commercial | 7,969,992 | 55 | % | 5,869,617 | 49 | % | |||||||
Consumer | 121,147 | 1 | % | 101,767 | 1 | % | |||||||
Total loans and leases, net of deferred fees(1) | $ | 14,478,254 | 100 | % | $ | 11,882,432 | 100 | % |
(1) | Includes PCI loans of $189.0 million and $290.8 million at December 31, 2015 and 2014, of which the majority are included in the Real Estate Mortgage category in this table. |
December 31, 2015 | |||||||
Obligors | Amount | % of Total | |||||
(Dollars in thousands) | |||||||
Nonaccrual (1) | 3 | $ | 47,091 | 34% | |||
Large, rated companies (2) | 2 | 50,972 | 37% | ||||
All others (3) | 19 | 39,262 | 29% | ||||
Total oil & gas support services | 24 | $ | 137,325 | 100% |
(1) | Includes one relationship of $40.1 million. |
(2) | Borrowing entity or obligor contractual counterparty rated BB+ or higher. |
(3) | Average relationship balance of approximately $2.0 million. |
Year Ended | |||
Loan and Lease Roll Forward: (1) | December 31, 2015 | ||
(In thousands) | |||
Beginning balance | $ | 11,882,432 | |
New production | 4,171,172 | ||
Existing loans and leases: | |||
Principal repayments, net(2) | (3,067,844 | ) | |
Loan and lease sales | (29,984 | ) | |
Transfers to foreclosed assets | (13,471 | ) | |
Charge-offs | (17,771 | ) | |
Loans and leases acquired through acquisition | 1,553,720 | ||
Ending balance | $ | 14,478,254 | |
Weighted average yield on new production | 5.47 | % |
(1) | Includes direct financing leases but excludes equipment leased to others under operating leases. |
(2) | Includes principal repayments on existing loans, changes in revolving lines of credit (repayments and draws), loan participation sales, and other changes within the loan portfolio. |
December 31, 2015 | December 31, 2014 | ||||||||||||
Real Estate Loans by State: | Amount | % of Total | Amount | % of Total | |||||||||
(Dollars in thousands) | |||||||||||||
California | $ | 3,121,801 | 48.9 | % | $ | 3,117,136 | 52.7 | % | |||||
Florida | 488,793 | 7.6 | % | 342,584 | 5.8 | % | |||||||
Texas | 342,815 | 5.4 | % | 423,362 | 7.2 | % | |||||||
New York | 315,433 | 4.9 | % | 196,898 | 3.3 | % | |||||||
Pennsylvania | 215,945 | 3.4 | % | 143,014 | 2.4 | % | |||||||
Virginia | 182,040 | 2.8 | % | 180,272 | 3.0 | % | |||||||
Illinois | 157,431 | 2.5 | % | 86,836 | 1.5 | % | |||||||
Arizona | 144,177 | 2.3 | % | 142,624 | 2.4 | % | |||||||
New Jersey | 120,793 | 1.9 | % | 133,502 | 2.3 | % | |||||||
Indiana | 89,019 | 1.4 | % | 69,510 | 1.2 | % | |||||||
Total of 10 largest states | 5,178,247 | 81.1 | % | 4,835,738 | 81.8 | % | |||||||
All other states | 1,208,868 | 18.9 | % | 1,075,310 | 18.2 | % | |||||||
Total real estate loans | $ | 6,387,115 | 100.0 | % | $ | 5,911,048 | 100.0 | % |
Due in One | Due After One to | Due After | |||||||||||||
Year or Less | Five Years | Five Years | Total | ||||||||||||
(In thousands) | |||||||||||||||
Non-PCI Loans and Leases: | |||||||||||||||
Real estate mortgage | $ | 512,514 | $ | 3,352,509 | $ | 1,823,040 | $ | 5,688,063 | |||||||
Real estate construction and land | 223,475 | 303,293 | 952 | 527,720 | |||||||||||
Commercial | 1,414,586 | 5,261,327 | 1,276,664 | 7,952,577 | |||||||||||
Consumer | 11,124 | 18,933 | 90,792 | 120,849 | |||||||||||
Total Non-PCI | 2,161,699 | 8,936,062 | 3,191,448 | 14,289,209 | |||||||||||
PCI Loans | 44,298 | 74,321 | 70,426 | 189,045 | |||||||||||
Total loans and leases, net of deferred fees | $ | 2,205,997 | $ | 9,010,383 | $ | 3,261,874 | $ | 14,478,254 |
Due After One Year | |||||||||||
Fixed | Variable | ||||||||||
Rate | Rate | Total | |||||||||
(In thousands) | |||||||||||
Non-PCI Loans: | |||||||||||
Real estate mortgage | $ | 1,694,683 | $ | 3,480,866 | $ | 5,175,549 | |||||
Real estate construction and land | 140,107 | 164,138 | 304,245 | ||||||||
Commercial | 1,254,494 | 5,283,497 | 6,537,991 | ||||||||
Consumer | 71,464 | 38,261 | 109,725 | ||||||||
Total Non-PCI | 3,160,748 | 8,966,762 | 12,127,510 | ||||||||
PCI Loans | 62,991 | 81,756 | 144,747 | ||||||||
Total loans and leases, net of deferred fees | $ | 3,223,739 | $ | 9,048,518 | $ | 12,272,257 |
December 31, | |||||||||||||||||||
Non-PCI Allowance for Credit Losses Data: | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Allowance for loan and lease losses | $ | 105,534 | $ | 70,456 | $ | 60,241 | $ | 65,899 | $ | 85,313 | |||||||||
Reserve for unfunded loan commitments | 16,734 | 6,311 | 7,575 | 6,220 | 8,470 | ||||||||||||||
Total allowance for credit losses | $ | 122,268 | $ | 76,767 | $ | 67,816 | $ | 72,119 | $ | 93,783 | |||||||||
Allowance for credit losses to loans and leases | 0.85 | % | 0.66 | % | 1.73 | % | 2.35 | % | 3.30 | % | |||||||||
Allowance for credit losses to nonaccrual loans and leases | 94.8 | % | 91.8 | % | 145.0 | % | 172.7 | % | 152.2 | % |
December 31, 2015 | December 31, 2014 | ||||||||||||||||||
Non-PCI | Non-PCI | ||||||||||||||||||
Loans and | Allowance/ | Coverage | Loans and | Allowance/ | Coverage | ||||||||||||||
Non-PCI Credit Risk Coverage Ratios: | Leases | Discount | Ratio | Leases | Discount | Ratio | |||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Ending balance | $ | 14,339,070 | $ | 122,268 | 0.85% | $ | 11,613,832 | $ | 76,767 | 0.66% | |||||||||
Acquired loans | (6,030,921 | ) | (19,127 | ) | (6,562,267 | ) | (4,184 | ) | |||||||||||
Adjusted balance | $ | 8,308,149 | $ | 103,141 | 1.24% | $ | 5,051,565 | $ | 72,583 | 1.44% | |||||||||
Ending balance | $ | 14,339,070 | $ | 122,268 | 0.85% | $ | 11,613,832 | $ | 76,767 | 0.66% | |||||||||
Unamortized purchase discount | 92,192 | 92,192 | 156,428 | 156,428 | |||||||||||||||
Adjusted balance | $ | 14,431,262 | $ | 214,460 | 1.49% | $ | 11,770,260 | $ | 233,195 | 1.98% |
Year Ended December 31, | |||||||||||||||||||
Non-PCI Allowance for Credit Losses: | 2015 | 2014 | 2013 | 2012 | 2011 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Allowance for credit losses, beginning of year | $ | 76,767 | $ | 67,816 | $ | 72,119 | $ | 93,783 | $ | 104,328 | |||||||||
Provision (negative provision) for credit losses: | |||||||||||||||||||
Addition to (reduction in) allowance for loan and lease losses | 42,604 | 11,746 | (1,355 | ) | (9,750 | ) | 10,505 | ||||||||||||
Addition to (reduction in) reserve for unfunded loan | |||||||||||||||||||
commitments | 5,677 | (1,264 | ) | 1,355 | (2,250 | ) | 2,795 | ||||||||||||
Total provision (negative provision) for credit losses | 48,281 | 10,482 | — | (12,000 | ) | 13,300 | |||||||||||||
Loans and leases charged off: | |||||||||||||||||||
Real estate mortgage | (2,489 | ) | (2,080 | ) | (4,552 | ) | (7,680 | ) | (10,180 | ) | |||||||||
Real estate construction and land | — | — | — | (492 | ) | (6,886 | ) | ||||||||||||
Commercial | (13,354 | ) | (9,463 | ) | (6,409 | ) | (4,608 | ) | (10,072 | ) | |||||||||
Consumer | (156 | ) | (332 | ) | (198 | ) | (290 | ) | (1,422 | ) | |||||||||
Total loans and leases charged off | (15,999 | ) | (11,875 | ) | (11,159 | ) | (13,070 | ) | (28,560 | ) | |||||||||
Recoveries on loans charged off: | |||||||||||||||||||
Real estate mortgage | 3,582 | 2,640 | 2,507 | 1,598 | 513 | ||||||||||||||
Real estate construction and land | 1,082 | 156 | 1,654 | 49 | 1,025 | ||||||||||||||
Commercial | 3,399 | 6,265 | 2,621 | 1,622 | 1,783 | ||||||||||||||
Consumer | 410 | 1,283 | 74 | 137 | 1,394 | ||||||||||||||
Total recoveries on loans charged off | 8,473 | 10,344 | 6,856 | 3,406 | 4,715 | ||||||||||||||
Net charge-offs | (7,526 | ) | (1,531 | ) | (4,303 | ) | (9,664 | ) | (23,845 | ) | |||||||||
Fair value of acquired reserve for unfunded commitments | 4,746 | — | — | — | — | ||||||||||||||
Allowance for credit losses, end of year | $ | 122,268 | $ | 76,767 | $ | 67,816 | $ | 72,119 | $ | 93,783 | |||||||||
Net charge-offs to average loans and leases | 0.06 | % | 0.02 | % | 0.12 | % | 0.33 | % | 0.80 | % |
Non-PCI Allowance for Loan and Lease Losses by Portfolio Segment | |||||||||||||||||||
Real Estate | |||||||||||||||||||
Real Estate | Construction | ||||||||||||||||||
Mortgage | and Land | Commercial | Consumer | Total | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
December 31, 2015 | |||||||||||||||||||
Allowance for loan and lease losses | $ | 36,654 | $ | 7,137 | $ | 61,082 | $ | 661 | $ | 105,534 | |||||||||
% of loans to total loans | 40 | % | 4 | % | 55 | % | 1 | % | 100 | % | |||||||||
December 31, 2014 | |||||||||||||||||||
Allowance for loan and lease losses | $ | 25,097 | $ | 4,248 | $ | 39,858 | $ | 1,253 | $ | 70,456 | |||||||||
% of loans to total loans | 46 | % | 3 | % | 50 | % | 1 | % | 100 | % | |||||||||
December 31, 2013 | |||||||||||||||||||
Allowance for loan and lease losses | $ | 26,078 | $ | 4,298 | $ | 26,921 | $ | 2,944 | $ | 60,241 | |||||||||
% of loans to total loans | 62 | % | 5 | % | 32 | % | 1 | % | 100 | % | |||||||||
December 31, 2012 | |||||||||||||||||||
Allowance for loan and lease losses | $ | 38,700 | $ | 3,221 | $ | 22,252 | $ | 1,726 | $ | 65,899 | |||||||||
% of loans to total loans | 63 | % | 4 | % | 32 | % | 1 | % | 100 | % | |||||||||
December 31, 2011 | |||||||||||||||||||
Allowance for loan losses | $ | 50,205 | $ | 8,697 | $ | 23,643 | $ | 2,768 | $ | 85,313 | |||||||||
% of loans to total loans | 70 | % | 4 | % | 25 | % | 1 | % | 100 | % |
Year Ended December 31, | |||||||||||
PCI Allowance for Credit Losses: | 2015 | 2014 | 2013 | ||||||||
(In thousands) | |||||||||||
Allowance for credit losses on PCI loans, beginning of year | $ | 13,999 | $ | 21,793 | $ | 26,069 | |||||
Charge-offs | (1,772 | ) | (9,577 | ) | (66 | ) | |||||
Recoveries | 150 | 766 | — | ||||||||
Net charge-offs | (1,622 | ) | (8,811 | ) | (66 | ) | |||||
(Negative provision) provision | (2,800 | ) | 1,017 | (4,210 | ) | ||||||
Allowance for credit losses on PCI loans, end of year | $ | 9,577 | $ | 13,999 | $ | 21,793 |
December 31, | |||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Nonaccrual Non-PCI loans and leases (1) | $ | 129,019 | $ | 83,621 | $ | 46,774 | $ | 41,762 | $ | 61,619 | |||||||||
Nonaccrual PCI loans (2) | 4,596 | 25,264 | — | — | — | ||||||||||||||
Total nonaccrual loans and leases | 133,615 | 108,885 | 46,774 | 41,762 | 61,619 | ||||||||||||||
Non-PCI accruing loan contractually past due 90 days or more | 700 | — | — | — | — | ||||||||||||||
Foreclosed assets, net | 22,120 | 43,721 | 55,891 | 56,414 | 81,918 | ||||||||||||||
Total nonperforming assets | $ | 156,435 | $ | 152,606 | $ | 102,665 | $ | 98,176 | $ | 143,537 | |||||||||
Performing restructured loans (3) | $ | 40,182 | $ | 35,244 | $ | 41,648 | $ | 106,288 | $ | 116,791 | |||||||||
Nonaccrual loans and leases to loans and leases (4) | 0.92 | % | 0.91 | % | 1.19 | % | 1.36 | % | 2.17 | % | |||||||||
Nonperforming assets to loans and leases and foreclosed | |||||||||||||||||||
assets, net (4) | 1.08 | % | 1.28 | % | 2.58 | % | 3.14 | % | 4.91 | % |
(1) | At December 31, 2015, three relationships to borrowers involved in the oil and gas industry totaling $47.1 million were on nonaccrual status. |
(2) | Represents legacy CapitalSource borrowing relationships placed on nonaccrual status as of the acquisition date. |
(3) | Excludes PCI loans. |
(4) | Calculation includes total loans and leases as of December 31, 2015 and 2014. For prior year-ends, calculation excludes PCI loans. |
Nonaccrual Loans and Leases | Accruing and | ||||||||||||||||||
December 31, 2015 | December 31, 2014 | 30 - 89 Days Past Due | |||||||||||||||||
Amount | % of Loan Category | Amount | % of Loan Category | December 31, 2015 | December 31, 2014 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||
Commercial | $ | 52,363 | 1.2% | $ | 32,223 | 0.7% | $ | 1,498 | $ | 5,818 | |||||||||
Residential | 4,914 | 0.4% | 5,389 | 0.6% | 3,174 | 2,290 | |||||||||||||
Total real estate mortgage | 57,277 | 1.0% | 37,612 | 0.7% | 4,672 | 8,108 | |||||||||||||
Real estate construction and land: | |||||||||||||||||||
Commercial | — | —% | 1,178 | 0.6% | — | — | |||||||||||||
Residential | 372 | 0.2% | 381 | 0.4% | — | — | |||||||||||||
Total real estate construction and land | 372 | 0.1% | 1,559 | 0.5% | — | — | |||||||||||||
Commercial: | |||||||||||||||||||
Cash flow | 15,800 | 0.5% | 19,810 | 0.8% | 1,118 | 95 | |||||||||||||
Asset-based | 2,505 | 0.1% | 10,024 | 0.4% | 1 | 93 | |||||||||||||
Equipment finance | 51,410 | 5.8% | 11,131 | 1.1% | 360 | 2,339 | |||||||||||||
Venture capital | 124 | —% | — | —% | 250 | — | |||||||||||||
Total commercial | 69,839 | 0.9% | 40,965 | 0.7% | 1,729 | 2,527 | |||||||||||||
Consumer | 1,531 | 1.3% | 3,485 | 3.4% | 628 | 50 | |||||||||||||
Total Non-PCI loans and leases | $ | 129,019 | 0.9% | $ | 83,621 | 0.7% | $ | 7,029 | $ | 10,685 |
Property Type: | December 31, 2015 | December 31, 2014 | |||||
(In thousands) | |||||||
Commercial real estate | $ | 487 | $ | 2,449 | |||
Construction and land development | 13,801 | 24,759 | |||||
Multi-family | — | 4,823 | |||||
Single family residence | 952 | 3,392 | |||||
Total OREO, net | 15,240 | 35,423 | |||||
Other foreclosed assets | 6,880 | 8,298 | |||||
Total foreclosed assets | $ | 22,120 | $ | 43,721 |
December 31, 2015 | December 31, 2014 | ||||||
(In thousands) | |||||||
Current | $ | 171,800 | $ | 268,263 | |||
30 to 89 days past due | 5,388 | 2,700 | |||||
90 days or more past due | 11,857 | 19,828 | |||||
Total | $ | 189,045 | $ | 290,791 |
December 31, 2015 | December 31, 2014 | December 31, 2013 | |||||||||||||||
Deposit Category: | Average Amount | Rate | Average Amount | Rate | Average Amount | Rate | |||||||||||
(Dollars in thousands) | |||||||||||||||||
Noninterest-bearing deposits | $ | 3,916,702 | — | $ | 2,652,076 | — | $ | 2,186,697 | — | ||||||||
Interest checking deposits | 786,702 | 0.13% | 634,435 | 0.07% | 582,408 | 0.05% | |||||||||||
Money market deposits | 2,473,556 | 0.19% | 1,667,322 | 0.20% | 1,400,065 | 0.18% | |||||||||||
Savings deposits | 747,688 | 0.27% | 618,398 | 0.28% | 194,300 | 0.03% | |||||||||||
Total time deposits | 5,128,028 | 0.66% | 4,363,819 | 0.50% | 753,122 | 0.67% | |||||||||||
Total average deposits | $ | 13,052,676 | 0.32% | $ | 9,936,050 | 0.28% | $ | 5,116,592 | 0.15% |
December 31, | |||||||||||||||||
2015 | 2014 | Increase | |||||||||||||||
% of | % of | (Decrease) | |||||||||||||||
Deposit Category: | Amount | Total | Amount | Total | in Amount | ||||||||||||
(Dollars in thousands) | |||||||||||||||||
Noninterest-bearing deposits | $ | 6,171,455 | 39 | % | $ | 2,931,352 | 25 | % | $ | 3,240,103 | |||||||
Interest checking deposits | 874,349 | 5 | % | 732,196 | 6 | % | 142,153 | ||||||||||
Money market deposits | 2,782,974 | 18 | % | 1,709,068 | 15 | % | 1,073,906 | ||||||||||
Savings deposits | 742,795 | 5 | % | 762,961 | 6 | % | (20,166 | ) | |||||||||
Total core deposits | 10,571,573 | 67 | % | 6,135,577 | 52 | % | 4,435,996 | ||||||||||
Brokered non-maturity deposits | 942,253 | 6 | % | 120,613 | 1 | % | 821,640 | ||||||||||
Total non-maturity deposits | 11,513,826 | 73 | % | 6,256,190 | 53 | % | 5,257,636 | ||||||||||
Time deposits under $100,000 | 1,656,227 | 11 | % | 2,467,338 | 21 | % | (811,111 | ) | |||||||||
Time deposits $100,000 and over | 2,496,129 | 16 | % | 3,031,600 | 26 | % | (535,471 | ) | |||||||||
Total time deposits | 4,152,356 | 27 | % | 5,498,938 | 47 | % | (1,346,582 | ) | |||||||||
Total deposits | $ | 15,666,182 | 100 | % | $ | 11,755,128 | 100 | % | $ | 3,911,054 |
December 31, 2015 | |||||||||||||||
Maturity: | Time Deposits Under $100,000 | Time Deposits $100,000 or More | Total Time Deposits | Contractual Rate | Estimated Effective Rate | ||||||||||
(Dollars in thousands) | |||||||||||||||
Due in three months or less | $ | 589,234 | $ | 784,141 | $ | 1,373,375 | 0.60% | 0.58% | |||||||
Due in over three months through six months | 453,763 | 821,581 | 1,275,344 | 0.73% | 0.72% | ||||||||||
Due in over six months through twelve months | 500,658 | 763,141 | 1,263,799 | 0.64% | 0.62% | ||||||||||
Due in over 12 months through 24 months | 82,459 | 100,050 | 182,509 | 0.63% | 0.51% | ||||||||||
Due in over 24 months | 30,113 | 27,216 | 57,329 | 1.03% | 0.84% | ||||||||||
Total | $ | 1,656,227 | $ | 2,496,129 | $ | 4,152,356 | 0.66% | 0.64% |
December 31, 2015 | |||||
Pacific Western Bank | PacWest Bancorp Consolidated | Well Capitalized Requirement | |||
Tier 1 Leverage | 11.40% | 11.67% | 5.00% | ||
Common Equity Tier 1 Capital | 12.03% | 12.58% | 6.50% | ||
Tier 1 Capital | 12.03% | 12.60% | 8.00% | ||
Total Capital | 12.80% | 15.65% | 10.00% |
December 31, | |||||||||||
Primary Liquidity - On-Balance Sheet: | 2015 | 2014 | 2013 | ||||||||
(In thousands) | |||||||||||
Cash and due from banks | $ | 161,020 | $ | 164,757 | $ | 96,424 | |||||
Interest-earning deposits at financial institutions | 235,466 | 148,469 | 50,998 | ||||||||
Investment securities available-for-sale | 3,559,437 | 1,567,177 | 1,494,745 | ||||||||
Less: pledged securities | (421,574 | ) | (308,555 | ) | (208,340 | ) | |||||
Total primary liquidity | $ | 3,534,349 | $ | 1,571,848 | $ | 1,433,827 | |||||
Ratio of primary liquidity to total deposits | 22.6 | % | 13.4 | % | 27.2 | % | |||||
Secondary Liquidity - Off-Balance Sheet | December 31, | ||||||||||
Available Secured Borrowing Capacity: | 2015 | 2014 | 2013 | ||||||||
(In thousands) | |||||||||||
Total secured borrowing capacity with the FHLB | $ | 2,500,000 | $ | 2,391,157 | $ | 1,329,512 | |||||
Less: secured advances outstanding | (618,000 | ) | (380,000 | ) | (106,600 | ) | |||||
Net secured borrowing capacity with the FHLB | 1,882,000 | 2,011,157 | 1,222,912 | ||||||||
Secured credit line with the FRBSF | 2,078,292 | 1,305,650 | 563,560 | ||||||||
Total secondary liquidity | $ | 3,960,292 | $ | 3,316,807 | $ | 1,786,472 |
December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(In thousands) | |||||||||||
Core Deposits: | |||||||||||
Noninterest-bearing demand | $ | 6,171,455 | $ | 2,931,352 | $ | 2,318,446 | |||||
Interest checking | 874,349 | 732,196 | 620,622 | ||||||||
Money market deposits | 2,782,974 | 1,709,068 | 1,458,910 | ||||||||
Savings deposits | 742,795 | 762,961 | 218,638 | ||||||||
Total core deposits | $ | 10,571,573 | $ | 6,135,577 | $ | 4,616,616 |
December 31, 2015 | |||||||||||||||||||
Due | Due in | Due in | Due | ||||||||||||||||
Within | One to | Three to | After | ||||||||||||||||
One Year | Three Years | Five Years | Five Years | Total | |||||||||||||||
(In thousands) | |||||||||||||||||||
Time deposits(1) | $ | 3,911,543 | $ | 222,087 | $ | 17,067 | $ | 684 | $ | 4,151,381 | |||||||||
Overnight FHLB advance | 618,000 | — | — | — | 618,000 | ||||||||||||||
Long-term debt obligations(1) | 1,540 | 1,512 | 861 | 539,795 | 543,708 | ||||||||||||||
Contractual interest(2) | 6,116 | 2,710 | 642 | 62 | 9,530 | ||||||||||||||
Operating lease obligations | 29,730 | 51,439 | 38,519 | 46,692 | 166,380 | ||||||||||||||
Other contractual obligations | 19,239 | 16,835 | 12,462 | 26,196 | 74,732 | ||||||||||||||
Total | $ | 4,586,168 | $ | 294,583 | $ | 69,551 | $ | 613,429 | $ | 5,563,731 |
(1) | Excludes purchase accounting fair value adjustments. |
(2) | Excludes interest on subordinated debentures as these instruments are floating rate. |
Estimated | |||||||||
Estimated | Percentage | Estimated | Net Interest | ||||||
December 31, 2015 | Net Interest | Change | Net Interest | Margin Change | |||||
Interest Rate Scenario: | Income | From Base | Margin | From Base | |||||
(Dollars in millions) | |||||||||
Up 300 basis points | $ | 1,064.2 | 12.9% | 5.72% | 0.64% | ||||
Up 200 basis points | $ | 1,020.1 | 8.2% | 5.49% | 0.41% | ||||
Up 100 basis points | $ | 977.3 | 3.7% | 5.26% | 0.18% | ||||
BASE CASE | $ | 942.8 | — | 5.08% | — | ||||
Down 100 basis points | $ | 932.3 | (1.1)% | 5.03% | (0.05)% | ||||
Down 200 basis points | $ | 930.6 | (1.3)% | 5.02% | (0.06)% | ||||
Down 300 basis points | $ | 931.3 | (1.2)% | 5.02% | (0.06)% |
December 31, 2015 | ||||
Rate | ||||
Cumulative | Increase | |||
Amount of | Needed to | |||
Loans | Reprice | |||
(Dollars in millions) | ||||
$ | 4,359 | 100 bps | ||
$ | 4,735 | 200 bps | ||
$ | 4,878 | 300 bps |
December 31, 2015 Interest Rate Scenario: | Estimated Market Value | Dollar Change From Base | Percentage Change From Base | Percentage of Total Assets | Ratio of Estimated Market Value to Book Value | |||||||||
(Dollars in millions) | ||||||||||||||
Up 300 basis points | $ | 5,209.6 | $ | (12.2 | ) | (0.2)% | 24.5% | 118.5% | ||||||
Up 200 basis points | $ | 5,215.1 | $ | (6.6 | ) | (0.1)% | 24.5% | 118.6% | ||||||
Up 100 basis points | $ | 5,218.4 | $ | (3.4 | ) | (0.1)% | 24.5% | 118.7% | ||||||
BASE CASE | $ | 5,221.8 | $ | — | — | 24.5% | 118.7% | |||||||
Down 100 basis points | $ | 5,245.0 | $ | 23.2 | 0.4% | 24.6% | 119.3% | |||||||
Down 200 basis points | $ | 5,272.9 | $ | 51.2 | 1.0% | 24.8% | 119.9% | |||||||
Down 300 basis points | $ | 5,208.8 | $ | (13.0 | ) | (0.2)% | 24.5% | 118.4% |
Management’s Report on Internal Control Over Financial Reporting | |
Report of Independent Registered Public Accounting Firm | |
Consolidated Balance Sheets as of December 31, 2015 and 2014 | |
Consolidated Statements of Earnings for the Years Ended December 31, 2015, 2014 and 2013 | |
Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2015, 2014 and 2013 | |
Consolidated Statements of Changes in Stockholders’ Equity for the Years Ended December 31, 2015, 2014 and 2013 | |
Consolidated Statements of Cash Flows for the Years Ended December 31, 2015, 2014 and 2013 | |
Notes to Consolidated Financial Statements |
December 31, | |||||||
2015 | 2014 | ||||||
(Dollars in thousands, except par value and share data) | |||||||
ASSETS | |||||||
Cash and due from banks | $ | 161,020 | $ | 164,757 | |||
Interest-earning deposits in financial institutions | 235,466 | 148,469 | |||||
Total cash and cash equivalents | 396,486 | 313,226 | |||||
Securities available-for-sale, at fair value | 3,559,437 | 1,567,177 | |||||
Federal Home Loan Bank stock, at cost | 19,710 | 40,609 | |||||
Total investment securities | 3,579,147 | 1,607,786 | |||||
Gross loans and leases | 14,528,165 | 11,904,684 | |||||
Deferred fees and costs | (49,911 | ) | (22,252 | ) | |||
Allowance for loan and lease losses | (115,111 | ) | (84,455 | ) | |||
Total loans and leases, net | 14,363,143 | 11,797,977 | |||||
Equipment leased to others under operating leases | 197,452 | 122,506 | |||||
Premises and equipment, net | 39,197 | 36,551 | |||||
Foreclosed assets, net | 22,120 | 43,721 | |||||
Goodwill | 2,176,291 | 1,720,479 | |||||
Core deposit and customer relationship intangibles, net | 53,220 | 17,204 | |||||
Deferred tax asset, net | 126,389 | 284,411 | |||||
Other assets | 335,045 | 290,744 | |||||
Total assets | $ | 21,288,490 | $ | 16,234,605 | |||
LIABILITIES: | |||||||
Noninterest-bearing deposits | $ | 6,171,455 | $ | 2,931,352 | |||
Interest-bearing deposits | 9,494,727 | 8,823,776 | |||||
Total deposits | 15,666,182 | 11,755,128 | |||||
Borrowings | 621,914 | 383,402 | |||||
Subordinated debentures | 436,000 | 433,583 | |||||
Accrued interest payable and other liabilities | 166,703 | 156,262 | |||||
Total liabilities | 16,890,799 | 12,728,375 | |||||
Commitments and contingencies | — | — | |||||
STOCKHOLDERS' EQUITY: | |||||||
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued and outstanding) | — | — | |||||
Common stock ($0.01 par value, 200,000,000 shares authorized at December 31, 2015 and 2014; 122,791,729 and 104,219,197 shares issued, respectively, includes 1,211,951 and 1,108,505 shares of unvested restricted stock, respectively) | 1,228 | 1,042 | |||||
Additional paid-in capital | 4,405,775 | 3,807,167 | |||||
Retained earnings (deficit) | 13,907 | (285,712 | ) | ||||
Treasury stock, at cost (1,378,002 and 1,197,180 shares at December 31, 2015 and 2014) | (51,047 | ) | (42,647 | ) | |||
Accumulated other comprehensive income, net | 27,828 | 26,380 | |||||
Total stockholders' equity | 4,397,691 | 3,506,230 | |||||
Total liabilities and stockholders' equity | $ | 21,288,490 | $ | 16,234,605 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(Dollars in thousands, except per share data) | |||||||||||
Interest income: | |||||||||||
Loans and leases | $ | 819,094 | $ | 657,097 | $ | 272,726 | |||||
Investment securities | 64,368 | 47,345 | 36,923 | ||||||||
Deposits in financial institutions | 476 | 333 | 265 | ||||||||
Total interest income | 883,938 | 704,775 | 309,914 | ||||||||
Interest expense: | |||||||||||
Deposits | 41,503 | 27,332 | 7,868 | ||||||||
Borrowings | 554 | 496 | 537 | ||||||||
Subordinated debentures | 18,535 | 14,570 | 3,796 | ||||||||
Total interest expense | 60,592 | 42,398 | 12,201 | ||||||||
Net interest income | 823,346 | 662,377 | 297,713 | ||||||||
Provision (negative provision) for credit losses | 45,481 | 11,499 | (4,210 | ) | |||||||
Net interest income after provision (negative provision) for credit losses | 777,865 | 650,878 | 301,923 | ||||||||
Noninterest income: | |||||||||||
Service charges on deposit accounts | 11,688 | 11,233 | 11,765 | ||||||||
Other commissions and fees | 31,586 | 18,602 | 8,416 | ||||||||
Leased equipment income | 24,023 | 16,669 | — | ||||||||
Gain on sale of loans and leases | 373 | 601 | 1,791 | ||||||||
Gain on securities | 3,744 | 4,841 | 5,359 | ||||||||
FDIC loss sharing expense, net | (18,246 | ) | (31,730 | ) | (26,172 | ) | |||||
Other income | 31,142 | 21,971 | 3,085 | ||||||||
Total noninterest income | 84,310 | 42,187 | 4,244 | ||||||||
Noninterest expense: | |||||||||||
Compensation | 203,914 | 165,499 | 107,067 | ||||||||
Occupancy | 44,144 | 40,606 | 29,459 | ||||||||
Data processing | 18,617 | 14,618 | 9,494 | ||||||||
Other professional services | 13,760 | 11,234 | 6,754 | ||||||||
Insurance and assessments | 16,996 | 10,907 | 5,596 | ||||||||
Intangible asset amortization | 9,410 | 6,268 | 5,402 | ||||||||
Leased equipment depreciation | 13,603 | 9,159 | — | ||||||||
Foreclosed assets (income) expense, net | (668 | ) | 5,401 | (1,503 | ) | ||||||
Acquisition, integration and reorganization costs | 21,247 | 101,016 | 40,812 | ||||||||
Other expense | 41,016 | 40,884 | 25,084 | ||||||||
Total noninterest expense | 382,039 | 405,592 | 228,165 | ||||||||
Earnings from continuing operations before taxes | 480,136 | 287,473 | 78,002 | ||||||||
Income tax expense | (180,517 | ) | (117,005 | ) | (32,525 | ) | |||||
Net earnings from continuing operations | 299,619 | 170,468 | 45,477 | ||||||||
Loss from discontinued operations before taxes | — | (2,677 | ) | (620 | ) | ||||||
Income tax benefit | — | 1,114 | 258 | ||||||||
Net loss from discontinued operations | — | (1,563 | ) | (362 | ) | ||||||
Net earnings | $ | 299,619 | $ | 168,905 | $ | 45,115 | |||||
Basic earnings per share: | |||||||||||
Net earnings from continuing operations | $ | 2.79 | $ | 1.94 | $ | 1.09 | |||||
Net earnings | $ | 2.79 | $ | 1.92 | $ | 1.08 | |||||
Diluted earnings per share: | |||||||||||
Net earnings from continuing operations | $ | 2.79 | $ | 1.94 | $ | 1.09 | |||||
Net earnings | $ | 2.79 | $ | 1.92 | $ | 1.08 | |||||
Dividends declared per share | $ | 2.00 | $ | 1.25 | $ | 1.00 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(In thousands) | |||||||||||
Net earnings | $ | 299,619 | $ | 168,905 | $ | 45,115 | |||||
Other comprehensive income (loss), net of tax: | |||||||||||
Unrealized holding gains (losses) on securities available-for-sale arising during the year | 6,490 | 54,918 | (57,136 | ) | |||||||
Income tax (expense) benefit related to unrealized holding (losses) gains arising during the year | (2,869 | ) | (22,317 | ) | 26,190 | ||||||
Unrealized holding gains (losses) on securities available-for-sale, net of tax | 3,621 | 32,601 | (30,946 | ) | |||||||
Reclassification adjustment for gains included in net earnings (1) | (3,744 | ) | (4,841 | ) | (5,359 | ) | |||||
Income tax expense related to reclassification adjustment | 1,571 | 1,967 | 58 | ||||||||
Reclassification adjustment for gains included in net earnings, net of tax | (2,173 | ) | (2,874 | ) | (5,301 | ) | |||||
Other comprehensive income (loss), net of tax | 1,448 | 29,727 | (36,247 | ) | |||||||
Comprehensive income | $ | 301,067 | $ | 198,632 | $ | 8,868 |
(1) | Entire amount recognized in "Gain on securities" on the Consolidated Statements of Earnings. |
Common Stock | ||||||||||||||||||||||||||
Shares | Par Value | Additional Paid-in Capital | Retained Earnings (Deficit) | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total | ||||||||||||||||||||
(Dollars in thousands, except share data) | ||||||||||||||||||||||||||
Balance, December 31, 2012 | 37,420,909 | $ | 377 | $ | 1,062,184 | $ | (499,537 | ) | $ | (6,803 | ) | $ | 32,900 | $ | 589,121 | |||||||||||
Cumulative effect of change in accounting principle | — | — | — | (195 | ) | — | — | (195 | ) | |||||||||||||||||
Net earnings | — | — | — | 45,115 | — | — | 45,115 | |||||||||||||||||||
Other comprehensive loss - net unrealized gain on securities available-for-sale, net of tax | — | — | — | — | — | (36,247 | ) | (36,247 | ) | |||||||||||||||||
Issuance of common stock for acquisition of First California Financial Group, Inc. | 8,403,119 | 84 | 242,184 | — | — | — | 242,268 | |||||||||||||||||||
Restricted stock awarded and earned stock compensation, net of shares forfeited | 350,446 | 4 | 21,242 | — | — | — | 21,246 | |||||||||||||||||||
Restricted stock surrendered | (351,640 | ) | — | — | — | (13,537 | ) | — | (13,537 | ) | ||||||||||||||||
Tax effect from vesting of restricted stock | — | — | 2,133 | — | — | — | 2,133 | |||||||||||||||||||
Cash dividends paid | — | — | (41,006 | ) | — | — | — | (41,006 | ) | |||||||||||||||||
Balance, December 31, 2013 | 45,822,834 | 465 | 1,286,737 | (454,617 | ) | (20,340 | ) | (3,347 | ) | 808,898 | ||||||||||||||||
Net earnings | — | — | — | 168,905 | — | — | 168,905 | |||||||||||||||||||
Other comprehensive income - net unrealized loss on securities available-for-sale, net of tax | — | — | — | — | — | 29,727 | 29,727 | |||||||||||||||||||
Issuance of common stock for merger with CapitalSource Inc. | 56,601,997 | 566 | 2,593,504 | — | — | — | 2,594,070 | |||||||||||||||||||
Restricted stock awarded and earned stock compensation, net of shares forfeited | 1,088,493 | 11 | 36,463 | — | — | — | 36,474 | |||||||||||||||||||
Dividend reinvestment | 2,583 | — | 115 | — | — | — | 115 | |||||||||||||||||||
Restricted stock surrendered | (493,890 | ) | — | — | — | (22,307 | ) | — | (22,307 | ) | ||||||||||||||||
Tax effect from vesting of restricted stock | — | — | 4,625 | — | — | — | 4,625 | |||||||||||||||||||
Cash dividends paid | — | — | (114,277 | ) | — | — | — | (114,277 | ) | |||||||||||||||||
Balance, December 31, 2014 | 103,022,017 | 1,042 | 3,807,167 | (285,712 | ) | (42,647 | ) | 26,380 | 3,506,230 | |||||||||||||||||
Net earnings | — | — | — | 299,619 | — | — | 299,619 | |||||||||||||||||||
Other comprehensive income - net unrealized gain on securities available-for-sale, net of tax | — | — | — | — | — | 1,448 | 1,448 | |||||||||||||||||||
Issuance of common stock for acquisition of Square 1 Financial, Inc. | 18,135,845 | 181 | 797,252 | — | — | — | 797,433 | |||||||||||||||||||
Restricted stock awarded and earned stock compensation, net of shares forfeited | 435,387 | 5 | 15,625 | — | — | — | 15,630 | |||||||||||||||||||
Restricted stock surrendered | (180,822 | ) | — | — | — | (8,400 | ) | — | (8,400 | ) | ||||||||||||||||
Dividend reinvestment | 1,300 | — | 58 | — | — | — | 58 | |||||||||||||||||||
Tax effect from vesting of restricted stock | — | — | 841 | — | — | — | 841 | |||||||||||||||||||
Cash dividends paid | — | — | (215,168 | ) | — | — | — | (215,168 | ) | |||||||||||||||||
Balance, December 31, 2015 | 121,413,727 | $ | 1,228 | $ | 4,405,775 | $ | 13,907 | $ | (51,047 | ) | $ | 27,828 | $ | 4,397,691 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(Dollars in thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net earnings | $ | 299,619 | $ | 168,905 | $ | 45,115 | |||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 53,970 | 39,153 | 31,509 | ||||||||
Provision (negative provision) for credit losses | 45,481 | 11,499 | (4,210 | ) | |||||||
Gain on sale of foreclosed assets, net | (2,967 | ) | (3,413 | ) | (5,201 | ) | |||||
Provision for losses on foreclosed assets | 5,228 | 7,307 | 2,515 | ||||||||
Gain on sale of loans and leases, net | (373 | ) | (601 | ) | (1,791 | ) | |||||
Gain on sale of premises and equipment | (28 | ) | (1,520 | ) | (21 | ) | |||||
Gain on securities, net | (3,744 | ) | (4,841 | ) | (5,359 | ) | |||||
Unrealized gain on derivatives and foreign currencies, net | (160 | ) | (3,487 | ) | — | ||||||
Earned stock compensation | 15,630 | 36,474 | 21,246 | ||||||||
Write-off of goodwill relating to the asset financing segment reorganization | — | 6,645 | — | ||||||||
Tax effect included in stockholders' equity of restricted stock vesting | (841 | ) | (4,625 | ) | (2,133 | ) | |||||
Decrease (increase) in deferred income taxes, net | 149,664 | 92,257 | 2,198 | ||||||||
Decrease (increase) in other assets | 48,172 | 49,498 | 19,789 | ||||||||
Decrease in accrued interest payable and other liabilities | (15,773 | ) | (61,141 | ) | (53,405 | ) | |||||
Net cash provided by operating activities | 593,878 | 332,110 | 50,252 | ||||||||
Cash flows from investing activities: | |||||||||||
Cash acquired in acquisitions, net of cash consideration paid | 260,936 | 346,047 | 273,013 | ||||||||
Net (increase) decrease in loans and leases | (1,105,925 | ) | (782,424 | ) | 275,740 | ||||||
Proceeds from sale of loans and leases | 31,993 | 66,596 | 33,824 | ||||||||
Securities available-for-sale: | |||||||||||
Proceeds from maturities and paydowns | 144,847 | 123,949 | 306,536 | ||||||||
Proceeds from sales | 1,035,926 | 465,608 | 22,415 | ||||||||
Purchases | (992,680 | ) | (236,739 | ) | (550,211 | ) | |||||
Collection of securities sales proceeds | — | 484,084 | — | ||||||||
Net redemptions of Federal Home Loan Bank stock | 23,686 | 33,390 | 18,705 | ||||||||
Proceeds from sales of foreclosed assets | 32,812 | 24,464 | 36,490 | ||||||||
Purchases of premises and equipment, net | (8,929 | ) | (2,669 | ) | (3,604 | ) | |||||
Proceeds from sales of premises and equipment | 146 | 3,759 | 31 | ||||||||
Net (increase) decrease of equipment leased to others under operating leases | (65,309 | ) | 30,493 | — | |||||||
Net cash (used in) provided by investing activities | (642,497 | ) | 556,558 | 412,939 | |||||||
Cash flows from financing activities: | |||||||||||
Net increase (decrease) in deposits: | |||||||||||
Noninterest-bearing | 685,742 | 506,533 | 18,068 | ||||||||
Interest-bearing | (569,706 | ) | (375,185 | ) | (547,081 | ) | |||||
Net increase in borrowings | 238,512 | 269,741 | 101,250 | ||||||||
Restricted stock surrendered | (8,400 | ) | (22,307 | ) | (13,537 | ) | |||||
Repayment of acquired debt | — | (992,109 | ) | — | |||||||
Tax effect included in stockholders' equity of restricted vesting stock | 841 | 4,625 | 2,133 | ||||||||
Cash dividends paid, net | (215,110 | ) | (114,162 | ) | (41,006 | ) | |||||
Net cash provided by (used in) financing activities | 131,879 | (722,864 | ) | (480,173 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | 83,260 | 165,804 | (16,982 | ) | |||||||
Cash and cash equivalents, beginning of year | 313,226 | 147,422 | 164,404 | ||||||||
Cash and cash equivalents, end of year | $ | 396,486 | $ | 313,226 | $ | 147,422 | |||||
Supplemental disclosures of cash flow information: | |||||||||||
Cash paid for interest | $ | 65,868 | $ | 34,788 | $ | 13,275 | |||||
Cash paid (received) for income taxes | 16,602 | (1,198 | ) | 27,665 | |||||||
Loans transferred to foreclosed assets | 13,472 | 9,806 | 15,416 | ||||||||
Partnership interest transferred to equipment leased to others under operating leases | 20,833 | — | — | ||||||||
Common stock issued in acquisitions | 797,433 | 2,594,070 | 242,268 |
• | current economic trends and forecasts; |
• | current commercial real estate values, performance trends, and overall outlook in the markets where we lend; |
• | legal and regulatory matters that could impact our borrowers’ ability to repay our loans; |
• | our loan portfolio composition and any loan concentrations; |
• | our current lending policies and the effects of any new policies or policy amendments; |
• | our new loan origination volume and the nature of it; |
• | our loan portfolio credit performance trends; and |
• | the results of our on-going independent credit review. |
• | Pass: Loans and leases classified as "pass" are not adversely classified and collection and repayment in full is expected. |
• | Special Mention: Loans and leases classified as "special mention" have a potential weakness that requires management's attention. If not addressed, these potential weaknesses may result in further deterioration in the borrower's ability to repay the loan or lease. |
• | Substandard: Loans and leases classified as "substandard" have a well-defined weakness or weaknesses that jeopardize the collection of the debt. They are characterized by the possibility that we will sustain some loss if the weaknesses are not corrected. |
• | Doubtful: Loans and leases classified as "doubtful" have all the weaknesses of those classified as "substandard," with the additional trait that the weaknesses make collection or repayment in full highly questionable and improbable. |
Acquisition and Date Acquired | |||||||||||
Square 1 Financial, Inc. | CapitalSource Inc. | First California Financial Group | |||||||||
October 6, 2015 | April 7, 2014 | May 31, 2013 | |||||||||
(In thousands) | |||||||||||
Assets Acquired: | |||||||||||
Cash and due from banks | $ | 24,867 | $ | 768,553 | $ | 6,124 | |||||
Interest‑earning deposits in financial institutions | 236,069 | 60,612 | 266,889 | ||||||||
Investment securities available‑for‑sale | 2,193,538 | 382,797 | 4,444 | ||||||||
FHLB stock | 2,787 | 46,060 | 9,518 | ||||||||
Loans and leases | 1,553,720 | 6,877,427 | 1,049,613 | ||||||||
Equipment leased to others under operating leases | — | 160,015 | — | ||||||||
Premises and equipment | 1,927 | 12,663 | 15,322 | ||||||||
Foreclosed assets | — | 6,382 | 13,772 | ||||||||
FDIC loss sharing asset | — | — | 17,241 | ||||||||
Income tax assets | — | 304,856 | 33,360 | ||||||||
Goodwill | 447,911 | 1,526,282 | 129,070 | ||||||||
Core deposit and customer relationship intangibles | 45,426 | 6,720 | 7,927 | ||||||||
Other assets | 106,757 | 582,985 | 27,576 | ||||||||
Total assets acquired | $ | 4,613,002 | $ | 10,735,352 | $ | 1,580,856 | |||||
Liabilities Assumed: | |||||||||||
Noninterest‑bearing deposits | $ | 2,549,000 | $ | 4,631 | $ | 361,166 | |||||
Interest‑bearing deposits | 1,240,635 | 6,236,419 | 739,713 | ||||||||
Other borrowings | — | 992,109 | — | ||||||||
Subordinated debentures | — | 300,918 | 24,061 | ||||||||
Discontinued operations | — | — | 184,619 | ||||||||
Accrued interest payable and other liabilities | 25,934 | 124,087 | 19,729 | ||||||||
Total liabilities assumed | $ | 3,815,569 | $ | 7,658,164 | $ | 1,329,288 | |||||
Total consideration paid | $ | 797,433 | $ | 3,077,188 | $ | 251,568 | |||||
Summary of consideration: | |||||||||||
Cash paid | $ | — | $ | 483,118 | $ | — | |||||
PacWest common stock issued | 797,433 | 2,594,070 | 242,268 | ||||||||
Cancellation of FCAL common stock owned by PacWest (at acquisition date fair value) | — | — | 9,300 | ||||||||
Total | $ | 797,433 | $ | 3,077,188 | $ | 251,568 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(In thousands) | |||||||||||
Acquisition, Integration and Reorganization Costs: | |||||||||||
Severance and employee-related(1) | $ | 10,550 | $ | 57,868 | $ | 21,497 | |||||
System conversion and integration | 4,246 | 1,868 | 3,829 | ||||||||
Asset write-downs, lease terminations and other facilities-related | 125 | 6,353 | 3,212 | ||||||||
Asset financing segment reorganization | — | 10,073 | — | ||||||||
Investment banking deal costs | 1,050 | 16,117 | 5,309 | ||||||||
Other (legal, accounting, insurance, consulting) | 5,276 | 8,737 | 6,965 | ||||||||
Total acquisition, integration and reorganization costs | $ | 21,247 | $ | 101,016 | $ | 40,812 |
(1) | Amount includes $26.1 million in 2014 and $12.4 million in 2013 for accelerated vesting of restricted stock awards. |
Goodwill | |||
(In thousands) | |||
Balance, December 31, 2012 | $ | 79,866 | |
Adjustment to APB goodwill | (193 | ) | |
Addition from the FCAL acquisition | 129,070 | ||
Balance, December 31, 2013 | 208,743 | ||
Addition from the CapitalSource Inc. merger | 1,518,381 | ||
Write-off due to the asset financing segment reorganization | (6,645 | ) | |
Balance, December 31, 2014 | 1,720,479 | ||
Adjustment to acquired CapitalSource Inc. deferred tax assets | 7,901 | ||
Addition from the Square 1 acquisition | 447,911 | ||
Balance, December 31, 2015 | $ | 2,176,291 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(In thousands) | |||||||||||
Gross Amount of CDI and CRI: | |||||||||||
Balance, beginning of year | $ | 53,090 | $ | 48,963 | $ | 45,412 | |||||
Additions due to acquisitions | 45,426 | 6,720 | 7,927 | ||||||||
Fully amortized portion | (2,992 | ) | (1,293 | ) | (4,376 | ) | |||||
Write-off due to the asset financing segment reorganization | — | (1,300 | ) | — | |||||||
Balance, end of year | 95,524 | 53,090 | 48,963 | ||||||||
Accumulated Amortization: | |||||||||||
Balance, beginning of year | (35,886 | ) | (31,715 | ) | (30,689 | ) | |||||
Additions | (9,410 | ) | (6,268 | ) | (5,402 | ) | |||||
Fully amortized portion | 2,992 | 1,293 | 4,376 | ||||||||
Write-off due to the asset financing segment reorganization | — | 804 | — | ||||||||
Balance, end of year | (42,304 | ) | (35,886 | ) | (31,715 | ) | |||||
Net CDI and CRI, end of year | $ | 53,220 | $ | 17,204 | $ | 17,248 |
December 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||||||||
Security Type: | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||||||||||
Government agency and | |||||||||||||||||||||||||||||||
government-sponsored enterprise | |||||||||||||||||||||||||||||||
pass-through securities | $ | 759,881 | $ | 12,075 | $ | (4,159 | ) | $ | 767,797 | $ | 515,902 | $ | 20,142 | $ | (372 | ) | $ | 535,672 | |||||||||||||
Government agency and | |||||||||||||||||||||||||||||||
government-sponsored enterprise | |||||||||||||||||||||||||||||||
collateralized mortgage obligations | 486,065 | 3,584 | (3,410 | ) | 486,239 | 275,513 | 3,513 | (1,080 | ) | 277,946 | |||||||||||||||||||||
Covered private label collateralized | |||||||||||||||||||||||||||||||
mortgage obligations | 24,113 | 5,794 | (125 | ) | 29,782 | 26,889 | 7,153 | (95 | ) | 33,947 | |||||||||||||||||||||
Other private label collateralized | |||||||||||||||||||||||||||||||
mortgage obligations | 115,952 | 43 | (981 | ) | 115,014 | 10,961 | 46 | (93 | ) | 10,914 | |||||||||||||||||||||
Municipal securities | 1,508,968 | 39,435 | (1,072 | ) | 1,547,331 | 521,499 | 15,899 | (1,282 | ) | 536,116 | |||||||||||||||||||||
US Treasury securities | 70,196 | — | (816 | ) | 69,380 | — | — | — | — | ||||||||||||||||||||||
Corporate debt securities | 49,047 | 327 | (950 | ) | 48,424 | 110,074 | 597 | (562 | ) | 110,109 | |||||||||||||||||||||
Collateralized loan obligations | 133,192 | 128 | (1,131 | ) | 132,189 | — | — | — | — | ||||||||||||||||||||||
SBA securities | 211,946 | 41 | (830 | ) | 211,157 | — | — | — | — | ||||||||||||||||||||||
Government-sponsored enterprise debt | |||||||||||||||||||||||||||||||
securities | 36,302 | 611 | — | 36,913 | 36,232 | 525 | — | 36,757 | |||||||||||||||||||||||
Asset-backed and other securities | 116,723 | 119 | (1,631 | ) | 115,211 | 25,801 | 33 | (118 | ) | 25,716 | |||||||||||||||||||||
Total | $ | 3,512,385 | $ | 62,157 | $ | (15,105 | ) | $ | 3,559,437 | $ | 1,522,871 | $ | 47,908 | $ | (3,602 | ) | $ | 1,567,177 |
December 31, 2015 | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||
Security Type: | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Government agency and government- | |||||||||||||||||||||||
sponsored enterprise pass-through | |||||||||||||||||||||||
securities | $ | 391,642 | $ | (3,893 | ) | $ | 9,342 | $ | (266 | ) | $ | 400,984 | $ | (4,159 | ) | ||||||||
Government agency and government- | |||||||||||||||||||||||
sponsored enterprise collateralized | |||||||||||||||||||||||
mortgage obligations | 314,284 | (2,769 | ) | 14,230 | (641 | ) | 328,514 | (3,410 | ) | ||||||||||||||
Covered private label collateralized | |||||||||||||||||||||||
mortgage obligations | 1,354 | (57 | ) | 568 | (68 | ) | 1,922 | (125 | ) | ||||||||||||||
Other private label collateralized | |||||||||||||||||||||||
mortgage obligations | 92,179 | (943 | ) | 1,070 | (38 | ) | 93,249 | (981 | ) | ||||||||||||||
Municipal securities | 126,892 | (1,061 | ) | 531 | (11 | ) | 127,423 | (1,072 | ) | ||||||||||||||
US Treasury securities | 69,380 | (816 | ) | — | — | 69,380 | (816 | ) | |||||||||||||||
Corporate debt securities | 29,379 | (950 | ) | — | — | 29,379 | (950 | ) | |||||||||||||||
Collateralized loan obligations | 100,993 | (1,131 | ) | — | — | 100,993 | (1,131 | ) | |||||||||||||||
SBA securities | 179,942 | (830 | ) | — | — | 179,942 | (830 | ) | |||||||||||||||
Asset-backed and other securities | 71,619 | (1,182 | ) | 16,091 | (449 | ) | 87,710 | (1,631 | ) | ||||||||||||||
Total | $ | 1,377,664 | $ | (13,632 | ) | $ | 41,832 | $ | (1,473 | ) | $ | 1,419,496 | $ | (15,105 | ) |
December 31, 2014 | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||
Security Type: | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Residential mortgage-backed securities: | |||||||||||||||||||||||
Government agency and government- | |||||||||||||||||||||||
sponsored enterprise pass-through | |||||||||||||||||||||||
securities | $ | 10,711 | $ | (13 | ) | $ | 27,100 | $ | (359 | ) | $ | 37,811 | $ | (372 | ) | ||||||||
Government agency and government- | |||||||||||||||||||||||
sponsored enterprise collateralized | |||||||||||||||||||||||
mortgage obligations | 23,908 | (73 | ) | 40,652 | (1,007 | ) | 64,560 | (1,080 | ) | ||||||||||||||
Covered private label collateralized | |||||||||||||||||||||||
mortgage obligations | — | — | 1,000 | (95 | ) | 1,000 | (95 | ) | |||||||||||||||
Other private label collateralized | |||||||||||||||||||||||
mortgage obligations | 1,618 | (93 | ) | — | — | 1,618 | (93 | ) | |||||||||||||||
Municipal securities | 11,854 | (66 | ) | 84,822 | (1,216 | ) | 96,676 | (1,282 | ) | ||||||||||||||
Corporate debt securities | 52,071 | (547 | ) | 10,131 | (15 | ) | 62,202 | (562 | ) | ||||||||||||||
Asset-backed and other securities | 6,440 | (90 | ) | 10,019 | (28 | ) | 16,459 | (118 | ) | ||||||||||||||
Total | $ | 106,602 | $ | (882 | ) | $ | 173,724 | $ | (2,720 | ) | $ | 280,326 | $ | (3,602 | ) |
December 31, 2015 | |||||||
Maturity: | Amortized Cost | Estimated Fair Value | |||||
(In thousands) | |||||||
Due in one year or less | $ | 12,844 | $ | 12,677 | |||
Due after one year through five years | 303,622 | 304,163 | |||||
Due after five years through ten years | 658,572 | 664,076 | |||||
Due after ten years | 2,537,347 | 2,578,521 | |||||
Total securities available-for-sale | $ | 3,512,385 | $ | 3,559,437 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(In thousands) | |||||||||||
Taxable interest | $ | 35,103 | $ | 30,135 | $ | 23,542 | |||||
Non-taxable interest | 25,219 | 13,597 | 11,777 | ||||||||
Dividend income | 4,046 | 3,613 | 1,604 | ||||||||
Total interest income on investment securities | $ | 64,368 | $ | 47,345 | $ | 36,923 |
December 31, 2015 | December 31, 2014 | ||||||||||||||||||||||
Non-PCI | Non-PCI | ||||||||||||||||||||||
Loans | PCI | Loans | PCI | ||||||||||||||||||||
and Leases | Loans | Total | and Leases | Loans | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate mortgage | $ | 5,706,903 | $ | 168,725 | $ | 5,875,628 | $ | 5,347,197 | $ | 256,489 | $ | 5,603,686 | |||||||||||
Real estate construction and land | 534,307 | 2,656 | 536,963 | 312,792 | 6,924 | 319,716 | |||||||||||||||||
Commercial | 7,977,067 | 17,415 | 7,994,482 | 5,852,420 | 27,155 | 5,879,575 | |||||||||||||||||
Consumer | 120,793 | 299 | 121,092 | 101,423 | 284 | 101,707 | |||||||||||||||||
Total gross loans and leases | 14,339,070 | 189,095 | 14,528,165 | 11,613,832 | 290,852 | 11,904,684 | |||||||||||||||||
Deferred fees and costs | (49,861 | ) | (50 | ) | (49,911 | ) | (22,191 | ) | (61 | ) | (22,252 | ) | |||||||||||
Total loans and leases, net of deferred fees | 14,289,209 | 189,045 | 14,478,254 | 11,591,641 | 290,791 | 11,882,432 | |||||||||||||||||
Allowance for loan and lease losses | (105,534 | ) | (9,577 | ) | (115,111 | ) | (70,456 | ) | (13,999 | ) | (84,455 | ) | |||||||||||
Total net loans and leases | $ | 14,183,675 | $ | 179,468 | $ | 14,363,143 | $ | 11,521,185 | $ | 276,792 | $ | 11,797,977 |
December 31, 2015 | |||||||||||||||||||
30-89 Days Past Due | 90 or More Days Past Due | Total Past Due | Current | Total Loans | |||||||||||||||
(In thousands) | |||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||
Commercial | $ | 3,947 | $ | 13,075 | $ | 17,022 | $ | 4,534,936 | $ | 4,551,958 | |||||||||
Residential | 3,391 | 905 | 4,296 | 1,131,809 | 1,136,105 | ||||||||||||||
Total real estate mortgage | 7,338 | 13,980 | 21,318 | 5,666,745 | 5,688,063 | ||||||||||||||
Real estate construction and land: | |||||||||||||||||||
Commercial | — | — | — | 343,360 | 343,360 | ||||||||||||||
Residential | — | — | — | 184,360 | 184,360 | ||||||||||||||
Total real estate construction and land | — | — | — | 527,720 | 527,720 | ||||||||||||||
Commercial: | |||||||||||||||||||
Cash flow | 2,048 | 1,427 | 3,475 | 3,058,793 | 3,062,268 | ||||||||||||||
Asset-based | 1 | — | 1 | 2,547,532 | 2,547,533 | ||||||||||||||
Equipment finance | 359 | 94 | 453 | 889,896 | 890,349 | ||||||||||||||
Venture capital | 250 | 700 | 950 | 1,451,477 | 1,452,427 | ||||||||||||||
Total commercial | 2,658 | 2,221 | 4,879 | 7,947,698 | 7,952,577 | ||||||||||||||
Consumer | 626 | 1,307 | 1,933 | 118,916 | 120,849 | ||||||||||||||
Total Non-PCI loans and leases | $ | 10,622 | $ | 17,508 | $ | 28,130 | $ | 14,261,079 | $ | 14,289,209 |
December 31, 2014 | |||||||||||||||||||
30-89 Days Past Due | 90 or More Days Past Due | Total Past Due | Current | Total Loans | |||||||||||||||
(In thousands) | |||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||
Commercial | $ | 9,014 | $ | 10,856 | $ | 19,870 | $ | 4,410,016 | $ | 4,429,886 | |||||||||
Residential | 2,614 | 1,131 | 3,745 | 903,299 | 907,044 | ||||||||||||||
Total real estate mortgage | 11,628 | 11,987 | 23,615 | 5,313,315 | 5,336,930 | ||||||||||||||
Real estate construction and land: | |||||||||||||||||||
Commercial | — | 715 | 715 | 213,322 | 214,037 | ||||||||||||||
Residential | — | — | — | 96,728 | 96,728 | ||||||||||||||
Total real estate construction and land | — | 715 | 715 | 310,050 | 310,765 | ||||||||||||||
Commercial: | |||||||||||||||||||
Cash flow | 274 | 1,639 | 1,913 | 2,637,023 | 2,638,936 | ||||||||||||||
Asset-based | 878 | 965 | 1,843 | 2,232,195 | 2,234,038 | ||||||||||||||
Equipment finance | 6,525 | 366 | 6,891 | 962,598 | 969,489 | ||||||||||||||
Venture capital | — | — | — | — | — | ||||||||||||||
Total commercial | 7,677 | 2,970 | 10,647 | 5,831,816 | 5,842,463 | ||||||||||||||
Consumer | 101 | 3,146 | 3,247 | 98,236 | 101,483 | ||||||||||||||
Total Non-PCI loans and leases | $ | 19,406 | $ | 18,818 | $ | 38,224 | $ | 11,553,417 | $ | 11,591,641 |
December 31, 2015 | December 31, 2014 | ||||||||||||||||||||||
Nonaccrual | Performing | Total | Nonaccrual | Performing | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||||
Commercial | $ | 52,363 | $ | 4,499,595 | $ | 4,551,958 | $ | 32,223 | $ | 4,397,663 | $ | 4,429,886 | |||||||||||
Residential | 4,914 | 1,131,191 | 1,136,105 | 5,389 | 901,655 | 907,044 | |||||||||||||||||
Total real estate mortgage | 57,277 | 5,630,786 | 5,688,063 | 37,612 | 5,299,318 | 5,336,930 | |||||||||||||||||
Real estate construction and land: | |||||||||||||||||||||||
Commercial | — | 343,360 | 343,360 | 1,178 | 212,859 | 214,037 | |||||||||||||||||
Residential | 372 | 183,988 | 184,360 | 381 | 96,347 | 96,728 | |||||||||||||||||
Total real estate construction and land | 372 | 527,348 | 527,720 | 1,559 | 309,206 | 310,765 | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Cash flow | 15,800 | 3,046,468 | 3,062,268 | 19,810 | 2,619,126 | 2,638,936 | |||||||||||||||||
Asset-based | 2,505 | 2,545,028 | 2,547,533 | 10,024 | 2,224,014 | 2,234,038 | |||||||||||||||||
Equipment finance | 51,410 | 838,939 | 890,349 | 11,131 | 958,358 | 969,489 | |||||||||||||||||
Venture capital | 124 | 1,452,303 | 1,452,427 | — | — | — | |||||||||||||||||
Total commercial | 69,839 | 7,882,738 | 7,952,577 | 40,965 | 5,801,498 | 5,842,463 | |||||||||||||||||
Consumer | 1,531 | 119,318 | 120,849 | 3,485 | 97,998 | 101,483 | |||||||||||||||||
Total Non-PCI loans and leases | $ | 129,019 | $ | 14,160,190 | $ | 14,289,209 | $ | 83,621 | $ | 11,508,020 | $ | 11,591,641 |
December 31, 2015 | December 31, 2014 | ||||||||||||||||||||||
Classified | Nonclassified | Total | Classified | Nonclassified | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||||
Commercial | $ | 98,436 | $ | 4,453,522 | $ | 4,551,958 | $ | 86,573 | $ | 4,343,313 | $ | 4,429,886 | |||||||||||
Residential | 12,627 | 1,123,478 | 1,136,105 | 10,413 | 896,631 | 907,044 | |||||||||||||||||
Total real estate mortgage | 111,063 | 5,577,000 | 5,688,063 | 96,986 | 5,239,944 | 5,336,930 | |||||||||||||||||
Real estate construction and land: | |||||||||||||||||||||||
Commercial | 571 | 342,789 | 343,360 | 3,346 | 210,691 | 214,037 | |||||||||||||||||
Residential | 1,395 | 182,965 | 184,360 | 402 | 96,326 | 96,728 | |||||||||||||||||
Total real estate construction and land | 1,966 | 525,754 | 527,720 | 3,748 | 307,017 | 310,765 | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Cash flow | 183,726 | 2,878,542 | 3,062,268 | 87,851 | 2,551,085 | 2,638,936 | |||||||||||||||||
Asset-based | 19,340 | 2,528,193 | 2,547,533 | 33,980 | 2,200,058 | 2,234,038 | |||||||||||||||||
Equipment finance | 54,054 | 836,295 | 890,349 | 15,973 | 953,516 | 969,489 | |||||||||||||||||
Venture capital | 19,105 | 1,433,322 | 1,452,427 | — | — | — | |||||||||||||||||
Total commercial | 276,225 | 7,676,352 | 7,952,577 | 137,804 | 5,704,659 | 5,842,463 | |||||||||||||||||
Consumer | 2,500 | 118,349 | 120,849 | 4,073 | 97,410 | 101,483 | |||||||||||||||||
Total Non-PCI loans and leases | $ | 391,754 | $ | 13,897,455 | $ | 14,289,209 | $ | 242,611 | $ | 11,349,030 | $ | 11,591,641 |
December 31, 2015 | December 31, 2014 | ||||||||||||||||||||||
Performing | Total | Performing | Total | ||||||||||||||||||||
Nonaccrual | Restructured | Impaired | Nonaccrual | Restructured | Impaired | ||||||||||||||||||
Loans/Leases | Loans | Loans/Leases | Loans/Leases | Loans | Loans/Leases | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate mortgage | $ | 57,277 | $ | 27,133 | $ | 84,410 | $ | 37,612 | $ | 20,245 | $ | 57,857 | |||||||||||
Real estate construction and land | 372 | 7,631 | 8,003 | 1,559 | 8,996 | 10,555 | |||||||||||||||||
Commercial | 69,839 | 5,221 | 75,060 | 40,965 | 5,744 | 46,709 | |||||||||||||||||
Consumer | 1,531 | 197 | 1,728 | 3,485 | 259 | 3,744 | |||||||||||||||||
Total | $ | 129,019 | $ | 40,182 | $ | 169,201 | $ | 83,621 | $ | 35,244 | $ | 118,865 |
December 31, 2015 | December 31, 2014 | ||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
With An Allowance Recorded: | |||||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||||
Commercial | $ | 17,967 | $ | 19,219 | $ | 777 | $ | 11,082 | $ | 11,178 | $ | 693 | |||||||||||
Residential | 2,278 | 2,435 | 681 | — | — | — | |||||||||||||||||
Real estate construction and land: | |||||||||||||||||||||||
Commercial | — | — | — | 1,128 | 4,934 | 23 | |||||||||||||||||
Residential | 747 | 747 | 26 | 763 | 763 | 46 | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Cash flow | 14,072 | 20,312 | 7,079 | 16,490 | 18,894 | 3,466 | |||||||||||||||||
Asset-based | 3,901 | 4,423 | 2,511 | 4,767 | 5,493 | 3,908 | |||||||||||||||||
Equipment finance | 11,193 | 11,894 | 8,032 | 6,956 | 7,268 | 2,601 | |||||||||||||||||
Consumer | 365 | 372 | 157 | 143 | 142 | 37 | |||||||||||||||||
With No Related Allowance Recorded: | |||||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||||
Commercial | $ | 58,678 | $ | 68,333 | $ | — | $ | 46,775 | $ | 62,944 | $ | — | |||||||||||
Residential | 5,487 | 11,406 | — | — | — | — | |||||||||||||||||
Real estate construction and land: | |||||||||||||||||||||||
Commercial | 7,256 | 7,256 | — | 8,643 | 8,749 | — | |||||||||||||||||
Residential | — | — | — | 21 | 19 | — | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Cash flow | 2,825 | 5,121 | — | 4,319 | 6,648 | — | |||||||||||||||||
Asset-based | 2,729 | 2,726 | — | 10,002 | 12,292 | — | |||||||||||||||||
Equipment finance | 40,216 | 44,194 | — | 4,175 | 7,528 | — | |||||||||||||||||
Venture capital | 124 | 125 | — | — | — | — | |||||||||||||||||
Consumer | 1,363 | 1,945 | — | 3,601 | 3,768 | — | |||||||||||||||||
Total Non-PCI Loans and Leases With and Without an Allowance Recorded: | |||||||||||||||||||||||
Real estate mortgage | $ | 84,410 | $ | 101,393 | $ | 1,458 | $ | 57,857 | $ | 74,122 | $ | 693 | |||||||||||
Real estate construction and land | 8,003 | 8,003 | 26 | 10,555 | 14,465 | 69 | |||||||||||||||||
Commercial | 75,060 | 88,795 | 17,622 | 46,709 | 58,123 | 9,975 | |||||||||||||||||
Consumer | 1,728 | 2,317 | 157 | 3,744 | 3,910 | 37 | |||||||||||||||||
Total | $ | 169,201 | $ | 200,508 | $ | 19,263 | $ | 118,865 | $ | 150,620 | $ | 10,774 |
Year Ended December 31, | |||||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||||
Weighted Average Balance(1) | Interest Income Recognized | Weighted Average Balance(1) | Interest Income Recognized | Weighted Average Balance(1) | Interest Income Recognized | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
With An Allowance Recorded: | |||||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||||
Commercial | $ | 17,833 | $ | 1,130 | $ | 10,670 | $ | 475 | $ | 20,158 | $ | 680 | |||||||||||
Residential | 2,143 | 33 | 412 | 1 | 406 | — | |||||||||||||||||
Real estate construction and land: | |||||||||||||||||||||||
Commercial | — | — | 1,027 | 17 | 1,250 | 63 | |||||||||||||||||
Residential | 747 | 15 | 763 | 15 | 778 | 14 | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Cash flow | 12,590 | 32 | 8,498 | 21 | 1,908 | 89 | |||||||||||||||||
Asset-based | 3,204 | 56 | 4,214 | 27 | 3,850 | 29 | |||||||||||||||||
Equipment finance | 8,475 | — | 3,802 | — | — | — | |||||||||||||||||
Consumer | 355 | 15 | 132 | 8 | 425 | 10 | |||||||||||||||||
With No Related Allowance Recorded: | |||||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||||
Commercial | $ | 28,366 | $ | 345 | $ | 29,405 | $ | 348 | $ | 31,149 | $ | 985 | |||||||||||
Residential | 4,643 | 41 | 5,223 | 44 | 2,377 | 75 | |||||||||||||||||
Real estate construction and land: | |||||||||||||||||||||||
Commercial | 7,053 | 240 | 8,642 | 244 | 4,866 | 11 | |||||||||||||||||
Residential | — | — | 4 | — | — | — | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Cash flow | 2,752 | 89 | 2,289 | 99 | 2,728 | — | |||||||||||||||||
Asset-based | 1,746 | 130 | 6,139 | 170 | 3,410 | 20 | |||||||||||||||||
Equipment finance | 30,363 | — | 2,534 | — | 245 | — | |||||||||||||||||
Venture capital | 124 | — | — | — | — | — | |||||||||||||||||
Consumer | 1,363 | — | 3,027 | 2 | 161 | — | |||||||||||||||||
Total Non-PCI Loans and Leases With and Without an Allowance Recorded: | |||||||||||||||||||||||
Real estate mortgage | $ | 52,985 | $ | 1,549 | $ | 45,710 | $ | 868 | $ | 54,090 | $ | 1,740 | |||||||||||
Real estate construction and land | 7,800 | 255 | 10,436 | 276 | 6,894 | 88 | |||||||||||||||||
Commercial | 59,254 | 307 | 27,476 | 317 | 12,141 | 138 | |||||||||||||||||
Consumer | 1,718 | 15 | 3,159 | 10 | 586 | 10 | |||||||||||||||||
Total | $ | 121,757 | $ | 2,126 | $ | 86,781 | $ | 1,471 | $ | 73,711 | $ | 1,976 |
(1) | For the loans and leases (excluding PCI loans) reported as impaired at December 31, 2015, 2014 and 2013, amounts were calculated based on the period of time such loans and leases were impaired during the reported period. |
Troubled Debt Restructurings | Troubled Debt Restructurings That Subsequently Defaulted(1) | |||||||||||||||||
Number of Loans | Pre- Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | Number of Loans | Recorded Investment | ||||||||||||||
(Dollars In thousands) | ||||||||||||||||||
Year Ended December 31, 2015 | ||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||
Commercial | 21 | $ | 43,536 | $ | 43,012 | 2 | $ | 2,670 | ||||||||||
Residential | 18 | 3,128 | 2,961 | 1 | 155 | |||||||||||||
Real estate construction and land: | ||||||||||||||||||
Commercial | 8 | 23,881 | 23,881 | — | — | |||||||||||||
Commercial: | ||||||||||||||||||
Cash flow | 25 | 2,718 | 2,539 | — | — | |||||||||||||
Asset-based | 13 | 8,400 | 8,400 | — | — | |||||||||||||
Equipment finance | 10 | 93,868 | 93,868 | — | — | |||||||||||||
Consumer | 2 | 197 | 197 | — | — | |||||||||||||
Total | 97 | $ | 175,728 | $ | 174,858 | 3 | $ | 2,825 | (2) | |||||||||
Year Ended December 31, 2014 | ||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||
Commercial | 14 | $ | 14,659 | $ | 14,660 | 1 | $ | 55 | ||||||||||
Residential | 11 | 4,794 | 4,794 | — | — | |||||||||||||
Real estate construction and land: | ||||||||||||||||||
Commercial | 4 | 5,507 | 4,965 | — | — | |||||||||||||
Commercial: | ||||||||||||||||||
Cash flow | 13 | 2,717 | 2,717 | 1 | 1,144 | |||||||||||||
Asset-based | 22 | 12,368 | 6,336 | 1 | 390 | |||||||||||||
Equipment finance | 1 | 518 | 518 | — | — | |||||||||||||
Consumer | 7 | 467 | 467 | — | — | |||||||||||||
Total | 72 | $ | 41,030 | $ | 34,457 | 3 | $ | 1,589 | (3) | |||||||||
Year Ended December 31, 2013 | ||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||
Commercial | 11 | $ | 15,391 | $ | 15,391 | 2 | $ | 1,844 | ||||||||||
Residential | 3 | 832 | 832 | — | — | |||||||||||||
Real estate construction and land: | ||||||||||||||||||
Residential | 1 | 390 | 390 | — | — | |||||||||||||
Commercial: | ||||||||||||||||||
Cash flow | 9 | 658 | 658 | 2 | 66 | |||||||||||||
Asset-based | 12 | 7,650 | 7,650 | 2 | 1,489 | |||||||||||||
Consumer | 2 | 125 | 125 | — | — | |||||||||||||
Total | 38 | $ | 25,046 | $ | 25,046 | 6 | $ | 3,399 | (4) |
(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 December 31, 2015, and is net of charge-offs of $96,900. |
(3) | Represents the balance at December 31, 2014, and is net of charge-offs of $129,000. |
(4) | Represents the balance at December 31, 2013, and is net of charge-offs of $1.6 million. |
Year Ended December 31, 2015 | |||||||||||||||||||||||||||
Real Estate Mortgage | Real Estate Construction and Land | Commercial | Consumer | Total Non-PCI | Total PCI | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Allowance for Loan and Lease Losses: | |||||||||||||||||||||||||||
Balance, beginning of year | $ | 25,097 | $ | 4,248 | $ | 39,858 | $ | 1,253 | $ | 70,456 | $ | 13,999 | $ | 84,455 | |||||||||||||
Charge-offs | (2,489 | ) | — | (13,354 | ) | (156 | ) | (15,999 | ) | (1,772 | ) | (17,771 | ) | ||||||||||||||
Recoveries | 3,582 | 1,082 | 3,399 | 410 | 8,473 | 150 | 8,623 | ||||||||||||||||||||
Provision (negative provision) | 10,464 | 1,807 | 31,179 | (846 | ) | 42,604 | (2,800 | ) | 39,804 | ||||||||||||||||||
Balance, end of year | $ | 36,654 | $ | 7,137 | $ | 61,082 | $ | 661 | $ | 105,534 | $ | 9,577 | $ | 115,111 | |||||||||||||
Amount of the allowance applicable to loans and leases: | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,458 | $ | 26 | $ | 17,622 | $ | 157 | $ | 19,263 | |||||||||||||||||
Collectively evaluated for impairment | $ | 35,196 | $ | 7,111 | $ | 43,460 | $ | 504 | $ | 86,271 | |||||||||||||||||
Acquired loans with deteriorated credit quality | $ | 9,577 | |||||||||||||||||||||||||
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 83,944 | $ | 8,003 | $ | 74,680 | $ | 1,672 | $ | 168,299 | |||||||||||||||||
Collectively evaluated for impairment | $ | 5,604,119 | $ | 519,717 | $ | 7,877,897 | $ | 119,177 | $ | 14,120,910 | |||||||||||||||||
Acquired loans with deteriorated credit quality | $ | 189,045 | |||||||||||||||||||||||||
Ending balance of | |||||||||||||||||||||||||||
loans and leases | $ | 5,688,063 | $ | 527,720 | $ | 7,952,577 | $ | 120,849 | $ | 14,289,209 | $ | 189,045 | $ | 14,478,254 |
Year Ended December 31, 2014 | |||||||||||||||||||||||||||
Real Estate Mortgage | Real Estate Construction and Land | Commercial | Consumer | Total Non-PCI | Total PCI | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Allowance for Loan and Lease Losses: | |||||||||||||||||||||||||||
Balance, beginning of year | $ | 26,078 | $ | 4,298 | $ | 26,921 | $ | 2,944 | $ | 60,241 | $ | 21,793 | $ | 82,034 | |||||||||||||
Charge-offs | (2,080 | ) | — | (9,463 | ) | (332 | ) | (11,875 | ) | (9,577 | ) | (21,452 | ) | ||||||||||||||
Recoveries | 2,640 | 156 | 6,265 | 1,283 | 10,344 | 766 | 11,110 | ||||||||||||||||||||
Provision (negative provision) | (1,541 | ) | (206 | ) | 16,135 | (2,642 | ) | 11,746 | 1,017 | 12,763 | |||||||||||||||||
Balance, end of year | $ | 25,097 | $ | 4,248 | $ | 39,858 | $ | 1,253 | $ | 70,456 | $ | 13,999 | $ | 84,455 | |||||||||||||
Amount of the allowance applicable to loans and leases: | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 693 | $ | 69 | $ | 9,975 | $ | 37 | $ | 10,774 | |||||||||||||||||
Collectively evaluated for impairment | $ | 24,404 | $ | 4,179 | $ | 29,883 | $ | 1,216 | $ | 59,682 | |||||||||||||||||
Acquired loans with deteriorated credit quality | $ | 13,999 | |||||||||||||||||||||||||
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 55,290 | $ | 10,555 | $ | 45,568 | $ | 3,510 | $ | 114,923 | |||||||||||||||||
Collectively evaluated for impairment | $ | 5,285,270 | $ | 296,580 | $ | 5,796,895 | $ | 97,973 | $ | 11,476,718 | |||||||||||||||||
Acquired loans with deteriorated credit quality | $ | 290,791 | |||||||||||||||||||||||||
Ending balance | $ | 5,336,930 | $ | 310,765 | $ | 5,842,463 | $ | 101,483 | $ | 11,591,641 | $ | 290,791 | $ | 11,882,432 |
December 31, 2015 | December 31, 2014 | ||||||
(In thousands) | |||||||
Real estate mortgage | $ | 207,170 | $ | 299,660 | |||
Real estate construction and land | 2,534 | 7,743 | |||||
Commercial | 30,658 | 32,904 | |||||
Consumer | 302 | 332 | |||||
Total gross PCI loans | 240,664 | 340,639 | |||||
Discount | (51,619 | ) | (49,848 | ) | |||
Total PCI loans, net of discount | 189,045 | 290,791 | |||||
Allowance for loan losses | (9,577 | ) | (13,999 | ) | |||
Total net PCI loans | $ | 179,468 | $ | 276,792 |
Carrying Amount | Accretable Yield | ||||||
(In thousands) | |||||||
Balance, December 31, 2012 | $ | 491,816 | $ | (196,022 | ) | ||
Addition from the FCAL acquisition | 44,146 | (8,096 | ) | ||||
Accretion | 46,680 | 46,680 | |||||
Payments received | (225,849 | ) | — | ||||
Decrease in expected cash flows, net | — | 17,870 | |||||
Negative provision for credit losses | 4,210 | — | |||||
Balance, December 31, 2013 | 361,003 | (139,568 | ) | ||||
Addition from the CapitalSource Inc. merger | 79,234 | (13,728 | ) | ||||
Accretion | 57,213 | 57,213 | |||||
Payments received | (219,641 | ) | — | ||||
Increase in expected cash flows, net | — | (10,773 | ) | ||||
Provision for credit losses | (1,017 | ) | — | ||||
Balance, December 31, 2014 | 276,792 | (106,856 | ) | ||||
Addition from the Square 1 acquisition | 16,455 | (2,852 | ) | ||||
Accretion | 31,857 | 31,857 | |||||
Payments received | (148,436 | ) | — | ||||
Increase in expected cash flows, net | — | (7,785 | ) | ||||
Negative provision for credit losses | 2,800 | — | |||||
Balance, December 31, 2015 | $ | 179,468 | $ | (85,636 | ) |
December 31, 2015 | December 31, 2014 | ||||||||||||||||||||||
Classified | Nonclassified | Total | Classified | Nonclassified | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate mortgage | $ | 43,554 | $ | 125,125 | $ | 168,679 | $ | 101,161 | $ | 155,281 | $ | 256,442 | |||||||||||
Real estate construction and land | 1,230 | 1,423 | 2,653 | 3,901 | 3,010 | 6,911 | |||||||||||||||||
Commercial | 17,391 | 23 | 17,414 | 26,942 | 212 | 27,154 | |||||||||||||||||
Consumer | 299 | — | 299 | 284 | — | 284 | |||||||||||||||||
Total PCI loans | $ | 62,474 | $ | 126,571 | $ | 189,045 | $ | 132,288 | $ | 158,503 | $ | 290,791 |
Property Type: | December 31, 2015 | December 31, 2014 | |||||
(In thousands) | |||||||
Commercial real estate | $ | 487 | $ | 2,449 | |||
Construction and land development | 13,801 | 24,759 | |||||
Multi‑family | — | 4,823 | |||||
Single family residence | 952 | 3,392 | |||||
Total other real estate owned, net | 15,240 | 35,423 | |||||
Other foreclosed assets | 6,880 | 8,298 | |||||
Total foreclosed assets, net | $ | 22,120 | $ | 43,721 |
Year Ended December 31, | |||||||||||
Foreclosed Assets: | 2015 | 2014 | 2013 | ||||||||
(In thousands) | |||||||||||
Balance, beginning of year | $ | 43,721 | $ | 55,891 | $ | 56,414 | |||||
Addition due to acquisitions | — | 6,382 | 13,772 | ||||||||
Foreclosures | 13,472 | 9,806 | 19,470 | ||||||||
Provision for losses | (5,228 | ) | (7,307 | ) | (2,515 | ) | |||||
Reductions related to sales | (29,845 | ) | (21,051 | ) | (31,289 | ) | |||||
Payments to third parties(1) | — | — | 39 | ||||||||
Balance, end of year | $ | 22,120 | $ | 43,721 | $ | 55,891 |
(1) | Represents amounts due to participants and for guarantees, property taxes or other prior lien positions. |
Year Ended December 31, | |||||||||||
Foreclosed Assets Valuation Allowance: | 2015 | 2014 | 2013 | ||||||||
(In thousands) | |||||||||||
Balance, beginning of year | $ | 12,123 | $ | 11,314 | $ | 16,681 | |||||
Provision for losses | 5,228 | 7,307 | 2,515 | ||||||||
Reductions related to sales | (7,105 | ) | (6,498 | ) | (7,882 | ) | |||||
Balance, end of year | $ | 10,246 | $ | 12,123 | $ | 11,314 |
December 31, | |||||||
2015 | 2014 | ||||||
(In thousands) | |||||||
Land | $ | 5,505 | $ | 5,505 | |||
Buildings | 14,564 | 14,198 | |||||
Furniture, fixtures and equipment | 36,234 | 32,359 | |||||
Leasehold improvements | 37,773 | 33,157 | |||||
Premises and equipment, gross | 94,076 | 85,219 | |||||
Less: accumulated depreciation and amortization | (54,879 | ) | (48,668 | ) | |||
Premises and equipment, net | $ | 39,197 | $ | 36,551 |
Estimated Lease Payments for Year Ending December 31, | Amount | ||
(In thousands) | |||
2016 | $ | 29,730 | |
2017 | 27,201 | ||
2018 | 24,238 | ||
2019 | 20,792 | ||
2020 | 17,727 | ||
Thereafter | 46,692 | ||
Total | $ | 166,380 |
December 31, | |||||||
Deposit Category: | 2015 | 2014 | |||||
(In thousands) | |||||||
Interest checking deposits | $ | 886,886 | $ | 736,367 | |||
Money market deposits | 3,712,690 | 1,825,510 | |||||
Savings deposits | 742,795 | 762,961 | |||||
Time deposits under $100,000 | 1,656,227 | 2,467,338 | |||||
Time deposits $100,000 and over | 2,496,129 | 3,031,600 | |||||
Total interest-bearing deposits | $ | 9,494,727 | $ | 8,823,776 |
December 31, 2015 | |||||||||||||
Year of Maturity: | Time Deposits Under $100,000 | Time Deposits $100,000 or More | Total Time Deposits | Contractual Rate | |||||||||
(Dollars in thousands) | |||||||||||||
2016 | $ | 1,543,655 | $ | 2,368,863 | $ | 3,912,518 | 0.65% | ||||||
2017 | 82,459 | 100,050 | 182,509 | 0.63% | |||||||||
2018 | 21,718 | 17,860 | 39,578 | 1.05% | |||||||||
2019 | 4,973 | 5,943 | 10,916 | 1.02% | |||||||||
2020 | 2,949 | 3,202 | 6,151 | 0.87% | |||||||||
2021 | 473 | 211 | 684 | 1.02% | |||||||||
Total | $ | 1,656,227 | $ | 2,496,129 | $ | 4,152,356 | 0.66% |
December 31, 2015 | December 31, 2014 | ||||||||||
Amount | Rate | Amount | Rate | ||||||||
(Dollars in thousands) | |||||||||||
Non‑recourse debt | $ | 3,914 | 5.49% | $ | 3,402 | 6.43% | |||||
FHLB overnight advances | 618,000 | 0.27% | 380,000 | 0.27% | |||||||
Total borrowings | $ | 621,914 | $ | 383,402 |
December 31, 2015 | December 31, 2014 | ||||||||||||||||
Date | Maturity | Rate Index | |||||||||||||||
Series: | Amount | Rate | Amount | Rate | Issued | Date | (Quarterly Reset) | ||||||||||
(Dollars in thousands) | |||||||||||||||||
Trust V | $ | 10,310 | 3.63% | $ | 10,310 | 3.33% | 8/15/2003 | 9/17/2033 | 3 month LIBOR + 3.10 | ||||||||
Trust VI | 10,310 | 3.39% | 10,310 | 3.29% | 9/3/2003 | 9/15/2033 | 3 month LIBOR + 3.05 | ||||||||||
Trust CII | 5,155 | 3.35% | 5,155 | 3.19% | 9/17/2003 | 9/17/2033 | 3 month LIBOR + 2.95 | ||||||||||
Trust VII | 61,856 | 3.07% | 61,856 | 2.98% | 2/5/2004 | 4/23/2034 | 3 month LIBOR + 2.75 | ||||||||||
Trust CIII | 20,619 | 2.20% | 20,619 | 1.93% | 8/15/2005 | 9/15/2035 | 3 month LIBOR + 1.69 | ||||||||||
Trust FCCI | 16,495 | 2.11% | 16,495 | 1.84% | 1/25/2007 | 3/15/2037 | 3 month LIBOR + 1.60 | ||||||||||
Trust FCBI | 10,310 | 2.06% | 10,310 | 1.79% | 9/30/2005 | 12/15/2035 | 3 month LIBOR + 1.55 | ||||||||||
Trust CS 2005-1 | 82,475 | 2.46% | 82,475 | 2.19% | 11/21/2005 | 12/15/2035 | 3 month LIBOR + 1.95 | ||||||||||
Trust CS 2005-2 | 128,866 | 2.27% | 128,866 | 2.18% | 12/14/2005 | 1/30/2036 | 3 month LIBOR + 1.95 | ||||||||||
Trust CS 2006-1 | 51,545 | 2.27% | 51,545 | 2.18% | 2/22/2006 | 4/30/2036 | 3 month LIBOR + 1.95 | ||||||||||
Trust CS 2006-2 | 51,550 | 2.27% | 51,550 | 2.18% | 9/27/2006 | 10/30/2036 | 3 month LIBOR + 1.95 | ||||||||||
Trust CS 2006-3 (1) | 28,007 | 2.82% | 31,188 | 2.14% | 9/29/2006 | 10/30/2036 | 3 month EURIBOR + 2.05 | ||||||||||
Trust CS 2006-4 | 16,470 | 2.27% | 16,470 | 2.18% | 12/5/2006 | 1/30/2037 | 3 month LIBOR + 1.95 | ||||||||||
Trust CS 2006-5 | 6,650 | 2.27% | 6,650 | 2.18% | 12/19/2006 | 1/30/2037 | 3 month LIBOR + 1.95 | ||||||||||
Trust CS 2007-2 | 39,177 | 2.27% | 39,177 | 2.18% | 6/13/2007 | 7/30/2037 | 3 month LIBOR + 1.95 | ||||||||||
Gross subordinated debentures | 539,795 | 542,976 | |||||||||||||||
Unamortized discount (2) | (103,795 | ) | (109,393 | ) | |||||||||||||
Net subordinated debentures | $ | 436,000 | $ | 433,583 |
(1) | Denomination is in Euros with a value of €25.8 million. |
(2) | Amount represents the fair value adjustment on trust preferred securities assumed in acquisitions. |
December 31, 2015 | December 31, 2014 | ||||||
(In thousands) | |||||||
Loan commitments to extend credit | $ | 3,580,655 | $ | 1,921,067 | |||
Standby letters of credit | 210,292 | 88,495 | |||||
Commitments to purchase equipment being acquired for lease to others | 6,663 | 12,839 | |||||
$ | 3,797,610 | $ | 2,022,401 |
• | Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets. |
• | Level 2: Observable inputs other than Level 1, including quoted prices for similar assets and liabilities in active markets, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data, either directly or indirectly, for substantially the full term of the financial instrument. This category generally includes municipal securities, government agency and government‑sponsored enterprise securities, collateralized loan obligations, and registered publicly rated private label collateralized mortgage obligations ("CMOs") and asset-backed securitizations. |
• | Level 3: Inputs to a valuation methodology that are unobservable, supported by little or no market activity, and significant to the fair value measurement. These valuation methodologies generally include pricing models, discounted cash flow models, or a determination of fair value that requires significant management judgment or estimation. This category also includes observable inputs from a pricing service not corroborated by observable market data, and includes our covered private label CMOs, non-rated private placement private label CMOs, non-rated private placement asset-backed securities, and equity warrants. |
Fair Value Measurements as of | |||||||||||||||
December 31, 2015 | |||||||||||||||
Measured on a Recurring Basis: | Total | Level 1 | Level 2 | Level 3 | |||||||||||
(In thousands) | |||||||||||||||
Securities available‑for‑sale: | |||||||||||||||
Government agency and government‑sponsored enterprise | |||||||||||||||
pass-through securities | $ | 767,797 | $ | — | $ | 767,797 | $ | — | |||||||
Government agency and government‑sponsored enterprise | |||||||||||||||
collateralized mortgage obligations | 486,239 | — | 486,239 | — | |||||||||||
Covered private label collateralized mortgage obligations | 29,782 | — | — | 29,782 | |||||||||||
Other private label collateralized mortgage obligations | 115,014 | — | 63,555 | 51,459 | |||||||||||
Municipal securities | 1,547,331 | — | 1,547,331 | — | |||||||||||
US Treasury securities | 69,380 | 69,380 | — | — | |||||||||||
Corporate debt securities | 48,424 | — | 48,424 | — | |||||||||||
Collateralized loan obligations | 132,189 | — | 132,189 | — | |||||||||||
SBA securities | 211,157 | — | 211,157 | — | |||||||||||
Government‑sponsored enterprise debt securities | 36,913 | — | 36,913 | — | |||||||||||
Asset-backed and other securities | 115,211 | 2,562 | 94,449 | 18,200 | |||||||||||
Total securities available-for-sale | 3,559,437 | 71,942 | 3,388,054 | 99,441 | |||||||||||
Derivative assets | 11,919 | — | 11,919 | — | |||||||||||
Equity warrants | 4,914 | — | — | 4,914 | |||||||||||
Total recurring assets | $ | 3,576,270 | $ | 71,942 | $ | 3,399,973 | $ | 104,355 | |||||||
Derivative liabilities | $ | 1,397 | $ | — | $ | 1,397 | $ | — |
Fair Value Measurements as of | |||||||||||||||
December 31, 2014 | |||||||||||||||
Measured on a Recurring Basis: | Total | Level 1 | Level 2 | Level 3 | |||||||||||
(In thousands) | |||||||||||||||
Securities available‑for‑sale: | |||||||||||||||
Government agency and government‑sponsored enterprise | |||||||||||||||
pass-through securities | $ | 535,672 | $ | — | $ | 535,672 | $ | — | |||||||
Government agency and government‑sponsored enterprise | |||||||||||||||
collateralized mortgage obligations | 277,946 | — | 277,946 | — | |||||||||||
Covered private label collateralized mortgage obligations | 33,947 | — | — | 33,947 | |||||||||||
Other private label collateralized mortgage obligations | 10,914 | — | 10,914 | — | |||||||||||
Municipal securities | 536,116 | — | 536,116 | — | |||||||||||
Corporate debt securities | 110,109 | — | 110,109 | — | |||||||||||
Government‑sponsored enterprise debt securities | 36,757 | — | 36,757 | — | |||||||||||
Asset-backed and other securities | 25,716 | 519 | 25,197 | — | |||||||||||
Total securities available-for-sale | 1,567,177 | 519 | 1,532,711 | 33,947 | |||||||||||
Derivative assets | 5,234 | — | 5,234 | — | |||||||||||
Total recurring assets | $ | 1,572,411 | $ | 519 | $ | 1,537,945 | $ | 33,947 | |||||||
Derivative liabilities | $ | 118 | $ | — | $ | 118 | $ | — |
Level 3 Private Label CMOs | |||
Range of Inputs | Weighted Average Input | ||
Unobservable Inputs: | |||
Voluntary annual prepayment speeds | 0% - 20.55% | 8.8% | |
Annual default rates | 0% - 7.10% | 3.4% | |
Loss severity rates | 0% - 100% | 44.3% | |
Discount rates | 0% - 43.22% | 4.4% |
Level 3 Asset-Backed Securities | |||
Range of Inputs | Weighted Average Input | ||
Unobservable Inputs: | |||
Voluntary annual prepayment speeds | 11.85% - 15% | 13.4% | |
Annual default rates | 0% - 8.10% | 4.1% | |
Loss severity rates | 0% - 91% | 45.5% | |
Discount rates | 2.79% - 4.56% | 3.7% |
Equity Warrants | |
Weighted Average | |
Range of Inputs | |
Unobservable Inputs: | |
Volatility | 18.8% - 121.9% |
Risk-free interest rate | 1.0% - 1.5% |
Remaining life assumption | 19.9% - 49.5% |
Year Ended December 31, | |||||||||||
Level 3 Private Label CMOs: | 2015 | 2014 | 2013 | ||||||||
(In thousands) | |||||||||||
Balance, beginning of year | $ | 33,947 | $ | 37,904 | $ | 44,684 | |||||
Total realized in earnings | 1,104 | 1,627 | 1,938 | ||||||||
Total unrealized loss in comprehensive income | (1,388 | ) | (344 | ) | (1,204 | ) | |||||
Net settlements | (3,881 | ) | (5,240 | ) | (7,514 | ) | |||||
Addition from the Square 1 acquisition | 51,459 | — | — | ||||||||
Balance, end of year | $ | 81,241 | $ | 33,947 | $ | 37,904 |
Period Ended | |||
Equity Warrants: | December 31, 2015 | ||
(In thousands) | |||
Balance, acquisition date | $ | 5,552 | |
Total realized in earnings | 530 | ||
Transfers to securities available-for-sale | (2 | ) | |
Sales | (1,529 | ) | |
Issuances | 363 | ||
Balance, end of year | $ | 4,914 |
Fair Value Measurement as of | |||||||||||||||
December 31, 2015 | |||||||||||||||
Measured on a Non‑Recurring Basis: | Total | Level 1 | Level 2 | Level 3 | |||||||||||
(In thousands) | |||||||||||||||
Impaired Non‑PCI loans | $ | 40,817 | $ | — | $ | 9,367 | $ | 31,450 | |||||||
Other real estate owned | 14,101 | — | 14,101 | — | |||||||||||
Investments carried at cost | 107 | — | — | 107 | |||||||||||
Total non-recurring | $ | 55,025 | $ | — | $ | 23,468 | $ | 31,557 |
Fair Value Measurement as of | |||||||||||||||
December 31, 2014 | |||||||||||||||
Measured on a Non‑Recurring Basis: | Total | Level 1 | Level 2 | Level 3 | |||||||||||
(In thousands) | |||||||||||||||
Impaired Non‑PCI loans | $ | 42,693 | $ | — | $ | 2,366 | $ | 40,327 | |||||||
Other real estate owned | 24,015 | — | 18,400 | 5,615 | |||||||||||
Investments carried at cost | 566 | — | — | 566 | |||||||||||
Total non-recurring | $ | 67,274 | $ | — | $ | 20,766 | $ | 46,508 |
Year Ended December 31, | |||||||||||
Loss on Assets Measured on a Non‑Recurring Basis: | 2015 | 2014 | 2013 | ||||||||
(In thousands) | |||||||||||
Impaired Non‑PCI loans | $ | (16,097 | ) | $ | (7,006 | ) | $ | (1,206 | ) | ||
Other real estate owned | (4,726 | ) | (6,737 | ) | (1,045 | ) | |||||
Investments carried at cost | (17 | ) | (141 | ) | — | ||||||
Total net loss | $ | (20,840 | ) | $ | (13,884 | ) | $ | (2,251 | ) |
Asset | Fair Value (In thousands) | Valuation Technique | Unobservable Inputs | Range | Weighted Average | ||||||
Impaired Non-PCI loans | $ | 30,339 | Discounted cash flows | Discount rates | 0% - 9.04% | 5.92% | |||||
1,111 | Third party appraisals | No discounts | |||||||||
Investments carried at cost | 107 | Market and income approach | Illiquidity discount | 75% | 75% | ||||||
Total non-recurring Level 3 | $ | 31,557 |
December 31, 2015 | |||||||||||||||||||
Carrying or Contract | Estimated Fair Value | ||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Financial Assets: | |||||||||||||||||||
Cash and due from banks | $ | 161,020 | $ | 161,020 | $ | 161,020 | $ | — | $ | — | |||||||||
Interest‑earning deposits in financial institutions | 235,466 | 235,466 | 235,466 | — | — | ||||||||||||||
Securities available‑for‑sale | 3,559,437 | 3,559,437 | 71,942 | 3,388,054 | 99,441 | ||||||||||||||
Investment in FHLB stock | 19,710 | 19,710 | — | 19,710 | — | ||||||||||||||
Investments carried at cost | 2,267 | 6,789 | — | — | 6,789 | ||||||||||||||
Loans and leases, net | 14,363,143 | 14,393,558 | — | 9,367 | 14,384,191 | ||||||||||||||
Derivative assets | 11,919 | 11,919 | — | 11,919 | — | ||||||||||||||
Equity warrants | 4,914 | 4,914 | — | — | 4,914 | ||||||||||||||
Financial Liabilities: | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Demand, interest checking, money market, and savings deposits | 11,513,826 | 11,513,826 | — | 11,513,826 | — | ||||||||||||||
Time deposits | 4,152,356 | 4,152,920 | — | 4,152,920 | — | ||||||||||||||
Borrowings | 621,914 | 622,438 | 618,000 | 4,438 | — | ||||||||||||||
Subordinated debentures | 436,000 | 419,762 | — | 419,762 | — | ||||||||||||||
Derivative liabilities | 1,397 | 1,397 | — | 1,397 | — |
December 31, 2014 | |||||||||||||||||||
Carrying or Contract | Estimated Fair Value | ||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Financial Assets: | |||||||||||||||||||
Cash and due from banks | $ | 164,757 | $ | 164,757 | $ | 164,757 | $ | — | $ | — | |||||||||
Interest‑earning deposits in financial institutions | 148,469 | 148,469 | 148,469 | — | — | ||||||||||||||
Securities available‑for‑sale | 1,567,177 | 1,567,177 | 519 | 1,532,711 | 33,947 | ||||||||||||||
Investment in FHLB stock | 40,609 | 40,609 | — | 40,609 | — | ||||||||||||||
Investments carried at cost | 3,691 | 3,691 | — | — | 3,691 | ||||||||||||||
Investments accounted for under the equity method | 21,461 | 21,700 | — | — | 21,700 | ||||||||||||||
Loans and leases, net | 11,797,977 | 11,757,951 | — | 2,366 | 11,755,585 | ||||||||||||||
Derivative assets | 5,234 | 5,234 | — | 5,234 | — | ||||||||||||||
Financial Liabilities: | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Demand, interest checking, money market, and savings deposits | 6,256,190 | 6,256,190 | — | 6,256,190 | — | ||||||||||||||
Time deposits | 5,498,938 | 5,502,479 | — | 5,502,479 | — | ||||||||||||||
Borrowings | 383,402 | 383,539 | 380,000 | 3,539 | — | ||||||||||||||
Subordinated debentures | 433,583 | 417,657 | — | 417,657 | — | ||||||||||||||
Derivative liabilities | 118 | 118 | — | 118 | — |
December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(In thousands) | |||||||||||
Current Income Tax Expense: | |||||||||||
Federal | $ | (11,950 | ) | $ | (14,611 | ) | $ | (32,113 | ) | ||
State | (28,167 | ) | (10,823 | ) | (7,667 | ) | |||||
Total current income tax expense | (40,117 | ) | (25,434 | ) | (39,780 | ) | |||||
Deferred Income Tax (Expense) Benefit: | |||||||||||
Federal | (128,436 | ) | (70,662 | ) | 9,099 | ||||||
State | (11,964 | ) | (19,795 | ) | (1,586 | ) | |||||
Total deferred income tax (expense) benefit | (140,400 | ) | (90,457 | ) | 7,513 | ||||||
Total income tax expense | $ | (180,517 | ) | $ | (115,891 | ) | $ | (32,267 | ) |
December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(In thousands) | |||||||||||
Computed expected income tax expense at federal statutory rate | $ | (168,047 | ) | $ | (98,575 | ) | $ | (26,201 | ) | ||
State tax expense, net of federal tax benefit | (29,009 | ) | (15,689 | ) | (6,014 | ) | |||||
Tax‑exempt interest benefit | 8,274 | 4,472 | 3,979 | ||||||||
Increase in cash surrender value of life insurance | 884 | 739 | 407 | ||||||||
Tax credits | 2,441 | 3,567 | 2,480 | ||||||||
Nondeductible employee compensation | (1,005 | ) | (6,792 | ) | (4,730 | ) | |||||
Nondeductible acquisition‑related expense | (876 | ) | (2,994 | ) | (1,196 | ) | |||||
Acquisition‑related securities gain | — | — | 1,828 | ||||||||
Release/settlement of FIN 48 reserve | 5,529 | (157 | ) | — | |||||||
Valuation allowance change | 2,917 | 3,520 | — | ||||||||
Other, net | (1,625 | ) | (3,982 | ) | (2,820 | ) | |||||
Recorded income tax expense | $ | (180,517 | ) | $ | (115,891 | ) | $ | (32,267 | ) |
December 31, | |||||||
2015 | 2014 | ||||||
(In thousands) | |||||||
Deferred Tax Assets: | |||||||
Book allowance for loan losses in excess of tax specific charge-offs | $ | 97,385 | $ | 100,981 | |||
Interest on nonaccrual loans | 5,100 | 7,394 | |||||
Deferred compensation | 4,027 | 4,585 | |||||
Premises and equipment, principally due to differences in depreciation | 5,867 | 5,359 | |||||
Foreclosed assets valuation allowance | 6,479 | 7,353 | |||||
Assets acquired in FDIC‑assisted acquisitions | 2,319 | 10,217 | |||||
State tax benefit | 6,101 | 5,009 | |||||
Net operating losses | 125,678 | 207,575 | |||||
Capital loss carryforwards | 35,597 | 57,494 | |||||
Accrued liabilities | 40,733 | 36,115 | |||||
Other | — | 6,254 | |||||
Equity investments | 16,712 | 8,666 | |||||
Goodwill | 37,423 | 44,372 | |||||
Tax credits | 35,874 | 32,183 | |||||
Gross deferred tax assets | 419,295 | 533,557 | |||||
Valuation allowance | (121,138 | ) | (130,282 | ) | |||
Deferred tax assets, net of valuation allowance | 298,157 | 403,275 | |||||
Deferred Tax Liabilities: | |||||||
Core deposit and customer relationship intangibles | 19,122 | 3,978 | |||||
Deferred loan fees and costs | 16,283 | 17,594 | |||||
Unrealized gain on securities available‑for‑sale | 19,224 | 17,926 | |||||
FHLB stock | 1,067 | 2,820 | |||||
Subordinated debentures | 39,242 | 40,369 | |||||
Operating leases | 40,029 | 34,136 | |||||
Unrealized income from FDIC‑assisted acquisitions | 7,543 | 2,041 | |||||
Tax mark-to-market | 17,087 | — | |||||
Other | 12,171 | — | |||||
Gross deferred tax liabilities | 171,768 | 118,864 | |||||
Total net deferred tax asset | $ | 126,389 | $ | 284,411 |
Year Ended December 31, | |||||||
Unrecognized Tax Benefits: | 2015 | 2014 | |||||
(In thousands) | |||||||
Balance, beginning of year | $ | 20,501 | $ | — | |||
Increase related to CapitalSource Inc. merger | — | 18,724 | |||||
Increase based on tax positions related to prior years | 6,839 | 2,371 | |||||
Reductions for tax positions related to prior years | (4,789 | ) | — | ||||
Reductions related to settlements | (6,640 | ) | (293 | ) | |||
Reductions for tax positions as a result of a lapse of the applicable statute of limitations | (756 | ) | (301 | ) | |||
Balance, end of year | $ | 15,155 | $ | 20,501 |
Year Ended December 31, | |||||||||||
2015 | 2014 | 2013 | |||||||||
(Dollars in thousands, except per share data) | |||||||||||
Basic Earnings Per Share: | |||||||||||
Net earnings from continuing operations | $ | 299,619 | $ | 170,468 | $ | 45,477 | |||||
Less: earnings allocated to unvested restricted stock(1) | (2,892 | ) | (1,959 | ) | (1,096 | ) | |||||
Net earnings from continuing operations allocated to common shares | 296,727 | 168,509 | 44,381 | ||||||||
Net loss from discontinued operations allocated to common shares | — | (1,545 | ) | (348 | ) | ||||||
Net earnings allocated to common shares | $ | 296,727 | $ | 166,964 | $ | 44,033 | |||||
Weighted-average basic shares and unvested restricted stock outstanding | 107,401 | 87,871 | 42,506 | ||||||||
Less: weighted-average unvested restricted stock outstanding | (1,074 | ) | (1,018 | ) | (1,683 | ) | |||||
Weighted-average basic shares outstanding | 106,327 | 86,853 | 40,823 | ||||||||
Basic earnings per share: | |||||||||||
Net earnings from continuing operations | $ | 2.79 | $ | 1.94 | $ | 1.09 | |||||
Net loss from discontinued operations | — | (0.02 | ) | (0.01 | ) | ||||||
Net earnings | $ | 2.79 | $ | 1.92 | $ | 1.08 | |||||
Diluted Earnings Per Share: | |||||||||||
Net earnings from continuing operations allocated to common shares | $ | 296,727 | $ | 168,509 | $ | 44,381 | |||||
Net loss from discontinued operations allocated to common shares | — | (1,545 | ) | (348 | ) | ||||||
Net earnings allocated to common shares | $ | 296,727 | $ | 166,964 | $ | 44,033 | |||||
Weighted-average basic shares outstanding | 106,327 | 86,853 | 40,823 | ||||||||
Diluted earnings per share: | |||||||||||
Net earnings from continuing operations | $ | 2.79 | $ | 1.94 | $ | 1.09 | |||||
Net loss from discontinued operations | — | (0.02 | ) | (0.01 | ) | ||||||
Net earnings | $ | 2.79 | $ | 1.92 | $ | 1.08 |
(1) | Represents cash dividends paid to holders of unvested restricted stock, net of estimated forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any. |
Number of Shares | Weighted Average Grant Date Fair Value (Per Share) | |||
Unvested restricted stock, December 31, 2012 | 1,698,281 | $30.68 | ||
Granted | 673,900 | $29.06 | ||
Shares vesting | (819,461 | ) | $24.84 | |
Forfeited | (336,196 | ) | $48.92 | |
Unvested restricted stock, December 31, 2013 | 1,216,524 | $28.69 | ||
Granted | 1,129,805 | $40.37 | ||
Shares vesting | (1,183,024 | ) | $28.53 | |
Forfeited | (54,800 | ) | $38.97 | |
Unvested restricted stock, December 31, 2014 | 1,108,505 | $40.24 | ||
Granted | 501,622 | $46.18 | ||
Shares vesting | (318,220 | ) | $40.26 | |
Forfeited | (79,956 | ) | $41.88 | |
Unvested restricted stock, December 31, 2015 | 1,211,951 | $42.59 |
December 31, 2015 | ||||||||||
Weighted | Weighted | |||||||||
Average | Weighted | Average | ||||||||
Number | Grant Date | Average | Remaining | |||||||
of Shares | Fair Value | Fair Value(1) | Contractual | |||||||
Outstanding | (Per Share) | (In thousands) | Life (Years) | |||||||
Time-based restricted stock granted in: | ||||||||||
2013 | 9,666 | $35.26 | $ | 417 | 1.1 | |||||
2014 | 711,633 | $40.21 | 30,671 | 1.2 | ||||||
2015 | 490,652 | $46.18 | 21,147 | 2.1 | ||||||
Outstanding time-based restricted stock awards | 1,211,951 | $42.59 | $ | 52,235 | 1.6 |
(1) | Determined using the $43.10 closing price of PacWest common stock on December 31, 2015. |
Actual | Well Capitalized Minimum Requirement | Excess Capital | ||||||||||
Amount | Ratio | Amount | Ratio | Amount | ||||||||
(Dollars in thousands) | ||||||||||||
December 31, 2015 | ||||||||||||
Tier I leverage | ||||||||||||
PacWest Bancorp Consolidated | 2,164,152 | 11.67% | 927,359 | 5.00% | 1,236,793 | |||||||
Pacific Western Bank | 2,057,546 | 11.40% | 902,204 | 5.00% | 1,155,342 | |||||||
Common equity Tier I capital | ||||||||||||
PacWest Bancorp Consolidated | 2,159,741 | 12.58% | 1,116,069 | 6.50% | 1,043,672 | |||||||
Pacific Western Bank | 2,057,546 | 12.03% | 1,111,913 | 6.50% | 945,633 | |||||||
Tier I capital | ||||||||||||
PacWest Bancorp Consolidated | 2,164,152 | 12.60% | 1,373,623 | 8.00% | 790,529 | |||||||
Pacific Western Bank | 2,057,546 | 12.03% | 1,368,508 | 8.00% | 689,038 | |||||||
Total capital | ||||||||||||
PacWest Bancorp Consolidated | 2,687,377 | 15.65% | 1,717,029 | 10.00% | 970,348 | |||||||
Pacific Western Bank | 2,189,388 | 12.80% | 1,710,635 | 10.00% | 478,753 | |||||||
December 31, 2014 | ||||||||||||
Tier I leverage | ||||||||||||
PacWest Bancorp Consolidated | 1,722,870 | 12.34% | 698,109 | 5.00% | 1,024,761 | |||||||
Pacific Western Bank | 1,621,546 | 11.70% | 693,174 | 5.00% | 928,372 | |||||||
Tier I capital | ||||||||||||
PacWest Bancorp Consolidated | 1,722,870 | 13.16% | 785,781 | 6.00% | 937,089 | |||||||
Pacific Western Bank | 1,621,546 | 12.46% | 780,834 | 6.00% | 840,712 | |||||||
Total capital | ||||||||||||
PacWest Bancorp Consolidated | 2,104,984 | 16.07% | 1,309,635 | 10.00% | 795,349 | |||||||
Pacific Western Bank | 1,712,312 | 13.16% | 1,301,390 | 10.00% | 410,922 |
Parent Company Only | December 31, | ||||||
Condensed Balance Sheets: | 2015 | 2014 | |||||
(In thousands) | |||||||
Assets: | |||||||
Cash and due from banks | $ | 416,970 | $ | 309,220 | |||
Investments in subsidiaries | 3,980,537 | 3,105,283 | |||||
Other assets | 153,991 | 226,321 | |||||
Total assets | $ | 4,551,498 | $ | 3,640,824 | |||
Liabilities: | |||||||
Subordinated debentures | $ | 133,812 | $ | 133,232 | |||
Other liabilities | 19,995 | 1,362 | |||||
Total liabilities | 153,807 | 134,594 | |||||
Stockholders’ equity | 4,397,691 | 3,506,230 | |||||
Total liabilities and stockholders’ equity | $ | 4,551,498 | $ | 3,640,824 |
Parent Company Only | December 31, | ||||||||||
Condensed Statement of Earnings: | 2015 | 2014 | 2013 | ||||||||
(In thousands) | |||||||||||
Miscellaneous income | $ | 1,458 | $ | 122 | $ | 104 | |||||
Acquisition‑related securities gain | — | — | 5,222 | ||||||||
Dividends from Bank subsidiary | 214,000 | 137,000 | 48,000 | ||||||||
Total income | 215,458 | 137,122 | 53,326 | ||||||||
Interest expense | 4,279 | 4,211 | 3,796 | ||||||||
Operating expenses | 6,983 | 8,105 | 6,061 | ||||||||
Total expenses | 11,262 | 12,316 | 9,857 | ||||||||
Earnings before income taxes and equity in undistributed earnings of subsidiaries | 204,196 | 124,806 | 43,469 | ||||||||
Income tax benefit | 4,225 | 5,164 | 4,038 | ||||||||
Earnings before equity in undistributed earnings of subsidiaries | 208,421 | 129,970 | 47,507 | ||||||||
Equity in undistributed earnings (losses) of subsidiaries | 91,198 | 38,935 | (2,392 | ) | |||||||
Net earnings | $ | 299,619 | $ | 168,905 | $ | 45,115 |
Parent Company Only | December 31, | ||||||||||
Condensed Statements of Cash Flows: | 2015 | 2014 | 2013 | ||||||||
(In thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net earnings | $ | 299,619 | $ | 168,905 | $ | 45,115 | |||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||||||
Acquisition‑related securities gain | — | — | (5,222 | ) | |||||||
Change in other assets | 145,708 | 25,515 | (609 | ) | |||||||
Change in liabilities | 9,115 | 310 | 4,932 | ||||||||
Tax effect in stockholders’ equity of restricted stock vesting | 841 | 4,625 | (364 | ) | |||||||
Earned stock compensation | 14,994 | 41,099 | 441 | ||||||||
Equity in undistributed (earnings) losses of subsidiaries | (91,198 | ) | (38,935 | ) | 2,392 | ||||||
Net cash provided by operating activities | 379,079 | 201,519 | 46,685 | ||||||||
Cash flows from investing activities: | |||||||||||
Net cash and cash equivalents acquired in acquisition | 3,021 | 226,960 | 857 | ||||||||
Net cash provided by investing activities | 3,021 | 226,960 | 857 | ||||||||
Cash flows from financing activities: | |||||||||||
Tax effect in stockholders’ equity of restricted stock vesting | (841 | ) | (4,625 | ) | 364 | ||||||
Restricted stock surrendered | (8,400 | ) | (22,307 | ) | (13,537 | ) | |||||
Increase in note receivable | (50,000 | ) | — | — | |||||||
Cash dividends paid, net | (215,110 | ) | (114,162 | ) | (41,006 | ) | |||||
Net cash used in financing activities | (274,351 | ) | (141,094 | ) | (54,179 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 107,749 | 287,385 | (6,637 | ) | |||||||
Cash and cash equivalents, beginning of year | 309,220 | 21,835 | 28,472 | ||||||||
Cash and cash equivalents, end of year | $ | 416,969 | $ | 309,220 | $ | 21,835 | |||||
Supplemental disclosure of noncash investing and financing activities: | |||||||||||
Common stock issued for acquisitions | $ | 797,433 | $ | 2,594,070 | $ | 242,268 |
Three Months Ended | |||||||||||||||
December 31, 2015 | September 30, 2015 | June 30, 2015 | March 31, 2015 | ||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||
Interest income | $ | 243,497 | $ | 207,672 | $ | 218,455 | $ | 214,314 | |||||||
Interest expense | (14,298 | ) | (15,152 | ) | (15,903 | ) | (15,239 | ) | |||||||
Net interest income | 229,199 | 192,520 | 202,552 | 199,075 | |||||||||||
Provision for credit losses | (13,772 | ) | (8,746 | ) | (6,529 | ) | (16,434 | ) | |||||||
FDIC loss sharing expense, net | (4,291 | ) | (4,449 | ) | (5,107 | ) | (4,399 | ) | |||||||
Gain (loss) on securities | — | 655 | (186 | ) | 3,275 | ||||||||||
Other noninterest income | 32,349 | 19,552 | 24,916 | 21,995 | |||||||||||
Total noninterest income | 28,058 | 15,758 | 19,623 | 20,871 | |||||||||||
Foreclosed assets income (expense), net | 3,185 | (4,521 | ) | 2,340 | (336 | ) | |||||||||
Acquisition, integration and reorganization costs | (17,600 | ) | (747 | ) | (900 | ) | (2,000 | ) | |||||||
Other noninterest expense | (107,849 | ) | (84,871 | ) | (86,716 | ) | (82,024 | ) | |||||||
Total noninterest expense | (122,264 | ) | (90,139 | ) | (85,276 | ) | (84,360 | ) | |||||||
Earnings before income taxes | 121,221 | 109,393 | 130,370 | 119,152 | |||||||||||
Income tax expense | (49,380 | ) | (39,777 | ) | (45,287 | ) | (46,073 | ) | |||||||
Net earnings | $ | 71,841 | $ | 69,616 | $ | 85,083 | $ | 73,079 | |||||||
Basic and diluted earnings per share | $ | 0.60 | $ | 0.68 | $ | 0.83 | $ | 0.71 |
Three Months Ended | |||||||||||||||
December 31, 2014 | September 30, 2014 | June 30, 2014 | March 31, 2014 | ||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||
Interest income | $ | 209,696 | $ | 202,356 | $ | 204,363 | $ | 88,360 | |||||||
Interest expense | (14,713 | ) | (13,510 | ) | (11,830 | ) | (2,345 | ) | |||||||
Net interest income | 194,983 | 188,846 | 192,533 | 86,015 | |||||||||||
Negative provision (provision) for credit losses | (2,063 | ) | (5,050 | ) | (5,030 | ) | 644 | ||||||||
FDIC loss sharing expense, net | (4,360 | ) | (7,415 | ) | (8,525 | ) | (11,430 | ) | |||||||
Gain on securities | — | — | 89 | 4,752 | |||||||||||
Other noninterest income | 17,063 | 23,729 | 16,915 | 11,369 | |||||||||||
Total noninterest income | 12,703 | 16,314 | 8,479 | 4,691 | |||||||||||
Foreclosed assets (expense) income, net | (1,938 | ) | (4,827 | ) | (497 | ) | 1,861 | ||||||||
Acquisition, integration and reorganization costs | (7,381 | ) | (5,193 | ) | (86,242 | ) | (2,200 | ) | |||||||
Other noninterest expense | (81,986 | ) | (84,903 | ) | (82,461 | ) | (49,825 | ) | |||||||
Total noninterest expense | (91,305 | ) | (94,923 | ) | (169,200 | ) | (50,164 | ) | |||||||
Earnings from continuing operations before income taxes | 114,318 | 105,187 | 26,782 | 41,186 | |||||||||||
Income tax expense | (43,261 | ) | (42,911 | ) | (15,552 | ) | (15,281 | ) | |||||||
Net earnings from continuing operations | 71,057 | 62,276 | 11,230 | 25,905 | |||||||||||
Loss from discontinued operations before income taxes | (105 | ) | (8 | ) | (1,151 | ) | (1,413 | ) | |||||||
Income tax benefit | 47 | 3 | 476 | 588 | |||||||||||
Net loss from discontinued operations | (58 | ) | (5 | ) | (675 | ) | (825 | ) | |||||||
Net earnings | $ | 70,999 | $ | 62,271 | $ | 10,555 | $ | 25,080 | |||||||
Basic and diluted earnings per share: | |||||||||||||||
Net earnings from continuing operations | $ | 0.69 | $ | 0.60 | $ | 0.11 | $ | 0.57 | |||||||
Net earnings | $ | 0.69 | $ | 0.60 | $ | 0.10 | $ | 0.55 |
ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
(a) | 1. Financial Statements |
2. | Financial Statement Schedules |
3. | Exhibits |
2.3 | Agreement and Plan of Merger dated March 1, 2015 between PacWest Bancorp and Square 1 Financial, Inc. (Exhibit 2.1 to Form 8‑K filed on March 5, 2015 and incorporated herein by reference). | |
3.1 | Certificate of Incorporation, as amended, of PacWest Bancorp, a Delaware Corporation, dated April 22, 2008 (Exhibit 3.1 to Form 8‑K filed on May 14, 2008 and incorporated herein by this reference). |
3.2 | Certificate of Amendment of Certificate of Incorporation of PacWest Bancorp, a Delaware Corporation, dated May 14, 2010 (Exhibit 3.1 to Form 8‑K filed on May 14, 2010 and incorporated herein by this reference). | |
3.3 | Certificate of Merger filed with the Delaware Secretary of State, dated April 7, 2014. | |
3.4 | Certificate of Correction of Certificate of Merger filed with the Delaware Secretary of State, dated April 14, 2014. | |
3.5 | Amended and Restated Bylaws of PacWest Bancorp, a Delaware corporation, dated November 5, 2014 (Exhibit 3.5 to Form 10-Q filed on November 7, 2014 and incorporated herein by this reference). | |
4.1 | PacWest Bancorp Tax Asset Protection Plan, dated as of April 7, 2014, between PacWest Bancorp and Wells Fargo Bank, National Association (Exhibit 4.1 to Form 8‑K filed on April 8, 2014 and incorporated herein by this reference). | |
4.2 | Other long‑term borrowing instruments are omitted pursuant to Item 601(b) (4) (iii) of Regulation S‑K. The Company undertakes to furnish copies of such instruments to the Commission upon request. | |
10.1* | PacWest Bancorp 2003 Stock Incentive Plan, as amended and restated, dated February 10, 2016 (Exhibit 10.1 to Form 8-K filed on February 12, 2016 and incorporated herein by this reference). | |
10.2* | Executive Severance Pay Plan, as amended and restated effective December 11, 2014, applicable to the executive officers of PacWest Bancorp and certain senior officers of PacWest Bancorp and its subsidiaries (Exhibit 10.1 to Form 8‑K filed on December 16, 2014 and incorporated herein by this reference). | |
10.3* | 2007 Executive Incentive Plan, as amended and restated, dated February 11, 2015 (pages A‑1 to A‑5 of the Company’s Definitive Proxy Statement filed on April 1, 2015 and incorporated herein by this reference). | |
10.4* | Indemnification Agreement, as amended, applicable to the directors and executive officers of the Company (Exhibit 10.24 to Form 10‑K filed on March 12, 2004 and incorporated herein by this reference). | |
10.5* | Form of Stock Award Agreement and Grant Notice pursuant to the Company’s 2003 Stock Incentive Plan, as amended (Exhibit 10.5 to Form 10‑K filed on March 2, 2009 and incorporated herein by this reference). | |
10.6* | PacWest Bancorp Clawback Policy, dated as of December 11, 2014, applicable to the executive officers of PacWest Bancorp and certain senior officers of PacWest Bancorp and its subsidiaries (Exhibit 10.3 to Form 8-K filed on December 16, 2014 and incorporated herein by this reference). | |
10.7* | Separation Agreement by and between PacWest Bancorp and Jared M. Wolff, dated as of November 17, 2014 (Exhibit 10.7 to Form 10-K filed on March 2, 2015 and incorporated herein by this reference). | |
10.8 | Purchase and Assumption Agreement, dated as of August 28, 2009, between Federal Deposit Insurance Corporation and Pacific Western Bank (Exhibit 2.1 to Form 8‑K filed on September 2, 2009 and incorporated herein by this reference). | |
10.9 | Purchase and Assumption Agreement, dated as of August 20, 2010, between Federal Deposit Insurance Corporation and Pacific Western Bank (Exhibit 2.1 to Form 8‑K filed on August 26, 2010 and incorporated herein by this reference). | |
11.1 | Statement re: Computation of Per Share Earnings (See Note 15. Earnings Per Share, of the Notes to Consolidated Financial Statements contained in “Item 8. Financial Statements and Supplementary Data” of this Annual Report on Form 10‑K). | |
21.1 | Subsidiaries of the Registrant (Filed herewith). | |
23.1 | Consent of KPMG LLP (Filed herewith). | |
24.1 | Powers of Attorney (included on signature page). | |
31.1 | Section 302 Certification of Chief Executive Officer (Filed herewith). | |
31.2 | Section 302 Certification of Chief Financial Officer (Filed herewith). | |
32.1 | Section 906 Certification of Chief Executive Officer (Filed herewith). | |
32.2 | Section 906 Certification of Chief Financial Officer (Filed herewith). | |
101 | Interactive data files pursuant to Rule 405 of Regulation S‑T: (i) the Consolidated Balance Sheets as of December 31, 2015 and 2014, (ii) the Consolidated Statements of Earnings for the years ended December 31, 2015, 2014, and 2013, (iii) the Consolidated Statements of Comprehensive Income for the years ended December 31, 2014, 2014, and 2013, (iv) the Consolidated Statement of Changes in Stockholders’ Equity for the years ended December 31, 2015, 2014, and 2013, (v) the Consolidated Statements of Cash Flows for the years ended December 31, 2015, 2014, and 2013, and (vi) the Notes to Consolidated Financial Statements. (Pursuant to Rule 406T of Regulation S‑T, this information is deemed furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934.) (Filed herewith). |
* | Management contract or compensatory plan or arrangement. |
(b) | Exhibits |
(c) | Excluded Financial Statements |
PACWEST Bancorp | |||
Dated: | February 26, 2016 | By: | /s/ Matthew P. Wagner Matthew P. Wagner (Chief Executive Officer) |
Signature | Title | Date |
/s/ JOHN M. EGGEMEYER John M. Eggemeyer | Chairman of the Board of Directors | February 26, 2016 |
/s/ MATTHEW P. WAGNER Matthew P. Wagner | Chief Executive Officer and Director (Principal Executive Officer) | February 26, 2016 |
/s/ PATRICK J. RUSNAK Patrick J. Rusnak | Executive Vice President and Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) | February 26, 2016 |
/s/ PAUL R. BURKE Paul R. Burke | Director | February 26, 2016 |
/s/ CRAIG A. CARLSON Craig A. Carlson | Director | February 26, 2016 |
/s/ BARRY C. FITZPARTICK Barry C. Fitzpatrick | Director | February 26, 2016 |
/s/ ANDREW B. FREMDER Andrew B. Fremder | Director | February 26, 2016 |
/s/ C. WILLIAM HOSLER C. William Hosler | Director | February 26, 2016 |
/s/ SUSAN E. LESTER Susan E. Lester | Director | February 26, 2016 |
/s/ DOUGLAS H. LOWREY Douglas H. Lowrey | Director | February 26, 2016 |
/s/ TIMOTHY B. MATZ Timothy B. Matz | Director | February 26, 2016 |
/s/ ROGER H. MOLVAR Roger H. Molvar | Director | February 26, 2016 |
/s/ JAMES J. PIECZYNSKI James J. Pieczynski | Director | February 26, 2016 |
/s/ DANIEL B. PLATT Daniel B. Platt | Director | February 26, 2016 |
/s/ ROBERT A. STINE Robert A. Stine | Director | February 26, 2016 |
Subsidiaries of PacWest Bancorp: | State: |
Pacific Western Bank | California |
CapitalSource TRS LLC | Delaware |
Community (CA) Capital Statutory Trust II | Connecticut |
Community (CA) Capital Statutory Trust III | Delaware |
Coastline Asset Holdings LLC | California |
FCB Statutory Trust I | Delaware |
First California Capital Trust I | Delaware |
First Community Bancorp | California |
FIRST COMMUNITY BANCORP/CA STATUTORY TRUST VII | Delaware |
First Community/CA Statutory Trust V | Connecticut |
First Community/CA Statutory Trust VI | Delaware |
CSE Mortgage LLC | Delaware |
(N111HZ) | Utah |
15882 Frederick Road SBL LLC | Delaware |
1361 Alder Street CRE LLC | Delaware |
1270 North Thompson Avenue CRE LLC | Delaware |
2879 North Arizona Trail CRE LLC | Delaware |
118 Brookside Avenue LLC | Delaware |
11318 Woodward Avenue SBL LLC | Delaware |
120 Bob White Court SBL LLC | Delaware |
45-525 Highway 79 Unit 40 CRE LLC | Delaware |
3304 - 3316 North Maple Avenue CRE LLC | Delaware |
5475 - 5487 West San Fernando Road CRE LLC | Delaware |
550 Wainright Court SBL LLC | Delaware |
8500 West 151st Street CRE LLC | Delaware |
5081 Bolivar Road SBL LLC | Delaware |
700 North Holmes Street CRE LLC | Delaware |
75 North Main Street SBL LLC | Delaware |
825 Spring Garden Drive SBL LLC | Delaware |
4427 Rainier Avenue CRE LLC | Delaware |
11502 Hawthorne Boulevard CRE LLC | Delaware |
215 Cimarron Way CRE LLC | Delaware |
2406 South Parker Road SBL LLC | Delaware |
40275 Utica Road SBL LLC | Delaware |
902 West Michigan Avenue SBL LLC | Delaware |
6012 South Elm Avenue SBL LLC | Delaware |
6824 Oak Crest Drive West SBL LLC | Delaware |
AB Chestnut Inc. | California |
ACL (7/99) Connecticut Statutory Trust | Connecticut |
Adobe Roadhouse Inn Holding Corp. | Arizona |
BFI Business Finance | California |
CapitalSource CF LLC | Delaware |
CapitalSource Finance LLC | Delaware |
CapitalSource Funding LLC | Delaware |
CapitalSource International LLC | Delaware |
CapitalSource Real Estate Loan LLC, 2006-A | Delaware |
CapitalSource Trust Preferred Securities 2005-1 | Delaware |
CapitalSource Trust Preferred Securities 2005-2 | Delaware |
CapitalSource Trust Preferred Securities 2006-1 | Delaware |
CapitalSource Trust Preferred Securities 2006-2 | Delaware |
CapitalSource Trust Preferred Securities 2006-3 | Delaware |
CapitalSource Trust Preferred Securities 2006-4 | Delaware |
CapitalSource Trust Preferred Securities 2006-5 | Delaware |
CapitalSource Trust Preferred Securities 2007-2 | Delaware |
Cheron Holdings LLC | Delaware |
Chestnut Assets, LLC | California |
Coastline Golf Holdings Corp. | California |
Coastline Michigan LLC | Michigan |
Coastline Ohio LLC | Ohio |
Coastline RE Holdings Corp. | California |
Coastline RE Holdings Moorpark Corp. | California |
Coastline RE Holdings NV Corp. | Nevada |
Coastline Retail Center, Inc. | Texas |
CRE Assets, LLC | California |
CS CF Equity I LLC | Delaware |
CS Equity II LLC | Delaware |
CS Equity III LLC | Delaware |
CS Equity Investments LLC | Delaware |
CS Gull Lake Holdings LLC | Delaware |
CS Linton Oaks Holdings LLC | Delaware |
CS Radio Trust | Delaware |
CS SBA Servicing LLC | Delaware |
CSB 465 US Highway 31 DPC Holdings LLC | Delaware |
CSB HG | Delaware |
CSB Modern Luxury DPC Holdings LLC | Delaware |
CSB SBL 1470 North Airport Boulevard DPC Holdings LLC | Delaware |
CSB SBL 380 Route 303 DPC Holdings LLC | Delaware |
CSE Equity Holdings LLC | Delaware |
CSE IC Lender Liquidating Trust LLC | Delaware |
CSE International Holdings LLC | Delaware |
CSE Owned LLC | Delaware |
GE TF Trust | Delaware |
ILD Assets, LLC | California |
Mexico Realty Del Sur Funding, S.A. de C.V., SOFOM, E.N.R | Mexico |
October 15, 1999 Trust | Connecticut |
Queen Cities Broadcasting LLC | Delaware |
River Road Property Entities, LLC | California |
Square 1 Asset Management, Inc. | North Carolina |
Square 1 Venture 1, L.P. | Delaware |
Square 1 Venture Management 1, L.P. | Delaware |
Square 1 Ventures, LLC | Delaware |
Stone Eagle Golf Holdings Corp. | California |
Valley Oaks Financial Corporation | California |
Wendy Road Office Development, LLC | California |
1. | I have reviewed this report on Form 10-K for the year ended December 31, 2015 of PacWest Bancorp; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | February 26, 2016 | /s/ Matthew P. Wagner |
Matthew P. Wagner Chief Executive Officer |
1. | I have reviewed this report on Form 10-K for the year ended December 31, 2015 of PacWest Bancorp; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | February 26, 2016 | /s/ Patrick J. Rusnak |
Patrick J. Rusnak Executive Vice President and Chief Financial Officer |
Date: | February 26, 2016 | /s/ Matthew P. Wagner |
Matthew P. Wagner Chief Executive Officer |
Date: | February 26, 2016 | /s/ Patrick J. Rusnak |
Patrick J. Rusnak Executive Vice President and Chief Financial Officer |
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Document and Entity Information - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Feb. 22, 2016 |
Jun. 30, 2015 |
|
Document and Entity Information [Abstract] | |||
Entity Registrant Name | PACWEST BANCORP | ||
Entity Central Index Key | 0001102112 | ||
Document Period End Date | Dec. 31, 2015 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | Q4 | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 120,208,695 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 4,779,964,800 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred Stock, Shares Authorized | $ 0.01 | $ 0.01 |
Preferred Stock, Value, Outstanding | 5,000,000 | 5,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued, Acquisitions | 122,791,729 | 104,219,197 |
Equity Instruments Other than Options, Nonvested, Number | 1,211,951 | 1,108,505 |
Treasury Stock, Shares | 1,378,002 | 1,197,180 |
Consolidated Statement of Shareholders' Equity - USD ($) |
Total |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Treasury Stock [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
---|---|---|---|---|---|---|
Shares, Outstanding at Dec. 31, 2012 | 37,420,909 | |||||
Total stockholders' equity at Dec. 31, 2012 | $ 589,121,000 | $ 377,000 | $ 1,062,184,000 | $ (499,537,000) | $ (6,803,000) | $ 32,900,000 |
Net Income | 45,115,000 | 45,115,000 | ||||
Other comprehensive income - net unrealized gain on securities available-for-sale, net of tax | (36,247,000) | (36,247,000) | ||||
Issuance of common stock for merger with CapitalSource Inc., shares | 8,403,119 | |||||
Issuance of common stock for merger with CapitalSource Inc. | 242,268,000 | $ 84,000 | 242,184,000 | |||
Restricted stock awarded and earned stock compensation, net of shares forfeited, shares | 350,446 | |||||
Restricted stock awarded and earned stock compensation, net of shares forfeited | 21,246,000 | $ 4,000 | 21,242,000 | |||
Restricted stock surrendered, shares | (351,640) | |||||
Restricted stock surrendered | (13,537,000) | (13,537,000) | ||||
Tax effect from vesting of restricted stock | 2,133,000 | 2,133,000 | ||||
Cash dividends paid | (41,006,000) | (41,006,000) | ||||
Total stockholders' equity at Dec. 31, 2013 | 808,898,000 | $ 465,000 | 1,286,737,000 | (454,617,000) | (20,340,000) | (3,347,000) |
Shares, Outstanding at Dec. 31, 2013 | 45,822,834 | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | (195,000) | (195,000) | ||||
Net Income | 168,905,000 | 168,905,000 | ||||
Other comprehensive income - net unrealized gain on securities available-for-sale, net of tax | 29,727,000 | 29,727,000 | ||||
Issuance of common stock for merger with CapitalSource Inc., shares | 56,601,997 | |||||
Issuance of common stock for merger with CapitalSource Inc. | 2,594,070,000 | $ 566,000 | 2,593,504,000 | |||
Restricted stock awarded and earned stock compensation, net of shares forfeited, shares | 1,088,493 | |||||
Restricted stock awarded and earned stock compensation, net of shares forfeited | 36,474,000 | $ 11,000 | 36,463,000 | |||
Restricted stock surrendered, shares | (493,890) | |||||
Restricted stock surrendered | (22,307,000) | (22,307,000) | ||||
Dividend reinvestment, shares | 2,583 | |||||
Dividend reinvestment | 115,000 | 115,000 | ||||
Tax effect from vesting of restricted stock | 4,625,000 | 4,625,000 | ||||
Cash dividends paid | (114,277,000) | (114,277,000) | ||||
Total stockholders' equity at Dec. 31, 2014 | 3,506,230,000 | $ 1,042,000 | 3,807,167,000 | (285,712,000) | (42,647,000) | 26,380,000 |
Shares, Outstanding at Dec. 31, 2014 | 103,022,017 | |||||
Net Income | 299,619,000 | 299,619,000 | ||||
Other comprehensive income - net unrealized gain on securities available-for-sale, net of tax | 1,448,000 | 1,448,000 | ||||
Issuance of common stock for merger with CapitalSource Inc., shares | 18,135,845 | |||||
Issuance of common stock for merger with CapitalSource Inc. | 797,433,000 | $ 181,000 | 797,252,000 | |||
Restricted stock awarded and earned stock compensation, net of shares forfeited, shares | 435,387 | |||||
Restricted stock awarded and earned stock compensation, net of shares forfeited | 15,630,000 | $ 5,000 | 15,625,000 | |||
Restricted stock surrendered, shares | (180,822) | |||||
Restricted stock surrendered | (8,400,000) | 0 | (8,400,000) | |||
Dividend reinvestment, shares | 1,300 | |||||
Dividend reinvestment | 58,000 | 58,000 | ||||
Tax effect from vesting of restricted stock | 841,000 | 841,000 | ||||
Cash dividends paid | (215,168,000) | (215,168,000) | ||||
Total stockholders' equity at Dec. 31, 2015 | 4,397,691,000 | $ 1,228,000 | $ 4,405,775,000 | $ 13,907,000 | $ (51,047,000) | $ 27,828,000 |
Shares, Outstanding at Dec. 31, 2015 | 121,413,727 | |||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 195,000 |
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Cash flows from operating activities: | |||
Net earnings | $ 299,619 | $ 168,905 | $ 45,115 |
Depreciation and amortization | 53,970 | 39,153 | 31,509 |
Provision (negative provision) for credit losses | 45,481 | 11,499 | (4,210) |
Gain on sale of foreclosed assets, net | (2,967) | (3,413) | (5,201) |
Provision for losses on foreclosed assets | 5,228 | 7,307 | 2,515 |
Gain on sale of loans and leases, net | (373) | (601) | (1,791) |
Gain on sale of premises and equipment | (28) | (1,520) | (21) |
Gain on securities, net | (3,744) | (4,841) | (5,359) |
Unrealized gain on derivatives and foreign currencies, net | (160) | (3,487) | 0 |
Earned stock compensation | 15,630 | 36,474 | 21,246 |
Write-off of goodwill relating to the asset financing segment reorganization | 0 | 6,645 | 0 |
Tax effect included in stockholders' equity of restricted stock vesting | (841) | (4,625) | (2,133) |
Decrease (increase) in deferred income taxes, net | 149,664 | 92,257 | 2,198 |
Decrease (increase) in other assets | 48,172 | 49,498 | 19,789 |
Decrease in accrued interest payable and other liabilities | (15,773) | (61,141) | (53,405) |
Net cash provided by operating activities | 593,878 | 332,110 | 50,252 |
Cash flows from investing activities: | |||
Cash acquired in acquisitions, net of cash consideration paid | 260,936 | 346,047 | 273,013 |
Net (increase) decrease in loans and leases | (1,105,925) | (782,424) | 275,740 |
Proceeds from sale of loans and leases | 31,993 | 66,596 | 33,824 |
Proceeds from maturities and paydowns | 144,847 | 123,949 | 306,536 |
Proceeds from sales | 1,035,926 | 465,608 | 22,415 |
Purchases | (992,680) | (236,739) | (550,211) |
Collection of securities sales proceeds | 0 | 484,084 | 0 |
Net redemptions of Federal Home Loan Bank stock | 23,686 | 33,390 | 18,705 |
Proceeds from sales of foreclosed assets | 32,812 | 24,464 | 36,490 |
Purchases of premises and equipment, net | (8,929) | (2,669) | (3,604) |
Proceeds from sales of premises and equipment | 146 | 3,759 | 31 |
Net (increase) decrease of equipment leased to others under operating leases | (65,309) | 30,493 | 0 |
Net cash (used in) provided by investing activities | (642,497) | 556,558 | 412,939 |
Cash flows from financing activities: | |||
Noninterest-bearing | 685,742 | 506,533 | 18,068 |
Interest-bearing | (569,706) | (375,185) | (547,081) |
Net increase in borrowings | 238,512 | 269,741 | 101,250 |
Restricted stock surrendered | (8,400) | (22,307) | (13,537) |
Repayment of acquired debt | 0 | (992,109) | 0 |
Tax effect included in stockholders' equity of restricted vesting stock | 841 | 4,625 | 2,133 |
Cash dividends paid, net | (215,110) | (114,162) | (41,006) |
Net cash provided by (used in) financing activities | 131,879 | (722,864) | (480,173) |
Net increase (decrease) in cash and cash equivalents | 83,260 | 165,804 | (16,982) |
Cash and cash equivalents, beginning of year | 313,226 | 147,422 | 164,404 |
Cash and cash equivalents, end of year | 396,486 | 313,226 | 147,422 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 65,868 | 34,788 | 13,275 |
Cash paid (received) for income taxes | 16,602 | (1,198) | 27,665 |
Loans transferred to foreclosed assets | 13,472 | 9,806 | 15,416 |
Partnership interest transferred to equipment leased to others under operating leases | 20,833 | 0 | 0 |
Common stock issued in acquisitions | $ 797,433 | $ 2,594,070 | $ 242,268 |
Organization |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Nature of Operations and Summary of Significant Accounting Policies | NOTE 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES PacWest Bancorp is a bank holding company registered under the Bank Holding Company Act of 1956, as amended. Our principal business is to serve as the holding company for our wholly-owned banking subsidiary, Pacific Western Bank, which we refer to as “Pacific Western” or the “Bank.” When we say “we,” “our,” or the “Company,” we mean PacWest Bancorp together with its subsidiaries on a consolidated basis. When we refer to “PacWest” or to the holding company, we are referring to PacWest Bancorp, the parent company, on a stand‑alone basis. As of December 31, 2015, we had total assets of $21.3 billion, gross loans and leases of $14.5 billion, total deposits of $15.7 billion and total stockholders' equity of $4.4 billion. We are focused on relationship-based business banking to small, middle-market and venture-backed businesses nationwide. The Bank offers a broad range of loan and lease and deposit products and services through 80 full-service branches located throughout the State of California, one branch located in Durham, North Carolina, and several loan production offices located in cities across the country. We provide commercial banking services, including real estate, construction, and commercial loans and leases, and comprehensive deposit and treasury management services to small and middle market businesses. We offer products and services under the brand names of Pacific Western as well as its business groups, CapitalSource and Square 1 Bank. CapitalSource focuses on providing cash flow, asset-based, equipment and real estate loans and treasury management services to established middle-market businesses on a national basis. Square 1 Bank focuses on providing a comprehensive suite of financial products tailored to service entrepreneurial businesses and their venture capital and private equity investors, with offices located in key innovation hubs across the United States. Square 1 Asset Management, Inc., a wholly-owned subsidiary of the Bank and a SEC-registered investment adviser, provides investment advisory and asset management services to select clients. When we refer to "CapitalSource Inc." we are referring to the company acquired on April 7, 2014 and when we refer to the "CapitalSource Division" we are referring to a division of Pacific Western Bank that specializes in middle-market lending on a nationwide basis. We generate our revenue primarily from interest received on loans and leases and, to a lesser extent, from interest received on investment securities, and fees received in connection with deposit services, extending credit and other services offered, including foreign exchange services. Our major operating expenses are the interest paid by the Bank on deposits and borrowings, compensation and general operating expenses. We have completed 28 acquisitions from May 1, 2000 through December 31, 2015, including the acquisition of Square 1 Financial, Inc. ("Square 1") on October 6, 2015. Our acquisitions have been accounted for using the acquisition method of accounting and, accordingly, the operating results of the acquired entities have been included in the consolidated financial statements from their respective acquisition dates. See Note 4. Acquisitions, for more information about the Square 1 acquisition, the CapitalSource Inc. merger, and the acquisition of First California Financial Group, Inc. ("FCAL") on May 31, 2013. (a) Accounting Standard Adopted in 2015 Effective January 1, 2015, the Company adopted Accounting Standards Update 2014-01, new accounting guidance for investments in affordable housing projects that qualify for the low-income housing tax credit. As a result of the adoption of this new guidance, the Company made an accounting policy election to amortize the initial cost of its qualifying investments in proportion to the tax credits and other benefits received and to present the amortization as a component of income tax expense, referred to as the proportional amortization method. Previously, investments in low-income housing tax credits were accounted for under the equity method and such amortization was presented in other expense. The guidance was required to be applied retrospectively and accordingly, prior period amounts for other expense and tax expense have been revised to conform to the current period presentation. The retrospective application of the adoption of the new accounting guidance for the proportional amortization method resulted in a cumulative effect on retained earnings of a reduction of $195,000. (b) Basis of Presentation The accounting and reporting policies of the Company are in accordance with U.S. generally accepted accounting principles, which we may refer to as U.S. GAAP. All significant intercompany balances and transactions have been eliminated. (c) Use of Estimates Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these consolidated financial statements in conformity with U.S. GAAP. Actual results could differ from those estimates. Material estimates subject to change in the near term include, among other items, the allowance for credit losses, the carrying value of intangible assets, the carrying value of the FDIC loss sharing asset, and the realization of deferred tax assets. As described in Note 4. Acquisitions, below, we completed the Square 1 acquisition on October 6, 2015, the CapitalSource Inc. merger on April 7, 2014, and the acquisition of FCAL on May 31, 2013. The acquired assets and liabilities in each of these acquisitions were measured at their estimated fair values. Management made significant estimates and exercised significant judgment in estimating such fair values and accounting for the acquired assets and assumed liabilities in each of these transactions. (d) Reclassifications Certain prior period amounts have been reclassified to conform to the current period’s presentation format. On the consolidated balance sheets, the "Other assets" category includes "FDIC loss sharing asset," which was previously reported as a separate category. For the loan portfolio segment disclosures: (1) the "Real estate mortgage" loan portfolio segment was divided into two new loan classes, "Commercial" and "Residential;" the new "Commercial" loan class includes the "Hospitality" and "SBA" loan classes that were previously reported separately, as well as the portion of the "Other" loan class related to commercial real estate loans, while the new "Residential" loan class includes the portion of the "Other" loan class related to residential real estate loans, (2) the "Cash flow" loan class of the "Commercial" loan portfolio segment includes the "Unsecured" and "SBA" loan classes that were previously reported separately, and (3) the "Asset-based" loan class of the "Commercial" loan portfolio segment includes the "Collateralized" loan class that was previously reported separately. The operating segments previously reported have been aggregated to one segment to conform to the current period's presentation format. These reclassifications do not affect previously reported net income. (e) Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, cash and cash equivalents consist of cash, due from banks, and interest‑earning deposits in financial institutions. Interest‑earning assets in financial institutions represent mostly cash held at the Federal Reserve Bank of San Francisco (“FRBSF”), the majority of which is immediately available. (f) Investment Securities We determine the classification of securities at the time of purchase. If we have the intent and the ability at the time of purchase to hold securities until maturity, they are classified as held‑to‑maturity. Investment securities held‑to‑maturity are stated at amortized cost. Securities to be held for indefinite periods of time, but not necessarily to be held‑to‑maturity or on a long‑term basis, are classified as available‑for‑sale and carried at estimated fair value, with unrealized gains or losses reported as a separate component of stockholders’ equity in accumulated other comprehensive income, net of applicable income taxes. Securities available‑for‑sale include securities that management intends to use as part of its asset/liability management strategy and that may be sold in response to changes in interest rates, prepayment risk, and other related factors. Securities are individually evaluated for appropriate classification when acquired; consequently, similar types of securities may be classified differently depending on factors existing at the time of purchase. The carrying values of all securities are adjusted for amortization of premiums and accretion of discounts using the interest method. Realized gains or losses on the sale of securities, if any, are determined using the amortized cost of the specific securities sold. Declines in the fair value of debt securities classified as available-for-sale are reviewed to determine whether the impairment is other-than-temporary. This review considers a number of factors, including the severity of the decline in fair value, current market conditions, historical performance of the security, risk ratings and the length of time the security has been in an unrealized loss position. If we do not expect to recover the entire amortized cost basis of the security, then an other-than-temporary impairment is considered to have occurred. The cost basis of the security is written down to its estimated fair value and the amount of the write‑down is recognized through a charge to earnings. Investments in Federal Home Loan Bank of San Francisco, or "FHLB," stock are carried at cost and evaluated regularly for impairment. FHLB stock is expected to be redeemed at par and is a required investment based on measurements of the Bank’s assets and/or borrowing levels. (g) Loans and Leases Originated loans. Loans are originated by the Company with the intent to hold them for investment and are stated at the principal amount outstanding, net of unearned income. Unearned income includes deferred unamortized nonrefundable loan fees and direct loan origination costs. Net deferred fees or costs are 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 amortization of loan fees or costs is discontinued when a loan is placed on nonaccrual status. Interest income is recorded on an accrual basis in accordance with the terms of the respective loan. Purchased loans. Purchased loans are stated at the principal amount outstanding, net of unearned discounts or unamortized premiums. All loans acquired in our acquisitions are initially measured and recorded at their fair value on the acquisition date. A component of the initial fair value measurement is an estimate of the credit losses over the life of the purchased loans. Purchased loans are also evaluated for impairment as of the acquisition date and are accounted for as “acquired non‑impaired” or “purchased credit impaired” loans. Acquired non‑impaired loans. Acquired non‑impaired loans are those 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. Acquired non‑impaired loans, together with originated loans, are referred to as non‑purchased credit impaired (“Non‑PCI”) loans. Purchase discount or premium 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. Purchased credit impaired loans. Purchased credit impaired (“PCI”) loans are accounted for in accordance with ASC Subtopic 310‑30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” A purchased loan is deemed to be credit impaired when there is evidence of credit deterioration since its origination and it is probable at the acquisition date that collection of all contractually required payments is unlikely. We apply PCI loan accounting when we acquire loans deemed to be impaired, and as a general policy election when we acquire a portfolio of loans in a distressed bank acquisition. For PCI loans, at the time of acquisition we (i) calculated the contractual amount and timing of undiscounted principal and interest payments (the “undiscounted contractual cash flows”) and (ii) estimated the amount and timing of undiscounted expected principal and interest payments (the “undiscounted expected cash flows”). The difference between the undiscounted contractual cash flows and the undiscounted expected cash flows is the nonaccretable difference. The nonaccretable difference represents an estimate of the loss exposure of principal and interest related to the PCI loan portfolios; such amount is subject to change over time based on the performance of such loans. The carrying value of PCI loans is reduced by payments received, both principal and interest, and increased by the portion of the accretable yield recognized as interest income. The excess of the undiscounted expected cash flows at acquisition over the initial fair value of acquired impaired loans is referred to as the “accretable yield” and is recorded as interest income over the estimated life of the loans using the effective yield method if the timing and amount of the future cash flows is reasonably estimable. PCI loans that are contractually past due are still considered to be accruing and performing as long as there is an expectation that the estimated cash flows will be received. If the timing and amount of cash flows is uncertain, then cash payments received will be recognized as a reduction of the recorded investment. As part of the fair value process and the subsequent accounting, the Company aggregates PCI loans into pools having common credit risk characteristics such as type and risk rating. Increases in expected cash flows over those previously estimated increase the accretable yield and are recognized as interest income prospectively. Decreases in the amount and changes in the timing of expected cash flows compared to those previously estimated decrease the accretable yield and usually result in a provision for loan losses and the establishment of an allowance for loan losses. As the accretable yield increases or decreases from changes in cash flow expectations, the offset is a decrease or increase to the nonaccretable difference. The accretable yield is measured at each financial reporting date based on information then currently available and represents the difference between the remaining undiscounted expected cash flows and the current carrying value of the loans. Leases. We provide equipment financing to our customers through a variety of lease arrangements. The most common arrangement is a direct financing (capital) lease. For direct financing leases, lease receivables are recorded on the balance sheet but the leased property is not, although we generally retain legal title to the leased property until the end of each lease. Direct financing leases are stated at the net amount of minimum lease payments receivable, plus any unguaranteed residual value, less the amount of unearned income and net acquisition discount at the reporting date. Direct lease origination costs are amortized over the weighted average life of the lease portfolio. Leases acquired in an acquisition are initially measured and recorded at their fair value on the acquisition date. Purchase discount or premium on acquired leases is recognized as an adjustment to interest income over the contractual life of the leases using the effective interest method or taken into income when the related leases are paid off. Direct financing leases are subject to our allowance for loans and leases. Operating leases represents a line of business where we purchase equipment which is then leased to our customers. We receive periodic rental income payments, which are recorded as noninterest income, and the equipment remains on our balance sheet and is depreciated in line with our fixed asset accounting policy. Leases in process. We offer “progress funding” which works similarly to a bridge loan by financing an item to be leased during the construction or build phase. Lessees pay interest on the amount advanced to fund a project at an interest rate implicit in the master lease agreement; such income is deferred until the project funding is complete. The amount of funding advanced during the progress funding period is recorded in other assets. At the end of the progress funding period, we either (i) enter into a lease agreement with the lessee and the deferred income is accreted to interest income using an effective yield method over the life of the lease, or (ii) sell the lease to a third party lender and recognize the deferred income as part of any gain or loss on such sale. Loans and Leases Held for Sale. As part of our management of the loans and leases held in our portfolio, we will occasionally transfer loans from held for investment to held for sale. Upon transfer, any associated allowance for loan and lease loss is charged off and the carrying value of the loan is adjusted to the lower of cost or estimated fair value. Gains or losses on the sale of these loans are recorded in noninterest income. Delinquent or past due loans and leases. Loans and leases are considered delinquent when principal or interest payments are past due 30 days or more; delinquent loans may remain on accrual status between 30 days and 89 days past due. Nonaccrual loans and leases. Loans on which the accrual of interest has been discontinued are designated as nonaccrual loans. The accrual of interest on loans is discontinued when principal or interest payments are past due 90 days or when, in the opinion of management, there is a reasonable doubt as to collectability in the normal course of business. When loans are placed on nonaccrual status, all interest previously accrued but not collected is reversed against current period interest income. Income on nonaccrual loans is subsequently recognized only to the extent that cash is received and the loan’s principal balance is deemed collectable. Loans are restored to accrual status when the loans become both well‑secured and are in the process of collection. Leases are designated as nonaccrual leases when the recognition of interest has been discontinued. The recognition of interest on leases is discontinued when a lessee’s payments are past due 90 days or when, in the opinion of management, there is a reasonable doubt as to collectability. Interest on nonaccrual leases is subsequently recognized only to the extent that cash is received and the lease balance is deemed collectable. Leases are restored to accrual status when the leases become both well-secured and are in the process of collection. Impaired loans and leases. A loan or lease is considered impaired when it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan or lease agreement. Impaired loans and leases include loans and leases on nonaccrual status and performing restructured loans. Income from impaired loans is recognized on an accrual basis unless the loan is on nonaccrual status. Income from loans on nonaccrual status is recognized to the extent cash is received and when the loan’s principal balance is deemed collectable. We measure impairment of a loan by using the estimated fair value of the collateral, less estimated costs to sell, including senior obligations such as delinquent property taxes, if the loan is collateral‑dependent and the present value of the expected future cash flows discounted at the loan’s effective interest rate if the loan is not collateral‑dependent. The impairment amount on a collateral‑dependent loan is charged‑off to the allowance and the impairment amount on a loan that is not collateral‑dependent is set up as a specific reserve. We measure impairment of a lease based upon the present value of the scheduled lease and residual cash flows, discounted at the lease’s effective interest rate. Troubled debt restructurings. A loan is classified as a troubled debt restructuring when we grant a concession to a borrower experiencing financial difficulties. These concessions may include a reduction of the interest rate, principal or accrued interest, extension of the maturity date or other actions intended to minimize potential losses. All loan modifications are evaluated on an individual basis to determine whether such modifications meet the criteria to be classified as a troubled debt restructuring under ASC Subtopic 310‑40, “Troubled Debt Restructurings by Creditors.” Loans restructured at a rate equal to or greater than that of a new loan with comparable market risk at the time the loan is modified may be excluded from restructured loan disclosures in years subsequent to the restructuring if the loans are in compliance with their modified terms. A loan that has been placed on nonaccrual status that is subsequently restructured will usually remain on nonaccrual status until the borrower is able to demonstrate repayment performance in compliance with the restructured terms for a sustained period, typically for six months. A restructured loan may return to accrual status sooner based on other significant events or mitigating circumstances. A loan that has not been placed on nonaccrual status may be restructured and such loan may remain on accrual status after such restructuring. In these circumstances, the borrower has made payments before and after the restructuring. Generally, this restructuring involves a reduction in the loan interest rate and/or a change to interest‑only payments for a period of time. The restructured loan is considered impaired despite the accrual status and a specific reserve is calculated based on the present value of expected cash flows discounted at the loan’s original effective interest rate. (h) Allowances for Credit Losses Allowance for credit losses on Non‑PCI loans and leases. The allowance for credit losses on non-purchased credit impaired ("Non-PCI") loans and leases is the combination of the allowance for loan and lease losses and the reserve for unfunded loan commitments. The allowance for loan and lease losses is reported as a reduction of outstanding loan and lease balances and the reserve for unfunded loan commitments is included within "Accrued interest payable and other liabilities." The following discussion is for Non-PCI loans and leases and the allowance for credit losses thereon. For the allowance policy on purchased credit impaired loans and leases, refer to "—Allowance for Credit Losses on Purchased Credit Impaired Loans." For loans and leases acquired and measured at fair value and deemed non-impaired on the acquisition date, our allowance methodology measures deterioration in credit quality or other inherent risks related to these acquired assets that arise after the acquisition date. The allowance for loan and lease losses is maintained at a level deemed appropriate by management to adequately provide for known and inherent risks in the loan and lease portfolio and other extensions of credit at the balance sheet date. The allowance is based upon our continual review of the credit quality of the loan and lease portfolio, which includes loan and lease payment trends, borrowers' compliance with loan agreements, borrowers' current and budgeted financial performance, collateral valuation trends, and current economic factors and external conditions that may affect our borrowers' ability to pay. Loans and leases that are deemed to be uncollectable are charged off and deducted from the allowance. The provision for loan and lease losses and recoveries on loans and leases previously charged off are added to the allowance. The allowance for loan and lease losses contains a general reserve component for loans and leases not considered impaired and a specific reserve component for loans and leases determined to be impaired. A loan or lease is considered impaired when it is probable that we will be unable to collect all amounts due according to the original contractual terms of the agreement. We assess our loans for impairment on an on-going basis using certain criteria such as payment performance, borrower reported financial results and budgets, and other external factors when appropriate. We measure impairment of a loan based upon the fair value of the loan’s collateral if the loan is collateral-dependent or the present value of cash flows, discounted at the loan’s effective interest rate, if the loan is not collateral-dependent. We measure impairment of a lease based upon the present value of the scheduled lease and residual cash flows, discounted at the lease's effective interest rate. To the extent a loan or lease exceeds the estimated collectable value, a specific reserve or charge-off is recorded depending upon the certainty of the estimate of loss. Smaller balance loans (under $250,000), with a few exceptions for certain loan types, are generally not assessed individually for impairment but are evaluated collectively. The methodology we use to estimate the general reserve component of our allowance for credit losses considers both objective and subjective criteria. The objective criteria uses our actual historical loan and lease charge-off experience on pools of similar loans and leases to establish loss factors that are applied to our current loan and lease balances to estimate inherent credit losses. The estimation of the allowance for credit losses at December 31, 2015 considered actual historical loan and lease charge-off experience over a 23-quarter look-back period starting with the first quarter of 2010. This look-back period is inclusive of the average timeframe over which charge-offs typically occur following loan or lease origination. The estimation of the allowance for credit losses at December 31, 2014 considered actual historical loan and lease charge-off experience over a five-year period starting with the fourth quarter of 2009. The increase in the historical look-back period from five-years or 20 quarters at December 31, 2014 to 23 quarters at December 31, 2015 allows the look-back period to capture sufficient loss observations and is relevant to the current portfolio; in a good economic cycle with less frequent loss events, a longer look-back period is more appropriate to reflect the level of incurred losses. When estimating the general reserve component for the various pools of similar loan types, the loss factors applied to the loan pools consider the current credit risk ratings, giving greater weight to loans with more adverse credit risk ratings. We recognize that the determination of the allowance for loan and lease losses is sensitive to the assigned credit risk ratings and inherent loss rates at any given point in time. To ensure the accuracy of our credit risk ratings, an independent credit review function assesses the ratings assigned to loans on an on-going basis. The subjective criteria considered when establishing the loss factors include the following:
The reserve for unfunded commitments is estimated using the same loss factors as used for the allowance for loan and lease losses and is computed based only on the expected usage of the unfunded commitments. The credit risk ratings assigned to every loan and lease are either “pass,” “special mention,” “substandard” or “doubtful” and defined as follows:
In addition, we may refer to the loans and leases with a credit risk rating of either "substandard" or "doubtful" together as "classified" loans and leases. For further information on classified loans and leases, see Note 7. Loans and Leases. Management believes that the allowance for credit losses is appropriate for the known and inherent risks in our Non-PCI loan and lease portfolio and that the credit risk ratings and inherent loss rates currently assigned are appropriate. It is possible that others, given the same information, may at any point in time reach different conclusions that could result in a significant impact to the Company's financial statements. In addition, current credit risk ratings are subject to change as we continue to monitor our loans and leases. To the extent we experience, for example, increased levels of documentation deficiencies, adverse changes in collateral values, or negative changes in economic and business conditions that adversely affect our borrowers, our classified and impaired loans and leases may increase. Higher levels of classified and impaired loans and leases generally result in increased provisions for credit losses and an increased allowance for credit losses. Although we have established an allowance for credit losses that we consider appropriate, there can be no assurance that the established allowance will be sufficient to absorb related losses in the future. Our federal and state banking regulators, as an integral part of their examination process, periodically review the Company’s allowance for credit losses. Our regulators may require the Company to recognize additions to the allowance based on their judgments related to information available to them at the time of their examinations. Allowance for credit losses on PCI loans. The PCI loans are subject to our internal and external credit review. If deterioration in the expected cash flows results in a reserve requirement, a provision for credit losses is charged to earnings. For PCI loans, the allowance for loan losses is measured at the end of each financial reporting period based on expected cash flows. Decreases or increases in the amount and changes in the timing of expected cash flows on the PCI loans as of the financial reporting date compared to those previously estimated are usually recognized by recording a provision or a negative provision for credit losses on such loans. (i) FDIC Loss Sharing Asset The FDIC loss sharing asset relates to assets covered by the loss sharing agreements between the Bank and the FDIC arising from the acquisitions of Affinity Bank ("Affinity") and Los Padres Bank ("Los Padres") and, through the FCAL acquisition, the assumption of the loss sharing agreements between First California Bank and the FDIC arising from FCB’s acquisition of Western Commercial Bank ("Western Commercial") and San Luis Trust Bank ("San Luis"). The FDIC loss sharing assets related to Western Commercial and San Luis were measured at their fair value as of May 31, 2013 in conjunction with the FCAL acquisition. The FDIC loss sharing assets related to Los Padres and Affinity were measured at their estimated fair value at their respective acquisition dates. An increase in the expected amount of losses on the covered assets will increase the FDIC loss sharing asset; such increase is recognized through a credit to FDIC loss sharing income. Recoveries on previous losses paid to us by the FDIC reduce the FDIC loss sharing asset by a charge to FDIC loss sharing income. In addition, decreases in the expected amount of losses on covered assets will decrease the amount of funds expected to be collected from the FDIC and will therefore reduce the FDIC loss sharing asset through higher prospective amortization expense. The FDIC loss sharing asset is being amortized to its estimated value over the lesser of the term of the loss sharing agreements or the remaining contractual life of the assets covered by the loss sharing agreements. Both the Western Commercial and San Luis loss sharing agreements contain true‑up provisions, under which we will owe the FDIC amounts at the end of the loss sharing agreements based on the performance of the covered assets. The true‑up liability is included in other liabilities in the accompanying consolidated balance sheets. Under the terms of the Affinity loss sharing agreement, the FDIC will (a) absorb 80% of losses and receive 80% of loss recoveries on the first $234 million of losses on covered assets and (b) absorb 95% of losses and receive 95% of loss recoveries on losses exceeding $234 million. The Affinity loss sharing provisions expired in the third quarter of 2014 for non single-family covered assets and will expire in the third quarter of 2019 for single family covered assets, while the related loss recovery provisions will expire in the third quarters of 2017 and 2019, respectively. Under the terms of the Los Padres loss sharing agreement, the FDIC will absorb 80% of losses and receive 80% of loss recoveries on the covered assets. The Los Padres loss sharing provisions expired in the third quarter 2015 for non-single family covered assets and will expire in the third quarter of 2020 for single family covered assets while the related loss recovery provisions will expire in the third quarters of 2018 and 2020, respectively. Under the terms of the Western Commercial loss sharing agreement, the FDIC will absorb 80% of losses and receive 80% of loss recoveries on the covered assets; all of which were deemed to be non‑single family. The Western Commercial loss sharing provision expired in the fourth quarter of 2015, while the related loss recovery provision will expire in the fourth quarter of 2018. Under the terms of the San Luis loss sharing agreement, the FDIC will absorb 80% of losses and receive 80% of loss recoveries on the covered assets. The San Luis loss sharing provisions will expire in the first quarters of 2016 and 2021 for non‑single family and single family covered assets, respectively, while the related loss recovery provisions will expire in the first quarters of 2019 and 2021, respectively. (j) Land, Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Land is not depreciated. Depreciation and amortization is charged to noninterest expense using the straight‑line method over the estimated useful lives of the assets. The estimated useful lives of furniture, fixtures and equipment range from 3 to 7 years and for buildings up to 35 years. Leasehold improvements are amortized over their estimated useful lives, or the life of the lease, whichever is shorter. (k) Foreclosed Assets Foreclosed assets include other real estate owned, or OREO, and repossessed non-real estate assets. Foreclosed assets are initially recorded at the estimated fair value of the property, based on current independent appraisals obtained at the time of acquisition, less estimated costs to sell, including senior obligations such as delinquent property taxes. The excess of the recorded loan balance over the estimated fair value of the property at the time of acquisition less estimated costs to sell is charged to the allowance for loan losses. Any subsequent write‑downs are charged to noninterest expense and recognized through a foreclosed assets valuation allowance. Subsequent increases in the fair value of the asset less selling costs reduce the foreclosed assets valuation allowance, but not below zero, and are credited to noninterest expense. Gains and losses on the sale of foreclosed assets and operating expenses of such assets are also included in noninterest expense. (l) Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in earnings in the period that includes the enactment date. Any interest or penalties assessed by the taxing authorities is classified in the financial statements as income tax expense. Deferred tax assets and liabilities, net of valuation allowances, are grouped together and reported net on the consolidated balance sheets. On a quarterly basis, the Company evaluates its deferred tax assets to assess whether they are expected to be realized in the future. This determination is based on currently available facts and circumstances, including our current and projected future tax positions, the historical level of our taxable income, and estimates of our future taxable income. In most cases, the realization of deferred tax assets is based on our future profitability. To the extent our deferred tax assets are no longer considered more likely than not to be realized, we could be required to record a valuation allowance on our deferred tax assets by charging earnings. The Company also evaluates existing valuation allowances periodically to determine if sufficient evidence exists to support an increase or reduction in the allowance. (m) Goodwill and Other Intangible Assets Goodwill arises from the acquisition method of accounting for business combinations and represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. Goodwill and other intangible assets deemed to have indefinite lives generated from purchase business combinations are not subject to amortization and are instead tested for impairment no less than annually. Impairment exists when the carrying value of the goodwill exceeds its implied fair value. An impairment loss would be recognized in an amount equal to that excess as a charge to noninterest expense in the consolidated statement of earnings. Intangible assets with estimable useful lives are amortized over such useful lives to their estimated residual values and reviewed for impairment at least quarterly. Core deposit intangible assets, which we refer to as CDI, and customer relationship intangible assets, which we refer to as CRI, are recognized apart from goodwill at the time of acquisition based on market valuations prepared by independent third parties. In preparing such valuations, the third parties consider variables such as deposit servicing costs, attrition rates, and market discount rates. CDI assets are amortized to expense over their useful lives, which we have estimated to range from 7 to 10 years. CRI assets are amortized to expense over their useful lives, which we have estimated to range from 4 to 5 years. The amortization expense represents the estimated decline in the value of the underlying deposits or customer relationships acquired. Both CDI and CRI are reviewed for impairment quarterly or earlier if events or changes in circumstances indicate that their carrying values may not be recoverable. If the recoverable amount of either CDI or CRI is determined to be less than its carrying value, we would then measure the amount of impairment based on an estimate of the intangible asset’s fair value at that time. If the fair value is below the carrying value, then the intangible asset is reduced to such fair value; an impairment loss for such amount would be recognized as a charge to noninterest expense in the consolidated statement of earnings. (n) Stock‑Based Compensation Compensation expense related to awards of time-based restricted stock is based on the fair value of the underlying stock on the award date and is recognized over the vesting period using the straight‑line method. Unvested restricted stock participates with common stock in any dividends declared and paid. Dividends paid on unvested restricted stock awards expected to vest and the related tax benefits are included as a net reduction to stockholders’ equity. Dividends paid on unvested restricted stock not expected to vest are charged to compensation expense. (o) Derivative Instruments Our derivative contracts primarily manage the foreign currency risk associated with certain assets. As of December 31, 2015, all of our derivatives were held for risk management purposes and none were designated as accounting hedges. The objective is to manage the uncertainty of future foreign exchange rate fluctuations. These forward exchange contracts provide for a fixed exchange rate which has the effect of reducing or eliminating changes to anticipated cash flows to be received from loan transactions denominated in foreign currencies as the result of changes to exchange rates. Our derivatives are recorded in other assets or other liabilities, as appropriate. The changes in fair value of our derivatives and the related interest are recognized in other income. At December 31, 2015, our derivative contracts had a notional value of $87.1 million. Derivative instruments expose us to credit risk in the event of nonperformance by counterparties to such agreements. This risk exposure consists primarily of the termination value of agreements where we are in a favorable position. We manage the credit risk associated with various derivative agreements through counterparty credit review and monitoring procedures. (p) Investments That Do Not Have Readily Determinable Fair Values Investments in common or preferred stock that are not publicly traded and/or do not have a readily determinable fair value are accounted for pursuant to the equity method of accounting if we have the ability to significantly influence the operating and financial policies of an investee. This is generally presumed to exist when we own between 20% and 50% of a corporation, or when we own greater than 5% of a limited partnership or similarly structured entity. Our investment carrying values are included in other assets and our share of earnings and losses in equity method investees is included in other income. If we do not have significant influence over the investee, the cost method is used to account for the equity interest. For investments accounted for using the cost or equity method of accounting, management evaluates information such as budgets, business plans, and financial statements of the investee in addition to quoted market prices, if any, in determining whether an other-than-temporary decline in value exists. Factors indicative of an other-than-temporary decline in value include, but are not limited to, recurring operating losses and credit defaults. We compare the estimated fair value of each investment to its carrying value quarterly. For any of our investments in which the estimated fair value is less than its carrying value, we consider whether the impairment of that investment is other-than-temporary. If we determine that an investment has sustained an other-than-temporary decline in its value, the equity interest is written down to its estimated fair value through other income and a new carrying value for the investment is established. Realized gains or losses resulting from the sale of investments are calculated using the specific identification method and are included in other income. (q) Comprehensive Income Comprehensive income consists of net earnings and net unrealized gains (losses) on securities available‑for‑sale, net, and is presented in the consolidated statements of comprehensive income. (r) Earnings Per Share In accordance with ASC Topic 260, “Earnings Per Share,” all outstanding unvested share‑based payment awards that contain rights to nonforfeitable dividends are considered participating securities and are included in the two‑class method of determining basic and diluted earnings per share. All of our unvested restricted stock participates with our common stockholders in dividends. Accordingly, earnings allocated to unvested restricted stock are deducted from net earnings to determine that amount of earnings available to common stockholders. In the two‑class method, the amount of our earnings available to common stockholders is divided by the weighted average shares outstanding, excluding any unvested restricted stock, for both the basic and diluted earnings per share. (s) Business Combinations Business combinations are accounted for under the acquisition method of accounting in accordance with ASC Topic 805, “Business Combinations.” Under the acquisition method, the acquiring entity in a business combination recognizes 100 percent of the acquired assets and assumed liabilities, regardless of the percentage owned, at their estimated fair values as of the date of acquisition. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. To the extent the fair value of net assets acquired, including other identifiable assets, exceeds the purchase price, a bargain purchase gain is recognized. Assets acquired and liabilities assumed from contingencies must also be recognized at fair value, if the fair value can be determined during the measurement period. Results of operations of an acquired business are included in the statement of earnings from the date of acquisition. Acquisition‑related costs, including conversion and restructuring charges, are expensed as incurred. (t) Business Segments We regularly assess our strategic plans, operations and reporting structures to identify our reportable segments. Changes to our reportable segments are expected to be infrequent. From the second quarter of 2012 to the third quarter of 2015, we operated as three reportable segments: Community Banking, National Lending (formerly Asset Financing) and Other. As a result of the Square 1 Financial, Inc. acquisition, along with changes in personnel, reporting structure, and operations, we re-evaluated our segment reporting for year-end 2015. As of December 31, 2015, we operated as one reportable segment. The factors considered in making this determination include the nature of products and offered services, geographic regions in which we operate, the applicable regulatory environment, and the discrete financial information reviewed by our key decision makers. Through our network of banking offices nationwide, our entire operations provide relationship-based banking products, services and solutions for small to mid-sized companies, entrepreneurial businesses and their venture capital and private equity investors, real estate investors, professionals and other individuals. Our products and services include commercial real estate, multi-family, commercial business, construction and land, consumer and government-guaranteed small business loans, business and personal deposit products, and treasury cash management services. The decision to combine our three reportable segments was made to align the segment reporting with the changes in our operations and reporting structure, consistent with the level of information reviewed by our key decision makers. (u) Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, "Revenue Recognition (Topic 606): Revenue from Contracts with Customers." ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which deferred the effective date of ASU 2014-09 to annual and interim periods beginning after December 15, 2017. Early application is not permitted. In June 2014, the FASB issued ASU 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." ASU 2014-12 will be effective for annual and interim periods beginning after December 15, 2015. ASU 2014-12 applies to all reporting entities that grant their employees share-based payments in which the terms of the award provide for a performance target that affects vesting could be achieved after the requisite service period. That is the case when an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target (for example, an initial public offering or a profitability target) could be achieved and still be eligible to vest in the award if and when the performance target is achieved. We do not currently have outstanding performance-based awards which allow for vesting after the requisite service period and, as a result, ASU 2014-12 would not impact our financial statements and its related disclosures. In January 2015, the FASB issued ASU 2015-01, "Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items," which eliminates the concept of extraordinary items from U.S. GAAP as part of its simplification initiative. Under ASU 2015-01, an entity will no longer separate out an extraordinary item from the results of ordinary operations and separately present this extraordinary item on its income statement, nor will related income tax and earnings-per-share data applicable to an extraordinary item need to be disclosed. Despite these simplifications, ASU 2015-01 does not affect disclosure guidance for events or transactions that are unusual in nature or infrequent in their occurrence. ASU 2015-01 is effective for annual periods beginning after December 15, 2015, and interim periods within those annual periods. The Company does not expect the effect of ASU 2015-01 to have a material impact on its financial statements and related disclosures. In February 2015, the FASB issued ASU 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis," which changes the way reporting enterprises evaluate whether (a) they should consolidate limited partnerships and similar entities, (b) fees paid to a decision maker or service provider are variable interests in a variable interest entity (VIE), and (c) variable interests in a VIE held by related parties of the reporting enterprise require the reporting enterprise to consolidate the VIE. It also eliminates the VIE consolidation model based on majority exposure to variability that applied to certain investment companies and similar entities. ASU 2015-02 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company does not expect the effect of ASU 2015-02 to have a material impact on its financial statements and related disclosures. In April 2015, the FASB issued ASU 2015-03, "Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" to modify the presentation of debt issuance costs. ASU 2015-03 requires that issuance costs be presented as a direct deduction of debt balances on the statement of financial position, similar to the presentation of debt discounts. ASU 2015-03 is effective for public companies for years beginning after December 15, 2015, and interim periods within those fiscal periods. Early adoption is permitted for financial statements that have not already been issued and the provisions should be applied on a retrospective basis as a change in accounting principle. ASU 2015-03 will not have an impact on the Company's financial statements and related disclosures. Subsequent to the issuance of ASU 2015-03, the SEC staff made an announcement regarding the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements, which were not addressed in ASU 2015-03. In August 2015, the FASB codified the SEC announcement in the issuance of ASU 2015-15, "Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements." Per ASU 2015-15, debt issuance costs related to line-of-credit arrangements are to be capitalized as an asset and amortized ratably over the term of the line-of-credit arrangement, regardless of whether there were any outstanding borrowings on the line-of-credit arrangement. The SEC staff guidance is effective upon adoption of ASU 2015-03. ASU 2015-15 will not have an impact on the Company's financial statements and related disclosures. In April 2015, the FASB issued ASU 2015-05, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement." Under ASU 2015-05, a customer should determine whether the arrangement includes a software license. If so, the customer should account for the software license component in a manner consistent with the accounting for other software licenses. If the arrangement does not include a software license, the arrangement should be accounted for as a service contract. The provisions of ASU 2015-05 must be applied by public entities to annual periods beginning after December 15, 2015 as well as interim periods within those annual periods. The Company does not expect the effect of ASU 2015-05 to have a material impact on its financial statements and related disclosures. In June 2015, the FASB issued ASU 2015-10, "Technical Corrections and Improvements" which is a set of wide-ranging, small corrections and improvements to clarify the Codification, correct unintended application of guidance, or improve the Codification. The provisions of ASU 2015-10 are effective for fiscal years beginning after December 15, 2015, as well as interim periods within those fiscal years. In September 2015, the FASB issued ASU 2015-16, "Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments," which eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. ASU 2015-16 will be effective for annual and interim periods beginning after December 15, 2015. Early adoption is permitted. The Company does not expect ASU 2015-16 to have any impact on its financial statements and related disclosures. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which will significantly change the income statement impact of equity investments and the recognition of changes in fair value of financial liabilities when the fair value option is elected. For equity investments with readily determinable fair values, entities must measure these investments at fair value and recognized changes in fair value in net income. For equity investments without readily determinable fair values, entities have the option to either measure these investments at fair value or at cost adjusted for changes in observable prices minus impairment. Changes in measurement under either alternative must be recognized in net income. ASU 2016-01 will be effective for annual and interim periods beginning after December 15, 2017. The Company is evaluating the effect that ASU 2016-01 will have on its financial statements and related disclosures. |
Discontinued Operations |
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Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | NOTE 2. DISCONTINUED OPERATIONS Discontinued operations include the income and expense related to Electronic Payment Services ("EPS"), a discontinued division of the Bank acquired in connection with the FCAL acquisition. Liabilities of the EPS division, which were $15.9 million and $21.3 million at December 31, 2015 and 2014, which consisted primarily of noninterest‑bearing deposits, are included in the consolidated balance sheets under the caption “Accrued interest payable and other liabilities.” |
Restricted Cash Balances |
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Dec. 31, 2015 | |
Restricted Cash Balances [Abstract] | |
Restricted Cash Balances | NOTE 3. RESTRICTED CASH BALANCES The Company is required to maintain reserve balances with the FRBSF. Such reserve requirements are based on a percentage of deposit liabilities and may be satisfied by cash on hand. The average reserves required to be held at the FRBSF for the years ended December 31, 2015 and 2014 were $27.7 million and $10.0 million. |
Acquisitions |
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | NOTE 4. ACQUISITIONS The following assets acquired and liabilities assumed of the acquired entities are presented at estimated fair value as of their respective acquisition dates:
Square 1 Financial, Inc. Acquisition We acquired Square 1 Financial, Inc. ("Square 1") on October 6, 2015. As part of the acquisition, Square 1 Bank, a wholly-owned subsidiary of Square 1, merged with and into Pacific Western and we formed the Square 1 Bank Division of the Bank. The Bank provides a comprehensive suite of financial services focused on entrepreneurial businesses and their venture capital and private equity investors nationwide marketed under the Square 1 Bank Division brand. Under the terms of the definitive agreement, Square 1 stockholders received 0.5597 of a share of PacWest common stock for each share of Square 1 common stock and holders of stock options and restricted stock units received cash consideration as described in the agreement. PacWest issued an aggregate of approximately 18.1 million shares of PacWest common stock to Square 1 stockholders and caused to be paid a total of $17.8 million to Square 1 equity award holders in satisfaction of all outstanding equity awards. Based on the closing price of PacWest's common stock on October 6, 2015 of $43.97 per share, the aggregate deal value paid to Square 1 common stockholders and holders of equity awards to acquire Square 1 common stock was approximately $815 million. Former holders of Square 1 common stock as a group received shares of PacWest common stock in the acquisition constituting approximately 15.0% of the outstanding shares of PacWest common stock immediately after the acquisition. We completed the acquisition to improve our core deposits, expand our nationwide lending platform, and increase our presence in the technology and life-sciences credit markets. The Square 1 acquisition has been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the merger date. We made significant estimates and exercised significant judgment in estimating fair values and accounting for such acquired assets and liabilities. Such fair values are preliminary estimates and are subject to adjustment for up to one year after the acquisition date or when additional information relative to the closing date fair values becomes available and such information is considered final, whichever is earlier. The application of the acquisition method of accounting resulted in goodwill of $448 million. All of the recognized goodwill is expected to be non-deductible for tax purposes. CapitalSource Inc. Merger We acquired CapitalSource Inc. on April 7, 2014. As part of the merger, CapitalSource Bank (“CSB”), a wholly-owned subsidiary of CapitalSource Inc., merged with and into Pacific Western Bank and we formed the CapitalSource Division of the Bank. We completed the merger in order to increase our loan and lease generation capabilities and to diversify our loan portfolio. The application of the acquisition method of accounting resulted in goodwill of $1.5 billion. All of the recognized goodwill was non‑deductible for tax purposes. First California Financial Group Acquisition On May 31, 2013, we acquired First California Financial Group, Inc. As part of this acquisition, First California Bank ("FCB"), a wholly-owned subsidiary of FCAL, merged with and into Pacific Western. The application of the acquisition method of accounting resulted in goodwill of $129.1 million. All of the recognized goodwill was non‑deductible for tax purposes. Acquisition, Integration and Reorganization Costs For each acquisition, we developed an integration plan for the Company that addressed, among other things, requirements for staffing, systems platforms, compliance-related activities, branch locations and other facilities. Based on these plans, we incurred charges which included severance, acceleration of stock-based compensation, systems integration and facilities-related charges including contract termination fees. These charges, along with legal, accounting, investment banking, valuation and other professional fees necessary to effect a business combination, were charged to acquisition, integration and reorganization costs on the consolidated statements of earnings. We incurred and charged to expense $21.2 million, $101.0 million and $40.8 million of such costs in 2015, 2014 and 2013. The following table presents acquisition, integration and reorganization costs by major category for the years indicated:
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Goodwill and Other Intangible Assets | NOTE 5. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill arises from the acquisition method of accounting for business combinations and represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. Our intangible assets with definite lives are CDI's and CRI's. Goodwill and other intangible assets deemed to have indefinite lives generated from business combinations are not subject to amortization and are instead tested for impairment no less than annually. Impairment exists when the carrying value of goodwill exceeds its implied fair value. An impairment loss would be recognized in an amount equal to that excess and would be included in “Noninterest expense” in the consolidated statements of earnings. The following table presents the changes in the carrying amount of goodwill for the years indicated:
In the first quarter of 2015, we finalized the estimated fair value of the deferred tax assets acquired in the CapitalSource Inc. merger that resulted in a $7.9 million increase to goodwill. In the second quarter of 2014, we wrote-off $6.6 million of goodwill and $0.5 million of CRI related to the reorganization of the legacy PacWest asset financing segment, which included the sale of Celtic Capital Corporation. These amounts are included in "Acquisition, integration and reorganization costs" in the consolidated statements of earnings. CDI and CRI are amortized over their respective estimated useful lives and reviewed for impairment at least quarterly. The amortization expense represents the estimated decline in the value of the underlying deposits or loan and lease customers acquired. The weighted average amortization period remaining for all of our CDI and CRI as of December 31, 2015 is 6.2 years. The estimated aggregate amortization expense related to these intangible assets for each of the next five years is $16.9 million for 2016, $11.5 million for 2017, $8.8 million for 2018, $6.7 million for 2019 and $4.7 million for 2020. The following table presents the changes in CDI and CRI and the related accumulated amortization for the years indicated:
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Investments |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment | NOTE 6. INVESTMENTS Securities Available-for-Sale The following table presents amortized cost, gross unrealized gains and losses, and carrying values of securities available-for-sale as of the dates indicated:
See Note 13. Fair Value Measurements, for information on fair value measurements and methodology. As of December 31, 2015, securities available‑for‑sale with a carrying value of $421.6 million were pledged as collateral for borrowings, public deposits and other purposes as required by various statutes and agreements. Realized gains or losses in the statement of earnings resulting from the sale of securities are calculated using the specific identification method and included in gains on securities. During the year ended December 31, 2015, we sold $30.8 million of municipal securities for a gain of $744,000, $67.5 million in corporate debt securities for a loss of $232,000 and $110.1 million in government-sponsored enterprise ("GSE") pass-through securities for a gain of $3.2 million. We also sold $823.8 million of the $2.2 billion of securities obtained in the Square 1 acquisition for no gain or loss. During the year ended December 31, 2014, we sold $460.8 million of GSE pass-through securities and other securities for which we realized gains of $4.8 million. These securities were sold as part of our investment portfolio risk management activities. We also sold $322.7 million of the $382.8 million of securities obtained in the CapitalSource Inc. merger for no gain or loss. During the years ended December 31, 2015, 2014 and 2013, we purchased $992.7 million, $236.7 million and $550.2 million in investment securities available-for-sale. During the years ended December 31, 2015, 2014 and 2013 accumulated other comprehensive income included $3.6 million, $32.6 million and $(30.9) million of net unrealized after-tax gains and (losses). Unrealized Losses on Investment Securities The following tables present the gross unrealized losses and fair values of securities available-for-sale that were in unrealized loss positions, for which other-than-temporary impairments have not been recognized in earnings, as of the dates indicated:
We reviewed the securities that were in a loss position at December 31, 2015 and 2014, and concluded their losses were a result of the level of market interest rates relative to the types of securities and pricing changes caused by shifting supply and demand dynamics and not a result of downgraded credit ratings or other indicators of deterioration of the underlying issuers' ability to repay. Accordingly, we determined the securities were temporarily impaired and we did not recognize such impairment in the consolidated statements of earnings. Although we occasionally sell securities for portfolio management purposes, we do not foresee having to sell any temporarily impaired securities strictly for liquidity needs and believe that it is more likely than not we would not be required to sell any temporarily impaired securities before recovery of their amortized cost. Contractual Maturities The following table presents the contractual maturities of our available-for-sale securities portfolio based on amortized cost and carrying value as of the date indicated.
Mortgage-backed securities have contractual terms to maturity, but require periodic payments to reduce principal. In addition, expected maturities may differ from contractual maturities because obligors and/or issuers may have the right to call or prepay obligations with or without call or prepayment penalties. FHLB Stock At December 31, 2015, we had a $19.7 million investment in Federal Home Loan Bank of San Francisco ("FHLB") stock carried at cost. During the year ended December 31, 2015, FHLB stock decreased by $20.9 million due to $31.3 million in redemptions, offset partially by $7.6 million in purchases and the $2.8 million addition of FHLB stock acquired in the Square 1 acquisition. We evaluated the carrying value of our FHLB stock investment at December 31, 2015, and determined that it was not impaired. Our evaluation considered the long-term nature of the investment, the current financial and liquidity position of the FHLB, repurchase activity of excess stock by the FHLB at its carrying value, the return on the investment from recurring dividends, and our intent and ability to hold this investment for a period of time sufficient to recover our recorded investment. Interest Income on Investment Securities The following table presents the composition of our interest income on investment securities for the years indicated:
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Loans and Credit Quality |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases | NOTE 7. LOANS AND LEASES The Company’s loan and lease portfolio includes originated and purchased loans and leases. Originated loans and leases and purchased loans and leases 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, are referred to collectively as non-purchased credit impaired loans, or "Non-PCI loans." Purchased loans for which there was, at the acquisition date, evidence of credit deterioration since their origination and it was probable that collection of all contractually required payments was unlikely are referred to as purchased credit impaired loans, or "PCI loans". Non-PCI loans are carried at the principal amount outstanding, net of deferred fees and costs, and in the case of acquired loans, net of purchase discounts and premiums. Deferred fees and costs and purchase discounts and premiums on acquired non-impaired loans are recognized as an adjustment to interest income over the contractual life of the loans primarily using the effective interest method or taken into income when the related loans are paid off or sold. PCI loans are accounted for in accordance with ASC Subtopic 310‑30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” For PCI loans, at the time of acquisition we (i) calculate the contractual amount and timing of undiscounted principal and interest payments (the "undiscounted contractual cash flows") and (ii) estimate the amount and timing of undiscounted expected principal and interest payments (the "undiscounted expected cash flows"). The difference between the undiscounted contractual cash flows and the undiscounted expected cash flows is the nonaccretable difference. The difference between the undiscounted cash flows expected to be collected and the estimated fair value of the acquired loans is the accretable yield. The nonaccretable difference represents an estimate of the loss exposure of principal and interest related to the PCI loan portfolios; such amount is subject to change over time based on the performance of such loans. The carrying value of PCI loans is reduced by payments received, both principal and interest, and increased by the portion of the accretable yield recognized as interest income. The following table summarizes the composition of our loan and lease portfolio as of the dates indicated:
Non‑Purchased Credit Impaired (Non‑PCI) Loans and Leases The following tables present an aging analysis of our Non‑PCI loans and leases by portfolio segment and class as of the dates indicated:
It is the Company’s policy to discontinue accruing interest when principal or interest payments are past due 90 days or more unless the loan is both well secured and in the process of collection 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 amount of interest income that would have been recorded on nonaccrual loans and leases at December 31, 2015 and 2014 had such loans and leases been current in accordance with their original terms was $6.4 million and $7.5 million for 2015 and 2014, respectively. The following table presents our nonaccrual and performing Non‑PCI loans and leases by portfolio segment and class as of the dates indicated:
At December 31, 2015, nonaccrual loans and leases totaled $129.0 million. Nonaccrual loans and leases included $16.8 million of loans and leases 90 or more days past due, $3.6 million of loans 30 to 89 days past due and $108.6 million of current loans that were placed on nonaccrual status based on management’s judgment regarding their collectability. Nonaccrual loans and leases totaled $83.6 million at December 31, 2014, including $18.8 million of loans and leases 90 or more days past due, $8.7 million of loans 30 to 89 days past due and $56.1 million of current loans that were placed on nonaccrual status based on management’s judgment regarding their collectability. The increase in nonaccrual loans and leases generally, and equipment finance loans and leases specifically, was due to three relationships totaling $47.1 million that are related to the oil and gas industry and which have been adversely impacted by continued low oil prices. 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.
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 increases in the provisions for credit losses and the allowance for credit losses. 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:
At December 31, 2015 and 2014, we had unfunded commitments related to Non-PCI performing restructured loans of $2.9 million and $214,000. The following tables present information regarding our Non‑PCI impaired loans and leases by portfolio segment and class as of and for the years indicated:
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Troubled debt restructurings are a result of rate reductions, term extensions, fee concessions and debt forgiveness or a combination thereof. The following table presents new and defaulted troubled debt restructurings of Non-PCI loans for the years indicated:
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Allowances for Loan and Lease Losses 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 years indicated:
Purchased Credit Impaired (PCI) Loans The following table reflects the PCI loans by portfolio segment as of the dates indicated:
The following table summarizes the changes in the carrying amount of PCI loans and accretable yield on those loans for the years indicated:
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.
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. |
Foreclosed Assets |
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Other Real Estate Owned Net Covered and NonCovered Including Foreclosed Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreclosed Assets | NOTE 8. FORECLOSED ASSETS The following table summarizes foreclosed assets at the dates indicated:
The following table presents the changes in foreclosed assets, net of the valuation allowance, for the years indicated:
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The following table presents the changes in the foreclosed assets valuation allowance for the years indicated:
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Premises and Equipment, Net |
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Premises and Equipment, Net | NOTE 9. PREMISES AND EQUIPMENT, NET The following table presents the components of premises and equipment as of the dates indicated:
Depreciation and amortization expense was $8.1 million, $8.4 million, and $6.0 million for the years ended December 31, 2015, 2014, and 2013. We have obligations under a number of noncancelable operating leases for premises and equipment. The following table presents future minimum rental payments under noncancelable operating leases as of December 31, 2015:
Total gross rental expense for the years ended December 31, 2015, 2014, and 2013, was $26.2 million, $23.8 million, $17.6 million. Most of the leases provide that the Company pays maintenance, insurance and certain other operating expenses applicable to the leased premises in addition to the monthly rental payments. Total rental income for the years ended December 31, 2015, 2014, and 2013, was approximately $487,000, $589,000, and $750,000. The future minimum rental payments to be received under noncancelable subleases are $27.3 million through September 2025. |
Deposits |
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Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits | NOTE 10. DEPOSITS The following table presents the components of interest‑bearing deposits as of the dates indicated:
Brokered time deposits totaled $272.5 million and $636.7 million at December 31, 2015 and 2014. Brokered non-maturity deposits totaled $942.3 million and $120.6 million at December 31, 2015 and 2014, and substantially all of these amounts are included with money market deposits in the table above. At December 31, 2015 and 2014, we had $858 million and $891 million, respectively, of time deposits that exceed the FDIC insurance limit of $250,000 while the remaining $3.3 billion and $4.6 billion, respectively, met or fell below the FDIC insurance limit. The following table summarizes the maturities of time deposits as of the date indicated:
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Borrowings and Subordinated Debentures |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings and Subordinated Debentures | NOTE 11. BORROWINGS AND SUBORDINATED DEBENTURES Borrowings The following table summarizes our borrowings as of the dates indicated:
The non‑recourse debt represents the payment stream of certain equipment leases sold to third parties. The debt is secured by the equipment in the leases and all interest rates are fixed. As of December 31, 2015, this debt had a weighted average remaining maturity of 3.4 years. The Bank has established secured and unsecured lines of credit. The Bank may borrow funds from time to time on a term or overnight basis from the FHLB, the Federal Reserve Bank of San Francisco (“FRBSF”), or other financial institutions. FHLB Secured Lines of Credit. The borrowing arrangement with the FHLB is based on an FHLB program collateralized by a blanket lien on certain qualifying loans in our loan portfolio which were not pledged to the FRBSF. As of December 31, 2015, our borrowing capacity under the FHLB secured borrowing lines was $2.5 billion. As of December 31, 2015 and 2014, the balances outstanding were $618.0 million and $380.0 million. FRBSF Secured Line of Credit. The Bank has a secured line of credit with the FRBSF. As of December 31, 2015, the Bank had secured borrowing capacity of $2.1 billion collateralized by liens covering $2.9 billion of certain qualifying loans. As of December 31, 2015 and 2014, there were no balances outstanding. Federal Funds Arrangements with Commercial Banks. As of December 31, 2015, the Bank had unsecured lines of credit of $80.0 million with correspondent banks for the purchase of overnight funds, subject to availability of funds. These lines are renewable annually and have no unused commitment fees. As of December 31, 2015 and 2014, there were no balances outstanding. FHLB Unsecured Line of Credit. During the second quarter of 2015, the Bank obtained a $99.0 million unsecured line of credit with the FHLB for the purchase of overnight funds. As of December 31, 2015, there was no balance outstanding. The following table summarizes the terms of each issuance of subordinated debentures outstanding as of the dates indicated:
Interest payments made by the Company on subordinated debentures are considered dividend payments under the Board of Governors of the Federal Reserve System (“FRB”) regulations. Bank holding companies, such as PacWest, are required to notify the FRB prior to declaring and paying a dividend to stockholders during any period in which quarterly and/or cumulative twelve‑month net earnings are insufficient to fund the dividend amount, among other requirements. |
Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies | NOTE 12. COMMITMENTS AND CONTINGENCIES Lending Commitments The Bank is a party to financial instruments with off‑balance sheet 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 commitments to purchase equipment being acquired for lease to others. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of involvement the Company has in particular classes of financial instruments. The following table presents a summary of the financial instruments described above as of the dates indicated:
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the 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. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. We provide standby letters of credit in conjunction with several of our lending arrangements and property lease obligations. Most guarantees expire within one year from the date of issuance. If a borrower defaults on its commitments subject to any letter of credit issued under these arrangements, we would be required to meet the borrower's financial obligation but would seek repayment of that financial obligation from the borrower. In some cases, borrowers have pledged cash in deposit accounts, investment securities, trade accounts receivable, property, plant and equipment, and intellectual property as collateral with us under these arrangements. In addition, the Company has investments in low income housing project partnerships, which provide the Company income tax credits, and in a few small business investment companies that call for capital contributions up to an amount specified in the partnership agreements. As of December 31, 2015 and 2014, the Company had commitments to contribute capital to these entities totaling $19.2 million and $11.0 million, respectively. We also had commitments to contribute up to an additional $2.8 million and $2.9 million to11 private equity funds at December 31, 2015 and 2014, respectively. Legal Matters In the ordinary course of our business, we are party to various legal actions, which we believe are incidental to the operation of our business. The outcome of such legal actions and the timing of ultimate resolution are inherently difficult to predict. In the opinion of management, based upon information currently available to us, any resulting liability, in addition to amounts already accrued, would not have a material adverse effect on the Company’s financial statements or operations. Kinde Durkee Investigation The United States Attorney's Office for the Eastern District of California is conducting an investigation relating to the handling by First California Bank ("FCB") of its banking relationship with Kinde Durkee. Ms. Durkee, who had maintained certain of her accounts with FCB, was convicted in 2012 of embezzling funds from certain California politicians, among others. FCB was acquired by PacWest Bancorp and merged into Pacific Western Bank in May 2013. We understand that the investigation is focused on whether any civil or criminal laws were violated by FCB or its employees. Pacific Western is cooperating with the investigation. |
Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | NOTE 13. FAIR VALUE MEASUREMENTS ASC Topic 820, “Fair Value Measurement,” defines fair value, establishes a framework for measuring fair value including a three‑level valuation hierarchy, and expands disclosures about fair value measurements. Fair value is defined as the exchange 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 reflecting assumptions that a market participant would use when pricing an asset or liability. The hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows:
We use fair value to measure certain assets and liabilities on a recurring basis, primarily securities available‑for‑sale and derivatives. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period and such measurements are therefore considered “nonrecurring” for purposes of disclosing our fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for impaired loans and other real estate owned and also to record impairment on certain assets, such as goodwill, core deposit intangibles, and other long‑lived assets. The following tables present information on the assets measured and recorded at fair value on a recurring basis as of the dates indicated:
During the year ended December 31, 2015, $1.4 million of other securities measured at fair value on a recurring basis transferred from Level 2 to Level 1. During the year ended December 31, 2015, we added the following Level 3 assets measured at fair value on a recurring basis from the Square 1 acquisition: non-rated private placement private label CMOs, non-rated private placement asset-backed securities, and equity warrants with fair values of $51.5 million, $18.2 million, and $4.9 million, respectively, at December 31, 2015. The following table presents information about quantitative inputs and assumptions used to determine the fair values provided by our third party pricing service or broker quotes for our Level 3 private label CMOs (both covered and non-rated private placement) measured at fair value on a recurring basis as of December 31, 2015:
The following table presents information about quantitative inputs and assumptions used to determine the fair values provided by our third party pricing service or broker quotes for our Level 3 asset-backed securities measured at fair value on a recurring basis as of December 31, 2015:
The following table presents information about the quantitative inputs and assumptions used in the modified Black-Scholes option pricing model to determine the fair value for our Level 3 equity warrants measured at fair value on a recurring basis as of December 31, 2015:
The following table summarizes activity for our Level 3 private label CMOs measured at fair value on a recurring basis for the years indicated:
The following table summarizes activity for our Level 3 equity warrants measured at fair value on a recurring basis for the period from acquisition date to December 31, 2015:
The following tables present assets measured at fair value on a non‑recurring basis as of the dates indicated:
The following table presents losses recognized on assets measured on a nonrecurring basis for the years indicated:
The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis as of December 31, 2015:
ASC Topic 825, “Financial Instruments,” requires disclosure of the estimated fair value of certain financial instruments and the methods and significant assumptions used to estimate such fair values. Additionally, certain financial instruments and all nonfinancial instruments are excluded from the applicable disclosure requirements. The following tables present a summary of the carrying values and estimated fair values of certain financial instruments as of the dates indicated:
The following is a description of the valuation methodologies used to measure our assets recorded at fair value (under ASC Topic 820, “Fair Value Measurement”) and for estimating fair value for financial instruments not recorded at fair value (under ASC Topic 825). Cash and due from banks. The carrying amount is assumed to be the fair value because of the liquidity of these instruments. Interest‑earning deposits in financial institutions. The carrying amount is assumed to be the fair value given the short‑term nature of these deposits. Securities available‑for‑sale. Securities available‑for‑sale are measured and carried at fair value on a recurring basis. Unrealized gains and losses on available‑for‑sale securities are reported as a component of “Accumulated other comprehensive income” in the consolidated balance sheets. See Note 6. Investment Securities, for further information on unrealized gains and losses on securities available‑for‑sale. Fair value for securities categorized as Level 1, which are publicly traded securities, are based on readily available quoted prices. In determining the fair value of the securities categorized as Level 2, we obtain a report from a nationally recognized broker‑dealer detailing the fair value of each investment security we hold as of each reporting date. The broker‑dealer uses observable market information to value our securities, with the primary source being a nationally recognized pricing service. We review the market prices provided by the broker‑dealer for our securities for reasonableness based on our understanding of the marketplace and we consider any credit issues related to the securities. As we have not made any adjustments to the market quotes provided to us and they are based on observable market data, they have been categorized as Level 2 within the fair value hierarchy. Our covered private label CMOs, non-rated private placement private label CMOs, and non-rated private placement asset-backed securities (collectively, “the Level 3 Securities”) were categorized as Level 3 due in part to the inactive market for such securities. There is a wide range of prices quoted for our Level 3 Securities among independent third party pricing services, and this range reflects the significant judgment being exercised over the assumptions and variables that determine the pricing of such securities. We consider this subjectivity relating to our Level 3 Securities to be a significant unobservable input. Our fair value estimate was based on either 1) prices provided to us by a nationally recognized pricing service which we also use to determine the fair value of the majority of our securities portfolio, or 2) pricing estimates we obtained from brokers. We determined the reasonableness of the fair values by reviewing assumptions at the individual security level about prepayment, default expectations, estimated loss severity factors, and discount rates, all of which are not directly observable in the market. Significant changes in default expectations, loss severity factors, or discount rates, which occur all together or in isolation, would result in different fair value measurements. FHLB stock. Investments in FHLB stock are recorded at cost and measured for impairment quarterly. Ownership of FHLB stock is restricted to member banks and the securities do not have a readily determinable market value. Purchases and sales of these securities are at par value with the issuer. The fair value of investments in FHLB stock is equal to the carrying amount. Non-PCI loans and leases. As Non-PCI loans and leases are not measured at fair value, the following discussion relates to estimating the fair value disclosures under ASC Topic 825. Fair values are estimated for portfolios of loans and leases with similar financial characteristics. Loans are segregated by type and further segmented into fixed and adjustable rate interest terms by credit risk categories. The fair value estimates do not take into consideration the value of the loan portfolio in the event the loans are sold outside the parameters of normal operating activities. The fair value of performing fixed-rate loans is estimating by discounting scheduled cash flows through the estimated maturity using estimated market prepayment speeds. The fair value of equipment leases is estimated by discounting scheduled lease and expected lease residual cash flows over their remaining term. The estimated market discount rates used for performing fixed-rate loans and equipment leases are current market rates for instruments with similar risk and similar terms. The fair value of performing adjustable-rate loans is estimated by discounting scheduled cash flows through the next repricing date. As these loans reprice frequently at market rates and the credit risk is not considered to be greater than normal, the market value is typically close to the carrying amount of these loans. These methods and assumptions are not based on the exit price concept of fair value. Impaired Non‑PCI loans. Nonaccrual loans and performing restructured loans are considered impaired for reporting purposes and are measured and recorded at fair value on a non‑recurring basis. Nonaccrual Non‑PCI loans with an unpaid principal balance over $250,000 and all performing restructured loans are reviewed individually for the amount of impairment, if any. Nonaccrual Non‑PCI loans with an unpaid principal balance less than $250,000 are not individually assessed for impairment but are instead reserved for under our general reserve component. To the extent a loan is collateral dependent, we measure such impaired loan based on the estimated fair value of the underlying collateral. The fair value of each loan’s collateral is generally based on estimated market prices from an independently prepared appraisal, which is then adjusted for the cost related to liquidating such collateral; such valuation inputs result in a nonrecurring fair value measurement that is categorized as a Level 2 measurement. The Level 2 measurement is based on appraisals obtained within the last 12 months and for which a charge‑off was recognized or a change in the specific valuation allowance was made during the year ended December 31, 2015. When adjustments are made to an appraised value to reflect various factors such as the age of the appraisal or known changes in the market or the collateral, such valuation inputs are considered unobservable and the fair value measurement is categorized as a Level 3 measurement. The impaired loans categorized as Level 3 also include unsecured loans and other secured loans whose fair values are based significantly on unobservable inputs such as the strength of a guarantor, including an SBA government guarantee, cash flows discounted at the effective loan rate, and management’s judgment. The impaired Non‑PCI loan balances shown above as measured on a non-recurring basis represent those nonaccrual and restructured loans for which impairment was recognized during the year ended December 31, 2015. The amounts shown as net losses include the impairment recognized during the year ended December 31, 2015, for the loan balances shown. Of the $129.0 million of nonaccrual Non-PCI loans at December 31, 2015, $20.0 million were written down to their collateral fair values through charge‑offs during the year ended December 31, 2015. Investments that do not have readily determinable fair values. Other investments accounted for under the cost or equity methods of accounting are carried at fair value on a nonrecurring basis to the extent that they are determined to be other-than-temporarily impaired during the period. As there is rarely an observable price or market for such investments, we determine fair value using internally developed models. Our models utilize industry valuation benchmarks, such as multiples of net revenue or EBITDA, to determine a value for the underlying enterprise. We may also reduce the value determined by the model due to illiquidity or other investee-specific characteristics which may affect the fair value. Significant decreases to these valuation benchmarks would result in significant decreases in the estimated fair values. We reduce this value by the value of debt outstanding to arrive at an estimated equity value of the enterprise. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the pricing indicated by the external event is used to corroborate our internal valuation. Fair value measurements related to these investments are typically classified within Level 3 of the fair value hierarchy. Other real estate owned ("OREO"). The fair value of foreclosed real estate is generally based on the lower of estimated market prices from independently prepared current appraisals or negotiated sales prices with potential buyers, less estimated costs to sell; such valuation inputs result in a fair value measurement that is categorized as a Level 2 measurement on a nonrecurring basis. As a matter of policy, appraisals are required annually and may be updated more frequently as circumstances require in the opinion of management. The Level 2 measurement for OREO is based on appraisals obtained within the last 12 months and for which a write‑down was recognized during the year ended December 31, 2015. When a current appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value as a result of known changes in the market or the collateral and there is no observable market price, such valuation inputs result in a fair value measurement that is categorized as a Level 3 measurement. To the extent a negotiated sales price or reduced listing price represents a significant discount to an observable market price, such valuation input would result in a fair value measurement that is also considered a Level 3 measurement. The OREO losses disclosed are write‑downs based on either a recent appraisal obtained after foreclosure or an accepted purchase offer by an independent third party received after foreclosure. Deposits. Deposits are carried at historical cost. The fair value of deposits with no stated maturity, such as noninterest‑bearing demand deposits, interest checking, money market, and savings accounts, is equal to the amount payable on demand as of the balance sheet date and considered Level 2. The fair value of time deposits is based on the discounted value of contractual cash flows and considered Level 2. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. No value has been separately assigned to the Company’s long‑term relationships with its deposit customers, such as a core deposit intangible. Borrowings. Borrowings include overnight FHLB advances and other fixed‑rate term borrowings. Borrowings are carried at amortized cost. The fair value of overnight FHLB advances is equal to the carrying value and considered Level 1. The fair value of fixed‑rate borrowings is calculated by discounting scheduled cash flows through the estimated maturity dates or call dates, if applicable, using estimated market discount rates that reflect current rates offered for borrowings with similar remaining maturities and characteristics and are considered Level 2. Subordinated debentures. Subordinated debentures are carried at amortized cost. The fair value of subordinated debentures with variable rates is determined using a market discount rate on the expected cash flows. Derivative assets and liabilities. Derivatives are carried at fair value on a recurring basis and primarily relate to forward exchange contracts which we enter into to manage foreign exchange risk. Our derivatives are principally traded in over-the-counter markets where quoted market prices are not readily available. Instead, the fair value of derivatives is estimated using market observable inputs such as foreign exchange forward rates, interest rate yield curves, volatilities and basis spreads. We also consider counterparty credit risk in valuing our derivatives. We typically classify our foreign exchange derivatives in Level 2 of the fair value hierarchy. Warrants. Equity warrants with net settlement terms are received in connection with extending loan commitments to certain of our customers. We estimate the fair value of equity warrants using a Black-Scholes option pricing model to approximate fair market value. For warrants of private companies, the model estimates market value for each warrant based on the most recent equity offering at the time of issuance, the warrant's exercise price, the warrant's expected life, a risk-free interest rate based on a duration-matched U.S. Treasury rate and volatility factors derived from the iShares Russell Microcap index (IWC). For warrants of publicly-traded companies, the model estimates market value for each warrant based on the share price as of the evaluation date, the warrant's exercise price, the warrant's expected life, a risk-free interest rate based on a duration-matched U.S. Treasury rate and uses a company-specific volatility factor. We typically classify our equity warrant derivatives in Level 3 of the fair value hierarchy. Commitments to extend credit. The majority of our commitments to extend credit carry current market interest rates if converted to loans. Because these commitments are generally not assignable by either the borrower or us, they only have value to the borrower and us. The estimated fair value approximates the recorded deferred fee amounts and is excluded from the table above because it is not material. Limitations Fair value estimates are made at a specific point in time and are based on relevant market information and information about the financial instrument. These estimates do not reflect income taxes or any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a portion of the Company’s financial instruments, fair value estimates are based on what management believes to be conservative judgments regarding expected future cash flows, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimated fair values are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Since the fair values have been estimated as of December 31, 2015, the amounts that will actually be realized or paid at settlement or maturity of the instruments could be significantly different. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | NOTE 14. INCOME TAXES The following table presents the components of income tax expense for the years indicated:
The following table presents a reconciliation of the recorded income tax expense to the amount of taxes computed by applying the applicable federal statutory income tax rate of 35% to earnings or loss before income taxes for the years indicated:
The Company had net income taxes receivable of $6.2 million and $18.3 million at December 31, 2015 and 2014, included in other assets on its consolidated balance sheets. As of December 31, 2015 and 2014, the Company had a valuation allowance of $121.1 million and $130.3 million against acquired deferred tax assets (“DTA”). Periodic reviews of the carrying amount of DTA are made to determine if a valuation allowance is necessary. A valuation allowance is required, based on available evidence, when it is more likely than not that all or a portion of a DTA will not be realized due to the inability to generate sufficient taxable income in the period and/or of the character necessary to utilize the benefit of the DTA. All available evidence, both positive and negative, that may affect the realizability of the DTA are identified and considered in determining the appropriate amount of the valuation allowance. It is more likely than not that these deferred tax assets subject to a valuation allowance will not be realized primarily due to their character and/or the expiration of the carryforward periods. We have net operating loss and tax credit carryforwards for federal and state income tax purposes that can be utilized to offset future taxable income. Upon a change in ownership of more than 50% of our capital stock over a three-year period as measured under Section 382 of the Internal Revenue Code (“the Code”), our ability to utilize our net operating loss forwards and other tax attributes after the ownership change generally would be limited. The annual limit would generally equal the product of the applicable long term tax exempt rate and the value of the relevant taxable entity’s capital stock immediately before the ownership change. These change of ownership rules generally focus on ownership changes involving stockholders owning directly or indirectly 5% or more (the “5-Percent Shareholders”) of a company’s outstanding stock, including certain public groups of stockholders as set forth under Section 382, and those arising from new stock issuances and other equity transactions. We acquired Square 1 on October 6, 2015. As merger consideration, we issued approximately 18.1 million shares of common stock to the Square 1 stockholders. The issuance of these shares caused us to experience an ownership change under Section 382 of the Code. Consequently, the utilization of our net operating loss carryforwards, tax credits, and other tax attributes are subject to an annual limitation. We estimate that such annual limitation will not impose additional restriction on the anticipated usage of our existing tax attributes. At December 31, 2015, we had approximately $200.4 million of unused federal net operating loss carryforwards that may be applied against future taxable income. If not used, these carryforwards will fully expire in 2031. We had available at December 31, 2015, approximately $1.0 billion of unused state net operating loss carryforwards that may be applied against future taxable income. The state net operating loss carryforwards will expire in varying amounts beginning in 2016 through 2035. As of December 31, 2015, for federal tax purposes, we had capital loss carryforwards of $82.3 million. If not used, these carryforwards will begin to expire in 2016 and will fully expire in 2018. As of December 31, 2015, for federal tax purposes, we had foreign tax credit carryforwards of $28.6 million. The foreign tax credit carryforwards are available to offset future federal taxable income. If not used, these carryforwards will begin to expire in 2016 and fully expire in 2021. We also had Low Income Housing Tax Credit carryforwards of $7.1 million, which if not used, will begin to expire in 2034 and fully expire in 2035. The following table presents the tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of the dates indicated:
Based upon our taxpaying history and estimates of taxable income over the years in which the items giving rise to the deferred tax assets are deductible, management believes it is more likely than not the Company will realize the benefits of these deductible differences. The following table summarizes the activity related to the Company's unrecognized tax benefits for the years indicated:
As of December 31, 2015 and 2014, our unrecognized tax benefit that may affect the effective tax rate was $4.3 million and $2.4 million. Due to the potential for the resolution of federal and state examinations and the expiration of various statutes of limitations, it is reasonably possible that our gross unrecognized tax benefits may decrease within the next twelve months by as much as $4.0 million. We recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense. For the year ended December 31, 2015, we reduced our accrual for interest expense and penalties and recognized $2.4 million in income related to these items. For the year ended December 31, 2014, we accrued and recognized $0.2 million in interest expense and penalties. The amount of interest and penalties accrued and recognized for the year ended December 31, 2013 was minimal and immaterial to our financial results. We had $0.9 million and $3.3 million accrued for the payment of interest and penalties as of December 31, 2015 and 2014. We file federal and state income tax returns with the Internal Revenue Service ("IRS") and various state, local and foreign jurisdictions and generally remain subject to examinations by these tax jurisdictions for tax years 2006 through 2014. We are currently under examination by the IRS for tax years 2008 through 2012 and certain state jurisdictions for tax years 2006 through 2013. |
Earnings per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | NOTE 15. EARNINGS PER SHARE The following table presents the computation of basic and diluted net earnings per share for the years indicated:
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Stock Based Compensation Plan |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 16. STOCK BASED COMPENSATION PLANS The Company’s 2003 Stock Incentive Plan as amended and restated, or the 2003 Plan, permits stock-based compensation awards to officers, directors, key employees and consultants. As of December 31, 2015, the 2003 Plan authorized grants of stock‑based compensation instruments to purchase or issue up to 19,686,565 shares of Company common stock, subject to adjustments provided by the 2003 Plan. The authorized amount includes 10,686,565 shares that were added to the 2003 Plan as a result of the CapitalSource Inc. merger. Such shares were available for grant under the former CapitalSource Inc. Equity Incentive Plan and remain available for: (a) former employees of CapitalSource Bank who remain employed with the Company, and (b) newly hired employees of the Company. As of December 31, 2015, there were 12,978,460 shares available for grant under the 2003 Plan, of which 9,550,459 shares related to those added from the CapitalSource Inc. merger. Restricted Stock The following table presents a summary of restricted stock transactions for the years indicated:
At December 31, 2015, there were 1,211,951 shares of unvested time‑based restricted common stock outstanding. The awarded shares of time‑based restricted common stock vest over a service period of three to four years from the date of the grant. For awards granted before December 11, 2014, time-based restricted common stock also vests immediately upon a change in control of the Company, as defined in the 2003 Plan, or upon death of the employee. For awards granted on or after December 11, 2014, time-based restricted stock are subject to "double-trigger" vesting, meaning that, in the event of a change in control of the Company, as defined in the 2003 Plan, and in the event an employee's employment is terminated by the Company without Cause or by the employee for Good Reason, as defined in the 2003 Plan, within 24 months after the change in control, such awards will vest, or upon death of the employee. In April 2014, upon closing of the CapitalSource Inc. merger, 1,013,377 of awarded shares of restricted common stock vested due to the triggering of the change of control provision contained within the 2003 Plan. We recorded a $26.1 million charge to earnings for the vesting of such shares. Such amount is included in acquisition, integration and reorganization costs on the accompanying consolidated statements of earnings in 2014. The vesting date fair value of restricted stock awards that vested during 2015, 2014 and 2013 were $14.7 million, $53.4 million and $30.9 million. Compensation expense related to time‑based restricted stock awards is based on the fair value of the underlying stock on the award date and is recognized over the vesting period using the straight‑line method. Restricted stock amortization totaled $15.0 million, $9.8 million (excluding accelerated vesting of restricted stock of $26.1 million), and $8.5 million (excluding accelerated vesting of restricted stock of $12.4 million) for the years ended December 31, 2015, 2014 and 2013. Such amounts are included in compensation expense on the accompanying consolidated statements of earnings. The income tax benefit recognized in the consolidated statements of earnings related to this expense was $5.6 million, $3.9 million, and $3.4 million for the years ended December 31, 2015, 2014 and 2013. The amount of unrecognized compensation expense related to all unvested restricted stock as of December 31, 2015 totaled $41.1 million. Such expense is expected to be recognized over a weighted average period of 1.6 years. The following table summarizes information about outstanding time-based restricted stock awards as of the date indicated:
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Benefit Plans |
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Benefit Plans [Abstract] | |
Benefits Plans | NOTE 17. BENEFIT PLANS 401(K) Plans The Company sponsors a defined contribution plan for the benefit of its employees. Participants are eligible to participate immediately as long as they are scheduled to work a minimum of 1,000 hours and are at least 18 years of age. Eligible participants may contribute up to 60% of their annual compensation, not to exceed the dollar limit imposed by the Internal Revenue Code. Employer contributions are determined annually by the Board of Directors in accordance with plan requirements and applicable tax code. Expense related to 401(k) matching contributions was $2.8 million, $1.9 million and $1.3 million for the years ended December 31, 2015, 2014, and 2013. |
Stockholders' Equity |
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Stockholders' Equity Disclosure [Abstract] | |
Stockholders' Equity | NOTE 18. STOCKHOLDERS' EQUITY Treasury Shares As a Delaware corporation, the Company records treasury shares for shares surrendered to the Company resulting from statutory payroll tax obligations arising from the vesting of restricted stock. The Company purchased 180,822 treasury shares at a weighted average price of $46.46 per share, 493,890 treasury shares at a weighted average price of $45.16 per share and 351,640 treasury shares at a weighted average price of $38.50 per share for the years ended December 31, 2015, 2014, and 2013, respectively. Dividend Reinvestment We paid dividends on deferred shares until April 2015. The shares were deferred under a CapitalSource plan which was terminated, but due to 409A restrictions the shares remained deferred for a period of one year after termination. Dividends paid on deferred shares were used to purchase our common stock. During 2015, we paid dividends of approximately $58,000 on deferred shares, which was used to purchase an additional 1,300 shares of our common stock. During 2014, we paid approximately $115,000 on deferred shares, which was used to purchase an additional 2,583 shares of our common stock. |
Dividend Availability and Regulatory Matters |
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Dividend Availability and Regulatory Matters | NOTE 19. DIVIDEND AVAILABILITY AND REGULATORY MATTERS Holders of Company common stock may receive dividends declared by the Board of Directors out of funds legally available under state law governing the Company and certain federal laws and regulations governing the banking and financial services business. Our ability to pay dividends to our stockholders is subject to the restrictions set forth in Delaware General Corporation Law and certain covenants contained in our subordinated debentures and borrowing agreements. Notification to the FRB is also required prior to our declaring and paying dividends during any period in which our quarterly and/or cumulative twelve‑month net earnings are insufficient to fund the dividend amount, among other requirements. Should the FRB object to payment of dividends, we would not be able to make the payment until approval is received or we no longer need to provide notice under applicable regulations. It is possible, depending upon the financial condition of the Bank, and other factors, that the FRB, the FDIC or the California Department of Business Oversight, Division of Financial Institutions (“DBO”), could assert that payment of dividends or other payments is an unsafe or unsound practice. Pacific Western is subject to restrictions under certain federal and state laws and regulations governing banks which limit its ability to transfer funds to the holding company through intercompany loans, advances or cash dividends. Dividends paid by California state-chartered banks such as Pacific Western are regulated by the DBO and FDIC under their general supervisory authority as it relates to a bank’s capital requirements. A state-chartered bank may declare a dividend without the approval of the DBO and FDIC as long as the total dividends declared in a calendar year do not exceed either the retained earnings or the total of net earnings for three previous fiscal years less any dividend paid during such period. During 2015, PacWest received $214 million in dividends from the Bank. Since the Bank had a retained deficit of $609 million at December 31, 2015, for the foreseeable future, dividends from the Bank to PacWest will continue to require DBO and FDIC approval. PacWest, as a bank holding company, is subject to regulation by the FRB under the Bank Holding Company Act of 1956, as amended. The Federal Deposit Insurance Corporation Improvement Act of 1991 required that the federal regulatory agencies adopt regulations defining capital tiers for banks: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Company’s and the Bank’s assets, liabilities and certain off‑balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of common equity Tier 1, Tier 1, and total capital to risk‑weighted assets ("total capital ratio"), and of Tier I capital to average assets, adjusted for goodwill and other non-qualifying intangible assets and other assets (“leverage ratio”). Common equity Tier 1 capital includes common stockholders’ equity less goodwill and certain other deductions (including a portion of servicing assets and the after‑tax unrealized net gains and losses on securities available‑for‑sale). Tier 1 capital includes common equity Tier 1 plus additional Tier 1 capital instruments meeting certain requirements. Total capital includes Tier 1 capital and other items such as subordinated debt and the allowance for credit losses. All three measures are stated as a percentage of risk‑weighted assets, which are measured based on their perceived credit risk and include certain off‑balance sheet exposures, such as unfunded loan commitments and letters of credit. Banks and bank holding companies considered to be “adequately capitalized” are required to maintain a minimum total capital ratio of 8.0%, a minimum Tier 1 capital ratio of 6.0%, a minimum common equity Tier 1 capital ratio of 4.5%, and a minimum leverage ratio of 4.0%. Banks and bank holding companies considered to be “well capitalized” must maintain a minimum total capital ratio of 10.0%, a minimum Tier 1 capital ratio of 8.0%, a minimum common equity Tier 1 capital ratio of 6.50%, and a minimum leverage ratio of 5.0%. As of December 31, 2015, the most recent notification date to the regulatory agencies, the Company and the Bank are each “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 Company’s or any of the Bank’s categories. Management believes, as of December 31, 2015, that the Company and the Bank met all capital adequacy requirements to which we are subject. Regulatory capital requirements limit the amount of deferred tax assets that may be included when determining the amount of regulatory capital. Deferred tax asset amounts in excess of the calculated limit are disallowed from regulatory capital. At December 31, 2015, such disallowed amounts were $47.2 million for the Company and $0.2 million for the Bank. No assurance can be given that the regulatory capital deferred tax asset limitation will not increase in the future or that the Company or Bank will not have increased deferred tax assets that are disallowed. The following table presents actual capital amounts and ratios for the Company and the Bank as of the dates indicated:
We have outstanding subordinated debentures issued to trusts that were established by us or entities that we have acquired, which, in turn, issued trust preferred securities. The amount of subordinated debentures totaled $436.0 million at December 31, 2015. At December 31, 2015, $32.8 million of the trust preferred securities was included in the Company's Tier I capital and $391.4 million was included in Tier II capital. Interest payments on subordinated debentures are considered dividend payments under the FRB regulations and subject to the same notification requirements for declaring and paying dividends on common stock. |
Condensed Financial Information Of Parent Company |
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Condensed Financial Information Of Parent Company [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure | NOTE 20. CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY The following tables present the parent company only condensed balance sheets and the related condensed statements of earnings and condensed statements of cash flows as of and for the years indicated:
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Related Party Transaction |
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Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 22. RELATED PARTY TRANSACTIONS Castle Creek Financial LLC, or Castle Creek Financial, is an affiliate of Castle Creek Capital LLC, which the Company's Chairman of the Board, Mr. Eggemeyer, is co-founder and chief executive. During 2014, the Bank paid an advisory fee of $9 million to Castle Creek Financial in connection with the CapitalSource Inc. merger. During 2013, the Bank paid an advisory fee of $1.3 million to Castle Creek Financial in connection with the FCAL acquisition. On August 6, 2014, the services agreement dated May 8, 2011, between the Company and Castle Creek Financial was terminated. |
Subsequent Events |
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Subsequent Events [Abstract] | |
Subsequent Events | NOTE 23. SUBSEQUENT EVENTS On February 1, 2016, the Company announced that the Board of Directors had declared a quarterly cash dividend of $0.50 per common share. The cash dividend is payable on February 29, 2016 to stockholders of record at the close of business on February 16, 2016. We have evaluated events that have occurred subsequent to December 31, 2015 and have concluded there are no subsequent events that would require recognition in the accompanying consolidated financial statements. |
Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations and Other Purchase of Business Transactions, Policy [Policy Text Block] | PacWest Bancorp is a bank holding company registered under the Bank Holding Company Act of 1956, as amended. Our principal business is to serve as the holding company for our wholly-owned banking subsidiary, Pacific Western Bank, which we refer to as “Pacific Western” or the “Bank.” When we say “we,” “our,” or the “Company,” we mean PacWest Bancorp together with its subsidiaries on a consolidated basis. When we refer to “PacWest” or to the holding company, we are referring to PacWest Bancorp, the parent company, on a stand‑alone basis. As of December 31, 2015, we had total assets of $21.3 billion, gross loans and leases of $14.5 billion, total deposits of $15.7 billion and total stockholders' equity of $4.4 billion. We are focused on relationship-based business banking to small, middle-market and venture-backed businesses nationwide. The Bank offers a broad range of loan and lease and deposit products and services through 80 full-service branches located throughout the State of California, one branch located in Durham, North Carolina, and several loan production offices located in cities across the country. We provide commercial banking services, including real estate, construction, and commercial loans and leases, and comprehensive deposit and treasury management services to small and middle market businesses. We offer products and services under the brand names of Pacific Western as well as its business groups, CapitalSource and Square 1 Bank. CapitalSource focuses on providing cash flow, asset-based, equipment and real estate loans and treasury management services to established middle-market businesses on a national basis. Square 1 Bank focuses on providing a comprehensive suite of financial products tailored to service entrepreneurial businesses and their venture capital and private equity investors, with offices located in key innovation hubs across the United States. Square 1 Asset Management, Inc., a wholly-owned subsidiary of the Bank and a SEC-registered investment adviser, provides investment advisory and asset management services to select clients. When we refer to "CapitalSource Inc." we are referring to the company acquired on April 7, 2014 and when we refer to the "CapitalSource Division" we are referring to a division of Pacific Western Bank that specializes in middle-market lending on a nationwide basis. We generate our revenue primarily from interest received on loans and leases and, to a lesser extent, from interest received on investment securities, and fees received in connection with deposit services, extending credit and other services offered, including foreign exchange services. Our major operating expenses are the interest paid by the Bank on deposits and borrowings, compensation and general operating expenses. We have completed 28 acquisitions from May 1, 2000 through December 31, 2015, including the acquisition of Square 1 Financial, Inc. ("Square 1") on October 6, 2015. Our acquisitions have been accounted for using the acquisition method of accounting and, accordingly, the operating results of the acquired entities have been included in the consolidated financial statements from their respective acquisition dates. See Note 4. Acquisitions, for more information about the Square 1 acquisition, the CapitalSource Inc. merger, and the acquisition of First California Financial Group, Inc. ("FCAL") on May 31, 2013. |
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Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | (a) Accounting Standard Adopted in 2015 Effective January 1, 2015, the Company adopted Accounting Standards Update 2014-01, new accounting guidance for investments in affordable housing projects that qualify for the low-income housing tax credit. As a result of the adoption of this new guidance, the Company made an accounting policy election to amortize the initial cost of its qualifying investments in proportion to the tax credits and other benefits received and to present the amortization as a component of income tax expense, referred to as the proportional amortization method. Previously, investments in low-income housing tax credits were accounted for under the equity method and such amortization was presented in other expense. The guidance was required to be applied retrospectively and accordingly, prior period amounts for other expense and tax expense have been revised to conform to the current period presentation. The retrospective application of the adoption of the new accounting guidance for the proportional amortization method resulted in a cumulative effect on retained earnings of a reduction of $195,000. |
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Basis of Accounting, Policy [Policy Text Block] | The accounting and reporting policies of the Company are in accordance with U.S. generally accepted accounting principles, which we may refer to as U.S. GAAP. All significant intercompany balances and transactions have been eliminated. |
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Use of Estimates | Use of Estimates Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these consolidated financial statements in conformity with U.S. GAAP. Actual results could differ from those estimates. Material estimates subject to change in the near term include, among other items, the allowance for credit losses, the carrying value of intangible assets, the carrying value of the FDIC loss sharing asset, and the realization of deferred tax assets. As described in Note 4. Acquisitions, below, we completed the Square 1 acquisition on October 6, 2015, the CapitalSource Inc. merger on April 7, 2014, and the acquisition of FCAL on May 31, 2013. The acquired assets and liabilities in each of these acquisitions were measured at their estimated fair values. Management made significant estimates and exercised significant judgment in estimating such fair values and accounting for the acquired assets and assumed liabilities in each of these transactions. |
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Reclassifications | Reclassifications Certain prior period amounts have been reclassified to conform to the current period’s presentation format. On the consolidated balance sheets, the "Other assets" category includes "FDIC loss sharing asset," which was previously reported as a separate category. For the loan portfolio segment disclosures: (1) the "Real estate mortgage" loan portfolio segment was divided into two new loan classes, "Commercial" and "Residential;" the new "Commercial" loan class includes the "Hospitality" and "SBA" loan classes that were previously reported separately, as well as the portion of the "Other" loan class related to commercial real estate loans, while the new "Residential" loan class includes the portion of the "Other" loan class related to residential real estate loans, (2) the "Cash flow" loan class of the "Commercial" loan portfolio segment includes the "Unsecured" and "SBA" loan classes that were previously reported separately, and (3) the "Asset-based" loan class of the "Commercial" loan portfolio segment includes the "Collateralized" loan class that was previously reported separately. The operating segments previously reported have been aggregated to one segment to conform to the current period's presentation format. These reclassifications do not affect previously reported net income. |
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Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, cash and cash equivalents consist of cash, due from banks, and interest‑earning deposits in financial institutions. Interest‑earning assets in financial institutions represent mostly cash held at the Federal Reserve Bank of San Francisco (“FRBSF”), the majority of which is immediately available. |
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Investment Securities | Investment Securities We determine the classification of securities at the time of purchase. If we have the intent and the ability at the time of purchase to hold securities until maturity, they are classified as held‑to‑maturity. Investment securities held‑to‑maturity are stated at amortized cost. Securities to be held for indefinite periods of time, but not necessarily to be held‑to‑maturity or on a long‑term basis, are classified as available‑for‑sale and carried at estimated fair value, with unrealized gains or losses reported as a separate component of stockholders’ equity in accumulated other comprehensive income, net of applicable income taxes. Securities available‑for‑sale include securities that management intends to use as part of its asset/liability management strategy and that may be sold in response to changes in interest rates, prepayment risk, and other related factors. Securities are individually evaluated for appropriate classification when acquired; consequently, similar types of securities may be classified differently depending on factors existing at the time of purchase. The carrying values of all securities are adjusted for amortization of premiums and accretion of discounts using the interest method. Realized gains or losses on the sale of securities, if any, are determined using the amortized cost of the specific securities sold. Declines in the fair value of debt securities classified as available-for-sale are reviewed to determine whether the impairment is other-than-temporary. This review considers a number of factors, including the severity of the decline in fair value, current market conditions, historical performance of the security, risk ratings and the length of time the security has been in an unrealized loss position. If we do not expect to recover the entire amortized cost basis of the security, then an other-than-temporary impairment is considered to have occurred. The cost basis of the security is written down to its estimated fair value and the amount of the write‑down is recognized through a charge to earnings. Investments in Federal Home Loan Bank of San Francisco, or "FHLB," stock are carried at cost and evaluated regularly for impairment. FHLB stock is expected to be redeemed at par and is a required investment based on measurements of the Bank’s assets and/or borrowing levels. |
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Loans and Leases | Loans and Leases Originated loans. Loans are originated by the Company with the intent to hold them for investment and are stated at the principal amount outstanding, net of unearned income. Unearned income includes deferred unamortized nonrefundable loan fees and direct loan origination costs. Net deferred fees or costs are 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 amortization of loan fees or costs is discontinued when a loan is placed on nonaccrual status. Interest income is recorded on an accrual basis in accordance with the terms of the respective loan. Purchased loans. Purchased loans are stated at the principal amount outstanding, net of unearned discounts or unamortized premiums. All loans acquired in our acquisitions are initially measured and recorded at their fair value on the acquisition date. A component of the initial fair value measurement is an estimate of the credit losses over the life of the purchased loans. Purchased loans are also evaluated for impairment as of the acquisition date and are accounted for as “acquired non‑impaired” or “purchased credit impaired” loans. Acquired non‑impaired loans. Acquired non‑impaired loans are those 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. Acquired non‑impaired loans, together with originated loans, are referred to as non‑purchased credit impaired (“Non‑PCI”) loans. Purchase discount or premium 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. Purchased credit impaired loans. Purchased credit impaired (“PCI”) loans are accounted for in accordance with ASC Subtopic 310‑30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” A purchased loan is deemed to be credit impaired when there is evidence of credit deterioration since its origination and it is probable at the acquisition date that collection of all contractually required payments is unlikely. We apply PCI loan accounting when we acquire loans deemed to be impaired, and as a general policy election when we acquire a portfolio of loans in a distressed bank acquisition. For PCI loans, at the time of acquisition we (i) calculated the contractual amount and timing of undiscounted principal and interest payments (the “undiscounted contractual cash flows”) and (ii) estimated the amount and timing of undiscounted expected principal and interest payments (the “undiscounted expected cash flows”). The difference between the undiscounted contractual cash flows and the undiscounted expected cash flows is the nonaccretable difference. The nonaccretable difference represents an estimate of the loss exposure of principal and interest related to the PCI loan portfolios; such amount is subject to change over time based on the performance of such loans. The carrying value of PCI loans is reduced by payments received, both principal and interest, and increased by the portion of the accretable yield recognized as interest income. The excess of the undiscounted expected cash flows at acquisition over the initial fair value of acquired impaired loans is referred to as the “accretable yield” and is recorded as interest income over the estimated life of the loans using the effective yield method if the timing and amount of the future cash flows is reasonably estimable. PCI loans that are contractually past due are still considered to be accruing and performing as long as there is an expectation that the estimated cash flows will be received. If the timing and amount of cash flows is uncertain, then cash payments received will be recognized as a reduction of the recorded investment. As part of the fair value process and the subsequent accounting, the Company aggregates PCI loans into pools having common credit risk characteristics such as type and risk rating. Increases in expected cash flows over those previously estimated increase the accretable yield and are recognized as interest income prospectively. Decreases in the amount and changes in the timing of expected cash flows compared to those previously estimated decrease the accretable yield and usually result in a provision for loan losses and the establishment of an allowance for loan losses. As the accretable yield increases or decreases from changes in cash flow expectations, the offset is a decrease or increase to the nonaccretable difference. The accretable yield is measured at each financial reporting date based on information then currently available and represents the difference between the remaining undiscounted expected cash flows and the current carrying value of the loans. Leases. We provide equipment financing to our customers through a variety of lease arrangements. The most common arrangement is a direct financing (capital) lease. For direct financing leases, lease receivables are recorded on the balance sheet but the leased property is not, although we generally retain legal title to the leased property until the end of each lease. Direct financing leases are stated at the net amount of minimum lease payments receivable, plus any unguaranteed residual value, less the amount of unearned income and net acquisition discount at the reporting date. Direct lease origination costs are amortized over the weighted average life of the lease portfolio. Leases acquired in an acquisition are initially measured and recorded at their fair value on the acquisition date. Purchase discount or premium on acquired leases is recognized as an adjustment to interest income over the contractual life of the leases using the effective interest method or taken into income when the related leases are paid off. Direct financing leases are subject to our allowance for loans and leases. Operating leases represents a line of business where we purchase equipment which is then leased to our customers. We receive periodic rental income payments, which are recorded as noninterest income, and the equipment remains on our balance sheet and is depreciated in line with our fixed asset accounting policy. Leases in process. We offer “progress funding” which works similarly to a bridge loan by financing an item to be leased during the construction or build phase. Lessees pay interest on the amount advanced to fund a project at an interest rate implicit in the master lease agreement; such income is deferred until the project funding is complete. The amount of funding advanced during the progress funding period is recorded in other assets. At the end of the progress funding period, we either (i) enter into a lease agreement with the lessee and the deferred income is accreted to interest income using an effective yield method over the life of the lease, or (ii) sell the lease to a third party lender and recognize the deferred income as part of any gain or loss on such sale. Loans and Leases Held for Sale. As part of our management of the loans and leases held in our portfolio, we will occasionally transfer loans from held for investment to held for sale. Upon transfer, any associated allowance for loan and lease loss is charged off and the carrying value of the loan is adjusted to the lower of cost or estimated fair value. Gains or losses on the sale of these loans are recorded in noninterest income. Delinquent or past due loans and leases. Loans and leases are considered delinquent when principal or interest payments are past due 30 days or more; delinquent loans may remain on accrual status between 30 days and 89 days past due. Nonaccrual loans and leases. Loans on which the accrual of interest has been discontinued are designated as nonaccrual loans. The accrual of interest on loans is discontinued when principal or interest payments are past due 90 days or when, in the opinion of management, there is a reasonable doubt as to collectability in the normal course of business. When loans are placed on nonaccrual status, all interest previously accrued but not collected is reversed against current period interest income. Income on nonaccrual loans is subsequently recognized only to the extent that cash is received and the loan’s principal balance is deemed collectable. Loans are restored to accrual status when the loans become both well‑secured and are in the process of collection. Leases are designated as nonaccrual leases when the recognition of interest has been discontinued. The recognition of interest on leases is discontinued when a lessee’s payments are past due 90 days or when, in the opinion of management, there is a reasonable doubt as to collectability. Interest on nonaccrual leases is subsequently recognized only to the extent that cash is received and the lease balance is deemed collectable. Leases are restored to accrual status when the leases become both well-secured and are in the process of collection. Impaired loans and leases. A loan or lease is considered impaired when it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan or lease agreement. Impaired loans and leases include loans and leases on nonaccrual status and performing restructured loans. Income from impaired loans is recognized on an accrual basis unless the loan is on nonaccrual status. Income from loans on nonaccrual status is recognized to the extent cash is received and when the loan’s principal balance is deemed collectable. We measure impairment of a loan by using the estimated fair value of the collateral, less estimated costs to sell, including senior obligations such as delinquent property taxes, if the loan is collateral‑dependent and the present value of the expected future cash flows discounted at the loan’s effective interest rate if the loan is not collateral‑dependent. The impairment amount on a collateral‑dependent loan is charged‑off to the allowance and the impairment amount on a loan that is not collateral‑dependent is set up as a specific reserve. We measure impairment of a lease based upon the present value of the scheduled lease and residual cash flows, discounted at the lease’s effective interest rate. Troubled debt restructurings. A loan is classified as a troubled debt restructuring when we grant a concession to a borrower experiencing financial difficulties. These concessions may include a reduction of the interest rate, principal or accrued interest, extension of the maturity date or other actions intended to minimize potential losses. All loan modifications are evaluated on an individual basis to determine whether such modifications meet the criteria to be classified as a troubled debt restructuring under ASC Subtopic 310‑40, “Troubled Debt Restructurings by Creditors.” Loans restructured at a rate equal to or greater than that of a new loan with comparable market risk at the time the loan is modified may be excluded from restructured loan disclosures in years subsequent to the restructuring if the loans are in compliance with their modified terms. A loan that has been placed on nonaccrual status that is subsequently restructured will usually remain on nonaccrual status until the borrower is able to demonstrate repayment performance in compliance with the restructured terms for a sustained period, typically for six months. A restructured loan may return to accrual status sooner based on other significant events or mitigating circumstances. A loan that has not been placed on nonaccrual status may be restructured and such loan may remain on accrual status after such restructuring. In these circumstances, the borrower has made payments before and after the restructuring. Generally, this restructuring involves a reduction in the loan interest rate and/or a change to interest‑only payments for a period of time. The restructured loan is considered impaired despite the accrual status and a specific reserve is calculated based on the present value of expected cash flows discounted at the loan’s original effective interest rate. |
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Allowance for Credit Losses | Allowances for Credit Losses Allowance for credit losses on Non‑PCI loans and leases. The allowance for credit losses on non-purchased credit impaired ("Non-PCI") loans and leases is the combination of the allowance for loan and lease losses and the reserve for unfunded loan commitments. The allowance for loan and lease losses is reported as a reduction of outstanding loan and lease balances and the reserve for unfunded loan commitments is included within "Accrued interest payable and other liabilities." The following discussion is for Non-PCI loans and leases and the allowance for credit losses thereon. For the allowance policy on purchased credit impaired loans and leases, refer to "—Allowance for Credit Losses on Purchased Credit Impaired Loans." For loans and leases acquired and measured at fair value and deemed non-impaired on the acquisition date, our allowance methodology measures deterioration in credit quality or other inherent risks related to these acquired assets that arise after the acquisition date. The allowance for loan and lease losses is maintained at a level deemed appropriate by management to adequately provide for known and inherent risks in the loan and lease portfolio and other extensions of credit at the balance sheet date. The allowance is based upon our continual review of the credit quality of the loan and lease portfolio, which includes loan and lease payment trends, borrowers' compliance with loan agreements, borrowers' current and budgeted financial performance, collateral valuation trends, and current economic factors and external conditions that may affect our borrowers' ability to pay. Loans and leases that are deemed to be uncollectable are charged off and deducted from the allowance. The provision for loan and lease losses and recoveries on loans and leases previously charged off are added to the allowance. The allowance for loan and lease losses contains a general reserve component for loans and leases not considered impaired and a specific reserve component for loans and leases determined to be impaired. A loan or lease is considered impaired when it is probable that we will be unable to collect all amounts due according to the original contractual terms of the agreement. We assess our loans for impairment on an on-going basis using certain criteria such as payment performance, borrower reported financial results and budgets, and other external factors when appropriate. We measure impairment of a loan based upon the fair value of the loan’s collateral if the loan is collateral-dependent or the present value of cash flows, discounted at the loan’s effective interest rate, if the loan is not collateral-dependent. We measure impairment of a lease based upon the present value of the scheduled lease and residual cash flows, discounted at the lease's effective interest rate. To the extent a loan or lease exceeds the estimated collectable value, a specific reserve or charge-off is recorded depending upon the certainty of the estimate of loss. Smaller balance loans (under $250,000), with a few exceptions for certain loan types, are generally not assessed individually for impairment but are evaluated collectively. The methodology we use to estimate the general reserve component of our allowance for credit losses considers both objective and subjective criteria. The objective criteria uses our actual historical loan and lease charge-off experience on pools of similar loans and leases to establish loss factors that are applied to our current loan and lease balances to estimate inherent credit losses. The estimation of the allowance for credit losses at December 31, 2015 considered actual historical loan and lease charge-off experience over a 23-quarter look-back period starting with the first quarter of 2010. This look-back period is inclusive of the average timeframe over which charge-offs typically occur following loan or lease origination. The estimation of the allowance for credit losses at December 31, 2014 considered actual historical loan and lease charge-off experience over a five-year period starting with the fourth quarter of 2009. The increase in the historical look-back period from five-years or 20 quarters at December 31, 2014 to 23 quarters at December 31, 2015 allows the look-back period to capture sufficient loss observations and is relevant to the current portfolio; in a good economic cycle with less frequent loss events, a longer look-back period is more appropriate to reflect the level of incurred losses. When estimating the general reserve component for the various pools of similar loan types, the loss factors applied to the loan pools consider the current credit risk ratings, giving greater weight to loans with more adverse credit risk ratings. We recognize that the determination of the allowance for loan and lease losses is sensitive to the assigned credit risk ratings and inherent loss rates at any given point in time. To ensure the accuracy of our credit risk ratings, an independent credit review function assesses the ratings assigned to loans on an on-going basis. The subjective criteria considered when establishing the loss factors include the following:
The reserve for unfunded commitments is estimated using the same loss factors as used for the allowance for loan and lease losses and is computed based only on the expected usage of the unfunded commitments. The credit risk ratings assigned to every loan and lease are either “pass,” “special mention,” “substandard” or “doubtful” and defined as follows:
In addition, we may refer to the loans and leases with a credit risk rating of either "substandard" or "doubtful" together as "classified" loans and leases. For further information on classified loans and leases, see Note 7. Loans and Leases. Management believes that the allowance for credit losses is appropriate for the known and inherent risks in our Non-PCI loan and lease portfolio and that the credit risk ratings and inherent loss rates currently assigned are appropriate. It is possible that others, given the same information, may at any point in time reach different conclusions that could result in a significant impact to the Company's financial statements. In addition, current credit risk ratings are subject to change as we continue to monitor our loans and leases. To the extent we experience, for example, increased levels of documentation deficiencies, adverse changes in collateral values, or negative changes in economic and business conditions that adversely affect our borrowers, our classified and impaired loans and leases may increase. Higher levels of classified and impaired loans and leases generally result in increased provisions for credit losses and an increased allowance for credit losses. Although we have established an allowance for credit losses that we consider appropriate, there can be no assurance that the established allowance will be sufficient to absorb related losses in the future. Our federal and state banking regulators, as an integral part of their examination process, periodically review the Company’s allowance for credit losses. Our regulators may require the Company to recognize additions to the allowance based on their judgments related to information available to them at the time of their examinations. Allowance for credit losses on PCI loans. The PCI loans are subject to our internal and external credit review. If deterioration in the expected cash flows results in a reserve requirement, a provision for credit losses is charged to earnings. For PCI loans, the allowance for loan losses is measured at the end of each financial reporting period based on expected cash flows. Decreases or increases in the amount and changes in the timing of expected cash flows on the PCI loans as of the financial reporting date compared to those previously estimated are usually recognized by recording a provision or a negative provision for credit losses on such loans. |
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FDIC Loss-Share Agreements | FDIC Loss Sharing Asset The FDIC loss sharing asset relates to assets covered by the loss sharing agreements between the Bank and the FDIC arising from the acquisitions of Affinity Bank ("Affinity") and Los Padres Bank ("Los Padres") and, through the FCAL acquisition, the assumption of the loss sharing agreements between First California Bank and the FDIC arising from FCB’s acquisition of Western Commercial Bank ("Western Commercial") and San Luis Trust Bank ("San Luis"). The FDIC loss sharing assets related to Western Commercial and San Luis were measured at their fair value as of May 31, 2013 in conjunction with the FCAL acquisition. The FDIC loss sharing assets related to Los Padres and Affinity were measured at their estimated fair value at their respective acquisition dates. An increase in the expected amount of losses on the covered assets will increase the FDIC loss sharing asset; such increase is recognized through a credit to FDIC loss sharing income. Recoveries on previous losses paid to us by the FDIC reduce the FDIC loss sharing asset by a charge to FDIC loss sharing income. In addition, decreases in the expected amount of losses on covered assets will decrease the amount of funds expected to be collected from the FDIC and will therefore reduce the FDIC loss sharing asset through higher prospective amortization expense. The FDIC loss sharing asset is being amortized to its estimated value over the lesser of the term of the loss sharing agreements or the remaining contractual life of the assets covered by the loss sharing agreements. Both the Western Commercial and San Luis loss sharing agreements contain true‑up provisions, under which we will owe the FDIC amounts at the end of the loss sharing agreements based on the performance of the covered assets. The true‑up liability is included in other liabilities in the accompanying consolidated balance sheets. Under the terms of the Affinity loss sharing agreement, the FDIC will (a) absorb 80% of losses and receive 80% of loss recoveries on the first $234 million of losses on covered assets and (b) absorb 95% of losses and receive 95% of loss recoveries on losses exceeding $234 million. The Affinity loss sharing provisions expired in the third quarter of 2014 for non single-family covered assets and will expire in the third quarter of 2019 for single family covered assets, while the related loss recovery provisions will expire in the third quarters of 2017 and 2019, respectively. Under the terms of the Los Padres loss sharing agreement, the FDIC will absorb 80% of losses and receive 80% of loss recoveries on the covered assets. The Los Padres loss sharing provisions expired in the third quarter 2015 for non-single family covered assets and will expire in the third quarter of 2020 for single family covered assets while the related loss recovery provisions will expire in the third quarters of 2018 and 2020, respectively. Under the terms of the Western Commercial loss sharing agreement, the FDIC will absorb 80% of losses and receive 80% of loss recoveries on the covered assets; all of which were deemed to be non‑single family. The Western Commercial loss sharing provision expired in the fourth quarter of 2015, while the related loss recovery provision will expire in the fourth quarter of 2018. Under the terms of the San Luis loss sharing agreement, the FDIC will absorb 80% of losses and receive 80% of loss recoveries on the covered assets. The San Luis loss sharing provisions will expire in the first quarters of 2016 and 2021 for non‑single family and single family covered assets, respectively, while the related loss recovery provisions will expire in the first quarters of 2019 and 2021, respectively. |
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Land, Premises and Equipment | Land, Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Land is not depreciated. Depreciation and amortization is charged to noninterest expense using the straight‑line method over the estimated useful lives of the assets. The estimated useful lives of furniture, fixtures and equipment range from 3 to 7 years and for buildings up to 35 years. Leasehold improvements are amortized over their estimated useful lives, or the life of the lease, whichever is shorter. |
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Foreclosed Assets | Foreclosed Assets Foreclosed assets include other real estate owned, or OREO, and repossessed non-real estate assets. Foreclosed assets are initially recorded at the estimated fair value of the property, based on current independent appraisals obtained at the time of acquisition, less estimated costs to sell, including senior obligations such as delinquent property taxes. The excess of the recorded loan balance over the estimated fair value of the property at the time of acquisition less estimated costs to sell is charged to the allowance for loan losses. Any subsequent write‑downs are charged to noninterest expense and recognized through a foreclosed assets valuation allowance. Subsequent increases in the fair value of the asset less selling costs reduce the foreclosed assets valuation allowance, but not below zero, and are credited to noninterest expense. Gains and losses on the sale of foreclosed assets and operating expenses of such assets are also included in noninterest expense. |
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Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in earnings in the period that includes the enactment date. Any interest or penalties assessed by the taxing authorities is classified in the financial statements as income tax expense. Deferred tax assets and liabilities, net of valuation allowances, are grouped together and reported net on the consolidated balance sheets. On a quarterly basis, the Company evaluates its deferred tax assets to assess whether they are expected to be realized in the future. This determination is based on currently available facts and circumstances, including our current and projected future tax positions, the historical level of our taxable income, and estimates of our future taxable income. In most cases, the realization of deferred tax assets is based on our future profitability. To the extent our deferred tax assets are no longer considered more likely than not to be realized, we could be required to record a valuation allowance on our deferred tax assets by charging earnings. The Company also evaluates existing valuation allowances periodically to determine if sufficient evidence exists to support an increase or reduction in the allowance. |
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Goodwill and Intangible Assets | Goodwill and Other Intangible Assets Goodwill arises from the acquisition method of accounting for business combinations and represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. Goodwill and other intangible assets deemed to have indefinite lives generated from purchase business combinations are not subject to amortization and are instead tested for impairment no less than annually. Impairment exists when the carrying value of the goodwill exceeds its implied fair value. An impairment loss would be recognized in an amount equal to that excess as a charge to noninterest expense in the consolidated statement of earnings. Intangible assets with estimable useful lives are amortized over such useful lives to their estimated residual values and reviewed for impairment at least quarterly. Core deposit intangible assets, which we refer to as CDI, and customer relationship intangible assets, which we refer to as CRI, are recognized apart from goodwill at the time of acquisition based on market valuations prepared by independent third parties. In preparing such valuations, the third parties consider variables such as deposit servicing costs, attrition rates, and market discount rates. CDI assets are amortized to expense over their useful lives, which we have estimated to range from 7 to 10 years. CRI assets are amortized to expense over their useful lives, which we have estimated to range from 4 to 5 years. The amortization expense represents the estimated decline in the value of the underlying deposits or customer relationships acquired. Both CDI and CRI are reviewed for impairment quarterly or earlier if events or changes in circumstances indicate that their carrying values may not be recoverable. If the recoverable amount of either CDI or CRI is determined to be less than its carrying value, we would then measure the amount of impairment based on an estimate of the intangible asset’s fair value at that time. If the fair value is below the carrying value, then the intangible asset is reduced to such fair value; an impairment loss for such amount would be recognized as a charge to noninterest expense in the consolidated statement of earnings. |
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Stock-based Compensation | Stock‑Based Compensation Compensation expense related to awards of time-based restricted stock is based on the fair value of the underlying stock on the award date and is recognized over the vesting period using the straight‑line method. Unvested restricted stock participates with common stock in any dividends declared and paid. Dividends paid on unvested restricted stock awards expected to vest and the related tax benefits are included as a net reduction to stockholders’ equity. Dividends paid on unvested restricted stock not expected to vest are charged to compensation expense. |
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Business Segments | (t) Business Segments We regularly assess our strategic plans, operations and reporting structures to identify our reportable segments. Changes to our reportable segments are expected to be infrequent. From the second quarter of 2012 to the third quarter of 2015, we operated as three reportable segments: Community Banking, National Lending (formerly Asset Financing) and Other. As a result of the Square 1 Financial, Inc. acquisition, along with changes in personnel, reporting structure, and operations, we re-evaluated our segment reporting for year-end 2015. As of December 31, 2015, we operated as one reportable segment. The factors considered in making this determination include the nature of products and offered services, geographic regions in which we operate, the applicable regulatory environment, and the discrete financial information reviewed by our key decision makers. Through our network of banking offices nationwide, our entire operations provide relationship-based banking products, services and solutions for small to mid-sized companies, entrepreneurial businesses and their venture capital and private equity investors, real estate investors, professionals and other individuals. Our products and services include commercial real estate, multi-family, commercial business, construction and land, consumer and government-guaranteed small business loans, business and personal deposit products, and treasury cash management services. The decision to combine our three reportable segments was made to align the segment reporting with the changes in our operations and reporting structure, consistent with the level of information reviewed by our key decision makers. |
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Derivatives, Policy [Policy Text Block] | (o) Derivative Instruments Our derivative contracts primarily manage the foreign currency risk associated with certain assets. As of December 31, 2015, all of our derivatives were held for risk management purposes and none were designated as accounting hedges. The objective is to manage the uncertainty of future foreign exchange rate fluctuations. These forward exchange contracts provide for a fixed exchange rate which has the effect of reducing or eliminating changes to anticipated cash flows to be received from loan transactions denominated in foreign currencies as the result of changes to exchange rates. Our derivatives are recorded in other assets or other liabilities, as appropriate. The changes in fair value of our derivatives and the related interest are recognized in other income. At December 31, 2015, our derivative contracts had a notional value of $87.1 million. Derivative instruments expose us to credit risk in the event of nonperformance by counterparties to such agreements. This risk exposure consists primarily of the termination value of agreements where we are in a favorable position. We manage the credit risk associated with various derivative agreements through counterparty credit review and monitoring procedures. |
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Equity Method Investments, Policy [Policy Text Block] | Investments That Do Not Have Readily Determinable Fair Values Investments in common or preferred stock that are not publicly traded and/or do not have a readily determinable fair value are accounted for pursuant to the equity method of accounting if we have the ability to significantly influence the operating and financial policies of an investee. This is generally presumed to exist when we own between 20% and 50% of a corporation, or when we own greater than 5% of a limited partnership or similarly structured entity. Our investment carrying values are included in other assets and our share of earnings and losses in equity method investees is included in other income. If we do not have significant influence over the investee, the cost method is used to account for the equity interest. For investments accounted for using the cost or equity method of accounting, management evaluates information such as budgets, business plans, and financial statements of the investee in addition to quoted market prices, if any, in determining whether an other-than-temporary decline in value exists. Factors indicative of an other-than-temporary decline in value include, but are not limited to, recurring operating losses and credit defaults. We compare the estimated fair value of each investment to its carrying value quarterly. For any of our investments in which the estimated fair value is less than its carrying value, we consider whether the impairment of that investment is other-than-temporary. If we determine that an investment has sustained an other-than-temporary decline in its value, the equity interest is written down to its estimated fair value through other income and a new carrying value for the investment is established. Realized gains or losses resulting from the sale of investments are calculated using the specific identification method and are included in other income. |
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Comprehensive Income | Comprehensive Income Comprehensive income consists of net earnings and net unrealized gains (losses) on securities available‑for‑sale, net, and is presented in the consolidated statements of comprehensive income. |
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Earnings Per Share | Earnings Per Share In accordance with ASC Topic 260, “Earnings Per Share,” all outstanding unvested share‑based payment awards that contain rights to nonforfeitable dividends are considered participating securities and are included in the two‑class method of determining basic and diluted earnings per share. All of our unvested restricted stock participates with our common stockholders in dividends. Accordingly, earnings allocated to unvested restricted stock are deducted from net earnings to determine that amount of earnings available to common stockholders. In the two‑class method, the amount of our earnings available to common stockholders is divided by the weighted average shares outstanding, excluding any unvested restricted stock, for both the basic and diluted earnings per share. |
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Business Combinations | Business Combinations Business combinations are accounted for under the acquisition method of accounting in accordance with ASC Topic 805, “Business Combinations.” Under the acquisition method, the acquiring entity in a business combination recognizes 100 percent of the acquired assets and assumed liabilities, regardless of the percentage owned, at their estimated fair values as of the date of acquisition. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. To the extent the fair value of net assets acquired, including other identifiable assets, exceeds the purchase price, a bargain purchase gain is recognized. Assets acquired and liabilities assumed from contingencies must also be recognized at fair value, if the fair value can be determined during the measurement period. Results of operations of an acquired business are included in the statement of earnings from the date of acquisition. Acquisition‑related costs, including conversion and restructuring charges, are expensed as incurred. |
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Recently issued Accounting Standards | Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09, "Revenue Recognition (Topic 606): Revenue from Contracts with Customers." ASU 2014-09 requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date," which deferred the effective date of ASU 2014-09 to annual and interim periods beginning after December 15, 2017. Early application is not permitted. In June 2014, the FASB issued ASU 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." ASU 2014-12 will be effective for annual and interim periods beginning after December 15, 2015. ASU 2014-12 applies to all reporting entities that grant their employees share-based payments in which the terms of the award provide for a performance target that affects vesting could be achieved after the requisite service period. That is the case when an employee is eligible to retire or otherwise terminate employment before the end of the period in which a performance target (for example, an initial public offering or a profitability target) could be achieved and still be eligible to vest in the award if and when the performance target is achieved. We do not currently have outstanding performance-based awards which allow for vesting after the requisite service period and, as a result, ASU 2014-12 would not impact our financial statements and its related disclosures. In January 2015, the FASB issued ASU 2015-01, "Income Statement - Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items," which eliminates the concept of extraordinary items from U.S. GAAP as part of its simplification initiative. Under ASU 2015-01, an entity will no longer separate out an extraordinary item from the results of ordinary operations and separately present this extraordinary item on its income statement, nor will related income tax and earnings-per-share data applicable to an extraordinary item need to be disclosed. Despite these simplifications, ASU 2015-01 does not affect disclosure guidance for events or transactions that are unusual in nature or infrequent in their occurrence. ASU 2015-01 is effective for annual periods beginning after December 15, 2015, and interim periods within those annual periods. The Company does not expect the effect of ASU 2015-01 to have a material impact on its financial statements and related disclosures. In February 2015, the FASB issued ASU 2015-02, "Consolidation (Topic 810): Amendments to the Consolidation Analysis," which changes the way reporting enterprises evaluate whether (a) they should consolidate limited partnerships and similar entities, (b) fees paid to a decision maker or service provider are variable interests in a variable interest entity (VIE), and (c) variable interests in a VIE held by related parties of the reporting enterprise require the reporting enterprise to consolidate the VIE. It also eliminates the VIE consolidation model based on majority exposure to variability that applied to certain investment companies and similar entities. ASU 2015-02 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted, including adoption in an interim period. The Company does not expect the effect of ASU 2015-02 to have a material impact on its financial statements and related disclosures. In April 2015, the FASB issued ASU 2015-03, "Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs" to modify the presentation of debt issuance costs. ASU 2015-03 requires that issuance costs be presented as a direct deduction of debt balances on the statement of financial position, similar to the presentation of debt discounts. ASU 2015-03 is effective for public companies for years beginning after December 15, 2015, and interim periods within those fiscal periods. Early adoption is permitted for financial statements that have not already been issued and the provisions should be applied on a retrospective basis as a change in accounting principle. ASU 2015-03 will not have an impact on the Company's financial statements and related disclosures. Subsequent to the issuance of ASU 2015-03, the SEC staff made an announcement regarding the presentation and subsequent measurement of debt issuance costs associated with line-of-credit arrangements, which were not addressed in ASU 2015-03. In August 2015, the FASB codified the SEC announcement in the issuance of ASU 2015-15, "Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements." Per ASU 2015-15, debt issuance costs related to line-of-credit arrangements are to be capitalized as an asset and amortized ratably over the term of the line-of-credit arrangement, regardless of whether there were any outstanding borrowings on the line-of-credit arrangement. The SEC staff guidance is effective upon adoption of ASU 2015-03. ASU 2015-15 will not have an impact on the Company's financial statements and related disclosures. In April 2015, the FASB issued ASU 2015-05, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement." Under ASU 2015-05, a customer should determine whether the arrangement includes a software license. If so, the customer should account for the software license component in a manner consistent with the accounting for other software licenses. If the arrangement does not include a software license, the arrangement should be accounted for as a service contract. The provisions of ASU 2015-05 must be applied by public entities to annual periods beginning after December 15, 2015 as well as interim periods within those annual periods. The Company does not expect the effect of ASU 2015-05 to have a material impact on its financial statements and related disclosures. In June 2015, the FASB issued ASU 2015-10, "Technical Corrections and Improvements" which is a set of wide-ranging, small corrections and improvements to clarify the Codification, correct unintended application of guidance, or improve the Codification. The provisions of ASU 2015-10 are effective for fiscal years beginning after December 15, 2015, as well as interim periods within those fiscal years. In September 2015, the FASB issued ASU 2015-16, "Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments," which eliminates the requirement for an acquirer to retrospectively adjust the financial statements for measurement-period adjustments that occur in periods after a business combination is consummated. ASU 2015-16 will be effective for annual and interim periods beginning after December 15, 2015. Early adoption is permitted. The Company does not expect ASU 2015-16 to have any impact on its financial statements and related disclosures. In January 2016, the FASB issued ASU 2016-01, "Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities," which will significantly change the income statement impact of equity investments and the recognition of changes in fair value of financial liabilities when the fair value option is elected. For equity investments with readily determinable fair values, entities must measure these investments at fair value and recognized changes in fair value in net income. For equity investments without readily determinable fair values, entities have the option to either measure these investments at fair value or at cost adjusted for changes in observable prices minus impairment. Changes in measurement under either alternative must be recognized in net income. ASU 2016-01 will be effective for annual and interim periods beginning after December 15, 2017. The Company is evaluating the effect that ASU 2016-01 will have on its financial statements and related disclosures. |
Acquisitions (Tables) |
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition | The following assets acquired and liabilities assumed of the acquired entities are presented at estimated fair value as of their respective acquisition dates:
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Business Acquisition, Integration, Restructuring and Other Related Costs | The following table presents acquisition, integration and reorganization costs by major category for the years indicated:
__________________
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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 Disclosure | The following table presents the changes in the carrying amount of goodwill for the years indicated:
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Intangible Assets Disclosure | The following table presents the changes in CDI and CRI and the related accumulated amortization for the years indicated:
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Investments (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation | The following table presents amortized cost, gross unrealized gains and losses, and carrying values of securities available-for-sale as of the dates indicated:
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Unrealized losses on investment securities | Unrealized Losses on Investment Securities The following tables present the gross unrealized losses and fair values of securities available-for-sale that were in unrealized loss positions, for which other-than-temporary impairments have not been recognized in earnings, as of the dates indicated:
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Investments Classified by Contractual Maturity Date | The following table presents the contractual maturities of our available-for-sale securities portfolio based on amortized cost and carrying value as of the date indicated.
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Investment Income | The following table presents the composition of our interest income on investment securities for the years indicated:
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Loans and Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Composition of Loans Portfolio | The following table summarizes the composition of our loan and lease portfolio as of the dates indicated:
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CV of Loans Held for Investment by Class by Classified and Nonclassiified | 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.
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Allowance for Loan Losses | 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 years indicated:
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Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period | The following table summarizes the changes in the carrying amount of PCI loans and accretable yield on those loans for the years indicated:
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Non Purchased Credit Impaired Loans and Leases [Domain] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delinquent loans in loan portfolio | The following tables present an aging analysis of our Non‑PCI loans and leases by portfolio segment and class as of the dates indicated:
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Financing Receivable Non Accrual And Performing | The following table presents our nonaccrual and performing Non‑PCI loans and leases by portfolio segment and class as of the dates indicated:
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Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables | 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:
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Impaired Financing Receivables, Average Balances And Interest Income Recognized | The following tables present information regarding our Non‑PCI impaired loans and leases by portfolio segment and class as of and for the years indicated:
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Troubled Debt Restructurings on Financing Receivables | The following table presents new and defaulted troubled debt restructurings of Non-PCI loans for the years indicated:
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Purchased Credit Impaired Loans and Leases [Domain] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CV of Loans Held for Investment by Class by Classified and Nonclassiified | 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.
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Schedule of Accounts, Notes, Loans and Financing Receivable | The following table reflects the PCI loans by portfolio segment as of the dates indicated:
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Foreclosed Assets Foreclosed Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate Owned Net Covered and NonCovered Including Foreclosed Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate and Foreclosed Assets | The following table summarizes foreclosed assets at the dates indicated:
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Other Foreclosed Assets Rollforward | The following table presents the changes in foreclosed assets, net of the valuation allowance, for the years indicated:
_________________________
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Foreclosed Assets Valuation Allowance Rollforward | The following table presents the changes in the foreclosed assets valuation allowance for the years indicated:
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Premises and Equipment, Net Premises and Equipment, Net (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and Equipment, Net [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment | The following table presents the components of premises and equipment as of the dates indicated:
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Schedule of Future Minimum Rental Payments for Operating Leases | We have obligations under a number of noncancelable operating leases for premises and equipment. The following table presents future minimum rental payments under noncancelable operating leases as of December 31, 2015:
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Deposits Deposits (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Interest Bearing Deposits | The following table presents the components of interest‑bearing deposits as of the dates indicated:
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Schedule of Maturities Of Time Deposits | The following table summarizes the maturities of time deposits as of the date indicated:
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Borrowings and Subordinated Debentures (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt | The following table summarizes our borrowings as of the dates indicated:
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Borrowings Subordinated Debentures And Brokered Deposits Disclosure | The following table summarizes the terms of each issuance of subordinated debentures outstanding as of the dates indicated:
|
Commitments and Contingencies Disclosure (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments Disclosure | The following table presents a summary of the financial instruments described above as of the dates indicated:
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and Liabilities Carried at Fair Value on Recurring Basis | The following tables present information on the assets measured and recorded at fair value on a recurring basis as of the dates indicated:
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Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques | The following table presents information about quantitative inputs and assumptions used to determine the fair values provided by our third party pricing service or broker quotes for our Level 3 private label CMOs (both covered and non-rated private placement) measured at fair value on a recurring basis as of December 31, 2015:
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Fair Value, Assets Measured on Recurring Basis, Significant Unobservable Inputs (Level 3) Reconciliation | The following table summarizes activity for our Level 3 private label CMOs measured at fair value on a recurring basis for the years indicated:
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Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | The following table summarizes activity for our Level 3 equity warrants measured at fair value on a recurring basis for the period from acquisition date to December 31, 2015:
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Assets carried at fair value on a nonrecurring basis | The following tables present assets measured at fair value on a non‑recurring basis as of the dates indicated:
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Net Losses (Gains) on Nonrecurring Assets [Table Text Block] | The following table presents losses recognized on assets measured on a nonrecurring basis for the years indicated:
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Fair Value Inputs, Assets, Quantitative Information | The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis as of December 31, 2015:
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Fair Value, by Balance Sheet Grouping | The following tables present a summary of the carrying values and estimated fair values of certain financial instruments as of the dates indicated:
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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 expense for the years indicated:
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Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation of the recorded income tax expense to the amount of taxes computed by applying the applicable federal statutory income tax rate of 35% to earnings or loss before income taxes for the years indicated:
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Schedule of Deferred Tax Assets and Liabilities | The following table presents the tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of the dates indicated:
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Schedule of Unrecognized Tax Benefits Roll Forward |
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Earnings Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Share | The following table presents the computation of basic and diluted net earnings per share for the years indicated:
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Stock Based Compensation Plan Stock-based Compensation Plan (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table presents a summary of restricted stock transactions for the years indicated:
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Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Restricted Stock Units, Vested and Expected to Vest [Table Text Block] | The following table summarizes information about outstanding time-based restricted stock awards as of the date indicated:
_________________________
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Dividend Availability and Regulatory Matters Dividend Availability and Regulatory Matters (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend Availability and Regulatory Matters [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The following table presents actual capital amounts and ratios for the Company and the Bank as of the dates indicated:
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Condensed Financial Information Of Parent Company Parent Company Information (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Condensed Financial Information Of Parent Company [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Balance Sheet |
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Condensed Income Statement |
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Condensed Cash Flow Statement |
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Selected Quarterly Financial Data Selected Quarterly Financial Data (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | The following tables set forth our unaudited quarterly results for the periods indicated:
|
Organization (Details) |
3 Months Ended | 12 Months Ended | 42 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|---|
Oct. 06, 2015 |
Apr. 07, 2014 |
May. 31, 2013 |
Dec. 31, 2015
USD ($)
reportable_segment
|
Dec. 31, 2015
USD ($)
acquisition
bank_branch
|
Sep. 30, 2015
reportable_segment
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
Dec. 31, 2012
USD ($)
|
|
Business Acquisition [Line Items] | |||||||||
Number of Reportable Segments | reportable_segment | 1 | 3 | |||||||
Allowance For Credit Losses, Look-back Period for Estimation | 23 | 23 | 5 | ||||||
Accounting Policies [Abstract] | |||||||||
Total assets | $ 21,288,490,000 | $ 21,288,490,000 | $ 16,234,605,000 | ||||||
Loans and Leases Receivable, Gross | 14,528,165,000 | 14,528,165,000 | 11,904,684,000 | ||||||
Total deposits | 15,666,182,000 | 15,666,182,000 | 11,755,128,000 | ||||||
Total stockholders' equity | 4,397,691,000 | $ 4,397,691,000 | $ 3,506,230,000 | $ 808,898,000 | $ 589,121,000 | ||||
Number of Businesses Acquired | acquisition | 28 | ||||||||
Start of Acquisition Activities | May 01, 2000 | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 195,000 | $ 195,000 | $ (195,000) | ||||||
Building [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Property, Plant and Equipment, Useful Life | 35 years | ||||||||
Minimum [Member] | Minimum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||
Maximum [Member] | Minimum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Property, Plant and Equipment, Useful Life | 7 years | ||||||||
Core Deposits [Member] | Minimum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 7 years | ||||||||
Core Deposits [Member] | Maximum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | ||||||||
Customer Relationships [Member] | Minimum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 4 years | ||||||||
Customer Relationships [Member] | Maximum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | ||||||||
Square 1 Financial, Inc. [Member] | |||||||||
Accounting Policies [Abstract] | |||||||||
Business Acquisition, Effective Date of Acquisition | Oct. 06, 2015 | ||||||||
Capitalsource, Inc. [Member] | |||||||||
Accounting Policies [Abstract] | |||||||||
Business Acquisition, Effective Date of Acquisition | Apr. 07, 2014 | ||||||||
First California Financial Group, Inc. [Member] | |||||||||
Accounting Policies [Abstract] | |||||||||
Business Acquisition, Effective Date of Acquisition | May 31, 2013 | ||||||||
Equity Securities [Member] | Equity Method Investments [Member] | Minimum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | |||||||
Equity Securities [Member] | Equity Method Investments [Member] | Maximum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||||||
Limited Partner [Member] | Equity Method Investments [Member] | Minimum [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Equity Method Investment, Ownership Percentage | 5.00% | 5.00% | |||||||
Impaired Loans under $250,000 [Domain] | |||||||||
Business Acquisition [Line Items] | |||||||||
Financing Receivable, Collectively Evaluated for Impairment | $ 250,000 | $ 250,000 | |||||||
Number of Quarters [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Allowance For Credit Losses, Look-back Period for Estimation | 20 | ||||||||
CALIFORNIA | |||||||||
Business Acquisition [Line Items] | |||||||||
Retail Branch Locations | bank_branch | 80 | ||||||||
SOUTH CAROLINA | |||||||||
Business Acquisition [Line Items] | |||||||||
Retail Branch Locations | bank_branch | 1 |
Organization FDIC Loss Share Agreements (Details) $ in Millions |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
FDIC Indemnification rate on covered assets | 80.00% |
Recovery rate of assuming bank on covered assets | 80.00% |
Affinity Bank [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
Threshold of covered assets per FDIC loss-share agreement | $ 234 |
Affinity Bank [Member] | Above threshold [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
FDIC Indemnification rate on covered assets | 95.00% |
Recovery rate of assuming bank on covered assets | 95.00% |
Affinity Bank [Member] | Commercial Real Estate [Member] | FDIC indemnification provision under loss share arrangement [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
Expiration date of provision | Sep. 30, 2014 |
Affinity Bank [Member] | Commercial Real Estate [Member] | Recovery provision for assuming bank under FDIC loss-share agreement [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
Expiration date of provision | Sep. 30, 2017 |
Affinity Bank [Member] | Residential Mortgage [Member] | FDIC indemnification provision under loss share arrangement [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
Expiration date of provision | Sep. 30, 2019 |
Affinity Bank [Member] | Residential Mortgage [Member] | Recovery provision for assuming bank under FDIC loss-share agreement [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
Expiration date of provision | Sep. 30, 2019 |
Los Padres Bank [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
FDIC Indemnification rate on covered assets | 80.00% |
Recovery rate of assuming bank on covered assets | 80.00% |
Los Padres Bank [Member] | Commercial Real Estate [Member] | FDIC indemnification provision under loss share arrangement [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
Expiration date of provision | Sep. 30, 2015 |
Los Padres Bank [Member] | Commercial Real Estate [Member] | Recovery provision for assuming bank under FDIC loss-share agreement [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
Expiration date of provision | Sep. 30, 2018 |
Los Padres Bank [Member] | Residential Mortgage [Member] | FDIC indemnification provision under loss share arrangement [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
Expiration date of provision | Sep. 30, 2020 |
Los Padres Bank [Member] | Residential Mortgage [Member] | Recovery provision for assuming bank under FDIC loss-share agreement [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
Expiration date of provision | Sep. 30, 2020 |
Western Commercial Bank [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
FDIC Indemnification rate on covered assets | 80.00% |
Recovery rate of assuming bank on covered assets | 80.00% |
Western Commercial Bank [Member] | Commercial Real Estate [Member] | FDIC indemnification provision under loss share arrangement [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
Expiration date of provision | Dec. 31, 2015 |
Western Commercial Bank [Member] | Commercial Real Estate [Member] | Recovery provision for assuming bank under FDIC loss-share agreement [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
Expiration date of provision | Dec. 31, 2018 |
San Luis Trust Bank [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
FDIC Indemnification rate on covered assets | 80.00% |
Recovery rate of assuming bank on covered assets | 80.00% |
San Luis Trust Bank [Member] | Commercial Real Estate [Member] | FDIC indemnification provision under loss share arrangement [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
Expiration date of provision | Mar. 31, 2016 |
San Luis Trust Bank [Member] | Commercial Real Estate [Member] | Recovery provision for assuming bank under FDIC loss-share agreement [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
Expiration date of provision | Mar. 31, 2019 |
San Luis Trust Bank [Member] | Residential Mortgage [Member] | FDIC indemnification provision under loss share arrangement [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
Expiration date of provision | Mar. 31, 2021 |
San Luis Trust Bank [Member] | Residential Mortgage [Member] | Recovery provision for assuming bank under FDIC loss-share agreement [Member] | |
Schedule of FDIC Loss Sharing Asset [Line Items] | |
Expiration date of provision | Mar. 31, 2021 |
Organization Derivatives Details (Details) $ in Millions |
Dec. 31, 2015
USD ($)
|
---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Hedges, Net | $ 0.0 |
Derivative, Notional Amount | $ 87.1 |
Discontinued Operations (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Liabilities | $ 16,890,799 | $ 12,728,375 |
Electronic Payment Systems [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Liabilities | $ 15,900 | $ 21,300 |
Restricted Cash (Details) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Restricted Cash Balances [Abstract] | ||
Restricted Cash and Cash Equivalents | $ 27.7 | $ 10.0 |
Acquisition (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Oct. 06, 2015 |
Apr. 07, 2014 |
May. 31, 2013 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Business Acquisition [Line Items] | |||||||
Equipment leased to others under operating leases | $ 197,452 | $ 122,506 | |||||
Goodwill | 2,176,291 | 1,720,479 | $ 208,743 | $ 79,866 | |||
Square 1 Financial, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 797,433 | ||||||
Cash and due from banks | $ 24,867 | ||||||
Interest‑earning deposits in financial institutions | 236,069 | ||||||
Investment securities available‑for‑sale | 2,193,538 | ||||||
FHLB stock | 2,787 | ||||||
Loans and leases | 1,553,720 | ||||||
Equipment leased to others under operating leases | 0 | ||||||
Premises and equipment | 1,927 | ||||||
Foreclosed assets | 0 | ||||||
FDIC loss sharing asset | 0 | ||||||
Income tax assets | 0 | ||||||
Goodwill | 447,911 | ||||||
Core deposit and customer relationship intangibles | 45,426 | ||||||
Other assets | 106,757 | ||||||
Total assets acquired | 4,613,002 | ||||||
Noninterest‑bearing deposits | 2,549,000 | ||||||
Interest‑bearing deposits | 1,240,635 | ||||||
Other borrowings | 0 | ||||||
Subordinated debentures | 0 | ||||||
Discontinued operations | 0 | ||||||
Accrued interest payable and other liabilities | 25,934 | ||||||
Total liabilities assumed | 3,815,569 | ||||||
Total consideration paid | 797,433 | ||||||
Cash paid | 0 | ||||||
Cancellation of FCAL common stock owned by PacWest (at acquisition date fair value) | $ 0 | ||||||
Capitalsource, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 2,594,070 | ||||||
Cash and due from banks | $ 768,553 | ||||||
Interest‑earning deposits in financial institutions | 60,612 | ||||||
Investment securities available‑for‑sale | 382,797 | ||||||
FHLB stock | 46,060 | ||||||
Loans and leases | 6,877,427 | ||||||
Equipment leased to others under operating leases | 160,015 | ||||||
Premises and equipment | 12,663 | ||||||
Foreclosed assets | 6,382 | ||||||
FDIC loss sharing asset | 0 | ||||||
Income tax assets | 304,856 | ||||||
Goodwill | 1,526,282 | ||||||
Core deposit and customer relationship intangibles | 6,720 | ||||||
Other assets | 582,985 | ||||||
Total assets acquired | 10,735,352 | ||||||
Noninterest‑bearing deposits | 4,631 | ||||||
Interest‑bearing deposits | 6,236,419 | ||||||
Other borrowings | 992,109 | ||||||
Subordinated debentures | 300,918 | ||||||
Discontinued operations | 0 | ||||||
Accrued interest payable and other liabilities | 124,087 | ||||||
Total liabilities assumed | 7,658,164 | ||||||
Total consideration paid | 3,077,188 | ||||||
Cash paid | 483,118 | ||||||
Cancellation of FCAL common stock owned by PacWest (at acquisition date fair value) | $ 0 | ||||||
First California Financial Group, Inc. [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 242,268 | ||||||
Cash and due from banks | $ 6,124 | ||||||
Interest‑earning deposits in financial institutions | 266,889 | ||||||
Investment securities available‑for‑sale | 4,444 | ||||||
FHLB stock | 9,518 | ||||||
Loans and leases | 1,049,613 | ||||||
Equipment leased to others under operating leases | 0 | ||||||
Premises and equipment | 15,322 | ||||||
Foreclosed assets | 13,772 | ||||||
FDIC loss sharing asset | 17,241 | ||||||
Income tax assets | 33,360 | ||||||
Goodwill | 129,070 | ||||||
Core deposit and customer relationship intangibles | 7,927 | ||||||
Other assets | 27,576 | ||||||
Total assets acquired | 1,580,856 | ||||||
Noninterest‑bearing deposits | 361,166 | ||||||
Interest‑bearing deposits | 739,713 | ||||||
Other borrowings | 0 | ||||||
Subordinated debentures | 24,061 | ||||||
Discontinued operations | 184,619 | ||||||
Accrued interest payable and other liabilities | 19,729 | ||||||
Total liabilities assumed | 1,329,288 | ||||||
Total consideration paid | 251,568 | ||||||
Cash paid | 0 | ||||||
Cancellation of FCAL common stock owned by PacWest (at acquisition date fair value) | $ 9,300 |
Acquisitions Acquisitions (Details 1) - 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 |
|||
Business Combinations [Abstract] | |||||||||||||
Business Combination, Severance and Employee-related | [1] | $ 10,550 | $ 57,868 | $ 21,497 | |||||||||
Business Combination, System Conversion and Integration | 4,246 | 1,868 | 3,829 | ||||||||||
Business Combinations, Asset Writedowns Lease Terminations and other facilities-related | 125 | 6,353 | 3,212 | ||||||||||
Business Combinations, Segment or Division reorganization | 0 | 10,073 | 0 | ||||||||||
Business Combinations, Banking Fees | 1,050 | 16,117 | 5,309 | ||||||||||
Business Combinations, Other Expenses | 5,276 | 8,737 | 6,965 | ||||||||||
Acquisition, integration and reorganization costs | $ 107,849 | $ 84,871 | $ 86,716 | $ 82,024 | $ 81,986 | $ 84,903 | $ 82,461 | $ 49,825 | $ 21,247 | 101,016 | 40,812 | ||
Expense incurred due to awarded shares of restricted common stock vested due to the triggering of the change of control provision contained within the 2003 Plan | $ 26,100 | $ 12,400 | |||||||||||
|
Acquisitions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Oct. 06, 2015 |
Apr. 07, 2014 |
May. 31, 2013 |
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, 2012 |
|
Business Acquisition [Line Items] | |||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Including Subsequent Acquisition, Percentage | 15.00% | ||||||||||||||
Goodwill | $ 2,176,291 | $ 1,720,479 | $ 2,176,291 | $ 1,720,479 | $ 208,743 | $ 79,866 | |||||||||
Acquisition, integration and reorganization costs | $ 107,849 | $ 84,871 | $ 86,716 | $ 82,024 | $ 81,986 | $ 84,903 | $ 82,461 | $ 49,825 | $ 21,247 | 101,016 | 40,812 | ||||
Expense incurred due to awarded shares of restricted common stock vested due to the triggering of the change of control provision contained within the 2003 Plan | $ 26,100 | $ 12,400 | |||||||||||||
Square 1 Financial, Inc. [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Effective Date of Acquisition | Oct. 06, 2015 | ||||||||||||||
Business Acquisition Shares Receivable By Stockholders Of Acquiree Ratio | 0.5597 | ||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | $ 17,800 | ||||||||||||||
Common Stock, Value, Outstanding | $ 815,000 | ||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 43.97 | ||||||||||||||
Goodwill | $ 447,911 | ||||||||||||||
Capitalsource, Inc. [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Effective Date of Acquisition | Apr. 07, 2014 | ||||||||||||||
Goodwill | $ 1,526,282 | ||||||||||||||
First California Financial Group, Inc. [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Effective Date of Acquisition | May 31, 2013 | ||||||||||||||
Goodwill | $ 129,070 | ||||||||||||||
Shares Of Common Stock [Member] | Square 1 Financial, Inc. [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Stock Issued During Period, Shares, New Issues | 18,100,000 | ||||||||||||||
CapitalSource Inc. [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Business Acquisition, Effective Date of Acquisition | Apr. 07, 2014 |
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Goodwill [Roll Forward] | ||||
Goodwill | $ 1,720,479 | $ 1,720,479 | $ 208,743 | $ 79,866 |
Goodwill, Impairment Loss | (6,645) | |||
Goodwill | 2,176,291 | 1,720,479 | 208,743 | |
American Perspective Bank [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Other Changes | (193) | |||
First California Financial Group, Inc. [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | $ 129,070 | |||
Square 1 Financial, Inc. [Member] | ||||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | 447,911 | |||
CapitalSource Inc. [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill, Subsequent Recognition of Deferred Tax Asset | $ 7,900 | $ 7,901 | ||
Goodwill [Roll Forward] | ||||
Goodwill, Acquired During Period | $ 1,518,381 |
Goodwill and Other Intangible Assets (Details 1) - 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 |
|
Finite-lived Intangible Assets [Roll Forward] | |||||||||||
Balance, beginning of year | $ 53,090 | $ 48,963 | $ 53,090 | $ 48,963 | $ 45,412 | ||||||
Balance, beginning of year | (35,886) | (31,715) | (35,886) | (31,715) | (30,689) | ||||||
Additions due to acquisitions | 45,426 | 6,720 | 7,927 | ||||||||
Additions | $ (17,600) | $ (747) | $ (900) | $ (2,000) | $ (7,381) | $ (5,193) | $ (86,242) | $ (2,200) | (9,410) | (6,268) | (5,402) |
Fully amortized portion | (2,992) | (1,293) | (4,376) | ||||||||
Write-off due to the asset financing segment reorganization | 0 | (804) | 0 | ||||||||
Balance, end of year | 95,524 | 53,090 | 95,524 | 53,090 | 48,963 | ||||||
Net CDI and CRI, end of year | 53,220 | 17,204 | 53,220 | 17,204 | 17,248 | ||||||
Net CDI and CRI, end of year | $ (42,304) | $ (35,886) | (42,304) | (35,886) | (31,715) | ||||||
CDI and CRI [Member] | |||||||||||
Finite-lived Intangible Assets [Roll Forward] | |||||||||||
Fully amortized portion | (2,992) | (1,293) | (4,376) | ||||||||
Write-off due to the asset financing segment reorganization | $ 0 | $ (1,300) | $ 0 |
Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Mar. 31, 2015 |
Jun. 30, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Goodwill, Written off Related to Sale of Business Unit | $ 0 | $ (6,645) | $ 0 | ||
Goodwill, Impairment Loss | (6,645) | ||||
Impairment of Intangible Assets, Finite-lived | $ 0 | 804 | 0 | ||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 6 years 2 months 10 days | ||||
Aggregate Amortization Expense 2016 | $ 16,900 | ||||
Aggregate Amortization Expense 2017 | 11,500 | ||||
Aggregate Amortization Expense 2018 | 8,800 | ||||
Aggregate Amortization Expense 2019 | 6,700 | ||||
Aggregate Amortization Expense 2020 | 4,700 | ||||
CapitalSource Inc. [Member] | |||||
Goodwill, Subsequent Recognition of Deferred Tax Asset | $ 7,900 | 7,901 | |||
CDI and CRI [Member] | |||||
Impairment of Intangible Assets, Finite-lived | $ 0 | $ 1,300 | $ 0 | ||
CDI and CRI [Member] | CapitalSource Inc. [Member] | |||||
Goodwill, Written off Related to Sale of Business Unit | $ 6,600 | ||||
Impairment of Intangible Assets, Finite-lived | $ 500 |
Investments (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 3,512,385 | $ 1,522,871 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 62,157 | 47,908 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (15,105) | (3,602) |
Securities available‑for‑sale | 3,559,437 | 1,567,177 |
Government agency and government-sponsored enterprise pass through securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 759,881 | 515,902 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 12,075 | 20,142 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (4,159) | (372) |
Securities available‑for‑sale | 767,797 | 535,672 |
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 486,065 | 275,513 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 3,584 | 3,513 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (3,410) | (1,080) |
Securities available‑for‑sale | 486,239 | 277,946 |
Covered Private Label Collateralized Mortgage Obligation [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 24,113 | 26,889 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 5,794 | 7,153 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (125) | (95) |
Securities available‑for‑sale | 29,782 | 33,947 |
Other Private Label Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 115,952 | 10,961 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 43 | 46 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (981) | (93) |
Securities available‑for‑sale | 115,014 | 10,914 |
Municipal securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,508,968 | 521,499 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 39,435 | 15,899 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (1,072) | (1,282) |
Securities available‑for‑sale | 1,547,331 | 536,116 |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 70,196 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 0 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (816) | 0 |
Securities available‑for‑sale | 69,380 | 0 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 49,047 | 110,074 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 327 | 597 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (950) | (562) |
Securities available‑for‑sale | 48,424 | 110,109 |
Collateralized Loan Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 133,192 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 128 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (1,131) | 0 |
Securities available‑for‑sale | 132,189 | 0 |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 211,946 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 41 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (830) | 0 |
Securities available‑for‑sale | 211,157 | 0 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 36,302 | 36,232 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 611 | 525 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Securities available‑for‑sale | 36,913 | 36,757 |
Other securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 116,723 | 25,801 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 119 | 33 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (1,631) | (118) |
Securities available‑for‑sale | $ 115,211 | $ 25,716 |
Investments (Details 1) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ (1,377,664) | $ (106,602) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (41,832) | (173,724) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1,473) | (2,720) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (13,632) | (882) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (15,105) | (3,602) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (1,419,496) | (280,326) |
Government agency and government-sponsored enterprise pass through securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (391,642) | (10,711) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (9,342) | (27,100) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (266) | (359) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3,893) | (13) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (4,159) | (372) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (400,984) | (37,811) |
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (314,284) | (23,908) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (14,230) | (40,652) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (641) | (1,007) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,769) | (73) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (3,410) | (1,080) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (328,514) | (64,560) |
Covered Private Label Collateralized Mortgage Obligation [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (1,354) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (568) | (1,000) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (68) | (95) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (57) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (125) | (95) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (1,922) | (1,000) |
Other Private Label Collateralized Mortgage Obligations [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (92,179) | (1,618) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (1,070) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (38) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (943) | (93) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (981) | (93) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (93,249) | (1,618) |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (126,892) | (11,854) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (531) | (84,822) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (11) | (1,216) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,061) | (66) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,072) | (1,282) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (127,423) | (96,676) |
US Treasury Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (69,380) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (816) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (816) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (69,380) | |
Corporate Debt Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (29,379) | (52,071) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | (10,131) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (15) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (950) | (547) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (950) | (562) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (29,379) | (62,202) |
Collateralized Loan Obligations [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (100,993) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,131) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,131) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (100,993) | |
Asset-backed Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (179,942) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (830) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (830) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (179,942) | |
Other securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (71,619) | (6,440) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (16,091) | (10,019) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (449) | (28) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,182) | (90) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,631) | (118) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ (87,710) | $ (16,459) |
Investments (Details 2) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Investment Securities, Available-for-Sale, Amortized Cost | ||
Due in one year or less | $ 12,844 | |
Due after one year through five years | 303,622 | |
Due after five years through ten years | 658,572 | |
Due after ten years | 2,537,347 | |
Total | 3,512,385 | $ 1,522,871 |
Investment Securities, Available-for-Sale, Estimated Fair Value | ||
Due in one year or less | 12,677 | |
Due after one year through five years | 304,163 | |
Due after five years through ten years | 664,076 | |
Due after ten years | 2,578,521 | |
Available-for-sale, at fair value | $ 3,559,437 | $ 1,567,177 |
Investments (Details 3) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Investments, Debt and Equity Securities [Abstract] | |||
Interest Income, Securities, Operating, Taxable | $ 35,103 | $ 30,135 | $ 23,542 |
Interest Income, Securities, Operating, Tax Exempt | 25,219 | 13,597 | 11,777 |
Investment Income, Dividend | 4,046 | 3,613 | 1,604 |
Investment Income, Interest and Dividend | $ 64,368 | $ 47,345 | $ 36,923 |
Investments (Details Textual) - USD ($) |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Oct. 06, 2015 |
Apr. 07, 2014 |
May. 31, 2013 |
|
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available For Sale Securities Pledged As Collateral Amortized Cost | $ 421,600,000 | |||||
Proceeds from sales | 1,035,926,000 | $ 465,608,000 | $ 22,415,000 | |||
Payments to Acquire Investments | 992,700,000 | 236,700,000 | 550,200,000 | |||
Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, before Reclassification Adjustments, Net of Tax | 3,621,000 | 32,601,000 | $ (30,946,000) | |||
Federal Home Loan Bank stock, at cost | 19,710,000 | 40,609,000 | ||||
Redemptions of FHLB stock | (31,300,000) | |||||
Purchases of FHLB Stock | 7,600,000 | |||||
Government agency and government-sponsored enterprise pass through securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Proceeds from sales | 30,800,000 | |||||
Texas Municipal Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Securities, Gross Realized Gains | 744,000 | |||||
Corporate Debt Securities [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Proceeds from sales | 67,500,000 | |||||
Available-for-sale Securities, Gross Realized Losses | 232,000 | |||||
Government agency and government-sponsored enterprise pass through securities | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Proceeds from sales | 110,100,000 | 460,800,000 | ||||
Available-for-sale Securities, Gross Realized Gains | 3,200,000 | 4,800,000 | ||||
Square 1 Financial, Inc. [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Proceeds from sales | 823,800,000 | |||||
Available-for-sale Securities, Gross Realized Gains | 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | $ 2,193,538,000 | |||||
Federal Home Loan Bank stock, at cost | $ 2,800,000 | |||||
Capitalsource, Inc. [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Proceeds from sales | 322,700,000 | |||||
Available-for-sale Securities, Gross Realized Gains | $ 0 | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | $ 382,797,000 | |||||
First California Financial Group, Inc. [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | $ 4,444,000 | |||||
Federal Home Loan Bank of San Francisco [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Increase (Decrease) in Marketable Securities, Restricted | $ (20,900,000) |
Loans and Leases (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | $ 14,528,165 | $ 11,904,684 | |
Loans and Leases Receivable, Deferred Income | (49,911) | (22,252) | |
Loans and Leases Receivable, Allowance | (115,111) | (84,455) | |
Loans and leases, net | 14,363,143 | 11,797,977 | |
Non Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 14,339,070 | 11,613,832 | |
Loans and Leases Receivable, Deferred Income | (49,861) | (22,191) | |
Loans held for investment, net | 14,289,209 | 11,591,641 | |
Loans and Leases Receivable, Allowance | (105,534) | (70,456) | $ (60,241) |
Loans and leases, net | 14,183,675 | 11,521,185 | |
Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 189,095 | 290,852 | |
Loans and Leases Receivable, Deferred Income | (50) | (61) | |
Loans held for investment, net | 189,045 | 290,791 | |
Loans and Leases Receivable, Allowance | (9,577) | (13,999) | |
Loans and leases, net | 179,468 | 276,792 | |
NonPCI and PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 14,528,165 | 11,904,684 | |
Loans and Leases Receivable, Deferred Income | (49,911) | (22,252) | |
Loans held for investment, net | 14,478,254 | 11,882,432 | |
Loans and Leases Receivable, Allowance | (115,111) | (84,455) | |
Loans and leases, net | 14,363,143 | 11,797,977 | |
Mortgages [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 5,706,903 | 5,347,197 | |
Loans held for investment, net | 5,688,063 | 5,336,930 | |
Loans and Leases Receivable, Allowance | (36,654) | (25,097) | (26,078) |
Mortgages [Member] | Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 168,725 | 256,489 | |
Mortgages [Member] | NonPCI and PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 5,875,628 | 5,603,686 | |
Real Estate Construction [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 534,307 | 312,792 | |
Loans held for investment, net | 527,720 | 310,765 | |
Loans and Leases Receivable, Allowance | (7,137) | (4,248) | (4,298) |
Real Estate Construction [Member] | Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 2,656 | 6,924 | |
Real Estate Construction [Member] | NonPCI and PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 536,963 | 319,716 | |
Commercial Portfolio Segment [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 7,977,067 | 5,852,420 | |
Loans held for investment, net | 7,952,577 | 5,842,463 | |
Loans and Leases Receivable, Allowance | (61,082) | (39,858) | (26,921) |
Commercial Portfolio Segment [Member] | Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 17,415 | 27,155 | |
Commercial Portfolio Segment [Member] | NonPCI and PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 7,994,482 | 5,879,575 | |
Consumer Portfolio Segment [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 120,793 | 101,423 | |
Loans held for investment, net | 120,849 | 101,483 | |
Loans and Leases Receivable, Allowance | (661) | (1,253) | $ (2,944) |
Consumer Portfolio Segment [Member] | Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | 299 | 284 | |
Consumer Portfolio Segment [Member] | NonPCI and PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Gross | $ 121,092 | $ 101,707 |
Loans and Leases (Details 1) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | $ 3,600 | $ 8,700 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 16,800 | |
Non Purchased Credit Impaired Loans and Leases [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 10,622 | 19,406 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 17,508 | 18,818 |
Financing Receivable, Recorded Investment, Past Due | 28,130 | 38,224 |
Current | 14,261,079 | 11,553,417 |
Loans held for investment, net | 14,289,209 | 11,591,641 |
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 7,338 | 11,628 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 13,980 | 11,987 |
Financing Receivable, Recorded Investment, Past Due | 21,318 | 23,615 |
Current | 5,666,745 | 5,313,315 |
Loans held for investment, net | 5,688,063 | 5,336,930 |
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Commercial Real Estate [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 3,947 | 9,014 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 13,075 | 10,856 |
Financing Receivable, Recorded Investment, Past Due | 17,022 | 19,870 |
Current | 4,534,936 | 4,410,016 |
Loans held for investment, net | 4,551,958 | 4,429,886 |
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Residential Real Estate [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 3,391 | 2,614 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 905 | 1,131 |
Financing Receivable, Recorded Investment, Past Due | 4,296 | 3,745 |
Current | 1,131,809 | 903,299 |
Loans held for investment, net | 1,136,105 | 907,044 |
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 0 | 0 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 715 |
Financing Receivable, Recorded Investment, Past Due | 0 | 715 |
Current | 527,720 | 310,050 |
Loans held for investment, net | 527,720 | 310,765 |
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 0 | 0 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 715 |
Financing Receivable, Recorded Investment, Past Due | 0 | 715 |
Current | 343,360 | 213,322 |
Loans held for investment, net | 343,360 | 214,037 |
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 0 | 0 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 0 |
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Current | 184,360 | 96,728 |
Loans held for investment, net | 184,360 | 96,728 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 2,658 | 7,677 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 2,221 | 2,970 |
Financing Receivable, Recorded Investment, Past Due | 4,879 | 10,647 |
Current | 7,947,698 | 5,831,816 |
Loans held for investment, net | 7,952,577 | 5,842,463 |
Non Purchased Credit Impaired Loans and Leases [Member] | Consumer Portfolio Segment [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 626 | 101 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 1,307 | 3,146 |
Financing Receivable, Recorded Investment, Past Due | 1,933 | 3,247 |
Current | 118,916 | 98,236 |
Loans held for investment, net | 120,849 | 101,483 |
Non Purchased Credit Impaired Loans and Leases [Member] | Cash Flow [Member] | Commercial Portfolio Segment [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 2,048 | 274 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 1,427 | 1,639 |
Financing Receivable, Recorded Investment, Past Due | 3,475 | 1,913 |
Current | 3,058,793 | 2,637,023 |
Loans held for investment, net | 3,062,268 | 2,638,936 |
Non Purchased Credit Impaired Loans and Leases [Member] | Asset Based [Member] | Commercial Portfolio Segment [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 1 | 878 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 965 |
Financing Receivable, Recorded Investment, Past Due | 1 | 1,843 |
Current | 2,547,532 | 2,232,195 |
Loans held for investment, net | 2,547,533 | 2,234,038 |
Non Purchased Credit Impaired Loans and Leases [Member] | Equipment Finance Commercial Financing Receivable [Member] | Commercial Portfolio Segment [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 359 | 6,525 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 94 | 366 |
Financing Receivable, Recorded Investment, Past Due | 453 | 6,891 |
Current | 889,896 | 962,598 |
Loans held for investment, net | 890,349 | 969,489 |
Non Purchased Credit Impaired Loans and Leases [Member] | Venture Capital Loans [Member] | Commercial Portfolio Segment [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 250 | 0 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 700 | 0 |
Financing Receivable, Recorded Investment, Past Due | 950 | 0 |
Current | 1,451,477 | 0 |
Loans held for investment, net | $ 1,452,427 | $ 0 |
Loans and Leases (Details 2) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 129,019 | $ 83,621 |
Non Purchased Credit Impaired Loans and Leases [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 129,019 | 83,621 |
Loans held for investment, net | 14,289,209 | 11,591,641 |
Non Purchased Credit Impaired Loans and Leases [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 14,160,190 | 11,508,020 |
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 57,277 | 37,612 |
Loans held for investment, net | 5,688,063 | 5,336,930 |
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 5,630,786 | 5,299,318 |
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 52,363 | 32,223 |
Loans held for investment, net | 4,551,958 | 4,429,886 |
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Commercial Real Estate [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 4,499,595 | 4,397,663 |
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,914 | 5,389 |
Loans held for investment, net | 1,136,105 | 907,044 |
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | Residential Real Estate [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 1,131,191 | 901,655 |
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 372 | 1,559 |
Loans held for investment, net | 527,720 | 310,765 |
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 527,348 | 309,206 |
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 1,178 |
Loans held for investment, net | 343,360 | 214,037 |
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 343,360 | 212,859 |
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 372 | 381 |
Loans held for investment, net | 184,360 | 96,728 |
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 183,988 | 96,347 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 69,839 | 40,965 |
Loans held for investment, net | 7,952,577 | 5,842,463 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 7,882,738 | 5,801,498 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Cash Flow [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 15,800 | 19,810 |
Loans held for investment, net | 3,062,268 | 2,638,936 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Cash Flow [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 3,046,468 | 2,619,126 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Asset Based [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 2,505 | 10,024 |
Loans held for investment, net | 2,547,533 | 2,234,038 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Asset Based [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 2,545,028 | 2,224,014 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Equipment Finance Commercial Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 51,410 | 11,131 |
Loans held for investment, net | 890,349 | 969,489 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Equipment Finance Commercial Financing Receivable [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 838,939 | 958,358 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 124 | 0 |
Loans held for investment, net | 1,452,427 | 0 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 1,452,303 | 0 |
Non Purchased Credit Impaired Loans and Leases [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,531 | 3,485 |
Loans held for investment, net | 120,849 | 101,483 |
Non Purchased Credit Impaired Loans and Leases [Member] | Consumer Portfolio Segment [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | $ 119,318 | $ 97,998 |
Loans and Leases (Details 3) - Non Purchased Credit Impaired Loans and Leases [Member] - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | $ 14,289,209 | $ 11,591,641 |
Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 13,897,455 | 11,349,030 |
Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 391,754 | 242,611 |
Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 5,688,063 | 5,336,930 |
Mortgages [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 5,577,000 | 5,239,944 |
Mortgages [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 111,063 | 96,986 |
Mortgages [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 4,551,958 | 4,429,886 |
Mortgages [Member] | Commercial Real Estate [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 4,453,522 | 4,343,313 |
Mortgages [Member] | Commercial Real Estate [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 98,436 | 86,573 |
Mortgages [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 1,136,105 | 907,044 |
Mortgages [Member] | Residential Real Estate [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 1,123,478 | 896,631 |
Mortgages [Member] | Residential Real Estate [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 12,627 | 10,413 |
Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 527,720 | 310,765 |
Real Estate Construction [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 525,754 | 307,017 |
Real Estate Construction [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 1,966 | 3,748 |
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 343,360 | 214,037 |
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 342,789 | 210,691 |
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 571 | 3,346 |
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 184,360 | 96,728 |
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 182,965 | 96,326 |
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 1,395 | 402 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 7,952,577 | 5,842,463 |
Commercial Portfolio Segment [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 7,676,352 | 5,704,659 |
Commercial Portfolio Segment [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 276,225 | 137,804 |
Commercial Portfolio Segment [Member] | Cash Flow [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 3,062,268 | 2,638,936 |
Commercial Portfolio Segment [Member] | Cash Flow [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 2,878,542 | 2,551,085 |
Commercial Portfolio Segment [Member] | Cash Flow [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 183,726 | 87,851 |
Commercial Portfolio Segment [Member] | Asset Based [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 2,547,533 | 2,234,038 |
Commercial Portfolio Segment [Member] | Asset Based [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 2,528,193 | 2,200,058 |
Commercial Portfolio Segment [Member] | Asset Based [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 19,340 | 33,980 |
Commercial Portfolio Segment [Member] | Equipment Finance Commercial Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 890,349 | 969,489 |
Commercial Portfolio Segment [Member] | Equipment Finance Commercial Financing Receivable [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 836,295 | 953,516 |
Commercial Portfolio Segment [Member] | Equipment Finance Commercial Financing Receivable [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 54,054 | 15,973 |
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 1,452,427 | 0 |
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 1,433,322 | 0 |
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 19,105 | 0 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 120,849 | 101,483 |
Consumer Portfolio Segment [Member] | Nonclassified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | 118,349 | 97,410 |
Consumer Portfolio Segment [Member] | Classified [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans held for investment, net | $ 2,500 | $ 4,073 |
Loans and Leases (Details 4) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 129,019 | $ 83,621 |
Non Purchased Credit Impaired Loans and Leases [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 129,019 | 83,621 |
Impaired Financing Receivable Performing Restructured Loans | 40,182 | 35,244 |
Impaired Financing Receivable, Recorded Investment | 169,201 | 118,865 |
Non Purchased Credit Impaired Loans and Leases [Member] | Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 57,277 | 37,612 |
Impaired Financing Receivable Performing Restructured Loans | 27,133 | 20,245 |
Impaired Financing Receivable, Recorded Investment | 84,410 | 57,857 |
Non Purchased Credit Impaired Loans and Leases [Member] | Real Estate Construction [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 372 | 1,559 |
Impaired Financing Receivable Performing Restructured Loans | 7,631 | 8,996 |
Impaired Financing Receivable, Recorded Investment | 8,003 | 10,555 |
Non Purchased Credit Impaired Loans and Leases [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 69,839 | 40,965 |
Impaired Financing Receivable Performing Restructured Loans | 5,221 | 5,744 |
Impaired Financing Receivable, Recorded Investment | 75,060 | 46,709 |
Non Purchased Credit Impaired Loans and Leases [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,531 | 3,485 |
Impaired Financing Receivable Performing Restructured Loans | 197 | 259 |
Impaired Financing Receivable, Recorded Investment | $ 1,728 | $ 3,744 |
Loans and Leases (Details 5) - Non Purchased Credit Impaired Loans and Leases [Member] - USD ($) $ in Thousands |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Impaired Financing Receivable, Related Allowance | $ 19,263 | $ 10,774 | ||||||
Impaired Financing Receivable, Recorded Investment | 169,201 | 118,865 | ||||||
Impaired Financing Receivable, Unpaid Principal Balance | 200,508 | 150,620 | ||||||
Impaired Financing Receivable, Average Recorded Investment | [1] | 121,757 | 86,781 | $ 73,711 | ||||
Impaired Financing Receivable, Interest Income, Accrual Method | 2,126 | 1,471 | 1,976 | |||||
Mortgages [Member] | ||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Impaired Financing Receivable, Related Allowance | 1,458 | 693 | ||||||
Impaired Financing Receivable, Recorded Investment | 84,410 | 57,857 | ||||||
Impaired Financing Receivable, Unpaid Principal Balance | 101,393 | 74,122 | ||||||
Impaired Financing Receivable, Average Recorded Investment | [1] | 52,985 | 45,710 | 54,090 | ||||
Impaired Financing Receivable, Interest Income, Accrual Method | 1,549 | 868 | 1,740 | |||||
Mortgages [Member] | Commercial Real Estate [Member] | ||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 17,967 | 11,082 | ||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 19,219 | 11,178 | ||||||
Impaired Financing Receivable, Related Allowance | 777 | 693 | ||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 58,678 | 46,775 | ||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 68,333 | 62,944 | ||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 17,833 | 10,670 | 20,158 | ||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 1,130 | 475 | 680 | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 28,366 | 29,405 | 31,149 | ||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 345 | 348 | 985 | |||||
Mortgages [Member] | Residential Real Estate [Member] | ||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,278 | 0 | ||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 2,435 | 0 | ||||||
Impaired Financing Receivable, Related Allowance | 681 | 0 | ||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 5,487 | 0 | ||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 11,406 | 0 | ||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 2,143 | 412 | 406 | ||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 33 | 1 | 0 | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 4,643 | 5,223 | 2,377 | ||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 41 | 44 | 75 | |||||
Real Estate Construction [Member] | ||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Impaired Financing Receivable, Related Allowance | 26 | 69 | ||||||
Impaired Financing Receivable, Recorded Investment | 8,003 | 10,555 | ||||||
Impaired Financing Receivable, Unpaid Principal Balance | 8,003 | 14,465 | ||||||
Impaired Financing Receivable, Average Recorded Investment | [1] | 7,800 | 10,436 | 6,894 | ||||
Impaired Financing Receivable, Interest Income, Accrual Method | 255 | 276 | 88 | |||||
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | ||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 1,128 | ||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 4,934 | ||||||
Impaired Financing Receivable, Related Allowance | 0 | 23 | ||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,256 | 8,643 | ||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 7,256 | 8,749 | ||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 0 | 1,027 | 1,250 | ||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 17 | 63 | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 7,053 | 8,642 | 4,866 | ||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 240 | 244 | 11 | |||||
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | ||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 747 | 763 | ||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 747 | 763 | ||||||
Impaired Financing Receivable, Related Allowance | 26 | 46 | ||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 21 | ||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 19 | ||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 747 | 763 | 778 | ||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 15 | 15 | 14 | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | 4 | [1] | 0 | [1] | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | |||||
Commercial Portfolio Segment [Member] | ||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Impaired Financing Receivable, Related Allowance | 17,622 | 9,975 | ||||||
Impaired Financing Receivable, Recorded Investment | 75,060 | 46,709 | ||||||
Impaired Financing Receivable, Unpaid Principal Balance | 88,795 | 58,123 | ||||||
Impaired Financing Receivable, Average Recorded Investment | [1] | 59,254 | 27,476 | 12,141 | ||||
Impaired Financing Receivable, Interest Income, Accrual Method | 307 | 317 | 138 | |||||
Commercial Portfolio Segment [Member] | Cash Flow [Member] | ||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 14,072 | 16,490 | ||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 20,312 | 18,894 | ||||||
Impaired Financing Receivable, Related Allowance | 7,079 | 3,466 | ||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,825 | 4,319 | ||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 5,121 | 6,648 | ||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 12,590 | 8,498 | 1,908 | ||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 32 | 21 | 89 | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 2,752 | 2,289 | 2,728 | ||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 89 | 99 | 0 | |||||
Commercial Portfolio Segment [Member] | Asset Based [Member] | ||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 3,901 | 4,767 | ||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 4,423 | 5,493 | ||||||
Impaired Financing Receivable, Related Allowance | 2,511 | 3,908 | ||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,729 | 10,002 | ||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,726 | 12,292 | ||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 3,204 | 4,214 | 3,850 | ||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 56 | 27 | 29 | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 1,746 | 6,139 | 3,410 | ||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 130 | 170 | 20 | |||||
Commercial Portfolio Segment [Member] | Equipment Finance Commercial Financing Receivable [Member] | ||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 11,193 | 6,956 | ||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 11,894 | 7,268 | ||||||
Impaired Financing Receivable, Related Allowance | 8,032 | 2,601 | ||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 40,216 | 4,175 | ||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 44,194 | 7,528 | ||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 8,475 | 3,802 | 0 | ||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 30,363 | 2,534 | 245 | ||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | |||||
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | ||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 124 | 0 | ||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 125 | 0 | ||||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 124 | 0 | 0 | ||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | |||||
Consumer Portfolio Segment [Member] | ||||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 365 | 143 | ||||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 372 | 142 | ||||||
Impaired Financing Receivable, Related Allowance | 157 | 37 | ||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,363 | 3,601 | ||||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,945 | 3,768 | ||||||
Impaired Financing Receivable, Recorded Investment | 1,728 | 3,744 | ||||||
Impaired Financing Receivable, Unpaid Principal Balance | 2,317 | 3,910 | ||||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 355 | 132 | 425 | ||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 15 | 8 | 10 | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 1,363 | 3,027 | 161 | ||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 2 | 0 | |||||
Impaired Financing Receivable, Average Recorded Investment | [1] | 1,718 | 3,159 | 586 | ||||
Impaired Financing Receivable, Interest Income, Accrual Method | $ 15 | $ 10 | $ 10 | |||||
|
Loans and Leases (Details 6) |
12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2015
USD ($)
Contract
|
Dec. 31, 2014
USD ($)
Contract
|
Dec. 31, 2013
USD ($)
Contract
|
|||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||
Financing Receivable, Modifications, Number of Contracts | Contract | 97 | [1] | 72 | [2] | 38 | [3] | |||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 175,728,000 | [1] | $ 41,030,000 | [2] | $ 25,046,000 | [3] | |||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 174,858,000 | [1] | $ 34,457,000 | [2] | $ 25,046,000 | [3] | |||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | [4] | 3 | [1] | 3 | [2] | 6 | [3] | ||||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 2,825,000 | [1] | $ 1,589,000 | [2] | $ 3,399,000 | [3] | ||||||||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 96,900 | $ 129,000 | $ 1,600,000 | ||||||||||||
Mortgages [Member] | Commercial Real Estate [Member] | |||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||
Financing Receivable, Modifications, Number of Contracts | 21 | 14 | 11 | ||||||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 43,536,000 | $ 14,659,000 | $ 15,391,000 | ||||||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 43,012,000 | $ 14,660,000 | $ 15,391,000 | ||||||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | [4] | 2 | 1 | 2 | |||||||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 2,670,000 | $ 55,000 | $ 1,844,000 | |||||||||||
Mortgages [Member] | Residential Real Estate [Member] | |||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||
Financing Receivable, Modifications, Number of Contracts | Contract | 18 | 11 | 3 | ||||||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 3,128,000 | $ 4,794,000 | $ 832,000 | ||||||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 2,961,000 | $ 4,794,000 | $ 832,000 | ||||||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | [4] | 1 | 0 | 0 | |||||||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 155,000 | $ 0 | $ 0 | |||||||||||
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | |||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||
Financing Receivable, Modifications, Number of Contracts | Contract | 8 | 4 | |||||||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 23,881,000 | $ 5,507,000 | |||||||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 23,881,000 | $ 4,965,000 | |||||||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | [4] | 0 | 0 | ||||||||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 0 | $ 0 | ||||||||||||
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | |||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||
Financing Receivable, Modifications, Number of Contracts | Contract | 1 | ||||||||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 390,000 | ||||||||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 390,000 | ||||||||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | [4] | 0 | |||||||||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 0 | |||||||||||||
Commercial Portfolio Segment [Member] | Cash Flow [Member] | |||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||
Financing Receivable, Modifications, Number of Contracts | Contract | 25 | 13 | 9 | ||||||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 2,718,000 | $ 2,717,000 | $ 658,000 | ||||||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 2,539,000 | $ 2,717,000 | $ 658,000 | ||||||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | [4] | 0 | 1 | 2 | |||||||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 0 | $ 1,144,000 | $ 66,000 | |||||||||||
Commercial Portfolio Segment [Member] | Asset Based [Member] | |||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||
Financing Receivable, Modifications, Number of Contracts | Contract | 13 | 22 | 12 | ||||||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 8,400,000 | $ 12,368,000 | $ 7,650,000 | ||||||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 8,400,000 | $ 6,336,000 | $ 7,650,000 | ||||||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | [4] | 0 | 1 | 2 | |||||||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 0 | $ 390,000 | $ 1,489,000 | |||||||||||
Commercial Portfolio Segment [Member] | Equipment Finance Commercial Financing Receivable [Member] | |||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||
Financing Receivable, Modifications, Number of Contracts | Contract | 10 | 1 | |||||||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 93,868,000 | $ 518,000 | |||||||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 93,868,000 | $ 518,000 | |||||||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | [4] | 0 | 0 | ||||||||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 0 | $ 0 | ||||||||||||
Consumer Portfolio Segment [Member] | |||||||||||||||
Financing Receivable, Modifications [Line Items] | |||||||||||||||
Financing Receivable, Modifications, Number of Contracts | Contract | 2 | 7 | 2 | ||||||||||||
Financing Receivable, Modifications, Pre-Modification Recorded Investment | $ 197,000 | $ 467,000 | $ 125,000 | ||||||||||||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ 197,000 | $ 467,000 | $ 125,000 | ||||||||||||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | Contract | [4] | 0 | 0 | 0 | |||||||||||
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | [4] | $ 0 | $ 0 | $ 0 | |||||||||||
|
Loans and Leases (Details 7) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Allowance | $ 115,111 | $ 84,455 | |
Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Allowance | 9,577 | 13,999 | |
Loans and Leases Receivable, Allowance, Covered | 9,577 | 13,999 | $ 21,793 |
Allowance for Loan and Lease Losses, Write-offs | (1,772) | (9,577) | |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 150 | 766 | |
Provision for Loan and Lease Losses | (2,800) | (1,017) | |
Receivables Acquired With Deteriorated Credit Quality, Allowance For Credit Losses | 9,577 | 13,999 | |
Loans held for investment, net | 189,045 | 290,791 | |
Receivables Acquired with Deteriorated Credit Quality | 189,045 | 290,791 | |
NonPCI and PCI Loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Allowance | 115,111 | 84,455 | |
Loans and Leases Receivable Allowance Covered And Noncovered | 115,111 | 84,455 | 82,034 |
Allowance for Loan and Lease Losses, Write-offs | (17,771) | (21,452) | |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 8,623 | 11,110 | |
Provision for Loan and Lease Losses | (39,804) | (12,763) | |
Loans held for investment, net | 14,478,254 | 11,882,432 | |
Loans and Leases Receivable Net Of Deferred Income Covered And Noncovered | 14,478,254 | 11,882,432 | |
Non Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Allowance | 105,534 | 70,456 | 60,241 |
Allowance for Loan and Lease Losses, Write-offs | (15,999) | (11,875) | |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 8,473 | 10,344 | |
Provision for Loan and Lease Losses | (42,604) | (11,746) | |
Financing Receivable, Individually Evaluated for Impairment | 19,263 | 10,774 | |
Financing Receivable, Collectively Evaluated for Impairment | 86,271 | 59,682 | |
Loans held for investment, net | 14,289,209 | 11,591,641 | |
Financing Receivable, Individually Evaluated for Impairment | 168,299 | 114,923 | |
Financing Receivable, Collectively Evaluated for Impairment | 14,120,910 | 11,476,718 | |
Consumer Portfolio Segment [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Allowance | 661 | 1,253 | 2,944 |
Allowance for Loan and Lease Losses, Write-offs | (156) | (332) | |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 410 | 1,283 | |
Provision for Loan and Lease Losses | (846) | (2,642) | |
Financing Receivable, Individually Evaluated for Impairment | 157 | 37 | |
Financing Receivable, Collectively Evaluated for Impairment | 504 | 1,216 | |
Loans held for investment, net | 120,849 | 101,483 | |
Financing Receivable, Individually Evaluated for Impairment | 1,672 | 3,510 | |
Financing Receivable, Collectively Evaluated for Impairment | 119,177 | 97,973 | |
Commercial Portfolio Segment [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Allowance | 61,082 | 39,858 | 26,921 |
Allowance for Loan and Lease Losses, Write-offs | (13,354) | (9,463) | |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 3,399 | 6,265 | |
Provision for Loan and Lease Losses | (31,179) | (16,135) | |
Financing Receivable, Individually Evaluated for Impairment | 17,622 | 9,975 | |
Financing Receivable, Collectively Evaluated for Impairment | 43,460 | 29,883 | |
Loans held for investment, net | 7,952,577 | 5,842,463 | |
Financing Receivable, Individually Evaluated for Impairment | 74,680 | 45,568 | |
Financing Receivable, Collectively Evaluated for Impairment | 7,877,897 | 5,796,895 | |
Real Estate Construction [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Allowance | 7,137 | 4,248 | 4,298 |
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 | |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 1,082 | 156 | |
Provision for Loan and Lease Losses | (1,807) | (206) | |
Financing Receivable, Individually Evaluated for Impairment | 26 | 69 | |
Financing Receivable, Collectively Evaluated for Impairment | 7,111 | 4,179 | |
Loans held for investment, net | 527,720 | 310,765 | |
Financing Receivable, Individually Evaluated for Impairment | 8,003 | 10,555 | |
Financing Receivable, Collectively Evaluated for Impairment | 519,717 | 296,580 | |
Mortgages [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Loans and Leases Receivable, Allowance | 36,654 | 25,097 | $ 26,078 |
Allowance for Loan and Lease Losses, Write-offs | (2,489) | (2,080) | |
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 3,582 | 2,640 | |
Provision for Loan and Lease Losses | (10,464) | (1,541) | |
Financing Receivable, Individually Evaluated for Impairment | 1,458 | 693 | |
Financing Receivable, Collectively Evaluated for Impairment | 35,196 | 24,404 | |
Loans held for investment, net | 5,688,063 | 5,336,930 | |
Financing Receivable, Individually Evaluated for Impairment | 83,944 | 55,290 | |
Financing Receivable, Collectively Evaluated for Impairment | $ 5,604,119 | $ 5,285,270 |
Loans and Leases (Details 8) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Purchased Credit Impaired Loans Composition [Line Items] | |||
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | $ 96,900 | $ 129,000 | $ 1,600,000 |
Loans and Leases Receivable, Allowance | 115,111,000 | 84,455,000 | |
Purchased Credit Impaired Loans and Leases [Member] | |||
Purchased Credit Impaired Loans Composition [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 240,664,000 | 340,639,000 | |
Loan Discounts | (51,619,000) | (49,848,000) | |
Loans and Leases Receivable, Allowance, Covered | (9,577,000) | (13,999,000) | $ (21,793,000) |
Loans and Leases Receivable, Net Reported Amount, Covered | 179,468,000 | 276,792,000 | |
Loans held for investment, net | 189,045,000 | 290,791,000 | |
Loans and Leases Receivable, Allowance | 9,577,000 | 13,999,000 | |
Mortgages [Member] | Purchased Credit Impaired Loans and Leases [Member] | |||
Purchased Credit Impaired Loans Composition [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 207,170,000 | 299,660,000 | |
Real Estate Construction [Member] | Purchased Credit Impaired Loans and Leases [Member] | |||
Purchased Credit Impaired Loans Composition [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 2,534,000 | 7,743,000 | |
Commercial Portfolio Segment [Member] | Purchased Credit Impaired Loans and Leases [Member] | |||
Purchased Credit Impaired Loans Composition [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | 30,658,000 | 32,904,000 | |
Consumer Portfolio Segment [Member] | Purchased Credit Impaired Loans and Leases [Member] | |||
Purchased Credit Impaired Loans Composition [Line Items] | |||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | $ 302,000 | $ 332,000 |
Loans and Leases (Details 9) - Purchased Credit Impaired Loans and Leases [Member] - Covered [Member] - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 179,468 | $ 276,792 | $ 361,003 | |
Accretable yield | (85,636) | (106,856) | (139,568) | |
Carrying Amount [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | $ 491,816 | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Additions | (16,455) | (79,234) | (44,146) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | 31,857 | 57,213 | 46,680 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Disposals of Loans | (148,436) | (219,641) | (225,849) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Period Increase (Decrease) | 0 | 0 | 0 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses, Decreases | (2,800) | (4,210) | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | (1,017) | |||
Accretable Yield [Member] | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | ||||
Accretable yield | $ (196,022) | |||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Additions | (2,852) | (13,728) | (8,096) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion | 31,857 | 57,213 | 46,680 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Disposals of Loans | 0 | 0 | 0 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Period Increase (Decrease) | 7,785 | 10,773 | 17,870 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Allowance for Loan Losses, Decreases | $ 0 | $ 0 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Provision for Loan Losses | $ 0 |
Loans and Leases (Details 10) - Purchased Credit Impaired Loans and Leases [Member] - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | $ 189,045 | $ 290,791 |
Nonclassified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 62,474 | 132,288 |
Classified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 126,571 | 158,503 |
Mortgages [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 168,679 | 256,442 |
Mortgages [Member] | Nonclassified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 43,554 | 101,161 |
Mortgages [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 125,125 | 155,281 |
Real Estate Construction [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 2,653 | 6,911 |
Real Estate Construction [Member] | Nonclassified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 1,230 | 3,901 |
Real Estate Construction [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 1,423 | 3,010 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 17,414 | 27,154 |
Commercial Portfolio Segment [Member] | Nonclassified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 17,391 | 26,942 |
Commercial Portfolio Segment [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 23 | 212 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 299 | 284 |
Consumer Portfolio Segment [Member] | Nonclassified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | 299 | 284 |
Consumer Portfolio Segment [Member] | Classified [Member] | ||
Financing Receivable Recorded Investment By Credit Risk [Line Items] | ||
Loans And Leases Net Of Discounts Covered | $ 0 | $ 0 |
Loans and Leases (Details Textual) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
Contract
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Financing Receivable, Impaired [Line Items] | |||
Unfunded Commitments For Troubled Debt Restructurings | $ 2,900,000 | $ 214,000 | |
Financing Receivable, Recorded Investment, Nonaccrual Status | 129,019,000 | 83,621,000 | |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 16,800,000 | ||
Loans and Leases Receivable, Gross | 14,528,165,000 | 11,904,684,000 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down | 96,900 | 129,000 | $ 1,600,000 |
Financing Receivable Recorded Investment Thirty to Eighty Nine Days Past Due | 3,600,000 | 8,700,000 | |
Financing Receivable Recorded Investment Nonaccrual Status Current | 108,600,000 | 56,100,000 | |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 6,400,000 | 7,500,000 | |
Non Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Financing Receivable, Recorded Investment, Nonaccrual Status | 129,019,000 | 83,621,000 | |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 17,508,000 | 18,818,000 | |
Loans held for investment, net | 14,289,209,000 | 11,591,641,000 | |
Loans and Leases Receivable, Gross | 14,339,070,000 | 11,613,832,000 | |
Financing Receivable Recorded Investment Thirty to Eighty Nine Days Past Due | 10,622,000 | 19,406,000 | |
Purchased Credit Impaired Loans and Leases [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment, net | 189,045,000 | 290,791,000 | |
Loans and Leases Receivable, Gross | $ 189,095,000 | $ 290,852,000 | |
Nonperforming Financing Receivable [Member] | Oil and Gas Properties [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Financing Receivable, Number Of Contracts | Contract | 3 | ||
Loans held for investment, net | $ 47,100,000 |
Foreclosed Assets Foreclosed Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
---|---|---|---|---|
Other Real Estate Owned Net | $ 15,240 | $ 35,423 | ||
Foreclosed assets, net | 22,120 | 43,721 | ||
Other Foreclosed Assets NonCovered | 6,880 | 8,298 | ||
Other Real Estate Owned Net Noncovered including Foreclosed Assets | 22,120 | 43,721 | $ 55,891 | $ 56,414 |
Commercial Real Estate [Member] | ||||
Other Real Estate Owned Net | 487 | 2,449 | ||
Construction and Land Development [Member] | ||||
Other Real Estate Owned Net | 13,801 | 24,759 | ||
Multi Family [Member] | ||||
Other Real Estate Owned Net | 0 | 4,823 | ||
Residential Mortgage [Member] | ||||
Other Real Estate Owned Net | $ 952 | $ 3,392 |
Foreclosed Assets Foreclosed Assets (Details 1) - USD ($) $ in Thousands |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
||||
Business Acquisition [Line Items] | |||||||
Other Real Estate Owned Net Noncovered including Foreclosed Assets | $ 22,120 | $ 43,721 | $ 55,891 | $ 56,414 | |||
Other Real Estate [Roll Forward] | |||||||
Other Foreclosed Assets Acquired | 0 | 6,382 | 13,772 | ||||
Loans transferred to foreclosed assets | 13,472 | 9,806 | 15,416 | ||||
SEC Schedule III, Real Estate, Acquisitions Through Foreclosures | 19,470 | ||||||
Provision for Other Real Estate Owned and Foreclosed Assets | 5,228 | 7,307 | 2,515 | ||||
Other Real Estate Owned Foreclosed Assets CORES | (29,845) | (21,051) | (31,289) | ||||
Foreclosed Asset Payments Due To Third Parties | 0 | 0 | $ 39 | [1] | |||
Foreclosed assets, net | $ 22,120 | $ 43,721 | |||||
|
Foreclosed Assets Foreclosed Assets (Details 2) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Other Real Estate Owned Net Covered and NonCovered Including Foreclosed Assets [Abstract] | |||
Provision for losses on foreclosed assets | $ 5,228 | $ 7,307 | $ 2,515 |
Foreclosed Assets Rollforward [Abstract] | |||
Foreclosed Assets Valuation Allowance | 12,123 | 11,314 | 16,681 |
Foreclosed Assets, Valuation Allowance, Amounts Applied | (7,105) | (6,498) | (7,882) |
Foreclosed Assets Valuation Allowance | $ 10,246 | $ 12,123 | $ 11,314 |
Premises and Equipment, Net (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Premises and Equipment, Net [Abstract] | ||
Land | $ 5,505 | $ 5,505 |
Buildings and Improvements, Gross | 14,564 | 14,198 |
Furniture and Fixtures, Gross | 36,234 | 32,359 |
Leasehold Improvements, Gross | 37,773 | 33,157 |
Property, Plant and Equipment, Gross | 94,076 | 85,219 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (54,879) | (48,668) |
Property, Plant and Equipment, Net | $ 39,197 | $ 36,551 |
Premises and Equipment, Net (Details 1) $ in Thousands |
Dec. 31, 2015
USD ($)
|
---|---|
Premises and Equipment, Net [Abstract] | |
2016 | $ 29,730 |
2017 | 27,201 |
2018 | 24,238 |
2019 | 20,792 |
2020 | 17,727 |
Thereafter | 46,692 |
Total | $ 166,380 |
Premises and Equipment, Net (Details Textual) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Premises and Equipment, Net [Abstract] | |||
Depreciation, Depletion and Amortization | $ 8,100,000 | $ 8,400,000 | $ 6,000,000 |
Operating Leases, Rent Expense | 26,200,000 | 23,800,000 | 17,600,000 |
Operating Leases, Income Statement, Lease Revenue | 487,000 | $ 589,000 | $ 750,000 |
Future Minimum Sublease Rentals, Sale Leaseback Transactions | $ 27,300,000 |
Deposits Deposits (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Deposits [Abstract] | ||
Interest checking deposits | $ 886,886 | $ 736,367 |
Money market deposits | 3,712,690 | 1,825,510 |
Savings deposits | 742,795 | 762,961 |
Time deposits under $100,000 | 1,656,227 | 2,467,338 |
Time deposits $100,000 and over | 2,496,129 | 3,031,600 |
Total interest-bearing deposits | $ 9,494,727 | $ 8,823,776 |
Deposits Deposits (Details 1) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Time Deposits Balance [Line Items] | ||
Time Deposit Maturities, Next Twelve Months | $ 3,912,518 | |
Time Deposits, Weighted Average Interest Rate, Maturities Year One | 0.65% | |
Time Deposit Maturities, Year Two | $ 182,509 | |
Time Deposits, Weighted Average Interest Rate, Maturities Year Two | 0.63% | |
Time Deposit Maturities, Year Three | $ 39,578 | |
Time Deposits, Weighted Average Interest Rate, Maturities Year Three | 1.05% | |
Time Deposit Maturities, Year Four | $ 10,916 | |
Time Deposits, Weighted Average Interest Rate, Maturities Year Four | 1.02% | |
Time Deposit Maturities, Year Five | $ 6,151 | |
Time Deposits, Weighted Average Interest Rate, Maturities Year Five | 0.87% | |
Time Deposit Maturities, after Year Five | $ 684 | |
Time Deposits, Weighted Average Interest Rate, Maturities Greater than Five Years | 1.02% | |
Time Deposits | $ 4,152,356 | $ 5,498,938 |
Weighted Average Rate Domestic Deposit, Time Deposits | 0.66% | |
Time Deposits Under $100,000 | ||
Time Deposits Balance [Line Items] | ||
Time Deposit Maturities, Next Twelve Months | $ 1,543,655 | |
Time Deposit Maturities, Year Two | 82,459 | |
Time Deposit Maturities, Year Three | 21,718 | |
Time Deposit Maturities, Year Four | 4,973 | |
Time Deposit Maturities, Year Five | 2,949 | |
Time Deposit Maturities, after Year Five | 473 | |
Time Deposits | 1,656,227 | |
Time Deposits $100,000 Or More | ||
Time Deposits Balance [Line Items] | ||
Time Deposit Maturities, Next Twelve Months | 2,368,863 | |
Time Deposit Maturities, Year Two | 100,050 | |
Time Deposit Maturities, Year Three | 17,860 | |
Time Deposit Maturities, Year Four | 5,943 | |
Time Deposit Maturities, Year Five | 3,202 | |
Time Deposit Maturities, after Year Five | 211 | |
Time Deposits | $ 2,496,129 |
Deposits (Details Textual) - USD ($) $ in Millions |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Time Deposits Balance [Domain] | ||
Domestic Deposits, Brokered [Line Items] | ||
Interest-bearing Domestic Deposit, Brokered | $ 272.5 | $ 636.7 |
Non-maturity Deposits [Member] | ||
Domestic Deposits, Brokered [Line Items] | ||
Interest-bearing Domestic Deposit, Brokered | $ 942.3 | $ 120.6 |
Borrowings and Subordinated Debentures (Details) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Debt Instrument [Line Items] | ||
Borrowings | $ 621,914,000 | $ 383,402,000 |
Notes Payable, Other Payables [Member] | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt | $ 3,914,000 | $ 3,402,000 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.49% | 6.43% |
Federal Home Loan Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 0.27% | 0.27% |
Federal Home Loan Bank Advances [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Amount Outstanding | $ 618,000,000 | $ 380,000,000 |
Borrowings and Subordinated Debentures Borrowings and Subordinated Debentures (Details 1) $ in Thousands, € in Millions |
12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2015
EUR (€)
|
Dec. 31, 2014
USD ($)
|
||||||
Subordinated Borrowing [Line Items] | ||||||||
Subordinated debentures | $ 436,000 | $ 433,583 | ||||||
Subordinated Debt Trust V Due September 2033 [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Long-term Debt, Gross | $ 10,310 | $ 10,310 | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.63% | 3.63% | 3.33% | |||||
Debt Instrument Date Issued | Aug. 15, 2003 | |||||||
Debt Instrument, Maturity Date | Sep. 17, 2033 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 3.10 | |||||||
Subordinated Debt Trust VI Due September 2033 [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Long-term Debt, Gross | $ 10,310 | $ 10,310 | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.39% | 3.39% | 3.29% | |||||
Debt Instrument Date Issued | Sep. 03, 2003 | |||||||
Debt Instrument, Maturity Date | Sep. 15, 2033 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 3.05 | |||||||
Subordinated Debt Trust CII Due September 2033 [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Long-term Debt, Gross | $ 5,155 | $ 5,155 | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.35% | 3.35% | 3.19% | |||||
Debt Instrument Date Issued | Sep. 17, 2003 | |||||||
Debt Instrument, Maturity Date | Sep. 17, 2033 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 2.95 | |||||||
Subordinated Debt Trust VII Due April 2034 [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Long-term Debt, Gross | $ 61,856 | $ 61,856 | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.07% | 3.07% | 2.98% | |||||
Debt Instrument Date Issued | Feb. 05, 2004 | |||||||
Debt Instrument, Maturity Date | Apr. 23, 2034 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 2.75 | |||||||
Subordinated Debt Trust CIII Due September 2035 [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Long-term Debt, Gross | $ 20,619 | $ 20,619 | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.20% | 2.20% | 1.93% | |||||
Debt Instrument Date Issued | Aug. 15, 2005 | |||||||
Debt Instrument, Maturity Date | Sep. 15, 2035 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 1.69 | |||||||
Subordinated Debt Trust FCCI Due March 2037 [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Long-term Debt, Gross | $ 16,495 | $ 16,495 | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.11% | 2.11% | 1.84% | |||||
Debt Instrument Date Issued | Jan. 25, 2007 | |||||||
Debt Instrument, Maturity Date | Mar. 15, 2037 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 1.60 | |||||||
Subordinated Debt Trust FCBI Due December 2035 [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Long-term Debt, Gross | $ 10,310 | $ 10,310 | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.06% | 2.06% | 1.79% | |||||
Debt Instrument Date Issued | Sep. 30, 2005 | |||||||
Debt Instrument, Maturity Date | Dec. 15, 2035 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 1.55 | |||||||
Trust Preferred Securities Two Thousand Five Series One [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Long-term Debt, Gross | $ 82,475 | $ 82,475 | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.46% | 2.46% | 2.19% | |||||
Debt Instrument Date Issued | Nov. 21, 2005 | |||||||
Debt Instrument, Maturity Date | Dec. 15, 2035 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 1.95 | |||||||
Trust Preferred Securities Two Thousand Five Series Two [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Long-term Debt, Gross | $ 128,866 | $ 128,866 | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.27% | 2.27% | 2.18% | |||||
Debt Instrument Date Issued | Dec. 14, 2005 | |||||||
Debt Instrument, Maturity Date | Jan. 30, 2036 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 1.95 | |||||||
Two Thousand Six One Term Debt Securitization [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Long-term Debt, Gross | $ 51,545 | $ 51,545 | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.27% | 2.27% | 2.18% | |||||
Debt Instrument Date Issued | Feb. 22, 2006 | |||||||
Debt Instrument, Maturity Date | Apr. 30, 2036 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 1.95 | |||||||
Two Thousand Six Two Term Debt Securitization [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Long-term Debt, Gross | $ 51,550 | $ 51,550 | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.27% | 2.27% | 2.18% | |||||
Debt Instrument Date Issued | Sep. 27, 2006 | |||||||
Debt Instrument, Maturity Date | Oct. 30, 2036 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 1.95 | |||||||
Trust Preferred Securities Two Thousand Six Series Three [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Liability, Reporting Currency Denominated, Value | € | € 25.8 | |||||||
Long-term Debt, Gross | [1] | $ 28,007 | $ 31,188 | |||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.82% | 2.82% | 2.14% | |||||
Debt Instrument Date Issued | Sep. 29, 2006 | |||||||
Debt Instrument, Maturity Date | Oct. 30, 2036 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3 month EURIBOR + 2.05 | |||||||
Trust Preferred Securities Two Thousand Six Series Four [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Long-term Debt, Gross | $ 16,470 | $ 16,470 | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.27% | 2.27% | 2.18% | |||||
Debt Instrument Date Issued | Dec. 05, 2006 | |||||||
Debt Instrument, Maturity Date | Jan. 30, 2037 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 1.95 | |||||||
Trust Preferred Securities Two Thousand Six Series Five [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Long-term Debt, Gross | $ 6,650 | $ 6,650 | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.27% | 2.27% | 2.18% | |||||
Debt Instrument Date Issued | Dec. 19, 2006 | |||||||
Debt Instrument, Maturity Date | Jan. 30, 2037 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 1.95 | |||||||
Two Thousand Seven One Term Debt Securitization [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Long-term Debt, Gross | $ 39,177 | $ 39,177 | ||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.27% | 2.27% | 2.18% | |||||
Debt Instrument Date Issued | Jun. 13, 2007 | |||||||
Debt Instrument, Maturity Date | Jul. 30, 2037 | |||||||
Debt Instrument, Basis Spread on Variable Rate | 3 month LIBOR + 1.95 | |||||||
Subordinated Debt [Member] | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Long-term Debt, Gross | $ 539,795 | $ 542,976 | ||||||
Debt Instrument, Unamortized Discount | [2] | (103,795) | (109,393) | |||||
Subordinated debentures | $ 436,000 | $ 433,583 | ||||||
|
Borrowings and Subordinated Debentures (Details Textual) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Notes Payable, Other Payables [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instruments Weighted Average Remaining Maturity Period | 3 years 4 months 20 days | |
Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Current Borrowing Capacity | $ 80,000,000 | |
Unused lines of Credit [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Amount Outstanding | 0 | $ 0 |
Federal Home Loan Bank of San Francisco [Member] | Unsecured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Borrowing Capacity, Description | 99,000,000 | |
Line of Credit Facility, Amount Outstanding | 0 | |
Federal Reserve Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Borrowing Capacity, Description | 2,100,000,000 | |
Line of Credit Facility, Amount Outstanding | 0 | 0 |
Loans Pledged as Collateral | 2,900,000,000 | |
Federal Home Loan Bank Advances [Member] | Secured Debt [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Borrowing Capacity, Description | 2,500,000,000 | |
Line of Credit Facility, Amount Outstanding | $ 618,000,000 | $ 380,000,000 |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Commitments and Contingencies Disclosure [Abstract] | ||
Loan commitments to extend credit | $ 3,580,655 | $ 1,921,067 |
Standby letters of credit | 210,292 | 88,495 |
Commitments to purchase equipment being acquired for lease to others | 6,663 | 12,839 |
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 3,797,610 | $ 2,022,401 |
Commitments and Contingencies (Details Textual) $ in Millions |
Dec. 31, 2015
USD ($)
|
Dec. 31, 2014
USD ($)
fund
|
---|---|---|
Long-term Purchase Commitment [Line Items] | ||
Commitment To Contribute Capital | $ 19.2 | $ 11.0 |
Private Equity Funds [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Purchase Commitment, Remaining Minimum Amount Committed | $ 2.8 | $ 2.9 |
Number of funds | fund | 11 |
Fair Value Measurements (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Securities available‑for‑sale | $ 3,559,437 | $ 1,567,177 |
Derivative Asset | 11,919 | 5,234 |
Warrants Not Settleable in Cash, Fair Value Disclosure | 4,914 | |
Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 3,559,437 | 1,567,177 |
Derivative Asset, Fair Value of Collateral | 11,919 | 5,234 |
Assets, Fair Value Disclosure, Recurring | 3,576,270 | 1,572,411 |
Derivative Liability, Fair Value of Collateral | 1,397 | 118 |
Level 1 | ||
Securities available‑for‑sale | 519 | |
Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 71,942 | 519 |
Derivative Asset, Fair Value of Collateral | 0 | 0 |
Warrants Not Settleable in Cash, Fair Value Disclosure | 0 | |
Assets, Fair Value Disclosure, Recurring | 71,942 | 519 |
Derivative Liability, Fair Value of Collateral | 0 | 0 |
Level 2 | ||
Securities available‑for‑sale | 1,532,711 | |
Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 3,388,054 | 1,532,711 |
Derivative Asset, Fair Value of Collateral | 11,919 | 5,234 |
Warrants Not Settleable in Cash, Fair Value Disclosure | 0 | |
Assets, Fair Value Disclosure, Recurring | 3,399,973 | 1,537,945 |
Derivative Liability, Fair Value of Collateral | 1,397 | 118 |
Level 3 | ||
Securities available‑for‑sale | 33,947 | |
Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 99,441 | 33,947 |
Derivative Asset, Fair Value of Collateral | 0 | 0 |
Warrants Not Settleable in Cash, Fair Value Disclosure | 4,914 | |
Assets, Fair Value Disclosure, Recurring | 104,355 | 33,947 |
Derivative Liability, Fair Value of Collateral | 0 | 0 |
Government agency and government-sponsored enterprise pass through securities | ||
Securities available‑for‑sale | 767,797 | 535,672 |
Government agency and government-sponsored enterprise pass through securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 535,672 | |
Government agency and government-sponsored enterprise pass through securities | Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
Government agency and government-sponsored enterprise pass through securities | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 767,797 | 535,672 |
Government agency and government-sponsored enterprise pass through securities | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | ||
Securities available‑for‑sale | 486,239 | 277,946 |
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 277,946 | |
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 486,239 | 277,946 |
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
Covered Private Label Collateralized Mortgage Obligation [Member] | ||
Securities available‑for‑sale | 29,782 | 33,947 |
Covered Private Label Collateralized Mortgage Obligation [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 33,947 | |
Covered Private Label Collateralized Mortgage Obligation [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
Covered Private Label Collateralized Mortgage Obligation [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
Covered Private Label Collateralized Mortgage Obligation [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 29,782 | 33,947 |
Other Private Label Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 10,914 | |
Other Private Label Collateralized Mortgage Obligations [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
Other Private Label Collateralized Mortgage Obligations [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 63,555 | 10,914 |
Other Private Label Collateralized Mortgage Obligations [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 51,459 | 0 |
Municipal securities | ||
Securities available‑for‑sale | 1,547,331 | 536,116 |
Municipal securities | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 536,116 | |
Municipal securities | Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
Municipal securities | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 1,547,331 | 536,116 |
Municipal securities | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
US Treasury Securities [Member] | ||
Securities available‑for‑sale | 69,380 | 0 |
US Treasury Securities [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 69,380 | |
US Treasury Securities [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | |
US Treasury Securities [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | |
Corporate Debt Securities [Member] | ||
Securities available‑for‑sale | 48,424 | 110,109 |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 110,109 | |
Corporate Debt Securities [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
Corporate Debt Securities [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 48,424 | 110,109 |
Corporate Debt Securities [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Securities available‑for‑sale | 36,913 | 36,757 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 36,757 | |
US Government-sponsored Enterprises Debt Securities [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
US Government-sponsored Enterprises Debt Securities [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 36,913 | 36,757 |
US Government-sponsored Enterprises Debt Securities [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | 0 |
Other securities [Member] | ||
Securities available‑for‑sale | 115,211 | 25,716 |
Other securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 25,716 | |
Other securities [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 2,562 | 519 |
Other securities [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 94,449 | 25,197 |
Other securities [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 18,200 | 0 |
Collateralized Loan Obligations [Member] | ||
Securities available‑for‑sale | 132,189 | 0 |
Collateralized Loan Obligations [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | |
Collateralized Loan Obligations [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 132,189 | |
Collateralized Loan Obligations [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | |
Asset-backed Securities [Member] | ||
Securities available‑for‑sale | 211,157 | $ 0 |
Asset-backed Securities [Member] | Level 1 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 0 | |
Asset-backed Securities [Member] | Level 2 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | 211,157 | |
Asset-backed Securities [Member] | Level 3 | Fair Value, Measurements, Recurring [Member] | ||
Securities available‑for‑sale | $ 0 |
Fair Value Measurements (Details 1) - Level 3 - Private Label CMOs - Fair Value, Measurements, Recurring [Member] |
12 Months Ended |
---|---|
Dec. 31, 2015 | |
Minimum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Prepayment Rate | 0.00% |
Fair Value Inputs, Probability of Default | 0.00% |
Fair Value Inputs, Loss Severity | 0.00% |
Fair Value Inputs, Discount Rate | 0.00% |
Maximum [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Prepayment Rate | 20.55% |
Fair Value Inputs, Probability of Default | 7.10% |
Fair Value Inputs, Loss Severity | 100.00% |
Fair Value Inputs, Discount Rate | 43.22% |
Weighted Average [Member] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Fair Value Inputs, Prepayment Rate | 8.75% |
Fair Value Inputs, Probability of Default | 3.40% |
Fair Value Inputs, Loss Severity | 44.26% |
Fair Value Inputs, Discount Rate | 4.39% |
Fair Value Measurements (Details 2) - Covered Private Label Collateralized Mortgage Obligations Member [Domain] - Fair Value, Measurements, Recurring [Member] - Level 3 - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 33,947 | $ 37,904 | $ 44,684 |
Fair Value, Measured on Recurring Basis, Gain (Loss) Included in Earnings | 1,104 | 1,627 | 1,938 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (1,388) | (344) | (1,204) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (3,881) | (5,240) | (7,514) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 51,459 | 0 | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 81,241 | $ 33,947 | $ 37,904 |
Fair Value Measurements (Details 3) $ in Thousands |
12 Months Ended |
---|---|
Dec. 31, 2015
USD ($)
| |
Fair Value Disclosures [Abstract] | |
Warrants, Acquired From Acquisition | $ 5,552 |
Gain on Sale of Investments | 530 |
Proceeds from Issuance of Warrants | (1,529) |
Transfers to Available-For-Sale | (2) |
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | 363 |
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 4,914 |
Fair Value Measurements (Details 4) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 14,393,558 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 14,384,191 | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 55,025 | $ 67,274 |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 23,468 | 20,766 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 31,557 | 46,508 |
Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 40,817 | 42,693 |
Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | |
Loans Receivable, Fair Value Disclosure | 0 | |
Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 2,366 | |
Loans Receivable, Fair Value Disclosure | 9,367 | |
Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 31,450 | 40,327 |
Other real estate and foreclosed assets [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 14,101 | 24,015 |
Other real estate and foreclosed assets [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Other real estate and foreclosed assets [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 14,101 | 18,400 |
Cost-method Investments [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 107 | 566 |
Cost-method Investments [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Cost-method Investments [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 |
Cost-method Investments [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 566 | |
Third party appraisals [Domain] | Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,111 | |
Third party appraisals [Domain] | Other real estate and foreclosed assets [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | $ 5,615 |
Third party appraisals [Domain] | Cost-method Investments [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 107 |
Fair Value Measurements (Details 5) - 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] | |||
Assets, Fair Value Disclosure, Nonrecurring | $ 55,025 | $ 67,274 | |
Total Net Gain (Loss) from Nonrecurring Assets | (20,840) | (13,884) | $ (2,251) |
Other real estate and foreclosed assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 14,101 | 24,015 | |
Total Net Gain (Loss) from Nonrecurring Assets | (4,726) | (6,737) | (1,045) |
Non Purchased Credit Impaired Loans and Leases [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 40,817 | 42,693 | |
Total Net Gain (Loss) from Nonrecurring Assets | (16,097) | (7,006) | (1,206) |
Cost-method Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 107 | 566 | |
Total Net Gain (Loss) from Nonrecurring Assets | (17) | (141) | $ 0 |
Level 1 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | |
Level 1 | Other real estate and foreclosed assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | |
Level 1 | Non Purchased Credit Impaired Loans and Leases [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 0 | ||
Level 1 | Cost-method Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | |
Level 2 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 23,468 | 20,766 | |
Level 2 | Other real estate and foreclosed assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 14,101 | 18,400 | |
Level 2 | Non Purchased Credit Impaired Loans and Leases [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 2,366 | ||
Level 2 | Cost-method Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 31,557 | 46,508 | |
Level 3 | Non Purchased Credit Impaired Loans and Leases [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 31,450 | 40,327 | |
Level 3 | Cost-method Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 566 | ||
Third party appraisals [Domain] | Level 3 | Other real estate and foreclosed assets [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 0 | $ 5,615 | |
Third party appraisals [Domain] | Level 3 | Non Purchased Credit Impaired Loans and Leases [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | 1,111 | ||
Third party appraisals [Domain] | Level 3 | Cost-method Investments [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure, Nonrecurring | $ 107 |
Fair Value Measurements (Details 6) - Fair Value, Measurements, Nonrecurring [Member] - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 55,025 | $ 67,274 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 31,557 | 46,508 |
Non Purchased Credit Impaired Loans and Leases [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 40,817 | 42,693 |
Non Purchased Credit Impaired Loans and Leases [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 31,450 | 40,327 |
Other real estate and foreclosed assets [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 14,101 | 24,015 |
Cost-method Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 107 | 566 |
Cost-method Investments [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 566 | |
Discounted Cash Flow [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 30,339 | |
Third party appraisals [Domain] | Non Purchased Credit Impaired Loans and Leases [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 1,111 | |
Third party appraisals [Domain] | Other real estate and foreclosed assets [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | $ 5,615 |
Third party appraisals [Domain] | Cost-method Investments [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 107 | |
Market Approach Valuation Technique [Member] | Cost-method Investments [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 107 | |
Minimum [Member] | Discounted Cash Flow [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount Rate | 0.00% | |
Minimum [Member] | Discounted Cash Flow [Member] | Cost-method Investments [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount Rate | 75.00% | |
Minimum [Member] | Third party appraisals [Domain] | Non Purchased Credit Impaired Loans and Leases [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount Rate | ||
Maximum [Member] | Discounted Cash Flow [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount Rate | 9.04% | |
Maximum [Member] | Discounted Cash Flow [Member] | Cost-method Investments [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount Rate | 75.00% | |
Maximum [Member] | Third party appraisals [Domain] | Non Purchased Credit Impaired Loans and Leases [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount Rate | ||
Weighted Average [Member] | Discounted Cash Flow [Member] | Non Purchased Credit Impaired Loans and Leases [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount Rate | 5.90% | |
Weighted Average [Member] | Discounted Cash Flow [Member] | Cost-method Investments [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount Rate | 75.00% | |
Weighted Average [Member] | Third party appraisals [Domain] | Non Purchased Credit Impaired Loans and Leases [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount Rate |
Fair Value Measurements (Details 7) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | $ 161,020 | $ 164,757 |
Interest-earning deposits in financial institutions | 235,466 | 148,469 |
Available-for-sale Securities | 3,559,437 | 1,567,177 |
Federal Home Loan Bank stock, at cost | 19,710 | 40,609 |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 19,710 | 40,609 |
Cost Method Investments | 2,267 | 3,691 |
Cost Method Investments, Fair Value Disclosure | 6,789 | 3,691 |
Equity Method Investments | 21,461 | |
Equity Method Investments, Fair Value Disclosure | 21,700 | |
Loans and leases, net | 14,363,143 | 11,797,977 |
Loans Receivable, Fair Value Disclosure | 14,393,558 | |
Derivative Asset | 11,919 | 5,234 |
Warrants Not Settleable in Cash, Fair Value Disclosure | 4,914 | |
Deposits, Savings Deposits | 11,513,826 | 6,256,190 |
Time Deposits | 4,152,356 | 5,498,938 |
Deposits, Fair Value Disclosure | 4,152,920 | 5,502,479 |
Borrowings | 621,914 | 383,402 |
Borrowed Funds | 383,402 | |
Long-term Debt, Fair Value | 622,438 | 383,539 |
Subordinated debentures | 436,000 | 433,583 |
Subordinated Debt Obligations, Fair Value Disclosure | 419,762 | 417,657 |
Derivative Liability | 118 | |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 161,020 | 164,757 |
Interest-earning deposits in financial institutions | 235,466 | 148,469 |
Available-for-sale Securities | 519 | |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 |
Cost Method Investments, Fair Value Disclosure | 0 | 0 |
Equity Method Investments, Fair Value Disclosure | 0 | |
Deposits, Savings Deposits | 0 | 0 |
Deposits, Fair Value Disclosure | 0 | 0 |
Long-term Debt, Fair Value | 618,000 | 380,000 |
Subordinated Debt Obligations, Fair Value Disclosure | 0 | 0 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 0 | 0 |
Interest-earning deposits in financial institutions | 0 | 0 |
Available-for-sale Securities | 1,532,711 | |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 19,710 | 40,609 |
Cost Method Investments, Fair Value Disclosure | 0 | 0 |
Equity Method Investments, Fair Value Disclosure | 0 | |
Deposits, Savings Deposits | 11,513,826 | 6,256,190 |
Deposits, Fair Value Disclosure | 4,152,920 | 5,502,479 |
Long-term Debt, Fair Value | 4,438 | 3,539 |
Subordinated Debt Obligations, Fair Value Disclosure | 419,762 | 417,657 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 0 | 0 |
Interest-earning deposits in financial institutions | 0 | 0 |
Available-for-sale Securities | 33,947 | |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 |
Cost Method Investments, Fair Value Disclosure | 6,789 | 3,691 |
Equity Method Investments, Fair Value Disclosure | 21,700 | |
Loans Receivable, Fair Value Disclosure | 14,384,191 | |
Deposits, Savings Deposits | 0 | 0 |
Deposits, Fair Value Disclosure | 0 | 0 |
Long-term Debt, Fair Value | 0 | 0 |
Subordinated Debt Obligations, Fair Value Disclosure | 0 | 0 |
NonPCI and PCI Loans [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and leases, net | 14,363,143 | 11,797,977 |
Loans Receivable, Fair Value Disclosure | 11,757,951 | |
NonPCI and PCI Loans [Member] | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 0 | |
NonPCI and PCI Loans [Member] | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 2,366 | |
NonPCI and PCI Loans [Member] | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 11,755,585 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 3,559,437 | 1,567,177 |
Derivative Asset, Fair Value of Collateral | 11,919 | 5,234 |
Derivative Liability, Fair Value of Collateral | 1,397 | 118 |
Fair Value, Measurements, Recurring [Member] | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 71,942 | 519 |
Derivative Asset, Fair Value of Collateral | 0 | 0 |
Warrants Not Settleable in Cash, Fair Value Disclosure | 0 | |
Derivative Liability, Fair Value of Collateral | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 3,388,054 | 1,532,711 |
Derivative Asset, Fair Value of Collateral | 11,919 | 5,234 |
Warrants Not Settleable in Cash, Fair Value Disclosure | 0 | |
Derivative Liability, Fair Value of Collateral | 1,397 | 118 |
Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 99,441 | 33,947 |
Derivative Asset, Fair Value of Collateral | 0 | 0 |
Warrants Not Settleable in Cash, Fair Value Disclosure | 4,914 | |
Derivative Liability, Fair Value of Collateral | 0 | $ 0 |
Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 0 | |
Non Purchased Credit Impaired Loans and Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 9,367 |
Fair Value Measurements (Details Textual) - USD ($) |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 3,559,437,000 | $ 1,567,177,000 |
Carrying Value of Nonaccrual Loans with Collateral Write-downs | 20,000,000 | |
Threshold for loans that are considered individually significant for allowance analysis purposes | 250,000 | |
Warrants Not Settleable in Cash, Fair Value Disclosure | 4,914,000 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 33,947,000 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 3,559,437,000 | 1,567,177,000 |
Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 99,441,000 | 33,947,000 |
Warrants Not Settleable in Cash, Fair Value Disclosure | 4,914,000 | |
Other Private Label Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 10,914,000 | |
Other Private Label Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 51,459,000 | 0 |
Other securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 115,211,000 | 25,716,000 |
Other securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | 25,716,000 | |
Other securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale Securities | $ 18,200,000 | $ 0 |
Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Federal | $ (11,950) | $ (14,611) | $ (32,113) |
Current State and Local Tax Expense | (28,167) | (10,823) | (7,667) |
Current Income Tax Expense | (40,117) | (25,434) | (39,780) |
Deferred Federal Income Tax Expense | (128,436) | (70,662) | 9,099 |
Deferred State and Local Income Tax Expense | (11,964) | (19,795) | (1,586) |
Deferred Income Tax Expense (Benefit) | (140,400) | (90,457) | 7,513 |
Income Tax Expense (Benefit), Continuing Operations, Discontinued Operations, Extraordinary Items | $ (180,517) | $ (115,891) | $ (32,267) |
Income Taxes (Details 1) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ (168,047) | $ (98,575) | $ (26,201) |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | (29,009) | (15,689) | (6,014) |
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | 8,274 | 4,472 | 3,979 |
Income Tax Reconciliation Change In Cash Surrender Value Of Life Insurance | 884 | 739 | 407 |
Effective Income Tax Rate Reconciliation, Tax Credit, Amount | 2,441 | 3,567 | 2,480 |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Compensation Cost, Amount | (1,005) | (6,792) | (4,730) |
Nondeductible acquisition-related expense | (876) | (2,994) | (1,196) |
Income Tax Reconciliation Acquisition Related Securities Gain Loss | 0 | 0 | 1,828 |
Deferred Tax Assets, Tax Deferred Expense | 5,529 | (157) | 0 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 2,917 | 3,520 | 0 |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | (1,625) | (3,982) | (2,820) |
Income Tax Expense (Benefit), Continuing Operations, Discontinued Operations, Extraordinary Items | $ 180,517 | $ 115,891 | $ 32,267 |
Income Taxes (Details 2) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Provision for Loan Losses | $ 97,385 | $ 100,981 |
Interest on nonaccrual loans | 5,100 | 7,394 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 4,027 | 4,585 |
Deferred Tax Assets, Property, Plant and Equipment | 5,867 | 5,359 |
Deferred tax assets, unrealized losses on other real estate owned | 6,479 | 7,353 |
Assets acquired in FDIC-assisted acquisition | 2,319 | 10,217 |
Deferred Tax Assets, State Taxes | 6,101 | 5,009 |
Deferred Tax Assets, Operating Loss Carryforwards | 125,678 | 207,575 |
Deferred Tax Assets, Capital Loss Carryforwards | 35,597 | 57,494 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 40,733 | 36,115 |
Deferred Tax Assets, Other | 0 | 6,254 |
Deferred Tax Assets, Equity Method Investments | 16,712 | 8,666 |
Deferred Tax Assets, Goodwill and Intangible Assets | 37,423 | 44,372 |
Tax Credit Carryforward, Deferred Tax Asset | 35,874 | 32,183 |
Deferred Tax Assets, Gross | 419,295 | 533,557 |
Deferred Tax Assets, Valuation Allowance | (121,138) | (130,282) |
Deferred Tax Assets, Net of Valuation Allowance | 298,157 | 403,275 |
Deferred Tax Liabilities, Goodwill and Intangible Assets | 19,122 | 3,978 |
Deferred Tax Liabilities, Tax Deferred Income | 16,283 | 17,594 |
Deferred Tax Liabilities, Other Comprehensive Income | 19,224 | 17,926 |
Deferred Tax Liabilities, Regulatory Assets | 1,067 | 2,820 |
Deferred Tax Liabilities, Subordinated Debt | 39,242 | 40,369 |
Deferred Tax Liabilities, Leasing Arrangements | 40,029 | 34,136 |
Unrealized income from FDIC-assisted acquisition | 7,543 | 2,041 |
Deferred Tax Liabilities, Investments | 17,087 | |
Deferred Tax Assets, Investments | 0 | |
Deferred Tax Liabilities, Other | 12,171 | 0 |
Deferred Tax Liabilities, Gross | 171,768 | 118,864 |
Deferred Tax Assets, Net | $ 126,389 | $ 284,411 |
Income Taxes (Details 3) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ||
Balance, beginning of year | $ 20,501 | $ 0 |
Increase related to CapitalSource Inc. merger | 0 | 18,724 |
Increase based on tax positions related to prior years | 6,839 | 2,371 |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (4,789) | 0 |
Reductions related to settlements | (6,640) | (293) |
Reductions for tax positions as a result of a lapse of the applicable statute of limitations | (756) | (301) |
Balance, end of year | $ 15,155 | $ 20,501 |
Income Taxes (Details Textual) - USD ($) $ in Thousands, shares in Millions |
12 Months Ended | ||
---|---|---|---|
Oct. 06, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Statutory Federal Income Tax Rate | 35.00% | ||
Income Taxes Receivable | $ 6,200 | $ 18,300 | |
Deferred Tax Assets, Valuation Allowance | 121,138 | 130,282 | |
Unused Federal operating loss carryforwards | 200,400 | ||
Unused State operating loss carryforwards | 1,000,000 | ||
Unused Federal capital loss carryforwards | 82,300 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 28,600 | ||
Low Income Housing Tax Credit carryforwards | 7,100 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 4,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | (2,400) | (200) | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 900 | 3,300 | |
Minimum [Member] | |||
State operating loss carryforwards expiration date | Dec. 31, 2016 | ||
Federal capital loss carryforward expiration date | 1/1/2016 | ||
Foreign tax credit carryforward expiration date | Jan. 01, 2016 | ||
Tax Credit Carryforward, Expiration Date | Jan. 01, 2034 | ||
Open Tax Year | 2006 | ||
Maximum [Member] | |||
Unused Federal operating loss carryforward expiration date | 12/31/2031 | ||
State operating loss carryforwards expiration date | Dec. 31, 2035 | ||
Federal capital loss carryforward expiration date | 12/31/2018 | ||
Foreign tax credit carryforward expiration date | Dec. 31, 2021 | ||
Tax Credit Carryforward, Expiration Date | Dec. 31, 2035 | ||
Open Tax Year | 2014 | ||
State and Local Jurisdiction [Member] | Minimum [Member] | |||
Income Tax Examination, Year under Examination | 2006 | ||
State and Local Jurisdiction [Member] | Maximum [Member] | |||
Income Tax Examination, Year under Examination | 2013 | ||
Internal Revenue Service (IRS) [Member] | Minimum [Member] | |||
Income Tax Examination, Year under Examination | 2008 | ||
Internal Revenue Service (IRS) [Member] | Maximum [Member] | |||
Income Tax Examination, Year under Examination | 2012 | ||
Shares Of Common Stock [Member] | Square 1 Financial, Inc. [Member] | |||
Stock Issued During Period, Shares, New Issues | 18.1 | ||
Unrecognized Tax Rate Benefit (Negative Benefit) [Member] | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 4,300 | $ 2,400 |
Earnings Per 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 |
|||
Earnings Per Share [Abstract] | |||||||||||||
Net earnings from continuing operations | $ 71,057 | $ 62,276 | $ 11,230 | $ 25,905 | $ 299,619 | $ 170,468 | $ 45,477 | ||||||
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | [1] | 2,892 | 1,959 | 1,096 | |||||||||
Net earnings from continuing operations allocated to common shares | 296,727 | 168,509 | 44,381 | ||||||||||
Net loss from discontinued operations allocated to common shares | 0 | (1,545) | (348) | ||||||||||
Net earnings allocated to common shares | $ 296,727 | $ 166,964 | $ 44,033 | ||||||||||
Weighted-average basic shares and unvested restricted stock outstanding | 107,401 | 87,871 | 42,506 | ||||||||||
Less: weighted-average unvested restricted stock outstanding | (1,074) | (1,018) | (1,683) | ||||||||||
Weighted-average basic shares outstanding | 106,327 | 86,853 | 40,823 | ||||||||||
Net earnings from continuing operations | $ 0.69 | $ 0.60 | $ 0.11 | $ 0.57 | $ 2.79 | $ 1.94 | $ 1.09 | ||||||
Net loss from discontinued operations | 0.00 | (0.02) | (0.01) | ||||||||||
Basic net income per share (usd per share) | $ 0.60 | $ 0.68 | $ 0.83 | $ 0.71 | 0.69 | 0.60 | 0.10 | 0.55 | $ 2.79 | $ 1.92 | $ 1.08 | ||
Net earnings allocated to common shares | 296,727 | 166,964 | 44,033 | ||||||||||
Net earnings from continuing operations | 0.69 | 0.60 | 0.11 | 0.57 | $ 2.79 | $ 1.94 | $ 1.09 | ||||||
Net loss from discontinued operations | 0.00 | (0.02) | (0.01) | ||||||||||
Diluted net income per share (usd per share) | $ 0.60 | $ 0.68 | $ 0.83 | $ 0.71 | $ 0.69 | $ 0.60 | $ 0.10 | $ 0.55 | $ 2.79 | $ 1.92 | $ 1.08 | ||
|
Stock Based Compensation Plan Stock-based Compensation Plan (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Number of Shares | |||
Beginning balance | 1,108,505 | 1,216,524 | 1,698,281 |
Granted | 501,622 | 1,129,805 | 673,900 |
Shares vesting | (318,220) | (1,183,024) | (819,461) |
Forfeited | (79,956) | (54,800) | (336,196) |
Ending balance | 1,211,951 | 1,108,505 | 1,216,524 |
Weighted Average Grant Date Fair Value (Per Share) | |||
Beginning balance | $ 40.24 | $ 28.69 | $ 30.68 |
Granted | 46.18 | 40.37 | 29.06 |
Shares vesting | 40.26 | 28.53 | 24.84 |
Forfeited | 41.88 | 38.97 | 48.92 |
Ending balance | $ 42.59 | $ 40.24 | $ 28.69 |
Stock Based Compensation Plan Stock-based Compensation Plan (Details 1) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted | 501,622 | 1,129,805 | 673,900 | |||
Equity Instruments Other than Options, Nonvested, Number | 1,211,951 | 1,108,505 | 1,216,524 | 1,698,281 | ||
Shares vesting | $ 40.26 | $ 28.53 | $ 24.84 | |||
Granted | $ 46.18 | $ 40.37 | $ 29.06 | |||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted | 490,652 | 711,633 | 9,666 | |||
Restricted stock awarded and earned stock compensation, net of shares forfeited | $ 21,147 | $ 30,671 | $ 417 | |||
Equity Instruments Other than Options, Nonvested, Number | 1,211,951 | |||||
Shares vesting | $ 46.18 | $ 40.21 | $ 35.26 | |||
Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 years 1 month 20 days | 1 year 2 months 20 days | 1 year 1 month 20 days | |||
Outstanding at Year-End [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares vesting | $ 42.59 | |||||
Granted | [1] | $ 52,235,000 | ||||
Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 6 months 20 days | |||||
|
Stock Based Compensation Plan Stock-based Compensation Plan (Details Textual) - USD ($) $ / shares in Units, $ in Millions |
12 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Apr. 07, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
|||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity Instruments Other than Options, Nonvested, Number | 1,211,951 | 1,108,505 | 1,216,524 | 1,698,281 | |||
Vesting period of time-based restricted stock, lower limit | 3 years | ||||||
Vesting period of time-based restricted stock, higher limit | 4 years | ||||||
Awarded shares of restricted common stock vested due to the triggering of the change of control provision contained within the 2003 Plan | 1,013,377 | ||||||
Expense incurred due to awarded shares of restricted common stock vested due to the triggering of the change of control provision contained within the 2003 Plan | $ 26.1 | $ 12.4 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 14.7 | 53.4 | 30.9 | ||||
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | $ 5.6 | $ 3.9 | $ 3.4 | ||||
Share Price | [1] | $ 43.10 | |||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity Instruments Other than Options, Nonvested, Number | 1,211,951 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 41.1 | ||||||
Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 2 years 1 month 20 days | 1 year 2 months 20 days | 1 year 1 month 20 days | ||||
Restricted Stock [Member] | Vesting Based On Service [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated Share-based Compensation Expense | $ 15.0 | $ 9.8 | $ 8.5 | ||||
PacWest 2003 Stock Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 19,686,565 | ||||||
Share-based compensation arrangement, number of Shares Authorized due to CapitalSource, Inc Plan | 10,686,565 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 12,978,460 | ||||||
Share-based compensation arrangement, Number of Shares Available for Grant due to CapitalSource, Inc Compensation Plan | 9,550,459 | ||||||
Capitalsource, Inc. [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Business Acquisition, Effective Date of Acquisition | Apr. 07, 2014 | ||||||
Outstanding at Year-End [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 6 months 20 days | ||||||
|
Benefit Plans Benefit Plans (Details Textual) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015
USD ($)
yr
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Benefit Plans [Abstract] | |||
Minimum Hours Of Work Required By Participants | 1,000 | ||
Minimum Age Of Work Required By Participants | yr | 18 | ||
Maximum Annual Contributions Per Employee, Percent | 60.00% | ||
Cost Recognized | $ | $ 2.8 | $ 1.9 | $ 1.3 |
Stockholders' Equity (Details Textual) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Treasury Stock, Shares, Acquired | 180,822 | 493,890 | 351,640 |
Treasury Stock Acquired, Average Cost Per Share | $ 46.46 | $ 45.16 | $ 38.5 |
Capitalsource, Inc. [Member] | |||
Proceeds from (Repurchase of) Equity | $ 58,000 | $ 115,000 | |
Repurchased common stock from dividend reinvestment program | 1,300 | 2,583 |
Dividend Availability and Regulatory Matters Dividend Availability and Regulatory Matters (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | |
Tier One Leverage Capital | $ 2,164,152 | $ 1,722,870 |
Tier One Leverage Capital to Average Assets | 11.67% | 12.34% |
Tier One Leverage Capital Required to be Well Capitalized | $ 927,359 | $ 698,109 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Excess Tier One Leverage Capital | $ 1,236,793 | $ 1,024,761 |
Tier One Risk Based Common Equity | $ 2,159,741 | |
Tier One Risk Based Common Equity to Risk Weighted Assets | 12.58% | |
Tier One Risk Based Common Equity Required to be Well Capitalized | $ 1,116,069 | |
Tier One Risk Based Common Equity Required to be Well Capitalized to Risk Weighted Assets | 6.50% | |
Excess Common Equity Tier One Capital | $ 1,043,672 | |
Tier One Risk Based Capital | $ 2,164,152 | $ 1,722,870 |
Tier One Risk Based Capital to Risk Weighted Assets | 12.60% | 13.16% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 1,373,623 | $ 785,781 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 6.00% |
Excess Tier One Risk Based Capital | $ 790,529 | $ 937,089 |
Capital | $ 2,687,377 | $ 2,104,984 |
Capital to Risk Weighted Assets | 15.65% | 16.07% |
Capital Required to be Well Capitalized | $ 1,717,029 | $ 1,309,635 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Excess Capital | $ 970,348 | $ 795,349 |
Pacific Western Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier One Leverage Capital | $ 2,057,546 | $ 1,621,546 |
Tier One Leverage Capital to Average Assets | 11.40% | 11.70% |
Tier One Leverage Capital Required to be Well Capitalized | $ 902,204 | $ 693,174 |
Excess Tier One Leverage Capital | 1,155,342 | 928,372 |
Tier One Risk Based Common Equity | $ 2,057,546 | |
Tier One Risk Based Common Equity to Risk Weighted Assets | 12.03% | |
Tier One Risk Based Common Equity Required to be Well Capitalized | $ 1,111,913 | |
Excess Common Equity Tier One Capital | 945,633 | |
Tier One Risk Based Capital | $ 2,057,546 | $ 1,621,546 |
Tier One Risk Based Capital to Risk Weighted Assets | 12.03% | 12.46% |
Tier One Risk Based Capital Required to be Well Capitalized | $ 1,368,508 | $ 780,834 |
Excess Tier One Risk Based Capital | 689,038 | 840,712 |
Capital | $ 2,189,388 | $ 1,712,312 |
Capital to Risk Weighted Assets | 12.80% | 13.16% |
Capital Required to be Well Capitalized | $ 1,710,635 | $ 1,301,390 |
Excess Capital | $ 478,753 | $ 410,922 |
Dividend Availability and Regulatory Matters Dividend Availability and Regulatory Matters (Details Textual) - USD ($) |
12 Months Ended | |
---|---|---|
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items] | ||
Proceeds from Dividends Received | $ 214,000,000 | |
Retained earnings (deficit) | $ 13,907,000 | $ (285,712,000) |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 6.00% | |
Tier One Risk Based Common Equity Required to be Adequately Capitalized to Risk Weighted Assets | 4.50% | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 6.00% |
Tier One Risk Based Capital Required to be Well Capitalized | 6.50% | |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Deferred Tax Assets, Regulatory Assets and Liabilities | $ 47,200,000 | |
Subordinated debentures | 436,000,000 | $ 433,583,000 |
Tier One Capital, Trust Preferred Securities Capital Portion | 32,800,000 | |
Tier Two Capital, Trust Preferred Securities Capital Portion | 391,400,000 | |
Pacific Western Bank [Member] | ||
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items] | ||
Retained earnings (deficit) | (609,000,000) | |
Deferred Tax Assets, Regulatory Assets and Liabilities | 200,000.0 | |
Subordinated Debt [Member] | ||
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items] | ||
Subordinated debentures | $ 436,000,000 | $ 433,583,000 |
Condensed Financial Information Of Parent Company Parent Company Information (Details) - USD ($) $ in Thousands |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
Dec. 31, 2012 |
---|---|---|---|---|
Condensed Financial Statements, Captions [Line Items] | ||||
Cash | $ 396,486 | $ 313,226 | ||
Other assets | 335,045 | 290,744 | ||
Total assets | 21,288,490 | 16,234,605 | ||
Subordinated debentures | 436,000 | 433,583 | ||
Total liabilities | 16,890,799 | 12,728,375 | ||
Stockholders' Equity Attributable to Parent Only | 4,397,691 | 3,506,230 | $ 808,898 | $ 589,121 |
Total liabilities and stockholders' equity | 21,288,490 | 16,234,605 | ||
Parent [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash | 416,970 | 309,220 | ||
Investments In Consolidated Banking Subsidiaries | 3,980,537 | 3,105,283 | ||
Other assets | 153,991 | 226,321 | ||
Total assets | 4,551,498 | 3,640,824 | ||
Subordinated debentures | 133,812 | 133,232 | ||
Other Liabilities | 19,995 | 1,362 | ||
Total liabilities | 153,807 | 134,594 | ||
Stockholders' Equity Attributable to Parent Only | 4,397,691 | 3,506,230 | ||
Total liabilities and stockholders' equity | $ 4,551,498 | $ 3,640,824 |
Condensed Financial Information Of Parent Company Parent Company Information (Details 1) - 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] | |||||||||||
Investment Income, Dividend | $ 4,046 | $ 3,613 | $ 1,604 | ||||||||
Interest Expense | $ 14,298 | $ 15,152 | $ 15,903 | $ 15,239 | $ 14,713 | $ 13,510 | $ 11,830 | $ 2,345 | 60,592 | 42,398 | 12,201 |
Income Tax Expense (Benefit) | (49,380) | (39,777) | (45,287) | (46,073) | (43,261) | (42,911) | (15,552) | (15,281) | (180,517) | (117,005) | (32,525) |
Net earnings | $ 71,841 | $ 69,616 | $ 85,083 | $ 73,079 | $ 70,999 | $ 62,271 | $ 10,555 | $ 25,080 | 299,619 | 168,905 | 45,115 |
Parent Only | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Other Income | 1,458 | 122 | 104 | ||||||||
Acquisition Related Securities Gain | 0 | 0 | 5,222 | ||||||||
Investment Income, Dividend | 214,000 | 137,000 | 48,000 | ||||||||
Total Income | 215,458 | 137,122 | 53,326 | ||||||||
Interest Expense | 4,279 | 4,211 | 3,796 | ||||||||
Operating Expenses | 6,983 | 8,105 | 6,061 | ||||||||
Total Expenses | 11,262 | 12,316 | 9,857 | ||||||||
Net earnings from continuing operations | 204,196 | 124,806 | 43,469 | ||||||||
Income Tax Expense (Benefit) | 4,225 | 5,164 | 4,038 | ||||||||
Income Loss From Continuing Operations Before Income Loss From Equity Method Investments | 208,421 | 129,970 | 47,507 | ||||||||
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 91,198 | 38,935 | (2,392) | ||||||||
Net earnings | $ 299,619 | $ 168,905 | $ 45,115 |
Condensed Financial Information Of Parent Company Parent Company Information (Details 2) - 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, 2012 |
|
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net earnings | $ 71,841 | $ 69,616 | $ 85,083 | $ 73,079 | $ 70,999 | $ 62,271 | $ 10,555 | $ 25,080 | $ 299,619 | $ 168,905 | $ 45,115 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ||||||||||||
Decrease (increase) in other assets | 48,172 | 49,498 | 19,789 | |||||||||
Tax effect included in stockholders' equity of restricted stock vesting | (841) | (4,625) | (2,133) | |||||||||
Earned stock compensation | 15,630 | 36,474 | 21,246 | |||||||||
Net cash provided by operating activities | 593,878 | 332,110 | 50,252 | |||||||||
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||||||||||||
Cash acquired in acquisitions, net of cash consideration paid | 260,936 | 346,047 | 273,013 | |||||||||
Payments to Acquire Available-for-sale Securities | (992,680) | (236,739) | (550,211) | |||||||||
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||||||||||||
Tax effect included in stockholders' equity of restricted vesting stock | 841 | 4,625 | 2,133 | |||||||||
Restricted stock surrendered | 8,400 | 22,307 | 13,537 | |||||||||
Increase (Decrease) in Notes Receivables | 0 | 0 | ||||||||||
Cash dividends paid, net | (215,110) | (114,162) | (41,006) | |||||||||
Net cash provided by (used in) financing activities | 131,879 | (722,864) | (480,173) | |||||||||
Cash and Cash Equivalents, at Carrying Value | 396,486 | 313,226 | 396,486 | 313,226 | 147,422 | $ 164,404 | ||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||
Common stock ($0.01 par value, 200,000,000 shares authorized at December 31, 2015 and 2014; 122,791,729 and 104,219,197 shares issued, respectively, includes 1,211,951 and 1,108,505 shares of unvested restricted stock, respectively) | 1,228 | 1,042 | 1,228 | 1,042 | ||||||||
Parent Only | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Net earnings | 299,619 | 168,905 | 45,115 | |||||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | ||||||||||||
Acquisition Related Securities Gain | 0 | 0 | (5,222) | |||||||||
Decrease (increase) in other assets | 145,708 | 25,515 | (609) | |||||||||
Increase (Decrease) in Operating Liabilities | 9,115 | 310 | 4,932 | |||||||||
Tax effect included in stockholders' equity of restricted stock vesting | 841 | 4,625 | (364) | |||||||||
Earned stock compensation | 14,994 | 41,099 | 441 | |||||||||
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | (91,198) | (38,935) | 2,392 | |||||||||
Net cash provided by operating activities | 379,079 | 201,519 | 46,685 | |||||||||
Net Cash Provided by (Used in) Investing Activities [Abstract] | ||||||||||||
Cash acquired in acquisitions, net of cash consideration paid | 3,021 | 226,960 | 857 | |||||||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 3,021 | 226,960 | 857 | |||||||||
Net Cash Provided by (Used in) Financing Activities [Abstract] | ||||||||||||
Tax effect included in stockholders' equity of restricted vesting stock | (841) | (4,625) | 364 | |||||||||
Restricted stock surrendered | (8,400) | (22,307) | (13,537) | |||||||||
Increase (Decrease) in Notes Receivables | (50,000) | |||||||||||
Cash dividends paid, net | (215,110) | (114,162) | (41,006) | |||||||||
Net cash provided by (used in) financing activities | (274,351) | (141,094) | (54,179) | |||||||||
Net Cash Provided by (Used in) Continuing Operations | 107,749 | 287,385 | (6,637) | |||||||||
Cash and Cash Equivalents, at Carrying Value | 416,969 | 309,220 | 416,969 | 309,220 | 21,835 | $ 28,472 | ||||||
Supplemental Cash Flow Information [Abstract] | ||||||||||||
Common stock ($0.01 par value, 200,000,000 shares authorized at December 31, 2015 and 2014; 122,791,729 and 104,219,197 shares issued, respectively, includes 1,211,951 and 1,108,505 shares of unvested restricted stock, respectively) | $ 797,433 | $ 2,594,070 | $ 797,433 | $ 2,594,070 | $ 242,268 |
Selected Quarterly Financial Data Selected Quarterly Financial Data (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 |
|
Interest Income (Expense), Net [Abstract] | |||||||||||
Interest Income | $ 243,497 | $ 207,672 | $ 218,455 | $ 214,314 | $ 209,696 | $ 202,356 | $ 204,363 | $ 88,360 | $ 883,938 | $ 704,775 | $ 309,914 |
Interest expense | (14,298) | (15,152) | (15,903) | (15,239) | (14,713) | (13,510) | (11,830) | (2,345) | (60,592) | (42,398) | (12,201) |
Net interest income | 229,199 | 192,520 | 202,552 | 199,075 | 194,983 | 188,846 | 192,533 | 86,015 | 823,346 | 662,377 | 297,713 |
Provision (negative provision) for credit losses | 13,772 | 8,746 | 6,529 | 16,434 | 2,063 | 5,050 | 5,030 | 644 | 45,481 | 11,499 | (4,210) |
FDIC loss sharing expense, net | (4,291) | (4,449) | (5,107) | (4,399) | (4,360) | (7,415) | (8,525) | (11,430) | (18,246) | (31,730) | (26,172) |
Noninterest Income [Abstract] | |||||||||||
Gain on securities | 0 | 655 | (186) | 3,275 | 0 | 0 | 89 | 4,752 | 3,744 | 4,841 | 5,359 |
Noninterest Income, Other | 32,349 | 19,552 | 24,916 | 21,995 | 17,063 | 23,729 | 16,915 | 11,369 | |||
Total noninterest income | 28,058 | 15,758 | 19,623 | 20,871 | 12,703 | 16,314 | 8,479 | 4,691 | 84,310 | 42,187 | 4,244 |
Foreclosed Assets (Income) Expense, Net | 3,185 | (4,521) | 2,340 | (336) | (1,938) | (4,827) | (497) | 1,861 | 668 | (5,401) | 1,503 |
Noninterest Expense [Abstract] | |||||||||||
Additions | (17,600) | (747) | (900) | (2,000) | (7,381) | (5,193) | (86,242) | (2,200) | (9,410) | (6,268) | (5,402) |
Acquisition, integration and reorganization costs | (107,849) | (84,871) | (86,716) | (82,024) | (81,986) | (84,903) | (82,461) | (49,825) | (21,247) | (101,016) | (40,812) |
Total noninterest expense | (122,264) | (90,139) | (85,276) | (84,360) | (91,305) | (94,923) | (169,200) | (50,164) | (382,039) | (405,592) | (228,165) |
Income (Loss) from Continuing Operations Attributable to Parent [Abstract] | |||||||||||
Earnings from continuing operations before taxes | 121,221 | 109,393 | 130,370 | 119,152 | 114,318 | 105,187 | 26,782 | 41,186 | 480,136 | 287,473 | 78,002 |
Income Tax Expense (Benefit) | (49,380) | (39,777) | (45,287) | (46,073) | (43,261) | (42,911) | (15,552) | (15,281) | (180,517) | (117,005) | (32,525) |
Net earnings from continuing operations | 71,057 | 62,276 | 11,230 | 25,905 | 299,619 | 170,468 | 45,477 | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent [Abstract] | |||||||||||
Loss from discontinued operations before taxes | (105) | (8) | (1,151) | (1,413) | 0 | (2,677) | (620) | ||||
Income tax benefit | 47 | 3 | 476 | 588 | 0 | 1,114 | 258 | ||||
Net loss from discontinued operations | (58) | (5) | (675) | (825) | 0 | (1,563) | (362) | ||||
Net earnings | $ 71,841 | $ 69,616 | $ 85,083 | $ 73,079 | $ 70,999 | $ 62,271 | $ 10,555 | $ 25,080 | $ 299,619 | $ 168,905 | $ 45,115 |
Earnings Per Share, Basic [Abstract] | |||||||||||
Net earnings from continuing operations | $ 0.69 | $ 0.60 | $ 0.11 | $ 0.57 | $ 2.79 | $ 1.94 | $ 1.09 | ||||
Basic net income per share (usd per share) | $ 0.60 | $ 0.68 | $ 0.83 | $ 0.71 | 0.69 | 0.60 | 0.10 | 0.55 | 2.79 | 1.92 | 1.08 |
Earnings Per Share, Diluted [Abstract] | |||||||||||
Net earnings from continuing operations | 0.69 | 0.60 | 0.11 | 0.57 | 2.79 | 1.94 | 1.09 | ||||
Diluted net income per share (usd per share) | $ 0.60 | $ 0.68 | $ 0.83 | $ 0.71 | $ 0.69 | $ 0.60 | $ 0.10 | $ 0.55 | $ 2.79 | $ 1.92 | $ 1.08 |
Related Party Transaction Related Party Transaction (Details Textual) - Castle Creek Finance LLC [Member] - USD ($) $ in Millions |
12 Months Ended | |
---|---|---|
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Capitalsource, Inc. [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Amounts of Transaction | $ 9.0 | |
First California Financial Group, Inc. [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Amounts of Transaction | $ 1.3 |
Subsequent Events Subsequent Events (Details Textual) - $ / shares |
12 Months Ended | |||
---|---|---|---|---|
Feb. 01, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Subsequent Event [Line Items] | ||||
Dividends declared per share (usd per share) | $ 2.00 | $ 1.25 | $ 1 | |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends Payable, Date Declared | Feb. 01, 2016 | |||
Dividends Payable, Date to be Paid | Feb. 29, 2016 | |||
Dividends Payable, Date of Record | Feb. 16, 2016 | |||
Dividend Declared [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends declared per share (usd per share) | $ 0.5 |
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