Delaware | 33-0885320 | |
(State of Incorporation) | (I.R.S. Employer Identification No.) |
þ Large accelerated filer | o Accelerated filer | |
o Non-accelerated filer | (Do not check if a smaller reporting company) | o Smaller reporting company |
Page | ||
PART I. FINANCIAL INFORMATION | ||
Item 1. | Condensed Consolidated Financial Statements (Unaudited) | |
Condensed Consolidated Balance Sheets (Unaudited) | ||
Condensed Consolidated Statements of Earnings (Unaudited) | ||
Condensed Consolidated Statements of Comprehensive Income (Unaudited) | ||
Condensed Consolidated Statement Changes in Stockholders' Equity (Unaudited) | ||
Condensed Consolidated Statements of Cash Flows (Unaudited) | ||
Notes to Condensed Consolidated Financial Statements (Unaudited) | ||
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | |
Item 4. | Controls and Procedures | |
PART II. OTHER INFORMATION | ||
Item 1. | Legal Proceedings | |
Item 1A. | Risk Factors | |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |
Item 6. | Index to Exhibits | |
Signatures |
September 30, | December 31, | ||||||
2016 | 2015 | ||||||
(Unaudited) | |||||||
(Dollars in thousands, except par value amounts) | |||||||
ASSETS: | |||||||
Cash and due from banks | $ | 286,371 | $ | 161,020 | |||
Interest-earning deposits in financial institutions | 253,994 | 235,466 | |||||
Total cash and cash equivalents | 540,365 | 396,486 | |||||
Securities available-for-sale, at fair value | 3,341,335 | 3,559,437 | |||||
Federal Home Loan Bank stock, at cost | 19,386 | 19,710 | |||||
Total investment securities | 3,360,721 | 3,579,147 | |||||
Gross loans and leases | 14,806,427 | 14,528,165 | |||||
Deferred fees, net | (63,581 | ) | (49,911 | ) | |||
Allowance for loan and lease losses | (147,976 | ) | (115,111 | ) | |||
Total loans and leases, net | 14,594,870 | 14,363,143 | |||||
Equipment leased to others under operating leases | 198,931 | 197,452 | |||||
Premises and equipment, net | 38,977 | 39,197 | |||||
Foreclosed assets, net | 15,113 | 22,120 | |||||
Goodwill | 2,173,949 | 2,176,291 | |||||
Core deposit and customer relationship intangibles, net | 39,542 | 53,220 | |||||
Deferred tax asset, net | 27,073 | 126,389 | |||||
Other assets | 325,750 | 335,045 | |||||
Total assets | $ | 21,315,291 | $ | 21,288,490 | |||
LIABILITIES: | |||||||
Noninterest-bearing deposits | $ | 6,521,946 | $ | 6,171,455 | |||
Interest-bearing deposits | 9,123,722 | 9,494,727 | |||||
Total deposits | 15,645,668 | 15,666,182 | |||||
Borrowings | 541,011 | 621,914 | |||||
Subordinated debentures | 441,112 | 436,000 | |||||
Accrued interest payable and other liabilities | 144,905 | 166,703 | |||||
Total liabilities | 16,772,696 | 16,890,799 | |||||
Commitments and contingencies (Note 8) | |||||||
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 September 30, 2016 and December 31, | |||||||
2015, 123,320,121 and 122,791,729 shares issued, respectively, including 1,397,715 and 1,211,951 | |||||||
shares of unvested restricted stock, respectively) | 1,233 | 1,228 | |||||
Additional paid-in capital | 4,244,521 | 4,405,775 | |||||
Retained earnings | 280,426 | 13,907 | |||||
Treasury stock, at cost (1,502,597 and 1,378,002 shares at September 30, 2016 and December 31, 2015) | (55,658 | ) | (51,047 | ) | |||
Accumulated other comprehensive income, net | 72,073 | 27,828 | |||||
Total stockholders' equity | 4,542,595 | 4,397,691 | |||||
Total liabilities and stockholders' equity | $ | 21,315,291 | $ | 21,288,490 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||
(Unaudited) | |||||||||||||||||||
(Dollars in thousands, except per share amounts) | |||||||||||||||||||
Interest income: | |||||||||||||||||||
Loans and leases | $ | 225,370 | $ | 224,326 | $ | 193,539 | $ | 686,071 | $ | 599,417 | |||||||||
Investment securities | 22,187 | 22,420 | 13,955 | 67,154 | 40,720 | ||||||||||||||
Deposits in financial institutions | 298 | 308 | 178 | 914 | 304 | ||||||||||||||
Total interest income | 247,855 | 247,054 | 207,672 | 754,139 | 640,441 | ||||||||||||||
Interest expense: | |||||||||||||||||||
Deposits | 7,247 | 7,823 | 10,400 | 24,143 | 32,112 | ||||||||||||||
Borrowings | 695 | 352 | 72 | 1,628 | 395 | ||||||||||||||
Subordinated debentures | 5,278 | 5,122 | 4,680 | 15,382 | 13,787 | ||||||||||||||
Total interest expense | 13,220 | 13,297 | 15,152 | 41,153 | 46,294 | ||||||||||||||
Net interest income | 234,635 | 233,757 | 192,520 | 712,986 | 594,147 | ||||||||||||||
Provision for credit losses | 8,471 | 13,903 | 8,746 | 42,514 | 31,709 | ||||||||||||||
Net interest income after provision for credit losses | 226,164 | 219,854 | 183,774 | 670,472 | 562,438 | ||||||||||||||
Noninterest income: | |||||||||||||||||||
Service charges on deposit accounts | 3,488 | 3,633 | 2,601 | 10,977 | 7,787 | ||||||||||||||
Other commissions and fees | 12,528 | 11,073 | 6,376 | 35,090 | 18,895 | ||||||||||||||
Leased equipment income | 8,538 | 8,523 | 5,475 | 25,305 | 16,232 | ||||||||||||||
Gain on sale of loans and leases | 157 | 388 | 27 | 790 | 190 | ||||||||||||||
Gain on sale of securities | 382 | 478 | 655 | 8,970 | 3,744 | ||||||||||||||
FDIC loss sharing expense, net | — | (6,502 | ) | (4,449 | ) | (8,917 | ) | (13,955 | ) | ||||||||||
Other income | 1,827 | 4,528 | 5,073 | 11,365 | 23,359 | ||||||||||||||
Total noninterest income | 26,920 | 22,121 | 15,758 | 83,580 | 56,252 | ||||||||||||||
Noninterest expense: | |||||||||||||||||||
Compensation | 62,661 | 62,174 | 48,152 | 185,900 | 144,922 | ||||||||||||||
Occupancy | 12,010 | 12,193 | 10,762 | 36,835 | 31,950 | ||||||||||||||
Data processing | 6,234 | 5,644 | 4,322 | 17,782 | 13,032 | ||||||||||||||
Other professional services | 4,625 | 3,401 | 3,396 | 11,598 | 9,949 | ||||||||||||||
Insurance and assessments | 4,324 | 4,951 | 3,805 | 14,240 | 11,546 | ||||||||||||||
Intangible asset amortization | 4,224 | 4,371 | 1,497 | 13,341 | 4,500 | ||||||||||||||
Leased equipment depreciation | 5,298 | 5,286 | 3,162 | 15,608 | 9,368 | ||||||||||||||
Foreclosed assets (income) expense, net | (248 | ) | (3 | ) | 4,521 | (812 | ) | 2,517 | |||||||||||
Acquisition, integration and reorganization costs | — | — | 747 | 200 | 3,647 | ||||||||||||||
Other expense | 11,582 | 12,064 | 9,775 | 36,787 | 28,344 | ||||||||||||||
Total noninterest expense | 110,710 | 110,081 | 90,139 | 331,479 | 259,775 | ||||||||||||||
Earnings before income taxes | 142,374 | 131,894 | 109,393 | 422,573 | 358,915 | ||||||||||||||
Income tax expense | (48,479 | ) | (49,726 | ) | (39,777 | ) | (156,054 | ) | (131,137 | ) | |||||||||
Net earnings | $ | 93,895 | $ | 82,168 | $ | 69,616 | $ | 266,519 | $ | 227,778 | |||||||||
Earnings per share: | |||||||||||||||||||
Basic | $ | 0.77 | $ | 0.68 | $ | 0.68 | $ | 2.19 | $ | 2.21 | |||||||||
Diluted | $ | 0.77 | $ | 0.68 | $ | 0.68 | $ | 2.19 | $ | 2.21 | |||||||||
Dividends declared per share | $ | 0.50 | $ | 0.50 | $ | 0.50 | $ | 1.50 | $ | 1.50 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||
(Unaudited) | |||||||||||||||||||
(In thousands) | |||||||||||||||||||
Net earnings | $ | 93,895 | $ | 82,168 | $ | 69,616 | $ | 266,519 | $ | 227,778 | |||||||||
Other comprehensive income (loss), net of tax: | |||||||||||||||||||
Unrealized net holding gains (losses) on securities | |||||||||||||||||||
available-for-sale arising during the period | (15,954 | ) | 56,514 | 14,466 | 83,653 | 616 | |||||||||||||
Income tax (expense) benefit related to net unrealized | |||||||||||||||||||
holding gains (losses) arising during the period | 6,509 | (22,965 | ) | (5,873 | ) | (34,111 | ) | (364 | ) | ||||||||||
Unrealized net holding gains (losses) on securities | |||||||||||||||||||
available-for-sale, net of tax | (9,445 | ) | 33,549 | 8,593 | 49,542 | 252 | |||||||||||||
Reclassification adjustment for net (gains) losses | |||||||||||||||||||
included in net earnings (1) | (382 | ) | (478 | ) | (655 | ) | (8,970 | ) | (3,744 | ) | |||||||||
Income tax expense (benefit) related to reclassification | |||||||||||||||||||
adjustment | 156 | 194 | 266 | 3,673 | 1,571 | ||||||||||||||
Reclassification adjustment for net (gains) losses | |||||||||||||||||||
included in net earnings, net of tax | (226 | ) | (284 | ) | (389 | ) | (5,297 | ) | (2,173 | ) | |||||||||
Other comprehensive income (loss), net of tax | (9,671 | ) | 33,265 | 8,204 | 44,245 | (1,921 | ) | ||||||||||||
Comprehensive income | $ | 84,224 | $ | 115,433 | $ | 77,820 | $ | 310,764 | $ | 225,857 |
(1) | Entire amounts are recognized in "Gain on sale of securities" on the Condensed Consolidated Statements of Earnings. |
Nine Months Ended September 30, 2016 | ||||||||||||||||||||||||||
Common Stock | Accumulated | |||||||||||||||||||||||||
Additional | Other | |||||||||||||||||||||||||
Par | Paid-in | Retained | Treasury | Comprehensive | ||||||||||||||||||||||
Shares | Value | Capital | Earnings | Stock | Income | Total | ||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
Balance, December 31, 2015 | 121,413,727 | $ | 1,228 | $ | 4,405,775 | $ | 13,907 | $ | (51,047 | ) | $ | 27,828 | $ | 4,397,691 | ||||||||||||
Net earnings | — | — | — | 266,519 | — | — | 266,519 | |||||||||||||||||||
Other comprehensive income - net | ||||||||||||||||||||||||||
unrealized gain on securities | ||||||||||||||||||||||||||
available-for-sale, net of tax | — | — | — | — | — | 44,245 | 44,245 | |||||||||||||||||||
Restricted stock awarded and | ||||||||||||||||||||||||||
earned stock compensation, | ||||||||||||||||||||||||||
net of shares forfeited | 528,392 | 5 | 17,270 | — | — | — | 17,275 | |||||||||||||||||||
Restricted stock surrendered | (124,595 | ) | — | — | — | (4,611 | ) | — | (4,611 | ) | ||||||||||||||||
Tax effect from vesting of | ||||||||||||||||||||||||||
restricted stock | — | — | 4,226 | — | — | — | 4,226 | |||||||||||||||||||
Cash dividends paid | — | — | (182,750 | ) | — | — | — | (182,750 | ) | |||||||||||||||||
Balance, September 30, 2016 | 121,817,524 | $ | 1,233 | $ | 4,244,521 | $ | 280,426 | $ | (55,658 | ) | $ | 72,073 | $ | 4,542,595 |
Nine Months Ended | |||||||
September 30, | |||||||
2016 | 2015 | ||||||
(Unaudited) | |||||||
(In thousands) | |||||||
Cash flows from operating activities: | |||||||
Net earnings | $ | 266,519 | $ | 227,778 | |||
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||||||
Depreciation and amortization | 66,114 | 33,239 | |||||
Provision for credit losses | 42,514 | 31,709 | |||||
(Gain) loss on sale of foreclosed assets | (837 | ) | 42 | ||||
Provision for losses on foreclosed assets | — | 5,163 | |||||
Gain on sale of loans and leases | (790 | ) | (190 | ) | |||
Gain on sale of premises and equipment | (23 | ) | (54 | ) | |||
Gain on sale of securities | (8,970 | ) | (3,744 | ) | |||
Unrealized gain on derivatives and foreign currencies, net | (374 | ) | (909 | ) | |||
Earned stock compensation | 17,275 | 11,836 | |||||
Loss on sale of leasing unit | 720 | — | |||||
Tax effect included in stockholders' equity of restricted stock vesting | (4,226 | ) | (596 | ) | |||
Decrease in accrued and deferred income taxes, net | 74,946 | 108,553 | |||||
Decrease in other assets | 2,070 | 15,786 | |||||
Decrease in accrued interest payable and other liabilities | (23,600 | ) | (25,336 | ) | |||
Net cash provided by operating activities | 431,338 | 403,277 | |||||
Cash flows from investing activities: | |||||||
Net increase in loans and leases | (514,224 | ) | (612,008 | ) | |||
Proceeds from sales of loans and leases | 106,109 | 10,557 | |||||
Securities available-for-sale: | |||||||
Proceeds from maturities and paydowns | 184,644 | 93,389 | |||||
Proceeds from sales | 392,841 | 212,169 | |||||
Purchases | (303,742 | ) | (557,769 | ) | |||
Net redemptions of Federal Home Loan Bank stock | 324 | 23,359 | |||||
Proceeds from sales of foreclosed assets | 7,973 | 18,772 | |||||
Purchases of premises and equipment, net | (6,185 | ) | (5,872 | ) | |||
Proceeds from sales of premises and equipment | 24 | 108 | |||||
Proceeds from sale of leasing unit | 138,955 | — | |||||
Proceeds from BOLI death benefit | 1,853 | — | |||||
Net increase of equipment leased to others under operating leases | (15,802 | ) | (26,174 | ) | |||
Net cash used in investing activities | (7,230 | ) | (843,469 | ) | |||
Cash flows from financing activities: | |||||||
Net increase (decrease) in deposits: | |||||||
Noninterest-bearing | 352,784 | 573,101 | |||||
Interest-bearing | (371,005 | ) | (216,717 | ) | |||
Net (decrease) increase in borrowings | (78,873 | ) | 169,095 | ||||
Common stock repurchased | (4,611 | ) | (8,391 | ) | |||
Tax effect included in stockholders' equity of restricted stock vesting | 4,226 | 596 | |||||
Cash dividends paid | (182,750 | ) | (154,424 | ) | |||
Net cash (used in) provided by financing activities | (280,229 | ) | 363,260 | ||||
Net increase (decrease) in cash and cash equivalents | 143,879 | (76,932 | ) | ||||
Cash and cash equivalents, beginning of period | 396,486 | 313,226 | |||||
Cash and cash equivalents, end of period | $ | 540,365 | $ | 236,294 | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid for interest | $ | 41,392 | $ | 51,218 | |||
Cash paid for income taxes | 82,721 | 13,760 | |||||
Loans transferred to foreclosed assets | 129 | 13,472 | |||||
Partnership interest transferred to equipment leased to others under operating leases | — | 20,833 |
Goodwill | |||
(In thousands) | |||
Balance, December 31, 2015 | $ | 2,176,291 | |
Adjustment to acquired Square 1 tax assets | (1,842 | ) | |
Reduction due to sale of PWEF leasing unit | (500 | ) | |
Balance, September 30, 2016 | $ | 2,173,949 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Gross Amount of CDI and CRI: | |||||||||||||||||||
Balance, beginning of period | $ | 76,513 | $ | 93,824 | $ | 53,090 | $ | 95,524 | $ | 53,090 | |||||||||
Fully amortized portion | (2,811 | ) | (17,311 | ) | — | (20,122 | ) | — | |||||||||||
Reduction due to sale of PWEF leasing unit | — | — | — | (1,700 | ) | — | |||||||||||||
Balance, end of period | 73,702 | 76,513 | 53,090 | 73,702 | 53,090 | ||||||||||||||
Accumulated Amortization: | |||||||||||||||||||
Balance, beginning of period | (32,747 | ) | (45,687 | ) | (38,889 | ) | (42,304 | ) | (35,886 | ) | |||||||||
Amortization | (4,224 | ) | (4,371 | ) | (1,497 | ) | (13,341 | ) | (4,500 | ) | |||||||||
Fully amortized portion | 2,811 | 17,311 | — | 20,122 | — | ||||||||||||||
Reduction due to sale of PWEF leasing unit | — | — | — | 1,363 | — | ||||||||||||||
Balance, end of period | (34,160 | ) | (32,747 | ) | (40,386 | ) | (34,160 | ) | (40,386 | ) | |||||||||
Net CDI and CRI, end of period | $ | 39,542 | $ | 43,766 | $ | 12,704 | $ | 39,542 | $ | 12,704 |
September 30, 2016 | December 31, 2015 | ||||||||||||||||||||||||||||||
Gross | Gross | Gross | Gross | ||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||
Security Type: | Cost | Gains | Losses | Value | Cost | Gains | Losses | Value | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||||||||||
securities ("MBS") and collateralized | |||||||||||||||||||||||||||||||
mortgage obligations ("CMOs"): | |||||||||||||||||||||||||||||||
Agency MBS | $ | 518,996 | $ | 10,639 | $ | (694 | ) | $ | 528,941 | $ | 660,069 | $ | 11,517 | $ | (3,746 | ) | $ | 667,840 | |||||||||||||
Agency CMOs | 154,216 | 3,196 | (181 | ) | 157,231 | 193,148 | 2,633 | (1,026 | ) | 194,755 | |||||||||||||||||||||
Private label CMOs | 133,917 | 5,377 | (669 | ) | 138,625 | 140,065 | 5,837 | (1,106 | ) | 144,796 | |||||||||||||||||||||
Municipal securities | 1,437,952 | 84,571 | (29 | ) | 1,522,494 | 1,508,968 | 39,435 | (1,072 | ) | 1,547,331 | |||||||||||||||||||||
Agency commercial MBS | 517,163 | 15,299 | (1,189 | ) | 531,273 | 392,729 | 1,509 | (2,797 | ) | 391,441 | |||||||||||||||||||||
Corporate debt securities | 47,155 | 1,856 | — | 49,011 | 49,047 | 327 | (950 | ) | 48,424 | ||||||||||||||||||||||
Collateralized loan obligations | 155,373 | 1,511 | (237 | ) | 156,647 | 133,192 | 128 | (1,131 | ) | 132,189 | |||||||||||||||||||||
SBA securities | 185,639 | 1,909 | (248 | ) | 187,300 | 211,946 | 41 | (830 | ) | 211,157 | |||||||||||||||||||||
US Treasury securities | — | — | — | — | 70,196 | — | (816 | ) | 69,380 | ||||||||||||||||||||||
Agency debt securities | — | — | — | — | 36,302 | 611 | — | 36,913 | |||||||||||||||||||||||
Asset-backed and other securities | 69,189 | 722 | (98 | ) | 69,813 | 116,723 | 119 | (1,631 | ) | 115,211 | |||||||||||||||||||||
Total | $ | 3,219,600 | $ | 125,080 | $ | (3,345 | ) | $ | 3,341,335 | $ | 3,512,385 | $ | 62,157 | $ | (15,105 | ) | $ | 3,559,437 |
September 30, 2016 | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Security Type: | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Residential MBS and CMOs: | |||||||||||||||||||||||
Agency MBS | $ | 33,817 | $ | (100 | ) | $ | 130,786 | $ | (594 | ) | $ | 164,603 | $ | (694 | ) | ||||||||
Agency CMOs | 18,893 | (95 | ) | 26,476 | (86 | ) | 45,369 | (181 | ) | ||||||||||||||
Private label CMOs | 14,552 | (98 | ) | 29,058 | (571 | ) | 43,610 | (669 | ) | ||||||||||||||
Municipal securities | 5,338 | (29 | ) | — | — | 5,338 | (29 | ) | |||||||||||||||
Agency commercial MBS | 77,706 | (1,189 | ) | — | — | 77,706 | (1,189 | ) | |||||||||||||||
Collateralized loan obligations | 2,506 | (5 | ) | 39,197 | (232 | ) | 41,703 | (237 | ) | ||||||||||||||
SBA securities | 2,956 | (9 | ) | 39,842 | (239 | ) | 42,798 | (248 | ) | ||||||||||||||
Asset-backed and other securities | 5 | (2 | ) | 14,974 | (96 | ) | 14,979 | (98 | ) | ||||||||||||||
Total | $ | 155,773 | $ | (1,527 | ) | $ | 280,333 | $ | (1,818 | ) | $ | 436,106 | $ | (3,345 | ) |
December 31, 2015 | |||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||
Gross | Gross | Gross | |||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||
Security Type: | Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Residential MBS and CMOs: | |||||||||||||||||||||||
Agency MBS | $ | 352,042 | $ | (3,480 | ) | $ | 9,342 | $ | (266 | ) | $ | 361,384 | $ | (3,746 | ) | ||||||||
Agency CMOs | 117,786 | (1,026 | ) | — | — | 117,786 | (1,026 | ) | |||||||||||||||
Private label CMOs | 93,533 | (1,000 | ) | 1,638 | (106 | ) | 95,171 | (1,106 | ) | ||||||||||||||
Municipal securities | 126,892 | (1,061 | ) | 531 | (11 | ) | 127,423 | (1,072 | ) | ||||||||||||||
Agency commercial MBS | 236,098 | (2,156 | ) | 14,230 | (641 | ) | 250,328 | (2,797 | ) | ||||||||||||||
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 | ) |
September 30, 2016 | |||||||
Amortized | Fair | ||||||
Maturity: | Cost | Value | |||||
(In thousands) | |||||||
Due in one year or less | $ | 8,352 | $ | 8,562 | |||
Due after one year through five years | 252,427 | 259,096 | |||||
Due after five years through ten years | 714,467 | 738,034 | |||||
Due after ten years | 2,244,354 | 2,335,643 | |||||
Total securities available-for-sale | $ | 3,219,600 | $ | 3,341,335 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Taxable interest | $ | 11,446 | $ | 11,406 | $ | 7,323 | $ | 34,248 | $ | 22,373 | |||||||||
Non-taxable interest | 10,333 | 10,503 | 6,058 | 31,562 | 14,760 | ||||||||||||||
Dividend income | 408 | 511 | 574 | 1,344 | 3,587 | ||||||||||||||
Total interest income on investment securities | $ | 22,187 | $ | 22,420 | $ | 13,955 | $ | 67,154 | $ | 40,720 |
September 30, 2016 | December 31, 2015 | ||||||||||||||||||||||
Non-PCI | Non-PCI | ||||||||||||||||||||||
Loans | PCI | Loans | PCI | ||||||||||||||||||||
and Leases | Loans | Total | and Leases | Loans | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate mortgage | $ | 5,481,922 | $ | 104,896 | $ | 5,586,818 | $ | 5,706,903 | $ | 168,725 | $ | 5,875,628 | |||||||||||
Real estate construction and land | 843,097 | 2,423 | 845,520 | 534,307 | 2,656 | 536,963 | |||||||||||||||||
Commercial | 8,104,711 | 12,649 | 8,117,360 | 7,977,067 | 17,415 | 7,994,482 | |||||||||||||||||
Consumer | 256,476 | 253 | 256,729 | 120,793 | 299 | 121,092 | |||||||||||||||||
Total gross loans and leases | 14,686,206 | 120,221 | 14,806,427 | 14,339,070 | 189,095 | 14,528,165 | |||||||||||||||||
Deferred fees, net | (63,559 | ) | (22 | ) | (63,581 | ) | (49,861 | ) | (50 | ) | (49,911 | ) | |||||||||||
Total loans and leases, net of deferred fees | 14,622,647 | 120,199 | 14,742,846 | 14,289,209 | 189,045 | 14,478,254 | |||||||||||||||||
Allowance for loan and lease losses | (136,747 | ) | (11,229 | ) | (147,976 | ) | (105,534 | ) | (9,577 | ) | (115,111 | ) | |||||||||||
Total net loans and leases | $ | 14,485,900 | $ | 108,970 | $ | 14,594,870 | $ | 14,183,675 | $ | 179,468 | $ | 14,363,143 |
September 30, 2016 | |||||||||||||||||||
30 - 89 | 90 or More | ||||||||||||||||||
Days | Days | Total | |||||||||||||||||
Past Due | Past Due | Past Due | Current | Total | |||||||||||||||
(In thousands) | |||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||
Commercial | $ | 10,489 | $ | 5,772 | $ | 16,261 | $ | 4,262,571 | $ | 4,278,832 | |||||||||
Residential | 266 | 2,520 | 2,786 | 1,183,323 | 1,186,109 | ||||||||||||||
Total real estate mortgage | 10,755 | 8,292 | 19,047 | 5,445,894 | 5,464,941 | ||||||||||||||
Real estate construction and land: | |||||||||||||||||||
Commercial | 1,245 | — | 1,245 | 507,166 | 508,411 | ||||||||||||||
Residential | — | — | — | 323,104 | 323,104 | ||||||||||||||
Total real estate construction and land | 1,245 | — | 1,245 | 830,270 | 831,515 | ||||||||||||||
Commercial: | |||||||||||||||||||
Cash flow | 66 | 2,128 | 2,194 | 3,063,297 | 3,065,491 | ||||||||||||||
Asset-based | 6,644 | 15 | 6,659 | 2,565,142 | 2,571,801 | ||||||||||||||
Venture capital | — | 1,095 | 1,095 | 1,760,517 | 1,761,612 | ||||||||||||||
Equipment finance | 3,304 | 350 | 3,654 | 667,129 | 670,783 | ||||||||||||||
Total commercial | 10,014 | 3,588 | 13,602 | 8,056,085 | 8,069,687 | ||||||||||||||
Consumer | — | 4 | 4 | 256,500 | 256,504 | ||||||||||||||
Total Non-PCI loans and leases | $ | 22,014 | $ | 11,884 | $ | 33,898 | $ | 14,588,749 | $ | 14,622,647 |
December 31, 2015 | |||||||||||||||||||
30 - 89 | 90 or More | ||||||||||||||||||
Days | Days | Total | |||||||||||||||||
Past Due | Past Due | Past Due | Current | Total | |||||||||||||||
(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 | ||||||||||||||
Venture capital | 250 | 700 | 950 | 1,451,477 | 1,452,427 | ||||||||||||||
Equipment finance | 359 | 94 | 453 | 889,896 | 890,349 | ||||||||||||||
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 |
September 30, 2016 | December 31, 2015 | ||||||||||||||||||||||
Nonaccrual | Performing | Total | Nonaccrual | Performing | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||||
Commercial | $ | 74,606 | $ | 4,204,226 | $ | 4,278,832 | $ | 52,363 | $ | 4,499,595 | $ | 4,551,958 | |||||||||||
Residential | 5,089 | 1,181,020 | 1,186,109 | 4,914 | 1,131,191 | 1,136,105 | |||||||||||||||||
Total real estate mortgage | 79,695 | 5,385,246 | 5,464,941 | 57,277 | 5,630,786 | 5,688,063 | |||||||||||||||||
Real estate construction and land: | |||||||||||||||||||||||
Commercial | 1,245 | 507,166 | 508,411 | — | 343,360 | 343,360 | |||||||||||||||||
Residential | 366 | 322,738 | 323,104 | 372 | 183,988 | 184,360 | |||||||||||||||||
Total real estate construction and land | 1,611 | 829,904 | 831,515 | 372 | 527,348 | 527,720 | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Cash flow | 27,831 | 3,037,660 | 3,065,491 | 15,800 | 3,046,468 | 3,062,268 | |||||||||||||||||
Asset-based | 4,044 | 2,567,757 | 2,571,801 | 2,505 | 2,545,028 | 2,547,533 | |||||||||||||||||
Venture capital | 10,782 | 1,750,830 | 1,761,612 | 124 | 1,452,303 | 1,452,427 | |||||||||||||||||
Equipment finance | 46,916 | 623,867 | 670,783 | 51,410 | 838,939 | 890,349 | |||||||||||||||||
Total commercial | 89,573 | 7,980,114 | 8,069,687 | 69,839 | 7,882,738 | 7,952,577 | |||||||||||||||||
Consumer | 206 | 256,298 | 256,504 | 1,531 | 119,318 | 120,849 | |||||||||||||||||
Total Non-PCI loans and leases | $ | 171,085 | $ | 14,451,562 | $ | 14,622,647 | $ | 129,019 | $ | 14,160,190 | $ | 14,289,209 |
September 30, 2016 | December 31, 2015 | ||||||||||||||||||||||
Classified | Nonclassified | Total | Classified | Nonclassified | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||||
Commercial | $ | 104,914 | $ | 4,173,918 | $ | 4,278,832 | $ | 98,436 | $ | 4,453,522 | $ | 4,551,958 | |||||||||||
Residential | 15,876 | 1,170,233 | 1,186,109 | 12,627 | 1,123,478 | 1,136,105 | |||||||||||||||||
Total real estate mortgage | 120,790 | 5,344,151 | 5,464,941 | 111,063 | 5,577,000 | 5,688,063 | |||||||||||||||||
Real estate construction and land: | |||||||||||||||||||||||
Commercial | 1,839 | 506,572 | 508,411 | 571 | 342,789 | 343,360 | |||||||||||||||||
Residential | 366 | 322,738 | 323,104 | 1,395 | 182,965 | 184,360 | |||||||||||||||||
Total real estate construction and land | 2,205 | 829,310 | 831,515 | 1,966 | 525,754 | 527,720 | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Cash flow | 174,490 | 2,891,001 | 3,065,491 | 183,726 | 2,878,542 | 3,062,268 | |||||||||||||||||
Asset-based | 34,791 | 2,537,010 | 2,571,801 | 19,340 | 2,528,193 | 2,547,533 | |||||||||||||||||
Venture capital | 37,986 | 1,723,626 | 1,761,612 | 19,105 | 1,433,322 | 1,452,427 | |||||||||||||||||
Equipment finance | 46,916 | 623,867 | 670,783 | 54,054 | 836,295 | 890,349 | |||||||||||||||||
Total commercial | 294,183 | 7,775,504 | 8,069,687 | 276,225 | 7,676,352 | 7,952,577 | |||||||||||||||||
Consumer | 363 | 256,141 | 256,504 | 2,500 | 118,349 | 120,849 | |||||||||||||||||
Total Non-PCI loans and leases | $ | 417,541 | $ | 14,205,106 | $ | 14,622,647 | $ | 391,754 | $ | 13,897,455 | $ | 14,289,209 |
September 30, 2016 | December 31, 2015 | ||||||||||||||||||||||
Performing | Total | Performing | Total | ||||||||||||||||||||
Nonaccrual | Troubled | Impaired | Nonaccrual | Troubled | Impaired | ||||||||||||||||||
Loans | Debt | Loans | Loans | Debt | Loans | ||||||||||||||||||
and | Restructured | and | and | Restructured | and | ||||||||||||||||||
Leases | Loans | Leases | Leases | Loans | Leases | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Real estate mortgage | $ | 79,695 | $ | 59,793 | $ | 139,488 | $ | 57,277 | $ | 27,133 | $ | 84,410 | |||||||||||
Real estate construction and land | 1,611 | 7,089 | 8,700 | 372 | 7,631 | 8,003 | |||||||||||||||||
Commercial | 89,573 | 3,250 | 92,823 | 69,839 | 5,221 | 75,060 | |||||||||||||||||
Consumer | 206 | 216 | 422 | 1,531 | 197 | 1,728 | |||||||||||||||||
Total | $ | 171,085 | $ | 70,348 | $ | 241,433 | $ | 129,019 | $ | 40,182 | $ | 169,201 |
September 30, 2016 | December 31, 2015 | ||||||||||||||||||||||
Unpaid | Unpaid | ||||||||||||||||||||||
Recorded | Principal | Related | Recorded | Principal | Related | ||||||||||||||||||
Investment | Balance | Allowance | Investment | Balance | Allowance | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
With An Allowance Recorded: | |||||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||||
Commercial | $ | 67,821 | $ | 68,852 | $ | 7,055 | $ | 17,967 | $ | 19,219 | $ | 777 | |||||||||||
Residential | 2,517 | 2,573 | 244 | 2,278 | 2,435 | 681 | |||||||||||||||||
Real estate construction and land: | |||||||||||||||||||||||
Residential | 736 | 736 | 11 | 747 | 747 | 26 | |||||||||||||||||
Commercial: | |||||||||||||||||||||||
Cash flow | 25,936 | 26,971 | 4,686 | 14,072 | 20,312 | 7,079 | |||||||||||||||||
Asset-based | 4,136 | 4,584 | 2,899 | 3,901 | 4,423 | 2,511 | |||||||||||||||||
Venture capital | 10,781 | 10,856 | 3,331 | — | — | — | |||||||||||||||||
Equipment finance | 46,916 | 52,908 | 12,715 | 11,193 | 11,894 | 8,032 | |||||||||||||||||
Consumer | 346 | 355 | 179 | 365 | 372 | 157 | |||||||||||||||||
With No Related Allowance Recorded: | |||||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||||
Commercial | $ | 59,090 | $ | 68,390 | $ | 58,678 | $ | 68,333 | |||||||||||||||
Residential | 10,060 | 15,309 | 5,487 | 11,406 | |||||||||||||||||||
Real estate construction and land: | |||||||||||||||||||||||
Commercial | 7,964 | 7,964 | 7,256 | 7,256 | |||||||||||||||||||
Commercial: | |||||||||||||||||||||||
Cash flow | 2,519 | 4,783 | 2,825 | 5,121 | |||||||||||||||||||
Asset-based | 2,535 | 2,575 | 2,729 | 2,726 | |||||||||||||||||||
Venture capital | — | — | 124 | 125 | |||||||||||||||||||
Equipment finance | — | 11,709 | 40,216 | 44,194 | |||||||||||||||||||
Consumer | 76 | 146 | 1,363 | 1,945 | |||||||||||||||||||
Total Non-PCI Loans and Leases With and Without an Allowance Recorded: | |||||||||||||||||||||||
Real estate mortgage | $ | 139,488 | $ | 155,124 | $ | 7,299 | $ | 84,410 | $ | 101,393 | $ | 1,458 | |||||||||||
Real estate construction and land | 8,700 | 8,700 | 11 | 8,003 | 8,003 | 26 | |||||||||||||||||
Commercial | 92,823 | 114,386 | 23,631 | 75,060 | 88,795 | 17,622 | |||||||||||||||||
Consumer | 422 | 501 | 179 | 1,728 | 2,317 | 157 | |||||||||||||||||
Total | $ | 241,433 | $ | 278,711 | $ | 31,120 | $ | 169,201 | $ | 200,508 | $ | 19,263 |
Three Months Ended September 30, | |||||||||||||||
2016 | 2015 | ||||||||||||||
Weighted | Interest | Weighted | Interest | ||||||||||||
Average | Income | Average | Income | ||||||||||||
Balance(1) | Recognized | Balance(1) | Recognized | ||||||||||||
(In thousands) | |||||||||||||||
With An Allowance Recorded: | |||||||||||||||
Real estate mortgage: | |||||||||||||||
Commercial | $ | 18,580 | $ | 262 | $ | 13,230 | $ | 152 | |||||||
Residential | 2,505 | 15 | 2,478 | 9 | |||||||||||
Real estate construction and land: | |||||||||||||||
Residential | 736 | 4 | 751 | 4 | |||||||||||
Commercial: | |||||||||||||||
Cash flow | 25,933 | 9 | 13,653 | 13 | |||||||||||
Asset-based | 2,730 | 5 | 4,906 | 48 | |||||||||||
Venture capital | 6,878 | — | — | — | |||||||||||
Equipment finance | 42,913 | — | 9,654 | — | |||||||||||
Consumer | 346 | 3 | 394 | 4 | |||||||||||
With No Related Allowance Recorded: | |||||||||||||||
Real estate mortgage: | |||||||||||||||
Commercial | $ | 59,090 | $ | 518 | $ | 36,534 | $ | 243 | |||||||
Residential | 9,573 | 70 | 6,061 | 14 | |||||||||||
Real estate construction and land: | |||||||||||||||
Commercial | 7,870 | 57 | 7,193 | 62 | |||||||||||
Commercial: | |||||||||||||||
Cash flow | 2,330 | 1 | 2,942 | 1 | |||||||||||
Asset-based | 2,535 | 37 | 1,487 | 21 | |||||||||||
Equipment finance | — | — | 43,406 | — | |||||||||||
Consumer | 76 | — | 3,208 | — | |||||||||||
Total Non-PCI Loans and Leases With and Without an Allowance Recorded: | |||||||||||||||
Real estate mortgage | $ | 89,748 | $ | 865 | $ | 58,303 | $ | 418 | |||||||
Real estate construction and land | 8,606 | 61 | 7,944 | 66 | |||||||||||
Commercial | 83,319 | 52 | 76,048 | 83 | |||||||||||
Consumer | 422 | 3 | 3,602 | 4 | |||||||||||
Total | $ | 182,095 | $ | 981 | $ | 145,897 | $ | 571 |
(1) | For Non-PCI loans and leases reported as impaired at September 30, 2016 and 2015, amounts were calculated based on the period of time such loans and leases were impaired during the reported period. |
Nine Months Ended September 30, | |||||||||||||||
2016 | 2015 | ||||||||||||||
Weighted | Interest | Weighted | Interest | ||||||||||||
Average | Income | Average | Income | ||||||||||||
Balance(1) | Recognized | Balance(1) | Recognized | ||||||||||||
(In thousands) | |||||||||||||||
With An Allowance Recorded: | |||||||||||||||
Real estate mortgage: | |||||||||||||||
Commercial | $ | 18,220 | $ | 781 | $ | 13,155 | $ | 449 | |||||||
Residential | 2,325 | 42 | 2,334 | 24 | |||||||||||
Real estate construction and land: | |||||||||||||||
Residential | 736 | 11 | 751 | 12 | |||||||||||
Commercial: | |||||||||||||||
Cash flow | 20,417 | 26 | 13,225 | 35 | |||||||||||
Asset-based | 2,278 | 14 | 3,906 | 67 | |||||||||||
Venture capital | 2,542 | — | — | — | |||||||||||
Equipment finance | 41,587 | — | 6,905 | — | |||||||||||
Consumer | 330 | 8 | 375 | 11 | |||||||||||
With No Related Allowance Recorded: | |||||||||||||||
Real estate mortgage: | |||||||||||||||
Commercial | $ | 54,747 | $ | 1,209 | $ | 33,263 | $ | 674 | |||||||
Residential | 6,990 | 130 | 5,046 | 26 | |||||||||||
Real estate construction and land: | |||||||||||||||
Commercial | 7,106 | 169 | 7,021 | 176 | |||||||||||
Commercial: | |||||||||||||||
Cash flow | 2,232 | 1 | 2,917 | 86 | |||||||||||
Asset-based | 1,828 | 77 | 1,238 | 51 | |||||||||||
Equipment finance | — | — | 29,088 | — | |||||||||||
Consumer | 74 | 1 | 3,208 | — | |||||||||||
Total Non-PCI Loans and Leases With and Without an Allowance Recorded: | |||||||||||||||
Real estate mortgage | $ | 82,282 | $ | 2,162 | $ | 53,798 | $ | 1,173 | |||||||
Real estate construction and land | 7,842 | 180 | 7,772 | 188 | |||||||||||
Commercial | 70,884 | 118 | 57,279 | 239 | |||||||||||
Consumer | 404 | 9 | 3,583 | 11 | |||||||||||
Total | $ | 161,412 | $ | 2,469 | $ | 122,432 | $ | 1,611 |
(1) | For Non-PCI loans and leases reported as impaired at September 30, 2016 and 2015, amounts were calculated based on the period of time such loans and leases were impaired during the reported period. |
Three Months Ended September 30, | |||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||
Pre- | Post- | Pre- | Post- | ||||||||||||||||||
Modification | Modification | Modification | Modification | ||||||||||||||||||
Outstanding | Outstanding | Outstanding | Outstanding | ||||||||||||||||||
Number | Recorded | Recorded | Number | Recorded | Recorded | ||||||||||||||||
Troubled Debt Restructurings: | of Loans | Investment | Investment | of Loans | Investment | Investment | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||
Commercial | 2 | $ | 1,147 | $ | 1,147 | 3 | $ | 574 | $ | 574 | |||||||||||
Residential | 1 | 93 | 93 | 2 | 382 | 382 | |||||||||||||||
Real estate construction and land: | |||||||||||||||||||||
Commercial | 1 | 1,245 | 1,245 | 3 | 7,333 | 7,333 | |||||||||||||||
Commercial: | |||||||||||||||||||||
Cash flow | 2 | 25 | 25 | 9 | 883 | 883 | |||||||||||||||
Asset-based | 1 | 25 | 25 | 1 | 3,431 | 3,431 | |||||||||||||||
Equipment finance | 1 | 39,912 | 39,912 | — | — | — | |||||||||||||||
Consumer | 1 | 21 | 21 | 1 | 106 | 106 | |||||||||||||||
Total | 9 | $ | 42,468 | $ | 42,468 | 19 | $ | 12,709 | $ | 12,709 |
Nine Months Ended September 30, | |||||||||||||||||||||
2016 | 2015 | ||||||||||||||||||||
Pre- | Post- | Pre- | Post- | ||||||||||||||||||
Modification | Modification | Modification | Modification | ||||||||||||||||||
Outstanding | Outstanding | Outstanding | Outstanding | ||||||||||||||||||
Number | Recorded | Recorded | Number | Recorded | Recorded | ||||||||||||||||
Troubled Debt Restructurings: | of Loans | Investment | Investment | of Loans | Investment | Investment | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||
Commercial | 7 | $ | 5,287 | $ | 5,287 | 15 | $ | 7,080 | $ | 7,031 | |||||||||||
Residential | 7 | 5,136 | 5,136 | 14 | 2,426 | 2,260 | |||||||||||||||
Real estate construction and land: | |||||||||||||||||||||
Commercial | 1 | 1,245 | 1,245 | 6 | 16,947 | 16,947 | |||||||||||||||
Commercial: | |||||||||||||||||||||
Cash flow | 12 | 30,582 | 30,582 | 17 | 1,756 | 1,577 | |||||||||||||||
Asset-based | 5 | 2,158 | 2,158 | 13 | 8,139 | 8,139 | |||||||||||||||
Equipment finance | 7 | 44,196 | 42,572 | 9 | 53,338 | 53,338 | |||||||||||||||
Consumer | 4 | 819 | 111 | 2 | 197 | 197 | |||||||||||||||
Total | 43 | $ | 89,423 | $ | 87,091 | 76 | $ | 89,883 | $ | 89,489 |
Three Months Ended September 30, | ||||||||||||||
2016 | 2015 | |||||||||||||
Troubled Debt Restructurings | Number | Recorded | Number | Recorded | ||||||||||
That Subsequently Defaulted: | of Loans | Investment(1) | of Loans | Investment(1) | ||||||||||
(Dollars in thousands) | ||||||||||||||
Real estate mortgage: | ||||||||||||||
Commercial | — | $ | — | 1 | $ | 1,761 | ||||||||
Residential | — | — | 2 | 276 | ||||||||||
Real estate construction: | ||||||||||||||
Commercial | 1 | 1,245 | — | — | ||||||||||
Commercial: | ||||||||||||||
Asset-based | 1 | 2 | — | — | ||||||||||
Total | 2 | $ | 1,247 | (2) | 3 | $ | 2,037 | (3) |
(1) | The population of defaulted restructured loans for the period indicated includes only those loans restructured during the preceding 12-month period. The table excludes defaulted troubled restructurings in those classes for which the recorded investment was zero at the end of the period. |
(2) | Represents the balance at September 30, 2016, and there were no charge-offs. |
(3) | Represents the balance at September 30, 2015, and there were no charge-offs. |
Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | |||||||||||||
Troubled Debt Restructurings | Number | Recorded | Number | Recorded | ||||||||||
That Subsequently Defaulted: | of Loans | Investment(1) | of Loans | Investment(1) | ||||||||||
(Dollars in thousands) | ||||||||||||||
Real estate mortgage: | ||||||||||||||
Commercial | — | $ | — | 2 | $ | 2,710 | ||||||||
Residential | — | — | 3 | 530 | ||||||||||
Real estate construction and land: | ||||||||||||||
Commercial | 1 | 1,245 | — | — | ||||||||||
Commercial: | ||||||||||||||
Asset-based | 1 | 2 | — | — | ||||||||||
Equipment finance | 1 | 39,912 | (4) | — | — | |||||||||
Total | 3 | $ | 41,159 | (2) | 5 | $ | 3,240 | (3) |
(1) | The population of defaulted restructured loans for the period indicated includes only those loans restructured during the preceding 12-month period. The table excludes defaulted troubled restructurings in those classes for which the recorded investment was zero at the end of the period. |
(2) | Represents the balance at September 30, 2016, and there were no charge-offs. |
(3) | Represents the balance at September 30, 2015, and there were no charge-offs. |
(4) | The term of the modification for this loan expired in the second quarter of 2016 and was not renewed until the third quarter of 2016. Thus, the loan was in payment default under the loan's original terms at June 30, 2016. |
Three Months Ended September 30, 2016 | |||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||
Real Estate | Construction | Total | Total | ||||||||||||||||||||||||
Mortgage | and Land | Commercial | Consumer | Non-PCI | PCI | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Allowance for Loan and | |||||||||||||||||||||||||||
Lease Losses: | |||||||||||||||||||||||||||
Balance, beginning of period | $ | 29,331 | $ | 7,853 | $ | 93,404 | $ | 1,412 | $ | 132,000 | $ | 11,289 | $ | 143,289 | |||||||||||||
Charge-offs | (302 | ) | — | (9,606 | ) | (16 | ) | (9,924 | ) | (531 | ) | (10,455 | ) | ||||||||||||||
Recoveries | 2,414 | 27 | 3,553 | 56 | 6,050 | — | 6,050 | ||||||||||||||||||||
Provision | 5,498 | 803 | 2,240 | 80 | 8,621 | 471 | 9,092 | ||||||||||||||||||||
Balance, end of period | $ | 36,941 | $ | 8,683 | $ | 89,591 | $ | 1,532 | $ | 136,747 | $ | 11,229 | $ | 147,976 |
Nine Months Ended September 30, 2016 | |||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||
Real Estate | Construction | Total | Total | ||||||||||||||||||||||||
Mortgage | and Land | Commercial | Consumer | Non-PCI | PCI | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Allowance for Loan and | |||||||||||||||||||||||||||
Lease Losses: | |||||||||||||||||||||||||||
Balance, beginning of period | $ | 36,654 | $ | 7,137 | $ | 61,082 | $ | 661 | $ | 105,534 | $ | 9,577 | $ | 115,111 | |||||||||||||
Charge-offs | (1,905 | ) | — | (14,306 | ) | (798 | ) | (17,009 | ) | (862 | ) | (17,871 | ) | ||||||||||||||
Recoveries | 4,352 | 185 | 4,179 | 95 | 8,811 | — | 8,811 | ||||||||||||||||||||
Provision (negative provision) | (2,160 | ) | 1,361 | 38,636 | 1,574 | 39,411 | 2,514 | 41,925 | |||||||||||||||||||
Balance, end of period | $ | 36,941 | $ | 8,683 | $ | 89,591 | $ | 1,532 | $ | 136,747 | $ | 11,229 | $ | 147,976 | |||||||||||||
Amount of the allowance | |||||||||||||||||||||||||||
applicable to loans and leases: | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 7,299 | $ | 11 | $ | 23,631 | $ | 179 | $ | 31,120 | |||||||||||||||||
Collectively evaluated for impairment | $ | 29,642 | $ | 8,672 | $ | 65,960 | $ | 1,353 | $ | 105,627 | |||||||||||||||||
Acquired loans with deteriorated credit quality | $ | 11,229 | |||||||||||||||||||||||||
The ending balance of the | |||||||||||||||||||||||||||
loan and lease portfolio is | |||||||||||||||||||||||||||
composed of loans and leases: | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 139,059 | $ | 8,700 | $ | 92,637 | $ | 376 | $ | 240,772 | |||||||||||||||||
Collectively evaluated for impairment | $ | 5,325,882 | $ | 822,815 | $ | 7,977,050 | $ | 256,128 | $ | 14,381,875 | |||||||||||||||||
Acquired loans with deteriorated credit quality | $ | 120,199 | |||||||||||||||||||||||||
Ending balance of | |||||||||||||||||||||||||||
loans and leases | $ | 5,464,941 | $ | 831,515 | $ | 8,069,687 | $ | 256,504 | $ | 14,622,647 | $ | 120,199 | $ | 14,742,846 |
Three Months Ended September 30, 2015 | |||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||
Real Estate | Construction | Total | Total | ||||||||||||||||||||||||
Mortgage | and Land | Commercial | Consumer | Non-PCI | PCI | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Allowance for Loan and | |||||||||||||||||||||||||||
Lease Losses: | |||||||||||||||||||||||||||
Balance, beginning of period | $ | 29,908 | $ | 3,908 | $ | 50,531 | $ | 700 | $ | 85,047 | $ | 14,328 | $ | 99,375 | |||||||||||||
Charge-offs | (252 | ) | — | (4,035 | ) | (25 | ) | (4,312 | ) | (1,119 | ) | (5,431 | ) | ||||||||||||||
Recoveries | 288 | 390 | 239 | 164 | 1,081 | — | 1,081 | ||||||||||||||||||||
Provision (negative provision) | 4,355 | 93 | 6,137 | (85 | ) | 10,500 | (2,254 | ) | 8,246 | ||||||||||||||||||
Balance, end of period | $ | 34,299 | $ | 4,391 | $ | 52,872 | $ | 754 | $ | 92,316 | $ | 10,955 | $ | 103,271 |
Nine Months Ended September 30, 2015 | |||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||
Real Estate | Construction | Total | Total | ||||||||||||||||||||||||
Mortgage | and Land | Commercial | Consumer | Non-PCI | PCI | Total | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
Allowance for Loan and | |||||||||||||||||||||||||||
Lease Losses: | |||||||||||||||||||||||||||
Balance, beginning of period | $ | 25,097 | $ | 4,248 | $ | 39,858 | $ | 1,253 | $ | 70,456 | $ | 13,999 | $ | 84,455 | |||||||||||||
Charge-offs | (1,767 | ) | — | (12,964 | ) | (115 | ) | (14,846 | ) | (1,698 | ) | (16,544 | ) | ||||||||||||||
Recoveries | 1,783 | 1,034 | 2,393 | 392 | 5,602 | 112 | 5,714 | ||||||||||||||||||||
Provision (negative provision) | 9,186 | (891 | ) | 23,585 | (776 | ) | 31,104 | (1,458 | ) | 29,646 | |||||||||||||||||
Balance, end of period | $ | 34,299 | $ | 4,391 | $ | 52,872 | $ | 754 | $ | 92,316 | $ | 10,955 | $ | 103,271 | |||||||||||||
Amount of the allowance | |||||||||||||||||||||||||||
applicable to loans and leases: | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 1,443 | $ | 31 | $ | 10,343 | $ | 158 | $ | 11,975 | |||||||||||||||||
Collectively evaluated for impairment | $ | 32,856 | $ | 4,360 | $ | 42,529 | $ | 596 | $ | 80,341 | |||||||||||||||||
Acquired loans with deteriorated credit quality | $ | 10,955 | |||||||||||||||||||||||||
The ending balance of the | |||||||||||||||||||||||||||
loan and lease portfolio is | |||||||||||||||||||||||||||
composed of loans and leases: | |||||||||||||||||||||||||||
Individually evaluated for impairment | $ | 58,393 | $ | 8,047 | $ | 76,088 | $ | 3,540 | $ | 146,068 | |||||||||||||||||
Collectively evaluated for impairment | $ | 5,446,694 | $ | 364,433 | $ | 6,175,440 | $ | 126,281 | $ | 12,112,848 | |||||||||||||||||
Acquired loans with deteriorated credit quality | $ | 193,289 | |||||||||||||||||||||||||
Ending balance of | |||||||||||||||||||||||||||
loans and leases | $ | 5,505,087 | $ | 372,480 | $ | 6,251,528 | $ | 129,821 | $ | 12,258,916 | $ | 193,289 | $ | 12,452,205 |
September 30, | December 31, | ||||||
Property Type: | 2016 | 2015 | |||||
(In thousands) | |||||||
Commercial real estate | $ | — | $ | 487 | |||
Construction and land development | 13,800 | 13,801 | |||||
Single family residence | — | 952 | |||||
Total other real estate owned, net | 13,800 | 15,240 | |||||
Other foreclosed assets | 1,313 | 6,880 | |||||
Total foreclosed assets, net | $ | 15,113 | $ | 22,120 |
Foreclosed | |||
Assets | |||
(In thousands) | |||
Balance, December 31, 2015 | $ | 22,120 | |
Foreclosures | 129 | ||
Reductions related to sales | (7,136 | ) | |
Balance, September 30, 2016 | $ | 15,113 |
September 30, 2016 | December 31, 2015 | ||||||||||||
Amount | Rate | Amount | Rate | ||||||||||
(Dollars in thousands) | |||||||||||||
Non‑recourse debt | $ | 1,011 | 6.31 | % | $ | 3,914 | 5.49 | % | |||||
FHLB secured advances | 410,000 | 0.37 | % | 618,000 | 0.27 | % | |||||||
FHLB unsecured overnight advance | 90,000 | 0.35 | % | — | — | % | |||||||
American Financial Exchange overnight borrowing | 40,000 | 0.55 | % | — | — | % | |||||||
Total borrowings | $ | 541,011 | $ | 621,914 |
September 30, 2016 | December 31, 2015 | Date | Maturity | Rate Index | |||||||||||||||
Series: | Amount | Rate | Amount | Rate | Issued | Date | (Quarterly Reset) | ||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Trust V | $ | 10,310 | 3.96 | % | $ | 10,310 | 3.63 | % | 8/15/2003 | 9/17/2033 | 3 month LIBOR + 3.10 | ||||||||
Trust VI | 10,310 | 3.90 | % | 10,310 | 3.39 | % | 9/3/2003 | 9/15/2033 | 3 month LIBOR + 3.05 | ||||||||||
Trust CII | 5,155 | 3.81 | % | 5,155 | 3.35 | % | 9/17/2003 | 9/17/2033 | 3 month LIBOR + 2.95 | ||||||||||
Trust VII | 61,856 | 3.51 | % | 61,856 | 3.07 | % | 2/5/2004 | 4/23/2034 | 3 month LIBOR + 2.75 | ||||||||||
Trust CIII | 20,619 | 2.54 | % | 20,619 | 2.20 | % | 8/15/2005 | 9/15/2035 | 3 month LIBOR + 1.69 | ||||||||||
Trust FCCI | 16,495 | 2.45 | % | 16,495 | 2.11 | % | 1/25/2007 | 3/15/2037 | 3 month LIBOR + 1.60 | ||||||||||
Trust FCBI | 10,310 | 2.40 | % | 10,310 | 2.06 | % | 9/30/2005 | 12/15/2035 | 3 month LIBOR + 1.55 | ||||||||||
Trust CS 2005-1 | 82,475 | 2.80 | % | 82,475 | 2.46 | % | 11/21/2005 | 12/15/2035 | 3 month LIBOR + 1.95 | ||||||||||
Trust CS 2005-2 | 128,866 | 2.71 | % | 128,866 | 2.27 | % | 12/14/2005 | 1/30/2036 | 3 month LIBOR + 1.95 | ||||||||||
Trust CS 2006-1 | 51,545 | 2.71 | % | 51,545 | 2.27 | % | 2/22/2006 | 4/30/2036 | 3 month LIBOR + 1.95 | ||||||||||
Trust CS 2006-2 | 51,550 | 2.71 | % | 51,550 | 2.27 | % | 9/27/2006 | 10/30/2036 | 3 month LIBOR + 1.95 | ||||||||||
Trust CS 2006-3 (1) | 28,940 | 1.75 | % | 28,007 | 1.98 | % | 9/29/2006 | 10/30/2036 | 3 month EURIBOR + 2.05 | ||||||||||
Trust CS 2006-4 | 16,470 | 2.71 | % | 16,470 | 2.27 | % | 12/5/2006 | 1/30/2037 | 3 month LIBOR + 1.95 | ||||||||||
Trust CS 2006-5 | 6,650 | 2.71 | % | 6,650 | 2.27 | % | 12/19/2006 | 1/30/2037 | 3 month LIBOR + 1.95 | ||||||||||
Trust CS 2007-2 | 39,177 | 2.71 | % | 39,177 | 2.27 | % | 6/13/2007 | 7/30/2037 | 3 month LIBOR + 1.95 | ||||||||||
Gross subordinated debentures | 540,728 | 539,795 | |||||||||||||||||
Unamortized discount (2) | (99,616 | ) | (103,795 | ) | |||||||||||||||
Net subordinated debentures | $ | 441,112 | $ | 436,000 |
(1) | Denomination is in Euros with a value of €25.8 million. |
(2) | Amount represents the fair value adjustment on subordinated debentures assumed in acquisitions. |
September 30, | December 31, | ||||||
2016 | 2015 | ||||||
(In thousands) | |||||||
Loan commitments to extend credit | $ | 4,156,147 | $ | 3,580,655 | |||
Standby letters of credit | 204,616 | 210,292 | |||||
Commitments to purchase equipment being acquired for lease to others | — | 6,663 | |||||
$ | 4,360,763 | $ | 3,797,610 |
• | 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, agency residential and commercial MBS, collateralized loan obligations, registered publicly rated private label 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 non-rated private label CMOs, non-rated private label asset-backed securities, and equity warrants. |
Fair Value Measurements as of | |||||||||||||||
September 30, 2016 | |||||||||||||||
Measured on a Recurring Basis: | Total | Level 1 | Level 2 | Level 3 | |||||||||||
(In thousands) | |||||||||||||||
Securities available‑for‑sale: | |||||||||||||||
Residential MBS and CMOs: | |||||||||||||||
Agency MBS | $ | 528,941 | $ | — | $ | 528,941 | $ | — | |||||||
Agency CMOs | 157,231 | — | 157,231 | — | |||||||||||
Private label CMOs | 138,625 | — | 75,804 | 62,821 | |||||||||||
Municipal securities | 1,522,494 | — | 1,522,494 | — | |||||||||||
Agency commercial MBS | 531,273 | — | 531,273 | — | |||||||||||
Corporate debt securities | 49,011 | — | 49,011 | — | |||||||||||
Collateralized loan obligations | 156,647 | — | 156,647 | — | |||||||||||
SBA securities | 187,300 | — | 187,300 | — | |||||||||||
Asset-backed and other securities | 69,813 | 2,177 | 52,612 | 15,024 | |||||||||||
Total securities available-for-sale | 3,341,335 | 2,177 | 3,261,313 | 77,845 | |||||||||||
Derivative assets | 1,261 | — | 1,261 | — | |||||||||||
Equity warrants | 5,108 | — | — | 5,108 | |||||||||||
Total recurring assets | $ | 3,347,704 | $ | 2,177 | $ | 3,262,574 | $ | 82,953 | |||||||
Derivative liabilities | $ | 1,829 | $ | — | $ | 1,829 | $ | — |
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: | |||||||||||||||
Residential MBS and CMOs: | |||||||||||||||
Agency MBS | $ | 667,840 | $ | — | $ | 667,840 | $ | — | |||||||
Agency CMOs | 194,755 | — | 194,755 | — | |||||||||||
Private label CMOs | 144,796 | — | 63,555 | 81,241 | |||||||||||
Municipal securities | 1,547,331 | — | 1,547,331 | — | |||||||||||
Agency commercial MBS | 391,441 | — | 391,441 | — | |||||||||||
Corporate debt securities | 48,424 | — | 48,424 | — | |||||||||||
Collateralized loan obligations | 132,189 | — | 132,189 | — | |||||||||||
SBA securities | 211,157 | — | 211,157 | — | |||||||||||
US Treasury securities | 69,380 | 69,380 | — | — | |||||||||||
Agency 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 | $ | — |
Private Label CMOs | Asset-Backed Securities | ||||||
Weighted | Weighted | ||||||
Range | Average | Range | Average | ||||
Unobservable Inputs: | of Inputs | Input | of Inputs | Input | |||
Voluntary annual prepayment speeds | 0.0% - 27.6% | 11.5% | 5% - 40% | 14.7% | |||
Annual default rates | 0.0% - 15.0% | 2.1% | 1% - 8% | 3.7% | |||
Loss severity rates | 0.0% - 94.5% | 33.1% | 10% - 91% | 54.3% | |||
Discount rates | 0.9% - 15.0% | 3.6% | 2.1% - 7.2% | 2.9% |
Equity Warrants | |
Weighted | |
Average | |
Unobservable Inputs: | Input |
Volatility | 19.3% |
Risk-free interest rate | 1.0% |
Remaining life assumption (in years) | 3.8 |
Private | Asset-Backed | Equity | |||||||||
Label CMOs | Securities | Warrants | |||||||||
(In thousands) | |||||||||||
Balance, December 31, 2015 | $ | 81,241 | $ | 18,200 | $ | 4,914 | |||||
Total included in earnings | 1,252 | 47 | 301 | ||||||||
Total included in other comprehensive income | (1,399 | ) | (5 | ) | — | ||||||
Sales | — | — | (1,597 | ) | |||||||
Issuances | — | — | 1,490 | ||||||||
Net settlements | (18,273 | ) | (3,218 | ) | — | ||||||
Balance, September 30, 2016 | $ | 62,821 | $ | 15,024 | $ | 5,108 |
Fair Value Measurement as of | |||||||||||||||
September 30, 2016 | |||||||||||||||
Measured on a Non‑Recurring Basis: | Total | Level 1 | Level 2 | Level 3 | |||||||||||
(In thousands) | |||||||||||||||
Impaired Non‑PCI loans | $ | 131,149 | $ | — | $ | 817 | $ | 130,332 |
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 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
Losses on Assets Measured on a Non‑Recurring Basis: | 2016 | 2015 | 2016 | 2015 | |||||||||||
(In thousands) | |||||||||||||||
Impaired Non‑PCI loans | $ | 12,935 | $ | 873 | $ | 27,301 | $ | 7,623 | |||||||
Other real estate owned | — | 4,758 | — | 4,882 | |||||||||||
Total losses | $ | 12,935 | $ | 5,631 | $ | 27,301 | $ | 12,505 |
Valuation | Unobservable | Weighted | ||||||||||
Asset: | Fair Value | Technique | Inputs | Range | Average | |||||||
(In thousands) | ||||||||||||
Impaired Non-PCI loans | $ | 45,571 | Discounted cash flows | Discount rates | 0% - 8.00% | 6.12% | ||||||
73,775 | Third party appraisals | Discounts | 9.00% - 22.00% | 17.17% | ||||||||
10,986 | Third party appraisals | No discounts | ||||||||||
Total non-recurring Level 3 | $ | 130,332 |
September 30, 2016 | |||||||||||||||||||
Carrying or Contract | Estimated Fair Value | ||||||||||||||||||
Amount | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Financial Assets: | |||||||||||||||||||
Cash and due from banks | $ | 286,371 | $ | 286,371 | $ | 286,371 | $ | — | $ | — | |||||||||
Interest‑earning deposits in financial institutions | 253,994 | 253,994 | 253,994 | — | — | ||||||||||||||
Securities available‑for‑sale | 3,341,335 | 3,341,335 | 2,177 | 3,261,313 | 77,845 | ||||||||||||||
Investment in FHLB stock | 19,386 | 19,386 | — | 19,386 | — | ||||||||||||||
Investments carried at cost | 1,700 | 4,408 | — | — | 4,408 | ||||||||||||||
Loans and leases, net | 14,594,870 | 14,707,667 | — | 817 | 14,706,850 | ||||||||||||||
Derivative assets | 1,261 | 1,261 | — | 1,261 | — | ||||||||||||||
Equity warrants | 5,108 | 5,108 | — | — | 5,108 | ||||||||||||||
Financial Liabilities: | |||||||||||||||||||
Deposits: | |||||||||||||||||||
Demand, money market, interest checking, | |||||||||||||||||||
and savings deposits | 13,092,753 | 13,092,753 | — | 13,092,753 | — | ||||||||||||||
Time deposits | 2,552,915 | 2,549,662 | — | 2,549,662 | — | ||||||||||||||
Borrowings | 541,011 | 541,067 | 340,000 | 201,067 | — | ||||||||||||||
Subordinated debentures | 441,112 | 424,874 | — | 424,874 | — | ||||||||||||||
Derivative liabilities | 1,829 | 1,829 | — | 1,829 | — |
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, money market, interest checking, | |||||||||||||||||||
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 | — |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||
(Dollars in thousands, except per share data) | |||||||||||||||||||
Basic Earnings Per Share: | |||||||||||||||||||
Net earnings | $ | 93,895 | $ | 82,168 | $ | 69,616 | $ | 266,519 | $ | 227,778 | |||||||||
Less: Earnings allocated to unvested restricted stock (1) | (1,048 | ) | (863 | ) | (649 | ) | (2,983 | ) | (2,213 | ) | |||||||||
Net earnings allocated to common shares | $ | 92,847 | $ | 81,305 | $ | 68,967 | $ | 263,536 | $ | 225,565 | |||||||||
Weighted-average basic shares and unvested restricted | |||||||||||||||||||
stock outstanding | 121,818 | 121,799 | 103,048 | 121,739 | 103,038 | ||||||||||||||
Less: Weighted-average unvested restricted stock | |||||||||||||||||||
outstanding | (1,401 | ) | (1,481 | ) | (985 | ) | (1,425 | ) | (1,055 | ) | |||||||||
Weighted-average basic shares outstanding | 120,417 | 120,318 | 102,063 | 120,314 | 101,983 | ||||||||||||||
Basic earnings per share | $ | 0.77 | $ | 0.68 | $ | 0.68 | $ | 2.19 | $ | 2.21 | |||||||||
Diluted Earnings Per Share: | |||||||||||||||||||
Net earnings allocated to common shares | $ | 92,847 | $ | 81,305 | $ | 68,967 | $ | 263,536 | $ | 225,565 | |||||||||
Weighted-average basic shares outstanding | 120,417 | 120,318 | 102,063 | 120,314 | 101,983 | ||||||||||||||
Diluted earnings per share | $ | 0.77 | $ | 0.68 | $ | 0.68 | $ | 2.19 | $ | 2.21 |
(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. |
• | our 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; |
• | business disruption following the Square 1 acquisition; |
• | the reaction to the Square 1 acquisition of the companies’ customers, employees and counterparties; |
• | changes in our stock price; |
• | the need to retain capital for strategic or regulatory reasons; |
• | the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act on our business and business strategies; |
• | compression of the net interest margin due to changes in our interest rate environment, loan products, spreads on newly originated loans and leases and/or asset mix; |
• | 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 and/or require an increased provision for loan and lease losses; |
• | 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; |
• | higher than expected loan repayments; |
• | 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; |
• | 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 noncash charge to net income; |
• | the success and timing of other business strategies; |
• | changes in the forward yield curve; |
• | changes in tax laws or regulations affecting our business, including the disallowance of tax benefits by tax authorities and/or changes in tax filing jurisdictions or entity classifications; and |
• | other risk factors described in our audited consolidated financial statements, and other risk factors described in this Form 10-Q and documents filed by PacWest with the U.S. Securities and Exchange Commission (“SEC”). |
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | |||||||||||||||||
Efficiency Ratio: | 2016 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Noninterest expense | $ | 110,710 | $ | 110,081 | $ | 90,139 | $ | 331,479 | $ | 259,775 | ||||||||||
Less: | Intangible asset amortization | 4,224 | 4,371 | 1,497 | 13,341 | 4,500 | ||||||||||||||
Foreclosed assets (income) expense, net | (248 | ) | (3 | ) | 4,521 | (812 | ) | 2,517 | ||||||||||||
Acquisition, integration, and reorganization costs | — | — | 747 | 200 | 3,647 | |||||||||||||||
Noninterest expense used for efficiency ratio | $ | 106,734 | $ | 105,713 | $ | 83,374 | $ | 318,750 | $ | 249,111 | ||||||||||
Net interest income (tax equivalent) | $ | 239,473 | $ | 238,667 | $ | 195,274 | $ | 727,680 | $ | 600,855 | ||||||||||
Noninterest income | 26,920 | 22,121 | 15,758 | 83,580 | 56,252 | |||||||||||||||
Net revenues | 266,393 | 260,788 | 211,032 | 811,260 | 657,107 | |||||||||||||||
Less: | Gain on sale of securities | 382 | 478 | 655 | 8,970 | 3,744 | ||||||||||||||
Net revenues used for efficiency ratio | $ | 266,011 | $ | 260,310 | $ | 210,377 | $ | 802,290 | $ | 653,363 | ||||||||||
Efficiency ratio | 40.1 | % | 40.6 | % | 39.6 | % | 39.7 | % | 38.1 | % |
• | Core net interest margin and core loan and lease yield: The tax equivalent net interest margin ("NIM") and loan and lease yield are impacted by volatility in accelerated accretion of acquisition discounts due to the prepayment of acquired loans and leases. We disclose the core NIM and core loan and lease yield to provide an indication of what these measures would be without the effects of accelerated accretion as this indicates a "normalized" measure and a more accurate indicator of future performance. See “-Results of Operations-Net Interest Income” for a reconciliation of these non-GAAP measurements to the GAAP measurements for the periods presented. |
• | 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 two adjusted allowance for credit losses to loans and leases ratios in addition to the allowance for credit losses to loans and leases. The first adjusted allowance for credit losses to loans and leases excludes the allowance related to acquired loans and leases from the numerator and the acquired loans and leases from the denominator. The second ratio excludes the remaining unamortized purchase discount from both the numerator and the denominator. We disclose these ratios to more clearly illustrate the amounts established on our balance sheet for credit losses related to acquired loans in addition to the allowance for credit losses. See "-Balance Sheet Analysis-Allowance for Credit Losses on Non-PCI Loans and Leases" for a reconciliation of these non-GAAP measurements to the GAAP measurement as of the dates presented. |
• | Return on average tangible equity, tangible common equity ratio, 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 the related GAAP measures of return on average equity, equity to assets ratio, and book value per share, respectively. The reconciliation of these non-GAAP measurements to the GAAP measurements is presented in the following tables for and as of the periods presented: |
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | |||||||||||||||||
Return on Average Tangible Equity | 2016 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Net earnings | $ | 93,895 | $ | 82,168 | $ | 69,616 | $ | 266,519 | $ | 227,778 | ||||||||||
Average stockholders' equity | $ | 4,530,701 | $ | 4,483,593 | $ | 3,572,765 | $ | 4,484,468 | $ | 3,551,763 | ||||||||||
Less: | Average intangible assets | 2,217,564 | 2,222,007 | 1,741,902 | 2,222,346 | 1,740,911 | ||||||||||||||
Average tangible common equity | $ | 2,313,137 | $ | 2,261,586 | $ | 1,830,863 | $ | 2,262,122 | $ | 1,810,852 | ||||||||||
Return on average equity (1) | 8.24 | % | 7.37 | % | 7.73 | % | 7.94 | % | 8.57 | % | ||||||||||
Return on average tangible equity (2) | 16.15 | % | 14.61 | % | 15.09 | % | 15.74 | % | 16.82 | % |
(1) | Annualized net earnings divided by average stockholders' equity. |
(2) | Annualized net earnings divided by average tangible common equity. |
Tangible Common Equity Ratio/ | September 30, | December 31, | |||||
Tangible Book Value Per Share | 2016 | 2015 | |||||
(Dollars in thousands, except per share data) | |||||||
PacWest Bancorp Consolidated: | |||||||
Stockholders’ equity | $ | 4,542,595 | $ | 4,397,691 | |||
Less: Intangible assets | 2,213,491 | 2,229,511 | |||||
Tangible common equity | $ | 2,329,104 | $ | 2,168,180 | |||
Total assets | $ | 21,315,291 | $ | 21,288,490 | |||
Less: Intangible assets | 2,213,491 | 2,229,511 | |||||
Tangible assets | $ | 19,101,800 | $ | 19,058,979 | |||
Equity to assets ratio | 21.31 | % | 20.66 | % | |||
Tangible common equity ratio(1) | 12.19 | % | 11.38 | % | |||
Book value per share | $ | 37.29 | $ | 36.22 | |||
Tangible book value per share | $ | 19.12 | $ | 17.86 | |||
Shares outstanding | 121,817,524 | 121,413,727 | |||||
Pacific Western Bank: | |||||||
Stockholder's equity | $ | 4,416,623 | $ | 4,276,279 | |||
Less: Intangible assets | 2,213,491 | 2,229,511 | |||||
Tangible common equity | $ | 2,203,132 | $ | 2,046,768 | |||
Total assets | $ | 21,266,705 | $ | 21,180,689 | |||
Less: Intangible assets | 2,213,491 | 2,229,511 | |||||
Tangible assets | $ | 19,053,214 | $ | 18,951,178 | |||
Equity to assets ratio | 20.77 | % | 20.19 | % | |||
Tangible common equity ratio(1) | 11.56 | % | 10.80 | % |
(1) | Tangible common equity divided by tangible assets. |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||
Performance Measures: | |||||||||||||||||||
Diluted earnings per share | $ | 0.77 | $ | 0.68 | $ | 0.68 | $ | 2.19 | $ | 2.21 | |||||||||
Annualized return on: | |||||||||||||||||||
Average assets | 1.77 | % | 1.57 | % | 1.65 | % | 1.69 | % | 1.85 | % | |||||||||
Average tangible equity (1)(2) | 16.15 | % | 14.61 | % | 15.09 | % | 15.74 | % | 16.82 | % | |||||||||
Net interest margin (tax equivalent) | 5.26 | % | 5.33 | % | 5.46 | % | 5.37 | % | 5.76 | % | |||||||||
Core net interest margin (tax equivalent) (2)(3) | 5.08 | % | 5.11 | % | 5.19 | % | 5.09 | % | 5.31 | % | |||||||||
Efficiency ratio | 40.1 | % | 40.6 | % | 39.6 | % | 39.7 | % | 38.1 | % |
(1) | Calculation reduces average stockholder's equity by average intangible assets. |
(2) | See "Non-GAAP Measurements." |
(3) | Calculation excludes accelerated accretion of acquisition discounts from early payoffs of acquired loans. |
Three Months Ended | ||||||||||||||||||||||||||
September 30, 2016 | June 30, 2016 | September 30, 2015 | ||||||||||||||||||||||||
Interest | Yields | Interest | Yields | Interest | Yields | |||||||||||||||||||||
Average | Income/ | and | Average | Income/ | and | Average | Income/ | and | ||||||||||||||||||
Balance | Expense | Rates | Balance | Expense | Rates | Balance | Expense | Rates | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||||
ASSETS: | ||||||||||||||||||||||||||
PCI loans | $ | 117,781 | $ | 5,868 | 19.82 | % | $ | 147,270 | $ | 8,484 | 23.17 | % | $ | 193,094 | $ | 7,505 | 15.42 | % | ||||||||
Non-PCI loans and leases | 14,417,170 | 219,502 | 6.06 | % | 14,321,320 | 215,842 | 6.06 | % | 11,919,787 | 186,034 | 6.19 | % | ||||||||||||||
Total loans and leases (1) | 14,534,951 | 225,370 | 6.17 | % | 14,468,590 | 224,326 | 6.24 | % | 12,112,881 | 193,539 | 6.34 | % | ||||||||||||||
Investment securities (2) | 3,338,209 | 27,025 | 3.22 | % | 3,288,819 | 27,330 | 3.34 | % | 1,806,628 | 16,709 | 3.67 | % | ||||||||||||||
Deposits in financial institutions | 238,425 | 298 | 0.50 | % | 245,666 | 308 | 0.50 | % | 278,973 | 178 | 0.25 | % | ||||||||||||||
Total interest‑earning assets (2) | 18,111,585 | 252,693 | 5.55 | % | 18,003,075 | 251,964 | 5.63 | % | 14,198,482 | 210,426 | 5.88 | % | ||||||||||||||
Other assets | 2,960,468 | 2,996,867 | 2,491,695 | |||||||||||||||||||||||
Total assets | $ | 21,072,053 | $ | 20,999,942 | $ | 16,690,177 | ||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||||||||
Interest checking deposits | $ | 1,161,931 | 604 | 0.21 | % | $ | 1,024,763 | 501 | 0.20 | % | $ | 787,271 | 300 | 0.15 | % | |||||||||||
Money market deposits | 4,514,525 | 3,303 | 0.29 | % | 4,321,533 | 2,886 | 0.27 | % | 2,417,280 | 1,218 | 0.20 | % | ||||||||||||||
Savings deposits | 764,415 | 341 | 0.18 | % | 766,309 | 412 | 0.22 | % | 746,362 | 449 | 0.24 | % | ||||||||||||||
Time deposits | 2,666,434 | 2,999 | 0.45 | % | 3,086,492 | 4,024 | 0.52 | % | 5,042,768 | 8,433 | 0.66 | % | ||||||||||||||
Total interest‑bearing deposits | 9,107,305 | 7,247 | 0.32 | % | 9,199,097 | 7,823 | 0.34 | % | 8,993,681 | 10,400 | 0.46 | % | ||||||||||||||
Borrowings | 583,982 | 695 | 0.47 | % | 300,428 | 352 | 0.47 | % | 70,171 | 72 | 0.41 | % | ||||||||||||||
Subordinated debentures | 439,970 | 5,278 | 4.77 | % | 439,081 | 5,122 | 4.69 | % | 434,420 | 4,680 | 4.27 | % | ||||||||||||||
Total interest‑bearing liabilities | 10,131,257 | 13,220 | 0.52 | % | 9,938,606 | 13,297 | 0.54 | % | 9,498,272 | 15,152 | 0.63 | % | ||||||||||||||
Noninterest‑bearing demand deposits | 6,274,294 | 6,437,720 | 3,486,780 | |||||||||||||||||||||||
Other liabilities | 135,801 | 140,023 | 132,360 | |||||||||||||||||||||||
Total liabilities | 16,541,352 | 16,516,349 | 13,117,412 | |||||||||||||||||||||||
Stockholders’ equity | 4,530,701 | 4,483,593 | 3,572,765 | |||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 21,072,053 | $ | 20,999,942 | $ | 16,690,177 | ||||||||||||||||||||
Net interest income (tax equivalent) (2) | $ | 239,473 | $ | 238,667 | $ | 195,274 | ||||||||||||||||||||
Net interest rate spread | 5.03 | % | 5.09 | % | 5.25 | % | ||||||||||||||||||||
Net interest margin | 5.26 | % | 5.33 | % | 5.46 | % | ||||||||||||||||||||
Total deposits (3) | $ | 15,381,599 | $ | 7,247 | 0.19 | % | $ | 15,636,817 | $ | 7,823 | 0.20 | % | $ | 12,480,461 | $ | 10,400 | 0.33 | % | ||||||||
Funding sources (4) | $ | 16,405,551 | $ | 13,220 | 0.32 | % | $ | 16,376,326 | $ | 13,297 | 0.33 | % | $ | 12,985,052 | $ | 15,152 | 0.46 | % |
(1) | Includes nonaccrual loans and leases and loan fees. |
(2) | Includes tax-equivalent adjustments of $4.8 million, $4.9 million, and $2.8 million for the three months ended September 30, 2016, June 30, 2016, and September 30, 2015, respectively, related to tax-exempt income on municipal securities. The federal statutory tax rate utilized was 35% for the periods. |
(3) | Total deposits is the sum of total 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 total 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. |
Nine Months Ended September 30, | |||||||||||||||||
2016 | 2015 | ||||||||||||||||
Interest | Yields | Interest | Yields | ||||||||||||||
Average | Income/ | and | Average | Income/ | and | ||||||||||||
Balance | Expense | Rates | Balance | Expense | Rates | ||||||||||||
(Dollars in thousands) | |||||||||||||||||
ASSETS: | |||||||||||||||||
PCI loans | $ | 144,129 | $ | 34,425 | 31.90 | % | $ | 227,072 | $ | 25,563 | 15.05 | % | |||||
Non-PCI loans and leases | 14,347,598 | 651,646 | 6.07 | % | 11,865,330 | 573,854 | 6.47 | % | |||||||||
Total loans and leases (1) | 14,491,727 | 686,071 | 6.32 | % | 12,092,402 | 599,417 | 6.63 | % | |||||||||
Investment securities (2) | 3,362,352 | 81,848 | 3.25 | % | 1,698,254 | 47,428 | 3.73 | % | |||||||||
Deposits in financial institutions | 238,129 | 914 | 0.51 | % | 158,708 | 304 | 0.26 | % | |||||||||
Total interest‑earning assets (2) | 18,092,208 | 768,833 | 5.68 | % | 13,949,364 | 647,149 | 6.20 | % | |||||||||
Other assets | 2,997,922 | 2,535,453 | |||||||||||||||
Total assets | $ | 21,090,130 | $ | 16,484,817 | |||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY: | |||||||||||||||||
Interest checking deposits | $ | 1,038,103 | 1,488 | 0.19 | % | $ | 752,217 | 696 | 0.12 | % | |||||||
Money market deposits | 4,229,315 | 8,604 | 0.27 | % | 2,108,317 | 3,251 | 0.21 | % | |||||||||
Savings deposits | 761,376 | 1,197 | 0.21 | % | 747,902 | 1,575 | 0.28 | % | |||||||||
Time deposits | 3,202,436 | 12,854 | 0.54 | % | 5,359,911 | 26,590 | 0.66 | % | |||||||||
Total interest‑bearing deposits | 9,231,230 | 24,143 | 0.35 | % | 8,968,347 | 32,112 | 0.48 | % | |||||||||
Borrowings | 460,165 | 1,628 | 0.47 | % | 190,502 | 395 | 0.28 | % | |||||||||
Subordinated debentures | 438,534 | 15,382 | 4.69 | % | 433,233 | 13,787 | 4.25 | % | |||||||||
Total interest‑bearing liabilities | 10,129,929 | 41,153 | 0.54 | % | 9,592,082 | 46,294 | 0.65 | % | |||||||||
Noninterest‑bearing demand deposits | 6,328,223 | 3,199,843 | |||||||||||||||
Other liabilities | 147,510 | 141,129 | |||||||||||||||
Total liabilities | 16,605,662 | 12,933,054 | |||||||||||||||
Stockholders’ equity | 4,484,468 | 3,551,763 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 21,090,130 | $ | 16,484,817 | |||||||||||||
Net interest income (tax equivalent) (2) | $ | 727,680 | $ | 600,855 | |||||||||||||
Net interest rate spread | 5.14 | % | 5.55 | % | |||||||||||||
Net interest margin | 5.37 | % | 5.76 | % | |||||||||||||
Total deposits (3) | $ | 15,559,453 | $ | 24,143 | 0.21 | % | $ | 12,168,190 | $ | 32,112 | 0.35 | % | |||||
Funding sources (4) | $ | 16,458,152 | $ | 41,153 | 0.33 | % | $ | 12,791,925 | $ | 46,294 | 0.48 | % |
(1) | Includes nonaccrual loans and leases and loan fees. |
(2) | Includes tax-equivalent adjustments of $14.7 million and $6.7 million for the nine months ended September 30, 2016, and September 30, 2015 related to tax-exempt income on municipal securities. The federal statutory tax rate utilized was 35% for the periods. |
(3) | Total deposits is the sum of total 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 total 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. |
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | June 30, | September 30, | September 30, | |||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | ||||||||||
NIM: | ||||||||||||||
Reported | 5.26 | % | 5.33 | % | 5.46 | % | 5.37 | % | 5.76 | % | ||||
Less: Accelerated accretion of acquisition discounts | ||||||||||||||
from early payoffs of acquired loans | (0.18 | )% | (0.22 | )% | (0.27 | )% | (0.28 | )% | (0.45 | )% | ||||
Core | 5.08 | % | 5.11 | % | 5.19 | % | 5.09 | % | 5.31 | % | ||||
Loan and Lease Yield: | ||||||||||||||
Reported | 6.17 | % | 6.24 | % | 6.34 | % | 6.32 | % | 6.63 | % | ||||
Less: Accelerated accretion of acquisition discounts | ||||||||||||||
from early payoffs of acquired loans | (0.23 | )% | (0.27 | )% | (0.32 | )% | (0.35 | )% | (0.51 | )% | ||||
Core | 5.94 | % | 5.97 | % | 6.02 | % | 5.97 | % | 6.12 | % |
Three Months Ended | |||||||||||||||||||
September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||||||
2016 | 2016 | 2016 | 2015 | 2015 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Impact on Net Interest Income: | |||||||||||||||||||
Net interest income (tax equivalent) | $ | 239,473 | $ | 238,667 | $ | 249,540 | $ | 233,959 | $ | 195,274 | |||||||||
Less: | |||||||||||||||||||
Accelerated accretion of acquisition discounts | |||||||||||||||||||
from early payoffs of acquired loans | (8,226 | ) | (9,780 | ) | (19,465 | ) | (5,511 | ) | (9,659 | ) | |||||||||
Remaining accretion of Non-PCI loan acquisition | |||||||||||||||||||
discounts | (5,997 | ) | (6,407 | ) | (8,403 | ) | (10,553 | ) | (7,485 | ) | |||||||||
Total accretion of loan acquisition discounts | (14,223 | ) | (16,187 | ) | (27,868 | ) | (16,064 | ) | (17,144 | ) | |||||||||
Amortization of TruPS discount | 1,391 | 1,393 | 1,395 | 1,397 | 1,399 | ||||||||||||||
Accretion of time deposits premium | (121 | ) | (172 | ) | (270 | ) | (384 | ) | (576 | ) | |||||||||
Total purchase accounting adjustments | (12,953 | ) | (14,966 | ) | (26,743 | ) | (15,051 | ) | (16,321 | ) | |||||||||
Net interest income - excluding purchase accounting | $ | 226,520 | $ | 223,701 | $ | 222,797 | $ | 218,908 | $ | 178,953 | |||||||||
Impact on Net Interest Margin: | |||||||||||||||||||
Net interest margin (tax equivalent) | 5.26 | % | 5.33 | % | 5.53 | % | 5.22 | % | 5.46 | % | |||||||||
Less: | |||||||||||||||||||
Accelerated accretion of acquisition discounts | |||||||||||||||||||
from early payoffs of acquired loans | (0.18 | )% | (0.22 | )% | (0.43 | )% | (0.12 | )% | (0.27 | )% | |||||||||
Remaining accretion of Non-PCI loan acquisition | |||||||||||||||||||
discounts | (0.13 | )% | (0.14 | )% | (0.19 | )% | (0.24 | )% | (0.21 | )% | |||||||||
Total accretion of loan acquisition discounts | (0.31 | )% | (0.36 | )% | (0.62 | )% | (0.36 | )% | (0.48 | )% | |||||||||
Amortization of TruPS discount | 0.03 | % | 0.03 | % | 0.03 | % | 0.03 | % | 0.04 | % | |||||||||
Accretion of time deposits premium | — | % | — | % | (0.01 | )% | (0.01 | )% | (0.02 | )% | |||||||||
Total purchase accounting adjustments | (0.28 | )% | (0.33 | )% | (0.60 | )% | (0.34 | )% | (0.46 | )% | |||||||||
Net interest margin - excluding purchase accounting | 4.98 | % | 5.00 | % | 4.93 | % | 4.88 | % | 5.00 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Provision For Credit Losses: | |||||||||||||||||||
Addition to allowance for Non‑PCI loans and leases | $ | 8,621 | $ | 11,625 | $ | 10,500 | $ | 39,411 | $ | 31,104 | |||||||||
Addition to reserve for unfunded loan commitments | (621 | ) | 375 | 500 | 589 | 2,063 | |||||||||||||
Total provision for Non‑PCI loans and leases | 8,000 | 12,000 | 11,000 | 40,000 | 33,167 | ||||||||||||||
Provision for PCI Loans | 471 | 1,903 | (2,254 | ) | 2,514 | (1,458 | ) | ||||||||||||
Total provision for credit losses | $ | 8,471 | $ | 13,903 | $ | 8,746 | $ | 42,514 | $ | 31,709 | |||||||||
Non‑PCI Credit Quality Metrics: | |||||||||||||||||||
Net charge‑offs on Non-PCI | |||||||||||||||||||
loans and leases | $ | 3,874 | $ | 432 | $ | 3,231 | $ | 8,198 | $ | 9,244 | |||||||||
Annualized net charge‑offs to | |||||||||||||||||||
average Non-PCI loans and leases | 0.11 | % | 0.01 | % | 0.11 | % | 0.08 | % | 0.10 | % | |||||||||
At period end: | |||||||||||||||||||
Allowance for credit losses | 154,070 | 149,944 | 100,690 | ||||||||||||||||
Non‑PCI nonaccrual loans and leases | 171,085 | 127,655 | 107,190 | ||||||||||||||||
Non‑PCI classified loans and leases | 417,541 | 441,035 | 328,038 | ||||||||||||||||
Allowance for credit losses to Non‑PCI | |||||||||||||||||||
loans and leases | 1.05 | % | 1.03 | % | 0.82 | % | |||||||||||||
Allowance for credit losses to Non‑PCI | |||||||||||||||||||
nonaccrual loans and leases | 90.1 | % | 117.5 | % | 93.9 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Noninterest Income: | |||||||||||||||||||
Service charges on deposit accounts | $ | 3,488 | $ | 3,633 | $ | 2,601 | $ | 10,977 | $ | 7,787 | |||||||||
Other commissions and fees | 12,528 | 11,073 | 6,376 | 35,090 | 18,895 | ||||||||||||||
Leased equipment income | 8,538 | 8,523 | 5,475 | 25,305 | 16,232 | ||||||||||||||
Gain on sale of loans and leases | 157 | 388 | 27 | 790 | 190 | ||||||||||||||
Gain on sale of securities | 382 | 478 | 655 | 8,970 | 3,744 | ||||||||||||||
FDIC loss sharing expense, net | — | (6,502 | ) | (4,449 | ) | (8,917 | ) | (13,955 | ) | ||||||||||
Other income: | |||||||||||||||||||
Dividends and realized gains on equity investments | 377 | 2,185 | 4,357 | 2,808 | 16,003 | ||||||||||||||
Foreign currency translation net (losses) gains | (224 | ) | 324 | (373 | ) | 706 | 847 | ||||||||||||
Other | 1,674 | 2,019 | 1,089 | 7,851 | 6,509 | ||||||||||||||
Total noninterest income | $ | 26,920 | $ | 22,121 | $ | 15,758 | $ | 83,580 | $ | 56,252 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Noninterest Expense: | |||||||||||||||||||
Compensation | $ | 62,661 | $ | 62,174 | $ | 48,152 | $ | 185,900 | $ | 144,922 | |||||||||
Occupancy | 12,010 | 12,193 | 10,762 | 36,835 | 31,950 | ||||||||||||||
Data processing | 6,234 | 5,644 | 4,322 | 17,782 | 13,032 | ||||||||||||||
Other professional services | 4,625 | 3,401 | 3,396 | 11,598 | 9,949 | ||||||||||||||
Insurance and assessments | 4,324 | 4,951 | 3,805 | 14,240 | 11,546 | ||||||||||||||
Intangible asset amortization | 4,224 | 4,371 | 1,497 | 13,341 | 4,500 | ||||||||||||||
Leased equipment depreciation | 5,298 | 5,286 | 3,162 | 15,608 | 9,368 | ||||||||||||||
Foreclosed assets (income) expense, net | (248 | ) | (3 | ) | 4,521 | (812 | ) | 2,517 | |||||||||||
Acquisition, integration and reorganization costs | — | — | 747 | 200 | 3,647 | ||||||||||||||
Other expense: | |||||||||||||||||||
Loan expense | 1,931 | 2,145 | 1,494 | 6,231 | 3,319 | ||||||||||||||
Other | 9,651 | 9,919 | 8,281 | 30,556 | 25,025 | ||||||||||||||
Total noninterest expense | $ | 110,710 | $ | 110,081 | $ | 90,139 | $ | 331,479 | $ | 259,775 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||
(In thousands) | |||||||||||||||||||
Foreclosed Assets (Income) Expense: | |||||||||||||||||||
Provision for losses | $ | — | $ | — | $ | 4,757 | $ | — | $ | 5,163 | |||||||||
Operating (income) expense | 55 | 27 | (152 | ) | 25 | (2,688 | ) | ||||||||||||
(Gain) loss on sale | (303 | ) | (30 | ) | (84 | ) | (837 | ) | 42 | ||||||||||
Total foreclosed assets (income) expense, net | $ | (248 | ) | $ | (3 | ) | $ | 4,521 | $ | (812 | ) | $ | 2,517 |
September 30, 2016 | |||||||||||
Amortized | Fair | Duration | |||||||||
Security Type: | Cost | Value | Yield(1)(2) | (in years) | |||||||
(Dollars in thousands) | |||||||||||
Residential mortgage-backed securities ("MBS") | |||||||||||
and collateralized mortgage obligations ("CMOs"): | |||||||||||
Agency MBS | $ | 518,996 | $ | 528,941 | 2.08% | 2.8 | |||||
Agency CMOs | 154,216 | 157,231 | 2.04% | 2.2 | |||||||
Private label CMOs | 133,917 | 138,625 | 5.00% | 2.7 | |||||||
Municipal securities | 1,437,952 | 1,522,494 | 4.13% | 6.4 | |||||||
Agency commercial MBS | 517,163 | 531,273 | 2.84% | 5.4 | |||||||
Corporate debt securities | 47,155 | 49,011 | 7.33% | 5.1 | |||||||
Collateralized loan obligations | 155,373 | 156,647 | 3.05% | 0.1 | |||||||
SBA securities | 185,639 | 187,300 | 0.30% | 1.9 | |||||||
Asset-backed and other securities | 69,189 | 69,813 | 2.71% | 3.1 | |||||||
Total securities available-for-sale | $ | 3,219,600 | $ | 3,341,335 | 3.29% | 4.7 |
(1) | Represents the yield for the month of September 30, 2016. |
(2) | Tax-equivalent basis. |
September 30, 2016 | ||||||
Carrying | % of | |||||
Municipal Securities by State: | Value | Total | ||||
(Dollars in thousands) | ||||||
California | $ | 217,170 | 14 | % | ||
New York | 187,238 | 12 | % | |||
Washington | 171,032 | 11 | % | |||
Texas | 117,842 | 8 | % | |||
Ohio | 97,965 | 6 | % | |||
District of Columbia | 68,227 | 4 | % | |||
Massachusetts | 67,631 | 4 | % | |||
Florida | 53,652 | 4 | % | |||
Oregon | 45,133 | 3 | % | |||
Illinois | 40,559 | 3 | % | |||
Total of 10 largest states | 1,066,449 | 69 | % | |||
All other states | 456,045 | 31 | % | |||
Total municipal securities | $ | 1,522,494 | 100 | % |
September 30, 2016 | June 30, 2016 | December 31, 2015 | ||||||||||||||||||
% of | % of | % of | ||||||||||||||||||
Amount | Total | Amount | Total | Amount | Total | |||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Real estate mortgage: | ||||||||||||||||||||
Healthcare real estate | $ | 959,993 | 7 | % | $ | 1,152,433 | 8 | % | $ | 1,230,787 | 9 | % | ||||||||
Hospitality | 666,523 | 5 | % | 712,900 | 5 | % | 656,750 | 5 | % | |||||||||||
SBA program | 468,138 | 3 | % | 473,465 | 3 | % | 473,960 | 3 | % | |||||||||||
Other commercial real estate | 2,232,911 | 15 | % | 2,180,411 | 15 | % | 2,284,036 | 16 | % | |||||||||||
Total commercial real estate | 4,327,565 | 30 | % | 4,519,209 | 31 | % | 4,645,533 | 33 | % | |||||||||||
Income producing residential | 1,070,842 | 7 | % | 1,011,651 | 7 | % | 1,035,164 | 7 | % | |||||||||||
Owner-occupied residential | 171,412 | 1 | % | 153,133 | 1 | % | 176,045 | 1 | % | |||||||||||
Total residential real estate | 1,242,254 | 8 | % | 1,164,784 | 8 | % | 1,211,209 | 8 | % | |||||||||||
Total real estate mortgage | 5,569,819 | 38 | % | 5,683,993 | 39 | % | 5,856,742 | 41 | % | |||||||||||
Real estate construction and land: | ||||||||||||||||||||
Commercial | 510,831 | 3 | % | 417,144 | 3 | % | 345,991 | 2 | % | |||||||||||
Residential | 323,104 | 2 | % | 281,788 | 2 | % | 184,382 | 1 | % | |||||||||||
Total real estate construction and land | 833,935 | 5 | % | 698,932 | 5 | % | 530,373 | 3 | % | |||||||||||
Total real estate loans | 6,403,754 | 43 | % | 6,382,925 | 44 | % | 6,387,115 | 44 | % | |||||||||||
Commercial: | ||||||||||||||||||||
Technology cash flow | 1,097,041 | 7 | % | 1,002,709 | 7 | % | 978,283 | 7 | % | |||||||||||
Security cash flow | 416,648 | 3 | % | 430,591 | 3 | % | 450,544 | 3 | % | |||||||||||
Healthcare cash flow | 751,580 | 5 | % | 821,698 | 6 | % | 865,355 | 6 | % | |||||||||||
Other cash flow | 806,337 | 5 | % | 793,441 | 5 | % | 779,783 | 5 | % | |||||||||||
Total cash flow | 3,071,606 | 20 | % | 3,048,439 | 21 | % | 3,073,965 | 21 | % | |||||||||||
Lender finance & timeshare | 1,654,585 | 11 | % | 1,730,870 | 12 | % | 1,587,577 | 11 | % | |||||||||||
Healthcare asset-based | 174,362 | 1 | % | 214,242 | 1 | % | 228,445 | 2 | % | |||||||||||
Other asset-based | 744,490 | 5 | % | 738,801 | 5 | % | 731,643 | 5 | % | |||||||||||
Total asset-based | 2,573,437 | 17 | % | 2,683,913 | 18 | % | 2,547,665 | 18 | % | |||||||||||
Equity funds group | 282,874 | 2 | % | 270,722 | 2 | % | 228,863 | 2 | % | |||||||||||
Early stage | 412,537 | 3 | % | 369,803 | 3 | % | 347,298 | 2 | % | |||||||||||
Expansion stage | 790,117 | 5 | % | 725,482 | 5 | % | 600,541 | 4 | % | |||||||||||
Later stage | 280,981 | 2 | % | 300,345 | 2 | % | 281,311 | 2 | % | |||||||||||
Venture capital | 1,766,509 | 12 | % | 1,666,352 | 12 | % | 1,458,013 | 10 | % | |||||||||||
Equipment finance | 670,783 | 5 | % | 646,940 | 4 | % | 890,349 | 6 | % | |||||||||||
Total commercial | 8,082,335 | 54 | % | 8,045,644 | 55 | % | 7,969,992 | 55 | % | |||||||||||
Consumer | 256,757 | 3 | % | 212,891 | 1 | % | 121,147 | 1 | % | |||||||||||
Total loans and leases, net of deferred fees | $ | 14,742,846 | 100 | % | $ | 14,641,460 | 100 | % | $ | 14,478,254 | 100 | % |
September 30, 2016 | December 31, 2015 | ||||||||||||
% of | % of | ||||||||||||
Real Estate Loans by State: | Amount | Total | Amount | Total | |||||||||
(Dollars in thousands) | |||||||||||||
California | $ | 3,199,545 | 50 | % | $ | 3,121,801 | 49 | % | |||||
Florida | 464,758 | 7 | % | 488,793 | 8 | % | |||||||
New York | 448,448 | 7 | % | 315,433 | 5 | % | |||||||
Texas | 301,872 | 5 | % | 342,815 | 5 | % | |||||||
Virginia | 188,766 | 3 | % | 182,040 | 3 | % | |||||||
Illinois | 179,118 | 3 | % | 157,431 | 2 | % | |||||||
Pennsylvania | 149,345 | 2 | % | 215,945 | 4 | % | |||||||
Arizona | 148,267 | 2 | % | 144,177 | 2 | % | |||||||
Georgia | 124,487 | 2 | % | 71,992 | 1 | % | |||||||
Maryland | 93,545 | 2 | % | 71,747 | 1 | % | |||||||
Total of 10 largest states | 5,298,151 | 83 | % | 5,112,174 | 80 | % | |||||||
All other states | 1,105,603 | 17 | % | 1,274,941 | 20 | % | |||||||
Total real estate loans | $ | 6,403,754 | 100 | % | $ | 6,387,115 | 100 | % |
Three Months Ended | Nine Months Ended | ||||||
Loan and Lease Roll Forward: (1) | September 30, 2016 | September 30, 2016 | |||||
(Dollars in thousands) | |||||||
Beginning balance | $ | 14,641,460 | $ | 14,478,254 | |||
New production | 1,071,943 | 2,845,430 | |||||
Existing loans and leases: | |||||||
Principal repayments, net(2) | (933,037 | ) | (2,318,321 | ) | |||
Loan and lease sales | (27,065 | ) | (105,319 | ) | |||
Transfers to foreclosed assets | — | (129 | ) | ||||
Charge-offs | (10,455 | ) | (17,871 | ) | |||
Sale of Pacific Western Equipment Finance ("PWEF") | — | (139,198 | ) | ||||
Ending balance | $ | 14,742,846 | $ | 14,742,846 | |||
Weighted average rate on new production | 5.11 | % | 4.95 | % |
(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. |
September 30, 2016 | |||||||||
Obligors | Amount | % of Total | |||||||
(Dollars in thousands) | |||||||||
Nonaccrual | 2 | $ | 40,262 | 39 | % | ||||
Large, rated companies(1) | 2 | 41,410 | 41 | % | |||||
All others | 10 | 20,058 | 20 | % | |||||
Total oil & gas support services | 14 | $ | 101,730 | 100 | % |
(1) | Borrowing entity or obligor contractual counterpart rated BB- or higher. |
• | 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 and leases; |
• | our loan and lease portfolio composition and any loan concentrations; |
• | our current lending policies and the effects of any new policies or policy amendments; |
• | our new loan and lease origination volume and the nature of it; |
• | our loan and lease portfolio credit performance trends; and |
• | the results of our ongoing independent credit review. |
• | Pass: Loans and leases classified as "pass" are not adversely classified and collection and repayment in full are 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. |
September 30, | June 30, | December 31, | September 30, | ||||||||||||
Non-PCI Allowance for Credit Losses Data: | 2016 | 2016 | 2015 | 2015 | |||||||||||
(Dollars in thousands) | |||||||||||||||
Allowance for loan and lease losses | $ | 136,747 | $ | 132,000 | $ | 105,534 | $ | 92,316 | |||||||
Reserve for unfunded loan commitments | 17,323 | 17,944 | 16,734 | 8,374 | |||||||||||
Total allowance for credit losses | $ | 154,070 | $ | 149,944 | $ | 122,268 | $ | 100,690 | |||||||
Allowance for credit losses to loans and leases | 1.05 | % | 1.03 | % | 0.85 | % | 0.82 | % | |||||||
Allowance for credit losses to nonaccrual loans and leases | 90.1 | % | 117.5 | % | 94.8 | % | 93.9 | % |
September 30, 2016 | June 30, 2016 | ||||||||||||||||||||
Non-PCI | Non-PCI | ||||||||||||||||||||
Non-PCI Adjusted Allowance for | Loans and | Allowance/ | Coverage | Loans and | Allowance/ | Coverage | |||||||||||||||
Credit Losses to Loans and Leases: | Leases | Discount | Ratio | Leases | Discount | Ratio | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Adjustment for acquired loans and leases | |||||||||||||||||||||
and related allowance: | |||||||||||||||||||||
Ending balance | $ | 14,686,206 | $ | 154,070 | 1.05 | % | $ | 14,566,425 | $ | 149,944 | 1.03 | % | |||||||||
Acquired loans and leases | (4,612,787 | ) | (46,039 | ) | (5,131,674 | ) | (37,440 | ) | |||||||||||||
Adjusted balance | $ | 10,073,419 | $ | 108,031 | 1.07 | % | $ | 9,434,751 | $ | 112,504 | 1.19 | % | |||||||||
Adjustment for unamortized purchase | |||||||||||||||||||||
discount on acquired loans and leases: | |||||||||||||||||||||
Ending balance | $ | 14,686,206 | $ | 154,070 | 1.05 | % | $ | 14,566,425 | $ | 149,944 | 1.03 | % | |||||||||
Unamortized purchase discount | 53,041 | 53,041 | 65,391 | 65,391 | |||||||||||||||||
Adjusted balance | $ | 14,739,247 | $ | 207,111 | 1.41 | % | $ | 14,631,816 | $ | 215,335 | 1.47 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
Non-PCI Allowance for Credit Losses: | 2016 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||
(Dollars in thousands) | |||||||||||||||||||
Allowance for credit losses, beginning of period | $ | 149,944 | $ | 138,376 | $ | 92,921 | $ | 122,268 | $ | 76,767 | |||||||||
Provision for credit losses: | |||||||||||||||||||
Addition to allowance for loan and lease losses | 8,621 | 11,625 | 10,500 | 39,411 | 31,104 | ||||||||||||||
Addition to reserve for unfunded loan commitments | (621 | ) | 375 | 500 | 589 | 2,063 | |||||||||||||
Provision for credit losses | 8,000 | 12,000 | 11,000 | 40,000 | 33,167 | ||||||||||||||
Loans and leases charged off: | |||||||||||||||||||
Real estate mortgage | (302 | ) | (866 | ) | (252 | ) | (1,905 | ) | (1,767 | ) | |||||||||
Commercial | (9,606 | ) | (655 | ) | (4,035 | ) | (14,306 | ) | (12,964 | ) | |||||||||
Consumer | (16 | ) | (191 | ) | (25 | ) | (798 | ) | (115 | ) | |||||||||
Total loans and leases charged off (1) | (9,924 | ) | (1,712 | ) | (4,312 | ) | (17,009 | ) | (14,846 | ) | |||||||||
Recoveries on loans charged off: | |||||||||||||||||||
Real estate mortgage | 2,414 | 939 | 288 | 4,352 | 1,783 | ||||||||||||||
Real estate construction and land | 27 | 6 | 390 | 185 | 1,034 | ||||||||||||||
Commercial | 3,553 | 312 | 239 | 4,179 | 2,393 | ||||||||||||||
Consumer | 56 | 23 | 164 | 95 | 392 | ||||||||||||||
Total recoveries on loans charged off | 6,050 | 1,280 | 1,081 | 8,811 | 5,602 | ||||||||||||||
Net (charge-offs) recoveries | (3,874 | ) | (432 | ) | (3,231 | ) | (8,198 | ) | (9,244 | ) | |||||||||
Allowance for credit losses, end of period | $ | 154,070 | $ | 149,944 | $ | 100,690 | $ | 154,070 | $ | 100,690 | |||||||||
Annualized net charge-offs (recoveries) to | |||||||||||||||||||
average loans and leases | 0.11 | % | 0.01 | % | 0.11 | % | 0.08 | % | 0.10 | % |
(1) | The third quarter 2016 Non-PCI charge-offs included $9.7 million of loans and leases that were fully reserved at June 30, 2016. |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | ||||||||||||||||
PCI Allowance for Credit Losses: | 2016 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||
(In thousands) | |||||||||||||||||||
Allowance for credit losses, beginning of period | $ | 11,289 | $ | 9,554 | $ | 14,328 | $ | 9,577 | $ | 13,999 | |||||||||
Provision (negative provision) | 471 | 1,903 | (2,254 | ) | 2,514 | (1,458 | ) | ||||||||||||
Net charge-offs | (531 | ) | (168 | ) | (1,119 | ) | (862 | ) | (1,586 | ) | |||||||||
Allowance for credit losses, end of period | $ | 11,229 | $ | 11,289 | $ | 10,955 | $ | 11,229 | $ | 10,955 |
September 30, | June 30, | December 31, | September 30, | ||||||||||||
2016 | 2016 | 2015 | 2015 | ||||||||||||
(Dollars in thousands) | |||||||||||||||
Nonaccrual Non-PCI loans and leases | $ | 171,085 | $ | 127,655 | $ | 129,019 | $ | 107,190 | |||||||
Nonaccrual PCI loans | 3,478 | 2,025 | 4,596 | 4,823 | |||||||||||
Total nonaccrual loans and leases | 174,563 | 129,680 | 133,615 | 112,013 | |||||||||||
Accruing Non-PCI loans contractually past due 90 days or more | — | — | 700 | — | |||||||||||
Foreclosed assets, net | 15,113 | 16,181 | 22,120 | 33,216 | |||||||||||
Total nonperforming assets | $ | 189,676 | $ | 145,861 | $ | 156,435 | $ | 145,229 | |||||||
Performing troubled debt restructured loans(1) | $ | 70,348 | $ | 71,709 | $ | 40,182 | $ | 39,956 | |||||||
Classified Non-PCI loans and leases | $ | 417,541 | $ | 441,035 | $ | 391,754 | $ | 323,038 | |||||||
Nonaccrual loans and leases to loans and leases | 1.18 | % | 0.88 | % | 0.92 | % | 0.90 | % | |||||||
Nonperforming assets to loans and leases and foreclosed assets, net | 1.28 | % | 0.99 | % | 1.08 | % | 1.16 | % | |||||||
Classified Non-PCI loans and leases to Non-PCI loans and leases | 2.84 | % | 3.03 | % | 2.73 | % | 2.67 | % |
(1) | Excludes PCI loans. |
Nonaccrual Loans and Leases | Accruing and | ||||||||||||||||||||
September 30, 2016 | June 30, 2016 | 30 - 89 Days Past Due | |||||||||||||||||||
% of | % of | September 30, | June 30, | ||||||||||||||||||
Loan | Loan | 2016 | 2015 | ||||||||||||||||||
Amount | Category | Amount | Category | Amount | Amount | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Real estate mortgage: | |||||||||||||||||||||
Commercial | $ | 74,606 | 1.7 | % | $ | 29,183 | 0.7 | % | $ | 2,146 | $ | 2,126 | |||||||||
Residential | 5,089 | 0.4 | % | 4,238 | 0.4 | % | — | 171 | |||||||||||||
Total real estate mortgage | 79,695 | 1.5 | % | 33,421 | 0.6 | % | 2,146 | 2,297 | |||||||||||||
Real estate construction and land: | |||||||||||||||||||||
Commercial | 1,245 | 0.2 | % | — | — | % | — | — | |||||||||||||
Residential | 366 | 0.1 | % | 368 | 0.1 | % | — | — | |||||||||||||
Total real estate construction and land | 1,611 | 0.2 | % | 368 | 0.1 | % | — | — | |||||||||||||
Commercial: | |||||||||||||||||||||
Cash flow | 27,831 | 0.9 | % | 38,146 | 1.3 | % | 21 | 389 | |||||||||||||
Asset-based | 4,044 | 0.2 | % | 1,986 | 0.1 | % | 6,644 | — | |||||||||||||
Venture capital | 10,782 | 0.6 | % | 1,088 | 0.1 | % | — | 3,548 | |||||||||||||
Equipment finance (1) | 46,916 | 7.0 | % | 52,432 | 8.1 | % | — | — | |||||||||||||
Total commercial | 89,573 | 1.1 | % | 93,652 | 1.2 | % | 6,665 | 3,937 | |||||||||||||
Consumer | 206 | 0.1 | % | 214 | 0.1 | % | — | — | |||||||||||||
Total Non-PCI loans and leases | $ | 171,085 | 1.2 | % | $ | 127,655 | 0.9 | % | $ | 8,811 | $ | 6,234 |
(1) | Includes nonaccrual loans and leases to companies involved in the oil and gas industries of $40.3 million and $48.5 million at September 30, 2016 and June 30, 2016. |
September 30, | June 30, | December 31, | September 30, | ||||||||||||
Property Type: | 2016 | 2016 | 2015 | 2015 | |||||||||||
(In thousands) | |||||||||||||||
Commercial real estate | $ | — | $ | — | $ | 487 | $ | 3,558 | |||||||
Construction and land development | 13,800 | 13,800 | 13,801 | 14,343 | |||||||||||
Multi-family | — | — | — | 3,481 | |||||||||||
Single family residence | — | 852 | 952 | 1,663 | |||||||||||
Total OREO, net | 13,800 | 14,652 | 15,240 | 23,045 | |||||||||||
Other foreclosed assets | 1,313 | 1,529 | 6,880 | 10,171 | |||||||||||
Total foreclosed assets | $ | 15,113 | $ | 16,181 | $ | 22,120 | $ | 33,216 |
September 30, 2016 | June 30, 2016 | December 31, 2015 | ||||||||||||||||||
% of | % of | % of | ||||||||||||||||||
Deposit Category: | Amount | Total | Amount | Total | Amount | Total | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||
Noninterest-bearing demand deposits | $ | 6,521,946 | 42 | % | $ | 6,222,696 | 41 | % | $ | 6,171,455 | 39 | % | ||||||||
Interest checking deposits | 1,184,350 | 8 | 1,035,395 | 7 | 874,349 | 5 | ||||||||||||||
Money market deposits | 3,532,050 | 22 | 3,392,811 | 22 | 2,782,974 | 18 | ||||||||||||||
Savings deposits | 772,293 | 5 | 761,090 | 5 | 742,795 | 5 | ||||||||||||||
Total core deposits | 12,010,639 | 77 | 11,411,992 | 75 | 10,571,573 | 67 | ||||||||||||||
Brokered non-maturity deposits | 1,082,114 | 7 | 972,820 | 7 | 942,253 | 6 | ||||||||||||||
Total non-maturity deposits | 13,092,753 | 84 | 12,384,812 | 82 | 11,513,826 | 73 | ||||||||||||||
Time deposits under $100,000 | 1,180,428 | 7 | 1,114,074 | 7 | 1,656,227 | 11 | ||||||||||||||
Time deposits $100,000 and over | 1,372,487 | 9 | 1,649,123 | 11 | 2,496,129 | 16 | ||||||||||||||
Total time deposits | 2,552,915 | 16 | 2,763,197 | 18 | 4,152,356 | 27 | ||||||||||||||
Total deposits | $ | 15,645,668 | 100 | % | $ | 15,148,009 | 100 | % | $ | 15,666,182 | 100 | % |
September 30, 2016 | |||||||||||||
Time | Time | ||||||||||||
Deposits | Deposits | Total | |||||||||||
Under | $100,000 | Time | Contractual | ||||||||||
Maturity: | $100,000 | or More | Deposits | Rate | |||||||||
(Dollars in thousands) | |||||||||||||
Due in three months or less | $ | 402,305 | $ | 473,136 | $ | 875,441 | 0.43% | ||||||
Due in over three months through six months | 277,632 | 361,539 | 639,171 | 0.35% | |||||||||
Due in over six months through twelve months | 388,867 | 411,147 | 800,014 | 0.36% | |||||||||
Due in over 12 months through 24 months | 86,228 | 89,603 | 175,831 | 0.66% | |||||||||
Due in over 24 months | 25,396 | 37,062 | 62,458 | 0.77% | |||||||||
Total | $ | 1,180,428 | $ | 1,372,487 | $ | 2,552,915 | 0.41% | ||||||
At June 30, 2016 | $ | 1,114,074 | $ | 1,649,123 | $ | 2,763,197 | 0.49% |
Minimum | |||||||
Required | |||||||
Minimum | Plus Capital | Minimum | |||||
Required | Conservation | Required | |||||
For Capital | Buffer | For Well | |||||
Adequacy | Phase-In | Capitalized | |||||
Actual | Purposes | for 2016 | Requirement | ||||
September 30, 2016 | |||||||
PacWest Bancorp Consolidated | |||||||
Tier 1 capital (to average assets) | 12.13% | 4.00% | 4.000% | N/A | |||
CET1 capital (to risk weighted assets) | 12.83% | 4.50% | 5.125% | N/A | |||
Tier 1 capital (to risk weighted assets) | 12.83% | 6.00% | 6.625% | N/A | |||
Total capital (to risk weighted assets) | 16.18% | 8.00% | 8.625% | N/A | |||
Pacific Western Bank | |||||||
Tier 1 capital (to average assets) | 11.54% | 4.00% | 4.000% | 5.00% | |||
CET1 capital (to risk weighted assets) | 12.21% | 4.50% | 5.125% | 6.50% | |||
Tier 1 capital (to risk weighted assets) | 12.21% | 6.00% | 6.625% | 8.00% | |||
Total capital (to risk weighted assets) | 13.15% | 8.00% | 8.625% | 10.00% |
December 31, 2015 | |||||||
PacWest Bancorp Consolidated | |||||||
Tier 1 capital (to average assets) | 11.67% | 4.00% | N/A | N/A | |||
CET1 capital (to risk weighted assets) | 12.58% | 4.50% | N/A | N/A | |||
Tier 1 capital (to risk weighted assets) | 12.60% | 6.00% | N/A | N/A | |||
Total capital (to risk weighted assets) | 15.65% | 8.00% | N/A | N/A | |||
Pacific Western Bank | |||||||
Tier 1 capital (to average assets) | 11.40% | 4.00% | N/A | 5.00% | |||
CET1 capital (to risk weighted assets) | 12.03% | 4.50% | N/A | 6.50% | |||
Tier 1 capital (to risk weighted assets) | 12.03% | 6.00% | N/A | 8.00% | |||
Total capital (to risk weighted assets) | 12.80% | 8.00% | N/A | 10.00% |
September 30, | June 30, | December | |||||||||
2016 | 2016 | 2015 | |||||||||
(Dollars in thousands) | |||||||||||
Primary Liquidity - On-Balance Sheet: | |||||||||||
Cash and due from banks | $ | 286,371 | $ | 226,471 | $ | 161,020 | |||||
Interest-earning deposits in financial institutions | 253,994 | 218,882 | 235,466 | ||||||||
Securities available-for-sale | 3,341,335 | 3,347,546 | 3,559,437 | ||||||||
Less: pledged securities | (342,232 | ) | (442,884 | ) | (421,574 | ) | |||||
Total primary liquidity | $ | 3,539,468 | $ | 3,350,015 | $ | 3,534,349 | |||||
Ratio of primary liquidity to total deposits | 22.6 | % | 22.1 | % | 22.6 | % |
September 30, | June 30, | December | |||||||||
2016 | 2016 | 2015 | |||||||||
(In thousands) | |||||||||||
Secondary Liquidity - Off-Balance Sheet | |||||||||||
Available Secured Borrowing Capacity: | |||||||||||
Total secured borrowing capacity with the FHLB | $ | 2,044,799 | $ | 2,043,979 | $ | 2,500,000 | |||||
Less: secured advances outstanding | (410,000 | ) | (787,000 | ) | (618,000 | ) | |||||
Net secured borrowing capacity with the FHLB | 1,634,799 | 1,256,979 | 1,882,000 | ||||||||
Secured borrowing capacity with the FRBSF | 2,429,729 | 1,829,572 | 2,078,292 | ||||||||
Total secondary liquidity | $ | 4,064,528 | $ | 3,086,551 | $ | 3,960,292 |
September 30, 2016 | |||||||||||||||||||
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) | $ | 2,314,213 | $ | 213,328 | $ | 24,032 | $ | 929 | $ | 2,552,502 | |||||||||
Short-term FHLB and American Financial | |||||||||||||||||||
Exchange borrowings | 540,000 | — | — | — | 540,000 | ||||||||||||||
Long-term debt obligations(1) | 613 | 368 | 30 | 540,329 | 541,340 | ||||||||||||||
Contractual interest(2) | 3,394 | 2,324 | 793 | 46 | 6,557 | ||||||||||||||
Operating lease obligations | 29,136 | 52,179 | 39,915 | 41,074 | 162,304 | ||||||||||||||
Other contractual obligations | 120,495 | 27,048 | 12,622 | 21,139 | 181,304 | ||||||||||||||
Total | $ | 3,007,851 | $ | 295,247 | $ | 77,392 | $ | 603,517 | $ | 3,984,007 |
(1) | Excludes purchase accounting fair value adjustments. |
(2) | Excludes interest on subordinated debentures as these instruments are variable rate. |
Forecasted | Forecasted | ||||||||
September 30, 2016 | Net Interest | Percentage | Forecasted | Net Interest | |||||
Interest Rate Scenario: | Income | Change | Net Interest | Margin Change | |||||
(Tax Equivalent) | From Base | Margin | From Base | ||||||
(Dollars in millions) | |||||||||
Up 300 basis points | $ | 1,061.8 | 16.3% | 5.75% | 0.80% | ||||
Up 200 basis points | $ | 1,013.7 | 11.0% | 5.49% | 0.54% | ||||
Up 100 basis points | $ | 963.5 | 5.6% | 5.22% | 0.27% | ||||
BASE CASE | $ | 912.8 | — | 4.95% | — | ||||
Down 100 basis points | $ | 887.3 | (2.8)% | 4.82% | (0.13)% | ||||
Down 200 basis points | $ | 879.1 | (3.7)% | 4.77% | (0.18)% | ||||
Down 300 basis points | $ | 873.0 | (4.4)% | 4.74% | (0.21)% |
September 30, 2016 | ||||
Cumulative | Rate | |||
Amount of | Increase | |||
Variable-Rate | Needed to | |||
Loans | Reprice | |||
(Dollars in millions) | ||||
$ | 3,648 | 0 - 100 bps | ||
$ | 3,841 | 101 - 200 bps | ||
$ | 3,950 | 201 - 300 bps | ||
$ | 4,061 | > 300 bps |
Ratio of | ||||||||||||||||
Projected | Dollar | Percentage | Percentage | Projected | ||||||||||||
September 30, 2016 | Market Value | Change | Change | of Total | Market Value | |||||||||||
Interest Rate Scenario: | of Equity | From Base | From Base | Assets | to Book Value | |||||||||||
(Dollars in millions) | ||||||||||||||||
Up 300 basis points | $ | 5,622 | $ | 127 | 2.3 | % | 26.4 | % | 123.8 | % | ||||||
Up 200 basis points | $ | 5,590 | $ | 95 | 1.7 | % | 26.2 | % | 123.1 | % | ||||||
Up 100 basis points | $ | 5,550 | $ | 55 | 1.0 | % | 26.0 | % | 122.2 | % | ||||||
BASE CASE | $ | 5,495 | $ | — | — | % | 25.8 | % | 121.0 | % | ||||||
Down 100 basis points | $ | 5,462 | $ | (33 | ) | (0.6 | )% | 25.6 | % | 120.2 | % | |||||
Down 200 basis points | $ | 5,289 | $ | (207 | ) | (3.8 | )% | 24.8 | % | 116.4 | % | |||||
Down 300 basis points | $ | 5,181 | $ | (314 | ) | (5.7 | )% | 24.3 | % | 114.1 | % |
Total | ||||||
Number of | Average | |||||
Shares | Price Paid | |||||
Purchase Dates | Purchased(1) | Per Share | ||||
July 1, 2016 - July 31, 2016 | — | $ | — | |||
August 1, 2016 - August 31, 2016 | 4,704 | 41.50 | ||||
September 1, 2016 - September 30, 2016 | — | — | ||||
Total | 4,704 | $ | 41.50 |
(1) | Shares repurchased pursuant to net settlement by employees and directors, in satisfaction of income tax withholding obligations incurred through the vesting of Company stock awards. |
Exhibit Number | Description |
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 this 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). |
3.5 | 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). |
10.1 | PacWest Bancorp 2003 Stock Incentive Plan, as amended and restated, dated May 16, 2016 (Exhibit 10.1 to Form 8-K filed on May 18, 2016 and incorporated herein by this reference). |
10.2 | Form of Stock Award Agreement pursuant to the Company's 2003 Stock Incentive Plan, as amended. * |
10.3 | Form of Stock Unit Award Agreement pursuant to the Company's 2003 Stock Incentive Plan, as amended. * |
31.1 | Section 302 Certification of Chief Executive Officer. * |
31.2 | Section 302 Certification of Chief Financial Officer. * |
32.1 | Section 906 Certification of Chief Executive Officer. * |
32.2 | Section 906 Certification of Chief Financial Officer. * |
101 | Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Condensed Consolidated Balance Sheets as of September 30, 2016 and December 31, 2015, (ii) the Condensed Consolidated Statements of Earnings for the three months ended September 30, 2016, June 30, 2016, and September 30, 2015 and nine months ended September 30, 2016 and 2015, (iii) the Condensed Consolidated Statements of Comprehensive Income for the three months ended September 30, 2016, June 30, 2016, and September 30, 2015 and nine months ended September 30, 2016 and 2015, (iv) the Condensed Consolidated Statement of Changes in Stockholders' Equity for the nine months ended September 30, 2016, (v) the Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2016 and 2015, and (vi) the Notes to Condensed Consolidated Financial Statements. * |
PACWEST BANCORP | |
November 4, 2016 | /s/ Patrick J. Rusnak |
Patrick J. Rusnak | |
Executive Vice President and Chief Financial Officer |
GRANTEE: | PACWEST BANCORP | |||||
By: | By: | |||||
Name: | Christopher D. Blake Exec. Vice President, Human Resources | |||||
Social Security Number | ||||||
Address: | ||||||
You have been granted the following Stock Award: | ||
Name of Grantee: | ||
Total Number of Shares Granted: ("Granted Stock") | ||
Type of Stock Award: | [Restricted] [Performance] Stock Award | |
Date of Grant: | [insert date] | |
Vesting Schedule: | ||
[Insert for Restricted Stock] |
By: | ||
Name: |
GRANTEE: | PACWEST BANCORP | |||||
By: | By: | |||||
Name: | Christopher D. Blake Exec. Vice President |
1. | I have reviewed this report on Form 10-Q for the quarterly period ended September 30, 2016 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: | November 4, 2016 | /s/ Matthew P. Wagner |
Matthew P. Wagner Chief Executive Officer |
1. | I have reviewed this report on Form 10-Q for the quarterly period ended September 30, 2016 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: | November 4, 2016 | /s/ Patrick J. Rusnak |
Patrick J. Rusnak Executive Vice President and Chief Financial Officer |
Date: | November 4, 2016 | /s/ Matthew P. Wagner |
Matthew P. Wagner Chief Executive Officer |
Date: | November 4, 2016 | /s/ Patrick J. Rusnak |
Patrick J. Rusnak Executive Vice President and Chief Financial Officer |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Oct. 26, 2016 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | PACWEST BANCORP | |
Entity Central Index Key | 0001102112 | |
Document Period End Date | Sep. 30, 2016 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 120,279,633 |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Preferred stock par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock outstanding (shares) | 5,000,000 | 5,000,000 |
Common Stock par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 200,000,000 | 200,000,000 |
Common stock issued (shares) | 123,320,121 | 122,791,729 |
Unvested restricted shares (shares) | 1,393,373 | 1,211,951 |
Treasury Stock (shares) | 1,502,597 | 1,378,002 |
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Interest income: | |||||
Loans and leases | $ 225,370 | $ 224,326 | $ 193,539 | $ 686,071 | $ 599,417 |
Investment securities | 22,187 | 22,420 | 13,955 | 67,154 | 40,720 |
Deposits in financial institutions | 298 | 308 | 178 | 914 | 304 |
Total interest income | 247,855 | 247,054 | 207,672 | 754,139 | 640,441 |
Interest expense: | |||||
Deposits | 7,247 | 7,823 | 10,400 | 24,143 | 32,112 |
Borrowings | 695 | 352 | 72 | 1,628 | 395 |
Subordinated debentures | 5,278 | 5,122 | 4,680 | 15,382 | 13,787 |
Total interest expense | 13,220 | 13,297 | 15,152 | 41,153 | 46,294 |
Net interest income | 234,635 | 233,757 | 192,520 | 712,986 | 594,147 |
Provision for credit losses | 8,471 | 13,903 | 8,746 | 42,514 | 31,709 |
Net interest income after provision for credit losses | 226,164 | 219,854 | 183,774 | 670,472 | 562,438 |
Non-interest income: | |||||
Service charges on deposit accounts | 3,488 | 3,633 | 2,601 | 10,977 | 7,787 |
Other commissions and fees | 12,528 | 11,073 | 6,376 | 35,090 | 18,895 |
Leased equipment income | 8,538 | 8,523 | 5,475 | 25,305 | 16,232 |
Gain on sale of loans and leases | 157 | 388 | 27 | 790 | 190 |
Gain on sale of securities | 382 | 478 | 655 | 8,970 | 3,744 |
FDIC loss sharing expense, net | 0 | (6,502) | (4,449) | (8,917) | (13,955) |
Other income | 1,827 | 4,528 | 5,073 | 11,365 | 23,359 |
Total noninterest income | 26,920 | 22,121 | 15,758 | 83,580 | 56,252 |
Non-interest expense: | |||||
Compensation | 62,661 | 62,174 | 48,152 | 185,900 | 144,922 |
Occupancy | 12,010 | 12,193 | 10,762 | 36,835 | 31,950 |
Data processing | 6,234 | 5,644 | 4,322 | 17,782 | 13,032 |
Other professional services | 4,625 | 3,401 | 3,396 | 11,598 | 9,949 |
Insurance and assessments | 4,324 | 4,951 | 3,805 | 14,240 | 11,546 |
Intangible asset amortization | 4,224 | 4,371 | 1,497 | 13,341 | 4,500 |
Leased equipment depreciation | 5,298 | 5,286 | 3,162 | 15,608 | 9,368 |
Foreclosed assets (income) expense, net | (248) | (3) | 4,521 | (812) | 2,517 |
Acquisition, integration and reorganization costs | 0 | 0 | 747 | 200 | 3,647 |
Other expense | 11,582 | 12,064 | 9,775 | 36,787 | 28,344 |
Total noninterest expense | 110,710 | 110,081 | 90,139 | 331,479 | 259,775 |
Earnings before income taxes | 142,374 | 131,894 | 109,393 | 422,573 | 358,915 |
Income tax expense | (48,479) | (49,726) | (39,777) | (156,054) | (131,137) |
Net earnings | $ 93,895 | $ 82,168 | $ 69,616 | $ 266,519 | $ 227,778 |
Earnings Per Share, Basic [Abstract] | |||||
Net earnings (usd per share) | $ 0.77 | $ 0.68 | $ 0.68 | $ 2.19 | $ 2.21 |
Earnings Per Share, Diluted [Abstract] | |||||
Net earnings (usd per share) | 0.77 | 0.68 | 0.68 | 2.19 | 2.21 |
Dividends [Abstract] | |||||
Dividends declared per share (usd per share) | $ 0.50 | $ 0.50 | $ 0.5 | $ 1.50 | $ 1.5 |
Condensed Consolidated Statement of Shareholders' Equity - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands |
Total |
Shares Of Common Stock [Member] |
Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Treasury Stock |
Accumulated Other Comprehensive Income (Loss) |
---|---|---|---|---|---|---|---|
Balance, December 31, 2015 at Dec. 31, 2015 | $ 4,397,691 | $ 1,228 | $ 4,405,775 | $ 13,907 | $ (51,047) | $ 27,828 | |
Shares outstanding, beginning balance (shares) at Dec. 31, 2015 | 121,413,727 | ||||||
Stockholders' Equity Disclosure [Rollforward] | |||||||
Net earnings | 266,519 | 266,519 | |||||
Other comprehensive loss-net unrealized loss on securities available-for-sale, net of tax | 44,245 | 44,245 | |||||
Restricted stock awarded and earned compensation, net of shares forfeited (shares) | 528,392 | ||||||
Restricted stock awarded and earned stock compensation, net of shares forfeited | 17,275 | 5 | 17,270 | ||||
Restricted stock surrendered (shares) | (124,595) | ||||||
Restricted stock surrendered | (4,611) | (4,611) | |||||
tax effect from vesting of restricted stock | 4,226 | 4,226 | |||||
Cash dividends paid | (182,750) | (182,750) | |||||
Balance, September 30, 2016 at Sep. 30, 2016 | $ 4,542,595 | $ 1,233 | $ 4,244,521 | $ 280,426 | $ (55,658) | $ 72,073 | |
Shares outstanding, ending balance (shares) at Sep. 30, 2016 | 121,817,524 |
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
9 Months Ended | |
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Sep. 30, 2016 |
Sep. 30, 2015 |
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Cash flows from operating activities: | ||
Net earnings | $ 266,519 | $ 227,778 |
Depreciation and amortization | 66,114 | 33,239 |
Provision for credit losses | 42,514 | 31,709 |
(Gain) loss on sale of foreclosed assets | (837) | 42 |
Provision for losses on foreclosed assets | 0 | 5,163 |
Gain on sale of loans and leases | (790) | (190) |
Gain on sale of premises and equipment | (23) | (54) |
Gain on sale of securities | (8,970) | (3,744) |
Unrealized gain on derivatives and foreign currencies, net | (374) | (909) |
Earned stock compensation | 17,275 | 11,836 |
Loss on sale of leasing unit | 720 | 0 |
Tax effect included in stockholders' equity of restricted stock vesting | (4,226) | (596) |
Decrease in accrued and deferred income taxes, net | 74,946 | 108,553 |
Decrease in other assets | 2,070 | 15,786 |
Decrease in accrued interest payable and other liabilities | (23,600) | (25,336) |
Net cash provided by operating activities | 431,338 | 403,277 |
Cash flows from investing activities: | ||
Net increase in loans and leases | (514,224) | (612,008) |
Proceeds from sales of loans and leases | 106,109 | 10,557 |
Proceeds from maturities and paydowns | 184,644 | 93,389 |
Proceeds from sales | 392,841 | 212,169 |
Purchases | (303,742) | (557,769) |
Net redemptions of Federal Home Loan Bank stock | 324 | 23,359 |
Proceeds from sales of foreclosed assets | 7,973 | 18,772 |
Purchases of premises and equipment, net | (6,185) | (5,872) |
Proceeds from sales of premises and equipment | 24 | 108 |
Proceeds from sale of leasing unit | 138,955 | 0 |
Proceeds from BOLI death benefit | 1,853 | 0 |
Net increase of equipment leased to others under operating leases | (15,802) | (26,174) |
Net cash used in investing activities | (7,230) | (843,469) |
Cash flows from financing activities: | ||
Noninterest-bearing | 352,784 | 573,101 |
Interest-bearing | (371,005) | (216,717) |
Net (decrease) increase in borrowings | (78,873) | 169,095 |
Common stock repurchased | (4,611) | (8,391) |
Tax effect included in stockholders' equity of restricted stock vesting | 4,226 | 596 |
Cash dividends paid | (182,750) | (154,424) |
Net cash (used in) provided by financing activities | (280,229) | 363,260 |
Net increase (decrease) in cash and cash equivalents | 143,879 | (76,932) |
Cash and cash equivalents, beginning of period | 396,486 | 313,226 |
Cash and cash equivalents, end of period | 540,365 | 236,294 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 41,392 | 51,218 |
Cash paid for income taxes | 82,721 | 13,760 |
Loans transferred to foreclosed assets | 129 | 13,472 |
Partnership interest transferred to equipment leased to others under operating leases | $ 0 | $ 20,833 |
Organization |
9 Months Ended |
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Sep. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization 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. References to "Pacific Western" or the "Bank" refer to Pacific Western Bank together with its wholly-owned subsidiaries. References to “we,” "us," “our,” or the “Company,” refer to 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 September 30, 2016, the Company had total assets of $21.3 billion, gross loans and leases of $14.8 billion, total deposits of $15.6 billion and total stockholders' equity of $4.5 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 79 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. The Bank provides 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. Pacific Western offers additional products and services through its CapitalSource and Square 1 Bank divisions. CapitalSource provides 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 offers a comprehensive suite of financial services focused on entrepreneurial businesses and their venture capital and private equity investors, with offices located in key innovation hubs across the United States. In addition, we provide investment advisory and asset management services to select clients through Square 1 Asset Management, Inc., a wholly-owned subsidiary of the Bank and a SEC-registered investment adviser. 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. 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 compensation, occupancy, general operating expenses, and the interest paid by the Bank on deposits and borrowings. We have completed 28 acquisitions from May 1, 2000 through September 30, 2016, 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 2. Acquisitions, for more information about the Square 1 acquisition. On March 31, 2016, we sold our Pacific Western Equipment Finance ("PWEF") leasing unit in Midvale, Utah, including approximately $139 million of outstanding lease balances. Significant Accounting Policies Except as discussed below, our accounting policies are described in Note 1. Nature of Operations and Summary of Significant Accounting Policies, of our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2015 as filed with the Securities and Exchange Commission ("Form 10-K"). Basis of Presentation Our interim consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, certain disclosures accompanying annual consolidated financial statements are omitted. In the opinion of management, all significant intercompany accounts and transactions have been eliminated and adjustments, consisting solely of normal recurring accruals and considered necessary for the fair presentation of financial statements for the interim periods, have been included. The current period's results of operations are not necessarily indicative of the results that ultimately may be achieved for the year. The interim consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K. Use of Estimates We have made a number of estimates and assumptions related to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these condensed consolidated financial statements in conformity with U.S. GAAP. Material estimates subject to change in the near term include, among other items, the allowance for credit losses, the carrying value and useful lives of intangible assets, the realization of deferred tax assets, and the fair value estimates of assets acquired and liabilities assumed in acquisitions. These estimates may be adjusted as more current information becomes available, and any adjustment may be significant. As described in Note 2. Acquisitions, the acquired assets and liabilities of Square 1 were measured at their estimated fair values. We made significant estimates and exercised significant judgment in estimating fair values and accounting for such acquired assets and assumed liabilities. Reclassifications Certain prior period amounts have been reclassified to conform to the current period's presentation format. The operating segments previously reported have been aggregated into one segment to conform to the current period's presentation format. |
Acquisitions |
9 Months Ended |
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Sep. 30, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Square 1 Financial, Inc. Acquisition We acquired 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. At closing, we formed the Square 1 Bank Division of Pacific Western to focus on providing a comprehensive suite of financial services to entrepreneurial businesses and their venture capital and private equity investors nationwide. When we refer to "Square 1", we are referring to the company acquired on October 6, 2015, and when we refer to the "Square 1 Bank Division", we are referring to a division of Pacific Western. We completed this acquisition to increase 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. We acquired $4.6 billion of assets and assumed $3.8 billion of liabilities upon closing of the acquisition. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the acquisition date. We made significant estimates and exercised significant judgment in estimating fair values and accounting for such acquired assets and liabilities. The application of the acquisition method of accounting resulted in goodwill of $446.1 million. All of the recognized goodwill is expected to be non-deductible for tax purposes. |
Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure | 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 core deposit intangibles ("CDI") and customer relationship intangibles ("CRI"). 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 condensed 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 September 30, 2016 is 5.6 years. The aggregate CDI and CRI amortization expense is expected to be $16.5 million for 2016. The estimated aggregate amortization expense related to these intangible assets for each of the next five years is $11.5 million for 2017, $8.8 million for 2018, $6.7 million for 2019, $4.7 million for 2020, and $3.0 million for 2021. The following table presents the changes in the carrying amount of goodwill for the period indicated:
Goodwill adjustments include the finalization of the acquired Square 1 net tax assets and the reduction of goodwill in connection with the sale of the PWEF leasing unit. The finalization of the day 1 fair value of the acquired tax assets is due to completion of the 2015 tax returns. Through the sale of the PWEF leasing unit on March 31, 2016, $0.5 million of goodwill was allocated to this business group; such goodwill reduction is included in the $0.7 million loss on sale of the PWEF leasing unit and included in "Other income" in the condensed consolidated statements of earnings. The following table presents the changes in CDI and CRI and the related accumulated amortization for the periods indicated:
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Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | Investment Securities 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:
As of September 30, 2016, securities available-for-sale with a carrying value of $342.2 million were pledged as collateral for borrowings, public deposits and other purposes as required by various statutes and agreements. During the three months ended September 30, 2016, we sold $39.1 million of securities available-for-sale for a gross realized gain of $1.0 million and a gross realized loss of $0.6 million. During the three months ended September 30, 2015, we sold $52.0 million of securities available-for-sale for a gross realized gain of $0.7 million. During the nine months ended September 30, 2016, we sold $383.9 million of securities available-for-sale for a gross realized gain of $10.5 million and a gross realized loss of $1.6 million. During the nine months ended September 30, 2015, we sold $208.4 million of securities available-for-sale for a gross realized gain of $4.4 million and a gross realized loss of $0.7 million. Unrealized Losses on Securities Available-for-Sale 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 September 30, 2016, and concluded their unrealized losses were not a result of downgraded credit ratings or other indicators of deterioration of the underlying issuers' ability to repay. Such unrealized losses were a result of the level of market interest rates and pricing changes caused by shifting supply and demand dynamics relative to the types of securities. Accordingly, we determined the securities were temporarily impaired and we did not recognize such impairment in the condensed 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 of Securities Available-for-Sale The following table presents the contractual maturities of our securities available-for-sale 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. Interest Income on Investment Securities The following table presents the composition of our interest income on investment securities for the periods indicated:
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Loans and Leases |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases | Loans and Leases The Company’s loan and lease portfolio includes originated and purchased loans and leases. Originated and purchased loans and leases for which there was no evidence of credit deterioration at their acquisition date and for which it was probable that all contractually required payments would be collected, 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 for which it was deemed probable that we would be unable to collect all contractually required payments, 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 are recognized as an adjustment to interest income over the contractual life of the loans using the effective interest method or taken into income on an accelerated basis 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 portfolio; 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, 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 or 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. Interest income on nonaccrual loans is recognized only to the extent cash is received and the principal balance of the loan is deemed collectable. The following table presents our nonaccrual and performing Non‑PCI loans and leases by portfolio segment and class as of the dates indicated:
At September 30, 2016, nonaccrual loans and leases totaled $171.1 million and included $11.9 million of loans and leases 90 or more days past due, $13.2 million of loans and leases 30 to 89 days past due, and $146.0 million of loans and leases current with respect to contractual payments that were placed on nonaccrual status based on management’s judgment regarding their collectability. Nonaccrual loans and leases totaled $129.0 million at December 31, 2015, including $16.8 million of the loans and leases 90 or more days past due, $3.6 million of loans and leases 30 to 89 days past due, and $108.6 million of current loans and leases that were placed on nonaccrual status based on management’s judgment regarding their collectability. 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 and lease risk rating classifications. Our regulators may require the Company to recognize rating downgrades based on their judgments related to information available to them at the time of their examinations. Risk rating downgrades generally result in higher allowances for credit losses. Non‑PCI nonaccrual loans and leases and performing troubled debt 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:
The following tables present information regarding our Non‑PCI impaired loans and leases by portfolio segment and class as of and for the dates 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 tables present new troubled debt restructurings of Non-PCI loans for the periods indicated:
The following tables present troubled debt restructurings that subsequently defaulted for the periods indicated:
Allowance 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 periods indicated:
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Foreclosed Assets |
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Other Real Estate Owned Net Covered and NonCovered Including Foreclosed Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreclosed Assets | Foreclosed Assets The following table summarizes foreclosed assets as of the dates indicated:
The following table presents the changes in foreclosed assets, net of the valuation allowance, for the period indicated:
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Borrowings and Subordinated Debentures |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, Subordinated Debentures and Brokered Deposit | 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 leased equipment and all interest rates are fixed. As of September 30, 2016, this debt had a weighted average remaining maturity of 2.0 years. The Bank has established secured and unsecured lines of credit under which it may borrow funds from time to time on a term or overnight basis from the FHLB, the Federal Reserve Bank of San Francisco (“FRBSF”), and 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 that are not pledged to the FRBSF. As of September 30, 2016, the borrowing capacity under the FHLB secured borrowing lines was $2.0 billion. As of September 30, 2016, the balance outstanding was $410.0 million, which consisted of a $210.0 million overnight advance and a $200.0 million one-month advance with an October 31, 2016 maturity date. As of December 31, 2015, the entire outstanding balance of $618.0 million was an overnight advance. FRBSF Secured Line of Credit. The Bank has a secured line of credit with the FRBSF. As of September 30, 2016, the Bank had secured borrowing capacity of $2.4 billion collateralized by liens covering $3.3 billion of certain qualifying loans. As of September 30, 2016 and December 31, 2015, there were no balances outstanding. Federal Funds Arrangements with Commercial Banks. As of September 30, 2016, the Bank had uncommitted 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 September 30, 2016 and December 31, 2015, there were no balances outstanding. In March 2016, the Bank became a member of the American Financial Exchange, through which it may either borrow or lend funds on an overnight basis with a group of pre-approved commercial banks. The availability of funds changes daily. As of September 30, 2016, the balance outstanding was $40.0 million. FHLB Unsecured Line of Credit. The Bank has a $99.0 million unsecured line of credit with the FHLB for the purchase of overnight funds of which $90.0 million was outstanding at September 30, 2016. There was no balance outstanding at December 31, 2015. Subordinated Debentures 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 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 | Commitments and Contingencies Lending Commitments The Company 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 condensed 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 and investment securities as collateral with us under these arrangements. In addition, we invest in low income housing project partnerships, which provide income tax credits, and in small business investment companies that call for capital contributions up to an amount specified in the partnership agreements. As of September 30, 2016 and December 31, 2015, we had commitments to contribute capital to these entities totaling $25.6 million and $19.2 million. We also had commitments to contribute up to an additional $3.0 million and $2.8 million to private equity funds at September 30, 2016 and December 31, 2015. In addition, at September 30, 2016 we had commitments to purchase approximately $105 million of loans, which commitments terminate in June 2017. The amount purchased will be based, in part, on the amount of portfolio paydowns which occur during the commitment period. Legal Matters In the ordinary course of our business, the Company is 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 currently available information, any resulting liability, in addition to amounts already accrued, and taking into consideration insurance which may be applicable, 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 | 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 and liabilities measured and recorded at fair value on a recurring basis as of the dates indicated:
There were no transfers of assets either between Level 1 and Level 2 nor in or out of Level 3 of the fair value hierarchy for assets measured on a recurring basis during the nine months ended September 30, 2016. The following table presents information about quantitative inputs and assumptions used to determine the fair values provided by our third party pricing service for our Level 3 private label CMOs and asset-backed securities available-for-sale measured at fair value on a recurring basis as of September 30, 2016:
The following table presents information about 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 September 30, 2016:
The following table summarizes activity for our Level 3 private label CMOs available-for-sale, asset-backed securities available-for-sale, and equity warrants measured at fair value on a recurring basis for the period indicated:
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 periods 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 September 30, 2016:
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:
For information regarding the valuation methodologies used to measure our assets recorded at fair value (under ASC Topic 820), and for estimating fair value for financial instruments not recorded at fair value (under ASC Topic 825), see Note 1. Nature of Operations and Summary of Significant Accounting Policies, and Note 13. Fair Value Measurements, to the Consolidated Financial Statements of the Company's 2015 Annual Report on Form 10-K. 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 reasonable 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 September 30, 2016, the amounts that will actually be realized or paid at settlement or maturity of the instruments could be significantly different. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share The following table presents the computations of basic and diluted net earnings per share for the periods indicated:
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Stock Based Compensation |
9 Months Ended |
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Sep. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | Stock-Based Compensation The Company’s 2003 Stock Incentive Plan, or the 2003 Plan, permits stock-based compensation awards to officers, directors, key employees and consultants. As of September 30, 2016, 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. As of September 30, 2016, there were 12,450,068 shares available for grant under the 2003 Plan. Restricted stock amortization totaled $5.6 million, $6.0 million, and $3.8 million for the three months ended September 30, 2016, June 30, 2016 and September 30, 2015 and, $16.6 million and $11.2 million for the nine months ended September 30, 2016 and 2015. Such amounts are included in "Compensation expense" on the condensed consolidated statements of earnings. The amount of unrecognized compensation expense related to unvested time-based restricted stock awards ("TRSAs") and performance-based restricted stock units ("PRSUs") as of September 30, 2016 totaled $45.7 million. Time-Based Restricted Stock Awards At September 30, 2016, there were 1,397,715 shares of unvested TRSAs outstanding. The TRSAs generally vest over a service period of three or four years from the date of the grant or immediately upon the death of an employee. Compensation expense related to TRSAs 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. Performance-Based Restricted Stock Units At September 30, 2016, there were 153,715 units of unvested PRSUs outstanding. The PRSUs will vest only if performance goals with respect to certain financial metrics are met over a three-year performance period. Compensation expense related to PRSUs is based on the fair value of the underlying stock on the award date and is amortized over the vesting period using the straight-line method unless it is determined that: (1) attainment of the financial metrics is less than probable, in which case a portion of the amortization is suspended, or (2) attainment of the financial metrics is improbable, in which case a portion of the previously recognized amortization is reversed and also suspended. In the case where the performance target for the PRSU’s is based on a market condition (such as total shareholder return), the amortization is neither reversed nor suspended if it is subsequently determined that the attainment of the performance target is less than probable or improbable. |
Recently Issued Accounting Standards |
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Sep. 30, 2016 | |
Recently Issued Accounting Standards [Abstract] | |
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. 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, while earlier application is permitted only for annual and interim periods beginning after December 31, 2016. The Company has not yet selected a transition method and does not expect the provisions of ASU 2014-09 to have a material impact on its consolidated financial position or results of operations. The Company will adopt this standard effective January 1, 2018. 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 recognize 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. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," which, among other things, requires lessees to recognize most leases on-balance sheet, which will result in an increase in their reported assets and liabilities. Lessor accounting remains substantially similar to current U.S. GAAP. ASU 2016-02 supersedes Topic 840, Leases. ASU 2016-02 is effective for annual and interim periods in fiscal years beginning after December 15, 2018. ASU 2016-02 mandates a modified retrospective transition method for all entities. The Company is evaluating the effect that ASU 2016-02 will have on its financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-07, Simplifying the Transition to the Equity Method of Accounting, which eliminates the requirement for an investor to retroactively apply the equity method when its increase in ownership interest (or degree of influence) in an investee triggers equity method accounting. ASU 2016-07 is effective for interim and annual periods in fiscal years beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. ASU 2016-07 does not require additional disclosures at transition. The Company does not expect the effect of ASU 2016-06 to have a material impact on its financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which is intended to improve the accounting for share-based payment transactions as part of the FASB’s simplification initiative. ASU 2016-09 changes aspects of the accounting for share-based payment award transactions, including: (1) accounting for income taxes; (2) classification of excess tax benefits on the statement of cash flows; (3) forfeitures; (4) minimum statutory tax withholding requirements; and (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted in any interim or annual period provided that the entire ASU is adopted. If an entity early adopts the amendments after the first interim period, the adoption date is as of the beginning of the year for the issues adopted by the cumulative-effect and prospective methods and any adjustments to previously reported interim periods of that fiscal year should be included in the year-to-date results. If those previously reported interim results appear in any future filings, they are reported on the revised basis. The Company does not expect the effect of ASU 2016-09 to have a material impact on its financial statements and related disclosures in the period of adoption. In subsequent periods, we expect the requirements of ASU 2016-09 to result in fluctuations in our effective tax rate from period to period based upon the timing of share-based award vestings. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which significantly changes the way entities recognize impairment of many financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining life. ASU 2016-13 is effective for interim and annual periods in fiscal years beginning after December 15, 2019. The Company is evaluating the effect that ASU 2016-13 will have on its financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments, which addressed eight issues related to the statement of cash flows, including proceeds from the settlement of bank-owned life insurance ("BOLI") policies. ASU 2016-15 is effective for interim and annual periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. If an entity early adopts ASU 2016-15 in an interim period, adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. An entity that elects early adoption must adopt all of the amendment in the same period. Entities should apply ASU 2016-15 using a retrospective transition method to each period presented. If it is impracticable for an entity to apply ASU 2016-15 retrospectively for some of the issues, it may apply the amendments for those issues prospectively as of the earliest date practicable. ASU 2016-15 will result in some changes in classification in the consolidated statements of cash flows, which the Company does not expect will be significant, and will not have any impact on its consolidated financial position or results of operations. |
Subsequent Events |
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Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Stock Repurchase Program On October 17, 2016, PacWest’s Board of Directors authorized a new stock repurchase program (the “Stock Repurchase Program”), pursuant to which the Company may, from time to time, purchase shares of its common stock for an aggregate purchase price not to exceed $400 million. The common stock repurchases may be effected through open market purchases or in privately negotiated transactions, and may utilize any derivative or similar instrument to effect share repurchase transactions (including without limitation, accelerated share repurchase contracts, equity forward transactions, equity option transactions, equity swap transactions, cap transactions, collar transactions, floor transactions or other similar transactions or any combination of the foregoing transactions). The Stock Repurchase Program expires on December 31, 2017. The amount and exact timing of any repurchases will depend upon market conditions and other factors. The Stock Repurchase Program may be suspended or discontinued at any time. Common Stock Dividends On November 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 November 30, 2016 to stockholders of record at the close of business on November 15, 2016. We have evaluated events that have occurred subsequent to September 30, 2016 and have concluded there are no other subsequent events that would require recognition in the accompanying consolidated financial statements. |
Organization Organization (Policies) |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||
Basis of Presentation | Basis of Presentation Our interim consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, certain disclosures accompanying annual consolidated financial statements are omitted. In the opinion of management, all significant intercompany accounts and transactions have been eliminated and adjustments, consisting solely of normal recurring accruals and considered necessary for the fair presentation of financial statements for the interim periods, have been included. The current period's results of operations are not necessarily indicative of the results that ultimately may be achieved for the year. The interim consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K. |
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Use of Estimates | Use of Estimates We have made a number of estimates and assumptions related to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these condensed consolidated financial statements in conformity with U.S. GAAP. Material estimates subject to change in the near term include, among other items, the allowance for credit losses, the carrying value and useful lives of intangible assets, the realization of deferred tax assets, and the fair value estimates of assets acquired and liabilities assumed in acquisitions. These estimates may be adjusted as more current information becomes available, and any adjustment may be significant. |
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Fair Value Measurements | 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. |
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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. 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, while earlier application is permitted only for annual and interim periods beginning after December 31, 2016. The Company has not yet selected a transition method and does not expect the provisions of ASU 2014-09 to have a material impact on its consolidated financial position or results of operations. The Company will adopt this standard effective January 1, 2018. 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 recognize 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. In February 2016, the FASB issued ASU 2016-02, "Leases (Topic 842)," which, among other things, requires lessees to recognize most leases on-balance sheet, which will result in an increase in their reported assets and liabilities. Lessor accounting remains substantially similar to current U.S. GAAP. ASU 2016-02 supersedes Topic 840, Leases. ASU 2016-02 is effective for annual and interim periods in fiscal years beginning after December 15, 2018. ASU 2016-02 mandates a modified retrospective transition method for all entities. The Company is evaluating the effect that ASU 2016-02 will have on its financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-07, Simplifying the Transition to the Equity Method of Accounting, which eliminates the requirement for an investor to retroactively apply the equity method when its increase in ownership interest (or degree of influence) in an investee triggers equity method accounting. ASU 2016-07 is effective for interim and annual periods in fiscal years beginning after December 15, 2016. The amendments should be applied prospectively upon their effective date to increases in the level of ownership interest or degree of influence that result in the adoption of the equity method. Earlier application is permitted. ASU 2016-07 does not require additional disclosures at transition. The Company does not expect the effect of ASU 2016-06 to have a material impact on its financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting, which is intended to improve the accounting for share-based payment transactions as part of the FASB’s simplification initiative. ASU 2016-09 changes aspects of the accounting for share-based payment award transactions, including: (1) accounting for income taxes; (2) classification of excess tax benefits on the statement of cash flows; (3) forfeitures; (4) minimum statutory tax withholding requirements; and (5) classification of employee taxes paid on the statement of cash flows when an employer withholds shares for tax-withholding purposes. ASU 2016-09 is effective for fiscal years beginning after December 15, 2016, and interim periods within those years. Early adoption is permitted in any interim or annual period provided that the entire ASU is adopted. If an entity early adopts the amendments after the first interim period, the adoption date is as of the beginning of the year for the issues adopted by the cumulative-effect and prospective methods and any adjustments to previously reported interim periods of that fiscal year should be included in the year-to-date results. If those previously reported interim results appear in any future filings, they are reported on the revised basis. The Company does not expect the effect of ASU 2016-09 to have a material impact on its financial statements and related disclosures in the period of adoption. In subsequent periods, we expect the requirements of ASU 2016-09 to result in fluctuations in our effective tax rate from period to period based upon the timing of share-based award vestings. In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments, which significantly changes the way entities recognize impairment of many financial assets by requiring immediate recognition of estimated credit losses expected to occur over their remaining life. ASU 2016-13 is effective for interim and annual periods in fiscal years beginning after December 15, 2019. The Company is evaluating the effect that ASU 2016-13 will have on its financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments, which addressed eight issues related to the statement of cash flows, including proceeds from the settlement of bank-owned life insurance ("BOLI") policies. ASU 2016-15 is effective for interim and annual periods in fiscal years beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. If an entity early adopts ASU 2016-15 in an interim period, adjustments should be reflected as of the beginning of the fiscal year that includes the interim period. An entity that elects early adoption must adopt all of the amendment in the same period. Entities should apply ASU 2016-15 using a retrospective transition method to each period presented. If it is impracticable for an entity to apply ASU 2016-15 retrospectively for some of the issues, it may apply the amendments for those issues prospectively as of the earliest date practicable. ASU 2016-15 will result in some changes in classification in the consolidated statements of cash flows, which the Company does not expect will be significant, and will not have any impact on its consolidated financial position or results of operations. |
Goodwill and Other Intangible Assets (Tables) |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill Disclosure | The following table presents the changes in the carrying amount of goodwill for the period 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 periods indicated:
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Investment Securities (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 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 securities available-for-sale 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 periods indicated:
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Loans and Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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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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Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables | The following table presents our nonaccrual and performing Non‑PCI loans and leases by portfolio segment and class as of the dates indicated:
The following table presents the composition of our impaired loans and leases as of the dates indicated:
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CV of Loans Held for Investment by class by performing and nonperforming | 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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Troubled Debt Restructurings on Financing Receivables | The following tables present new troubled debt restructurings of Non-PCI loans for the periods indicated:
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Subsequently Defaulted Trouble Debt Restructurings | The following tables present troubled debt restructurings that subsequently defaulted for the periods indicated:
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Allowance for Credit Losses on Financing Receivables | The following tables present a summary of the activity in the allowance for loan and lease losses on Non‑PCI loans and leases by portfolio segment and PCI loans for the periods indicated:
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Non Purchased Credit Impaired Loans and Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 dates indicated:
_________________________
_________________________
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Foreclosed Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate Owned Net Covered and NonCovered Including Foreclosed Assets [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate and Foreclosed Assets | The following table summarizes foreclosed assets as of 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 period indicated:
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Borrowings and Subordinated Debentures (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
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Commitments and Contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis | The following tables present information on the assets and liabilities measured and recorded at fair value on a recurring basis as of the dates indicated:
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Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, 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 for our Level 3 private label CMOs and asset-backed securities available-for-sale measured at fair value on a recurring basis as of September 30, 2016:
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Fair Value, Quantitative Inputs and Assumptions Used to Determine Fair Value | The following table presents information about 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 September 30, 2016:
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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 available-for-sale, asset-backed securities available-for-sale, and equity warrants measured at fair value on a recurring basis for the period indicated:
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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 | The following table presents losses recognized on assets measured on a nonrecurring basis for the periods 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 September 30, 2016:
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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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Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Per Share | The following table presents the computations of basic and diluted net earnings per share for the periods indicated:
________________________
|
Organization (Details) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2016
USD ($)
|
Sep. 30, 2016
USD ($)
acquisition
segment
bank_branch
|
Sep. 30, 2015
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
General Introduction [Abstract] | ||||
Assets | $ 21,315,291 | $ 21,288,490 | ||
Gross loans and leases | 14,800,000 | |||
Total deposits | 15,645,668 | 15,666,182 | ||
Total stockholders' equity | $ 4,542,595 | $ 4,397,691 | ||
Number of businesses acquired | acquisition | 28 | |||
Proceeds from sale of leasing unit | $ (138,955) | $ 0 | ||
Number of segments | segment | 1 | |||
CapitalSource Inc. | ||||
General Introduction [Abstract] | ||||
Effective date of acquisition | Apr. 07, 2014 | |||
PWEF | ||||
General Introduction [Abstract] | ||||
Proceeds from sale of leasing unit | $ (139,000) | |||
CALIFORNIA | ||||
General Introduction [Abstract] | ||||
Retail branch locations | bank_branch | 79 | |||
NORTH CAROLINA | ||||
General Introduction [Abstract] | ||||
Retail branch locations | bank_branch | 1 |
Acquisitions Textual (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
Oct. 06, 2015 |
---|---|---|---|
Business Acquisition [Line Items] | |||
Goodwill | $ 2,173,949 | $ 2,176,291 | |
Square 1 Financial, Inc. | |||
Business Acquisition [Line Items] | |||
Assets acquired | $ 4,600,000 | ||
Liabilities assumed | 3,800,000 | ||
Goodwill | $ 446,100 |
Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2016 |
|
Finite-Lived Intangible Assets [Line Items] | ||||||
Weighted average useful life | 5 years 6 months 20 days | |||||
Intangible asset amortization | $ 4,224 | $ 4,371 | $ 1,497 | $ 13,341 | $ 4,500 | |
Aggregate amortization expense 2017 | 11,500 | 11,500 | ||||
Aggregate amortization expense 2018 | 8,800 | 8,800 | ||||
Aggregate amortization expense 2019 | 6,700 | 6,700 | ||||
Aggregate amortization expense 2020 | 4,700 | 4,700 | ||||
Aggregate amortization expense 2021 | $ 3,000 | 3,000 | ||||
Reduction due to sale of PWEF leasing unit | (500) | |||||
Loss on sale of leasing unit | (720) | $ 0 | ||||
Scenario, Forecast | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible asset amortization | $ 16,500 | |||||
PWEF | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Loss on sale of leasing unit | $ 700 |
Goodwill and Other Intangible Assets (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Goodwill [Roll Forward] | |
Balance, December 31, 2015 | $ 2,176,291 |
Adjustment to acquired Square 1 tax assets | (1,842) |
Reduction due to sale of PWEF leasing unit | (500) |
Balance, September 30, 2016 | $ 2,173,949 |
Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Finite-lived Intangible Assets [Roll Forward] | |||||
CDI and CRI Balance, beginning of period | $ 76,513 | $ 93,824 | $ 53,090 | $ 95,524 | $ 53,090 |
Fully amortized portion | (2,811) | (17,311) | 0 | (20,122) | 0 |
Reduction due to sale of PWEF leasing unit | 0 | 0 | 0 | (1,363) | 0 |
CDI and CRI Balance, end of period | 73,702 | 76,513 | 53,090 | 73,702 | 53,090 |
Accumulated Amortization, beginning of period | (32,747) | (45,687) | (38,889) | (42,304) | (35,886) |
Amortization | (4,224) | (4,371) | (1,497) | (13,341) | (4,500) |
Accumulated Amortization, end of period | (34,160) | (32,747) | (40,386) | (34,160) | (40,386) |
Net CDI and CRI, end of period | 39,542 | 43,766 | 12,704 | 39,542 | 12,704 |
CDI and CRI | |||||
Finite-lived Intangible Assets [Roll Forward] | |||||
Fully amortized portion | (2,811) | (17,311) | 0 | (20,122) | 0 |
Reduction due to sale of PWEF leasing unit | $ 0 | $ 0 | $ 0 | $ (1,700) | $ 0 |
Investment Securities (Details 1) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | $ 3,219,600 | $ 3,512,385 |
Available-for-sale Securities, Gross Unrealized Gain | 125,080 | 62,157 |
Available-for-sale Securities, Gross Unrealized Loss | (3,345) | (15,105) |
Securities available‑for‑sale | 3,341,335 | 3,559,437 |
Government agency and government-sponsored enterprise pass through securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 518,996 | 660,069 |
Available-for-sale Securities, Gross Unrealized Gain | 10,639 | 11,517 |
Available-for-sale Securities, Gross Unrealized Loss | (694) | (3,746) |
Securities available‑for‑sale | 528,941 | 667,840 |
Government agency and government-sponsored enterprise collateralized mortgage obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 154,216 | 193,148 |
Available-for-sale Securities, Gross Unrealized Gain | 3,196 | 2,633 |
Available-for-sale Securities, Gross Unrealized Loss | (181) | (1,026) |
Securities available‑for‑sale | 157,231 | 194,755 |
Private label collateralized mortgage obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 133,917 | 140,065 |
Available-for-sale Securities, Gross Unrealized Gain | 5,377 | 5,837 |
Available-for-sale Securities, Gross Unrealized Loss | (669) | (1,106) |
Securities available‑for‑sale | 138,625 | 144,796 |
Municipal securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 1,437,952 | 1,508,968 |
Available-for-sale Securities, Gross Unrealized Gain | 84,571 | 39,435 |
Available-for-sale Securities, Gross Unrealized Loss | (29) | (1,072) |
Securities available‑for‑sale | 1,522,494 | 1,547,331 |
Government agency and government-sponsored enterprise commercial mortgage-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 517,163 | 392,729 |
Available-for-sale Securities, Gross Unrealized Gain | 15,299 | 1,509 |
Available-for-sale Securities, Gross Unrealized Loss | (1,189) | (2,797) |
Securities available‑for‑sale | 531,273 | 391,441 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 47,155 | 49,047 |
Available-for-sale Securities, Gross Unrealized Gain | 1,856 | 327 |
Available-for-sale Securities, Gross Unrealized Loss | 0 | (950) |
Securities available‑for‑sale | 49,011 | 48,424 |
Collateralized loan obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 155,373 | 133,192 |
Available-for-sale Securities, Gross Unrealized Gain | 1,511 | 128 |
Available-for-sale Securities, Gross Unrealized Loss | (237) | (1,131) |
Securities available‑for‑sale | 156,647 | 132,189 |
SBA securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 185,639 | 211,946 |
Available-for-sale Securities, Gross Unrealized Gain | 1,909 | 41 |
Available-for-sale Securities, Gross Unrealized Loss | (248) | (830) |
Securities available‑for‑sale | 187,300 | 211,157 |
US Treasury securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 0 | 70,196 |
Available-for-sale Securities, Gross Unrealized Gain | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss | 0 | (816) |
Securities available‑for‑sale | 0 | 69,380 |
US Government-sponsored Enterprises Debt Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 0 | 36,302 |
Available-for-sale Securities, Gross Unrealized Gain | 0 | 611 |
Available-for-sale Securities, Gross Unrealized Loss | 0 | 0 |
Securities available‑for‑sale | 0 | 36,913 |
Asset-backed and other securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total securities available-for-sale | 69,189 | 116,723 |
Available-for-sale Securities, Gross Unrealized Gain | 722 | 119 |
Available-for-sale Securities, Gross Unrealized Loss | (98) | (1,631) |
Securities available‑for‑sale | $ 69,813 | $ 115,211 |
Investment Securities (Details 2) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ 155,773 | $ 1,377,664 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (1,527) | (13,632) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 280,333 | 41,832 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (1,818) | (1,473) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 436,106 | 1,419,496 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (3,345) | (15,105) |
Government agency and government-sponsored enterprise pass through securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 33,817 | 352,042 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (100) | (3,480) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 130,786 | 9,342 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (594) | (266) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 164,603 | 361,384 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (694) | (3,746) |
Government agency and government-sponsored enterprise collateralized mortgage obligations | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 18,893 | 117,786 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (95) | (1,026) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 26,476 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (86) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 45,369 | 117,786 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (181) | (1,026) |
Private label collateralized mortgage obligations | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 14,552 | 93,533 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (98) | (1,000) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 29,058 | 1,638 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (571) | (106) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 43,610 | 95,171 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (669) | (1,106) |
Municipal securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,338 | 126,892 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (29) | (1,061) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 531 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | (11) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 5,338 | 127,423 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (29) | (1,072) |
Government agency and government-sponsored enterprise commercial mortgage-backed securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 77,706 | 236,098 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (1,189) | (2,156) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 14,230 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | 0 | (641) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 77,706 | 250,328 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (1,189) | (2,797) |
US Treasury securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 69,380 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (816) | |
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, Aggregate Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 69,380 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (816) | |
Corporate debt securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 29,379 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (950) | |
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, Aggregate Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 29,379 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (950) | |
Collateralized loan obligations | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,506 | 100,993 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (5) | (1,131) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 39,197 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (232) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 41,703 | 100,993 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (237) | (1,131) |
SBA securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,956 | 179,942 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (9) | (830) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 39,842 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (239) | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 42,798 | 179,942 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | (248) | (830) |
Asset-backed and other securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5 | 71,619 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss | (2) | (1,182) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 14,974 | 16,091 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | (96) | (449) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 14,979 | 87,710 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss | $ (98) | $ (1,631) |
Investment Securities (Details 3) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Amortized Cost | ||
Due in one year or less | $ 8,352 | |
Due after one year through five years | 252,427 | |
Due after five years through ten years | 714,467 | |
Due after ten years | 2,244,354 | |
Total securities available-for-sale | 3,219,600 | $ 3,512,385 |
Fair Value | ||
Due in one year or less | 8,562 | |
Due after one year through five years | 259,096 | |
Due after five years through ten years | 738,034 | |
Due after ten years | 2,335,643 | |
Total securities available-for-sale | $ 3,341,335 | $ 3,559,437 |
Investment Securities (Details 4) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Investments, Debt and Equity Securities [Abstract] | |||||
Taxable interest | $ 11,446 | $ 11,406 | $ 7,323 | $ 34,248 | $ 22,373 |
Non-taxable interest | 10,333 | 10,503 | 6,058 | 31,562 | 14,760 |
Dividend income | 408 | 511 | 574 | 1,344 | 3,587 |
Total interest income on investment securities | $ 22,187 | $ 22,420 | $ 13,955 | $ 67,154 | $ 40,720 |
Investment Securities (Details Textual) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Schedule of Available-for-sale Securities [Line Items] | ||||
AFS securities pledged as collateral | $ 342,200,000 | $ 342,200,000 | ||
Proceeds from sales | $ 392,841,000 | $ 212,169,000 | ||
Gross realized gains on sale of securities | 10,520,000 | $ 4,400,000 | ||
Gross realized losses on sale of securities | 1,600,000 | 700,000 | ||
Municipal securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales | 39,100,000 | 52,000,000 | ||
Gross realized gains on sale of securities | 1,000,000 | 700,000 | ||
Gross realized losses on sale of securities | 600,000 | |||
Available-for-sale Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Proceeds from sales | $ 383,900,000 | $ 208,400,000 |
Loans and Leases (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Jun. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases | $ 14,806,427 | $ 14,528,165 | ||||
Loans and Leases Receivable, Deferred Income | (63,581) | (49,911) | ||||
Loans held for investment, net | 14,742,846 | 14,478,254 | ||||
Loans and Leases Receivable, Allowance | (147,976) | (115,111) | ||||
Total loans and leases, net | 14,594,870 | 14,363,143 | ||||
Non Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases | 14,686,206 | 14,339,070 | ||||
Loans and Leases Receivable, Deferred Income | (63,559) | (49,861) | ||||
Loans held for investment, net | 14,622,647 | 14,289,209 | $ 12,258,916 | |||
Loans and Leases Receivable, Allowance | (136,747) | $ (132,000) | (105,534) | (92,316) | $ (85,047) | $ (70,456) |
Total loans and leases, net | 14,485,900 | 14,183,675 | ||||
Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases | 120,221 | 189,095 | ||||
Loans and Leases Receivable, Deferred Income | (22) | (50) | ||||
Loans held for investment, net | 120,199 | 189,045 | 193,289 | |||
Loans and Leases Receivable, Allowance | (11,229) | (9,577) | ||||
Total loans and leases, net | 108,970 | 179,468 | ||||
NonPCI and PCI Loans | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Total loans and leases, net | 14,363,143 | |||||
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases | 5,481,922 | 5,706,903 | ||||
Loans held for investment, net | 5,464,941 | 5,688,063 | 5,505,087 | |||
Loans and Leases Receivable, Allowance | (36,941) | (29,331) | (36,654) | (34,299) | (29,908) | (25,097) |
Real Estate Mortgage | Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases | 104,896 | 168,725 | ||||
Real Estate Mortgage | NonPCI and PCI Loans | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases | 5,586,818 | 5,875,628 | ||||
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases | 843,097 | 534,307 | ||||
Loans held for investment, net | 831,515 | 527,720 | 372,480 | |||
Loans and Leases Receivable, Allowance | (8,683) | (7,853) | (7,137) | (4,391) | (3,908) | (4,248) |
Real Estate Construction and Land | Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases | 2,423 | 2,656 | ||||
Real Estate Construction and Land | NonPCI and PCI Loans | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases | 845,520 | 536,963 | ||||
Commercial | Non Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases | 8,104,711 | 7,977,067 | ||||
Loans held for investment, net | 8,069,687 | 7,952,577 | 6,251,528 | |||
Loans and Leases Receivable, Allowance | (89,591) | (93,404) | (61,082) | (52,872) | (50,531) | (39,858) |
Commercial | Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases | 12,649 | 17,415 | ||||
Commercial | NonPCI and PCI Loans | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases | 8,117,360 | 7,994,482 | ||||
Consumer | Non Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases | 256,476 | 120,793 | ||||
Loans held for investment, net | 256,504 | 120,849 | 129,821 | |||
Loans and Leases Receivable, Allowance | (1,532) | $ (1,412) | (661) | $ (754) | $ (700) | $ (1,253) |
Consumer | Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases | 253 | 299 | ||||
Consumer | NonPCI and PCI Loans | ||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Gross loans and leases | $ 256,729 | $ 121,092 |
Loans and Leases (Details 1) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|---|
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | $ 13,200 | $ 3,600 | |
90 or More Days Past Due | 11,900 | 16,800 | |
Loans held for investment, net | 14,742,846 | 14,478,254 | |
Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 22,014 | 10,622 | |
90 or More Days Past Due | 11,884 | 17,508 | |
Total Past Due | 33,898 | 28,130 | |
Current | 14,588,749 | 14,261,079 | |
Loans held for investment, net | 14,622,647 | 14,289,209 | $ 12,258,916 |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 10,755 | 7,338 | |
90 or More Days Past Due | 8,292 | 13,980 | |
Total Past Due | 19,047 | 21,318 | |
Current | 5,445,894 | 5,666,745 | |
Loans held for investment, net | 5,464,941 | 5,688,063 | 5,505,087 |
Real Estate Mortgage | Commercial real estate | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 10,489 | 3,947 | |
90 or More Days Past Due | 5,772 | 13,075 | |
Total Past Due | 16,261 | 17,022 | |
Current | 4,262,571 | 4,534,936 | |
Loans held for investment, net | 4,278,832 | 4,551,958 | |
Real Estate Mortgage | Residential Real Estate | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 266 | 3,391 | |
90 or More Days Past Due | 2,520 | 905 | |
Total Past Due | 2,786 | 4,296 | |
Current | 1,183,323 | 1,131,809 | |
Loans held for investment, net | 1,186,109 | 1,136,105 | |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 1,245 | 0 | |
90 or More Days Past Due | 0 | 0 | |
Total Past Due | 1,245 | 0 | |
Current | 830,270 | 527,720 | |
Loans held for investment, net | 831,515 | 527,720 | 372,480 |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 1,245 | 0 | |
90 or More Days Past Due | 0 | 0 | |
Total Past Due | 1,245 | 0 | |
Current | 507,166 | 343,360 | |
Loans held for investment, net | 508,411 | 343,360 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 0 | 0 | |
90 or More Days Past Due | 0 | 0 | |
Total Past Due | 0 | 0 | |
Current | 323,104 | 184,360 | |
Loans held for investment, net | 323,104 | 184,360 | |
Commercial | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 10,014 | 2,658 | |
90 or More Days Past Due | 3,588 | 2,221 | |
Total Past Due | 13,602 | 4,879 | |
Current | 8,056,085 | 7,947,698 | |
Loans held for investment, net | 8,069,687 | 7,952,577 | 6,251,528 |
Commercial | Cash Flow | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 66 | 2,048 | |
90 or More Days Past Due | 2,128 | 1,427 | |
Total Past Due | 2,194 | 3,475 | |
Current | 3,063,297 | 3,058,793 | |
Loans held for investment, net | 3,065,491 | 3,062,268 | |
Commercial | Asset Based | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 6,644 | 1 | |
90 or More Days Past Due | 15 | 0 | |
Total Past Due | 6,659 | 1 | |
Current | 2,565,142 | 2,547,532 | |
Loans held for investment, net | 2,571,801 | 2,547,533 | |
Commercial | Venture Capital Loans | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 0 | 250 | |
90 or More Days Past Due | 1,095 | 700 | |
Total Past Due | 1,095 | 950 | |
Current | 1,760,517 | 1,451,477 | |
Loans held for investment, net | 1,761,612 | 1,452,427 | |
Commercial | Equipment Finance Commercial Financing Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 3,304 | 359 | |
90 or More Days Past Due | 350 | 94 | |
Total Past Due | 3,654 | 453 | |
Current | 667,129 | 889,896 | |
Loans held for investment, net | 670,783 | 890,349 | |
Consumer | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 0 | 626 | |
90 or More Days Past Due | 4 | 1,307 | |
Total Past Due | 4 | 1,933 | |
Current | 256,500 | 118,916 | |
Loans held for investment, net | $ 256,504 | $ 120,849 | $ 129,821 |
Loans and Leases (Details 2) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|---|
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | $ 171,085 | $ 129,019 | |
Loans held for investment | 14,742,846 | 14,478,254 | |
Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 171,085 | 129,019 | |
Loans held for investment | 14,622,647 | 14,289,209 | $ 12,258,916 |
Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 14,451,562 | 14,160,190 | |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 79,695 | 57,277 | |
Loans held for investment | 5,464,941 | 5,688,063 | 5,505,087 |
Real Estate Mortgage | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 5,385,246 | 5,630,786 | |
Real Estate Mortgage | Commercial real estate | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 74,606 | 52,363 | |
Loans held for investment | 4,278,832 | 4,551,958 | |
Real Estate Mortgage | Commercial real estate | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 4,204,226 | 4,499,595 | |
Real Estate Mortgage | Residential Real Estate | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 5,089 | 4,914 | |
Loans held for investment | 1,186,109 | 1,136,105 | |
Real Estate Mortgage | Residential Real Estate | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 1,181,020 | 1,131,191 | |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 1,611 | 372 | |
Loans held for investment | 831,515 | 527,720 | 372,480 |
Real Estate Construction and Land | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 829,904 | 527,348 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 1,245 | 0 | |
Loans held for investment | 508,411 | 343,360 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 507,166 | 343,360 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 366 | 372 | |
Loans held for investment | 323,104 | 184,360 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 322,738 | 183,988 | |
Commercial | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 89,573 | 69,839 | |
Loans held for investment | 8,069,687 | 7,952,577 | 6,251,528 |
Commercial | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 7,980,114 | 7,882,738 | |
Commercial | Cash Flow | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 27,831 | 15,800 | |
Loans held for investment | 3,065,491 | 3,062,268 | |
Commercial | Cash Flow | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 3,037,660 | 3,046,468 | |
Commercial | Asset Based | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 4,044 | 2,505 | |
Loans held for investment | 2,571,801 | 2,547,533 | |
Commercial | Asset Based | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 2,567,757 | 2,545,028 | |
Commercial | Venture Capital Loans | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 10,782 | 124 | |
Loans held for investment | 1,761,612 | 1,452,427 | |
Commercial | Venture Capital Loans | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 1,750,830 | 1,452,303 | |
Commercial | Equipment Finance Commercial Financing Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 46,916 | 51,410 | |
Loans held for investment | 670,783 | 890,349 | |
Commercial | Equipment Finance Commercial Financing Receivable | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 623,867 | 838,939 | |
Consumer | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 206 | 1,531 | |
Loans held for investment | 256,504 | 120,849 | $ 129,821 |
Consumer | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | $ 256,298 | $ 119,318 |
Loans and Leases (Details 3) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
---|---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | $ 14,742,846 | $ 14,478,254 | |
Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 14,622,647 | 14,289,209 | $ 12,258,916 |
Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 417,541 | 391,754 | |
Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 14,205,106 | 13,897,455 | |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 5,464,941 | 5,688,063 | 5,505,087 |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 120,790 | 111,063 | |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 5,344,151 | 5,577,000 | |
Real Estate Mortgage | Commercial real estate | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 4,278,832 | 4,551,958 | |
Real Estate Mortgage | Commercial real estate | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 104,914 | 98,436 | |
Real Estate Mortgage | Commercial real estate | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 4,173,918 | 4,453,522 | |
Real Estate Mortgage | Residential Real Estate | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 1,186,109 | 1,136,105 | |
Real Estate Mortgage | Residential Real Estate | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 15,876 | 12,627 | |
Real Estate Mortgage | Residential Real Estate | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 1,170,233 | 1,123,478 | |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 831,515 | 527,720 | 372,480 |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 2,205 | 1,966 | |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 829,310 | 525,754 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 508,411 | 343,360 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 1,839 | 571 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 506,572 | 342,789 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 323,104 | 184,360 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 366 | 1,395 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 322,738 | 182,965 | |
Commercial | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 8,069,687 | 7,952,577 | 6,251,528 |
Commercial | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 294,183 | 276,225 | |
Commercial | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 7,775,504 | 7,676,352 | |
Commercial | Cash Flow | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 3,065,491 | 3,062,268 | |
Commercial | Cash Flow | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 174,490 | 183,726 | |
Commercial | Cash Flow | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 2,891,001 | 2,878,542 | |
Commercial | Asset Based | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 2,571,801 | 2,547,533 | |
Commercial | Asset Based | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 34,791 | 19,340 | |
Commercial | Asset Based | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 2,537,010 | 2,528,193 | |
Commercial | Venture Capital Loans | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 1,761,612 | 1,452,427 | |
Commercial | Venture Capital Loans | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 37,986 | 19,105 | |
Commercial | Venture Capital Loans | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 1,723,626 | 1,433,322 | |
Commercial | Equipment Finance Commercial Financing Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 670,783 | 890,349 | |
Commercial | Equipment Finance Commercial Financing Receivable | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 46,916 | 54,054 | |
Commercial | Equipment Finance Commercial Financing Receivable | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 623,867 | 836,295 | |
Consumer | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 256,504 | 120,849 | $ 129,821 |
Consumer | Non Purchased Credit Impaired Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | 363 | 2,500 | |
Consumer | Non Purchased Credit Impaired Loans and Leases | Nonclassified | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Loans held for investment | $ 256,141 | $ 118,349 |
Loans and Leases (Details 4) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Nonaccrual Loans/Leases | $ 171,085 | $ 129,019 |
Non Purchased Credit Impaired Loans and Leases | ||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Nonaccrual Loans/Leases | 171,085 | 129,019 |
Performing Restructured Loans | 70,348 | 40,182 |
Total Impaired Loans/Leases | 241,433 | 169,201 |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | ||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Nonaccrual Loans/Leases | 79,695 | 57,277 |
Performing Restructured Loans | 59,793 | 27,133 |
Total Impaired Loans/Leases | 139,488 | 84,410 |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | ||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Nonaccrual Loans/Leases | 1,611 | 372 |
Performing Restructured Loans | 7,089 | 7,631 |
Total Impaired Loans/Leases | 8,700 | 8,003 |
Commercial | Non Purchased Credit Impaired Loans and Leases | ||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Nonaccrual Loans/Leases | 89,573 | 69,839 |
Performing Restructured Loans | 3,250 | 5,221 |
Total Impaired Loans/Leases | 92,823 | 75,060 |
Consumer | Non Purchased Credit Impaired Loans and Leases | ||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Nonaccrual Loans/Leases | 206 | 1,531 |
Performing Restructured Loans | 216 | 197 |
Total Impaired Loans/Leases | $ 422 | $ 1,728 |
Loans and Leases (Details 5) - Non Purchased Credit Impaired Loans and Leases - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
||||
Financing Receivable, Impaired [Line Items] | ||||||||
Impaired Financing Receivable, Related Allowance | $ 31,120 | $ 31,120 | $ 19,263 | |||||
Total Impaired Loans/Leases | 241,433 | 241,433 | 169,201 | |||||
Impaired Financing Receivable, Unpaid Principal Balance | 278,711 | 278,711 | 200,508 | |||||
Impaired Financing Receivable, Average Recorded Investment | [1] | 182,095 | $ 145,897 | 161,412 | $ 122,432 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 981 | 571 | 2,469 | 1,611 | ||||
Real Estate Mortgage | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Impaired Financing Receivable, Related Allowance | 7,299 | 7,299 | 1,458 | |||||
Total Impaired Loans/Leases | 139,488 | 139,488 | 84,410 | |||||
Impaired Financing Receivable, Unpaid Principal Balance | 155,124 | 155,124 | 101,393 | |||||
Impaired Financing Receivable, Average Recorded Investment | [1] | 89,748 | 58,303 | 82,282 | 53,798 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 865 | 418 | 2,162 | 1,173 | ||||
Real Estate Construction and Land | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Impaired Financing Receivable, Related Allowance | 11 | 11 | 26 | |||||
Total Impaired Loans/Leases | 8,700 | 8,700 | 8,003 | |||||
Impaired Financing Receivable, Unpaid Principal Balance | 8,700 | 8,700 | 8,003 | |||||
Impaired Financing Receivable, Average Recorded Investment | [1] | 8,606 | 7,944 | 7,842 | 7,772 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 61 | 66 | 180 | 188 | ||||
Commercial | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Impaired Financing Receivable, Related Allowance | 23,631 | 23,631 | 17,622 | |||||
Total Impaired Loans/Leases | 92,823 | 92,823 | 75,060 | |||||
Impaired Financing Receivable, Unpaid Principal Balance | 114,386 | 114,386 | 88,795 | |||||
Impaired Financing Receivable, Average Recorded Investment | [1] | 83,319 | 76,048 | 70,884 | 57,279 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 52 | 83 | 118 | 239 | ||||
Consumer | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 346 | 346 | 365 | |||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 355 | 355 | 372 | |||||
Impaired Financing Receivable, Related Allowance | 179 | 179 | 157 | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 76 | 76 | 1,363 | |||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 146 | 146 | 1,945 | |||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 346 | 394 | 330 | 375 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 3 | 4 | 8 | 11 | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 76 | 3,208 | 74 | 3,208 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 1 | 0 | ||||
Total Impaired Loans/Leases | 422 | 422 | 1,728 | |||||
Impaired Financing Receivable, Unpaid Principal Balance | 501 | 501 | 2,317 | |||||
Impaired Financing Receivable, Average Recorded Investment | [1] | 422 | 3,602 | 404 | 3,583 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 3 | 4 | 9 | 11 | ||||
Cash Flow | Commercial | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 25,936 | 25,936 | 14,072 | |||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 26,971 | 26,971 | 20,312 | |||||
Impaired Financing Receivable, Related Allowance | 4,686 | 4,686 | 7,079 | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,519 | 2,519 | 2,825 | |||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 4,783 | 4,783 | 5,121 | |||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 25,933 | 13,653 | 20,417 | 13,225 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 9 | 13 | 26 | 35 | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 2,330 | 2,942 | 2,232 | 2,917 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 1 | 1 | 1 | 86 | ||||
Asset Based | Commercial | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 4,136 | 4,136 | 3,901 | |||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 4,584 | 4,584 | 4,423 | |||||
Impaired Financing Receivable, Related Allowance | 2,899 | 2,899 | 2,511 | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 2,535 | 2,535 | 2,729 | |||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 2,575 | 2,575 | 2,726 | |||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 2,730 | 4,906 | 2,278 | 3,906 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 5 | 48 | 14 | 67 | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 2,535 | 1,487 | 1,828 | 1,238 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 37 | 21 | 77 | 51 | ||||
Venture Capital Loans | Commercial | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 10,781 | 10,781 | 0 | |||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 10,856 | 10,856 | 0 | |||||
Impaired Financing Receivable, Related Allowance | 3,331 | 3,331 | 0 | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | 124 | |||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 | 125 | |||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 6,878 | 0 | 2,542 | 0 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | ||||
Equipment Finance Commercial Financing Receivable | Commercial | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 46,916 | 46,916 | 11,193 | |||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 52,908 | 52,908 | 11,894 | |||||
Impaired Financing Receivable, Related Allowance | 12,715 | 12,715 | 8,032 | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 | 40,216 | |||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 11,709 | 11,709 | 44,194 | |||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 42,913 | 9,654 | 41,587 | 6,905 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 0 | 43,406 | 0 | 29,088 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 | 0 | ||||
Commercial Real Estate Construction Loan Receivable | Real Estate Construction and Land | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,964 | 7,964 | 7,256 | |||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 7,964 | 7,964 | 7,256 | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 7,870 | 7,193 | 7,106 | 7,021 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 57 | 62 | 169 | 176 | ||||
Residential Real Estate Construction Financing Receivable | Real Estate Construction and Land | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 736 | 736 | 747 | |||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 736 | 736 | 747 | |||||
Impaired Financing Receivable, Related Allowance | 11 | 11 | 26 | |||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 736 | 751 | 736 | 751 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 4 | 4 | 11 | 12 | ||||
Commercial real estate | Real Estate Mortgage | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 67,821 | 67,821 | 17,967 | |||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 68,852 | 68,852 | 19,219 | |||||
Impaired Financing Receivable, Related Allowance | 7,055 | 7,055 | 777 | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 59,090 | 59,090 | 58,678 | |||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 68,390 | 68,390 | 68,333 | |||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 18,580 | 13,230 | 18,220 | 13,155 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 262 | 152 | 781 | 449 | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 59,090 | 36,534 | 54,747 | 33,263 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 518 | 243 | 1,209 | 674 | ||||
Residential Real Estate | Real Estate Mortgage | ||||||||
Financing Receivable, Impaired [Line Items] | ||||||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,517 | 2,517 | 2,278 | |||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 2,573 | 2,573 | 2,435 | |||||
Impaired Financing Receivable, Related Allowance | 244 | 244 | 681 | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 10,060 | 10,060 | 5,487 | |||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 15,309 | 15,309 | $ 11,406 | |||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | [1] | 2,505 | 2,478 | 2,325 | 2,334 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 15 | 9 | 42 | 24 | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1] | 9,573 | 6,061 | 6,990 | 5,046 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | $ 70 | $ 14 | $ 130 | $ 26 | ||||
|
Loans and Leases (Details 6) |
3 Months Ended | 9 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
Contract
|
Sep. 30, 2015
USD ($)
Contract
|
Sep. 30, 2016
USD ($)
Contract
|
Sep. 30, 2015
USD ($)
Contract
|
|||||||||||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||||||||||||||
Number of loans | Contract | 9 | 19 | 43 | 76 | ||||||||||||||||||
Pre-Modification Outstanding Recorded Investment | $ 42,468,000 | $ 12,709,000 | $ 89,423,000 | $ 89,883,000 | ||||||||||||||||||
Post-Modification Outstanding Recorded Investment | $ 42,468,000 | $ 12,709,000 | $ 87,091,000 | $ 89,489,000 | ||||||||||||||||||
Number of Loans | Contract | 2 | 3 | 3 | 5 | ||||||||||||||||||
Recorded Investment | $ 1,247,000 | [1],[2] | $ 2,037,000 | [2],[3] | $ 41,159,000 | [4],[5] | $ 3,240,000 | [5],[6] | ||||||||||||||
Charge-offs | $ 0 | $ 0 | $ 0 | $ 0 | ||||||||||||||||||
Real Estate Mortgage | Commercial real estate | ||||||||||||||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||||||||||||||
Number of loans | Contract | 2 | 3 | 7 | 15 | ||||||||||||||||||
Pre-Modification Outstanding Recorded Investment | $ 1,147,000 | $ 574,000 | $ 5,287,000 | $ 7,080,000 | ||||||||||||||||||
Post-Modification Outstanding Recorded Investment | $ 1,147,000 | $ 574,000 | $ 5,287,000 | $ 7,031,000 | ||||||||||||||||||
Number of Loans | Contract | 0 | 1 | 0 | 2 | ||||||||||||||||||
Recorded Investment | $ 0 | [2] | $ 1,761,000 | [2] | $ 0 | [5] | $ 2,710,000 | [5] | ||||||||||||||
Real Estate Mortgage | Residential Real Estate | ||||||||||||||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||||||||||||||
Number of loans | Contract | 1 | 2 | 7 | 14 | ||||||||||||||||||
Pre-Modification Outstanding Recorded Investment | $ 93,000 | $ 382,000 | $ 5,136,000 | $ 2,426,000 | ||||||||||||||||||
Post-Modification Outstanding Recorded Investment | $ 93,000 | $ 382,000 | $ 5,136,000 | $ 2,260,000 | ||||||||||||||||||
Number of Loans | Contract | 0 | 2 | 0 | 3 | ||||||||||||||||||
Recorded Investment | $ 0 | [2] | $ 276,000 | [2] | $ 0 | [5] | $ 530,000 | [5] | ||||||||||||||
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | ||||||||||||||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||||||||||||||
Number of loans | Contract | 1 | 3 | 1 | 6 | ||||||||||||||||||
Pre-Modification Outstanding Recorded Investment | $ 1,245,000 | $ 7,333,000 | $ 1,245,000 | $ 16,947,000 | ||||||||||||||||||
Post-Modification Outstanding Recorded Investment | $ 1,245,000 | $ 7,333,000 | $ 1,245,000 | $ 16,947,000 | ||||||||||||||||||
Commercial | Cash Flow | ||||||||||||||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||||||||||||||
Number of loans | Contract | 2 | 9 | 12 | 17 | ||||||||||||||||||
Pre-Modification Outstanding Recorded Investment | $ 25,000 | $ 883,000 | $ 30,582,000 | $ 1,756,000 | ||||||||||||||||||
Post-Modification Outstanding Recorded Investment | $ 25,000 | $ 883,000 | $ 30,582,000 | $ 1,577,000 | ||||||||||||||||||
Commercial | Asset Based | ||||||||||||||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||||||||||||||
Number of loans | Contract | 1 | 1 | 5 | 13 | ||||||||||||||||||
Pre-Modification Outstanding Recorded Investment | $ 25,000 | $ 3,431,000 | $ 2,158,000 | $ 8,139,000 | ||||||||||||||||||
Post-Modification Outstanding Recorded Investment | $ 25,000 | $ 3,431,000 | $ 2,158,000 | $ 8,139,000 | ||||||||||||||||||
Number of Loans | Contract | 1 | 0 | 1 | 0 | ||||||||||||||||||
Recorded Investment | $ 2,000 | [2] | $ 0 | [2] | $ 2,000 | [5] | $ 0 | [5] | ||||||||||||||
Commercial | Equipment Finance Commercial Financing Receivable | ||||||||||||||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||||||||||||||
Number of loans | Contract | 1 | 0 | 7 | 9 | ||||||||||||||||||
Pre-Modification Outstanding Recorded Investment | $ 39,912,000 | $ 0 | $ 44,196,000 | $ 53,338,000 | ||||||||||||||||||
Post-Modification Outstanding Recorded Investment | $ 39,912,000 | $ 0 | $ 42,572,000 | $ 53,338,000 | ||||||||||||||||||
Number of Loans | Contract | 1 | 0 | ||||||||||||||||||||
Recorded Investment | [5] | $ 39,912,000 | [7] | $ 0 | ||||||||||||||||||
Consumer | ||||||||||||||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||||||||||||||
Number of loans | Contract | 1 | 1 | 4 | 2 | ||||||||||||||||||
Pre-Modification Outstanding Recorded Investment | $ 21,000 | $ 106,000 | $ 819,000 | $ 197,000 | ||||||||||||||||||
Post-Modification Outstanding Recorded Investment | $ 21,000 | $ 106,000 | $ 111,000 | $ 197,000 | ||||||||||||||||||
Commercial Real Estate Construction Loan Receivable | Real Estate Construction and Land | ||||||||||||||||||||||
Financing Receivable, Modifications [Line Items] | ||||||||||||||||||||||
Number of Loans | Contract | 1 | 0 | 1 | 0 | ||||||||||||||||||
Recorded Investment | $ 1,245,000 | [2] | $ 0 | [2] | $ 1,245,000 | [5] | $ 0 | [5] | ||||||||||||||
|
Loans and Leases (Details 7 - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | $ 115,111 | ||||
Balance, end of period | $ 147,976 | 147,976 | |||
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Ending balance of loans and leases | 14,742,846 | 14,742,846 | $ 14,478,254 | ||
Non Purchased Credit Impaired Loans and Leases | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 132,000 | $ 85,047 | 105,534 | $ 70,456 | |
Charge-offs | (9,924) | (4,312) | (17,009) | (14,846) | |
Recoveries | 6,050 | 1,081 | 8,811 | 5,602 | |
Provision | 8,621 | 10,500 | 39,411 | 31,104 | |
Balance, end of period | 136,747 | 92,316 | 136,747 | 92,316 | |
Amount of the allowance applicable to loans and leases: | |||||
Individually evaluated for impairment | 31,120 | 11,975 | 31,120 | 11,975 | |
Collectively evaluated for impairment | 105,627 | 80,341 | 105,627 | 80,341 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Individually evaluated for impairment | 240,772 | 146,068 | 240,772 | 146,068 | |
Collectively evaluated for impairment | 14,381,875 | 12,112,848 | 14,381,875 | 12,112,848 | |
Ending balance of loans and leases | 14,622,647 | 12,258,916 | 14,622,647 | 12,258,916 | 14,289,209 |
Purchased Credit Impaired Loans and Leases | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 9,577 | ||||
Balance, beginning of period | 11,289 | 14,328 | 9,577 | 13,999 | |
Charge-offs | 531 | (1,119) | (862) | (1,698) | |
Recoveries | 0 | 0 | 0 | 112 | |
Provision | 471 | (2,254) | 2,514 | (1,458) | |
Balance, end of period | 11,229 | 11,229 | |||
Balance, end of period | 11,229 | 10,955 | 11,229 | 10,955 | |
Amount of the allowance applicable to loans and leases: | |||||
Acquired loans with deteriorated credit quality | 11,229 | 10,955 | 11,229 | 10,955 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Acquired loans with deteriorated credit quality | 120,199 | 193,289 | 120,199 | 193,289 | |
Ending balance of loans and leases | 120,199 | 193,289 | 120,199 | 193,289 | 189,045 |
NonPCI and PCI Loans | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 143,289 | 99,375 | 115,111 | 84,455 | |
Charge-offs | (10,455) | (5,431) | (17,871) | (16,544) | |
Recoveries | 6,050 | 1,081 | 8,811 | 5,714 | |
Provision | 9,092 | 8,246 | 41,925 | 29,646 | |
Balance, end of period | 147,976 | 103,271 | 147,976 | 103,271 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Total loans and leases | 14,742,846 | 12,452,205 | 14,742,846 | 12,452,205 | |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 29,331 | 29,908 | 36,654 | 25,097 | |
Charge-offs | (302) | (252) | (1,905) | (1,767) | |
Recoveries | 2,414 | 288 | 4,352 | 1,783 | |
Provision | 5,498 | 4,355 | (2,160) | 9,186 | |
Balance, end of period | 36,941 | 34,299 | 36,941 | 34,299 | |
Amount of the allowance applicable to loans and leases: | |||||
Individually evaluated for impairment | 7,299 | 1,443 | 7,299 | 1,443 | |
Collectively evaluated for impairment | 29,642 | 32,856 | 29,642 | 32,856 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Individually evaluated for impairment | 139,059 | 58,393 | 139,059 | 58,393 | |
Collectively evaluated for impairment | 5,325,882 | 5,446,694 | 5,325,882 | 5,446,694 | |
Ending balance of loans and leases | 5,464,941 | 5,505,087 | 5,464,941 | 5,505,087 | 5,688,063 |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 7,853 | 3,908 | 7,137 | 4,248 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 27 | 390 | 185 | 1,034 | |
Provision | 803 | 93 | 1,361 | (891) | |
Balance, end of period | 8,683 | 4,391 | 8,683 | 4,391 | |
Amount of the allowance applicable to loans and leases: | |||||
Individually evaluated for impairment | 11 | 31 | 11 | 31 | |
Collectively evaluated for impairment | 8,672 | 4,360 | 8,672 | 4,360 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Individually evaluated for impairment | 8,700 | 8,047 | 8,700 | 8,047 | |
Collectively evaluated for impairment | 822,815 | 364,433 | 822,815 | 364,433 | |
Ending balance of loans and leases | 831,515 | 372,480 | 831,515 | 372,480 | 527,720 |
Commercial | Non Purchased Credit Impaired Loans and Leases | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 93,404 | 50,531 | 61,082 | 39,858 | |
Charge-offs | (9,606) | (4,035) | (14,306) | (12,964) | |
Recoveries | 3,553 | 239 | 4,179 | 2,393 | |
Provision | 2,240 | 6,137 | 38,636 | 23,585 | |
Balance, end of period | 89,591 | 52,872 | 89,591 | 52,872 | |
Amount of the allowance applicable to loans and leases: | |||||
Individually evaluated for impairment | 23,631 | 10,343 | 23,631 | 10,343 | |
Collectively evaluated for impairment | 65,960 | 42,529 | 65,960 | 42,529 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Individually evaluated for impairment | 92,637 | 76,088 | 92,637 | 76,088 | |
Collectively evaluated for impairment | 7,977,050 | 6,175,440 | 7,977,050 | 6,175,440 | |
Ending balance of loans and leases | 8,069,687 | 6,251,528 | 8,069,687 | 6,251,528 | 7,952,577 |
Consumer | Non Purchased Credit Impaired Loans and Leases | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 1,412 | 700 | 661 | 1,253 | |
Charge-offs | (16) | (25) | (798) | (115) | |
Recoveries | 56 | 164 | 95 | 392 | |
Provision | 80 | (85) | 1,574 | (776) | |
Balance, end of period | 1,532 | 754 | 1,532 | 754 | |
Amount of the allowance applicable to loans and leases: | |||||
Individually evaluated for impairment | 179 | 158 | 179 | 158 | |
Collectively evaluated for impairment | 1,353 | 596 | 1,353 | 596 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Individually evaluated for impairment | 376 | 3,540 | 376 | 3,540 | |
Collectively evaluated for impairment | 256,128 | 126,281 | 256,128 | 126,281 | |
Ending balance of loans and leases | $ 256,504 | $ 129,821 | $ 256,504 | $ 129,821 | $ 120,849 |
Loans and Leases (Details Textual) - USD ($) |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Receivables [Abstract] | |||||
Nonaccrual Loans/Leases | $ 171,085,000 | $ 171,085,000 | $ 129,019,000 | ||
Receivable, 90 or more days past due | 11,900,000 | 11,900,000 | 16,800,000 | ||
Receivable, 30-89 days past due | 13,200,000 | 13,200,000 | 3,600,000 | ||
Financing receivable, nonaccrual status, current | 146,000,000 | 146,000,000 | $ 108,600,000 | ||
Charge-offs | $ 0 | $ 0 | $ 0 | $ 0 |
Foreclosed Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Total other real estate owned, net | $ 13,800 | $ 15,240 |
Other foreclosed assets | 1,313 | 6,880 |
Total foreclosed assets, net | 15,113 | 22,120 |
Commercial real estate | ||
Total other real estate owned, net | 0 | 487 |
Construction and land development | ||
Total other real estate owned, net | 13,800 | 13,801 |
Single family residence | ||
Total other real estate owned, net | $ 0 | $ 952 |
Foreclosed Assets (Details 1) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Foreclosed Assets Rollforward [Abstract] | ||
Balance, December 31, 2015 | $ 22,120 | |
Foreclosures | 129 | $ 13,472 |
Reductions related to sales | (7,136) | |
Balance, September 30, 2016 | $ 15,113 |
Borrowings and Subordinated Debentures (Details) - USD ($) |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Debt Instrument [Line Items] | ||
Borrowings | $ 541,011,000 | $ 621,914,000 |
Non‑recourse debt | ||
Debt Instrument [Line Items] | ||
Amount | $ 1,011,000 | $ 3,914,000 |
Rate | 6.31% | 5.49% |
American Financial Exchange overnight borrowing | ||
Debt Instrument [Line Items] | ||
Amount | $ 40,000,000 | $ 0 |
Rate | 0.55% | 0.00% |
Federal Home Loan Bank Advances | FHLB secured advances | ||
Debt Instrument [Line Items] | ||
Amount | $ 410,000,000 | |
Amount | $ 618,000,000 | |
Rate | 0.37% | 0.27% |
Federal Home Loan Bank Advances | FHLB unsecured overnight advance | ||
Debt Instrument [Line Items] | ||
Amount | $ 90,000,000 | |
Amount | $ 0 | |
Rate | 0.35% | 0.00% |
Borrowings and Subordinated Debentures (Details 1) $ in Thousands, € in Millions |
9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2016
EUR (€)
|
Dec. 31, 2015
USD ($)
|
||||||
Subordinated Borrowing [Line Items] | ||||||||
Amount | $ 540,728 | $ 539,795 | ||||||
Unamortized discount | [1] | (99,616) | (103,795) | |||||
Net subordinated debentures | 441,112 | 436,000 | ||||||
Subordinated Debt Trust V Due September 2033 | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Amount | $ 10,310 | $ 10,310 | ||||||
Rate | 3.96% | 3.96% | 3.63% | |||||
Date Issued | Aug. 15, 2003 | |||||||
Maturity Date | Sep. 17, 2033 | |||||||
Description of variable rate basis | 3 month LIBOR + 3.10 | |||||||
Subordinated Debt Trust VI Due September 2033 | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Amount | $ 10,310 | $ 10,310 | ||||||
Rate | 3.90% | 3.90% | 3.39% | |||||
Date Issued | Sep. 03, 2003 | |||||||
Maturity Date | Sep. 15, 2033 | |||||||
Description of variable rate basis | 3 month LIBOR + 3.05 | |||||||
Subordinated Debt Trust CII Due September 2033 | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Amount | $ 5,155 | $ 5,155 | ||||||
Rate | 3.81% | 3.81% | 3.35% | |||||
Date Issued | Sep. 17, 2003 | |||||||
Maturity Date | Sep. 17, 2033 | |||||||
Description of variable rate basis | 3 month LIBOR + 2.95 | |||||||
Subordinated Debt Trust VII Due April 2034 | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Amount | $ 61,856 | $ 61,856 | ||||||
Rate | 3.51% | 3.51% | 3.07% | |||||
Date Issued | Feb. 05, 2004 | |||||||
Maturity Date | Apr. 23, 2034 | |||||||
Description of variable rate basis | 3 month LIBOR + 2.75 | |||||||
Subordinated Debt Trust CIII Due September 2035 | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Amount | $ 20,619 | $ 20,619 | ||||||
Rate | 2.54% | 2.54% | 2.20% | |||||
Date Issued | Aug. 15, 2005 | |||||||
Maturity Date | Sep. 15, 2035 | |||||||
Description of variable rate basis | 3 month LIBOR + 1.69 | |||||||
Subordinated Debt Trust FCCI Due March 2037 | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Amount | $ 16,495 | $ 16,495 | ||||||
Rate | 2.45% | 2.45% | 2.11% | |||||
Date Issued | Jan. 25, 2007 | |||||||
Maturity Date | Mar. 15, 2037 | |||||||
Description of variable rate basis | 3 month LIBOR + 1.60 | |||||||
Subordinated Debt Trust FCBI Due December 2035 | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Amount | $ 10,310 | $ 10,310 | ||||||
Rate | 2.40% | 2.40% | 2.06% | |||||
Date Issued | Sep. 30, 2005 | |||||||
Maturity Date | Dec. 15, 2035 | |||||||
Description of variable rate basis | 3 month LIBOR + 1.55 | |||||||
Trust Preferred Securities Two Thousand Five Series One | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Amount | $ 82,475 | $ 82,475 | ||||||
Rate | 2.80% | 2.80% | 2.46% | |||||
Date Issued | Nov. 21, 2005 | |||||||
Maturity Date | Dec. 15, 2035 | |||||||
Description of variable rate basis | 3 month LIBOR + 1.95 | |||||||
Trust Preferred Securities Two Thousand Five Series Two | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Amount | $ 128,866 | $ 128,866 | ||||||
Rate | 2.71% | 2.71% | 2.27% | |||||
Date Issued | Dec. 14, 2005 | |||||||
Maturity Date | Jan. 30, 2036 | |||||||
Description of variable rate basis | 3 month LIBOR + 1.95 | |||||||
Two Thousand Six One Term Debt Securitization | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Amount | $ 51,545 | $ 51,545 | ||||||
Rate | 2.71% | 2.71% | 2.27% | |||||
Date Issued | Feb. 22, 2006 | |||||||
Maturity Date | Apr. 30, 2036 | |||||||
Description of variable rate basis | 3 month LIBOR + 1.95 | |||||||
Two Thousand Six Two Term Debt Securitization | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Amount | $ 51,550 | $ 51,550 | ||||||
Rate | 2.71% | 2.71% | 2.27% | |||||
Date Issued | Sep. 27, 2006 | |||||||
Maturity Date | Oct. 30, 2036 | |||||||
Description of variable rate basis | 3 month LIBOR + 1.95 | |||||||
Trust Preferred Securities Two Thousand Six Series Three | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Amount | [2] | $ 28,940 | $ 28,007 | |||||
Rate | 1.75% | 1.75% | 1.98% | |||||
Date Issued | Sep. 29, 2006 | |||||||
Maturity Date | Oct. 30, 2036 | |||||||
Denomination value | € | € 25.8 | |||||||
Description of variable rate basis | 3 month EURIBOR + 2.05 | |||||||
Trust Preferred Securities Two Thousand Six Series Four | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Amount | $ 16,470 | $ 16,470 | ||||||
Rate | 2.71% | 2.71% | 2.27% | |||||
Date Issued | Dec. 05, 2006 | |||||||
Maturity Date | Jan. 30, 2037 | |||||||
Description of variable rate basis | 3 month LIBOR + 1.95 | |||||||
Trust Preferred Securities Two Thousand Six Series Five | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Amount | $ 6,650 | $ 6,650 | ||||||
Rate | 2.71% | 2.71% | 2.27% | |||||
Date Issued | Dec. 19, 2006 | |||||||
Maturity Date | Jan. 30, 2037 | |||||||
Description of variable rate basis | 3 month LIBOR + 1.95 | |||||||
Two Thousand Seven One Term Debt Securitization | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Amount | $ 39,177 | $ 39,177 | ||||||
Rate | 2.71% | 2.71% | 2.27% | |||||
Date Issued | Jun. 13, 2007 | |||||||
Maturity Date | Jul. 30, 2037 | |||||||
Description of variable rate basis | 3 month LIBOR + 1.95 | |||||||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust V Due September 2033 | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Rate Index (Quarterly Reset) | 3.96% | |||||||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust VI Due September 2033 | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Rate Index (Quarterly Reset) | 3.90% | |||||||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust CII Due September 2033 | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Rate Index (Quarterly Reset) | 3.81% | |||||||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust VII Due April 2034 | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Rate Index (Quarterly Reset) | 3.51% | |||||||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust CIII Due September 2035 | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Rate Index (Quarterly Reset) | 2.54% | |||||||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust FCCI Due March 2037 | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Rate Index (Quarterly Reset) | 2.45% | |||||||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust FCBI Due December 2035 | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Rate Index (Quarterly Reset) | 2.40% | |||||||
London Interbank Offered Rate (LIBOR) | Trust Preferred Securities Two Thousand Five Series One | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Rate Index (Quarterly Reset) | 2.80% | |||||||
London Interbank Offered Rate (LIBOR) | Trust Preferred Securities Two Thousand Five Series Two | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Rate Index (Quarterly Reset) | 2.71% | |||||||
London Interbank Offered Rate (LIBOR) | Two Thousand Six One Term Debt Securitization | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Rate Index (Quarterly Reset) | 2.71% | |||||||
London Interbank Offered Rate (LIBOR) | Two Thousand Six Two Term Debt Securitization | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Rate Index (Quarterly Reset) | 2.71% | |||||||
London Interbank Offered Rate (LIBOR) | Trust Preferred Securities Two Thousand Six Series Four | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Rate Index (Quarterly Reset) | 2.71% | |||||||
London Interbank Offered Rate (LIBOR) | Trust Preferred Securities Two Thousand Six Series Five | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Rate Index (Quarterly Reset) | 2.71% | |||||||
London Interbank Offered Rate (LIBOR) | Two Thousand Seven One Term Debt Securitization | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Rate Index (Quarterly Reset) | 2.71% | |||||||
Euribor Future | Trust Preferred Securities Two Thousand Six Series Three | ||||||||
Subordinated Borrowing [Line Items] | ||||||||
Rate Index (Quarterly Reset) | 1.75% | |||||||
|
Borrowings and Subordinated Debentures (Details Textual) - USD ($) |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Non‑recourse debt | ||
Debt Instrument [Line Items] | ||
Weighted average remaining maturity period | 2 years | |
FHLB unsecured overnight advance | ||
Debt Instrument [Line Items] | ||
Current borrowing capacity | $ 80,000,000 | |
Unused commitment fees | 0 | |
Unused lines of Credit | ||
Debt Instrument [Line Items] | ||
Amount outstanding | 0 | $ 0 |
American Financial Exchange overnight borrowing | ||
Debt Instrument [Line Items] | ||
Amount outstanding | 40,000,000 | 0 |
Federal Home Loan Bank of San Francisco | FHLB unsecured overnight advance | ||
Debt Instrument [Line Items] | ||
Borrowing capacity description | 99,000,000 | |
Amount outstanding | 90,000,000 | 0 |
Federal Reserve Bank Advances | ||
Debt Instrument [Line Items] | ||
Borrowing capacity description | 2,429,729,000 | |
Amount outstanding | 0 | 0 |
Loans pledged as collateral | 3,300,000,000 | |
Federal Home Loan Bank Advances | FHLB secured advances | ||
Debt Instrument [Line Items] | ||
Borrowing capacity description | 2,044,799,000 | |
Current outstanding | 410,000,000 | |
Amount outstanding | 618,000,000 | |
Federal Home Loan Bank Advances | Maturity Overnight | ||
Debt Instrument [Line Items] | ||
Current outstanding | 210,000,000 | 618,000,000 |
Federal Home Loan Bank Advances | Maturity 30 to 90 Days | ||
Debt Instrument [Line Items] | ||
Current outstanding | 200,000,000 | |
Federal Home Loan Bank Advances | FHLB unsecured overnight advance | ||
Debt Instrument [Line Items] | ||
Current outstanding | $ 90,000,000 | |
Amount outstanding | $ 0 |
Commitments and Contingencies (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Commitments and Contingencies Disclosure [Abstract] | ||
Loan commitments to extend credit | $ 4,156,147 | $ 3,580,655 |
Standby letters of credit | 204,616 | 210,292 |
Commitments to purchase equipment being acquired for lease to others | 0 | 6,663 |
Total | $ 4,360,763 | $ 3,797,610 |
Commitments and Contingencies (Details Textual) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Long-term Purchase Commitment [Line Items] | ||
Commitment to contribute capital | $ 25.6 | $ 19.2 |
Student Loan | ||
Long-term Purchase Commitment [Line Items] | ||
Loans and leases receivable commitments | 105.0 | |
Private Equity Funds | ||
Long-term Purchase Commitment [Line Items] | ||
Remaining minimum amount committed | $ 3.0 | $ 2.8 |
Fair Value Measurements (Details 1) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Securities available‑for‑sale | $ 3,341,335 | $ 3,559,437 |
Equity warrants | 4,914 | |
Level 1 | ||
Securities available‑for‑sale | 71,942 | |
Level 2 | ||
Securities available‑for‑sale | 3,388,054 | |
Level 3 | ||
Securities available‑for‑sale | 99,441 | |
Equity warrants | 5,108 | |
Government agency and government-sponsored enterprise pass through securities | ||
Securities available‑for‑sale | 528,941 | 667,840 |
Government agency and government-sponsored enterprise collateralized mortgage obligations | ||
Securities available‑for‑sale | 157,231 | 194,755 |
Municipal securities | ||
Securities available‑for‑sale | 1,522,494 | 1,547,331 |
Government agency and government-sponsored enterprise commercial mortgage-backed securities | ||
Securities available‑for‑sale | 531,273 | 391,441 |
Corporate debt securities | ||
Securities available‑for‑sale | 49,011 | 48,424 |
Collateralized loan obligations | ||
Securities available‑for‑sale | 156,647 | 132,189 |
SBA securities | ||
Securities available‑for‑sale | 187,300 | 211,157 |
US Treasury securities | ||
Securities available‑for‑sale | 0 | 69,380 |
US Government-sponsored Enterprises Debt Securities | ||
Securities available‑for‑sale | 0 | 36,913 |
Asset-backed and other securities | ||
Securities available‑for‑sale | 69,813 | 115,211 |
Fair Value, Measurements, Recurring | ||
Securities available‑for‑sale | 3,341,335 | |
Derivative assets | 1,261 | 11,919 |
Total recurring assets | 3,347,704 | 3,576,270 |
Derivative liabilities | 1,829 | 1,397 |
Fair Value, Measurements, Recurring | Level 1 | ||
Securities available‑for‑sale | 2,177 | 71,942 |
Derivative assets | 0 | 0 |
Equity warrants | 0 | 0 |
Total recurring assets | 2,177 | 71,942 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Securities available‑for‑sale | 3,261,313 | 3,388,054 |
Derivative assets | 1,261 | 11,919 |
Equity warrants | 0 | 0 |
Total recurring assets | 3,262,574 | 3,399,973 |
Derivative liabilities | 1,829 | 1,397 |
Fair Value, Measurements, Recurring | Level 3 | ||
Securities available‑for‑sale | 77,845 | 99,441 |
Derivative assets | 0 | 0 |
Equity warrants | 5,108 | 4,914 |
Total recurring assets | 82,953 | 104,355 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise pass through securities | Level 1 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise pass through securities | Level 2 | ||
Securities available‑for‑sale | 528,941 | 667,840 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise pass through securities | Level 3 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise collateralized mortgage obligations | Level 1 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise collateralized mortgage obligations | Level 2 | ||
Securities available‑for‑sale | 157,231 | 194,755 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise collateralized mortgage obligations | Level 3 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Private Label Collateralized Mortgage Obligations | Level 1 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Private Label Collateralized Mortgage Obligations | Level 2 | ||
Securities available‑for‑sale | 75,804 | 63,555 |
Fair Value, Measurements, Recurring | Private Label Collateralized Mortgage Obligations | Level 3 | ||
Securities available‑for‑sale | 62,821 | 81,241 |
Fair Value, Measurements, Recurring | Municipal securities | Level 1 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Municipal securities | Level 2 | ||
Securities available‑for‑sale | 1,522,494 | 1,547,331 |
Fair Value, Measurements, Recurring | Municipal securities | Level 3 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise commercial mortgage-backed securities | Level 1 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise commercial mortgage-backed securities | Level 2 | ||
Securities available‑for‑sale | 531,273 | 391,441 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise commercial mortgage-backed securities | Level 3 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 1 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 2 | ||
Securities available‑for‑sale | 49,011 | 48,424 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 3 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Collateralized loan obligations | Level 1 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Collateralized loan obligations | Level 2 | ||
Securities available‑for‑sale | 156,647 | 132,189 |
Fair Value, Measurements, Recurring | Collateralized loan obligations | Level 3 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | SBA securities | Level 1 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | SBA securities | Level 2 | ||
Securities available‑for‑sale | 187,300 | 211,157 |
Fair Value, Measurements, Recurring | SBA securities | Level 3 | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | US Treasury securities | Level 1 | ||
Securities available‑for‑sale | 69,380 | |
Fair Value, Measurements, Recurring | US Treasury securities | Level 2 | ||
Securities available‑for‑sale | 0 | |
Fair Value, Measurements, Recurring | US Treasury securities | Level 3 | ||
Securities available‑for‑sale | 0 | |
Fair Value, Measurements, Recurring | US Government-sponsored Enterprises Debt Securities | Level 1 | ||
Securities available‑for‑sale | 0 | |
Fair Value, Measurements, Recurring | US Government-sponsored Enterprises Debt Securities | Level 2 | ||
Securities available‑for‑sale | 36,913 | |
Fair Value, Measurements, Recurring | US Government-sponsored Enterprises Debt Securities | Level 3 | ||
Securities available‑for‑sale | 0 | |
Fair Value, Measurements, Recurring | Asset-backed and other securities | Level 1 | ||
Securities available‑for‑sale | 2,177 | 2,562 |
Fair Value, Measurements, Recurring | Asset-backed and other securities | Level 2 | ||
Securities available‑for‑sale | 52,612 | 94,449 |
Fair Value, Measurements, Recurring | Asset-backed and other securities | Level 3 | ||
Securities available‑for‑sale | $ 15,024 | $ 18,200 |
Fair Value Measurements (Details 2) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Level 3 CMO Roll Forward [Abstract] | ||
Equity warrants | $ 4,914 | |
Level 3 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Warrants, Acquired From Acquisition | $ 4,914 | |
Level 3 CMO Roll Forward [Abstract] | ||
Gain on Sale of Investments | 301 | |
Proceeds from Issuance of Warrants | (1,597) | |
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | 1,490 | |
Transfers to Available-For-Sale | 0 | |
Equity warrants | 5,108 | |
Level 3 | Fair Value, Measurements, Recurring | ||
Level 3 CMO Roll Forward [Abstract] | ||
Equity warrants | 5,108 | $ 4,914 |
Level 3 | Private Label CMOs | Fair Value, Measurements, Recurring | ||
Level 3 CMO Roll Forward [Abstract] | ||
Balance, December 31, 2015 | 81,241 | |
Total included in earnings | 1,252 | |
Total included in other comprehensive income | (1,399) | |
Net settlements | (18,273) | |
Balance, September 30, 2016 | 62,821 | |
Level 3 | Asset-backed and other securities | Fair Value, Measurements, Recurring | ||
Level 3 CMO Roll Forward [Abstract] | ||
Balance, December 31, 2015 | 18,200 | |
Total included in earnings | 47 | |
Total included in other comprehensive income | (5) | |
Net settlements | (3,218) | |
Balance, September 30, 2016 | $ 15,024 | |
Level 3 | Minimum | Private label collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Unobservable Inputs Quantitative Information [Abstract] | ||
Voluntary annual prepayment speeds | 0.00% | |
Annual default rates | 0.00% | |
Loss severity rates | 0.00% | |
Discount rates | 0.90% | |
Level 3 | Minimum | SBA securities | Fair Value, Measurements, Recurring | ||
Unobservable Inputs Quantitative Information [Abstract] | ||
Voluntary annual prepayment speeds | 5.00% | |
Annual default rates | 1.00% | |
Loss severity rates | 10.00% | |
Discount rates | 2.10% | |
Level 3 | Maximum | Private label collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Unobservable Inputs Quantitative Information [Abstract] | ||
Voluntary annual prepayment speeds | 27.60% | |
Annual default rates | 15.00% | |
Loss severity rates | 94.50% | |
Discount rates | 15.00% | |
Level 3 | Maximum | SBA securities | Fair Value, Measurements, Recurring | ||
Unobservable Inputs Quantitative Information [Abstract] | ||
Voluntary annual prepayment speeds | 40.00% | |
Annual default rates | 8.00% | |
Loss severity rates | 91.00% | |
Discount rates | 7.20% | |
Level 3 | Weighted Average | Private label collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Unobservable Inputs Quantitative Information [Abstract] | ||
Voluntary annual prepayment speeds | 11.50% | |
Annual default rates | 2.10% | |
Loss severity rates | 33.10% | |
Discount rates | 3.60% | |
Level 3 | Weighted Average | SBA securities | Fair Value, Measurements, Recurring | ||
Unobservable Inputs Quantitative Information [Abstract] | ||
Voluntary annual prepayment speeds | 14.70% | |
Annual default rates | 3.70% | |
Loss severity rates | 54.30% | |
Discount rates | 2.90% | |
Warrant | Level 3 | ||
Weighted Average Input | ||
Volatility | 19.30% | |
Warrant | Level 3 | Weighted Average | ||
Weighted Average Input | ||
Risk-free interest rate | 1.00% | |
Remaining life assumption (in years) | 3 years 9 months 20 days |
Fair Value Measurements (Details 3) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 55,025 | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 23,468 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 130,332 | 31,557 |
Non Purchased Credit Impaired Loans and Leases | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 131,149 | 40,817 |
Non Purchased Credit Impaired Loans and Leases | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | |
Non Purchased Credit Impaired Loans and Leases | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 9,367 | |
Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 130,332 | 31,450 |
Other real estate and foreclosed assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 14,101 | |
Other real estate and foreclosed assets | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | |
Other real estate and foreclosed assets | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 14,101 | |
Cost-method Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 107 | |
Cost-method Investments | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | |
Cost-method Investments | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | |
Cost-method Investments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 107 | |
Third party appraisals | Other real estate and foreclosed assets | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 0 |
Fair Value Measurements (Details 4) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Net Gain (Loss) from Nonrecurring Assets | $ 12,935 | $ 5,631 | $ 27,301 | $ 12,505 |
Non Purchased Credit Impaired Loans and Leases | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Net Gain (Loss) from Nonrecurring Assets | 12,935 | 873 | 27,301 | 7,623 |
Other real estate and foreclosed assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total Net Gain (Loss) from Nonrecurring Assets | $ 0 | $ 4,758 | $ 0 | $ 4,882 |
Fair Value Measurements (Details 5) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 55,025 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 130,332 | 31,557 |
Non Purchased Credit Impaired Loans and Leases | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 131,149 | 40,817 |
Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 130,332 | 31,450 |
Cost-method Investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 107 | |
Cost-method Investments | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 107 | |
Minimum | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates | 0.00% | |
Minimum | Third party appraisals | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates | 9.00% | |
Maximum | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates | 8.00% | |
Maximum | Third party appraisals | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates | 22.00% | |
Weighted Average | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates | 6.12% | |
Weighted Average | Third party appraisals | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates | 12.20% | |
Discount Rates | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 45,571 | |
Discounts | Third party appraisals | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 73,775 | |
No Discounts | Third party appraisals | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 10,986 |
Fair Value Measurements (Details 6) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | $ 286,371 | $ 161,020 |
Interest-earning deposits in financial institutions | 253,994 | 235,466 |
Securities available-for-sale, at fair value | 3,341,335 | 3,559,437 |
Available-for-sale Securities | 3,341,335 | 3,559,437 |
Federal Home Loan Bank stock, at cost | 19,386 | 19,710 |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 19,386 | 19,710 |
Cost Method Investments | 1,700 | 2,267 |
Cost Method Investments, Fair Value Disclosure | 4,408 | 6,789 |
Loans and leases, net | 14,594,870 | 14,363,143 |
Loans Receivable, Fair Value Disclosure | 14,707,667 | |
Derivative Asset | 1,261 | 11,919 |
Deposits, Savings Deposits | 13,092,753 | 11,513,826 |
Time Deposits | 2,552,915 | 4,152,356 |
Deposits, Fair Value Disclosure | 2,549,662 | 4,152,920 |
Borrowings | 541,011 | 621,914 |
Borrowed Funds | 621,914 | |
Long-term Debt, Fair Value | 541,067 | 622,438 |
Subordinated debentures | 441,112 | 436,000 |
Subordinated Debt Obligations, Fair Value Disclosure | 424,874 | 419,762 |
Derivative Liability | 1,397 | |
Equity warrants | 4,914 | |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 286,371 | 161,020 |
Interest-earning deposits in financial institutions | 253,994 | 235,466 |
Available-for-sale Securities | 71,942 | |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 |
Cost Method Investments, Fair Value Disclosure | 0 | 0 |
Deposits, Savings Deposits | 0 | 0 |
Deposits, Fair Value Disclosure | 0 | 0 |
Long-term Debt, Fair Value | 340,000 | 618,000 |
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 | 3,388,054 | |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 19,386 | 19,710 |
Cost Method Investments, Fair Value Disclosure | 0 | 0 |
Deposits, Savings Deposits | 13,092,753 | 11,513,826 |
Deposits, Fair Value Disclosure | 2,549,662 | 4,152,920 |
Long-term Debt, Fair Value | 201,067 | 4,438 |
Subordinated Debt Obligations, Fair Value Disclosure | 424,874 | 419,762 |
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 | 99,441 | |
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 |
Cost Method Investments, Fair Value Disclosure | 4,408 | 6,789 |
Loans Receivable, Fair Value Disclosure | 14,706,850 | |
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 |
Equity warrants | 5,108 | |
Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 3,341,335 | |
Derivative assets | 1,261 | 11,919 |
Derivative liabilities | 1,829 | 1,397 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 2,177 | 71,942 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Equity warrants | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 3,261,313 | 3,388,054 |
Derivative assets | 1,261 | 11,919 |
Derivative liabilities | 1,829 | 1,397 |
Equity warrants | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale Securities | 77,845 | 99,441 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Equity warrants | 5,108 | 4,914 |
Fair Value, Measurements, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 55,025 | |
Fair Value, Measurements, Nonrecurring | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 0 | |
Fair Value, Measurements, Nonrecurring | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 23,468 | |
Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 130,332 | 31,557 |
Non Purchased Credit Impaired Loans and Leases | Fair Value, Measurements, Nonrecurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | 131,149 | 40,817 |
Non Purchased Credit Impaired Loans and Leases | Fair Value, Measurements, Nonrecurring | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 0 | |
Assets, Fair Value Disclosure, Nonrecurring | 0 | |
Non Purchased Credit Impaired Loans and Leases | Fair Value, Measurements, Nonrecurring | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 817 | |
Assets, Fair Value Disclosure, Nonrecurring | 9,367 | |
Non Purchased Credit Impaired Loans and Leases | Fair Value, Measurements, Nonrecurring | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure, Nonrecurring | $ 130,332 | 31,450 |
NonPCI and PCI Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and leases, net | 14,363,143 | |
Loans Receivable, Fair Value Disclosure | 14,393,558 | |
NonPCI and PCI Loans | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 0 | |
NonPCI and PCI Loans | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 9,367 | |
NonPCI and PCI Loans | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 14,384,191 |
Fair Value Measurements (Details Textual) |
Sep. 30, 2016
USD ($)
|
---|---|
Fair Value Disclosures [Abstract] | |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 |
Earnings Per Share (Details 1) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|||
Earnings Per Share [Abstract] | |||||||
Net earnings from continuing operations | $ 93,895 | $ 82,168 | $ 69,616 | $ 266,519 | $ 227,778 | ||
Less: Earnings allocated to unvested restricted stock | [1] | (1,048) | (863) | (649) | (2,983) | (2,213) | |
Net earnings allocated to common shares | $ 92,847 | $ 81,305 | $ 68,967 | $ 263,536 | $ 225,565 | ||
Weighted-average basic shares and unvested restricted stock outstanding (shares) | 121,818 | 121,799 | 103,048 | 121,739 | 103,038 | ||
Weighted-average unvested restricted stock outstanding (shares) | (1,401) | (1,481) | (985) | (1,425) | (1,055) | ||
Weighted-average basic shares outstanding (shares) | 120,417 | 120,318 | 102,063 | 120,314 | 101,983 | ||
Basic net income per share (usd per share) | $ 0.77 | $ 0.68 | $ 0.68 | $ 2.19 | $ 2.21 | ||
Net earnings from continuing operations allocated to common shares | $ 92,847 | $ 81,305 | $ 68,967 | $ 263,536 | $ 225,565 | ||
Diluted net income per share (usd per share) | $ 0.77 | $ 0.68 | $ 0.68 | $ 2.19 | $ 2.21 | ||
|
Stock Based Compensation (Details 1) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Jun. 30, 2016 |
Sep. 30, 2016 |
Sep. 30, 2015 |
Dec. 31, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unvested restricted shares (shares) | 1,393,373 | 1,393,373 | 1,211,951 | |||
Vesting period of time-based restricted stock, lower limit | 3 years | |||||
Vesting period of time-based restricted stock, higher limit | 4 years | |||||
Restricted Stock | Vesting Based On Service | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated share-based compensation expense | $ 5.6 | $ 3.8 | $ 6.0 | $ 16.6 | $ 11.2 | |
Restricted Stock Awards And Performance Based Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized share based compensation expense | $ 45.7 | $ 45.7 | ||||
Time-Based Restricted Stock Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unvested restricted shares (shares) | 1,397,715 | 1,397,715 | ||||
Performance Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unvested restricted shares (shares) | 153,715 | 153,715 | ||||
PacWest 2003 Stock Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized (shares) | 19,686,565 | 19,686,565 | ||||
Number of shares available for grant (shares) | 12,450,068 | 12,450,068 |
Subsequent Events (Details Textuals) - USD ($) |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Nov. 01, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Subsequent Event [Line Items] | ||||||
Authorized amount of repurchase | $ 400,000,000 | $ 400,000,000 | ||||
Dividends declared per share (usd per share) | $ 0.50 | $ 0.50 | $ 0.5 | $ 1.50 | $ 1.5 | |
Subsequent event description | 0 | |||||
Dividend Declared | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Dividends declared per share (usd per share) | $ 0.5 |