Delaware | 88-0365922 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
One E. Washington Street Suite 1400, Phoenix, AZ | 85004 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Name of each exchange on which registered | |
Common Stock, $0.0001 Par Value | New York Stock Exchange |
Large accelerated filer | ý | Accelerated filer | ¨ | |||
Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
Page | ||
Item 1. | ||
Item 1A. | ||
Item 1B. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
Item 7. | ||
Item 7A. | ||
Item 8. | ||
Item 9. | ||
Item 9A. | ||
Item 9B. | ||
Item 10. | ||
Item 11. | ||
Item 12. | ||
Item 13. | ||
Item 14. | ||
Item 15. | ||
Item 16. | ||
ENTITIES / DIVISIONS: | |||
AAB | Alliance Association Bank | HFF | Hotel Franchise Finance |
ABA | Alliance Bank of Arizona | LVSP | Las Vegas Sunset Properties |
BON | Bank of Nevada | TPB | Torrey Pines Bank |
Bridge | Bridge Bank | WA PWI, LLC | Western Alliance Public Welfare Investments, LLC |
Company | Western Alliance Bancorporation and subsidiaries | WAB or Bank | Western Alliance Bank |
FIB | First Independent Bank | WAL or Parent | Western Alliance Bancorporation |
TERMS: | |||
AFS | Available-for-Sale | GLBA | Gramm-Leach-Bliley Act |
ALCO | Asset and Liability Management Committee | GSE | Government-Sponsored Enterprise |
AOCI | Accumulated Other Comprehensive Income | HFI | Held for Investment |
ASC | Accounting Standards Codification | HFS | Held for Sale |
ASU | Accounting Standards Update | HTM | Held-to-Maturity |
ATM | At-the-Market | ICS | Insured Cash Sweep Service |
BHCA | Bank Holding Company Act of 1956 | IRC | Internal Revenue Code |
BOD | Board of Directors | ISDA | International Swaps and Derivatives Association |
BOLI | Bank Owned Life Insurance | LIBOR | London Interbank Offered Rate |
CAMELS | Capital Adequacy, Assets, Management Capability, Earnings, Liquidity, Sensitivity | LIHTC | Low-Income Housing Tax Credit |
CCO | Chief Credit Officer | LTD | Long-Term Debt |
CDARS | Certificate Deposit Account Registry Service | MBS | Mortgage-Backed Securities |
CDO | Collateralized Debt Obligation | MLC | Management Loan Committee |
CEO | Chief Executive Officer | MOU | Memorandum of Understanding |
CET1 | Common Equity Tier 1 | NBL | National Business Lines |
CFO | Chief Financial Officer | NOL | Net Operating Loss |
CFPB | Consumer Financial Protection Bureau | NPV | Net Present Value |
CLO | Collateralized Loan Obligation | NUBILs | Net Unrealized Built In Losses |
CMO | Collateralized Debt Obligation | NYSE | New York Stock Exchange |
COSO | Committee of Sponsoring Organizations of the Treadway Commission | OCC | Office of the Comptroller of the Currency |
CRA | Community Reinvestment Act | OCI | Other Comprehensive Income |
CRE | Commercial Real Estate | OFAC | Office of Foreign Asset Control |
DIF | FDIC's Deposit Insurance Fund | OREO | Other Real Estate Owned |
EPS | Earnings per share | OTTI | Other-than-Temporary Impairment |
EVE | Economic Value of Equity | PCI | Purchased Credit Impaired |
Exchange Act | Securities Exchange Act of 1934, as amended | SBA | Small Business Administration |
FASB | Financial Accounting Standards Board | SBIC | Small Business Investment Company |
FCRA | Fair Credit Reporting Act of 1971 | SBLF | Small Business Lending Fund |
FDIA | Federal Deposit Insurance Act | SEC | Securities and Exchange Commission |
FDIC | Federal Deposit Insurance Corporation | SERP | Supplemental Executive Retirement Plan |
FHLB | Federal Home Loan Bank | SLC | Senior Loan Committee |
FICO | The Financing Corporation | SSAE | Statement on Standards for Attestation Engagements |
FRA | Federal Reserve Act | TDR | Troubled Debt Restructuring |
FRB | Federal Reserve Bank | TEB | Tax Equivalent Basis |
FVO | Fair Value Option | XBRL | eXtensible Business Reporting Language |
GAAP | U.S. Generally Accepted Accounting Principles |
Item 1. | Business. |
Bank Name | Headquarters | Number of Locations | Location Cities | Total Assets | Net Loans | Deposits | ||||||||||||
(in millions) | ||||||||||||||||||
Western Alliance Bank | Phoenix, Arizona | 48 | Arizona: Chandler, Flagstaff, Mesa, Phoenix, Scottsdale, and Tucson | $ | 17,095.1 | $ | 13,067.2 | $ | 14,563.9 | |||||||||
Nevada: Carson City, Fallon, Reno, Sparks, Henderson, Las Vegas, Mesquite, and North Las Vegas | ||||||||||||||||||
California: Beverly Hills, Carlsbad, Costa Mesa, La Mesa, Los Angeles, Menlo Park, Oakland, Palo Alto, Pleasanton, San Diego, San Francisco, and San Jose | ||||||||||||||||||
Other: Atlanta, Georgia; Boston, Massachusetts; Reston, Virginia |
• | WAB Investments, Inc., BON Investments, Inc., and TPB Investments, Inc. - each hold certain investment securities, municipal and non-profit loans, and leases. After the close of business on December 31, 2016, these subsidiaries were merged into a newly created entity called Western Alliance Business Trust. |
• | WA PWI, LLC holds certain limited partnerships invested primarily in low income housing tax credits and small business investment corporations. |
• | BW Real Estate, Inc. - operates as a real estate investment trust and holds certain real estate loans and related securities. |
December 31, | ||||||||||||||
2016 | 2015 | |||||||||||||
Amount | Percent | Amount | Percent | |||||||||||
(in thousands) | ||||||||||||||
Commercial and industrial | $ | 5,755,021 | 43.6 | % | $ | 5,114,257 | 46.1 | % | ||||||
Commercial real estate - non-owner occupied | 3,543,956 | 26.9 | 2,283,536 | 20.6 | ||||||||||
Commercial real estate - owner occupied | 2,013,276 | 15.2 | 2,083,285 | 18.7 | ||||||||||
Construction and land development | 1,478,114 | 11.2 | 1,133,439 | 10.2 | ||||||||||
Residential real estate | 259,432 | 2.0 | 322,939 | 2.9 | ||||||||||
Commercial leases | 100,765 | 0.8 | 148,493 | 1.3 | ||||||||||
Consumer | 38,963 | 0.3 | 26,905 | 0.2 | ||||||||||
Loans, net of deferred loan fees and costs | 13,189,527 | 100.0 | % | 11,112,854 | 100.0 | % | ||||||||
Allowance for credit losses | (124,704 | ) | (119,068 | ) | ||||||||||
Total loans HFI | $ | 13,064,823 | $ | 10,993,786 |
• | Individual Authorities. The authorization levels for individual loan officers are established on a case-by-case basis. Generally, the more experienced a loan officer, the higher the authorization level. The maximum approval authority for any loan officer is $1.0 million. Certain members of executive management or credit administration may have higher approval authority. |
• | Management Loan Committees. Credits in excess of individual loan limits are submitted to the appropriate region’s MLC. The MLCs consist of members of the senior management team of each region. The MLCs have approval authority up to $7.0 million. |
• | Credit Administration. Credits in excess of the MLC authority are submitted to the WAB SLC. The SLC has approval authority up to established house concentration limits, which range from $15.0 million to $50.0 million, depending on risk grade. SLC approval is also required for new relationships of $12.5 million or greater to borrowers within market footprint, and $5.0 million or greater outside market footprint. The SLC reviews all other loan approvals to any one new borrower of $5.0 million or greater. The SLC is chaired by the WAB CCO and includes the Company’s CEO. Current policy states that over house limit exceptions require unanimous approval of the SLC. |
Percent of Total Capital | ||||||
Policy Limit | Actual | |||||
CRE | 435 | % | 264 | % | ||
Commercial and industrial | 400 | 278 | ||||
Construction and land development | 85 | 70 | ||||
Residential real estate | 20 | 12 | ||||
Consumer | 5 | 2 |
• | "Special Mention" (Grade 7): Generally these are assets that possess weaknesses that warrant management's close attention. These loans may involve borrowers with adverse financial trends, higher debt to equity ratios, or weaker liquidity positions, but not to the degree of being considered a “problem loan” where risk of loss may be apparent. Loans in this category are usually performing as agreed, although there may be non-compliance with financial covenants. |
• | “Substandard” (Grade 8): These assets are characterized by well-defined credit weaknesses and carry the distinct possibility that the Company will sustain some loss if such weakness or deficiency is not corrected. The Company believes that these loans generally are adequately secured and in the event of a foreclosure action or liquidation, the Company should be protected from loss. All loans 90 days or more past due and all loans on non-accrual are considered at least “substandard,” unless extraordinary circumstances would suggest otherwise. |
• | “Doubtful” (Grade 9): These assets have all the weaknesses inherent in those classified as "substandard" with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable, but because of certain known factors which may work to the advantage and strengthening of the asset (for example, capital injection, perfecting liens on additional collateral and refinancing plans), classification as an estimated loss is deferred until a more precise status may be determined. |
• | “Loss” (Grade 10): These assets are considered uncollectible and having such little recoverable value that it is not practical to defer writing off the asset. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather that it is not practicable or desirable to defer writing off the asset, even though partial recovery may be achieved in the future. |
December 31, | ||||||||||||||
2016 | 2015 | |||||||||||||
Amount | Percent | Amount | Percent | |||||||||||
(dollars in thousands) | ||||||||||||||
Collateralized debt obligations | $ | 13,490 | 0.5 | % | $ | 10,060 | 0.5 | % | ||||||
Commercial MBS issued by GSEs | 117,792 | 4.4 | 19,114 | 1.0 | ||||||||||
Corporate debt securities | 64,144 | 2.4 | 13,251 | 0.7 | ||||||||||
CRA investments | 37,113 | 1.4 | 34,685 | 1.7 | ||||||||||
Preferred stock | 94,662 | 3.5 | 111,236 | 5.6 | ||||||||||
Private label commercial MBS | — | — | 4,691 | 0.2 | ||||||||||
Private label residential MBS | 433,685 | 16.0 | 257,128 | 13.0 | ||||||||||
Residential MBS issued by GSEs | 1,356,258 | 50.1 | 1,171,702 | 59.0 | ||||||||||
Tax-exempt | 500,312 | 18.5 | 334,830 | 16.9 | ||||||||||
Trust preferred securities | 26,532 | 1.0 | 24,314 | 1.2 | ||||||||||
U.S. government sponsored agency securities | 56,022 | 2.1 | — | — | ||||||||||
U.S. treasury securities | 2,502 | 0.1 | 2,993 | 0.2 | ||||||||||
Total investment securities | $ | 2,702,512 | 100.0 | % | $ | 1,984,004 | 100.0 | % |
• | current and projected national and local economic conditions and the outlook for interest rates; |
• | local competition; |
• | loan and deposit positions and forecasts, including any concentrations in either; and |
• | FHLB advance rates and rates charged on other funding sources. |
December 31, | ||||||||||||||
2016 | 2015 | |||||||||||||
Amount | Percent | Amount | Percent | |||||||||||
(in thousands) | ||||||||||||||
Non-interest-bearing demand deposits | $ | 5,632,926 | 38.7 | % | $ | 4,093,976 | 34.0 | % | ||||||
Interest-bearing transaction accounts | 1,346,718 | 9.3 | 1,028,073 | 8.5 | ||||||||||
Savings and money market accounts | 6,120,877 | 42.0 | 5,296,921 | 44.1 | ||||||||||
Certificate of deposit ($250,000 or more) | 609,678 | 4.2 | 626,718 | 5.2 | ||||||||||
Other time deposits | 839,664 | 5.8 | 984,936 | 8.2 | ||||||||||
Total deposits | $ | 14,549,863 | 100.0 | % | $ | 12,030,624 | 100.0 | % |
Item 1A. | Risk Factors. |
• | a decrease in deposit balances or the demand for loans and other products and services the Company offers; |
• | an increase in the number of borrowers who become delinquent, file for protection under bankruptcy laws or default on their loans or other obligations to the Company, which could lead to higher levels of nonperforming assets, net charge-offs and provisions for credit losses; |
• | a decrease in the value of loans and other assets secured by real estate; |
• | a decrease in net interest income from the Company’s lending and deposit gathering activities; |
• | an impairment of certain intangible assets such as goodwill; and |
• | an increase in competition resulting from the increasing consolidation of financial services companies. |
• | difficulty of integrating the operations and personnel; |
• | potential disruption of the Company’s ongoing business; |
• | failure to retain key personnel at the acquired business; |
• | inability of the Company’s management to maximize its financial and strategic position by the successful implementation of uniform product offerings and the incorporation of uniform technology into the Company’s product offerings and control systems; and |
• | failure to realize any expected revenue increases, cost savings, and other projected benefits from an acquisition. |
• | changes in the political climate; |
• | sales of the Company’s equity securities; |
• | the Company’s financial condition, performance, creditworthiness, and prospects; |
• | quarterly variations in the Company’s operating results or the quality of its assets; |
• | operating results that vary from the expectations of management, securities analysts, and investors; |
• | changes in expectations as to the Company’s future financial performance; |
• | announcements of strategic developments, acquisitions, and other material events by the Company or its competitors; |
• | the operating and securities price performance of other companies that investors believe are comparable to the Company; |
• | the credit, mortgage, and housing markets, the markets for securities relating to mortgages or housing, and developments with respect to financial institutions generally; |
• | changes in global financial markets and global economies and general market conditions, such as interest or foreign exchange rates, stock, commodity or real estate valuations or volatility and other geopolitical, regulatory or judicial events; and |
• | the Company’s past and future dividend practices. |
Item 1B. | Unresolved Staff Comments |
Item 2. | Properties |
Item 3. | Legal Proceedings |
Item 4. | Mine Safety Disclosures |
Item 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. |
2016 Quarters | 2015 Quarters | |||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | |||||||||||||||||||||||||
Range of stock prices: | ||||||||||||||||||||||||||||||||
High | $ | 50.72 | $ | 38.55 | $ | 38.36 | $ | 35.42 | $ | 39.11 | $ | 35.17 | $ | 34.95 | $ | 30.41 | ||||||||||||||||
Low | 35.56 | 30.69 | 29.72 | 26.60 | 29.12 | 28.42 | 28.91 | 24.52 |
Item 6. | Selected Financial Data. |
Year Ended December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Results of Operations: | ||||||||||||||||||||
Interest income | $ | 700,506 | $ | 525,144 | $ | 416,379 | $ | 362,655 | $ | 318,295 | ||||||||||
Interest expense | 43,293 | 32,568 | 31,486 | 29,760 | 28,032 | |||||||||||||||
Net interest income | 657,213 | 492,576 | 384,893 | 332,895 | 290,263 | |||||||||||||||
Provision for credit losses | 8,000 | 3,200 | 4,726 | 13,220 | 46,844 | |||||||||||||||
Net interest income after provision for credit losses | 649,213 | 489,376 | 380,167 | 319,675 | 243,419 | |||||||||||||||
Non-interest income | 42,915 | 29,768 | 24,651 | 22,197 | 46,505 | |||||||||||||||
Non-interest expense | 330,949 | 260,606 | 207,319 | 196,216 | 188,860 | |||||||||||||||
Income from continuing operations before provision for income taxes | 361,179 | 258,538 | 197,499 | 145,656 | 101,064 | |||||||||||||||
Income tax expense | 101,381 | 64,294 | 48,390 | 29,830 | 25,935 | |||||||||||||||
Income from continuing operations | 259,798 | 194,244 | 149,109 | 115,826 | 75,129 | |||||||||||||||
Loss from discontinued operations, net of tax | — | — | (1,158 | ) | (861 | ) | (2,490 | ) | ||||||||||||
Net income | $ | 259,798 | $ | 194,244 | $ | 147,951 | $ | 114,965 | $ | 72,639 |
Year Ended December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||
Per Share Data: | ||||||||||||||||||||
Earnings per share available to common stockholders - basic | $ | 2.52 | $ | 2.05 | $ | 1.69 | $ | 1.33 | $ | 0.84 | ||||||||||
Earnings per share available to common stockholders - diluted | 2.50 | 2.03 | 1.67 | 1.31 | 0.83 | |||||||||||||||
Earnings per share from continuing operations - basic | 2.52 | 2.05 | 1.70 | 1.34 | 0.87 | |||||||||||||||
Earnings per share from continuing operations - diluted | 2.50 | 2.03 | 1.69 | 1.32 | 0.86 | |||||||||||||||
Book value per common share | 18.00 | 15.44 | 10.49 | 8.20 | 7.15 | |||||||||||||||
Shares outstanding at period end | 105,071 | 103,087 | 88,691 | 87,186 | 86,465 | |||||||||||||||
Weighted average shares outstanding - basic | 103,042 | 94,570 | 86,693 | 85,682 | 82,285 | |||||||||||||||
Weighted average shares outstanding - diluted | 103,843 | 95,219 | 87,506 | 86,541 | 82,912 | |||||||||||||||
Selected Balance Sheet Data: | ||||||||||||||||||||
Cash and cash equivalents | $ | 284,491 | $ | 224,640 | $ | 164,396 | $ | 305,514 | $ | 204,625 | ||||||||||
Investment securities and money market investments | 2,702,512 | 1,984,126 | 1,522,546 | 1,659,370 | 1,236,648 | |||||||||||||||
Loans, net of deferred loan fees and costs | 13,208,436 | 11,136,663 | 8,398,265 | 6,801,415 | 5,709,318 | |||||||||||||||
Allowance for credit losses | 124,704 | 119,068 | 110,216 | 100,050 | 95,427 | |||||||||||||||
Total assets | 17,200,842 | 14,275,089 | 10,600,498 | 9,307,342 | 7,622,442 | |||||||||||||||
Total deposits | 14,549,863 | 12,030,624 | 8,931,043 | 7,838,205 | 6,455,177 | |||||||||||||||
Other borrowings | 80,000 | 150,000 | 390,263 | 341,096 | 193,717 | |||||||||||||||
Qualifying debt | 367,937 | 210,328 | 40,437 | 41,858 | 36,218 | |||||||||||||||
Total stockholders' equity | 1,891,529 | 1,591,502 | 1,000,928 | 855,498 | 759,421 | |||||||||||||||
Selected Other Balance Sheet Data: | ||||||||||||||||||||
Average assets | $ | 16,134,263 | $ | 12,420,803 | $ | 9,891,109 | $ | 8,500,324 | $ | 7,193,425 | ||||||||||
Average earning assets | 15,117,364 | 11,621,977 | 9,270,465 | 7,887,584 | 6,685,107 | |||||||||||||||
Average stockholders' equity | 1,770,914 | 1,323,952 | 964,131 | 798,497 | 691,004 | |||||||||||||||
Selected Financial and Liquidity Ratios: | ||||||||||||||||||||
Return on average assets | 1.61 | % | 1.56 | % | 1.50 | % | 1.35 | % | 1.01 | % | ||||||||||
Return on average tangible common equity | 17.71 | 17.83 | 18.52 | 18.28 | 13.97 | |||||||||||||||
Net interest margin | 4.58 | 4.51 | 4.42 | 4.39 | 4.49 | |||||||||||||||
Loan to deposit ratio | 90.78 | 92.57 | 94.03 | 86.77 | 88.45 | |||||||||||||||
Capital Ratios: | ||||||||||||||||||||
Tier 1 leverage ratio | 9.9 | % | 9.8 | % | 9.7 | % | 9.8 | % | 10.1 | % | ||||||||||
Tier 1 capital ratio | 10.5 | 10.2 | 10.5 | 11.1 | 11.3 | |||||||||||||||
Total capital ratio | 13.2 | 12.2 | 11.7 | 12.4 | 12.6 | |||||||||||||||
Average equity to average assets | 11.0 | 10.7 | 9.7 | 9.4 | 9.6 | |||||||||||||||
Selected Asset Quality Ratios: | ||||||||||||||||||||
Non-accrual loans to gross loans | 0.31 | % | 0.44 | % | 0.81 | % | 1.11 | % | 1.83 | % | ||||||||||
Non-accrual loans and repossessed assets to total assets | 0.51 | 0.65 | 1.18 | 1.53 | 2.39 | |||||||||||||||
Loans past due 90 days or more and still accruing to total loans | 0.01 | 0.03 | 0.06 | 0.02 | 0.02 | |||||||||||||||
Allowance for credit losses to total loans | 0.95 | 1.07 | 1.31 | 1.47 | 1.67 | |||||||||||||||
Allowance for credit losses to non-accrual loans | 309.65 | 246.10 | 162.90 | 132.20 | 91.13 | |||||||||||||||
Net charge-offs (recoveries) to average loans | 0.02 | (0.06 | ) | (0.07 | ) | 0.14 | 0.99 |
Item 7. | Management's Discussions and Analysis of Financial Condition and Results of Operations. |
• | Net income available to common stockholders of $259.8 million for 2016, compared to $193.5 million for 2015 |
• | Diluted earnings per share of $2.50 for 2016, and $2.03 per share for 2015 |
• | Operating PPNR increased $112.5 million to $380.4 million, compared to $267.9 million in 20151 |
• | Net operating revenue of $699.1 million, constituting year-over-year growth of 34.0%, or $177.3 million, compared to an increase in operating non-interest expenses of 25.5%, or $64.8 million1 |
• | Net interest margin of 4.58% in 2016, compared to 4.51% in 2015 |
• | Efficiency ratio of 45.0% in 2016, compared to 47.0% in 2015 |
• | Operating efficiency ratio of 43.4% in 2016, compared to 45.8% in 20151 |
• | Total loans of $13.21 billion, up $2.07 billion from December 31, 2015 |
• | Total deposits of $14.55 billion, up $2.52 billion from December 31, 2015 |
• | Nonperforming assets (nonaccrual loans and repossessed assets) decreased to 0.51% of total assets, from 0.65% at December 31, 2015 |
• | Net loan charge-offs (recoveries) to average loans outstanding of 0.02%, compared to (0.06)% at December 31, 2015 |
• | Tangible common equity ratio of 9.4%, compared to 9.2% at December 31, 20151 |
• | Stockholders' equity of $1.89 billion, an increase of $300.0 million from December 31, 2015 |
• | Book value per common share of $18.00, an increase of 16.6% from $15.44 at December 31, 2015 |
• | Tangible book value per share, net of tax, of $15.17, an increase of 21.0% from $12.54 at December 31, 20151 |
April 20, 2016 | |||
(in thousands) | |||
Assets: | |||
Loans | $ | 1,280,997 | |
Other assets | 3,560 | ||
Total assets | $ | 1,284,557 | |
Liabilities: | |||
Other liabilities | $ | 12,559 | |
Total liabilities | 12,559 | ||
Net assets acquired | $ | 1,271,998 | |
Consideration paid | |||
Cash | $ | 1,272,187 | |
Goodwill | $ | 189 |
As Adjusted | |||
(in thousands) | |||
Assets: | |||
Cash and cash equivalents (1) | $ | 378,966 | |
Investment securities - AFS | 61,476 | ||
Investments in restricted stock | 7,015 | ||
Loans | 1,439,660 | ||
Premises and equipment | 1,519 | ||
Other assets acquired through foreclosure | 1,407 | ||
Bank owned life insurance | 17,385 | ||
Investment in LIHTC | 5,354 | ||
Intangible assets | 14,997 | ||
Deferred tax assets, net | 18,287 | ||
Other assets | 19,178 | ||
Total assets | $ | 1,965,244 | |
Liabilities: | |||
Deposits | $ | 1,742,031 | |
Qualifying debt | 11,287 | ||
Other liabilities | 10,910 | ||
Total liabilities | 1,764,228 | ||
Net assets acquired | $ | 201,016 | |
Consideration paid | |||
Common stock (12,451,240 shares at $33.76 per share) | $ | 420,354 | |
Fair value of equity awards related to pre-combination vesting | 10,676 | ||
Cash | 36,539 | ||
Fair value of total consideration | 467,569 | ||
Goodwill | $ | 266,553 |
(1) | Cash and cash equivalents are net of a $6.2 million payment made by Bridge related to the cash out of vested, unexercised stock options at the date of closing. Cash acquired, less cash consideration paid of $36.5 million, resulted in net cash and cash equivalents increasing by $342.4 million |
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands, except per share amounts) | ||||||||||||
Net income available to common stockholders | $ | 259,798 | $ | 193,494 | $ | 146,564 | ||||||
Earnings per share applicable to common stockholders - basic | 2.52 | 2.05 | 1.69 | |||||||||
Earnings per share applicable to common stockholders - diluted | 2.50 | 2.03 | 1.67 | |||||||||
Net interest margin | 4.58 | % | 4.51 | % | 4.42 | % | ||||||
Return on average assets | 1.61 | 1.56 | 1.50 | |||||||||
Return on average tangible common equity | 17.71 | 17.83 | 18.52 |
December 31, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
Total assets | $ | 17,200,842 | $ | 14,275,089 | ||||
Loans, net of deferred loan fees and costs | 13,208,436 | 11,136,663 | ||||||
Total deposits | 14,549,863 | 12,030,624 |
At or for the Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands) | ||||||||||||
Non-accrual loans | $ | 40,272 | $ | 48,381 | $ | 67,659 | ||||||
Non-performing assets | 142,791 | 166,058 | 214,661 | |||||||||
Non-accrual loans to gross loans | 0.31 | % | 0.44 | % | 0.81 | % | ||||||
Net charge-offs (recoveries) to average loans | 0.02 | % | (0.06 | )% | (0.07 | )% |
Year Ended December 31, | Increase | Year Ended December 31, | Increase | |||||||||||||||||||||
2016 | 2015 | (Decrease) | 2015 | 2014 | (Decrease) | |||||||||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||||||||||
Consolidated Income Statement Data: | ||||||||||||||||||||||||
Interest income | $ | 700,506 | $ | 525,144 | $ | 175,362 | $ | 525,144 | $ | 416,379 | $ | 108,765 | ||||||||||||
Interest expense | 43,293 | 32,568 | 10,725 | 32,568 | 31,486 | 1,082 | ||||||||||||||||||
Net interest income | 657,213 | 492,576 | 164,637 | 492,576 | 384,893 | 107,683 | ||||||||||||||||||
Provision for credit losses | 8,000 | 3,200 | 4,800 | 3,200 | 4,726 | (1,526 | ) | |||||||||||||||||
Net interest income after provision for credit losses | 649,213 | 489,376 | 159,837 | 489,376 | 380,167 | 109,209 | ||||||||||||||||||
Non-interest income | 42,915 | 29,768 | 13,147 | 29,768 | 24,651 | 5,117 | ||||||||||||||||||
Non-interest expense | 330,949 | 260,606 | 70,343 | 260,606 | 207,319 | 53,287 | ||||||||||||||||||
Income from continuing operations before income taxes | 361,179 | 258,538 | 102,641 | 258,538 | 197,499 | 61,039 | ||||||||||||||||||
Income tax expense | 101,381 | 64,294 | 37,087 | 64,294 | 48,390 | 15,904 | ||||||||||||||||||
Income from continuing operations | 259,798 | 194,244 | 65,554 | 194,244 | 149,109 | 45,135 | ||||||||||||||||||
Loss from discontinued operations, net of tax | — | — | — | — | (1,158 | ) | 1,158 | |||||||||||||||||
Net income | $ | 259,798 | $ | 194,244 | $ | 65,554 | $ | 194,244 | $ | 147,951 | $ | 46,293 | ||||||||||||
Net income available to common stockholders | $ | 259,798 | $ | 193,494 | $ | 66,304 | $ | 193,494 | $ | 146,564 | $ | 46,930 | ||||||||||||
Earnings per share applicable to common stockholders - basic | $ | 2.52 | $ | 2.05 | $ | 0.47 | $ | 2.05 | $ | 1.69 | $ | 0.36 | ||||||||||||
Earnings per share applicable to common stockholders - diluted | $ | 2.50 | $ | 2.03 | $ | 0.47 | $ | 2.03 | $ | 1.67 | $ | 0.36 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Total non-interest income | $ | 42,915 | $ | 29,768 | $ | 24,651 | |||||
Less: | |||||||||||
Gain (loss) on sales of investment securities, net (1) | 1,059 | 615 | 757 | ||||||||
Unrealized gains (losses) on assets and liabilities measured at fair value, net (1) | 8 | 47 | 1,212 | ||||||||
(Loss) on extinguishment of debt (1) | — | (81 | ) | (502 | ) | ||||||
Total operating non-interest income | 41,848 | 29,187 | 23,184 | ||||||||
Plus: net interest income | 657,213 | 492,576 | 384,893 | ||||||||
Net operating revenue | $ | 699,061 | $ | 521,763 | $ | 408,077 | |||||
Total non-interest expense | $ | 330,949 | $ | 260,606 | $ | 207,319 | |||||
Less: | |||||||||||
Net (gain) loss on sales / valuations of repossessed and other assets | (125 | ) | (2,070 | ) | (5,350 | ) | |||||
Acquisition / restructure expense | 12,412 | 8,836 | 198 | ||||||||
Total operating non-interest expense | $ | 318,662 | $ | 253,840 | $ | 212,471 | |||||
Operating pre-provision net revenue (2) | $ | 380,399 | $ | 267,923 | $ | 195,606 | |||||
Plus: | |||||||||||
Non-operating revenue adjustments | 1,067 | 581 | 1,467 | ||||||||
Less: | |||||||||||
Provision for credit losses | 8,000 | 3,200 | 4,726 | ||||||||
Non-operating expense adjustments | 12,287 | 6,766 | (5,152 | ) | |||||||
Income from continuing operations before provision for income taxes | 361,179 | 258,538 | 197,499 | ||||||||
Income tax expense | 101,381 | 64,294 | 48,390 | ||||||||
Income from continuing operations | 259,798 | 194,244 | 149,109 | ||||||||
(Loss) from discontinued operations, net of tax | — | — | (1,158 | ) | |||||||
Net income | $ | 259,798 | $ | 194,244 | $ | 147,951 | |||||
(1) The operating PPNR non-GAAP performance metric is adjusted to exclude the effects of this non-operational item. | |||||||||||
(2) There were no adjustments made for non-recurring items during the years ended December 31, 2016, 2015, and 2014. |
December 31, | |||||||
2016 | 2015 | ||||||
(dollars and shares in thousands) | |||||||
Total stockholders' equity | $ | 1,891,529 | $ | 1,591,502 | |||
Less: goodwill and intangible assets | 302,894 | 305,354 | |||||
Total tangible stockholders' equity | 1,588,635 | 1,286,148 | |||||
Plus: deferred tax - attributed to intangible assets | 4,949 | 6,093 | |||||
Total tangible common equity, net of tax | $ | 1,593,584 | $ | 1,292,241 | |||
Total assets | $ | 17,200,842 | $ | 14,275,089 | |||
Less: goodwill and intangible assets, net | 302,894 | 305,354 | |||||
Tangible assets | 16,897,948 | 13,969,735 | |||||
Plus: deferred tax - attributed to intangible assets | 4,949 | 6,093 | |||||
Total tangible assets, net of tax | $ | 16,902,897 | $ | 13,975,828 | |||
Tangible equity ratio | 9.4 | % | 9.2 | % | |||
Tangible common equity ratio | 9.4 | 9.2 | |||||
Common shares outstanding | 105,071 | 103,087 | |||||
Tangible book value per share, net of tax | $ | 15.17 | $ | 12.54 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(dollars in thousands) | |||||||||||
Total operating non-interest expense | $ | 318,662 | $ | 253,840 | $ | 212,471 | |||||
Divided by: | |||||||||||
Total net interest income | $ | 657,213 | $ | 492,576 | $ | 384,893 | |||||
Plus: | |||||||||||
Tax equivalent interest adjustment | 34,902 | 31,883 | 24,571 | ||||||||
Operating non-interest income | 41,848 | 29,187 | 23,184 | ||||||||
Net operating revenue - TEB | $ | 733,963 | $ | 553,646 | $ | 432,648 | |||||
Operating efficiency ratio - TEB | 43.4 | % | 45.8 | % | 49.1 | % |
December 31, | |||||||
2016 | 2015 | ||||||
(dollars in thousands) | |||||||
Allowance for credit losses | $ | 124,704 | $ | 119,068 | |||
Plus: remaining credit marks | |||||||
Acquired performing loans | 34,070 | 12,154 | |||||
Purchased credit impaired loans | 13,194 | 8,491 | |||||
Adjusted allowance for credit losses | $ | 171,968 | $ | 139,713 | |||
Gross loans held for investment and deferred fees, net | $ | 13,189,527 | $ | 11,112,854 | |||
Plus: remaining credit marks | |||||||
Acquired performing loans | 34,070 | 12,154 | |||||
Purchased credit impaired loans | 13,194 | 8,491 | |||||
Adjusted loans, net of deferred fees and costs | $ | 13,236,791 | $ | 11,133,499 | |||
Allowance for credit losses to gross loans | 0.95 | % | 1.07 | % | |||
Allowance for credit losses to gross loans, adjusted for acquisition accounting | 1.30 | 1.25 |
December 31, | |||||||
2016 | 2015 | ||||||
(dollars in thousands) | |||||||
Common Equity Tier 1: | |||||||
Common Equity | $ | 1,891,529 | $ | 1,591,502 | |||
Less: | |||||||
Non-qualifying goodwill and intangibles | 294,754 | 293,487 | |||||
Disallowed deferred tax asset | 1,400 | 5,001 | |||||
AOCI related adjustments | (13,460 | ) | 10,228 | ||||
Unrealized gain on changes in fair value liabilities | 8,118 | 6,309 | |||||
Common Equity Tier 1 (regulatory) | $ | 1,600,717 | $ | 1,276,477 | |||
Divided by: Risk-weighted assets (regulatory) | $ | 15,980,092 | $ | 13,193,563 | |||
Common Equity Tier 1 ratio | 10.0 | % | 9.7 | % | |||
Common Equity Tier 1 (regulatory) | $ | 1,600,717 | $ | 1,276,477 | |||
Plus: | |||||||
Trust preferred securities | 81,500 | 81,500 | |||||
Less: | |||||||
Disallowed deferred tax asset | 934 | 7,502 | |||||
Unrealized gain on changes in fair value liabilities | 5,412 | 9,464 | |||||
Tier 1 capital | $ | 1,675,871 | $ | 1,341,011 | |||
Divided by: Tangible average assets | $ | 16,868,674 | $ | 13,683,148 | |||
Tier 1 leverage ratio | 9.9 | % | 9.8 | % | |||
Total Capital: | |||||||
Tier 1 capital (regulatory) | $ | 1,675,871 | $ | 1,341,011 | |||
Plus: | |||||||
Subordinated debt | 299,927 | 140,097 | |||||
Qualifying allowance for credit losses | 124,704 | 119,068 | |||||
Other | 6,978 | 3,296 | |||||
Less: Tier 2 qualifying capital deductions | — | — | |||||
Tier 2 capital | $ | 431,609 | $ | 262,461 | |||
Total capital | $ | 2,107,480 | $ | 1,603,472 | |||
Total capital ratio | 13.2 | % | 12.2 | % | |||
Classified assets to Tier 1 capital plus allowance for credit losses: | |||||||
Classified assets | $ | 211,782 | $ | 221,126 | |||
Divided by: | |||||||
Tier 1 capital | 1,675,871 | 1,341,011 | |||||
Plus: Allowance for credit losses | 124,704 | 119,068 | |||||
Total Tier 1 capital plus allowance for credit losses | $ | 1,800,575 | $ | 1,460,079 | |||
Classified assets to Tier 1 capital plus allowance | 11.8 | % | 15.1 | % |
Year Ended December 31, | ||||||||||||||||||||||
2016 | 2015 | |||||||||||||||||||||
Average Balance | Interest | Average Yield / Cost | Average Balance | Interest | Average Yield / Cost | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Interest earning assets | ||||||||||||||||||||||
Loans: | ||||||||||||||||||||||
Commercial and industrial | $ | 5,422,129 | $ | 252,017 | 5.14 | % | $ | 4,246,882 | $ | 186,067 | 4.97 | % | ||||||||||
Commercial real estate | 5,210,612 | 285,096 | 5.47 | 4,115,920 | 217,386 | 5.28 | ||||||||||||||||
Construction and land development | 1,307,895 | 83,206 | 6.36 | 961,910 | 55,909 | 5.81 | ||||||||||||||||
Residential real estate | 289,181 | 13,374 | 4.62 | 306,948 | 15,077 | 4.91 | ||||||||||||||||
Consumer | 35,821 | 1,658 | 4.63 | 26,482 | 1,442 | 5.45 | ||||||||||||||||
Loans held for sale | 22,256 | 1,245 | 5.59 | 16,092 | 536 | 3.33 | ||||||||||||||||
Total loans (1), (2), (3) | 12,287,894 | 636,596 | 5.40 | 9,674,234 | 476,417 | 5.18 | ||||||||||||||||
Securities: | ||||||||||||||||||||||
Securities - taxable | 1,789,806 | 39,772 | 2.22 | 1,268,755 | 28,525 | 2.25 | ||||||||||||||||
Securities - tax-exempt | 507,103 | 18,768 | 5.34 | 407,012 | 15,032 | 5.41 | ||||||||||||||||
Total securities (1) | 2,296,909 | 58,540 | 2.91 | 1,675,767 | 43,557 | 3.02 | ||||||||||||||||
Other | 532,561 | 5,370 | 1.01 | 271,976 | 5,170 | 1.90 | ||||||||||||||||
Total interest earning assets | 15,117,364 | 700,506 | 4.86 | 11,621,977 | 525,144 | 4.79 | ||||||||||||||||
Non-interest earning assets | ||||||||||||||||||||||
Cash and due from banks | 141,789 | 137,923 | ||||||||||||||||||||
Allowance for credit losses | (122,048 | ) | (115,033 | ) | ||||||||||||||||||
Bank owned life insurance | 163,596 | 152,288 | ||||||||||||||||||||
Other assets | 833,562 | 623,648 | ||||||||||||||||||||
Total assets | $ | 16,134,263 | $ | 12,420,803 | ||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||
Interest-bearing transaction accounts | $ | 1,217,344 | $ | 2,231 | 0.18 | % | $ | 983,889 | $ | 1,736 | 0.18 | % | ||||||||||
Savings and money market accounts | 5,827,549 | 19,368 | 0.33 | 4,470,189 | 12,544 | 0.28 | ||||||||||||||||
Time certificates of deposit | 1,615,502 | 8,123 | 0.50 | 1,808,120 | 7,515 | 0.42 | ||||||||||||||||
Total interest-bearing deposits | 8,660,395 | 29,722 | 0.34 | 7,262,198 | 21,795 | 0.30 | ||||||||||||||||
Short-term borrowings | 80,727 | 573 | 0.71 | 185,173 | 4,965 | 2.68 | ||||||||||||||||
Long-term debt | — | — | — | 76,655 | 801 | 1.04 | ||||||||||||||||
Qualifying debt | 290,779 | 12,998 | 4.47 | 120,191 | 5,007 | 4.17 | ||||||||||||||||
Total interest-bearing liabilities | 9,031,901 | 43,293 | 0.48 | 7,644,217 | 32,568 | 0.43 | ||||||||||||||||
Non-interest-bearing liabilities | ||||||||||||||||||||||
Non-interest-bearing demand deposits | 5,062,319 | 3,273,138 | ||||||||||||||||||||
Other liabilities | 269,129 | 179,496 | ||||||||||||||||||||
Stockholders’ equity | 1,770,914 | 1,323,952 | ||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 16,134,263 | $ | 12,420,803 | ||||||||||||||||||
Net interest income and margin (4) | $ | 657,213 | 4.58 | % | $ | 492,576 | 4.51 | % | ||||||||||||||
Net interest spread (5) | 4.38 | % | 4.36 | % |
(1) | Yields on loans and securities have been adjusted to a TEB. The taxable-equivalent adjustment was $34.9 million and $31.9 million for 2016 and 2015, respectively. |
(2) | Included in the yield computation are net loan fees of $28.5 million and accretion on acquired loans of $29.2 million for 2016, compared to $16.9 million and $17.1 million for 2015, respectively. |
(3) | Includes non-accrual loans. |
(4) | Net interest margin is computed by dividing net interest income by total average earning assets. |
(5) | Net interest spread represents average yield earned on interest-earning assets less the average rate paid on interest bearing liabilities. |
Year Ended December 31, | ||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||
Average Balance | Interest | Average Yield / Cost | Average Balance | Interest | Average Yield / Cost | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
Interest earning assets | ||||||||||||||||||||||
Loans: | ||||||||||||||||||||||
Commercial and industrial | $ | 4,246,882 | $ | 186,067 | 4.97 | % | $ | 2,930,860 | $ | 119,518 | 4.69 | % | ||||||||||
Commercial real estate | 4,115,920 | 217,386 | 5.28 | 3,520,505 | 196,282 | 5.58 | ||||||||||||||||
Construction and land development | 961,910 | 55,909 | 5.81 | 615,994 | 37,349 | 6.06 | ||||||||||||||||
Residential real estate | 306,948 | 15,077 | 4.91 | 328,297 | 15,832 | 4.82 | ||||||||||||||||
Consumer | 26,482 | 1,442 | 5.45 | 36,431 | 1,941 | 5.33 | ||||||||||||||||
Loans held for sale | 16,092 | 536 | 3.33 | — | — | — | ||||||||||||||||
Total loans (1), (2), (3) | 9,674,234 | 476,417 | 5.18 | 7,432,087 | 370,922 | 5.23 | ||||||||||||||||
Securities: | ||||||||||||||||||||||
Securities - taxable | 1,268,755 | 28,525 | 2.25 | 1,191,305 | 27,903 | 2.34 | ||||||||||||||||
Securities - tax-exempt | 407,012 | 15,032 | 5.41 | 416,404 | 15,306 | 5.28 | ||||||||||||||||
Total securities (1) | 1,675,767 | 43,557 | 3.02 | 1,607,709 | 43,209 | 3.10 | ||||||||||||||||
Other | 271,976 | 5,170 | 1.90 | 230,669 | 2,248 | 0.97 | ||||||||||||||||
Total interest earning assets | 11,621,977 | 525,144 | 4.79 | 9,270,465 | 416,379 | 4.76 | ||||||||||||||||
Non-interest earning assets | ||||||||||||||||||||||
Cash and due from banks | 137,923 | 133,739 | ||||||||||||||||||||
Allowance for credit losses | (115,033 | ) | (106,100 | ) | ||||||||||||||||||
Bank owned life insurance | 152,288 | 141,885 | ||||||||||||||||||||
Other assets | 623,648 | 451,120 | ||||||||||||||||||||
Total assets | $ | 12,420,803 | $ | 9,891,109 | ||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||||
Interest-bearing deposits: | ||||||||||||||||||||||
Interest-bearing transaction accounts | $ | 983,889 | $ | 1,736 | 0.18 | % | $ | 793,118 | $ | 1,522 | 0.19 | % | ||||||||||
Savings and money market accounts | 4,470,189 | 12,544 | 0.28 | 3,616,829 | 10,852 | 0.30 | ||||||||||||||||
Time certificates of deposit | 1,808,120 | 7,515 | 0.42 | 1,758,342 | 7,638 | 0.43 | ||||||||||||||||
Total interest-bearing deposits | 7,262,198 | 21,795 | 0.30 | 6,168,289 | 20,012 | 0.32 | ||||||||||||||||
Short-term borrowings | 185,173 | 4,965 | 2.68 | 173,228 | 2,336 | 1.35 | ||||||||||||||||
Long-term debt | 76,655 | 801 | 1.04 | 265,828 | 7,384 | 2.78 | ||||||||||||||||
Qualifying debt | 120,191 | 5,007 | 4.17 | 42,297 | 1,754 | 4.15 | ||||||||||||||||
Total interest-bearing liabilities | 7,644,217 | 32,568 | 0.43 | 6,649,642 | 31,486 | 0.47 | ||||||||||||||||
Non-interest-bearing liabilities | ||||||||||||||||||||||
Non-interest-bearing demand deposits | 3,273,138 | 2,153,686 | ||||||||||||||||||||
Other liabilities | 179,496 | 123,650 | ||||||||||||||||||||
Stockholders’ equity | 1,323,952 | 964,131 | ||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 12,420,803 | $ | 9,891,109 | ||||||||||||||||||
Net interest income and margin (4) | $ | 492,576 | 4.51 | % | $ | 384,893 | 4.42 | % | ||||||||||||||
Net interest spread (5) | 4.36 | % | 4.29 | % |
(1) | Yields on loans and securities have been adjusted to a TEB. The taxable-equivalent adjustment was $31.9 million and $24.6 million for 2015 and 2014, respectively. |
(2) | Included in the yield computation are net loan fees of $16.9 million and accretion on acquired loans of $17.1 million for 2015, compared to $8.8 million and $17.0 million for 2014, respectively. |
(3) | Includes non-accrual loans. |
(4) | Net interest margin is computed by dividing net interest income by total average earning assets. |
(5) | Net interest spread represents average yield earned on interest-earning assets less the average rate paid on interest bearing liabilities. |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||||
2016 versus 2015 | 2015 versus 2014 | |||||||||||||||||||||||
Increase (Decrease) Due to Changes in (1) | Increase (Decrease) Due to Changes in (1) | |||||||||||||||||||||||
Volume | Rate | Total | Volume | Rate | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Interest income: | ||||||||||||||||||||||||
Loans: | ||||||||||||||||||||||||
Commercial and industrial | $ | 54,625 | $ | 11,325 | $ | 65,950 | $ | 57,658 | $ | 8,891 | $ | 66,549 | ||||||||||||
Commercial real estate | 59,896 | 7,814 | 67,710 | 31,447 | (10,343 | ) | 21,104 | |||||||||||||||||
Construction and land development | 22,011 | 5,286 | 27,297 | 20,106 | (1,546 | ) | 18,560 | |||||||||||||||||
Residential real estate | (822 | ) | (881 | ) | (1,703 | ) | (1,049 | ) | 294 | (755 | ) | |||||||||||||
Consumer | 432 | (216 | ) | 216 | (542 | ) | 43 | (499 | ) | |||||||||||||||
Loans held for sale | 345 | 364 | 709 | 536 | — | 536 | ||||||||||||||||||
Total loans | 136,487 | 23,692 | 160,179 | 108,156 | (2,661 | ) | 105,495 | |||||||||||||||||
Securities: | ||||||||||||||||||||||||
Securities - taxable | 11,579 | (332 | ) | 11,247 | 1,741 | (1,119 | ) | 622 | ||||||||||||||||
Securities - tax-exempt | 3,704 | 32 | 3,736 | (347 | ) | 73 | (274 | ) | ||||||||||||||||
Total securities | 15,283 | (300 | ) | 14,983 | 1,394 | (1,046 | ) | 348 | ||||||||||||||||
Other | 2,628 | (2,428 | ) | 200 | 785 | 2,137 | 2,922 | |||||||||||||||||
Total interest income | 154,398 | 20,964 | 175,362 | 110,335 | (1,570 | ) | 108,765 | |||||||||||||||||
Interest expense: | ||||||||||||||||||||||||
Interest bearing transaction accounts | $ | 428 | $ | 67 | $ | 495 | $ | 337 | $ | (123 | ) | $ | 214 | |||||||||||
Savings and money market | 4,511 | 2,313 | 6,824 | 2,395 | (703 | ) | 1,692 | |||||||||||||||||
Time certificates of deposit | (969 | ) | 1,577 | 608 | 207 | (330 | ) | (123 | ) | |||||||||||||||
Short-term borrowings | (741 | ) | (3,651 | ) | (4,392 | ) | 320 | 2,309 | 2,629 | |||||||||||||||
Long-term debt | — | (801 | ) | (801 | ) | (1,978 | ) | (4,605 | ) | (6,583 | ) | |||||||||||||
Qualifying debt | 7,625 | 366 | 7,991 | 3,245 | 8 | 3,253 | ||||||||||||||||||
Total interest expense | 10,854 | (129 | ) | 10,725 | 4,526 | (3,444 | ) | 1,082 | ||||||||||||||||
Net increase | $ | 143,544 | $ | 21,093 | $ | 164,637 | $ | 105,809 | $ | 1,874 | $ | 107,683 |
(1) | Changes due to both volume and rate have been allocated to volume changes. |
Year Ended December 31, | ||||||||||||||||||||||||
2016 | 2015 | Increase (Decrease) | 2015 | 2014 | Increase (Decrease) | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Service charges and fees | $ | 18,824 | $ | 14,782 | $ | 4,042 | $ | 14,782 | $ | 10,567 | $ | 4,215 | ||||||||||||
Card income | 4,438 | 3,679 | 759 | 3,679 | 3,310 | 369 | ||||||||||||||||||
SBA / warrant income | 4,181 | 1,579 | 2,602 | 1,579 | — | 1,579 | ||||||||||||||||||
Lending related income and gains (losses) on sale of loans, net | 3,770 | 369 | 3,401 | 369 | 71 | 298 | ||||||||||||||||||
Income from bank owned life insurance | 3,762 | 3,899 | (137 | ) | 3,899 | 4,508 | (609 | ) | ||||||||||||||||
Gain (loss) on sales of investment securities, net | 1,059 | 615 | 444 | 615 | 757 | (142 | ) | |||||||||||||||||
(Loss) on extinguishment of debt | — | (81 | ) | 81 | (81 | ) | (502 | ) | 421 | |||||||||||||||
Unrealized gains (losses) on assets and liabilities measured at fair value, net | 45 | 47 | (2 | ) | 47 | 1,212 | (1,165 | ) | ||||||||||||||||
Other income | 6,836 | 4,879 | 1,957 | 4,879 | 4,728 | 151 | ||||||||||||||||||
Total non-interest income | $ | 42,915 | $ | 29,768 | $ | 13,147 | $ | 29,768 | $ | 24,651 | $ | 5,117 |
Year Ended December 31, | |||||||||||||||||||||||
2016 | 2015 | Increase (Decrease) | 2015 | 2014 | Increase (Decrease) | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Salaries and employee benefits | $ | 188,810 | $ | 149,828 | $ | 38,982 | $ | 149,828 | $ | 126,630 | $ | 23,198 | |||||||||||
Occupancy | 27,303 | 22,180 | 5,123 | 22,180 | 18,155 | 4,025 | |||||||||||||||||
Legal, professional, and directors' fees | 24,610 | 18,548 | 6,062 | 18,548 | 14,278 | 4,270 | |||||||||||||||||
Data processing | 18,660 | 13,200 | 5,460 | 13,200 | 10,057 | 3,143 | |||||||||||||||||
Insurance | 12,898 | 11,003 | 1,895 | 11,003 | 8,862 | 2,141 | |||||||||||||||||
Marketing | 3,596 | 2,885 | 711 | 2,885 | 2,300 | 585 | |||||||||||||||||
Loan and repossessed asset expenses | 2,999 | 4,377 | (1,378 | ) | 4,377 | 4,423 | (46 | ) | |||||||||||||||
Card expense | 2,936 | 2,764 | 172 | 2,764 | 2,417 | 347 | |||||||||||||||||
Intangible amortization | 2,788 | 1,970 | 818 | 1,970 | 1,461 | 509 | |||||||||||||||||
Net (gain) loss on sales / valuations of repossessed and other assets | (125 | ) | (2,070 | ) | 1,945 | (2,070 | ) | (5,350 | ) | 3,280 | |||||||||||||
Acquisition / restructure expense | 12,412 | 8,836 | 3,576 | 8,836 | 198 | 8,638 | |||||||||||||||||
Other expense | 34,062 | 27,085 | 6,977 | 27,085 | 23,888 | 3,197 | |||||||||||||||||
Total non-interest expense | $ | 330,949 | $ | 260,606 | $ | 70,343 | $ | 260,606 | $ | 207,319 | $ | 53,287 |
Regional Segments | ||||||||||||||||||||
Consolidated Company | Arizona | Nevada | Southern California | Northern California | ||||||||||||||||
At December 31, 2016 | (in millions) | |||||||||||||||||||
Loans, net of deferred loan fees and costs | $ | 13,208.5 | $ | 2,955.9 | $ | 1,725.5 | $ | 1,766.8 | $ | 1,095.4 | ||||||||||
Deposits | 14,549.8 | 3,843.4 | 3,731.5 | 2,382.6 | 1,543.6 | |||||||||||||||
At December 31, 2015 | ||||||||||||||||||||
Loans, net of deferred loan fees and costs | $ | 11,136.7 | $ | 2,811.7 | $ | 1,737.2 | $ | 1,761.9 | $ | 1,188.4 | ||||||||||
Deposits | 12,030.6 | 2,880.7 | 3,382.8 | 1,902.5 | 1,541.1 |
Year Ended December 31, 2016: | (in thousands) | |||||||||||||||||||
Income (loss) before income taxes | $ | 361,179 | $ | 104,082 | $ | 88,896 | $ | 61,029 | $ | 42,924 | ||||||||||
Year Ended December 31, 2015: | ||||||||||||||||||||
Income (loss) before income taxes | $ | 258,538 | $ | 71,102 | $ | 78,618 | $ | 49,581 | $ | 28,660 |
National Business Lines | ||||||||||||||||||||||||
HOA Services | HFF | Public & Nonprofit Finance | Technology & Innovation | Other NBL | Corporate & Other | |||||||||||||||||||
At December 31, 2016 | (in millions) | |||||||||||||||||||||||
Loans, net of deferred loan fees and costs | $ | 116.8 | $ | 1,292.1 | $ | 1,454.3 | $ | 1,011.4 | $ | 1,776.9 | $ | 13.4 | ||||||||||||
Deposits | 1,890.3 | — | — | 1,038.2 | — | 120.2 | ||||||||||||||||||
At December 31, 2015 | ||||||||||||||||||||||||
Loans, net of deferred loan fees and costs | $ | 88.4 | $ | — | $ | 1,458.9 | $ | 770.3 | $ | 1,280.3 | $ | 39.6 | ||||||||||||
Deposits | 1,291.9 | — | — | 842.5 | — | 189.1 |
Year Ended December 31, 2016: | (in thousands) | |||||||||||||||||||||||
Income (loss) before income taxes | $ | 17,724 | $ | 30,039 | $ | 13,206 | $ | 46,226 | $ | 32,804 | $ | (75,751 | ) | |||||||||||
Year Ended December 31, 2015: | ||||||||||||||||||||||||
Income (loss) before income taxes | $ | 7,603 | $ | — | $ | 12,345 | $ | 22,529 | $ | 36,107 | $ | (48,007 | ) |
At December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Collateralized debt obligations | $ | 13,490 | $ | 10,060 | $ | 11,445 | $ | 50 | $ | 50 | ||||||||||
Commercial MBS issued by GSEs | 117,792 | 19,114 | 2,147 | — | — | |||||||||||||||
Corporate debt securities | 64,144 | 13,251 | 52,489 | 97,777 | 97,781 | |||||||||||||||
CRA investments | 37,113 | 34,685 | 24,332 | 24,882 | 25,816 | |||||||||||||||
Mutual funds | — | — | 37,702 | 36,532 | 37,961 | |||||||||||||||
Preferred stock | 94,662 | 111,236 | 82,612 | 61,484 | 75,555 | |||||||||||||||
Private label commercial MBS | — | 4,691 | 5,149 | 5,433 | 5,741 | |||||||||||||||
Private label residential MBS | 433,685 | 257,128 | 70,243 | 36,099 | 35,607 | |||||||||||||||
Residential MBS issued by GSEs | 1,356,258 | 1,171,702 | 893,047 | 1,024,457 | 668,265 | |||||||||||||||
Tax-exempt | 500,312 | 334,830 | 299,037 | 299,244 | 265,073 | |||||||||||||||
Trust preferred securities | 26,532 | 24,314 | 25,546 | 23,805 | 24,135 | |||||||||||||||
U.S. government sponsored agency securities | 56,022 | — | 18,346 | 46,975 | — | |||||||||||||||
U.S. treasury securities | 2,502 | 2,993 | — | — | — | |||||||||||||||
Total investment securities | $ | 2,702,512 | $ | 1,984,004 | $ | 1,522,095 | $ | 1,656,738 | $ | 1,235,984 |
December 31, 2016 | |||||||||||||||||||||||||||||||||||
Due Under 1 Year | Due 1-5 Years | Due 5-10 Years | Due Over 10 Years | Total | |||||||||||||||||||||||||||||||
Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||||||||||||||
Tax-exempt | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 92,079 | 4.89 | % | $ | 92,079 | 4.89 | % | |||||||||||||||
Available-for-sale | |||||||||||||||||||||||||||||||||||
Collateralized debt obligations | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 50 | 4.34 | % | $ | 50 | 4.34 | % | |||||||||||||||
Commercial MBS issued by GSEs (1) | — | — | — | — | — | — | 121,742 | 2.19 | 121,742 | 2.19 | |||||||||||||||||||||||||
Corporate debt securities | — | — | 5,058 | 4.27 | 60,000 | 3.75 | — | — | 65,058 | 3.79 | |||||||||||||||||||||||||
CRA investments | 30,824 | 2.01 | 6,803 | 2.93 | — | — | — | — | 37,627 | 2.18 | |||||||||||||||||||||||||
Preferred stock | — | — | — | — | — | — | 96,071 | 6.93 | 96,071 | 6.93 | |||||||||||||||||||||||||
Private label residential MBS (1) | — | — | — | — | — | — | 440,272 | 3.05 | 440,272 | 3.05 | |||||||||||||||||||||||||
Residential MBS issued by GSEs (1) | — | — | — | — | — | — | 1,369,289 | 2.49 | 1,369,289 | 2.48 | |||||||||||||||||||||||||
Tax-exempt | — | — | 11,537 | 3.25 | 90,457 | 3.93 | 307,699 | 3.36 | 409,693 | 3.48 | |||||||||||||||||||||||||
Trust preferred securities | — | — | — | — | — | — | 32,000 | 1.91 | 32,000 | 1.91 | |||||||||||||||||||||||||
U.S. government sponsored agency securities | — | — | — | — | 44,000 | 2.48 | 15,000 | 2.20 | 59,000 | 2.41 | |||||||||||||||||||||||||
U.S. treasury securities | — | — | 2,496 | 1.45 | — | — | — | — | 2,496 | 1.45 | |||||||||||||||||||||||||
Total AFS securities | $ | 30,824 | 2.01 | % | $ | 25,894 | 3.19 | % | $ | 194,457 | 3.55 | % | $ | 2,382,123 | 2.86 | % | $ | 2,633,298 | 2.90 | % | |||||||||||||||
Securities measured at fair value | |||||||||||||||||||||||||||||||||||
Residential MBS issued by GSEs (1) | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 1,053 | 2.05 | % | $ | 1,053 | 2.05 | % | |||||||||||||||
Total securities measured at fair value | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 1,053 | 2.05 | % | $ | 1,053 | 2.05 | % |
(1) | MBS are comprised of pools of loans with varying maturities, the majority of which are due after 10 years. |
December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Loans, held for investment | ||||||||||||||||||||
Commercial and industrial | $ | 5,759,090 | $ | 5,117,223 | $ | 3,327,629 | $ | 2,236,740 | $ | 1,659,003 | ||||||||||
Commercial real estate - non-owner occupied | 3,549,876 | 2,289,480 | 2,058,620 | 1,843,415 | 1,505,600 | |||||||||||||||
Commercial real estate - owner occupied | 2,015,671 | 2,085,738 | 1,734,617 | 1,561,862 | 1,396,797 | |||||||||||||||
Construction and land development | 1,489,488 | 1,143,228 | 754,154 | 537,231 | 394,319 | |||||||||||||||
Residential real estate | 258,734 | 322,265 | 298,872 | 350,312 | 407,937 | |||||||||||||||
Commercial leases | 100,356 | 147,633 | 204,270 | 235,968 | 288,747 | |||||||||||||||
Consumer | 38,572 | 26,474 | 32,633 | 45,153 | 31,836 | |||||||||||||||
Deferred loan fees and costs | (22,260 | ) | (19,187 | ) | (12,530 | ) | (9,266 | ) | (6,045 | ) | ||||||||||
Loans, net of deferred loan fees and costs | 13,189,527 | 11,112,854 | 8,398,265 | 6,801,415 | 5,678,194 | |||||||||||||||
Allowance for credit losses | (124,704 | ) | (119,068 | ) | (110,216 | ) | (100,050 | ) | (95,427 | ) | ||||||||||
Total loans HFI | $ | 13,064,823 | $ | 10,993,786 | $ | 8,288,049 | $ | 6,701,365 | $ | 5,582,767 |
Due in one year or less | Due after one year to five years | Due after five years | Total | |||||||||||||
(in thousands) | ||||||||||||||||
Commercial and industrial | ||||||||||||||||
Floating rate | $ | 1,430,312 | $ | 1,786,486 | $ | 730,735 | $ | 3,947,533 | ||||||||
Fixed rate | 52,722 | 371,980 | 1,383,603 | 1,808,305 | ||||||||||||
Commercial real estate — non-owner occupied | ||||||||||||||||
Floating rate | 229,400 | 1,330,428 | 581,586 | 2,141,414 | ||||||||||||
Fixed rate | 168,684 | 1,022,211 | 211,835 | 1,402,730 | ||||||||||||
Commercial real estate — owner occupied | ||||||||||||||||
Floating rate | 58,295 | 161,234 | 871,370 | 1,090,899 | ||||||||||||
Fixed rate | 66,629 | 306,334 | 565,326 | 938,289 | ||||||||||||
Construction and land development | ||||||||||||||||
Floating rate | 514,901 | 730,721 | 120,468 | 1,366,090 | ||||||||||||
Fixed rate | 54,059 | 46,790 | 12,335 | 113,184 | ||||||||||||
Residential real estate | ||||||||||||||||
Floating rate | 15,412 | 49,687 | 144,653 | 209,752 | ||||||||||||
Fixed rate | 6,944 | 16,190 | 26,919 | 50,053 | ||||||||||||
Leases | ||||||||||||||||
Floating rate | 594 | 2,509 | — | 3,103 | ||||||||||||
Fixed rate | 7,445 | 58,006 | 32,189 | 97,640 | ||||||||||||
Consumer | ||||||||||||||||
Floating rate | 24,794 | 3,490 | 3,804 | 32,088 | ||||||||||||
Fixed rate | 3,211 | 2,501 | 1,644 | 7,356 | ||||||||||||
Total | $ | 2,633,402 | $ | 5,888,567 | $ | 4,686,467 | $ | 13,208,436 |
December 31, 2016 | December 31, 2015 | ||||||||||||||||
In-Footprint | Out-of-Footprint | Total | In-Footprint | Out-of-Footprint | Total | ||||||||||||
Arizona | 20.7 | % | 1.7 | % | 22.4 | % | 22.3 | % | 2.9 | % | 25.2 | % | |||||
Nevada | 13.0 | % | 0.1 | % | 13.1 | % | 15.4 | % | 0.2 | % | 15.6 | % | |||||
Southern California | 13.0 | % | 0.4 | % | 13.4 | % | 14.0 | % | 1.8 | % | 15.8 | % | |||||
Northern California | 7.9 | % | 0.4 | % | 8.3 | % | 10.0 | % | 0.7 | % | 10.7 | % | |||||
HOA Services | 0.2 | % | 0.7 | % | 0.9 | % | 0.1 | % | 0.7 | % | 0.8 | % | |||||
Hotel Franchise Finance | 1.0 | % | 8.8 | % | 9.8 | % | — | % | — | % | — | % | |||||
Public & Nonprofit Finance | 9.8 | % | 1.2 | % | 11.0 | % | 11.3 | % | 1.8 | % | 13.1 | % | |||||
Technology & Innovation | 2.8 | % | 4.8 | % | 7.6 | % | 2.6 | % | 4.3 | % | 6.9 | % | |||||
Other NBLs | 6.0 | % | 7.5 | % | 13.5 | % | 5.1 | % | 6.8 | % | 11.9 | % | |||||
Total | 74.4 | % | 25.6 | % | 100.0 | % | 80.8 | % | 19.2 | % | 100.0 | % |
December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Total non-accrual loans (1) | $ | 40,272 | $ | 48,381 | $ | 67,659 | $ | 75,680 | $ | 104,716 | ||||||||||
Loans past due 90 days or more on accrual status (2) | 1,067 | 3,028 | 5,132 | 1,534 | 1,388 | |||||||||||||||
Accruing troubled debt restructured loans | 53,637 | 70,707 | 84,720 | 89,576 | 84,609 | |||||||||||||||
Total nonperforming loans, excluding loans acquired with deteriorated credit quality | 94,976 | 122,116 | 157,511 | 166,790 | 190,713 | |||||||||||||||
Other impaired loans | 4,233 | 6,758 | 9,239 | 11,587 | 7,442 | |||||||||||||||
Total impaired loans | $ | 99,209 | $ | 128,874 | $ | 166,750 | $ | 178,377 | $ | 198,155 | ||||||||||
Other assets acquired through foreclosure, net | $ | 47,815 | $ | 43,942 | $ | 57,150 | $ | 66,719 | $ | 77,247 | ||||||||||
Non-accrual loans to gross loans held for investment | 0.31 | % | 0.44 | % | 0.81 | % | 1.11 | % | 1.84 | % | ||||||||||
Loans past due 90 days or more on accrual status to gross loans held for investment | 0.01 | 0.03 | 0.06 | 0.02 | 0.02 | |||||||||||||||
Interest income received on non-accrual loans | $ | 1,254 | $ | 1,634 | $ | 2,536 | $ | 1,916 | $ | 191 | ||||||||||
Interest income that would have been recorded under the original terms of non-accrual loans | 2,045 | 2,549 | 3,758 | 5,405 | 5,469 |
(1) | Includes non-accrual TDR loans of $7.1 million and $18.2 million at December 31, 2016 and 2015, respectively. |
(2) | Includes $0.1 million from loans acquired with deteriorated credit quality at December 31, 2016. |
December 31, 2016 | December 31, 2015 | |||||||||||||||||||
Non-accrual Balance | Percent of Non-Accrual Balance | Percent of Total HFI Loans | Non-accrual Balance | Percent of Non-Accrual Balance | Percent of Total HFI Loans | |||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Commercial and industrial | $ | 16,967 | 42.13 | % | 0.13 | % | $ | 20,877 | 43.15 | % | 0.19 | % | ||||||||
Commercial real estate | 16,666 | 41.39 | 0.13 | 18,675 | 38.60 | 0.17 | ||||||||||||||
Construction and land development | 1,284 | 3.19 | 0.01 | 2,309 | 4.77 | 0.02 | ||||||||||||||
Residential real estate | 5,192 | 12.89 | 0.04 | 6,324 | 13.07 | 0.06 | ||||||||||||||
Consumer | 163 | 0.40 | — | 196 | 0.41 | — | ||||||||||||||
Total non-accrual loans | $ | 40,272 | 100.00 | % | 0.31 | % | $ | 48,381 | 100.00 | % | 0.44 | % |
December 31, 2016 | December 31, 2015 | |||||||||||||
Nonaccrual Loans | Percent of Segment's Total HFI Loans | Nonaccrual Loans | Percent of Segment's Total HFI Loans | |||||||||||
(dollars in thousands) | ||||||||||||||
Arizona | $ | 10,424 | 0.35 | % | $ | 10,596 | 0.38 | % | ||||||
Nevada | 10,407 | 0.60 | 8,010 | 0.46 | ||||||||||
Southern California | 2,891 | 0.16 | 2,844 | 0.16 | ||||||||||
Northern California | 4,408 | 0.41 | 1,590 | 0.14 | ||||||||||
National Business Lines | 8,979 | 0.16 | 10,218 | 0.28 | ||||||||||
Corporate & Other | 3,163 | 23.22 | 15,123 | 38.18 | ||||||||||
Total non-accrual loans | $ | 40,272 | 0.31 | % | $ | 48,381 | 0.44 | % |
December 31, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
Arizona | $ | 19,180 | $ | 22,400 | ||||
Nevada | 48,348 | 56,843 | ||||||
Southern California | 2,888 | 3,181 | ||||||
Northern California | 4,024 | — | ||||||
National Business Lines | 8,624 | 10,218 | ||||||
Corporate & Other | 16,145 | 36,232 | ||||||
Total impaired loans | $ | 99,209 | $ | 128,874 |
December 31, 2016 | ||||||||||||||||||||
Impaired Balance | Percent of Impaired Balance | Percent of Total HFI Loans | Reserve Balance | Percent of Reserve Balance | Percent of Total Allowance | |||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Commercial and industrial | $ | 21,462 | 21.63 | % | 0.16 | % | $ | 3,301 | 77.88 | % | 2.65 | % | ||||||||
Commercial real estate | 46,272 | 46.64 | 0.36 | 937 | 22.10 | 0.75 | ||||||||||||||
Construction and land development | 14,838 | 14.96 | 0.11 | — | — | — | ||||||||||||||
Residential real estate | 16,391 | 16.52 | 0.12 | — | — | — | ||||||||||||||
Consumer | 246 | 0.25 | — | 1 | 0.02 | — | ||||||||||||||
Total impaired loans | $ | 99,209 | 100.00 | % | 0.75 | % | $ | 4,239 | 100.00 | % | 3.40 | % |
December 31, 2015 | ||||||||||||||||||||
Impaired Balance | Percent of Impaired Balance | Percent of Total HFI Loans | Reserve Balance | Percent of Reserve Balance | Percent of Total Allowance | |||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Commercial and industrial | $ | 29,409 | 22.82 | % | 0.26 | % | $ | 3,518 | 75.52 | % | 2.95 | % | ||||||||
Commercial real estate | 64,234 | 49.84 | 0.58 | 869 | 18.66 | 0.73 | ||||||||||||||
Construction and land development | 18,322 | 14.22 | 0.17 | — | — | — | ||||||||||||||
Residential real estate | 16,575 | 12.86 | 0.15 | 270 | 5.80 | 0.23 | ||||||||||||||
Consumer | 334 | 0.26 | — | 1 | 0.02 | — | ||||||||||||||
Total impaired loans | $ | 128,874 | 100.00 | % | 1.16 | % | $ | 4,658 | 100.00 | % | 3.91 | % |
Year Ended December 31, | ||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | ||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Allowance for credit losses: | ||||||||||||||||||||
Balance at beginning of period | $ | 119,068 | $ | 110,216 | $ | 100,050 | $ | 95,427 | $ | 99,170 | ||||||||||
Provision charged to operating expense: | ||||||||||||||||||||
Commercial and industrial | 10,638 | 18,411 | 14,551 | 5,760 | 21,599 | |||||||||||||||
Commercial real estate | (2,449 | ) | (9,762 | ) | (6,176 | ) | 2,972 | 15,823 | ||||||||||||
Construction and land development | 1,732 | (1,454 | ) | 1,966 | 3,443 | 4,448 | ||||||||||||||
Residential real estate | (2,137 | ) | (3,539 | ) | (4,352 | ) | 228 | 2,088 | ||||||||||||
Consumer | 216 | (456 | ) | (1,263 | ) | 817 | 2,886 | |||||||||||||
Total Provision | 8,000 | 3,200 | 4,726 | 13,220 | 46,844 | |||||||||||||||
Recoveries of loans previously charged-off: | ||||||||||||||||||||
Commercial and industrial | (3,991 | ) | (3,754 | ) | (4,728 | ) | (5,037 | ) | (3,067 | ) | ||||||||||
Commercial real estate | (5,690 | ) | (4,139 | ) | (3,859 | ) | (2,758 | ) | (3,294 | ) | ||||||||||
Construction and land development | (485 | ) | (1,872 | ) | (2,160 | ) | (2,060 | ) | (2,903 | ) | ||||||||||
Residential real estate | (875 | ) | (2,181 | ) | (1,896 | ) | (2,097 | ) | (1,078 | ) | ||||||||||
Consumer | (144 | ) | (203 | ) | (459 | ) | (930 | ) | (357 | ) | ||||||||||
Total recoveries | (11,185 | ) | (12,149 | ) | (13,102 | ) | (12,882 | ) | (10,699 | ) | ||||||||||
Loans charged-off: | ||||||||||||||||||||
Commercial and industrial | 12,477 | 5,550 | 4,370 | 4,000 | 17,341 | |||||||||||||||
Commercial real estate | 728 | — | 964 | 8,648 | 19,166 | |||||||||||||||
Construction and land development | 18 | — | 87 | 1,538 | 10,992 | |||||||||||||||
Residential real estate | 165 | 820 | 1,728 | 5,922 | 7,063 | |||||||||||||||
Consumer | 161 | 127 | 513 | 1,371 | 6,724 | |||||||||||||||
Total charged-off | 13,549 | 6,497 | 7,662 | 21,479 | 61,286 | |||||||||||||||
Net charge-offs (recoveries) | 2,364 | (5,652 | ) | (5,440 | ) | 8,597 | 50,587 | |||||||||||||
Balance at end of period | $ | 124,704 | $ | 119,068 | $ | 110,216 | $ | 100,050 | $ | 95,427 | ||||||||||
Net charge-offs (recoveries) to average loans outstanding - annualized | 0.02 | % | (0.06 | )% | (0.07 | )% | 0.14 | % | 0.99 | % | ||||||||||
Allowance for credit losses to gross loans | 0.95 | 1.07 | 1.31 | 1.47 | 1.67 |
Commercial and Industrial | Commercial Real Estate | Construction and Land Development | Residential Real Estate | Consumer | Total | |||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||
Allowance for Credit Losses | $ | 73,333 | $ | 25,673 | $ | 21,175 | $ | 3,851 | $ | 672 | $ | 124,704 | ||||||||||||
Percent of Total Allowance for Credit Losses | 58.8 | % | 20.6 | % | 17.0 | % | 3.1 | % | 0.5 | % | 100.0 | % | ||||||||||||
Percent of Gross Loans to Total Gross HFI Loans | 44.3 | 42.1 | 11.3 | 2.0 | 0.3 | 100.0 | ||||||||||||||||||
December 31, 2015 | ||||||||||||||||||||||||
Allowance for Credit Losses | $ | 71,181 | $ | 23,160 | $ | 18,976 | $ | 5,278 | $ | 473 | $ | 119,068 | ||||||||||||
Percent of Total Allowance for Credit Losses | 59.8 | % | 19.5 | % | 15.9 | % | 4.4 | % | 0.4 | % | 100.0 | % | ||||||||||||
Percent of Gross Loans to Total Gross HFI Loans | 47.4 | 39.3 | 10.2 | 2.9 | 0.2 | 100.0 | ||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||
Allowance for Credit Losses | $ | 54,566 | $ | 28,783 | $ | 18,558 | $ | 7,456 | $ | 853 | $ | 110,216 | ||||||||||||
Percent of Total Allowance for Credit Losses | 49.5 | % | 26.1 | % | 16.8 | % | 6.8 | % | 0.8 | % | 100.0 | % | ||||||||||||
Percent of Gross Loans to Total Gross HFI Loans | 42.0 | 45.0 | 9.0 | 3.6 | 0.4 | 100.0 | ||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Allowance for Credit Losses | $ | 39,657 | $ | 32,064 | $ | 14,519 | $ | 11,640 | $ | 2,170 | $ | 100,050 | ||||||||||||
Percent of Total Allowance for Credit Losses | 39.7 | % | 32.0 | % | 14.5 | % | 11.6 | % | 2.2 | % | 100.0 | % | ||||||||||||
Percent of Gross Loans to Total Gross HFI Loans | 36.3 | 50.0 | 7.9 | 5.1 | 0.7 | 100.0 | ||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||||||
Allowance for Credit Losses | $ | 32,860 | $ | 34,982 | $ | 10,554 | $ | 15,237 | $ | 1,794 | $ | 95,427 | ||||||||||||
Percent of Total Allowance for Credit Losses | 34.4 | % | 36.7 | % | 11.0 | % | 16.0 | % | 1.9 | % | 100.0 | % | ||||||||||||
Percent of Gross Loans to Total Gross HFI Loans | 34.3 | 51.1 | 6.9 | 7.2 | 0.5 | 100.0 |
December 31, 2016 | |||||||||||||
Number of Loans | Loan Balance | Percent of Loan Balance | Percent of Total HFI Loan Balance | ||||||||||
(dollars in thousands) | |||||||||||||
Commercial and industrial | 96 | $ | 92,019 | 51.65 | % | 0.70 | % | ||||||
Commercial real estate | 41 | 71,900 | 40.36 | 0.55 | |||||||||
Construction and land development | 7 | 12,297 | 6.90 | 0.09 | |||||||||
Residential real estate | 9 | 1,831 | 1.03 | 0.01 | |||||||||
Consumer | 9 | 103 | 0.06 | — | |||||||||
Total | 162 | $ | 178,150 | 100.00 | % | 1.35 | % |
December 31, 2015 | |||||||||||||
Number of Loans | Loan Balance | Percent of Loan Balance | Percent of Total HFI Loan Balance | ||||||||||
(dollars in thousands) | |||||||||||||
Commercial and industrial | 90 | $ | 80,011 | 55.69 | % | 0.72 | % | ||||||
Commercial real estate | 50 | 40,345 | 28.08 | 0.36 | |||||||||
Construction and land development | 3 | 17,734 | 12.34 | 0.16 | |||||||||
Residential real estate | 12 | 5,309 | 3.70 | 0.05 | |||||||||
Consumer | 8 | 271 | 0.19 | — | |||||||||
Total | 163 | $ | 143,670 | 100.00 | % | 1.29 | % |
Year Ended December 31, | ||||||||||||
2016 | ||||||||||||
Gross Balance | Valuation Allowance | Net Balance | ||||||||||
(in thousands) | ||||||||||||
Balance, beginning of period | $ | 52,984 | $ | (9,042 | ) | $ | 43,942 | |||||
Transfers to other assets acquired through foreclosure, net | 13,110 | — | 13,110 | |||||||||
Proceeds from sale of other real estate owned and repossessed assets, net | (11,584 | ) | 2,451 | (9,133 | ) | |||||||
Valuation adjustments, net | — | 268 | 268 | |||||||||
(Losses) gains, net (1) | (372 | ) | — | (372 | ) | |||||||
Balance, end of period | $ | 54,138 | $ | (6,323 | ) | $ | 47,815 | |||||
2015 | ||||||||||||
Balance, beginning of period | $ | 71,421 | $ | (14,271 | ) | $ | 57,150 | |||||
Additions from acquisition | 1,407 | — | 1,407 | |||||||||
Transfers to other assets acquired through foreclosure, net | 28,566 | — | 28,566 | |||||||||
Proceeds from sale of other real estate owned and repossessed assets, net | (51,038 | ) | 5,411 | (45,627 | ) | |||||||
Valuation adjustments, net | — | (182 | ) | (182 | ) | |||||||
Gains (losses), net (1) | 2,628 | — | 2,628 | |||||||||
Balance, end of period | $ | 52,984 | $ | (9,042 | ) | $ | 43,942 | |||||
2014 | ||||||||||||
Balance, beginning of period | $ | 88,421 | $ | (21,702 | ) | $ | 66,719 | |||||
Transfers to other assets acquired through foreclosure, net | 13,777 | — | 13,777 | |||||||||
Proceeds from sale of other real estate owned and repossessed assets, net | (33,643 | ) | 7,725 | (25,918 | ) | |||||||
Valuation adjustments, net | — | (294 | ) | (294 | ) | |||||||
Gains (losses), net (1) | 2,866 | — | 2,866 | |||||||||
Balance, end of period | $ | 71,421 | $ | (14,271 | ) | $ | 57,150 |
(1) | Includes net gains related to initial transfers to other assets of $0.4 million, $0.9 million, and $0.1 million during the years ended December 31, 2016, 2015, and 2014, respectively, pursuant to accounting guidance. |
December 31, 2016 | December 31, 2015 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Subject to amortization: | ||||||||||||||||||||||||
Core deposit intangibles | $ | 40,804 | $ | 28,227 | $ | 12,577 | $ | 40,804 | $ | 25,438 | $ | 15,366 | ||||||||||||
December 31, 2016 | December 31, 2015 | |||||||||||||||||||||||
Gross Carrying Amount | Impairment | Net Carrying Amount | Gross Carrying Amount | Impairment | Net Carrying Amount | |||||||||||||||||||
Not subject to amortization | ||||||||||||||||||||||||
Trade name | $ | 350 | $ | — | $ | 350 | $ | 350 | $ | — | $ | 350 |
Year Ended December 31, | |||||||||||||||||||||
2016 | 2015 | 2014 | |||||||||||||||||||
Average Balance | Rate | Average Balance | Rate | Average Balance | Rate | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Interest-bearing transaction accounts | $ | 1,217,344 | 0.18 | % | $ | 983,889 | 0.18 | % | $ | 793,118 | 0.19 | % | |||||||||
Savings and money market accounts | 5,827,549 | 0.33 | 4,470,189 | 0.28 | 3,616,829 | 0.30 | |||||||||||||||
Time certificates of deposit | 1,615,502 | 0.50 | 1,808,120 | 0.42 | 1,758,342 | 0.43 | |||||||||||||||
Total interest-bearing deposits | 8,660,395 | 0.34 | 7,262,198 | 0.30 | 6,168,289 | 0.32 | |||||||||||||||
Non-interest-bearing demand deposits | 5,062,319 | — | 3,273,138 | — | 2,153,686 | — | |||||||||||||||
Total deposits | $ | 13,722,714 | 0.22 | % | $ | 10,535,336 | 0.21 | % | $ | 8,321,975 | 0.24 | % |
December 31, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
3 months or less | $ | 453,260 | $ | 757,102 | ||||
3 to 6 months | 465,089 | 248,000 | ||||||
6 to 12 months | 274,323 | 348,349 | ||||||
Over 12 months | 99,258 | 89,238 | ||||||
Total | $ | 1,291,930 | $ | 1,442,689 |
December 31, | ||||||||||
Name of Trust | Maturity | 2016 | 2015 | |||||||
At fair value | (in thousands) | |||||||||
BankWest Nevada Capital Trust II | 2033 | $ | 15,464 | $ | 15,464 | |||||
Intermountain First Statutory Trust I | 2034 | 10,310 | 10,310 | |||||||
First Independent Statutory Trust I | 2035 | 7,217 | 7,217 | |||||||
WAL Trust No. 1 | 2036 | 20,619 | 20,619 | |||||||
WAL Statutory Trust No. 2 | 2037 | 5,155 | 5,155 | |||||||
WAL Statutory Trust No. 3 | 2037 | 7,732 | 7,732 | |||||||
Total contractual balance | 66,497 | 66,497 | ||||||||
FVO on junior subordinated debt | (16,087 | ) | (19,569 | ) | ||||||
Junior subordinated debt, at fair value | $ | 50,410 | $ | 46,928 | ||||||
At amortized cost | ||||||||||
Bridge Capital Holdings Trust I | 2035 | $ | 12,372 | $ | 12,372 | |||||
Bridge Capital Holdings Trust II | 2036 | 5,155 | 5,155 | |||||||
Total contractual balance | 17,527 | 17,527 | ||||||||
Purchase accounting adjustment, net of accretion (1) | (5,776 | ) | (6,085 | ) | ||||||
Junior subordinated debt, at amortized cost | $ | 11,751 | $ | 11,442 | ||||||
Total junior subordinated debt | $ | 62,161 | $ | 58,370 |
(1) | The purchase accounting adjustment is being amortized over the remaining life of the trusts, pursuant to accounting guidance. |
Total Capital | Tier 1 Capital | Risk-Weighted Assets | Tangible Average Assets | Total Capital Ratio | Tier 1 Capital Ratio | Tier 1 Leverage Ratio | Common Equity Tier 1 | |||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||
WAL | $ | 2,107,480 | $ | 1,675,871 | $ | 15,980,092 | $ | 16,868,674 | 13.2 | % | 10.5 | % | 9.9 | % | 10.0 | % | ||||||||||||
WAB | 2,001,081 | 1,720,072 | 15,888,346 | 16,764,327 | 12.6 | 10.8 | 10.3 | 10.8 | ||||||||||||||||||||
Well-capitalized ratios | 10.0 | 8.0 | 5.0 | 6.5 | ||||||||||||||||||||||||
Minimum capital ratios | 8.0 | 6.0 | 4.0 | 4.5 | ||||||||||||||||||||||||
December 31, 2015 | ||||||||||||||||||||||||||||
WAL | $ | 1,603,472 | $ | 1,341,011 | $ | 13,193,563 | $ | 13,683,148 | 12.2 | % | 10.2 | % | 9.8 | % | 9.7 | % | ||||||||||||
WAB | 1,485,070 | 1,213,304 | 13,073,394 | 13,561,251 | 11.4 | 9.3 | 9.0 | 9.3 | ||||||||||||||||||||
Well-capitalized ratios | 10.0 | 8.0 | 5.0 | 6.5 | ||||||||||||||||||||||||
Minimum capital ratios | 8.0 | 6.0 | 4.0 | 4.5 |
Payments Due by Period | ||||||||||||||||||||
Total | Less Than 1 Year | 1-3 Years | 3-5 Years | After 5 Years | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Time deposit maturities | $ | 1,449,342 | $ | 1,331,419 | $ | 110,597 | $ | 7,326 | $ | — | ||||||||||
Qualifying debt | 409,024 | — | — | — | 409,024 | |||||||||||||||
Other borrowings | 80,000 | 80,000 | — | — | — | |||||||||||||||
Operating lease obligations | 49,587 | 11,024 | 19,581 | 11,976 | 7,006 | |||||||||||||||
Purchase obligations | 42,963 | 17,284 | 9,671 | 8,352 | 7,656 | |||||||||||||||
Total | $ | 2,030,916 | $ | 1,439,727 | $ | 139,849 | $ | 27,654 | $ | 423,686 |
Amount of Commitment Expiration per Period | ||||||||||||||||||||
Total Amounts Committed | Less Than 1 Year | 1-3 Years | 3-5 Years | After 5 Years | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Commitments to extend credit | $ | 4,428,495 | $ | 2,121,720 | $ | 1,575,416 | $ | 320,886 | $ | 410,473 | ||||||||||
Credit card commitments and financial guarantees | 115,536 | 115,536 | — | — | — | |||||||||||||||
Standby letters of credit | 78,576 | 67,192 | 11,017 | 367 | — | |||||||||||||||
Total | $ | 4,622,607 | $ | 2,304,448 | $ | 1,586,433 | $ | 321,253 | $ | 410,473 |
December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Customer Repurchase Accounts: | ||||||||||||
Maximum month-end balance | $ | 50,332 | $ | 53,709 | $ | 63,388 | ||||||
Balance at end of year | 41,728 | 38,155 | 54,899 | |||||||||
Average balance | 41,623 | 49,924 | 57,855 | |||||||||
Lines of Credit: | ||||||||||||
Maximum month-end balance | 5,000 | — | 25,000 | |||||||||
Balance at end of year | — | — | 25,000 | |||||||||
Average balance | 562 | 1,740 | 1,499 | |||||||||
FHLB Advances: | ||||||||||||
Maximum month-end balance | 490,000 | 330,000 | 135,300 | |||||||||
Balance at end of year (1) | 80,000 | 150,000 | 96,850 | |||||||||
Average balance | 58,750 | 66,493 | 61,459 | |||||||||
Total Short-Term Borrowed Funds | $ | 121,728 | $ | 188,155 | $ | 176,749 | ||||||
Weighted average interest rate at end of year | 0.42 | % | 1.75 | % | 3.16 | % | ||||||
Weighted average interest rate during year | 0.44 | 2.26 | 4.15 |
(1) | Excludes premium of $0.1 million as of December 31, 2014. |
December 31, 2016 | ||||||||
Available Balance | Outstanding Balance | |||||||
(in millions) | ||||||||
Unsecured fed funds credit lines at correspondent banks | $ | 100.0 | $ | — | ||||
Other lines with correspondent banks: | ||||||||
Secured other lines with correspondent banks | 22.5 | — | ||||||
Unsecured other lines with correspondent banks | 45.0 | — | ||||||
Total other lines with correspondent banks | $ | 167.5 | $ | — |
December 31, 2016 | ||||
(in millions) | ||||
FHLB: | ||||
Borrowing capacity | $ | 2,669.6 | ||
Outstanding borrowings | 80.0 | |||
Letters of credit | 443.3 | |||
Total available credit | $ | 2,146.3 | ||
FRB: | ||||
Borrowing capacity | $ | 997.0 | ||
Outstanding borrowings | — | |||
Total available credit | $ | 997.0 |
• | 4.5% CET1 to risk-weighted assets; |
• | 6.0% Tier 1 capital (that is, CET1 plus Additional Tier 1 capital) to risk-weighted assets; |
• | 8.0% Total capital (that is, Tier 1 capital plus Tier 2 capital) to risk-weighted assets; and |
• | 4.0% Tier 1 capital to average consolidated assets as reported on consolidated financial statements (called “leverage ratio”). |
Item 7A. | Quantitative and Qualitative Disclosures about Market Risk. |
Interest Rate Scenario (change in basis points from Base) | ||||||||||||||||||||||||
Down 100 | Base | Up 100 | Up 200 | Up 300 | Up 400 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Interest Income | $ | 693,361 | $ | 747,612 | $ | 829,894 | $ | 913,371 | $ | 997,877 | $ | 1,082,588 | ||||||||||||
Interest Expense | 24,657 | 48,894 | 87,237 | 125,585 | 163,938 | 202,296 | ||||||||||||||||||
Net Interest Income | 668,704 | 698,718 | 742,657 | 787,786 | 833,939 | 880,292 | ||||||||||||||||||
% Change | (4.3 | )% | 6.3 | % | 12.7 | % | 19.4 | % | 26.0 | % |
Interest Rate Scenario (change in basis points from Base) | ||||||||||||||||||||||||
Down 100 | Base | Up 100 | Up 200 | Up 300 | Up 400 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Assets | $ | 17,582,768 | $ | 17,269,700 | $ | 16,936,777 | $ | 16,602,285 | $ | 16,284,287 | $ | 15,966,573 | ||||||||||||
Liabilities | 14,604,340 | 14,154,503 | 13,786,246 | 13,455,692 | 13,151,225 | 12,870,144 | ||||||||||||||||||
Net Present Value | 2,978,428 | 3,115,197 | 3,150,531 | 3,146,593 | 3,133,062 | 3,096,429 | ||||||||||||||||||
% Change | (4.4 | )% | 1.1 | % | 1.0 | % | 0.6 | % | (0.6 | )% |
December 31, 2016 | December 31, 2015 | |||||||||||||||||||
Notional | Net Value | Weighted Average Term (Years) | Notional | Net Value | Weighted Average Term (Years) | |||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
$ | 993,485 | $ | (61,529 | ) | 18.2 | $ | 800,478 | $ | (61,216 | ) | 14.5 |
Item 8. | Financial Statements and Supplementary Data |
PAGE | |
December 31, | ||||||||
2016 | 2015 | |||||||
(in thousands, except shares and per share amounts) | ||||||||
Assets: | ||||||||
Cash and due from banks | $ | 168,066 | $ | 133,709 | ||||
Interest-bearing deposits in other financial institutions | 116,425 | 90,931 | ||||||
Cash and cash equivalents | 284,491 | 224,640 | ||||||
Money market investments | — | 122 | ||||||
Investment securities - measured at fair value; amortized cost of $1,055 at December 31, 2016 and $1,389 at December 31, 2015 | 1,053 | 1,481 | ||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 2,609,380 | 1,982,523 | ||||||
Investment securities - HTM, at amortized cost; fair value of $91,966 at December 31, 2016 and $0 at December 31, 2015 | 92,079 | — | ||||||
Investments in restricted stock, at cost | 65,249 | 58,111 | ||||||
Loans - HFS | 18,909 | 23,809 | ||||||
Loans - HFI, net of deferred loan fees and costs | 13,189,527 | 11,112,854 | ||||||
Less: allowance for credit losses | (124,704 | ) | (119,068 | ) | ||||
Net loans held for investment | 13,064,823 | 10,993,786 | ||||||
Premises and equipment, net | 119,833 | 118,535 | ||||||
Other assets acquired through foreclosure, net | 47,815 | 43,942 | ||||||
Bank owned life insurance | 164,510 | 162,458 | ||||||
Goodwill | 289,967 | 289,638 | ||||||
Other intangible assets, net | 12,927 | 15,716 | ||||||
Deferred tax assets, net | 95,194 | 86,352 | ||||||
Other assets | 334,612 | 273,976 | ||||||
Total assets | $ | 17,200,842 | $ | 14,275,089 | ||||
Liabilities: | ||||||||
Deposits: | ||||||||
Non-interest-bearing demand | $ | 5,632,926 | $ | 4,093,976 | ||||
Interest-bearing | 8,916,937 | 7,936,648 | ||||||
Total deposits | 14,549,863 | 12,030,624 | ||||||
Customer repurchase agreements | 41,728 | 38,155 | ||||||
Other borrowings | 80,000 | 150,000 | ||||||
Qualifying debt | 367,937 | 210,328 | ||||||
Other liabilities | 269,785 | 254,480 | ||||||
Total liabilities | 15,309,313 | 12,683,587 | ||||||
Commitments and contingencies (Note 16) | ||||||||
Stockholders’ equity: | ||||||||
Common stock - par value $0.0001; 200,000,000 authorized; 106,371,093 shares issued at December 31, 2016 and 104,082,230 at December 31, 2015 | 10 | 10 | ||||||
Treasury stock, at cost (1,300,232 shares at December 31, 2016 and 995,186 shares at December 31, 2015) | (26,362 | ) | (16,879 | ) | ||||
Additional paid in capital | 1,400,140 | 1,323,473 | ||||||
Accumulated other comprehensive (loss) income | (4,695 | ) | 22,260 | |||||
Retained earnings | 522,436 | 262,638 | ||||||
Total stockholders’ equity | 1,891,529 | 1,591,502 | ||||||
Total liabilities and stockholders’ equity | $ | 17,200,842 | $ | 14,275,089 |
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands, except per share amounts) | ||||||||||||
Interest income: | ||||||||||||
Loans, including fees | $ | 636,596 | $ | 476,417 | $ | 370,922 | ||||||
Investment securities | 52,570 | 37,888 | 38,603 | |||||||||
Dividends | 9,002 | 10,317 | 6,562 | |||||||||
Other | 2,338 | 522 | 292 | |||||||||
Total interest income | 700,506 | 525,144 | 416,379 | |||||||||
Interest expense: | ||||||||||||
Deposits | 29,722 | 21,795 | 20,012 | |||||||||
Other borrowings | 508 | 5,678 | 9,639 | |||||||||
Qualifying debt | 12,998 | 5,007 | 1,754 | |||||||||
Other | 65 | 88 | 81 | |||||||||
Total interest expense | 43,293 | 32,568 | 31,486 | |||||||||
Net interest income | 657,213 | 492,576 | 384,893 | |||||||||
Provision for credit losses | 8,000 | 3,200 | 4,726 | |||||||||
Net interest income after provision for credit losses | 649,213 | 489,376 | 380,167 | |||||||||
Non-interest income: | ||||||||||||
Service charges and fees | 18,824 | 14,782 | 10,567 | |||||||||
Card income | 4,438 | 3,679 | 3,310 | |||||||||
SBA / warrant income | 4,181 | 1,579 | — | |||||||||
Lending related income and gains (losses) on sale of loans, net | 3,770 | 369 | 71 | |||||||||
Income from bank owned life insurance | 3,762 | 3,899 | 4,508 | |||||||||
Gain (loss) on sales of investment securities, net | 1,059 | 615 | 757 | |||||||||
(Loss) on extinguishment of debt | — | (81 | ) | (502 | ) | |||||||
Unrealized gains (losses) on assets and liabilities measured at fair value, net | 45 | 47 | 1,212 | |||||||||
Other income | 6,836 | 4,879 | 4,728 | |||||||||
Total non-interest income | 42,915 | 29,768 | 24,651 | |||||||||
Non-interest expense: | ||||||||||||
Salaries and employee benefits | 188,810 | 149,828 | 126,630 | |||||||||
Occupancy | 27,303 | 22,180 | 18,155 | |||||||||
Legal, professional, and directors' fees | 24,610 | 18,548 | 14,278 | |||||||||
Data processing | 18,660 | 13,200 | 10,057 | |||||||||
Insurance | 12,898 | 11,003 | 8,862 | |||||||||
Marketing | 3,596 | 2,885 | 2,300 | |||||||||
Loan and repossessed asset expenses | 2,999 | 4,377 | 4,423 | |||||||||
Card expense | 2,936 | 2,764 | 2,417 | |||||||||
Intangible amortization | 2,788 | 1,970 | 1,461 | |||||||||
Net (gain) loss on sales / valuations of repossessed and other assets | (125 | ) | (2,070 | ) | (5,350 | ) | ||||||
Acquisition / restructure expense | 12,412 | 8,836 | 198 | |||||||||
Other expense | 34,062 | 27,085 | 23,888 | |||||||||
Total non-interest expense | 330,949 | 260,606 | 207,319 | |||||||||
Income from continuing operations before provision for income taxes | 361,179 | 258,538 | 197,499 | |||||||||
Income tax expense | 101,381 | 64,294 | 48,390 | |||||||||
Income from continuing operations | 259,798 | 194,244 | 149,109 | |||||||||
(Loss) from discontinued operations, net of tax | — | — | (1,158 | ) | ||||||||
Net income | 259,798 | 194,244 | 147,951 | |||||||||
Dividends on preferred stock | — | 750 | 1,387 | |||||||||
Net income available to common stockholders | $ | 259,798 | $ | 193,494 | $ | 146,564 | ||||||
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands, except per share amounts) | ||||||||||||
Earnings per share from continuing operations: | ||||||||||||
Basic | $ | 2.52 | $ | 2.05 | $ | 1.70 | ||||||
Diluted | 2.50 | 2.03 | 1.69 | |||||||||
Loss per share from discontinued operations: | ||||||||||||
Basic | — | — | (0.01 | ) | ||||||||
Diluted | — | — | (0.02 | ) | ||||||||
Earnings per share available to common stockholders: | ||||||||||||
Basic | 2.52 | 2.05 | 1.69 | |||||||||
Diluted | 2.50 | 2.03 | 1.67 | |||||||||
Weighted average number of common shares outstanding: | ||||||||||||
Basic | 103,042 | 94,570 | 86,693 | |||||||||
Diluted | 103,843 | 95,219 | 87,506 | |||||||||
Dividends declared per common share | $ | — | $ | — | $ | — |
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands) | ||||||||||||
Net income | $ | 259,798 | $ | 194,244 | $ | 147,951 | ||||||
Other comprehensive (loss) income, net: | ||||||||||||
Unrealized gain on transfer of HTM securities to AFS, net of tax effect of $(5,367) for the respective period presented | — | — | 8,976 | |||||||||
Unrealized (loss) gain on AFS securities, net of tax effect of $15,099, $3,922, and $(17,749), respectively | (24,254 | ) | (6,117 | ) | 29,683 | |||||||
Unrealized gain on SERP, net of tax effect of $(18) and $(52) for the respective periods presented | 31 | 90 | — | |||||||||
Unrealized (loss) gain on junior subordinated debt, net of tax effect of $1,405 and $2,679 for the respective periods presented | (2,077 | ) | (4,276 | ) | — | |||||||
Realized (gain) loss on sale of AFS securities included in income, net of tax effect of $404, $230, and $283, respectively | (655 | ) | (385 | ) | (474 | ) | ||||||
Net other comprehensive (loss) income | (26,955 | ) | (10,688 | ) | 38,185 | |||||||
Comprehensive income | $ | 232,843 | $ | 183,556 | $ | 186,136 |
Preferred Stock | Common Stock | Additional Paid in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Accumulated Deficit) | Total Stockholders’ Equity | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||
Balance, Dec 31, 2013 | 141 | $ | 141,000 | 87,186 | $ | 9 | $ | 802,310 | $ | (5,164 | ) | $ | (21,546 | ) | $ | (61,111 | ) | $ | 855,498 | ||||||||||||||
Net income | — | — | — | — | — | — | — | 147,951 | 147,951 | ||||||||||||||||||||||||
Exercise of stock options | — | — | 625 | — | 8,294 | — | — | — | 8,294 | ||||||||||||||||||||||||
Restricted stock, performance stock units, and other grants, net | — | — | 510 | — | 13,253 | — | — | — | 13,253 | ||||||||||||||||||||||||
Restricted Stock surrendered | — | — | (178 | ) | — | — | (4,112 | ) | — | — | (4,112 | ) | |||||||||||||||||||||
ATM common stock issuance, net | — | — | 548 | — | 13,746 | — | — | — | 13,746 | ||||||||||||||||||||||||
Preferred stock redemption | (70 | ) | (70,500 | ) | — | — | — | — | — | — | (70,500 | ) | |||||||||||||||||||||
Dividends on preferred stock | — | — | — | — | — | — | — | (1,387 | ) | (1,387 | ) | ||||||||||||||||||||||
Other comprehensive income, net | — | — | — | — | — | — | 38,185 | — | 38,185 | ||||||||||||||||||||||||
Balance, Dec 31, 2014 | 71 | $ | 70,500 | 88,691 | $ | 9 | $ | 837,603 | $ | (9,276 | ) | $ | 16,639 | $ | 85,453 | $ | 1,000,928 | ||||||||||||||||
Balance, Jan 1, 2015 (1) | 71 | 70,500 | 88,691 | 9 | 837,603 | (9,276 | ) | 32,948 | 69,144 | 1,000,928 | |||||||||||||||||||||||
Net income | — | — | — | — | — | — | — | 194,244 | 194,244 | ||||||||||||||||||||||||
Exercise of stock options | — | — | 182 | — | 1,935 | — | — | — | 1,935 | ||||||||||||||||||||||||
Restricted stock, performance stock units, and other grants, net | — | — | 732 | — | 24,617 | — | — | — | 24,617 | ||||||||||||||||||||||||
Restricted Stock surrendered | — | — | (275 | ) | — | — | (7,603 | ) | — | — | (7,603 | ) | |||||||||||||||||||||
Issuance of common stock in acquisition of Bridge (2) | — | — | 12,997 | 1 | 431,030 | — | 431,031 | ||||||||||||||||||||||||||
ATM common stock issuance, net | — | — | 760 | — | 28,288 | — | — | — | 28,288 | ||||||||||||||||||||||||
Preferred stock redemption | (71 | ) | (70,500 | ) | — | — | — | — | — | — | (70,500 | ) | |||||||||||||||||||||
Dividends on preferred stock | — | — | — | — | — | — | — | (750 | ) | (750 | ) | ||||||||||||||||||||||
Other comprehensive loss, net | — | — | — | — | — | — | (10,688 | ) | — | (10,688 | ) | ||||||||||||||||||||||
Balance, Dec 31, 2015 | — | $ | — | 103,087 | $ | 10 | $ | 1,323,473 | $ | (16,879 | ) | $ | 22,260 | $ | 262,638 | $ | 1,591,502 | ||||||||||||||||
Net income | — | — | — | — | — | — | — | 259,798 | 259,798 | ||||||||||||||||||||||||
Exercise of stock options | — | — | 77 | — | 1,070 | — | — | — | 1,070 | ||||||||||||||||||||||||
Restricted stock, performance stock unit, and other grants, net | — | — | 662 | — | 19,812 | — | — | — | 19,812 | ||||||||||||||||||||||||
Restricted Stock surrendered | — | — | (305 | ) | — | — | (9,483 | ) | — | — | (9,483 | ) | |||||||||||||||||||||
ATM common stock issuance, net | — | — | 1,550 | — | 55,785 | — | — | — | 55,785 | ||||||||||||||||||||||||
Other comprehensive loss, net | — | — | — | — | — | — | (26,955 | ) | — | (26,955 | ) | ||||||||||||||||||||||
Balance, Dec 31, 2016 | — | $ | — | 105,071 | $ | 10 | $ | 1,400,140 | $ | (26,362 | ) | $ | (4,695 | ) | $ | 522,436 | $ | 1,891,529 |
(1) | As adjusted, due to the Company's election to early adopt an element of ASU 2016-01 issued by the FASB in January 2016. The cumulative effect of adoption of this guidance at January 1, 2015 resulted in a decrease to retained earnings of $16.3 million and a corresponding increase to accumulated other comprehensive income. |
(2) | Includes value of certain share-based awards replaced in connection with the acquisition. |
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands) | ||||||||||||
Cash flows from operating activities: | ||||||||||||
Net income | $ | 259,798 | $ | 194,244 | $ | 147,951 | ||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||||
Provision for credit losses | 8,000 | 3,200 | 4,726 | |||||||||
Depreciation and amortization | 12,494 | 8,466 | 6,166 | |||||||||
Stock-based compensation | 20,338 | 25,533 | 16,577 | |||||||||
Excess tax benefit of stock-based compensation | (4,075 | ) | (5,874 | ) | (4,194 | ) | ||||||
Deferred income taxes | 7,644 | 3,254 | (7,182 | ) | ||||||||
Amortization of net premiums for investment securities | 13,790 | 9,775 | 8,035 | |||||||||
Accretion of fair market value adjustments on loans acquired from business combinations | (29,209 | ) | (17,144 | ) | (17,014 | ) | ||||||
Accretion and amortization of fair market value adjustments on other assets and liabilities acquired from business combinations | 3,098 | 1,279 | (552 | ) | ||||||||
Income from bank owned life insurance | (3,762 | ) | (3,899 | ) | (4,508 | ) | ||||||
Unrealized losses on assets and liabilities measured at fair value, net | (45 | ) | (47 | ) | (1,212 | ) | ||||||
(Gains) / Losses on: | ||||||||||||
Sales of investment securities | (1,059 | ) | (615 | ) | (757 | ) | ||||||
Sale of loans | (2,492 | ) | (517 | ) | (71 | ) | ||||||
Extinguishment of debt | — | 81 | 502 | |||||||||
Other assets acquired through foreclosure, net | 372 | (2,628 | ) | (2,866 | ) | |||||||
Valuation adjustments of other repossessed assets, net | (268 | ) | 182 | 294 | ||||||||
Sale of premises, equipment, and other assets, net | 21 | 376 | (2,778 | ) | ||||||||
Changes in, net of acquisitions: | ||||||||||||
Other assets | (1,666 | ) | (9,482 | ) | 9,313 | |||||||
Other liabilities | (2,334 | ) | 14,231 | 14,971 | ||||||||
Net cash provided by operating activities | 280,645 | 220,415 | 167,401 | |||||||||
Cash flows from investing activities: | ||||||||||||
Investment securities - measured at fair value | ||||||||||||
Principal pay downs and maturities | 395 | 347 | 1,144 | |||||||||
Investment securities - AFS | ||||||||||||
Purchases | (1,205,057 | ) | (827,002 | ) | (143,052 | ) | ||||||
Principal pay downs and maturities | 499,541 | 273,950 | 226,455 | |||||||||
Proceeds from sales | 25,504 | 132,546 | 95,826 | |||||||||
Investment securities - HTM | ||||||||||||
Purchases | (92,384 | ) | — | — | ||||||||
Principal pay downs and maturities | 94 | — | 6,600 | |||||||||
Purchase of investment tax credits | (28,847 | ) | (29,437 | ) | (32,484 | ) | ||||||
Sale (purchase) of money market investments, net | 121 | 330 | 2,181 | |||||||||
Proceeds from bank owned life insurance | 1,710 | 797 | 1,046 | |||||||||
(Purchase) liquidation of restricted stock | (7,139 | ) | (25,821 | ) | 4,911 | |||||||
Loan fundings and principal collections, net | (810,543 | ) | (1,269,351 | ) | (1,560,633 | ) | ||||||
Purchase of premises, equipment, and other assets, net | (10,574 | ) | (10,856 | ) | (13,925 | ) | ||||||
Proceeds from sale of other real estate owned and repossessed assets, net | 9,133 | 45,627 | 25,918 | |||||||||
Cash and cash equivalents (used) acquired in acquisitions, net | (1,272,187 | ) | 342,427 | — | ||||||||
Net cash used in investing activities | (2,890,233 | ) | (1,366,443 | ) | (1,386,013 | ) | ||||||
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands) | ||||||||||||
Cash flows from financing activities: | ||||||||||||
Net increase (decrease) in deposits | $ | 2,519,239 | $ | 1,357,855 | $ | 1,093,353 | ||||||
Proceeds from issuance of subordinated debt | 169,256 | 148,211 | — | |||||||||
Net (decrease) increase in borrowings | (66,428 | ) | (257,038 | ) | 40,407 | |||||||
Early extinguishment of debt | — | — | (6,501 | ) | ||||||||
Proceeds from exercise of common stock options | 1,070 | 1,935 | 8,294 | |||||||||
Cash paid for tax withholding on vested restricted stock | (9,483 | ) | (7,603 | ) | (4,112 | ) | ||||||
Redemption of preferred stock | — | (70,500 | ) | (70,500 | ) | |||||||
Excess tax benefit of stock-based compensation | — | 5,874 | 4,194 | |||||||||
Cash dividends paid on preferred stock | — | (750 | ) | (1,387 | ) | |||||||
Proceeds from issuance of stock in offerings, net | 55,785 | 28,288 | 13,746 | |||||||||
Net cash provided by financing activities | 2,669,439 | 1,206,272 | 1,077,494 | |||||||||
Net increase (decrease) in cash and cash equivalents | 59,851 | 60,244 | (141,118 | ) | ||||||||
Cash and cash equivalents at beginning of period | 224,640 | 164,396 | 305,514 | |||||||||
Cash and cash equivalents at end of period | $ | 284,491 | $ | 224,640 | $ | 164,396 | ||||||
Supplemental disclosure: | ||||||||||||
Cash paid during the period for: | ||||||||||||
Interest | $ | 41,565 | $ | 28,831 | $ | 26,516 | ||||||
Income taxes | 61,281 | 54,590 | 35,556 | |||||||||
Non-cash investing and financing activity: | ||||||||||||
Transfers to other assets acquired through foreclosure, net | 13,110 | 28,566 | 13,777 | |||||||||
Change in unfunded LIHTC and SBIC commitments | 56,479 | 39,617 | 9,798 | |||||||||
Non-cash assets acquired in acquisition | 1,284,557 | 1,587,186 | — | |||||||||
Non-cash liabilities acquired in acquisition | 12,559 | 1,764,996 | — | |||||||||
Change in unrealized gain (loss) on AFS securities, net of tax | (24,254 | ) | (6,117 | ) | 29,683 | |||||||
Change in unrealized (loss) gain on junior subordinated debt, net of tax | (2,077 | ) | (4,276 | ) | — | |||||||
Change in unfunded obligations | 21,225 | (27,325 | ) | (28,522 | ) | |||||||
Transfer of HTM securities to AFS, amortized cost | — | — | 275,292 | |||||||||
Unrealized gain on transfer of HTM securities to AFS, net of tax | — | — | 8,976 |
Years | ||
Bank premises | 31 | |
Furniture, fixtures, and equipment | 3 - 10 | |
Leasehold improvements (1) | 3 - 10 |
(1) | Depreciation is recorded over the lesser of 3 to 10 years or the term of the lease. |
• | Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. |
• | Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, prepayment speeds, volatilities, etc.) or model-based valuation techniques where all significant assumptions are observable, either directly or indirectly, in the market. |
• | Level 3 - Valuation is generated from model-based techniques where one or more significant inputs are not observable, either directly or indirectly, in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability. Valuation techniques may include use of matrix pricing, discounted cash flow models, and similar techniques. |
April 20, 2016 | |||
(in thousands) | |||
Assets: | |||
Loans | $ | 1,280,997 | |
Other assets | 3,560 | ||
Total assets | $ | 1,284,557 | |
Liabilities: | |||
Other liabilities | $ | 12,559 | |
Total liabilities | 12,559 | ||
Net assets acquired | $ | 1,271,998 | |
Consideration paid | |||
Cash | $ | 1,272,187 | |
Goodwill | $ | 189 |
Year Ended December 31, | ||||||||
2016 | 2015 | |||||||
Interest income | $ | 707,620 | $ | 593,057 | ||||
Non-interest income | 42,915 | 29,768 | ||||||
Net income available to common stockholders | 265,731 | 231,528 | ||||||
Earnings per share - basic | 2.59 | 2.51 | ||||||
Earnings per share - diluted | 2.57 | 2.49 |
As Adjusted | |||
(in thousands) | |||
Assets: | |||
Cash and cash equivalents (1) | $ | 378,966 | |
Investment securities - AFS | 61,476 | ||
Investments in restricted stock | 7,015 | ||
Loans | 1,439,660 | ||
Premises and equipment | 1,519 | ||
Other assets acquired through foreclosure | 1,407 | ||
Bank owned life insurance | 17,385 | ||
Investment in LIHTC | 5,354 | ||
Intangible assets | 14,997 | ||
Deferred tax assets, net | 18,287 | ||
Other assets | 19,178 | ||
Total assets | $ | 1,965,244 | |
Liabilities: | |||
Deposits | $ | 1,742,031 | |
Qualifying debt | 11,287 | ||
Other liabilities | 10,910 | ||
Total liabilities | 1,764,228 | ||
Net assets acquired | $ | 201,016 | |
Consideration paid | |||
Common stock (12,451,240 shares at $33.76 per share) | $ | 420,354 | |
Fair value of equity awards related to pre-combination vesting | 10,676 | ||
Cash | 36,539 | ||
Fair value of total consideration | 467,569 | ||
Goodwill | $ | 266,553 |
(1) | Cash and cash equivalents are net of a $6.2 million payment made by Bridge related to the cash out of vested, unexercised stock options at the date of closing. Cash acquired, less cash consideration paid of $36.5 million, resulted in net cash and cash equivalents increasing by $342.4 million |
Year Ended December 31, | ||||||||
2015 | 2014 | |||||||
Interest income | $ | 560,292 | $ | 495,235 | ||||
Non-interest income | 37,073 | 38,768 | ||||||
Net income available to common stockholders (1) | 205,099 | 164,165 | ||||||
Earnings per share - basic | 1.90 | 1.64 | ||||||
Earnings per share - diluted | 1.87 | 1.62 |
(1) | Excludes acquisition / restructure related costs incurred by the Company of $8.8 million for the year ended December 31, 2015 and acquisition / restructure related costs incurred by Bridge of $6.8 million for the year ended December 31, 2015 and related tax effects. |
Year Ended December 31, 2014 | ||||
(in thousands) | ||||
Operating revenue | $ | (358 | ) | |
Non-interest expenses | (1,369 | ) | ||
Loss before income taxes | (1,727 | ) | ||
Income tax benefit | (569 | ) | ||
Net loss | $ | (1,158 | ) |
December 31, 2016 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
Held-to-maturity | ||||||||||||||||
Tax-exempt | $ | 92,079 | $ | 433 | $ | (546 | ) | $ | 91,966 | |||||||
Available-for-sale | ||||||||||||||||
Collateralized debt obligations | $ | 50 | $ | 13,440 | $ | — | $ | 13,490 | ||||||||
Commercial MBS issued by GSEs | 121,742 | — | (3,950 | ) | 117,792 | |||||||||||
Corporate debt securities | 65,058 | 371 | (1,285 | ) | 64,144 | |||||||||||
CRA investments | 37,627 | — | (514 | ) | 37,113 | |||||||||||
Preferred stock | 96,071 | 833 | (2,242 | ) | 94,662 | |||||||||||
Private label residential MBS | 440,272 | 182 | (6,769 | ) | 433,685 | |||||||||||
Residential MBS issued by GSEs | 1,369,289 | 3,046 | (17,130 | ) | 1,355,205 | |||||||||||
Tax-exempt | 409,693 | 8,477 | (9,937 | ) | 408,233 | |||||||||||
Trust preferred securities | 32,000 | — | (5,468 | ) | 26,532 | |||||||||||
U.S. government sponsored agency securities | 59,000 | — | (2,978 | ) | 56,022 | |||||||||||
U.S. treasury securities | 2,496 | 6 | — | 2,502 | ||||||||||||
Total AFS securities | $ | 2,633,298 | $ | 26,355 | $ | (50,273 | ) | $ | 2,609,380 | |||||||
Securities measured at fair value | ||||||||||||||||
Residential MBS issued by GSEs | $ | 1,053 |
December 31, 2015 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
Available-for-sale | ||||||||||||||||
Collateralized debt obligations | $ | 50 | $ | 10,059 | $ | (49 | ) | $ | 10,060 | |||||||
Commercial MBS issued by GSEs | 19,147 | 72 | (105 | ) | 19,114 | |||||||||||
Corporate debt securities | 12,769 | 482 | — | 13,251 | ||||||||||||
CRA investments | 34,722 | — | (37 | ) | 34,685 | |||||||||||
Preferred stock | 108,417 | 4,286 | (1,467 | ) | 111,236 | |||||||||||
Private label commercial MBS | 4,685 | 6 | — | 4,691 | ||||||||||||
Private label residential MBS | 261,530 | 5 | (4,407 | ) | 257,128 | |||||||||||
Residential MBS issued by GSEs | 1,169,631 | 5,254 | (4,664 | ) | 1,170,221 | |||||||||||
Tax-exempt | 320,087 | 14,743 | — | 334,830 | ||||||||||||
Trust preferred securities | 32,000 | — | (7,686 | ) | 24,314 | |||||||||||
U.S. treasury securities | 2,996 | — | (3 | ) | 2,993 | |||||||||||
Total AFS securities | $ | 1,966,034 | $ | 34,907 | $ | (18,418 | ) | $ | 1,982,523 | |||||||
Securities measured at fair value | ||||||||||||||||
Residential MBS issued by GSEs | $ | 1,481 |
December 31, 2016 | |||||||||||||||||||||||
Less Than Twelve Months | More Than Twelve Months | Total | |||||||||||||||||||||
Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Held-to-maturity | |||||||||||||||||||||||
Tax-exempt | $ | 546 | $ | 30,364 | $ | — | $ | — | $ | 546 | $ | 30,364 | |||||||||||
Available-for-sale | |||||||||||||||||||||||
Commercial MBS issued by GSEs | $ | 3,950 | $ | 117,792 | $ | — | $ | — | $ | 3,950 | $ | 117,792 | |||||||||||
Corporate debt securities | 1,285 | 38,716 | — | — | 1,285 | 38,716 | |||||||||||||||||
CRA investments | 514 | 37,113 | — | — | 514 | 37,113 | |||||||||||||||||
Preferred stock | 2,188 | 63,151 | 54 | 1,471 | 2,242 | 64,622 | |||||||||||||||||
Private label residential MBS | 6,170 | 377,638 | 599 | 16,969 | 6,769 | 394,607 | |||||||||||||||||
Residential MBS issued by GSEs | 16,990 | 950,480 | 140 | 5,326 | 17,130 | 955,806 | |||||||||||||||||
Tax-exempt | 9,937 | 148,780 | — | — | 9,937 | 148,780 | |||||||||||||||||
Trust preferred securities | — | — | 5,468 | 26,532 | 5,468 | 26,532 | |||||||||||||||||
U.S. government sponsored agency securities | 2,978 | 56,022 | — | — | 2,978 | 56,022 | |||||||||||||||||
Total AFS securities | $ | 44,012 | $ | 1,789,692 | $ | 6,261 | $ | 50,298 | $ | 50,273 | $ | 1,839,990 |
December 31, 2015 | |||||||||||||||||||||||
Less Than Twelve Months | More Than Twelve Months | Total | |||||||||||||||||||||
Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||||
Collateralized debt obligations | $ | 49 | $ | 1 | $ | — | $ | — | $ | 49 | $ | 1 | |||||||||||
Commercial MBS issued by GSEs | 105 | 17,051 | — | — | 105 | 17,051 | |||||||||||||||||
CRA investments | 37 | 24,729 | — | — | 37 | 24,729 | |||||||||||||||||
Preferred stock | 377 | 10,542 | 1,090 | 14,761 | 1,467 | 25,303 | |||||||||||||||||
Private label residential MBS | 3,733 | 226,720 | 674 | 30,372 | 4,407 | 257,092 | |||||||||||||||||
Residential MBS issued by GSEs | 3,566 | 536,515 | 1,098 | 38,338 | 4,664 | 574,853 | |||||||||||||||||
Trust preferred securities | — | — | 7,686 | 24,314 | 7,686 | 24,314 | |||||||||||||||||
U.S. treasury securities | 3 | 2,006 | — | — | 3 | 2,006 | |||||||||||||||||
Total AFS securities | $ | 7,870 | $ | 817,564 | $ | 10,548 | $ | 107,785 | $ | 18,418 | $ | 925,349 |
December 31, 2016 | ||||||||
Amortized Cost | Estimated Fair Value | |||||||
(in thousands) | ||||||||
Held-to-maturity | ||||||||
After ten years | $ | 92,079 | $ | 91,966 | ||||
Available-for-sale | ||||||||
Due in one year or less | $ | 39,908 | $ | 39,412 | ||||
After one year through five years | 41,893 | 41,611 | ||||||
After five years through ten years | 194,458 | 194,719 | ||||||
After ten years | 425,736 | 426,956 | ||||||
Mortgage-backed securities | 1,931,303 | 1,906,682 | ||||||
Total AFS securities | $ | 2,633,298 | $ | 2,609,380 |
December 31, 2016 | ||||||||||||||||||||||||||||||||
AAA | Split-rated AAA/AA+ | AA+ to AA- | A+ to A- | BBB+ to BBB- | BB+ and below | Unrated | Totals | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Held-to-maturity | ||||||||||||||||||||||||||||||||
Tax-exempt | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 92,079 | $ | 92,079 | ||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||
Collateralized debt obligations | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 13,490 | $ | — | $ | 13,490 | ||||||||||||||||
Commercial MBS issued by GSEs | — | 117,792 | — | — | — | — | — | 117,792 | ||||||||||||||||||||||||
Corporate debt securities | — | — | 5,429 | 38,715 | 20,000 | — | — | 64,144 | ||||||||||||||||||||||||
CRA investments | — | — | — | — | — | — | 37,113 | 37,113 | ||||||||||||||||||||||||
Preferred stock | — | — | — | — | 64,486 | 14,658 | 15,518 | 94,662 | ||||||||||||||||||||||||
Private label residential MBS | 399,013 | — | 29,921 | 2,117 | 2,634 | — | — | 433,685 | ||||||||||||||||||||||||
Residential MBS issued by GSEs | — | 1,355,205 | — | — | — | — | — | 1,355,205 | ||||||||||||||||||||||||
Tax-exempt | 80,862 | — | 268,249 | 59,122 | — | — | — | 408,233 | ||||||||||||||||||||||||
Trust preferred securities | — | — | — | — | 26,532 | — | — | 26,532 | ||||||||||||||||||||||||
U.S. government sponsored agency securities | — | 56,022 | — | — | — | — | — | 56,022 | ||||||||||||||||||||||||
U.S. treasury securities | — | 2,502 | — | — | — | — | — | 2,502 | ||||||||||||||||||||||||
Total AFS securities (1) | $ | 479,875 | $ | 1,531,521 | $ | 303,599 | $ | 99,954 | $ | 113,652 | $ | 28,148 | $ | 52,631 | $ | 2,609,380 | ||||||||||||||||
Securities measured at fair value | ||||||||||||||||||||||||||||||||
Residential MBS issued by GSEs | $ | — | $ | 1,053 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,053 |
(1) | Where ratings differ, the Company uses an average of the ratings by S&P, Moody’s, and/or Fitch. |
December 31, 2015 | ||||||||||||||||||||||||||||||||
AAA | Split-rated AAA/AA+ | AA+ to AA- | A+ to A- | BBB+ to BBB- | BB+ and below | Unrated | Totals | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Available-for-sale | ||||||||||||||||||||||||||||||||
Collateralized debt obligations | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 10,060 | $ | — | $ | 10,060 | ||||||||||||||||
Commercial MBS issued by GSEs | — | 19,114 | — | — | — | — | — | 19,114 | ||||||||||||||||||||||||
Corporate debt securities | — | — | 2,721 | 5,489 | 5,041 | — | — | 13,251 | ||||||||||||||||||||||||
CRA investments | — | — | — | — | — | — | 34,685 | 34,685 | ||||||||||||||||||||||||
Preferred stock | — | — | — | — | 79,955 | 23,655 | 7,626 | 111,236 | ||||||||||||||||||||||||
Private label commercial MBS | 4,691 | — | — | — | — | — | — | 4,691 | ||||||||||||||||||||||||
Private label residential MBS | 235,605 | — | 40 | 3,186 | 1,750 | 2,705 | 13,842 | 257,128 | ||||||||||||||||||||||||
Residential MBS issued by GSEs | — | 1,170,221 | — | — | — | — | — | 1,170,221 | ||||||||||||||||||||||||
Tax-exempt | 7,949 | — | 180,460 | 131,110 | 6,243 | 180 | 8,888 | 334,830 | ||||||||||||||||||||||||
Trust preferred securities | — | — | — | — | 24,314 | — | — | 24,314 | ||||||||||||||||||||||||
U.S. treasury securities | — | 2,993 | — | — | — | — | — | 2,993 | ||||||||||||||||||||||||
Total AFS securities (1) | $ | 248,245 | $ | 1,192,328 | $ | 183,221 | $ | 139,785 | $ | 117,303 | $ | 36,600 | $ | 65,041 | $ | 1,982,523 | ||||||||||||||||
Securities measured at fair value | ||||||||||||||||||||||||||||||||
Residential MBS issued by GSEs | $ | — | $ | 1,481 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 1,481 |
(1) | Where ratings differ, the Company uses an average of the ratings by S&P, Moody’s, and/or Fitch. |
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands) | ||||||||||||
Gross gains | $ | 2,115 | $ | 1,144 | $ | 1,118 | ||||||
Gross losses | (1,056 | ) | (529 | ) | (361 | ) | ||||||
Net gains on sales of investment securities | $ | 1,059 | $ | 615 | $ | 757 |
December 31, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
Commercial and industrial | $ | 5,755,021 | $ | 5,114,257 | ||||
Commercial real estate - non-owner occupied | 3,543,956 | 2,283,536 | ||||||
Commercial real estate - owner occupied | 2,013,276 | 2,083,285 | ||||||
Construction and land development | 1,478,114 | 1,133,439 | ||||||
Residential real estate | 259,432 | 322,939 | ||||||
Commercial leases | 100,765 | 148,493 | ||||||
Consumer | 38,963 | 26,905 | ||||||
Loans, net of deferred loan fees and costs | 13,189,527 | 11,112,854 | ||||||
Allowance for credit losses | (124,704 | ) | (119,068 | ) | ||||
Total loans HFI | $ | 13,064,823 | $ | 10,993,786 |
December 31, 2016 | ||||||||||||||||||||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | Over 90 days Past Due | Total Past Due | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | $ | 2,009,728 | $ | 71 | $ | — | $ | 3,477 | $ | 3,548 | $ | 2,013,276 | ||||||||||||
Non-owner occupied | 3,339,121 | 672 | 2 | — | 674 | 3,339,795 | ||||||||||||||||||
Multi-family | 204,161 | — | — | — | — | 204,161 | ||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||
Commercial | 5,747,368 | 549 | 584 | 6,520 | 7,653 | 5,755,021 | ||||||||||||||||||
Leases | 100,761 | — | — | 4 | 4 | 100,765 | ||||||||||||||||||
Construction and land development | ||||||||||||||||||||||||
Construction | 973,242 | — | — | — | — | 973,242 | ||||||||||||||||||
Land | 503,588 | — | — | 1,284 | 1,284 | 504,872 | ||||||||||||||||||
Residential real estate | 249,726 | 4,333 | 281 | 5,092 | 9,706 | 259,432 | ||||||||||||||||||
Consumer | 38,765 | 26 | 2 | 170 | 198 | 38,963 | ||||||||||||||||||
Total loans | $ | 13,166,460 | $ | 5,651 | $ | 869 | $ | 16,547 | $ | 23,067 | $ | 13,189,527 |
December 31, 2015 | ||||||||||||||||||||||||
Current | 30-59 Days Past Due | 60-89 Days Past Due | Over 90 days Past Due | Total Past Due | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | $ | 2,078,968 | $ | 445 | $ | 362 | $ | 3,510 | $ | 4,317 | $ | 2,083,285 | ||||||||||||
Non-owner occupied | 2,099,274 | 2,481 | — | 2,822 | 5,303 | 2,104,577 | ||||||||||||||||||
Multi-family | 178,959 | — | — | — | — | 178,959 | ||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||
Commercial | 5,066,197 | 26,358 | 14,124 | 7,578 | 48,060 | 5,114,257 | ||||||||||||||||||
Leases | 145,905 | — | — | 2,588 | 2,588 | 148,493 | ||||||||||||||||||
Construction and land development | ||||||||||||||||||||||||
Construction | 694,527 | — | — | — | — | 694,527 | ||||||||||||||||||
Land | 438,495 | — | — | 417 | 417 | 438,912 | ||||||||||||||||||
Residential real estate | 317,677 | 888 | 159 | 4,215 | 5,262 | 322,939 | ||||||||||||||||||
Consumer | 26,587 | 12 | 91 | 215 | 318 | 26,905 | ||||||||||||||||||
Total loans | $ | 11,046,589 | $ | 30,184 | $ | 14,736 | $ | 21,345 | $ | 66,265 | $ | 11,112,854 |
December 31, 2016 | December 31, 2015 | |||||||||||||||||||||||||||||||
Non-accrual loans | Loans past due 90 days or more and still accruing | Non-accrual loans | Loans past due 90 days or more and still accruing | |||||||||||||||||||||||||||||
Current | Past Due/ Delinquent | Total Non-accrual | Current | Past Due/ Delinquent | Total Non-accrual | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||
Owner occupied | $ | 5,084 | $ | 3,264 | $ | 8,348 | $ | 285 | $ | 749 | $ | 3,253 | $ | 4,002 | $ | 339 | ||||||||||||||||
Non-owner occupied | 8,317 | 1 | 8,318 | — | 11,851 | 2,822 | 14,673 | — | ||||||||||||||||||||||||
Multi-family | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Commercial | 10,893 | 6,043 | 16,936 | 775 | 3,263 | 15,026 | 18,289 | 2,671 | ||||||||||||||||||||||||
Leases | 28 | 3 | 31 | — | — | 2,588 | 2,588 | — | ||||||||||||||||||||||||
Construction and land development | ||||||||||||||||||||||||||||||||
Construction | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Land | — | 1,284 | 1,284 | — | 1,892 | 417 | 2,309 | — | ||||||||||||||||||||||||
Residential real estate | 99 | 5,093 | 5,192 | — | 1,835 | 4,489 | 6,324 | — | ||||||||||||||||||||||||
Consumer | — | 163 | 163 | 7 | — | 196 | 196 | 18 | ||||||||||||||||||||||||
Total | $ | 24,421 | $ | 15,851 | $ | 40,272 | $ | 1,067 | $ | 19,590 | $ | 28,791 | $ | 48,381 | $ | 3,028 |
December 31, 2016 | ||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | $ | 1,935,322 | $ | 53,634 | $ | 22,090 | $ | 2,230 | $ | — | $ | 2,013,276 | ||||||||||||
Non-owner occupied | 3,278,090 | 22,972 | 38,733 | — | — | 3,339,795 | ||||||||||||||||||
Multi-family | 203,964 | 197 | — | — | — | 204,161 | ||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||
Commercial | 5,621,448 | 70,011 | 58,562 | 5,000 | — | 5,755,021 | ||||||||||||||||||
Leases | 100,737 | — | 28 | — | — | 100,765 | ||||||||||||||||||
Construction and land development | ||||||||||||||||||||||||
Construction | 961,290 | — | 11,952 | — | — | 973,242 | ||||||||||||||||||
Land | 501,569 | 337 | 2,966 | — | — | 504,872 | ||||||||||||||||||
Residential real estate | 252,304 | 929 | 6,199 | — | — | 259,432 | ||||||||||||||||||
Consumer | 38,698 | 64 | 201 | — | — | 38,963 | ||||||||||||||||||
Total | $ | 12,893,422 | $ | 148,144 | $ | 140,731 | $ | 7,230 | $ | — | $ | 13,189,527 |
December 31, 2016 | ||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Current (up to 29 days past due) | $ | 12,887,308 | $ | 147,838 | $ | 124,084 | $ | 7,230 | $ | — | $ | 13,166,460 | ||||||||||||
Past due 30 - 59 days | 5,433 | 96 | 122 | — | — | 5,651 | ||||||||||||||||||
Past due 60 - 89 days | 410 | 210 | 249 | — | — | 869 | ||||||||||||||||||
Past due 90 days or more | 271 | — | 16,276 | — | — | 16,547 | ||||||||||||||||||
Total | $ | 12,893,422 | $ | 148,144 | $ | 140,731 | $ | 7,230 | $ | — | $ | 13,189,527 |
December 31, 2015 | ||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Owner occupied | $ | 2,032,932 | $ | 28,422 | $ | 20,814 | $ | 1,117 | $ | — | $ | 2,083,285 | ||||||||||||
Non-owner occupied | 2,054,428 | 14,867 | 35,282 | — | — | 2,104,577 | ||||||||||||||||||
Multi-family | 178,959 | — | — | — | — | 178,959 | ||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||
Commercial | 4,962,930 | 76,283 | 74,294 | 750 | — | 5,114,257 | ||||||||||||||||||
Leases | 140,531 | 4,580 | 794 | 2,588 | — | 148,493 | ||||||||||||||||||
Construction and land development | ||||||||||||||||||||||||
Construction | 678,438 | 16,089 | — | — | — | 694,527 | ||||||||||||||||||
Land | 420,819 | 362 | 17,731 | — | — | 438,912 | ||||||||||||||||||
Residential real estate | 310,067 | 776 | 12,096 | — | — | 322,939 | ||||||||||||||||||
Consumer | 26,438 | 209 | 258 | — | — | 26,905 | ||||||||||||||||||
Total | $ | 10,805,542 | $ | 141,588 | $ | 161,269 | $ | 4,455 | $ | — | $ | 11,112,854 |
December 31, 2015 | ||||||||||||||||||||||||
Pass | Special Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Current (up to 29 days past due) | $ | 10,799,558 | $ | 140,932 | $ | 104,232 | $ | 1,867 | $ | — | $ | 11,046,589 | ||||||||||||
Past due 30 - 59 days | 1,907 | 271 | 28,006 | — | — | 30,184 | ||||||||||||||||||
Past due 60 - 89 days | 4,077 | 385 | 10,274 | — | — | 14,736 | ||||||||||||||||||
Past due 90 days or more | — | — | 18,757 | 2,588 | — | 21,345 | ||||||||||||||||||
Total | $ | 10,805,542 | $ | 141,588 | $ | 161,269 | $ | 4,455 | $ | — | $ | 11,112,854 |
December 31, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
Impaired loans with a specific valuation allowance under ASC 310 (1) | $ | 10,909 | $ | 24,287 | ||||
Impaired loans without a specific valuation allowance under ASC 310 (2) | 88,300 | 104,587 | ||||||
Total impaired loans | $ | 99,209 | $ | 128,874 | ||||
Valuation allowance related to impaired loans (3) | $ | (4,239 | ) | $ | (4,658 | ) |
(1) | Includes TDR loans of $2.5 million and $3.0 million at December 31, 2016 and 2015, respectively. |
(2) | Includes TDR loans of $58.3 million and $85.9 million at December 31, 2016 and 2015, respectively. |
(3) | Includes valuation allowance related to TDR loans of $0.6 million and $0.3 million at December 31, 2016 and 2015, respectively. |
December 31, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
Commercial real estate | ||||||||
Owner occupied | $ | 20,748 | $ | 23,153 | ||||
Non-owner occupied | 25,524 | 41,081 | ||||||
Multi-family | — | — | ||||||
Commercial and industrial | ||||||||
Commercial | 21,107 | 26,513 | ||||||
Leases | 355 | 2,896 | ||||||
Construction and land development | ||||||||
Construction | — | — | ||||||
Land | 14,838 | 18,322 | ||||||
Residential real estate | 16,391 | 16,575 | ||||||
Consumer | 246 | 334 | ||||||
Total | $ | 99,209 | $ | 128,874 |
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands) | ||||||||||||
Average balance on impaired loans | $ | 109,461 | $ | 150,151 | $ | 169,758 | ||||||
Interest income recognized on impaired loans | 4,167 | 4,794 | 5,494 | |||||||||
Interest recognized on non-accrual loans, cash basis | 1,254 | 1,634 | 2,536 |
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands) | ||||||||||||
Commercial real estate | ||||||||||||
Owner occupied | $ | 18,865 | $ | 34,912 | $ | 37,048 | ||||||
Non-owner occupied | 30,633 | 56,360 | 68,821 | |||||||||
Multi-family | — | — | — | |||||||||
Commercial and industrial | ||||||||||||
Commercial | 25,815 | 17,534 | 16,168 | |||||||||
Leases | 762 | 2,948 | 410 | |||||||||
Construction and land development | ||||||||||||
Construction | — | — | — | |||||||||
Land | 17,006 | 19,561 | 21,580 | |||||||||
Residential real estate | 16,096 | 18,453 | 25,223 | |||||||||
Consumer | 284 | 383 | 508 | |||||||||
Total | $ | 109,461 | $ | 150,151 | $ | 169,758 |
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands) | ||||||||||||
Commercial real estate | ||||||||||||
Owner occupied | $ | 849 | $ | 1,575 | $ | 1,550 | ||||||
Non-owner occupied | 1,196 | 1,560 | 1,484 | |||||||||
Multi-family | — | — | 1 | |||||||||
Commercial and industrial | ||||||||||||
Commercial | 683 | 288 | 745 | |||||||||
Leases | 44 | — | — | |||||||||
Construction and land development | ||||||||||||
Construction | — | — | — | |||||||||
Land | 830 | 785 | 1,021 | |||||||||
Residential real estate | 560 | 579 | 646 | |||||||||
Consumer | 5 | 7 | 47 | |||||||||
Total | $ | 4,167 | $ | 4,794 | $ | 5,494 |
December 31, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
Non-accrual loans (1) | $ | 40,272 | $ | 48,381 | ||||
Loans past due 90 days or more on accrual status (2) | 1,067 | 3,028 | ||||||
Accruing troubled debt restructured loans | 53,637 | 70,707 | ||||||
Total nonperforming loans | 94,976 | 122,116 | ||||||
Other assets acquired through foreclosure, net | 47,815 | 43,942 | ||||||
Total nonperforming assets | $ | 142,791 | $ | 166,058 |
(1) | Includes non-accrual TDR loans of $7.1 million and $18.2 million at December 31, 2016 and 2015, respectively. |
(2) | Includes $0.1 million and zero from loans acquired with deteriorated credit quality at December 31, 2016 and 2015, respectively. |
April 20, 2016 | ||||||||||||
Commercial Real Estate | Construction and Land Development | Total | ||||||||||
(in thousands) | ||||||||||||
Contractually required principal and interest payments: | ||||||||||||
PCI | $ | 122,279 | $ | 12,742 | $ | 135,021 | ||||||
Non-PCI | 1,370,323 | 86,697 | 1,457,020 | |||||||||
Total loans acquired | 1,492,602 | 99,439 | 1,592,041 | |||||||||
Cash flows expected to be collected: | ||||||||||||
PCI | 107,865 | 11,754 | 119,619 | |||||||||
Non-PCI | 1,315,523 | 80,955 | 1,396,478 | |||||||||
Total loans acquired | 1,423,388 | 92,709 | 1,516,097 | |||||||||
Fair value of loans acquired: | ||||||||||||
PCI | 85,329 | 7,938 | 93,267 | |||||||||
Non-PCI | 1,122,419 | 65,311 | 1,187,730 | |||||||||
Total loans acquired | $ | 1,207,748 | $ | 73,249 | $ | 1,280,997 |
As Adjusted | ||||||||||||||||||||||||
Commercial and Industrial | Commercial Real Estate | Construction and Land Development | Residential Real Estate | Consumer | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Contractually required principal and interest payments: | ||||||||||||||||||||||||
PCI | $ | 17,899 | $ | 3,127 | $ | — | $ | 2,509 | $ | — | $ | 23,535 | ||||||||||||
Non-PCI | 1,225,837 | 340,762 | 106,851 | 26,999 | 987 | 1,701,436 | ||||||||||||||||||
Total loans acquired | 1,243,736 | 343,889 | 106,851 | 29,508 | 987 | 1,724,971 | ||||||||||||||||||
Cash flows expected to be collected: | ||||||||||||||||||||||||
PCI | 10,066 | 1,570 | — | 2,088 | — | 13,724 | ||||||||||||||||||
Non-PCI | 1,186,076 | 304,944 | 102,240 | 26,629 | 989 | 1,620,878 | ||||||||||||||||||
Total loans acquired | 1,196,142 | 306,514 | 102,240 | 28,717 | 989 | 1,634,602 | ||||||||||||||||||
Fair value of loans acquired: | ||||||||||||||||||||||||
PCI | 7,092 | 1,417 | — | 2,075 | — | 10,584 | ||||||||||||||||||
Non-PCI | 1,076,742 | 229,306 | 99,080 | 23,023 | 925 | 1,429,076 | ||||||||||||||||||
Total loans acquired | $ | 1,083,834 | $ | 230,723 | $ | 99,080 | $ | 25,098 | $ | 925 | $ | 1,439,660 |
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands) | ||||||||||||
Balance, at beginning of period | $ | 15,925 | $ | 19,156 | $ | 28,164 | ||||||
Additions due to acquisition | 4,301 | 857 | — | |||||||||
Measurement period adjustments | — | 38 | — | |||||||||
Reclassifications from non-accretable to accretable yield (1) | 1,892 | 1,747 | 6,052 | |||||||||
Accretion to interest income | (3,439 | ) | (3,996 | ) | (7,185 | ) | ||||||
Reversal of fair value adjustments upon disposition of loans | (3,502 | ) | (1,877 | ) | (7,875 | ) | ||||||
Balance, at end of period | $ | 15,177 | $ | 15,925 | $ | 19,156 |
(1) | The primary drivers of reclassification from non-accretable to accretable yield resulted from changes in estimated cash flows. |
Year Ended December 31, | ||||||||||||||||||||||||
Construction and Land Development | Commercial Real Estate | Residential Real Estate | Commercial and Industrial | Consumer | Total | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
2016 | ||||||||||||||||||||||||
Beginning Balance | $ | 18,976 | $ | 23,160 | $ | 5,278 | $ | 71,181 | $ | 473 | $ | 119,068 | ||||||||||||
Charge-offs | 18 | 728 | 165 | 12,477 | 161 | 13,549 | ||||||||||||||||||
Recoveries | (485 | ) | (5,690 | ) | (875 | ) | (3,991 | ) | (144 | ) | (11,185 | ) | ||||||||||||
Provision | 1,732 | (2,449 | ) | (2,137 | ) | 10,638 | 216 | 8,000 | ||||||||||||||||
Ending balance | $ | 21,175 | $ | 25,673 | $ | 3,851 | $ | 73,333 | $ | 672 | $ | 124,704 | ||||||||||||
2015 | ||||||||||||||||||||||||
Beginning Balance | $ | 18,558 | $ | 28,783 | $ | 7,456 | $ | 54,566 | $ | 853 | $ | 110,216 | ||||||||||||
Charge-offs | — | — | 820 | 5,550 | 127 | 6,497 | ||||||||||||||||||
Recoveries | (1,872 | ) | (4,139 | ) | (2,181 | ) | (3,754 | ) | (203 | ) | (12,149 | ) | ||||||||||||
Provision | (1,454 | ) | (9,762 | ) | (3,539 | ) | 18,411 | (456 | ) | 3,200 | ||||||||||||||
Ending balance | $ | 18,976 | $ | 23,160 | $ | 5,278 | $ | 71,181 | $ | 473 | $ | 119,068 | ||||||||||||
2014 | ||||||||||||||||||||||||
Beginning Balance | $ | 14,519 | $ | 32,064 | $ | 11,640 | $ | 39,657 | $ | 2,170 | $ | 100,050 | ||||||||||||
Charge-offs | 87 | 964 | 1,728 | 4,370 | 513 | 7,662 | ||||||||||||||||||
Recoveries | (2,160 | ) | (3,859 | ) | (1,896 | ) | (4,728 | ) | (459 | ) | (13,102 | ) | ||||||||||||
Provision | 1,966 | (6,176 | ) | (4,352 | ) | 14,551 | (1,263 | ) | 4,726 | |||||||||||||||
Ending balance | $ | 18,558 | $ | 28,783 | $ | 7,456 | $ | 54,566 | $ | 853 | $ | 110,216 |
Commercial Real Estate-Owner Occupied | Commercial Real Estate-Non-Owner Occupied | Commercial and Industrial | Residential Real Estate | Construction and Land Development | Commercial Leases | Consumer | Total Loans | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Loans as of December 31, 2016: | ||||||||||||||||||||||||||||||||
Recorded Investment: | ||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded | $ | 3,125 | $ | — | $ | 7,766 | $ | — | $ | — | $ | — | $ | 18 | $ | 10,909 | ||||||||||||||||
Impaired loans with no allowance recorded | 17,624 | 25,524 | 13,340 | 16,391 | 14,838 | 355 | 228 | 88,300 | ||||||||||||||||||||||||
Total loans individually evaluated for impairment | 20,749 | 25,524 | 21,106 | 16,391 | 14,838 | 355 | 246 | 99,209 | ||||||||||||||||||||||||
Loans collectively evaluated for impairment | 1,981,176 | 3,383,585 | 5,733,915 | 242,409 | 1,443,952 | 100,410 | 38,717 | 12,924,164 | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 11,351 | 134,847 | — | 632 | 19,324 | — | — | 166,154 | ||||||||||||||||||||||||
Total recorded investment | $ | 2,013,276 | $ | 3,543,956 | $ | 5,755,021 | $ | 259,432 | $ | 1,478,114 | $ | 100,765 | $ | 38,963 | $ | 13,189,527 | ||||||||||||||||
Unpaid Principal Balance | ||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded | $ | 3,125 | $ | — | $ | 8,019 | $ | — | $ | — | $ | — | $ | 18 | $ | 11,162 | ||||||||||||||||
Impaired loans with no allowance recorded | 26,336 | 33,632 | 43,176 | 26,225 | 33,487 | 507 | 1,358 | 164,721 | ||||||||||||||||||||||||
Total loans individually evaluated for impairment | 29,461 | 33,632 | 51,195 | 26,225 | 33,487 | 507 | 1,376 | 175,883 | ||||||||||||||||||||||||
Loans collectively evaluated for impairment | 1,981,176 | 3,383,585 | 5,733,915 | 242,409 | 1,443,952 | 100,410 | 38,717 | 12,924,164 | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 14,878 | 165,275 | 925 | 738 | 19,858 | — | — | 201,674 | ||||||||||||||||||||||||
Total unpaid principal balance | $ | 2,025,515 | $ | 3,582,492 | $ | 5,786,035 | $ | 269,372 | $ | 1,497,297 | $ | 100,917 | $ | 40,093 | $ | 13,301,721 | ||||||||||||||||
Related Allowance for Credit Losses | ||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded | $ | 937 | $ | — | $ | 3,301 | $ | — | $ | — | $ | — | $ | 1 | $ | 4,239 | ||||||||||||||||
Impaired loans with no allowance recorded | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total loans individually evaluated for impairment | 937 | — | 3,301 | — | — | — | 1 | 4,239 | ||||||||||||||||||||||||
Loans collectively evaluated for impairment | 11,403 | 12,646 | 69,673 | 3,851 | 20,398 | — | 671 | 118,642 | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | — | 687 | 359 | — | 777 | — | — | 1,823 | ||||||||||||||||||||||||
Total allowance for credit losses | $ | 12,340 | $ | 13,333 | $ | 73,333 | $ | 3,851 | $ | 21,175 | $ | — | $ | 672 | $ | 124,704 |
Commercial Real Estate-Owner Occupied | Commercial Real Estate-Non-Owner Occupied | Commercial and Industrial | Residential Real Estate | Construction and Land Development | Commercial Leases | Consumer | Total Loans | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Loans as of December 31, 2015: | ||||||||||||||||||||||||||||||||
Recorded Investment: | ||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded | $ | 2,778 | $ | 2,344 | $ | 18,230 | $ | 914 | $ | — | $ | — | $ | 21 | $ | 24,287 | ||||||||||||||||
Impaired loans with no allowance recorded | 20,375 | 38,737 | 8,283 | 15,661 | 18,322 | 2,896 | 313 | 104,587 | ||||||||||||||||||||||||
Total loans individually evaluated for impairment | 23,153 | 41,081 | 26,513 | 16,575 | 18,322 | 2,896 | 334 | 128,874 | ||||||||||||||||||||||||
Loans collectively evaluated for impairment | 2,044,934 | 2,180,250 | 5,085,299 | 303,372 | 1,115,117 | 145,597 | 26,571 | 10,901,140 | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 15,198 | 62,205 | 2,445 | 2,992 | — | — | — | 82,840 | ||||||||||||||||||||||||
Total recorded investment | $ | 2,083,285 | $ | 2,283,536 | $ | 5,114,257 | $ | 322,939 | $ | 1,133,439 | $ | 148,493 | $ | 26,905 | $ | 11,112,854 | ||||||||||||||||
Unpaid Principal Balance | ||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded | $ | 2,778 | $ | 2,344 | $ | 19,233 | $ | 969 | $ | — | $ | — | $ | 21 | $ | 25,345 | ||||||||||||||||
Impaired loans with no allowance recorded | 63,709 | 61,692 | 71,773 | 44,142 | 82,800 | 5,229 | 3,923 | 333,268 | ||||||||||||||||||||||||
Total loans individually evaluated for impairment | 66,487 | 64,036 | 91,006 | 45,111 | 82,800 | 5,229 | 3,944 | 358,613 | ||||||||||||||||||||||||
Loans collectively evaluated for impairment | 2,044,934 | 2,180,250 | 5,085,299 | 303,372 | 1,115,117 | 145,597 | 26,571 | 10,901,140 | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | 20,227 | 88,181 | 7,820 | 3,536 | — | — | — | 119,764 | ||||||||||||||||||||||||
Total unpaid principal balance | $ | 2,131,648 | $ | 2,332,467 | $ | 5,184,125 | $ | 352,019 | $ | 1,197,917 | $ | 150,826 | $ | 30,515 | $ | 11,379,517 | ||||||||||||||||
Related Allowance for Credit Losses | ||||||||||||||||||||||||||||||||
Impaired loans with an allowance recorded | $ | 858 | $ | 11 | $ | 3,518 | $ | 270 | $ | — | $ | — | $ | 1 | $ | 4,658 | ||||||||||||||||
Impaired loans with no allowance recorded | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total loans individually evaluated for impairment | 858 | 11 | 3,518 | 270 | — | — | 1 | 4,658 | ||||||||||||||||||||||||
Loans collectively evaluated for impairment | 10,953 | 11,302 | 65,806 | 5,008 | 18,976 | 1,857 | 472 | 114,374 | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality | — | 36 | — | — | — | — | — | 36 | ||||||||||||||||||||||||
Total allowance for credit losses | $ | 11,811 | $ | 11,349 | $ | 69,324 | $ | 5,278 | $ | 18,976 | $ | 1,857 | $ | 473 | $ | 119,068 |
Year Ended December 31, 2016 | |||||||||||||||||||||||
Number of Loans | Pre-Modification Outstanding Recorded Investment | Forgiven Principal Balance | Lost Interest Income | Post-Modification Outstanding Recorded Investment | Waived Fees and Other Expenses | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Owner occupied | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Non-owner occupied | — | — | — | — | — | — | |||||||||||||||||
Multi-family | — | — | — | — | — | — | |||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||
Commercial | 2 | 2,405 | — | — | 2,405 | — | |||||||||||||||||
Leases | — | — | — | — | — | — | |||||||||||||||||
Construction and land development | |||||||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||
Land | — | — | — | — | — | — | |||||||||||||||||
Residential real estate | — | — | — | — | — | — | |||||||||||||||||
Consumer | — | — | — | — | — | — | |||||||||||||||||
Total | 2 | $ | 2,405 | $ | — | $ | — | $ | 2,405 | $ | — |
Year Ended December 31, 2015 | |||||||||||||||||||||||
Number of Loans | Pre-Modification Outstanding Recorded Investment | Forgiven Principal Balance | Lost Interest Income | Post-Modification Outstanding Recorded Investment | Waived Fees and Other Expenses | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Owner occupied | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Non-owner occupied | 1 | 193 | — | — | 193 | — | |||||||||||||||||
Multi-family | — | — | — | — | — | — | |||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||
Commercial | 1 | 256 | — | — | 256 | — | |||||||||||||||||
Leases | — | — | — | — | — | — | |||||||||||||||||
Construction and land development | |||||||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||
Land | — | — | — | — | — | — | |||||||||||||||||
Residential real estate | 1 | 81 | — | 3 | 78 | 4 | |||||||||||||||||
Consumer | — | — | — | — | — | — | |||||||||||||||||
Total | 3 | $ | 530 | $ | — | $ | 3 | $ | 527 | $ | 4 |
Year Ended December 31, 2014 | |||||||||||||||||||||||
Number of Loans | Pre-Modification Outstanding Recorded Investment | Forgiven Principal Balance | Lost Interest Income | Post-Modification Outstanding Recorded Investment | Waived Fees and Other Expenses | ||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Owner occupied | 6 | $ | 14,646 | $ | 378 | $ | 257 | $ | 14,011 | $ | 33 | ||||||||||||
Non-owner occupied | 5 | 16,976 | — | 60 | 16,916 | 15 | |||||||||||||||||
Multi-family | — | — | — | — | — | — | |||||||||||||||||
Commercial and industrial | |||||||||||||||||||||||
Commercial | 6 | 2,655 | — | — | 2,655 | 4 | |||||||||||||||||
Leases | — | — | — | — | — | — | |||||||||||||||||
Construction and land development | |||||||||||||||||||||||
Construction | — | — | — | — | — | — | |||||||||||||||||
Land | 2 | 2,687 | — | 47 | 2,640 | — | |||||||||||||||||
Residential real estate | 5 | 1,966 | 447 | 70 | 1,449 | 15 | |||||||||||||||||
Consumer | — | — | — | — | — | — | |||||||||||||||||
Total | 24 | $ | 38,930 | $ | 825 | $ | 434 | $ | 37,671 | $ | 67 |
Year Ended December 31, | |||||||||||||||||||||
2016 | 2015 | 2014 | |||||||||||||||||||
Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||
Owner occupied | — | $ | — | — | $ | — | 2 | $ | 395 | ||||||||||||
Non-owner occupied | 1 | 5,381 | — | — | 2 | 984 | |||||||||||||||
Multi-family | — | — | — | — | — | — | |||||||||||||||
Commercial and industrial | |||||||||||||||||||||
Commercial | — | — | — | — | 3 | 369 | |||||||||||||||
Leases | — | — | — | — | — | — | |||||||||||||||
Construction and land development | |||||||||||||||||||||
Construction | — | — | 1 | 137 | — | — | |||||||||||||||
Land | — | — | — | — | — | — | |||||||||||||||
Residential real estate | 2 | 408 | 3 | 1,047 | 1 | 202 | |||||||||||||||
Consumer | — | — | — | — | — | — | |||||||||||||||
Total | 3 | $ | 5,789 | 4 | $ | 1,184 | 8 | $ | 1,950 |
December 31, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
Bank premises | $ | 83,285 | $ | 83,431 | ||||
Land and improvements | 33,309 | 33,971 | ||||||
Furniture, fixtures, and equipment | 45,676 | 40,025 | ||||||
Leasehold improvements | 22,709 | 18,958 | ||||||
Construction in progress | 4,840 | 1,999 | ||||||
Total | 189,819 | 178,384 | ||||||
Accumulated depreciation and amortization | (69,986 | ) | (59,849 | ) | ||||
Premises and equipment, net | $ | 119,833 | $ | 118,535 |
(in thousands) | ||||
2017 | $ | 11,024 | ||
2018 | 10,271 | |||
2019 | 9,310 | |||
2020 | 7,537 | |||
2021 | 4,439 | |||
Thereafter | 7,006 | |||
Total future minimum rental payments | $ | 49,587 |
Year Ended December 31, | ||||||||||||
2016 | ||||||||||||
Gross Balance | Valuation Allowance | Net Balance | ||||||||||
(in thousands) | ||||||||||||
Balance, beginning of period | $ | 52,984 | $ | (9,042 | ) | $ | 43,942 | |||||
Transfers to other assets acquired through foreclosure, net | 13,110 | — | 13,110 | |||||||||
Proceeds from sale of other real estate owned and repossessed assets, net | (11,584 | ) | 2,451 | (9,133 | ) | |||||||
Valuation adjustments, net | — | 268 | 268 | |||||||||
(Losses) gains, net (1) | (372 | ) | — | (372 | ) | |||||||
Balance, end of period | $ | 54,138 | $ | (6,323 | ) | $ | 47,815 | |||||
2015 | ||||||||||||
Balance, beginning of period | $ | 71,421 | $ | (14,271 | ) | $ | 57,150 | |||||
Additions from acquisition | 1,407 | — | 1,407 | |||||||||
Transfers to other assets acquired through foreclosure, net | 28,566 | — | 28,566 | |||||||||
Proceeds from sale of other real estate owned and repossessed assets, net | (51,038 | ) | 5,411 | (45,627 | ) | |||||||
Valuation adjustments, net | — | (182 | ) | (182 | ) | |||||||
Gains (losses), net (1) | 2,628 | — | 2,628 | |||||||||
Balance, end of period | $ | 52,984 | $ | (9,042 | ) | $ | 43,942 | |||||
2014 | ||||||||||||
Balance, beginning of period | $ | 88,421 | $ | (21,702 | ) | $ | 66,719 | |||||
Transfers to other assets acquired through foreclosure, net | 13,777 | — | 13,777 | |||||||||
Proceeds from sale of other real estate owned and repossessed assets, net | (33,643 | ) | 7,725 | (25,918 | ) | |||||||
Valuation adjustments, net | — | (294 | ) | (294 | ) | |||||||
Gains (losses), net (1) | 2,866 | — | 2,866 | |||||||||
Balance, end of period | $ | 71,421 | $ | (14,271 | ) | $ | 57,150 |
(1) | Includes net gains related to initial transfers to other assets of $0.4 million, $0.9 million, and $0.1 million during the years ended December 31, 2016, 2015, and 2014, respectively, pursuant to accounting guidance. |
December 31, 2016 | December 31, 2015 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Subject to amortization: | ||||||||||||||||||||||||
Core deposit intangibles | $ | 40,804 | $ | 28,227 | $ | 12,577 | $ | 40,804 | $ | 25,438 | $ | 15,366 | ||||||||||||
December 31, 2016 | December 31, 2015 | |||||||||||||||||||||||
Gross Carrying Amount | Impairment | Net Carrying Amount | Gross Carrying Amount | Impairment | Net Carrying Amount | |||||||||||||||||||
Not subject to amortization | ||||||||||||||||||||||||
Trade name | $ | 350 | $ | — | $ | 350 | $ | 350 | $ | — | $ | 350 |
Year Ended December 31, | ||||
(in thousands) | ||||
2017 | $ | 2,073 | ||
2018 | 1,594 | |||
2019 | 1,547 | |||
2020 | 1,494 | |||
2021 | 1,433 | |||
Thereafter | 4,436 | |||
Total | $ | 12,577 |
December 31, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
Non-interest-bearing demand | $ | 5,632,926 | $ | 4,093,976 | ||||
Interest-bearing demand | 1,346,718 | 1,028,073 | ||||||
Savings and money market | 6,120,877 | 5,296,921 | ||||||
Certificates of deposit ($250,000 or more) | 609,678 | 626,718 | ||||||
Other time deposits | 839,664 | 984,936 | ||||||
Total deposits | $ | 14,549,863 | $ | 12,030,624 |
December 31, | ||||
(in thousands) | ||||
2017 | $ | 1,331,419 | ||
2018 | 91,089 | |||
2019 | 19,508 | |||
2020 | 3,886 | |||
2021 | 3,440 | |||
Total | $ | 1,449,342 |
December 31, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
Short-Term: | ||||||||
FHLB advances | 80,000 | 150,000 | ||||||
Total short-term borrowings | $ | 80,000 | $ | 150,000 |
December 31, | ||||||||||
Name of Trust | Maturity | 2016 | 2015 | |||||||
At fair value | (in thousands) | |||||||||
BankWest Nevada Capital Trust II | 2033 | $ | 15,464 | $ | 15,464 | |||||
Intermountain First Statutory Trust I | 2034 | 10,310 | 10,310 | |||||||
First Independent Statutory Trust I | 2035 | 7,217 | 7,217 | |||||||
WAL Trust No. 1 | 2036 | 20,619 | 20,619 | |||||||
WAL Statutory Trust No. 2 | 2037 | 5,155 | 5,155 | |||||||
WAL Statutory Trust No. 3 | 2037 | 7,732 | 7,732 | |||||||
Total contractual balance | 66,497 | 66,497 | ||||||||
FVO on junior subordinated debt | (16,087 | ) | (19,569 | ) | ||||||
Junior subordinated debt, at fair value | $ | 50,410 | $ | 46,928 | ||||||
At amortized cost | ||||||||||
Bridge Capital Holdings Trust I | 2035 | $ | 12,372 | $ | 12,372 | |||||
Bridge Capital Holdings Trust II | 2036 | 5,155 | 5,155 | |||||||
Total contractual balance | 17,527 | 17,527 | ||||||||
Purchase accounting adjustment, net of accretion (1) | (5,776 | ) | (6,085 | ) | ||||||
Junior subordinated debt, at amortized cost | $ | 11,751 | $ | 11,442 | ||||||
Total junior subordinated debt | $ | 62,161 | $ | 58,370 |
(1) | The purchase accounting adjustment will be accreted over the remaining life of the trusts, pursuant to accounting guidance. |
December 31, | ||||||||||||||
2016 | 2015 | |||||||||||||
Shares | Weighted Average Grant Date Fair Value | Shares | Weighted Average Grant Date Fair Value | |||||||||||
(in thousands, except per share amounts) | ||||||||||||||
Balance, beginning of period | 1,492 | $ | 20.46 | 1,050 | $ | 16.19 | ||||||||
Granted | 478 | 32.00 | 509 | 27.55 | ||||||||||
Issued in acquisition | — | — | 546 | 14.70 | ||||||||||
Vested | (571 | ) | 16.95 | (528 | ) | 13.02 | ||||||||
Forfeited | (121 | ) | 23.65 | (85 | ) | 21.63 | ||||||||
Balance, end of period | 1,278 | $ | 26.02 | 1,492 | $ | 20.46 |
December 31, 2016 | |||||||||||||
Shares | Weighted Average Exercise Price (per share) | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | ||||||||||
(in thousands, except exercise price and contractual terms) | |||||||||||||
Outstanding options, beginning of period | 224 | $ | 19.15 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (77 | ) | 13.93 | ||||||||||
Forfeited or expired | (10 | ) | 24.48 | ||||||||||
Options outstanding, end of period | 137 | $ | 21.70 | 6.76 | $ | 3,704 | |||||||
Options exercisable, end of period | 64 | $ | 17.30 | 5.86 | $ | 2,020 | |||||||
Options expected to vest, end of period | 56 | $ | 25.56 | 7.56 | $ | 2,316 |
June 30, 2015 | |||
Dividend yield | — | % | |
Volatility | 33.96 | % | |
Risk-free interest rate | 2.11 | % | |
Expected life in years | 7.66 | ||
Weighted average fair value of assumed options | $ | 19.06 |
Unrealized holding gains (losses) on AFS | Unrealized holding gains (losses) on SERP | Unrealized holding gains (losses) on junior subordinated debt | Impairment loss on securities | Total | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Balance, December 31, 2013 | $ | (21,690 | ) | $ | — | $ | — | $ | 144 | $ | (21,546 | ) | ||||||||
Transfer of HTM securities to AFS | 8,976 | — | — | — | 8,976 | |||||||||||||||
Other comprehensive income (loss) before reclassifications | 29,683 | — | — | — | 29,683 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income | (474 | ) | — | — | — | (474 | ) | |||||||||||||
Net current-period other comprehensive income (loss) | 38,185 | — | — | — | 38,185 | |||||||||||||||
Balance, December 31, 2014 | $ | 16,495 | $ | — | $ | — | $ | 144 | $ | 16,639 | ||||||||||
Balance, January 1, 2015 (1) | 16,495 | — | 16,309 | 144 | 32,948 | |||||||||||||||
Other comprehensive (loss) income before reclassifications | (6,117 | ) | 90 | (4,276 | ) | — | (10,303 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | (385 | ) | — | — | — | (385 | ) | |||||||||||||
Net current-period other comprehensive (loss) income | (6,502 | ) | 90 | (4,276 | ) | — | (10,688 | ) | ||||||||||||
Balance, December 31, 2015 | $ | 9,993 | $ | 90 | $ | 12,033 | $ | 144 | $ | 22,260 | ||||||||||
Other comprehensive (loss) income before reclassifications | (24,163 | ) | 31 | (2,077 | ) | — | (26,209 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | (746 | ) | — | — | — | (746 | ) | |||||||||||||
Net current-period other comprehensive (loss) income | (24,909 | ) | 31 | (2,077 | ) | — | (26,955 | ) | ||||||||||||
Balance, December 31, 2016 | $ | (14,916 | ) | $ | 121 | $ | 9,956 | $ | 144 | $ | (4,695 | ) |
(1) | As adjusted, due to the Company's election to early adopt an element of ASU 2016-01 issued by the FASB in January 2016. The cumulative effect of adoption of this guidance at January 1, 2015 resulted in a decrease to retained earnings of $16.3 million and a corresponding increase to accumulated other comprehensive income. |
Year Ended December 31, | ||||||||||||
Income Statement Classification | 2016 | 2015 | 2014 | |||||||||
(in thousands) | ||||||||||||
Gain (loss) on sales of investment securities, net | $ | 1,059 | $ | 615 | $ | 757 | ||||||
Income tax (expense) benefit | (404 | ) | (230 | ) | (283 | ) | ||||||
Net of tax | $ | 655 | $ | 385 | $ | 474 |
December 31, 2016 | December 31, 2015 | December 31, 2014 | |||||||||||||||||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||||||||||||||||
Notional Amount | Derivative Assets | Derivative Liabilities | Notional Amount | Derivative Assets | Derivative Liabilities | Notional Amount | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Fair value hedges | |||||||||||||||||||||||||||||||||||
Interest rate swaps | $ | 993,485 | $ | 4,220 | $ | 65,749 | $ | 800,478 | $ | 3,569 | $ | 64,785 | $ | 647,703 | $ | 7 | $ | 57,820 | |||||||||||||||||
Total | 993,485 | 4,220 | 65,749 | 800,478 | 3,569 | 64,785 | 647,703 | 7 | 57,820 | ||||||||||||||||||||||||||
Netting adjustments (1) | — | 1,869 | 1,869 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Net derivatives in the balance sheet | $ | 993,485 | $ | 2,351 | $ | 63,880 | $ | 800,478 | $ | 3,569 | $ | 64,785 | $ | 647,703 | $ | 7 | $ | 57,820 |
(1) | Netting adjustments represent the amounts recorded to convert the Company's derivative balances from a gross basis to a net basis in accordance with the applicable accounting guidance. |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Hedge of Fixed Rate Loans (1) | |||||||||||
Gain (loss) on "pay fixed" swap | $ | 15,582 | $ | (6,965 | ) | $ | (60,377 | ) | |||
Gain (loss) on receive fixed rate loans | (15,519 | ) | 7,044 | 60,208 | |||||||
Net ineffectiveness | $ | 63 | $ | 79 | $ | (169 | ) | ||||
Hedge of Fixed Rate Subordinated Debt Issuances (1) | |||||||||||
Gain (loss) on "receive fixed" swap | $ | (15,894 | ) | $ | 3,569 | $ | — | ||||
Gain (loss) on subordinated debt | 15,894 | (3,569 | ) | — | |||||||
Net ineffectiveness | $ | — | $ | — | $ | — |
(1) | The fair value of derivatives contracts are carried as other assets and other liabilities in the Consolidated Balance Sheets. The effective portion of hedging gains (losses) is recorded as basis adjustments to the underlying hedged asset or liability. Gains and losses on both the hedging derivative and hedged item are recorded through non-interest income with a resulting net income impact for the amount of ineffectiveness. |
December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands) | ||||||||||||
Largest gross exposure (derivative asset) to an individual counterparty | $ | 2,351 | $ | 3,569 | $ | 7 | ||||||
Collateral posted by this counterparty | 1,691 | 4,680 | — | |||||||||
Derivative liability with this counterparty | — | — | — | |||||||||
Collateral pledged to this counterparty | — | 1,340 | — | |||||||||
Net exposure after netting adjustments and collateral | $ | 660 | $ | 229 | $ | 7 |
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands, except per share amounts) | ||||||||||||
Weighted average shares - basic | 103,042 | 94,570 | 86,693 | |||||||||
Dilutive effect of stock awards | 801 | 649 | 813 | |||||||||
Weighted average shares - diluted | 103,843 | 95,219 | 87,506 | |||||||||
Net income available to common stockholders | $ | 259,798 | $ | 193,494 | $ | 146,564 | ||||||
Earnings per share - basic | 2.52 | 2.05 | 1.69 | |||||||||
Earnings per share - diluted | 2.50 | 2.03 | 1.67 |
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands) | ||||||||||||
Current | $ | 93,737 | $ | 61,040 | $ | 55,572 | ||||||
Deferred | 7,644 | 3,254 | (7,182 | ) | ||||||||
Total tax provision | $ | 101,381 | $ | 64,294 | $ | 48,390 |
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands) | ||||||||||||
Income tax at statutory rate | $ | 126,413 | $ | 90,489 | $ | 69,125 | ||||||
Increase (decrease) resulting from: | ||||||||||||
State income taxes, net of federal benefits | 8,046 | 5,783 | 4,904 | |||||||||
Bank owned life insurance | (1,317 | ) | (1,365 | ) | (1,578 | ) | ||||||
Tax-exempt income | (22,425 | ) | (20,226 | ) | (15,006 | ) | ||||||
Deferred tax asset valuation allowance | — | (2,290 | ) | (2,104 | ) | |||||||
Low income housing tax credits | (6,153 | ) | (5,223 | ) | (3,872 | ) | ||||||
Other, net | (3,183 | ) | (2,874 | ) | (3,079 | ) | ||||||
Total tax provision | $ | 101,381 | $ | 64,294 | $ | 48,390 |
December 31, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
Deferred tax assets: | ||||||||
Allowance for credit losses | $ | 50,860 | $ | 47,431 | ||||
Fair market value adjustment related to acquired loans | 7,941 | 13,930 | ||||||
Stock-based compensation | 12,302 | 12,069 | ||||||
Net operating loss carryovers | 9,024 | 9,255 | ||||||
Tax credit carryovers | — | 9,052 | ||||||
Startup costs and other amortization | 4,216 | 4,771 | ||||||
Allowance for other assets acquired through foreclosure, net | 3,230 | 4,280 | ||||||
Section 382 limited NUBILs | 3,251 | 3,284 | ||||||
Unrealized loss on AFS securities | 9,149 | — | ||||||
Other | 13,679 | 13,686 | ||||||
Total gross deferred tax assets | 113,652 | 117,758 | ||||||
Deferred tax liabilities: | ||||||||
Unrealized gain on debt instruments measured at fair value | (6,132 | ) | (7,537 | ) | ||||
Deferred loan costs | (3,212 | ) | (7,400 | ) | ||||
Unrealized gain on AFS securities | — | (6,353 | ) | |||||
Core deposit intangible | (4,949 | ) | (6,093 | ) | ||||
Premises and equipment | (449 | ) | (2,039 | ) | ||||
Unrealized gains on financial instruments measured at fair value | (2,200 | ) | (1,000 | ) | ||||
Other | (1,516 | ) | (984 | ) | ||||
Total deferred tax liabilities | (18,458 | ) | (31,406 | ) | ||||
Deferred tax assets, net | $ | 95,194 | $ | 86,352 |
December 31, | |||||||
2016 | 2015 | ||||||
(in thousands) | |||||||
Beginning balance | $ | 1,038 | $ | — | |||
Gross Increases | |||||||
Tax positions in prior periods | — | 1,038 | |||||
Current period tax positions | — | — | |||||
Gross decreases | |||||||
Tax positions in prior periods | — | — | |||||
Settlements | — | — | |||||
Lapse of statute of limitations | — | — | |||||
Ending balance | $ | 1,038 | $ | 1,038 |
December 31, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
Commitments to extend credit, including unsecured loan commitments of $360,840 at December 31, 2016 and $341,374 at December 31, 2015 | $ | 4,428,495 | $ | 3,624,578 | ||||
Credit card commitments and financial guarantees | 115,536 | 57,966 | ||||||
Standby letters of credit, including unsecured letters of credit of $6,431 at December 31, 2016 and $4,257 at December 31, 2015 | 78,576 | 50,659 | ||||||
Total | $ | 4,622,607 | $ | 3,733,203 |
Amount of Commitment Expiration per Period | ||||||||||||||||||||
Total Amounts Committed | Less Than 1 Year | 1-3 Years | 3-5 Years | After 5 Years | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Commitments to extend credit | $ | 4,428,495 | $ | 2,121,720 | $ | 1,575,416 | $ | 320,886 | $ | 410,473 | ||||||||||
Credit card commitments and financial guarantees | 115,536 | 115,536 | — | — | — | |||||||||||||||
Standby letters of credit | 78,576 | 67,192 | 11,017 | 367 | — | |||||||||||||||
Total | $ | 4,622,607 | $ | 2,304,448 | $ | 1,586,433 | $ | 321,253 | $ | 410,473 |
Changes in Fair Values for Items Measured at Fair Value Pursuant to Election of the Fair Value Option | ||||||||||||||||||||
Unrealized Gain/(Loss) on Assets and Liabilities Measured at Fair Value, Net | Interest Income on Securities | Interest Expense on Junior Subordinated Debt | Total Changes Included in Current-Period Earnings | Total Changes Included in OCI (1) | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Year Ended December 31, 2016 | ||||||||||||||||||||
Securities measured at fair value | $ | (18 | ) | $ | 41 | $ | — | $ | 23 | $ | — | |||||||||
Junior subordinated debt | (3,482 | ) | — | (2,828 | ) | (2,828 | ) | (2,077 | ) | |||||||||||
Total | $ | (3,500 | ) | $ | 41 | $ | (2,828 | ) | $ | (2,805 | ) | $ | (2,077 | ) | ||||||
Year Ended December 31, 2015 | ||||||||||||||||||||
Securities measured at fair value | $ | (32 | ) | $ | 54 | $ | — | $ | 22 | $ | — | |||||||||
Junior subordinated debt | (6,491 | ) | — | (2,151 | ) | (2,151 | ) | (4,276 | ) | |||||||||||
Total | $ | (6,523 | ) | $ | 54 | $ | (2,151 | ) | $ | (2,129 | ) | $ | (4,276 | ) | ||||||
Year Ended December 31, 2014 | ||||||||||||||||||||
Securities measured at fair value | $ | (41 | ) | $ | 90 | $ | — | $ | 49 | $ | — | |||||||||
Junior subordinated debt | 1,421 | — | (1,754 | ) | (333 | ) | — | |||||||||||||
Total | $ | 1,380 | $ | 90 | $ | (1,754 | ) | $ | (284 | ) | $ | — |
(1) | Due to the Company's election to early adopt an element of ASU 2016-01, changes in the fair value of junior subordinated debt are presented as part of OCI, net of tax, rather than included in earnings, effective January 1, 2015. |
Fair Value Measurements at the End of the Reporting Period Using: | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
December 31, 2016 | ||||||||||||||||
Assets: | ||||||||||||||||
Measured at fair value | ||||||||||||||||
Residential MBS issued by GSEs | $ | — | $ | 1,053 | $ | — | $ | 1,053 | ||||||||
Available-for-sale | ||||||||||||||||
Collateralized debt obligations | $ | — | $ | 13,490 | $ | — | $ | 13,490 | ||||||||
Commercial MBS issued by GSEs | — | 117,792 | — | 117,792 | ||||||||||||
Corporate debt securities | 20,000 | 44,144 | — | 64,144 | ||||||||||||
CRA investments | 37,113 | — | — | 37,113 | ||||||||||||
Preferred stock | 94,662 | — | — | 94,662 | ||||||||||||
Private label residential MBS | — | 433,685 | — | 433,685 | ||||||||||||
Residential MBS issued by GSEs | — | 1,355,205 | — | 1,355,205 | ||||||||||||
Tax-exempt | — | 408,233 | — | 408,233 | ||||||||||||
Trust preferred securities | — | 26,532 | — | 26,532 | ||||||||||||
U.S. government sponsored agency securities | — | 56,022 | — | 56,022 | ||||||||||||
U.S. treasury securities | — | 2,502 | — | 2,502 | ||||||||||||
Total AFS securities | $ | 151,775 | $ | 2,457,605 | $ | — | $ | 2,609,380 | ||||||||
Loans - HFS | $ | — | $ | 18,909 | $ | — | $ | 18,909 | ||||||||
Derivative assets (1) | — | 4,220 | — | 4,220 | ||||||||||||
Liabilities: | ||||||||||||||||
Junior subordinated debt (2) | $ | — | $ | — | $ | 50,410 | $ | 50,410 | ||||||||
Derivative liabilities (1) | — | 65,749 | — | 65,749 |
(1) | Derivative assets and liabilities relate to interest rate swaps, see "Note 13. Derivatives and Hedging Activities." In addition, the carrying value of loans includes a net positive value of $48,161 and the net carrying value of subordinated debt includes a net negative value of $12,325 as of December 31, 2016, which relates to the effective portion of the hedges put in place to mitigate against fluctuations in interest rates. |
(2) | Includes only the portion of junior subordinated debt that is recorded at fair value at each reporting period pursuant to the election of FVO treatment. |
Fair Value Measurements at the End of the Reporting Period Using: | ||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
December 31, 2015 | ||||||||||||||||
Assets: | ||||||||||||||||
Measured at fair value | ||||||||||||||||
Residential MBS issued by GSEs | $ | — | $ | 1,481 | $ | — | $ | 1,481 | ||||||||
Available-for-sale | ||||||||||||||||
Collateralized debt obligations | $ | — | $ | — | $ | 10,060 | $ | 10,060 | ||||||||
Commercial MBS issued by GSEs | — | 19,114 | — | 19,114 | ||||||||||||
Corporate debt securities | — | 13,251 | — | 13,251 | ||||||||||||
CRA investments | 34,685 | — | — | 34,685 | ||||||||||||
Preferred stock | 111,236 | — | — | 111,236 | ||||||||||||
Private label commercial MBS | — | 4,691 | — | 4,691 | ||||||||||||
Private label residential MBS | — | 257,128 | — | 257,128 | ||||||||||||
Residential MBS issued by GSEs | — | 1,170,221 | — | 1,170,221 | ||||||||||||
Tax-exempt | — | 334,830 | — | 334,830 | ||||||||||||
Trust preferred securities | — | 24,314 | — | 24,314 | ||||||||||||
U.S. government sponsored agency securities | 2,993 | — | — | 2,993 | ||||||||||||
Total AFS securities | $ | 148,914 | $ | 1,823,549 | $ | 10,060 | $ | 1,982,523 | ||||||||
Loans - HFS | $ | — | $ | 23,809 | $ | — | $ | 23,809 | ||||||||
Derivative assets (1) | — | 3,569 | — | 3,569 | ||||||||||||
Liabilities: | ||||||||||||||||
Junior subordinated debt | $ | — | $ | — | $ | 46,928 | $ | 46,928 | ||||||||
Derivative liabilities (1) | — | 64,785 | — | 64,785 |
(1) | Derivative assets and liabilities relate to interest rate swaps, see "Note 13. Derivatives and Hedging Activities." In addition, the carrying value of loans includes a net positive value of $64,184 and the net carrying value of subordinated debt includes a net negative value of $3,569 as of December 31, 2015, which relates to the effective portion of the hedges put in place to mitigate against fluctuations in interest rates. |
Junior Subordinated Debt | ||||||||||||
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands) | ||||||||||||
Beginning balance | $ | (46,928 | ) | $ | (40,437 | ) | $ | (41,858 | ) | |||
Transfers into Level 3 | — | — | — | |||||||||
Total gains (losses) for the period | ||||||||||||
Included in earnings | — | — | 1,421 | |||||||||
Included in other comprehensive income (1) | (3,482 | ) | (6,491 | ) | — | |||||||
Ending balance | $ | (50,410 | ) | $ | (46,928 | ) | $ | (40,437 | ) |
(1) | Due to the Company's election to early adopt an element of ASU 2016-01, changes in the fair value of junior subordinated debt are presented as part of OCI rather than earnings effective January 1, 2015. Accordingly, total losses for 2015 are included in the other comprehensive income line, Unrealized gain (loss) on junior subordinated debt, which is net of tax. The above amount represents the gross loss from changes in fair value of junior subordinated debt. |
CDO Securities | ||||||||||||
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands) | ||||||||||||
Beginning balance | $ | 10,060 | $ | 11,445 | $ | — | ||||||
Transfers into Level 3 | — | — | 6,243 | |||||||||
Transfers out of Level 3 | (11,274 | ) | — | — | ||||||||
Total gains (losses) for the period | ||||||||||||
Included in other comprehensive income (1) | 1,214 | (1,385 | ) | 5,202 | ||||||||
Ending balance | $ | — | $ | 10,060 | $ | 11,445 |
(1) | Total gains (losses) for the period are included in the other comprehensive income line, Unrealized gain (loss) on AFS securities. |
December 31, 2016 | Valuation Technique | Significant Unobservable Inputs | Input Value | ||||||||
(in thousands) | |||||||||||
Junior subordinated debt | $ | 50,410 | Discounted cash flow | Implied credit rating of the Company | 5.66 | % |
December 31, 2015 | Valuation Technique | Significant Unobservable Inputs | Input Value | ||||||||
(in thousands) | |||||||||||
Junior subordinated debt | $ | 46,928 | Discounted cash flow | Adjusted Corporate Bond over Treasury Index with comparable credit spread | 5.67 | % | |||||
CDO securities | 10,060 | S&P Model | Pricing indications from comparable securities |
Fair Value Measurements at the End of the Reporting Period Using | ||||||||||||||||
Total | Quoted Prices in Active Markets for Identical Assets (Level 1) | Active Markets for Similar Assets (Level 2) | Unobservable Inputs (Level 3) | |||||||||||||
(in thousands) | ||||||||||||||||
As of December 31, 2016: | ||||||||||||||||
Impaired loans with specific valuation allowance | $ | 6,670 | $ | — | $ | — | $ | 6,670 | ||||||||
Impaired loans without specific valuation allowance (1) | 60,738 | — | — | 60,738 | ||||||||||||
Other assets acquired through foreclosure | 47,815 | — | — | 47,815 | ||||||||||||
As of December 31, 2015: | ||||||||||||||||
Impaired loans with specific valuation allowance | $ | 19,629 | $ | — | $ | — | $ | 19,629 | ||||||||
Impaired loans without specific valuation allowance (1) | 66,754 | — | — | 66,754 | ||||||||||||
Other assets acquired through foreclosure | 43,942 | — | — | 43,942 |
(1) | Excludes loan balances with charge-offs of $27.6 million and $37.8 million as of December 31, 2016 and 2015, respectively. |
December 31, 2016 | Valuation Technique(s) | Significant Unobservable Inputs | Range | ||||||||
(in thousands) | |||||||||||
Impaired loans | $ | 67,408 | Collateral method | Third party appraisal | Costs to sell | 4.0% to 10.0% | |||||
Discounted cash flow method | Discount rate | Contractual loan rate | 4.0% to 7.0% | ||||||||
Scheduled cash collections | Loss given default | 0% to 20.0% | |||||||||
Proceeds from non-real estate collateral | Loss given default | 0% to 70.0% | |||||||||
Other assets acquired through foreclosure | 47,815 | Collateral method | Third party appraisal | Costs to sell | 4.0% to 10.0% |
December 31, 2015 | Valuation Technique(s) | Significant Unobservable Inputs | Range | ||||||||
(in thousands) | |||||||||||
Impaired loans | $ | 86,383 | Collateral method | Third party appraisal | Costs to sell | 4.0% to 10.0% | |||||
Discounted cash flow method | Discount rate | Contractual loan rate | 4.0% to 7.0% | ||||||||
Scheduled cash collections | Loss given default | 0% to 20.0% | |||||||||
Proceeds from non-real estate collateral | Loss given default | 0% to 70.0% | |||||||||
Other assets acquired through foreclosure | 43,942 | Collateral method | Third party appraisal | Costs to sell | 4.0% to 10.0% |
December 31, 2016 | ||||||||||||||||||||
Carrying Amount | Fair Value | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Investment securities: | ||||||||||||||||||||
HTM | $ | 92,079 | $ | — | $ | 91,966 | $ | — | $ | 91,966 | ||||||||||
AFS | 2,609,380 | 151,775 | 2,457,605 | — | 2,609,380 | |||||||||||||||
Trading | 1,053 | — | 1,053 | — | 1,053 | |||||||||||||||
Derivative assets | 4,220 | — | 4,220 | — | 4,220 | |||||||||||||||
Loans, net | 13,083,732 | — | 12,736,336 | 67,408 | 12,803,744 | |||||||||||||||
Accrued interest receivable | 70,320 | — | 70,320 | — | 70,320 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits | $ | 14,549,863 | $ | — | $ | 14,553,931 | $ | — | $ | 14,553,931 | ||||||||||
Customer repurchase agreements | 41,728 | — | 41,728 | — | 41,728 | |||||||||||||||
FHLB advances | 80,000 | — | 80,000 | — | 80,000 | |||||||||||||||
Qualifying debt | 367,937 | — | — | 375,626 | 375,626 | |||||||||||||||
Derivative liabilities | 65,749 | — | 65,749 | — | 65,749 | |||||||||||||||
Accrued interest payable | 15,354 | — | 15,354 | — | 15,354 |
December 31, 2015 | ||||||||||||||||||||
Carrying Amount | Fair Value | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Financial assets: | ||||||||||||||||||||
Investment securities: | ||||||||||||||||||||
AFS | $ | 1,982,523 | $ | 148,914 | $ | 1,823,549 | $ | 10,060 | $ | 1,982,523 | ||||||||||
Trading | 1,481 | — | 1,481 | — | 1,481 | |||||||||||||||
Derivative assets | 3,569 | — | 3,569 | — | 3,569 | |||||||||||||||
Loans, net | 11,017,595 | — | 10,766,826 | 86,383 | 10,853,209 | |||||||||||||||
Accrued interest receivable | 54,445 | — | 54,445 | — | 54,445 | |||||||||||||||
Financial liabilities: | ||||||||||||||||||||
Deposits | $ | 12,030,624 | $ | — | $ | 12,034,199 | $ | — | $ | 12,034,199 | ||||||||||
Customer repurchase agreements | 38,155 | — | 38,155 | — | 38,155 | |||||||||||||||
FHLB advances | 150,000 | — | 150,000 | — | 150,000 | |||||||||||||||
Qualifying debt | 210,238 | — | — | 207,437 | 207,437 | |||||||||||||||
Derivative liabilities | 64,785 | — | 64,785 | — | 64,785 | |||||||||||||||
Accrued interest payable | 13,626 | — | 13,626 | — | 13,626 |
Total Capital | Tier 1 Capital | Risk-Weighted Assets | Tangible Average Assets | Total Capital Ratio | Tier 1 Capital Ratio | Tier 1 Leverage Ratio | Common Equity Tier 1 | |||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
December 31, 2016 | ||||||||||||||||||||||||||||
WAL | $ | 2,107,480 | $ | 1,675,871 | $ | 15,980,092 | $ | 16,868,674 | 13.2 | % | 10.5 | % | 9.9 | % | 10.0 | % | ||||||||||||
WAB | 2,001,081 | 1,720,072 | 15,888,346 | 16,764,327 | 12.6 | 10.8 | 10.3 | 10.8 | ||||||||||||||||||||
Well-capitalized ratios | 10.0 | 8.0 | 5.0 | 6.5 | ||||||||||||||||||||||||
Minimum capital ratios | 8.0 | 6.0 | 4.0 | 4.5 | ||||||||||||||||||||||||
December 31, 2015 | ||||||||||||||||||||||||||||
WAL | $ | 1,603,472 | $ | 1,341,011 | $ | 13,193,563 | $ | 13,683,148 | 12.2 | % | 10.2 | % | 9.8 | % | 9.7 | % | ||||||||||||
WAB | 1,485,070 | 1,213,304 | 13,073,394 | 13,561,251 | 11.4 | 9.3 | 9.0 | 9.3 | ||||||||||||||||||||
Well-capitalized ratios | 10.0 | 8.0 | 5.0 | 6.5 | ||||||||||||||||||||||||
Minimum capital ratios | 8.0 | 6.0 | 4.0 | 4.5 |
December 31, 2016 | Six Months Ended December 31, 2015 | |||||||
(in thousands) | ||||||||
Change in benefit obligation | ||||||||
Benefit obligation at beginning of period | $ | 7,444 | $ | 7,122 | ||||
Service cost | 680 | 334 | ||||||
Interest cost | 425 | 202 | ||||||
Actuarial (gains)/losses | (88 | ) | (147 | ) | ||||
Expected benefits paid | (67 | ) | (67 | ) | ||||
Projected benefit obligation at end of year | $ | 8,394 | $ | 7,444 | ||||
Unfunded projected/accumulated benefit obligation | (8,394 | ) | (7,444 | ) | ||||
Additional liability | $ | — | $ | — | ||||
Weighted average assumptions to determine benefit obligation | ||||||||
Discount rate | 5.75 | % | 5.75 | % | ||||
Rate of compensation increase | 4.00 | % | 4.00 | % |
Year Ended | Six Months Ended December 31, 2015 | |||||||||||
2017 | 2016 | |||||||||||
(in thousands) | ||||||||||||
Components of net periodic benefit cost | ||||||||||||
Service cost | $ | 602 | $ | 614 | $ | 334 | ||||||
Interest cost | 480 | 425 | 202 | |||||||||
Amortization of prior service cost | 103 | 101 | 60 | |||||||||
Amortization of actuarial (gains)/losses | (109 | ) | (100 | ) | (18 | ) | ||||||
Net periodic benefit cost | $ | 1,076 | $ | 1,040 | $ | 578 | ||||||
Other comprehensive income (cost) | $ | (6 | ) | $ | 1 | $ | 42 |
Year Ended December 31, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
Balance, beginning | $ | 74,381 | $ | 70,570 | ||||
New loans | 637 | 10,678 | ||||||
Advances | 1,980 | 18,614 | ||||||
Repayments and other | (60,124 | ) | (25,481 | ) | ||||
Balance, ending | $ | 16,874 | $ | 74,381 |
December 31, | ||||||||
2016 | 2015 | |||||||
(in thousands) | ||||||||
ASSETS: | ||||||||
Cash and cash equivalents | $ | 11,409 | $ | 7,627 | ||||
Money market investments | — | 122 | ||||||
Investment securities - AFS | 34,562 | 50,507 | ||||||
Investment in bank subsidiaries | 2,003,550 | 1,522,245 | ||||||
Investment in non-bank subsidiaries | 46,140 | 4,948 | ||||||
Loans, net of deferred loan fees and costs and allowance for credit losses (1) | — | 35,635 | ||||||
Other assets acquired through foreclosure, net (1) | — | 14,471 | ||||||
Other assets | 29,400 | 16,854 | ||||||
Total assets | $ | 2,125,061 | $ | 1,652,409 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY: | ||||||||
Qualifying debt | $ | 216,838 | $ | 58,370 | ||||
Accrued interest and other liabilities | 16,694 | 2,537 | ||||||
Total liabilities | 233,532 | 60,907 | ||||||
Total stockholders’ equity | 1,891,529 | 1,591,502 | ||||||
Total liabilities and stockholders’ equity | $ | 2,125,061 | $ | 1,652,409 |
(1) | During the year ended December 31, 2016, the Parent Company contributed these assets to its non-banking subsidiary, LVSP. |
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
(in thousands) | ||||||||||||
Income: | ||||||||||||
Dividends from subsidiaries | $ | 12,795 | $ | 140,900 | $ | 67,515 | ||||||
Interest income | 3,327 | 4,593 | 4,381 | |||||||||
Non-interest income | 2,445 | 586 | 1,235 | |||||||||
Total income | 18,567 | 146,079 | 73,131 | |||||||||
Expense: | ||||||||||||
Interest expense | 6,975 | 6,671 | 8,776 | |||||||||
Non-interest expense | 9,221 | 11,397 | 10,348 | |||||||||
Total expense | 16,196 | 18,068 | 19,124 | |||||||||
Income before income taxes and equity in undistributed earnings of subsidiaries | 2,371 | 128,011 | 54,007 | |||||||||
Income tax benefit | 4,399 | 5,876 | 5,388 | |||||||||
Income before equity in undistributed earnings of subsidiaries | 6,770 | 133,887 | 59,395 | |||||||||
Equity in undistributed earnings of subsidiaries | 253,028 | 60,357 | 88,556 | |||||||||
Net income | 259,798 | 194,244 | 147,951 | |||||||||
Dividends on preferred stock | — | 750 | 1,387 | |||||||||
Net income available to common stockholders | $ | 259,798 | $ | 193,494 | $ | 146,564 |
Year Ended December 31, | |||||||||||
2016 | 2015 | 2014 | |||||||||
(in thousands) | |||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 259,798 | $ | 194,244 | $ | 147,951 | |||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities: | |||||||||||
Equity in net undistributed earnings of subsidiaries | (253,028 | ) | (60,357 | ) | (88,556 | ) | |||||
Excess tax benefit of stock-based compensation | (359 | ) | (1,945 | ) | (4,194 | ) | |||||
Junior subordinated debt change in fair value | — | — | (1,421 | ) | |||||||
Loss on extinguishment of debt | — | — | 502 | ||||||||
Other operating activities, net | (9,521 | ) | 2,869 | (15,928 | ) | ||||||
Net cash (used in) provided by operating activities | (3,110 | ) | 134,811 | 38,354 | |||||||
Cash flows from investing activities: | |||||||||||
Purchases of securities | (20,148 | ) | — | (23,431 | ) | ||||||
Principal pay downs, calls, maturities, and sales proceeds of securities, net | 34,390 | 2,358 | 8,376 | ||||||||
Proceeds from sale of other repossessed assets, net | — | 4,138 | 9,610 | ||||||||
Capital contributions to subsidiaries | (226,869 | ) | — | — | |||||||
Loans purchases, fundings, and principal collections, net | 2,770 | 3,704 | 3,286 | ||||||||
Sale (purchase) of money market investments, net | 121 | 330 | 2,181 | ||||||||
Sale (purchase) of premises, equipment, and other assets, net | — | — | 617 | ||||||||
Net cash and cash equivalents (used) in acquisition (1) | — | (19,440 | ) | — | |||||||
Net cash (used in) provided by investing activities | (209,736 | ) | (8,910 | ) | 639 | ||||||
Cash flows from financing activities: | |||||||||||
Proceeds from issuance of subordinated debt | 169,256 | — | — | ||||||||
Cash paid for tax withholding on vested restricted stock | (9,483 | ) | (7,603 | ) | (4,112 | ) | |||||
Proceeds from other borrowings, net | — | — | 22,000 | ||||||||
Excess tax benefit of stock-based compensation | — | 1,945 | 4,194 | ||||||||
Repayments on other borrowings | — | (83,444 | ) | (6,501 | ) | ||||||
Proceeds from issuance of common stock | 55,785 | 28,288 | 13,746 | ||||||||
Proceeds from exercise of stock options | 1,070 | 1,935 | 8,294 | ||||||||
Redemption of preferred stock | — | (70,500 | ) | (70,500 | ) | ||||||
Cash dividends paid on preferred stock | — | (750 | ) | (1,387 | ) | ||||||
Net cash provided by (used) in financing activities | 216,628 | (130,129 | ) | (34,266 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | 3,782 | (4,228 | ) | 4,727 | |||||||
Cash and cash equivalents at beginning of year | 7,627 | 11,855 | 7,128 | ||||||||
Cash and cash equivalents at end of year | $ | 11,409 | $ | 7,627 | $ | 11,855 | |||||
Supplemental disclosure: | |||||||||||
Cash paid during the year for: | |||||||||||
Interest | $ | 5,165 | $ | 4,235 | $ | 9,067 | |||||
Income taxes | 189 | 54,590 | 32,238 | ||||||||
Non-cash investing and financing activity: | |||||||||||
Change in unrealized (loss) gain on AFS securities, net of tax | (1,984 | ) | 1,199 | 2,031 | |||||||
Change in unrealized (loss) gain on junior subordinated debt, net of tax | (2,077 | ) | (4,276 | ) | — | ||||||
Loan and OREO contributions to subsidiaries | 50,773 | 183 | 2,663 |
(1) | Cash acquired, less cash consideration paid of $36.5 million, resulted in a net $19.4 million use of cash and cash equivalents in the acquisition. |
Regional Segments | ||||||||||||||||||||
Consolidated Company | Arizona | Nevada | Southern California | Northern California | ||||||||||||||||
At December 31, 2016 | (in millions) | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash, cash equivalents, and investment securities | $ | 3,052.3 | $ | 1.9 | $ | 10.1 | $ | 2.1 | $ | 1.9 | ||||||||||
Loans, net of deferred loan fees and costs | 13,208.5 | 2,955.9 | 1,725.5 | 1,766.8 | 1,095.4 | |||||||||||||||
Less: allowance for credit losses | (124.7 | ) | (30.1 | ) | (18.5 | ) | (19.4 | ) | (8.8 | ) | ||||||||||
Total loans | 13,083.8 | 2,925.8 | 1,707.0 | 1,747.4 | 1,086.6 | |||||||||||||||
Other assets acquired through foreclosure, net | 47.8 | 6.2 | 18.0 | — | 0.3 | |||||||||||||||
Goodwill and other intangible assets, net | 302.9 | — | 23.7 | — | 157.5 | |||||||||||||||
Other assets | 714.0 | 42.9 | 58.8 | 14.5 | 14.3 | |||||||||||||||
Total assets | $ | 17,200.8 | $ | 2,976.8 | $ | 1,817.6 | $ | 1,764.0 | $ | 1,260.6 | ||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 14,549.8 | $ | 3,843.4 | $ | 3,731.5 | $ | 2,382.6 | $ | 1,543.6 | ||||||||||
Borrowings and qualifying debt | 447.9 | — | — | — | — | |||||||||||||||
Other liabilities | 311.6 | 12.8 | 28.3 | 12.9 | 12.4 | |||||||||||||||
Total liabilities | 15,309.3 | 3,856.2 | 3,759.8 | 2,395.5 | 1,556.0 | |||||||||||||||
Allocated equity: | 1,891.5 | 346.6 | 250.7 | 201.6 | 283.7 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 17,200.8 | $ | 4,202.8 | $ | 4,010.5 | $ | 2,597.1 | $ | 1,839.7 | ||||||||||
Excess funds provided (used) | — | 1,226.0 | 2,192.9 | 833.1 | 579.1 |
National Business Lines | ||||||||||||||||||||||||
HOA Services | Hotel Franchise Finance | Public & Nonprofit Finance | Technology & Innovation | Other NBL | Corporate & Other | |||||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||||||
Cash, cash equivalents, and investment securities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,036.3 | ||||||||||||
Loans, net of deferred loan fees and costs | 116.8 | 1,292.1 | 1,454.3 | 1,011.4 | 1,776.9 | 13.4 | ||||||||||||||||||
Less: allowance for credit losses | (1.3 | ) | (0.8 | ) | (15.6 | ) | (10.6 | ) | (19.0 | ) | (0.6 | ) | ||||||||||||
Total loans | 115.5 | 1,291.3 | 1,438.7 | 1,000.8 | 1,757.9 | 12.8 | ||||||||||||||||||
Other assets acquired through foreclosure, net | — | — | — | — | — | 23.3 | ||||||||||||||||||
Goodwill and other intangible assets, net | — | 0.2 | — | 121.5 | — | — | ||||||||||||||||||
Other assets | 0.3 | 5.3 | 15.6 | 7.2 | 11.1 | 544.0 | ||||||||||||||||||
Total assets | $ | 115.8 | $ | 1,296.8 | $ | 1,454.3 | $ | 1,129.5 | $ | 1,769.0 | $ | 3,616.4 | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Deposits | $ | 1,890.3 | $ | — | $ | — | $ | 1,038.2 | $ | — | $ | 120.2 | ||||||||||||
Borrowings and qualifying debt | — | — | — | — | — | 447.9 | ||||||||||||||||||
Other liabilities | 0.7 | 1.4 | 50.5 | 2.0 | 17.5 | 173.1 | ||||||||||||||||||
Total liabilities | 1,891.0 | 1.4 | 50.5 | 1,040.2 | 17.5 | 741.2 | ||||||||||||||||||
Allocated equity: | 65.6 | 107.1 | 117.1 | 224.1 | 145.5 | 149.5 | ||||||||||||||||||
Total liabilities and stockholders' equity | $ | 1,956.6 | $ | 108.5 | $ | 167.6 | $ | 1,264.3 | $ | 163.0 | $ | 890.7 | ||||||||||||
Excess funds provided (used) | 1,840.8 | (1,188.3 | ) | (1,286.7 | ) | 134.8 | (1,606.0 | ) | (2,725.7 | ) |
Regional Segments | ||||||||||||||||||||
Consolidated Company | Arizona | Nevada | Southern California | Northern California | ||||||||||||||||
At December 31, 2015 | (in millions) | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash, cash equivalents, and investment securities | $ | 2,266.8 | $ | 2.3 | $ | 9.5 | $ | 2.4 | $ | 2.4 | ||||||||||
Loans, net of deferred loan fees and costs | 11,136.7 | 2,811.7 | 1,737.2 | 1,761.9 | 1,188.4 | |||||||||||||||
Less: allowance for credit losses | (119.1 | ) | (30.1 | ) | (18.6 | ) | (18.8 | ) | (12.7 | ) | ||||||||||
Total loans | 11,017.6 | 2,781.6 | 1,718.6 | 1,743.1 | 1,175.7 | |||||||||||||||
Other assets acquired through foreclosure, net | 43.9 | 8.4 | 20.8 | — | 0.3 | |||||||||||||||
Goodwill and other intangible assets, net | 305.4 | — | 24.8 | — | 158.2 | |||||||||||||||
Other assets | 641.4 | 43.9 | 62.3 | 15.7 | 16.1 | |||||||||||||||
Total assets | $ | 14,275.1 | $ | 2,836.2 | $ | 1,836.0 | $ | 1,761.2 | $ | 1,352.7 | ||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 12,030.6 | $ | 2,880.7 | $ | 3,382.8 | $ | 1,902.5 | $ | 1,541.1 | ||||||||||
Borrowings and qualifying debt | 360.3 | — | — | — | — | |||||||||||||||
Other liabilities | 292.7 | 12.2 | 29.0 | 7.8 | 11.2 | |||||||||||||||
Total liabilities | 12,683.6 | 2,892.9 | 3,411.8 | 1,910.3 | 1,552.3 | |||||||||||||||
Allocated equity: | 1,591.5 | 309.2 | 244.4 | 191.3 | 293.2 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 14,275.1 | $ | 3,202.1 | $ | 3,656.2 | $ | 2,101.6 | $ | 1,845.5 | ||||||||||
Excess funds provided (used) | — | 365.9 | 1,820.2 | 340.4 | 492.8 |
National Business Lines | ||||||||||||||||||||
HOA Services | Public & Nonprofit Finance | Technology & Innovation | Other NBLs | Corporate & Other | ||||||||||||||||
Assets: | (in millions) | |||||||||||||||||||
Cash, cash equivalents, and investment securities | $ | — | $ | — | $ | — | $ | — | $ | 2,250.2 | ||||||||||
Loans, net of deferred loan fees and costs | 88.4 | 1,458.9 | 770.3 | 1,280.3 | 39.6 | |||||||||||||||
Less: allowance for credit losses | (0.9 | ) | (15.6 | ) | (8.2 | ) | (13.8 | ) | (0.4 | ) | ||||||||||
Total loans | 87.5 | 1,443.3 | 762.1 | 1,266.5 | 39.2 | |||||||||||||||
Other assets acquired through foreclosure, net | — | — | — | — | 14.4 | |||||||||||||||
Goodwill and other intangible assets, net | — | — | 122.4 | — | — | |||||||||||||||
Other assets | 0.2 | 14.0 | 2.7 | 11.5 | 475.0 | |||||||||||||||
Total assets | $ | 87.7 | $ | 1,457.3 | $ | 887.2 | $ | 1,278.0 | $ | 2,778.8 | ||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 1,291.9 | $ | — | $ | 842.5 | $ | — | $ | 189.1 | ||||||||||
Borrowings and qualifying debt | — | — | — | — | 360.3 | |||||||||||||||
Other liabilities | 0.5 | 63.8 | — | 40.8 | 127.4 | |||||||||||||||
Total liabilities | 1,292.4 | 63.8 | 842.5 | 40.8 | 676.8 | |||||||||||||||
Allocated equity: | 34.2 | 87.8 | 200.9 | 105.7 | 124.8 | |||||||||||||||
Total liabilities and stockholders' equity | $ | 1,326.6 | $ | 151.6 | $ | 1,043.4 | $ | 146.5 | $ | 801.6 | ||||||||||
Excess funds provided (used) | 1,238.9 | (1,305.7 | ) | 156.2 | (1,131.5 | ) | (1,977.2 | ) |
Regional Segments | ||||||||||||||||||||
Consolidated Company | Arizona | Nevada | Southern California | Northern California | ||||||||||||||||
Year Ended December 31, 2016: | (in thousands) | |||||||||||||||||||
Net interest income (expense) | $ | 657,213 | $ | 170,513 | $ | 137,507 | $ | 103,542 | $ | 88,162 | ||||||||||
Provision for (recovery of) credit losses | 8,000 | 9,912 | (3,337 | ) | (580 | ) | 2,587 | |||||||||||||
Net interest income (expense) after provision for credit losses | 649,213 | 160,601 | 140,844 | 104,122 | 85,575 | |||||||||||||||
Non-interest income | 42,915 | 6,887 | 8,622 | 2,550 | 10,422 | |||||||||||||||
Non-interest expense | (330,949 | ) | (63,406 | ) | (60,570 | ) | (45,643 | ) | (53,073 | ) | ||||||||||
Income (loss) before income taxes | 361,179 | 104,082 | 88,896 | 61,029 | 42,924 | |||||||||||||||
Income tax expense (benefit) | 101,381 | 40,832 | 31,113 | 25,663 | 18,049 | |||||||||||||||
Net income (loss) | $ | 259,798 | $ | 63,250 | $ | 57,783 | $ | 35,366 | $ | 24,875 |
National Business Lines | ||||||||||||||||||||||||
HOA Services | Hotel Franchise Finance | Public & Nonprofit Finance | Technology & Innovation | Other NBLs | Corporate & Other | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Net interest income (expense) | $ | 41,539 | $ | 38,583 | $ | 20,900 | $ | 69,143 | $ | 49,893 | $ | (62,569 | ) | |||||||||||
Provision for (recovery of) credit losses | 256 | — | (183 | ) | (1,626 | ) | 4,200 | (3,229 | ) | |||||||||||||||
Net interest income (expense) after provision for credit losses | 41,283 | 38,583 | 21,083 | 70,769 | 45,693 | (59,340 | ) | |||||||||||||||||
Non-interest income | 460 | — | 59 | 6,728 | 2,315 | 4,872 | ||||||||||||||||||
Non-interest expense | (24,019 | ) | (8,544 | ) | (7,936 | ) | (31,271 | ) | (15,204 | ) | (21,283 | ) | ||||||||||||
Income (loss) before income taxes | 17,724 | 30,039 | 13,206 | 46,226 | 32,804 | (75,751 | ) | |||||||||||||||||
Income tax expense (benefit) | 6,647 | 11,265 | 4,952 | 17,335 | 12,302 | (66,777 | ) | |||||||||||||||||
Net income (loss) | $ | 11,077 | $ | 18,774 | $ | 8,254 | $ | 28,891 | $ | 20,502 | $ | (8,974 | ) |
Regional Segments | ||||||||||||||||||||
Consolidated Company | Arizona | Nevada | Southern California | Northern California (1) | ||||||||||||||||
Year Ended December 31, 2015: | (in thousands) | |||||||||||||||||||
Net interest income (expense) | $ | 492,576 | $ | 129,914 | $ | 122,082 | $ | 94,585 | $ | 56,698 | ||||||||||
Provision for (recovery of) credit losses | 3,200 | 3,099 | (6,887 | ) | 152 | 3,038 | ||||||||||||||
Net interest income (expense) after provision for credit losses | 489,376 | 126,815 | 128,969 | 94,433 | 53,660 | |||||||||||||||
Non-interest income | 29,768 | 4,204 | 9,202 | 2,697 | 5,161 | |||||||||||||||
Non-interest expense | (260,606 | ) | (59,917 | ) | (59,553 | ) | (47,549 | ) | (30,161 | ) | ||||||||||
Income (loss) before income taxes | 258,538 | 71,102 | 78,618 | 49,581 | 28,660 | |||||||||||||||
Income tax expense (benefit) | 64,294 | 27,893 | 27,516 | 20,849 | 12,051 | |||||||||||||||
Net income (loss) | $ | 194,244 | $ | 43,209 | $ | 51,102 | $ | 28,732 | $ | 16,609 |
National Business Lines | ||||||||||||||||||||
HOA Services | Public & Nonprofit Finance | Technology & Innovation (1) | Other NBLs | Corporate & Other | ||||||||||||||||
(in thousands) | ||||||||||||||||||||
Net interest income (expense) | $ | 25,572 | $ | 19,988 | $ | 30,137 | $ | 48,525 | $ | (34,925 | ) | |||||||||
Provision for (recovery of) credit losses | 232 | 2,655 | 2,264 | (1,234 | ) | (119 | ) | |||||||||||||
Net interest income (expense) after provision for credit losses | 25,340 | 17,333 | 27,873 | 49,759 | (34,806 | ) | ||||||||||||||
Non-interest income | 322 | 687 | 2,252 | 849 | 4,394 | |||||||||||||||
Non-interest expense | (18,059 | ) | (5,675 | ) | (7,596 | ) | (14,501 | ) | (17,595 | ) | ||||||||||
Income (loss) before income taxes | 7,603 | 12,345 | 22,529 | 36,107 | (48,007 | ) | ||||||||||||||
Income tax expense (benefit) | 2,851 | 4,630 | 8,448 | 13,540 | (53,484 | ) | ||||||||||||||
Net income (loss) | $ | 4,752 | $ | 7,715 | $ | 14,081 | $ | 22,567 | $ | 5,477 |
(1) | As the Bridge acquisition was completed on June 30, 2015, the results of operations of Bridge are included in the Company's Consolidated Income Statements beginning on July 1, 2015. |
Regional Segments | ||||||||||||||||||||
Consolidated Company | Arizona | Nevada | Southern California | Northern California | ||||||||||||||||
Year Ended December 31, 2014: | (in thousands) | |||||||||||||||||||
Net interest income (expense) | $ | 384,893 | $ | 112,128 | $ | 117,508 | $ | 91,090 | $ | 9,133 | ||||||||||
Provision for (recovery of) credit losses | 4,726 | 2,083 | (7,542 | ) | (1,638 | ) | — | |||||||||||||
Net interest income (expense) after provision for credit losses | 380,167 | 110,045 | 125,050 | 92,728 | 9,133 | |||||||||||||||
Non-interest income | 24,651 | 3,586 | 8,944 | 3,917 | 184 | |||||||||||||||
Non-interest expense | (207,319 | ) | (54,859 | ) | (59,683 | ) | (49,764 | ) | (3,857 | ) | ||||||||||
Income (loss) from continuing operations before income taxes | 197,499 | 58,772 | 74,311 | 46,881 | 5,460 | |||||||||||||||
Income tax expense (benefit) | 48,390 | 23,053 | 26,009 | 19,711 | 2,296 | |||||||||||||||
Income from continuing operations | 149,109 | 35,719 | 48,302 | 27,170 | 3,164 | |||||||||||||||
(Loss) from discontinued operations, net of tax | (1,158 | ) | — | — | — | — | ||||||||||||||
Net income | $ | 147,951 | $ | 35,719 | $ | 48,302 | $ | 27,170 | $ | 3,164 |
National Business Lines | ||||||||||||||||
HOA Services | Public & Nonprofit Finance | Other NBLs | Corporate & Other | |||||||||||||
(in thousands) | ||||||||||||||||
Net interest income (expense) | $ | 19,621 | $ | 15,215 | $ | 36,174 | $ | (15,976 | ) | |||||||
Provision for (recovery of) credit losses | 156 | 4,129 | 7,080 | 458 | ||||||||||||
Net interest income (expense) after provision for credit losses | 19,465 | 11,086 | 29,094 | (16,434 | ) | |||||||||||
Non-interest income | 214 | (68 | ) | 1,596 | 6,278 | |||||||||||
Non-interest expense | (13,757 | ) | (3,702 | ) | (10,345 | ) | (11,352 | ) | ||||||||
Income (loss) from continuing operations before income taxes | 5,922 | 7,316 | 20,345 | (21,508 | ) | |||||||||||
Income tax expense (benefit) | 2,221 | 2,744 | 7,629 | (35,273 | ) | |||||||||||
Income from continuing operations | 3,701 | 4,572 | 12,716 | 13,765 | ||||||||||||
(Loss) from discontinued operations, net of tax | — | — | — | (1,158 | ) | |||||||||||
Net income | $ | 3,701 | $ | 4,572 | $ | 12,716 | $ | 12,607 |
Year Ended December 31, 2016 | ||||||||||||||||
Fourth Quarter | Third Quarter | Second Quarter | First Quarter | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Interest income | $ | 187,411 | $ | 184,750 | $ | 174,089 | $ | 154,256 | ||||||||
Interest expense | 12,142 | 12,203 | 10,403 | 8,545 | ||||||||||||
Net interest income | 175,269 | 172,547 | 163,686 | 145,711 | ||||||||||||
Provision for credit losses | 1,000 | 2,000 | 2,500 | 2,500 | ||||||||||||
Net interest income after provision for credit losses | 174,269 | 170,547 | 161,186 | 143,211 | ||||||||||||
Non-interest income | 10,540 | 10,683 | 8,559 | 13,133 | ||||||||||||
Non-interest expense | (88,645 | ) | (85,007 | ) | (81,804 | ) | (75,493 | ) | ||||||||
Income before provision for income taxes | 96,164 | 96,223 | 87,941 | 80,851 | ||||||||||||
Income tax expense | 26,364 | 29,171 | 26,327 | 19,519 | ||||||||||||
Net income available to common stockholders | $ | 69,800 | $ | 67,052 | $ | 61,614 | $ | 61,332 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.67 | $ | 0.65 | $ | 0.60 | $ | 0.60 | ||||||||
Diluted | $ | 0.67 | $ | 0.64 | $ | 0.60 | $ | 0.60 |
Year Ended December 31, 2015 | ||||||||||||||||
Fourth Quarter | Third Quarter (1) | Second Quarter (1) | First Quarter (1) | |||||||||||||
(in thousands, except per share amounts) | ||||||||||||||||
Interest income | $ | 151,331 | $ | 146,233 | $ | 116,618 | $ | 110,962 | ||||||||
Interest expense | 7,988 | 8,826 | 7,900 | 7,854 | ||||||||||||
Net interest income | 143,343 | 137,407 | 108,718 | 103,108 | ||||||||||||
Provision for credit losses | 2,500 | — | — | 700 | ||||||||||||
Net interest income after provision for credit losses | 140,843 | 137,407 | 108,718 | 102,408 | ||||||||||||
Non-interest income | 9,479 | 8,502 | 5,545 | 6,242 | ||||||||||||
Non-interest expense | (72,448 | ) | (72,916 | ) | (61,209 | ) | (54,033 | ) | ||||||||
Income before provision for income taxes | 77,874 | 72,993 | 53,054 | 54,617 | ||||||||||||
Income tax expense | 19,348 | 17,133 | 13,579 | 14,234 | ||||||||||||
Net income | 58,526 | 55,860 | 39,475 | 40,383 | ||||||||||||
Dividends on preferred stock | 151 | 176 | 247 | 176 | ||||||||||||
Net income available to common stockholders | $ | 58,375 | $ | 55,684 | $ | 39,228 | $ | 40,207 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | $ | 0.58 | $ | 0.55 | $ | 0.44 | $ | 0.46 | ||||||||
Diluted | $ | 0.57 | $ | 0.55 | $ | 0.44 | $ | 0.45 |
(1) | Due to the Company's election to early adopt an element of ASU 2016-01, changes in the fair value of junior subordinated debt are presented as part of OCI rather than earnings effective January 1, 2015. Accordingly, prior period 2015 amounts have been adjusted. |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures. |
Item 9B. | Other Information |
Item 10. | Directors, Executive Officers and Corporate Governance |
Item 11. | Executive Compensation |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
Item 13. | Certain Relationships and Related Transactions, and Director Independence |
Item 14. | Principal Accountant Fees and Services |
Item 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
(1) | The following financial statements are incorporated by reference from Item 8 hereto: |
(2) | Financial Statement Schedules |
3.1 | Articles of Conversion, as filed with the Nevada Secretary of State on May 29, 2014 (incorporated by reference to Exhibit 3.1 of Western Alliance’s Form 8-K filed with the SEC on June 3, 2014). | |
3.2 | Certificate of Conversion, as filed with the Delaware Secretary of State on May 29, 2014 (incorporated by reference to Exhibit 3.2 of Western Alliance’s Form 8-K filed with the SEC on June 3, 2014). | |
3.3 | Certificate of Incorporation, as filed with the Delaware Secretary of State on May 29, 2014 (incorporated by reference to Exhibit 3.3 of Western Alliance’s Form 8-K filed with the SEC on June 3, 2014). | |
3.4 | Amended and Restated Bylaws of Western Alliance, effective as of May 19, 2015 (incorporated by reference to Exhibit 3.2 of Western Alliance's Form 8-K filed with the SEC on May 22, 2015). | |
3.5 | Certificate of Designation of Non-Cumulative Perpetual Preferred Stock, Series B, as filed with the Delaware Secretary of State on May 29, 2014 (incorporated by reference to Exhibit 3.4 of Western Alliance’s Form 8-K filed with the SEC on June 3, 2014). | |
3.6 | Certificate of Amendment of Certificate of Incorporation of Western Alliance, effective as of May 19, 2015 (incorporated by reference to Exhibit 3.1 of Western Alliance's Form 8-K filed with the SEC on May 22, 2015). | |
4.1 | Form of Common Stock Certificate (incorporated by reference to Exhibit 4.1 of Western Alliance’s Form 8-K filed with the SEC on June 3, 2014). | |
4.2 | Senior Debt Indenture, dated August 25, 2010, between Western Alliance and Wells Fargo Bank, National Association, as trustee. (incorporated by reference to Exhibit 4.1 of Western Alliance’s Form 8-K filed with the SEC on August 25, 2010). | |
4.3 | Form of Senior Debt Indenture (incorporated by reference to Exhibit 4.2 of Western Alliance's Form S-3 filed with the SEC on May 7, 2015). | |
4.4 | Form of Subordinated Debt Indenture (incorporated by reference to Exhibit 4.3 of Western Alliance's Form S-3 filed with the SEC on May 7, 2015). | |
4.5 | Form of 5.00% Fixed to Floating Rate Subordinated Bank Note due July 15, 2025 (incorporated by reference to Exhibit 4.1 of Western Alliance's Form 8-K filed with the SEC on July 2, 2015). | |
4.6 | Subordinated Debt Indenture, dated June 16, 2016, between Western Alliance and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.1 of Western Alliance's Form 8-K filed with the SEC on June 16, 2016). | |
4.7 | First Supplemental Indenture (including Form of Debenture) dated June 16, 2016 between Western Alliance and The Bank of New York Mellon Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4.2 of Western Alliance's Form 8-K filed with the SEC on June 16, 2016). | |
4.8 | Form of Global Debenture dated June 16, 2016 (incorporated by reference to Exhibit 4.3 of Western Alliance's Form 8-K filed with the SEC on June 16, 2016). | |
10.1 | Western Alliance 2005 Stock Incentive Plan, as amended (incorporated by reference to Appendix G of the Registrant's definitive Proxy Statement on Schedule 14A filed with the Commission on April 2, 2014). ± | |
10.2 | Bridge Capital Holdings 2006 Equity Incentive Plan (incorporated by reference to Exhibit 4.11 of Western Alliance's Form S-8 filed with the SEC on July 2, 2015). ± | |
10.3 | Form of BankWest Nevada Corporation Incentive Stock Option Plan Agreement (incorporated by reference to Exhibit 10.3 of Western Alliance’s Registration Statement on Form S-1 filed with the SEC on April 28, 2005). ± | |
10.4 | Form of Western Alliance Incentive Stock Option Plan Agreement (incorporated by reference to Exhibit 10.4 of Western Alliance’s Registration Statement on Form S-1 filed with the SEC on April 28, 2005). ± | |
10.5 | Form of Western Alliance 2002 Stock Option Plan Agreement (incorporated by reference to Exhibit 10.5 of Western Alliance’s Registration Statement on Form S-1 filed with the SEC on April 28, 2005). ± | |
10.6 | Form of Western Alliance 2002 Stock Option Plan Agreement (with double trigger acceleration clause) (incorporated by reference to Exhibit 10.6 of Western Alliance’s Registration Statement on Form S-1 filed with the SEC on April 28, 2005). ± | |
10.7 | Form of Non-Competition Agreement (incorporated by reference to Exhibit 10.8 of Western Alliance’s Registration Statement on Form S-1 filed with the SEC on April 28, 2005). ± | |
10.8* | Western Alliance 2017 Annual Bonus Plan. ± | |
10.9 | Western Alliance Change in Control Severance Plan (incorporated by reference to Exhibit 10.1 of Western Alliance’s Form 8-K filed with the SEC on September 25, 2012). ± | |
10.10* | Form of Indemnification Agreement, dated February 24, 2017, by and between Western Alliance and each of Western Alliance's directors and executive officers. ± |
21.1* | List of Subsidiaries of Western Alliance. | |
23.1* | Consent of RSM US LLP. | |
24.1* | Power of Attorney (see signature page). | |
31.1* | CEO Certification Pursuant Rule 13a-14(a)/15d-14(a). | |
31.2* | CFO Certification Pursuant Rule 13a-14(a)/15d-14(a). | |
32** | CEO and CFO Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes Oxley Act of 2002. | |
101.INS* | XBRL Instance Document. | |
101.SCH* | XBRL Taxonomy Extension Schema Document. | |
101.DEF* | XBRL Taxonomy Extension Definition Linkbase Document. | |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase Document. | |
101.LAB* | XBRL Taxonomy Extension Label Linkbase Document. | |
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase Document. |
Item 16. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
WESTERN ALLIANCE BANCORPORATION | ||||
February 28, 2017 | By: | /s/ Robert Sarver | ||
Robert Sarver | ||||
Chairman of the Board and | ||||
Chief Executive Officer |
Name | Title | |
/s/ Robert Sarver | Chairman of the Board and Chief Executive Officer | |
Robert Sarver | (Principal Executive Officer) | |
/s/ Dale Gibbons | Executive Vice President and Chief Financial | |
Dale Gibbons | Officer (Principal Financial Officer) | |
/s/ J. Kelly Ardrey Jr. | Senior Vice President and Chief Accounting Officer | |
J. Kelly Ardrey Jr. | (Principal Accounting Officer) | |
/s/ Bruce D. Beach | Director | |
Bruce D. Beach | ||
/s/ William S. Boyd | Director | |
William S. Boyd | ||
/s/ Howard Gould | Director | |
Howard Gould | ||
/s/ Steven J. Hilton | Director | |
Steven J. Hilton | ||
/s/ Robert Latta | Director | |
Robert Latta | ||
/s/ Marianne Boyd Johnson | Director | |
Marianne Boyd Johnson | ||
/s/ Cary Mack | Director | |
Cary Mack | ||
/s/ Todd Marshall | Director | |
Todd Marshall | ||
/s/ M. Nafees Nagy | Director | |
M. Nafees Nagy | ||
/s/ James Nave | Director | |
James Nave | ||
/s/ Michael Patriarca | Director | |
Michael Patriarca | ||
/s/ John Peter Sande III | Director | |
John Peter Sande III | ||
/s/ Donald D. Snyder | Director | |
Donald D. Snyder | ||
/s/ Sung Won Sohn | Director | |
Sung Won Sohn | ||
/s/ Kenneth A. Vecchione | Director | |
Kenneth A. Vecchione |
A. | Earnings Per Share Performance is weighted 35% |
WAL Performance Earnings Per Share Results | Performance Measure Weight Paid (%) |
Less than < $2.75 | No Bonus paid |
Between $2.75 to $2.90 | 75% to 100% |
Between $2.90 to $3.05 | 100% to 150% |
B. | Credit Quality is weighted 10% |
a. | The Net Charge Off ratio equals Net Loan Charge Offs for the year divided by Average Loans Outstanding for the year. |
WAL Credit Quality Performance | Performance Measure Weight Paid (%) |
Net Charge Off Ratio | |
>0.20% | No Bonus Paid |
<0.20% to 0.15 % | 75% to 100% |
<0.15% to 0.10% | 100% to 150% |
b. | The ratio of Classified Assets to Total Assets will be measured as of December 31, 2017. |
WAL Credit Quality Performance | Performance Measure Weight Paid (%) |
Classified Assets to Total Assets Ratio | |
>1.75% | No Bonus Paid |
<1.75% to 1.50% | 75% to 100% |
<1.50% to 1.25% | 100% to 150% |
C. | Non-Credit Enhanced Deposit Growth is weighted 10% |
1. | This portion of the award will be calculated using the actual Non-Credit Enhanced Deposit Growth results for Western Alliance Bank. Exclusions may be made to these calculations to account for windfalls. |
2. | Following are the definitions/calculations on which this portion of the award will be based: |
a. | A calculation will be made based on the year over year Western Alliance Bank growth in organic Non-Credit Enhanced Deposit Accounts. |
b. | The calculation will exclude CDARS, ICS, Deposits backed by Letters of Credit, Collateralized Deposits, Reciprocal Deposit arrangements and Brokered Deposits. |
c. | The percent of Target award paid for year over year Non-Credit Enhanced Deposit Growth will be calculated based on the following schedule: |
Non-Credit Enhanced Deposit Growth | Percent of Performance Measure Weight Paid |
Less than <$1,000MM growth | No Bonus paid |
Between $1,000 - $1,200MM | 75% to 100% |
Between $1,200 - $1,400MM | 100% to 150% |
D. | Loan Growth is weighted 10% |
1. | This portion of the award will be calculated based on actual Loan Growth results for WAL. Exclusions may be made to these calculations to account for windfalls. |
2. | Following are the definitions/calculations on which this portion of the award will be based: |
a. | A calculation will be made based on the year over year growth in Total Loans. |
b. | Loan calculations will not include increases in loans acquired by acquisition. |
c. | The percent of Target award paid for year over year Loan Growth will be calculated based on the following schedule: |
Loan Growth | Performance Measure Weight Paid (%) |
Less than <$800 MM | No Bonus paid |
Between $800 - $1,000 MM | 75% to 100% |
Between $1,000 - $1,200 MM | 100% to 150% |
E. | Quality Control is weighted 20% |
1. | This Quality Control portion of the award will be calculated based on an assessment of the Company’s performance in Audit (10%) and Compliance (10%). |
2. | The effectiveness of the Company’s quality control will be evaluated based upon regulatory examinations and internal audits. |
3. | Effective regulatory examinations and internal audits will include preparedness, execution, and compliance with the regulatory framework for banks over $10 billion in assets, the satisfactory clearance of audit issues on a timely basis, no repeat findings of significance, and effective audit and compliance functions. |
4. | The maximum pay out for the Quality Control portion of the award is 100% |
5. | Quality Control performance will be measured and assessed by the WAL Audit Committee |
F. | Growth in Fee Revenue is weighted 15% |
1. | This portion of the award will be calculated using the actual growth in Fee Revenue for Western Alliance Bank. |
2. | Following are the definitions/calculations on which this portion of the award will be based: |
a. | A calculation will be made for year over year growth in Western Alliance Bank Non-Interest Fee Income and will exclude the following revenue: BOLI, rental income, lease income and appraisal income. |
b. | Calculation: The percent of Target bonus paid for Growth in Fee Revenue will be calculated based on the following schedule: |
Growth in Fee Revenue | Performance Measure Weight Paid (%) |
Less than <$3.0MM | No Bonus paid |
Between $3.0 - $4.0 MM | 75% to 100% |
Between $4.0 - $5.0 million | 100% to 150% |
G. | Other Calculation Provisions |
1. | Members of the WAL Executive Management Committee, Divisional Presidents and all Participants below the level of Vice President will be paid out according to the bonus formula without respect to individual assessments. Participants with a corporate title of Vice President, Senior Vice President and Executive Vice President will be evaluated at the end of the Plan Year. Such Participants’ final awards will range from 75% to 120% of each Participant’s target payout based on participant’s contribution to overall performance. |
2. | Each Participant must meet individual loan and deposit production goals, if applicable, or their award may be reduced or eliminated. |
3. | A Participant’s bonus may be reduced or eliminated if, in the discretion of the Bonus Plan Committee: i) their department’s loan review and/or audits are rated below satisfactory and/or not adhering to safety, soundness, and approved operational procedures; ii) any Participant, their branch or department earns a rating of less than “Satisfactory,”; iii) their department’s credit underwriting and/or portfolio management practices are rated below “Satisfactory” and/or not adhering to safety and soundness; or iv) the Participant, their branch or department has not contributed adequately to the financial results attributed to them. |
H. | Other Administrative Provisions |
1. | This is a discretionary bonus plan and, in order to receive payment of any award under this Plan, the Participant must be eligible and employed by Western Alliance Bank or another wholly-owned affiliate of WAL at the end of the Plan Year. |
2. | Designation as a Participant in the Bonus Plan does not create a contract of employment for any specified time, nor does it alter or amend an “at-will” policy of employment. |
3. | If any Participant’s performance is rated as falling below job expectations or as less than satisfactory at any time during the Plan Year, or if the participant is subject to any written disciplinary action, the award will be reduced or eliminated. |
4. | If any Participant whose job duties include development of new loans and deposits does not meet or exceed that Participant’s production goals, the award may be reduced or eliminated. |
5. | A change in officer title during the Plan Year will result in a prorated change in target bonus percentage based upon the number of months in each position. |
6. | Awards will be paid through the normal payroll process to Participants. All awards will be subject to applicable taxes. Awards do not constitute commissions or additional wages, and participants have no vested interests in the benefits of the Bonus Plan, except as expressly provided for herein. No right or interest of any participant in the Bonus Plan is assignable or transferable. |
7. | Awards under this Bonus Plan will be used in calculating covered earnings for benefit purposes for the 401(k) and Life Insurance Plans but not for Long Term Disability Insurance. |
8. | Timely and accurate completion of all reports, budgets and other planning exercises is required for payment under the Bonus Plan. |
9. | Acknowledgment from the HR Department that departments and officers have conformed to bank policy in timeliness of annual reviews, controllable turnover, and all other areas of HR administration is required for payment under this Bonus Plan. |
10. | Performance measurements and statistics will be based on calculations completed by the Finance Division of Western Alliance Bank. Any questions about the results or the bonus calculations must be submitted to the Plan Administrator within 30 days after the calculations have been completed and published, after which time no inquiries will be considered. |
11. | Performance Measures, Performance Measure Weights and award opportunities may be adjusted during the performance period only upon approval by the Plan Administrator as it deems appropriate. It is anticipated that such adjustments will be made infrequently and only in extraordinary circumstances. Notwithstanding the foregoing, no adjustment will be made to any award intended to qualify as “performance-based compensation” for purposes of Code Section 162(m) (as defined below) to the extent the adjustment would cause the award to fail to so qualify. |
12. | This Bonus Plan is governed and interpreted by the Plan Administrator, whose decisions shall be final. WAL reserves the right to change, amend, modify, suspend, continue or terminate all or any part of the Plan either in an individual case or in general, at any time without notice and without consent of any Participant. |
13. | Participants in special incentive plans (which may be paid out quarterly) may not be eligible to participate in the Bonus Plan, and the Bonus Plan Committee has the discretion to determine eligibility for the Bonus Plan. |
14. | The intent of the Bonus Plan is to fairly reward employees for adding value to WAL. Subject to the Code Section 162(m) provisions below, if adjustments need to be made to allow the Bonus Plan to accomplish its purpose, the Plan Administrator in its sole discretion can make those adjustments. |
15. | Notwithstanding anything to the contrary in this Plan, it is the intention of the Plan Administrator that any award granted to a participant who is a “covered employee” (each a “Covered Employee”) as defined in Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), should qualify as “performance-based compensation” for purposes of Code Section 162(m), all determinations relating to such awards will be made by the WAL Compensation Committee, which is comprised solely of “outside directors” (within the meaning of Code Section 162(m)), and the following provisions will apply to such awards: |
a. | The WAL Compensation Committee will determine the amount of an award opportunity to be granted to each participant who is a Covered Employee. |
b. | Subject to subsection (e) below, the amount of a Covered Employee’s award will be an amount determinable from written performance targets approved by the WAL Compensation Committee while the outcome is substantially uncertain and no more than 90 days after the commencement of the performance period to which the performance target relates. The WAL Compensation Committee will have the authority to determine in its sole discretion the applicable performance period relating to any such award. |
c. | The maximum aggregate limit on awards that may be awarded under this plan to any Covered Employee with respect to any calendar year is $5 million. |
d. | The amount of any award will be based on objective Performance Measures and a Performance Target with respect to each Performance Measure as specified by the WAL Compensation Committee. When establishing performance targets that are intended to qualify as “performance-based compensation” for purposes of Code Section 162(m), the WAL Compensation Committee may exclude any or all “extraordinary items” as determined under GAAP including, without limitation, the charges or costs associated with restructurings of the Company, discontinued operations, other unusual or non-recurring items, and the cumulative effects of accounting changes, only to the extent permitted under Code Section 162(m). |
e. | The WAL Compensation Committee will determine in writing with respect to any Covered Employee whether the performance target has been met with respect to any affected Covered Employee and, if that is the case, so certify and ascertain the amount of the applicable award. No awards will be paid to any Covered Employee until such certification is made by the WAL Compensation Committee. |
f. | The Plan will be administered and interpreted in accordance with Code Section 162(m) to ensure the deductibility by the Company or its affiliates of the payment of such awards. |
16. | To the extent not preempted by federal law, the Bonus Plan shall be construed in accordance with and governed by the State of Arizona, determined without regard to its conflict of law principles. If any provision of this Bonus Plan shall be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof shall continue to be full effective. The jurisdiction and venue for any disputes arising under, or any action brought to enforce (or otherwise relating to) this Bonus Plan shall be exclusively in the courts of the State of Arizona, County of Maricopa, including the Federal Courts located there (should Federal jurisdiction exist). |
1. | Earnings Per Share Performance is weighted 35% |
EPS achieved | $2.90 |
% of EPS Target Paid | 100% |
2. | Credit Quality Performance is weighted 10% |
Net Charge Off Ratio | 0.15% |
Classified Assets to Total Assets | 1.50% |
% of Credit Quality Target Paid | 100% |
3. | Non-Credit Enhanced Deposit Growth is weighted 10% |
Non-Credit Enhanced Deposit Growth Achieved | $1,400MM |
% of Non-Enhanced Deposit Growth Target Paid | 150% |
4. | Loan Growth Performance is weighted 10% |
Loan Growth Achieved | $1,200MM |
% of Loan Growth Target Paid | 150% |
5. | Quality Control factors are weighted 20% |
6. | Growth in Fee Revenue is weighted 15% |
Growth in Fee Revenue Achieved | $4.0MM |
% of Fee Revenue Target Paid | 100% |
Participant has a base salary of $60,000 Target Bonus of 8% Target Bonus - $4,800.00 | |||||
EPS | Credit Quality | Non-Credit Enhanced Deposit Growth | Loan Growth | Quality Control | Fee Revenue Growth |
$4,800 | $4,800 | $4,800 | $4,800 | $4,800 | $4,800 |
X 35% | X 20% | X 10% | X 10% | X 20% | X 15% |
$1,680 | $960 | $480 | $480 | $960 | $720 |
X 100% | X 100% | X150% | X150% | X100% | X100% |
$1,680 | $960 | $720 | $720 | $960 | $720 |
Name | Doing Business As | Jurisdiction of Incorporation or Organization | ||
Western Alliance Bank | Alliance Bank of Arizona Bridge Bank First Independent Bank Bank of Nevada Torrey Pines Bank Alliance Association Bank Western Alliance Corporate Finance Western Alliance Public Finance Western Alliance Resort Finance Western Alliance Warehouse Lending | Arizona | ||
Las Vegas Sunset Properties | Not applicable | Nevada | ||
BankWest Nevada Capital Trust II | Not applicable | Delaware | ||
Intermountain First Statutory Trust I | Not applicable | Connecticut | ||
First Independent Statutory Trust I | Not applicable | Delaware | ||
WAL Trust No. 1 | Not applicable | Delaware | ||
WAL Statutory Trust No. 2 | Not applicable | Connecticut | ||
WAL Statutory Trust No. 3 | Not applicable | Connecticut | ||
Bridge Capital Holdings Trust I | Not applicable | Delaware | ||
Bridge Capital Holdings Trust II | Not applicable | Delaware |
1. | I have reviewed this Annual Report on Form 10-K of Western Alliance Bancorporation; |
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(s) 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(s) 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. |
/s/ Robert Sarver | ||||
Robert Sarver | ||||
Chief Executive Officer | ||||
Date: | February 28, 2017 | Western Alliance Bancorporation |
1. | I have reviewed this Annual Report on Form 10-K of Western Alliance Bancorporation; |
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(s) 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(s) 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. |
/s/ Dale Gibbons | ||||
Dale Gibbons | ||||
Chief Financial Officer | ||||
Date: | February 28, 2017 | Western Alliance Bancorporation |
1. | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant. |
Date: | February 28, 2017 | /s/ Robert Sarver | ||
Chief Executive Officer | ||||
Western Alliance Bancorporation | ||||
Date: | February 28, 2017 | /s/ Dale Gibbons | ||
Chief Financial Officer | ||||
Western Alliance Bancorporation |
Document and Entity Information - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Feb. 21, 2017 |
Jun. 30, 2016 |
|
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | WAL | ||
Entity Registrant Name | WESTERN ALLIANCE BANCORPORATION | ||
Entity Central Index Key | 0001212545 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 105,330,934 | ||
Entity Public Float | $ 2,446.1 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Amortized cost of investment securities available for sale | $ 2,633,298 | $ 1,966,034 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, liquidation value | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized | 20,000,000 | 20,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 106,371,093 | 104,082,230 |
Common stock, shares outstanding | 105,070,861 | 103,087,044 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Statement of Comprehensive Income [Abstract] | |||
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, Tax | $ 0 | $ 0 | $ (5,367) |
Unrealized gain on securities available-for-sale securities, tax | (15,099) | (3,922) | 17,749 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Tax | (18) | (52) | 0 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Debt Carried at Fair Value, Tax | 1,405 | 2,679 | 0 |
Realized gain on sale of securities, tax | $ 404 | $ 230 | $ 283 |
Summary of Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of operation WAL is a bank holding company headquartered in Phoenix, Arizona, incorporated under the laws of the state of Delaware. WAL provides a full spectrum of deposit, lending, treasury management, international banking, and online banking products and services through its wholly-owned banking subsidiary, WAB. WAB operates the following full-service banking divisions: ABA, BON, FIB, Bridge, and TPB. The Company also serves business customers through a national platform of specialized financial services including AAB, Corporate Finance, Equity Fund Resources, HFF, Life Sciences Group, Mortgage Warehouse Lending, Public and Nonprofit Finance, Renewable Resource Group, Resort Finance, and Technology Finance. In addition, the Company has one non-bank subsidiary, LVSP, which holds and manages certain non-performing loans and OREO. Basis of presentation The accounting and reporting policies of the Company are in accordance with GAAP and conform to practices within the financial services industry. The accounts of the Company and its consolidated subsidiaries are included in the Consolidated Financial Statements. Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management's estimates and judgments are ongoing and are based on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities, as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ from those estimates and assumptions used in the Consolidated Financial Statements and related notes. Material estimates that are particularly susceptible to significant changes in the near term relate to the determination of the allowance for credit losses; estimated cash flows related to PCI loans; fair value determinations related to acquisitions and certain assets and liabilities carried at fair value; and accounting for income taxes. Principles of consolidation As of December 31, 2016, WAL has ten wholly-owned subsidiaries: WAB, LVSP, and eight unconsolidated subsidiaries used as business trusts in connection with the issuance of trust-preferred securities. The Bank has the following significant wholly-owned subsidiaries: WAB Investments, Inc., BON Investments, Inc., and TPB Investments, Inc., which hold certain investment securities, municipal and nonprofit loans, and leases; WA PWI, LLC, which holds certain limited partnerships invested primarily in low income housing tax credits and small business investment corporations; and BW Real Estate, Inc., which operates as a real estate investment trust and holds certain of WAB's real estate loans and related securities. After the close of business on December 31, 2016, WAB Investments, Inc., BON Investments, Inc., and TPB Investments, Inc. were merged into a newly created entity called Western Alliance Business Trust. The Company does not have any other significant entities that should be considered for consolidation. All significant intercompany balances and transactions have been eliminated in consolidation. Reclassifications Certain amounts in the Consolidated Financial Statements as of and for the years ended December 31, 2016, 2015, and 2014 may have been reclassified to conform to the current presentation. The reclassifications have no effect on net income or stockholders’ equity as previously reported. Business combinations Business combinations are accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. Under the acquisition method, the acquiring entity in a business combination recognizes all of the acquired assets and assumed liabilities at their estimated fair values as of the date of acquisition. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. To the extent the fair value of net assets acquired, including identified intangible assets, exceeds the purchase price, a bargain purchase gain is recognized. Changes to estimated fair values from a business combination are recognized as an adjustment to goodwill during the measurement period and are recognized in the proper reporting period in which the adjustment amounts are determined. Results of operations of an acquired business are included in the Consolidated Income Statement from the date of acquisition. Acquisition-related costs, including conversion and restructuring charges, are expensed as incurred. Cash and cash equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks (including cash items in process of clearing), and federal funds sold. Cash flows from loans originated by the Company and customer deposit accounts are reported net. The Company maintains amounts due from banks, which at times may exceed federally insured limits. The Company has not experienced any losses in such accounts. Cash reserve requirements Depository institutions are required by law to maintain reserves against their transaction deposits. The reserves must be held in cash or with the FRB. Banks are permitted to meet this requirement by maintaining the specified amount as an average balance over a two-week period. The total of reserve balances was approximately $43.7 million and $37.9 million as of December 31, 2016 and 2015, respectively. Investment securities Investment securities may be classified as HTM, AFS, or measured at fair value. The appropriate classification is initially decided at the time of purchase. Securities classified as HTM are those debt securities that the Company has both the intent and ability to hold to maturity regardless of changes in market conditions, liquidity needs, or general economic conditions. These securities are carried at amortized cost. The sale of a security within three months of its maturity date or after the majority of the principal outstanding has been collected is considered a maturity for purposes of classification and disclosure. In May 2014, management reassessed its intent to hold certain CDOs classified as HTM, which necessitated a reclassification of all of the Company's HTM securities to AFS at the date of the transfer. As an extended period of time has passed since this reclassification was made, beginning in 2016, management believes that the Company is again able to assert that it has both the intent and ability to hold certain securities classified as HTM to maturity. See "Note 3. Investment Securities" of these Notes to Consolidated Financial Statements for additional detail related to HTM securities. Securities classified as AFS or trading securities measured at fair value are reported as an asset in the Consolidated Balance Sheet at their estimated fair value. As the fair value of AFS securities changes, the changes are reported net of income tax as an element of OCI, except for other-than-temporarily-impaired securities. When AFS securities are sold, the unrealized gain or loss is reclassified from OCI to non-interest income. The changes in the fair values of trading securities are reported in non-interest income. Securities classified as AFS are both equity and debt securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as AFS would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Company’s assets and liabilities, liquidity needs, decline in credit quality, and regulatory capital considerations. Interest income is recognized based on the coupon rate and increased by accretion of discounts earned or decreased by the amortization of premiums paid over the contractual life of the security, adjusted for prepayment estimates, using the interest method. In estimating whether there are any OTTI losses, management considers the 1) length of time and the extent to which the fair value has been less than amortized cost; 2) financial condition and near term prospects of the issuer; 3) impact of changes in market interest rates; and 4) intent and ability of the Company to retain its investment for a period of time sufficient to allow for any anticipated recovery in fair value and whether it is not more likely than not the Company would be required to sell the security. Declines in the fair value of individual AFS debt securities that are deemed to be other-than-temporary are reflected in earnings when identified. The fair value of the debt security then becomes the new cost basis. For individual debt securities where the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the other-than-temporary decline in fair value of the debt security related to 1) credit loss is recognized in earnings; and 2) interest rate, market, or other factors is recognized in other comprehensive income or loss. For individual debt securities where the Company either intends to sell the security or more likely than not will not recover all of its amortized cost, the OTTI is recognized in earnings equal to the entire difference between the security's cost basis and its fair value at the balance sheet date. For individual debt securities for which a credit loss has been recognized in earnings, interest accruals and amortization and accretion of premiums and discounts are suspended when the credit loss is recognized. Interest received after accruals have been suspended is recognized on a cash basis. Restricted stock On January 30, 2015, WAB became a member of the Federal Reserve System and, as part of its membership, is required to maintain stock in the FRB in a specified ratio to its capital. In addition, WAB is a member of the FHLB system and, accordingly, maintains an investment in capital stock of the FHLB based on the borrowing capacity used. The Bank also maintains an investment in its primary correspondent bank. All of these investments are considered equity securities with no actively traded market. Therefore, the shares are considered restricted investment securities. These investments are carried at cost, which is equal to the value at which they may be redeemed. The dividend income received from the stock is reported in interest income. The Company conducts a periodic review and evaluation of its restricted stock to determine if any impairment exists. No impairment has been recorded to date. Loans, held for sale Loans, held for sale consist of SBA loans that the Company originates (or acquires) and intends to sell. These loans are carried at the lower of aggregate cost or fair value. Fair value is determined based on available market data for similar assets, expected cash flows, and appraisals of underlying collateral or the credit quality of the borrower. Gains and losses on the sale of loans are recognized pursuant to ASC 860, Transfers and Servicing. Interest income of these loans is accrued daily and loan origination fees and costs are deferred and included in the cost basis of the loan. The Company issues various representations and warranties associated with these loan sales. The Company has not experienced any losses as a result of these representations and warranties. Loans, held for investment The Company generally holds loans for investment and has the intent and ability to hold loans until their maturity. Therefore, they are reported at book value. Net loans are stated at the amount of unpaid principal, adjusted for net deferred fees and costs, purchase accounting fair value adjustments, and an allowance for credit losses. In addition, the book value of loans that are subject to a fair value hedge is adjusted for changes in value attributable to the effective portion of the hedged benchmark interest rate risk. The Company may also acquire loans through a business combination. These acquired loans are recorded at estimated fair value on the date of purchase, which is comprised of unpaid principal adjusted for estimated credit losses and interest rate fair value adjustments. Loans are evaluated individually to determine if there has been credit deterioration since origination. Such loans may then be aggregated and accounted for as a pool of loans based on common characteristics. When the Company acquires such loans, the yield that may be accreted (accretable yield) is limited to the excess of the Company’s estimate of undiscounted cash flows expected to be collected over the Company’s initial investment in the loan. The excess of contractual cash flows over the cash flows expected to be collected may not be recognized as an adjustment to yield, loss, or a valuation allowance. Subsequent increases in cash flows expected to be collected generally are recognized prospectively through adjustment of the loan’s yield over the remaining life. Subsequent decreases to cash flows expected to be collected are recognized as impairment. The Company may not carry over or create a valuation allowance in the initial accounting for loans acquired under these circumstances. For purchased loans that are not deemed impaired, fair value adjustments attributable to both credit and interest rates are accreted (or amortized) over the contractual life of the individual loan. For additional information, see "Note 4. Loans, Leases and Allowance for Credit Losses" of these Notes to Consolidated Financial Statements. Loan fees collected for the origination of loans less direct loan origination costs (net deferred loan fees) are amortized over the contractual life of the loan through interest income. If the loan has scheduled payments, the amortization of the net deferred loan fee is calculated using the interest method over the contractual life of the loan. If the loan does not have scheduled payments, such as a line of credit, the net deferred loan fee is recognized as interest income on a straight-line basis over the contractual life of the loan commitment. Commitment fees based on a percentage of a customer’s unused line of credit and fees related to standby letters of credit are recognized over the commitment period. When loans are repaid, any remaining unamortized balances of premiums, discounts, or net deferred fees are recognized as interest income. Non-accrual loans: For all loan types except credit cards, when a borrower discontinues making payments as contractually required by the note, the Company must determine whether it is appropriate to continue to accrue interest. The Company ceases accruing interest income when the loan has become delinquent by more than 90 days or when management determines that the full repayment of principal and collection of interest according to contractual terms is no longer likely. The Company may decide to continue to accrue interest on certain loans more than 90 days delinquent if the loans are well secured by collateral and in the process of collection. Credit card loans and other personal loans are typically charged off no later than 180 days delinquent. For all loan types, when a loan is placed on non-accrual status, all interest accrued but uncollected is reversed against interest income in the period in which the status is changed and, the Company makes a loan-level decision to apply either the cash basis or cost recovery method. The Company recognizes income on a cash basis only for those non-accrual loans for which the collection of the remaining principal balance is not in doubt. Under the cost recovery method, subsequent payments received from the customer are applied to principal and generally no further interest income is recognized until the principal has been paid in full or until circumstances have changed such that payments are again consistently received as contractually required. Impaired loans: A loan is identified as impaired when it is no longer probable that interest and principal will be collected according to the contractual terms of the original loan agreement. Generally, impaired loans are classified as non-accrual. However, in certain instances, impaired loans may continue on an accrual basis, if full repayment of all principal and interest is expected and the loan is both well secured and in the process of collection. Impaired loans are measured for reserve requirements in accordance with ASC 310, Receivables, based on the present value of expected future cash flows discounted at the loan's effective interest rate or, as a practical expedient, at the loan's observable market price or the fair value of the collateral less applicable disposition costs if the loan is collateral dependent. The amount of an impairment reserve, if any, and any subsequent changes are recorded as a provision for credit losses. Losses are recorded as a charge-off when losses are confirmed. In addition to management's internal loan review process, regulators may from time to time direct the Company to modify loan grades, loan impairment calculations, or loan impairment methodology. Troubled Debt Restructured Loans: A TDR loan is a loan on which the Company, for reasons related to a borrower’s financial difficulties, grants a concession to the borrower that the Company would not otherwise consider. The loan terms that have been modified or restructured due to a borrower’s financial situation include, but are not limited to, a reduction in the stated interest rate, an extension of the maturity or renewal of the loan at an interest rate below current market, a reduction in the face amount of the debt, a reduction in the accrued interest, or deferral of interest payments. A TDR loan is also considered impaired. A TDR loan may be returned to accrual status when the loan is brought current, has performed in accordance with the contractual restructured terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual restructured principal and interest is no longer in doubt. However, such loans continue to be considered impaired. Consistent with regulatory guidance, a TDR loan that is subsequently modified in another restructuring agreement but has shown sustained performance and classification as a TDR, will be removed from TDR status provided that the modified terms were market-based at the time of modification. Allowance for credit losses Credit risk is inherent in the business of extending loans and leases to borrowers, for which the Company must maintain an adequate allowance for credit losses. The allowance for credit losses is established through a provision for credit losses recorded to expense. Loans are charged against the allowance for credit losses when management believes that the contractual principal or interest will not be collected. Subsequent recoveries, if any, are credited to the allowance. The allowance is an amount believed adequate to absorb estimated probable losses on existing loans that may become uncollectable, based on evaluation of the collectability of loans and prior credit loss experience, together with other factors. The Company formally re-evaluates and establishes the appropriate level of the allowance for credit losses on a quarterly basis. The allowance consists of specific and general components. The specific allowance applies to impaired loans. For impaired collateral dependent loans, the reserve is calculated based on the collateral value, net of estimated disposition costs. Generally, the Company obtains independent collateral valuation analysis for each loan every twelve months. Loans not collateral dependent are evaluated based on the expected future cash flows discounted at the original contractual interest rate. The general allowance covers all non-impaired loans and incorporates several quantitative and qualitative factors. Quantitative factors include company-specific, ten-year historical net charge-offs stratified by loans with similar characteristics. Qualitative factors include: 1) levels of and trends in delinquencies and impaired loans; 2) levels of and trends in charge-offs and recoveries; 3) trends in volume and terms of loans; 4) changes in underwriting standards or lending policies; 5) experience, ability, depth of lending staff; 6) national and local economic trends and conditions; 7) changes in credit concentrations; 8) out-of-market exposures; 9) changes in quality of loan review system; and 10) changes in the value of underlying collateral. Due to the credit concentration of the Company's loan portfolio in real estate secured loans, the value of collateral is heavily dependent on real estate values in Nevada, Arizona, and California. While management uses the best information available to make its evaluation, future adjustments to the allowance may be necessary if there are significant changes in economic or other conditions. In addition, regulators, as an integral part of their examination processes, periodically review the Bank's allowance for credit losses, and may require the Bank to make additions to the allowance based on their judgment about information available to them at the time of their examination. Management regularly reviews the assumptions and formulae used in determining the allowance and makes adjustments if required to reflect the current risk profile of the portfolio. Transfers of financial assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed surrendered when the 1) assets have been isolated from the Company; 2) transferee obtains the right to pledge or exchange the transferred assets; and 3) Company no longer maintains effective control over the transferred assets through an agreement to repurchase the transferred assets before maturity. Premises and equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed principally by the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the term of the lease or the estimated life of the improvement, whichever is shorter. Depreciation and amortization is computed using the following estimated lives:
Management periodically reviews premises and equipment in order to determine if facts and circumstances suggest that the value of an asset is not recoverable. Goodwill and other intangible assets The Company records as goodwill the excess of the purchase price over the fair value of the identifiable net assets acquired in accordance with applicable guidance. The Company performs its annual goodwill and intangibles impairment tests as of October 1 each year, or more often if events or circumstances indicate that the carrying value may not be recoverable. The Company can first elect to assess, through qualitative factors, whether it is more likely than not that goodwill is impaired. Pursuant to this guidance, if the qualitative assessment indicates potential impairment, the Company will proceed with the two-step process. The first step tests for impairment, while the second step, if necessary, measures the impairment. The resulting impairment amount, if any, is charged to current period earnings as non-interest expense. The Company’s intangible assets consist primarily of core deposit intangible assets that are amortized over periods ranging from 5 to 10 years. The Company considers the remaining useful lives of its core deposit intangible assets each reporting period, as required by ASC 350, Intangibles—Goodwill and Other, to determine whether events and circumstances warrant a revision to the remaining period of amortization. If the estimate of an intangible asset’s remaining useful life has changed, the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. The Company has not revised its estimates of the useful lives of its core deposit intangibles during the years ended December 31, 2016, 2015, or 2014. Other assets acquired through foreclosure Other assets acquired through foreclosure consist primarily of properties acquired as a result of, or in-lieu-of, foreclosure. Properties or other assets (primarily repossessed assets formerly leased) are classified as OREO and other repossessed property and are initially reported at fair value of the asset less estimated selling costs. Subsequent adjustments are based on the lower of carrying value or fair value less estimated costs to sell the property. Costs related to the development or improvement of the assets are capitalized and costs related to holding the assets are charged to non-interest expense. Property is evaluated regularly to ensure the recorded amount is supported by its current fair value and valuation allowances. Investments in low income housing credits The Company invests in Limited Partnerships formed for the purpose of investing in low income housing projects, which qualify for federal LIHTC. These investments are expected to generate tax credits over a ten-year period. The Company adopted the amended guidance in ASU 2014-01, Accounting for Investments in Qualified Affordable Housing Projects, beginning on January 1, 2014 and accounts for these investments using the proportional amortization method. See "Note 15. Income Taxes" for the additional disclosures required under these amendments. Bank owned life insurance BOLI is carried at its cash surrender value with changes recorded in other non-interest income in the Consolidated Income Statements. The face amount of the underlying policies including death benefits was $360.3 million and $361.7 million as of December 31, 2016 and 2015, respectively. There are no loans offset against cash surrender values, and there are no restrictions as to the use of proceeds. Customer repurchase agreements The Company enters into repurchase agreements with customers, whereby it pledges securities against overnight investments made from the customer’s excess collected funds. The Company records these at the amount of cash received in connection with the transaction. Stock compensation plans The Company has the Incentive Plan, as amended, which is described more fully in "Note 11. Stockholders' Equity" of these Notes to Consolidated Financial Statements. Compensation expense for stock options and non-vested restricted stock awards is based on the fair value of the award on the measurement date which, for the Company, is the date of the grant and is recognized ratably over the service period of the award. The Company utilizes the Black-Scholes option-pricing model to calculate the fair value of stock options. The fair value of non-vested restricted stock awards is the market price of the Company’s stock on the date of grant. See "Note 11. Stockholders' Equity" of these Notes to Consolidated Financial Statements for further discussion of stock options and restricted stock awards. Treasury Shares Effective January 1, 2016, the Company separately presents treasury shares, which represent shares surrendered to the Company equal in value to the statutory payroll tax withholding obligations arising from the vesting of employee restricted stock awards. Prior period amounts have been adjusted to reflect this new presentation, with no change to total stockholders' equity. Treasury shares are carried at cost. Derivative financial instruments The Company uses interest-rate swaps to mitigate interest-rate risk associated with changes to 1) the fair value of certain fixed-rate financial instruments (fair value hedges) and 2) certain cash flows related to future interest payments on variable rate financial instruments (cash flow hedges). The Company recognizes derivatives as assets or liabilities in the Consolidated Balance Sheet at their fair value in accordance with ASC 815, Derivatives and Hedging. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. On the date the derivative contract is entered into, the Company designates the derivative as a fair value hedge or cash flow hedge. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset or liability attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Changes in the fair value of a derivative that is designated and qualifies as a fair value hedge, along with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk are recorded in current-period earnings. For a cash flow hedge, the effective portion of the change in the fair value of the derivative is recorded in AOCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Any ineffective portion of the change in fair value of a cash flow hedge is recognized immediately in non-interest income in the Consolidated Income Statement. Under both the fair value and cash flow hedge scenarios, changes in the fair value of derivatives not considered to be highly effective in hedging the change in fair value or the expected cash flows of the hedged item are recognized in earnings as non-interest income during the period of the change. The Company documents its hedge relationships, including identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction at the time the derivative contract is executed. Both at inception and at least quarterly thereafter, the Company assesses whether the derivatives used in hedging transactions are highly effective (as defined in the guidance) in offsetting changes in either the fair value or cash flows of the hedged item. Retroactive effectiveness is assessed, as well as the continued expectation that the hedge will remain effective prospectively. The Company discontinues hedge accounting prospectively when it is determined that a hedge is no longer highly effective. When hedge accounting is discontinued on a fair value hedge that no longer qualifies as an effective hedge, the derivative continues to be reported at fair value in the Consolidated Balance Sheet, but the carrying amount of the hedged item is no longer adjusted for future changes in fair value. The adjustment to the carrying amount of the hedged item that existed at the date hedge accounting is discontinued is amortized over the remaining life of the hedged item into earnings. Derivative instruments that are not designated as hedges, so called free-standing derivatives, are reported in the Consolidated Balance Sheet at fair value and the changes in fair value are recognized in earnings as non-interest income during the period of change. The Company may in the normal course of business purchase a financial instrument or originate a loan that contains an embedded derivative instrument. Upon purchasing the instrument or originating the loan, the Company assesses whether the economic characteristics of the embedded derivative are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract and carried at fair value. However, in cases where the host contract is measured at fair value, with changes in fair value reported in current earnings, or the Company is unable to reliably identify and measure an embedded derivative for separation from its host contract, the entire contract is carried in the Consolidated Balance Sheet at fair value and is not designated as a hedging instrument. Income taxes The Company is subject to income taxes in the United States and files a consolidated federal income tax return with all of its subsidiaries, with the exception of BW Real Estate, Inc. Deferred income taxes are recorded to reflect the effects of temporary differences between the financial reporting carrying amounts of assets and liabilities and their income tax bases using enacted tax rates that are expected to be in effect when the taxes are actually paid or recovered. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Net deferred tax assets are recorded to the extent that these assets will more-likely-than-not be realized. In making these determinations, all available positive and negative evidence is considered, including scheduled reversals of deferred tax liabilities, tax planning strategies, projected future taxable income, and recent operating results. If it is determined that deferred income tax assets to be realized in the future are in excess of their net recorded amount, an adjustment to the valuation allowance will be recorded, which will reduce the Company's provision for income taxes. A tax benefit from an unrecognized tax benefit may be recognized when it is more-likely-than-not that the position will be sustained upon examination, including related appeals or litigation, based on technical merits. Income tax benefits must meet a more-likely-than-not recognition threshold at the effective date to be recognized. Interest and penalties related to unrecognized tax benefits are recognized as part of the provision for income taxes in the Consolidated Income Statement. Accrued interest and penalties are included in the related tax liability line with other liabilities in the Consolidated Balance Sheet. See "Note 15. Income Taxes" of these Notes to Consolidated Financial Statements for further discussion on income taxes. Off-balance sheet instruments In the ordinary course of business, the Company has entered into off-balance sheet financial instrument arrangements consisting of commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the Consolidated Financial Statements when they are funded. They involve, to varying degrees, elements of credit risk in excess of amounts recognized in the Consolidated Balance Sheet. Losses would be experienced when the Company is contractually obligated to make a payment under these instruments and must seek repayment from the borrower, which may not be as financially sound in the current period as they were when the commitment was originally made. 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. The Company enters into credit arrangements that generally provide for the termination of advances in the event of a covenant violation or other event of default. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the party. The commitments are collateralized by the same types of assets used as loan collateral. As with outstanding loans, the Company applies qualitative factors and utilization rates to its off-balance sheet obligations in determining an estimate of losses inherent in these contractual obligations. The estimate for credit losses on off-balance sheet instruments is included in other liabilities and the charge to income that establishes this liability is included in non-interest expense. The Company also has off-balance sheet arrangements related to its derivative instruments. Derivative instruments are recognized in the Consolidated Financial Statements at fair value and their notional values are carried off-balance sheet. See "Note 13. Derivatives and Hedging Activities" of these Notes to Consolidated Finance Statements for further discussion. Fair values of financial instruments The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities. ASC 820, Fair Value Measurement, establishes a framework for measuring fair value and a three-level valuation hierarchy for disclosure of fair value measurement, as well as enhances disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The Company uses various valuation approaches, including market, income, and/or cost approaches. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would consider in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs, as follows:
The availability of observable inputs varies based on the nature of the specific financial instrument. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Fair value is a market-based measure considered from the perspective of a market participant who may purchase the asset or assume the liability rather than an entity-specific measure. When market assumptions are available, ASC 820 requires the Company to make assumptions regarding the assumptions that market participants would use to estimate the fair value of the financial instrument at the measurement date. ASC 825, Financial Instruments, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction at December 31, 2016 and 2015. The estimated fair value amounts for December 31, 2016 and 2015 have been measured as of period-end, and have not been re-evaluated or updated for purposes of these Consolidated Financial Statements subsequent to those dates. As such, the estimated fair values of these financial instruments subsequent to the reporting date may be different than the amounts reported at period-end. The information in "Note 17. Fair Value Accounting" in these Notes to Consolidated Financial Statements should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only required for a limited portion of the Company’s assets and liabilities. Due to the wide range of valuation techniques and the degree of subjectivity used in making the estimate, comparisons between the Company’s disclosures and those of other companies or banks may not be meaningful. The following methods and assumptions were used by the Company in estimating the fair value of its financial instruments: Cash and cash equivalents The carrying amounts reported in the Consolidated Balance Sheets for cash and due from banks approximate their fair value. Money market investments The carrying amounts reported in the Consolidated Balance Sheets for money market investments approximate their fair value. Investment securities The fair values of CRA investments, exchange-listed preferred stock, and certain corporate debt securities are based on quoted market prices and are categorized as Level 1 in the fair value hierarchy. The fair values of other investment securities were determined based on matrix pricing. Matrix pricing is a mathematical technique that utilizes observable market inputs including, for example, yield curves, credit ratings, and prepayment speeds. Fair values determined using matrix pricing are generally categorized as Level 2 in the fair value hierarchy. During the year ended December 31, 2016, the Company's CDO securities were transferred from Level 3 to Level 2 as a result of an increase in the availability and reliability of the observable inputs utilized in the securities' fair value measurement. Previously, quoted prices and quoted prices for similar assets were not available. Therefore, the Company would engage a third party to estimate the future cash flows and discount rate using third party quotes adjusted based on assumptions a market participant would assume necessary for each specific security, which resulted in fair values for these securities being categorized as Level 3 in the fair value hierarchy. Restricted stock WAB is a member of the Federal Reserve System and the FHLB and, accordingly, maintains investments in the capital stock of the FRB and the FHLB. WAB also maintains an investment in its primary correspondent bank. These investments are carried at cost since no ready market exists for them, and they have no quoted market value. The Company conducts a periodic review and evaluation of its restricted stock to determine if any impairment exists. The fair values of these investments have been categorized as Level 2 in the fair value hierarchy. Loans The fair value of loans is estimated based on discounted cash flows using interest rates currently being offered for loans with similar terms to borrowers with similar credit quality and adjustments that the Company believes a market participant would consider in determining fair value based on a third party independent valuation. As a result, the fair value for loans is categorized as Level 2 in the fair value hierarchy, excluding impaired loans which are categorized as Level 3. Accrued interest receivable and payable The carrying amounts reported in the Consolidated Balance Sheets for accrued interest receivable and payable approximate their fair value. Derivative financial instruments All derivatives are recognized in the Consolidated Balance Sheets at their fair value. The fair value for derivatives is determined based on market prices, broker-dealer quotations on similar products, or other related input parameters. As a result, the fair values have been categorized as Level 2 in the fair value hierarchy. Deposits The fair value disclosed for demand and savings deposits is by definition equal to the amount payable on demand at their reporting date (that is, their carrying amount), which the Company believes a market participant would consider in determining fair value. The carrying amount for variable-rate deposit accounts approximates their fair value. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on these deposits. The fair value measurement of the deposit liabilities is categorized as Level 2 in the fair value hierarchy. FHLB advances and customer repurchase agreements The fair values of the Company’s borrowings are estimated using discounted cash flow analyses, based on the market rates for similar types of borrowing arrangements. The FHLB advances and customer repurchase agreements have been categorized as Level 2 in the fair value hierarchy due to their short durations. Subordinated debt The fair value of subordinated debt is based on the market rate for the respective subordinated debt security. Subordinated debt has been categorized as Level 3 in the fair value hierarchy. Junior subordinated debt Junior subordinated debt is valued based on a discounted cash flow model which uses as inputs Treasury Bond rates and the 'BB' rated financial index. Junior subordinated debt has been categorized as Level 3 in the fair value hierarchy. Off-balance sheet instruments The fair value of the Company’s off-balance sheet instruments (lending commitments and standby letters of credit) is based on quoted fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements, and the counterparties’ credit standing. Recent accounting pronouncements In May 2014, the FASB issued guidance within ASU 2014-09, Revenue from Contracts with Customers. The amendments in ASU 2014-09 to Topic 606, Revenue from Contracts with Customers, creates a common revenue standard and clarifies the principles for recognizing revenue that can be applied consistently across various transactions, industries, and capital markets. The amendments in the ASU clarify that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. As part of that principle, the entity should identify the contract(s) with the customer, identify the performance obligation(s) of the contract, determine the transaction price, allocate that transaction price to the performance obligation(s) of the contract, and then recognize revenue when or as the entity satisfies the performance obligation(s). In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date, which deferred the original effective date of ASU No. 2014-09 by one year. Accordingly, the amendments in ASU No. 2014-09 will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that annual reporting period. The amendments will be applied through the election of one of two retrospective methods. The Company is currently assessing the effect, but does not expect the adoption will have a significant impact on the Company’s Consolidated Financial Statements. In November 2015, the FASB issued guidance within ASU 2015-17, Income Taxes. The amendments in ASU 2015-17 to Topic 740, Income Taxes, changes the presentation of deferred income tax liabilities and assets, from previously bifurcated current and noncurrent, to a single noncurrent amount on the classified statement of financial position. The amendment is effective for the annual period ending after December 15, 2016, and for and interim periods within those annual periods. Early application is permitted. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. In January 2016, the FASB issued guidance within ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in ASU 2016-01 to Subtopic 825-10, Financial Instruments, contain the following elements: 1) requires equity investments to be measured at fair value with changes in fair value recognized in net income; 2) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; 3) eliminates the requirement for public entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; 4) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; 5) requires an entity to present separately in OCI the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; 6) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or accompanying notes to the financial statements; 7) clarifies that the entity should evaluate the need for a valuation allowance on a deferred tax asset related to AFS securities in combination with the entity's other deferred tax assets. The amendments are effective for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. Except for the early application of the amendment noted in item 5) above, which the Company elected to early adopt effective January 1, 2015 as discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, early adoption of the amendments in this Update is not permitted. The adoption of the other amendments in this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. In February 2016, the FASB issued guidance within ASU 2016-02, Leases. The amendments in ASU 2016-02 to Topic 842, Leases, require lessees to recognize the lease assets and lease liabilities arising from operating leases in the statement of financial position. The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. The amendments in this Update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. Management is in the process of evaluating the effects that the standard is expected to have on the Company's Consolidated Financial Statements and related disclosures. In March 2016, the FASB issued guidance within ASU 2016-05, Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships. The amendments in ASU 2016-05 to Topic 815, Derivatives and Hedging, clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. An entity has the option to apply the amendments in this Update on either a prospective basis or a modified retrospective basis. The amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. In June 2016, the FASB issued guidance within ASU 2016-13, Measurement of Credit Losses on Financial Instruments. The amendments in ASU 2016-13 to Topic 326, Financial Instruments - Credit Losses, require that an organization measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The ASU also requires enhanced disclosures, including qualitative and quantitative disclosures that provide additional information about the amounts recorded in the financial statements. Additionally, the ASU amends the accounting for credit losses on AFS debt securities and purchased financial assets with credit deterioration. The amendments in this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Management is in the process of evaluating the effects that the standard is expected to have on the Company's Consolidated Financial Statements and related disclosures. In August 2016, the FASB issued guidance within ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. The amendments in ASU 2016-15 to Topic 230, Statement of Cash Flows, provide guidance on eight specific cash flow classification issues: 1) debt prepayment or debt extinguishment costs; 2) settlement of zero-coupon debt instruments; 3) contingent consideration payments made after a business combination; 4) proceeds from the settlement of insurance claims; 5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; 6) distributions received from equity method investments; 7) beneficial interest in securitization transactions; and 8) separately identifiable cash flows and the application of the predominance principle. The amendments in this Update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period, however, an entity is required to adopt all of the amendments in the same period. The amendments in this Update should be applied using a retrospective transition method to each period presented. Management is in the process of evaluating the effects that the standard is expected to have on the Company's Consolidated Statement of Cash Flows. In January 2017, the FASB issued guidance within ASU 2017-01, Clarifying the Definition of a Business. The amendments in ASU 2017-01 to Topic 805, Business Combinations, clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments in this Update should be applied prospectively and are effective for annual periods beginning after December 31, 2017, including interim periods within those periods. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. In January 2017, the FASB issued guidance within ASU 2017-04, Simplifying the Test for Goodwill Impairment. The amendments in ASU 2017-04 to Topic 350, Intangibles - Goodwill and Other, modify the concept of impairment from the condition that exists when the carrying amount of goodwill exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value. Accordingly, the amendments eliminate Step 2 from the goodwill impairment test as an entity will no longer determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendments in this Update should be applied on a prospective basis and are effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed after January 1, 2017. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. Recently adopted accounting guidance In June 2014, the FASB issued guidance within ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The amendments in ASU 2014-12 to Topic 718, Compensation - Stock Compensation, provide explicit guidance on whether to treat a performance target that could be achieved after the requisite service period as a performance condition that affects vesting or as a nonvesting condition that affects the grant-date fair value of an award. The amendments are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. An entity may elect to apply the amendments either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The adoption of this guidance did not have a material impact on the Company's Consolidated Financial Statements. In August 2014, the FASB issued guidance within ASU 2014-15, Presentation of Financial Statements - Going Concern. The amendments in ASU 2014-15 to Subtopic 205-40, Going Concern, provide guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern. The amendments require management to assess an entity's ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. The amendments are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. In February 2015, the FASB issued guidance within ASU 2015-02, Amendments to the Consolidation Analysis. The amendments in ASU 2015-02 to Topic 810, Consolidation, change the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership, affect the consolidation analysis of reporting entities that are involved with variable interest entities, particularly those that have fee arrangements and related party relationships, and provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The amendments are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. An entity may apply the amendments in this Update using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or, may apply the amendments retrospectively. The adoption of this guidance did not have a material impact on the Company's Consolidated Financial Statements. In March 2016, the FASB issued guidance within ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. The amendments in ASU 2016-09 to Topic 718, Compensation - Stock Compensation, require recognition of all excess tax benefits and tax deficiencies through income tax expense or benefit in the income statement. Other amendments in this ASU include guidance on the classification of share-based payment transactions in the statement of cash flows and an option to account for forfeitures of share-based awards as they occur rather than estimating the compensation cost based on the number of awards that are expected to vest. The amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted in any interim or annual period. Effective January 1, 2016, the Company elected early adoption of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. As a result of adoption, the Company recognized a $3.9 million tax benefit as a reduction of income tax expense during the three months ended March 31, 2016. During the year ended December 31, 2016, the Company recognized a $4.1 million tax benefit related to adoption of this new guidance. The Company has elected to continue to estimate compensation cost based on the number of awards that are expected to vest. The adoption of this guidance did not have a significant impact on the Company's Consolidated Statement of Cash Flows. |
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Business Combination Disclosure [Text Block] | Acquisition of GE Capital US Holdings, Inc. Loan Portfolio On April 20, 2016, WAB completed its acquisition of GE Capital US Holdings, Inc.'s domestic select-service hotel franchise finance loan portfolio, paying cash of $1.27 billion. The acquisition was undertaken, in part, because it expands the Company's national reach and diversifies the Company's loan portfolio. Effective April 20, 2016, the results of the acquired loan portfolio are reflected in the Company's newly created HFF NBL operating segment. Acquisition / restructure expenses related to the purchase total $4.3 million for the year ended December 31, 2016, of which approximately $0.6 million are acquisition related costs as defined by ASC 805. The transaction was accounted for under the acquisition method of accounting in accordance with ASC 805. Assets purchased and liabilities assumed were recorded at their respective acquisition date estimated fair values. The fair values of assets acquired and liabilities assumed are subject to adjustment during the first twelve months after the acquisition date if additional information becomes available to indicate a more accurate or appropriate value for an asset or liability. Although there have been no measurement period adjustments identified to date and any future adjustments are not expected to be significant, the fair values of loans is still preliminary as of December 31, 2016. The recognized amounts of identifiable assets acquired and liabilities assumed are as follows:
Loans acquired consist of loans that are not considered impaired (non-PCI loans) and loans that have shown evidence of credit deterioration since origination (PCI loans) as of the acquisition date. All loans were recorded net of fair value adjustments (interest rate and credit marks), which were determined using discounted contractual cash flow models. The fair value of non-PCI loans acquired totals $1.19 billion, which is net of interest and credit marks of $43.3 million. The fair value of PCI loans totals $93.3 million, which is net of interest and credit marks of $17.0 million. See "Note 4. Loans, Leases and Allowance for Credit Losses" of these Notes to Consolidated Financial Statements for additional detail of the acquired loans. The following table presents pro forma information as if the acquisition was completed on January 1, 2015. The pro forma information includes adjustments for interest income on loans acquired and excludes acquisition / restructure expense. The pro forma information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed dates.
Acquisition of Bridge Capital Holdings On June 30, 2015, the Company completed its acquisition of Bridge Capital Holdings and its wholly-owned subsidiary, Bridge Bank, headquartered in San Jose, California. Under the terms of the acquisition, each outstanding share of Bridge common stock was exchanged for 0.8145 shares of WAL's common stock plus $2.39 in cash. The Company paid $36.5 million in cash and issued 12.5 million common shares for all equity interests in Bridge. The merger was undertaken, in part, because Bridge strengthens the Company's Northern California presence and provides new avenues for growth in technology and international services. Bridge’s results of operations have been included in the Company’s results beginning July 1, 2015. Acquisition / restructure expenses related to the Bridge acquisition of $8.8 million for the year ended December 31, 2015, have been included in non-interest expense, of which approximately $0.9 million are acquisition related costs as defined by ASC 805. During the year ended December 31, 2016, there were no acquisition / restructure expenses related to the Bridge acquisition. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805. Assets purchased and liabilities assumed were recorded at their respective acquisition date estimated fair values. The fair values of assets acquired and liabilities assumed are subject to adjustment during the first twelve months after the acquisition date if additional information becomes available to indicate a more accurate or appropriate value for an asset or liability. Due to early adoption of the amended guidance within ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, as discussed in "Note 1. Summary of Significant Accounting Policies," these adjustments to provisional amounts identified during the measurement period are recognized in the reporting period in which the adjustment amounts are determined, rather than retrospectively adjusting the provisional amounts at the acquisition date. The Company identified net measurement period adjustments totaling $6.9 million since July 1, 2015, which have been reflected as an adjustment to increase goodwill. Measurement period adjustments for the year ended December 31, 2016 and 2015 total $0.1 million and $6.8 million, respectively. The significant measurement period adjustments relate to loans, net deferred tax assets, and other liabilities. The measurement period for the Bridge acquisition ended on June 30, 2016. Therefore, the fair value of these assets acquired and liabilities assumed were considered final effective June 30, 2016. 2. MERGERS, ACQUISITIONS AND DISPOSITIONS Acquisition of GE Capital US Holdings, Inc. Loan Portfolio On April 20, 2016, WAB completed its acquisition of GE Capital US Holdings, Inc.'s domestic select-service hotel franchise finance loan portfolio, paying cash of $1.27 billion. The acquisition was undertaken, in part, because it expands the Company's national reach and diversifies the Company's loan portfolio. Effective April 20, 2016, the results of the acquired loan portfolio are reflected in the Company's newly created HFF NBL operating segment. Acquisition / restructure expenses related to the purchase total $4.3 million for the year ended December 31, 2016, of which approximately $0.6 million are acquisition related costs as defined by ASC 805. The transaction was accounted for under the acquisition method of accounting in accordance with ASC 805. Assets purchased and liabilities assumed were recorded at their respective acquisition date estimated fair values. The fair values of assets acquired and liabilities assumed are subject to adjustment during the first twelve months after the acquisition date if additional information becomes available to indicate a more accurate or appropriate value for an asset or liability. Although there have been no measurement period adjustments identified to date and any future adjustments are not expected to be significant, the fair values of loans is still preliminary as of December 31, 2016. The recognized amounts of identifiable assets acquired and liabilities assumed are as follows:
Loans acquired consist of loans that are not considered impaired (non-PCI loans) and loans that have shown evidence of credit deterioration since origination (PCI loans) as of the acquisition date. All loans were recorded net of fair value adjustments (interest rate and credit marks), which were determined using discounted contractual cash flow models. The fair value of non-PCI loans acquired totals $1.19 billion, which is net of interest and credit marks of $43.3 million. The fair value of PCI loans totals $93.3 million, which is net of interest and credit marks of $17.0 million. See "Note 4. Loans, Leases and Allowance for Credit Losses" of these Notes to Consolidated Financial Statements for additional detail of the acquired loans. The following table presents pro forma information as if the acquisition was completed on January 1, 2015. The pro forma information includes adjustments for interest income on loans acquired and excludes acquisition / restructure expense. The pro forma information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed dates.
Acquisition of Bridge Capital Holdings On June 30, 2015, the Company completed its acquisition of Bridge Capital Holdings and its wholly-owned subsidiary, Bridge Bank, headquartered in San Jose, California. Under the terms of the acquisition, each outstanding share of Bridge common stock was exchanged for 0.8145 shares of WAL's common stock plus $2.39 in cash. The Company paid $36.5 million in cash and issued 12.5 million common shares for all equity interests in Bridge. The merger was undertaken, in part, because Bridge strengthens the Company's Northern California presence and provides new avenues for growth in technology and international services. Bridge’s results of operations have been included in the Company’s results beginning July 1, 2015. Acquisition / restructure expenses related to the Bridge acquisition of $8.8 million for the year ended December 31, 2015, have been included in non-interest expense, of which approximately $0.9 million are acquisition related costs as defined by ASC 805. During the year ended December 31, 2016, there were no acquisition / restructure expenses related to the Bridge acquisition. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805. Assets purchased and liabilities assumed were recorded at their respective acquisition date estimated fair values. The fair values of assets acquired and liabilities assumed are subject to adjustment during the first twelve months after the acquisition date if additional information becomes available to indicate a more accurate or appropriate value for an asset or liability. Due to early adoption of the amended guidance within ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, as discussed in "Note 1. Summary of Significant Accounting Policies," these adjustments to provisional amounts identified during the measurement period are recognized in the reporting period in which the adjustment amounts are determined, rather than retrospectively adjusting the provisional amounts at the acquisition date. The Company identified net measurement period adjustments totaling $6.9 million since July 1, 2015, which have been reflected as an adjustment to increase goodwill. Measurement period adjustments for the year ended December 31, 2016 and 2015 total $0.1 million and $6.8 million, respectively. The significant measurement period adjustments relate to loans, net deferred tax assets, and other liabilities. The measurement period for the Bridge acquisition ended on June 30, 2016. Therefore, the fair value of these assets acquired and liabilities assumed were considered final effective June 30, 2016. The following table shows the recognized amounts of identifiable assets acquired and liabilities assumed at their as adjusted acquisition date fair values, which include all measurement period adjustments identified and recognized since July 1, 2015:
Loans acquired in the Bridge acquisition consist of loans that are not considered impaired (non-PCI loans) and loans that have shown evidence of credit deterioration since origination (PCI loans) as of the acquisition date. All loans were recorded net of fair value adjustments (interest rate and credit marks), which were determined using discounted contractual cash flow models. The fair value of non-PCI loans acquired totals $1.43 billion, which is net of interest and credit marks of $26.0 million. The fair value of PCI loans totals $10.6 million, which is net of interest and credit marks of $6.0 million. See "Note 4. Loans, Leases and Allowance for Credit Losses" of these Notes to Consolidated Financial Statements for additional detail of the acquired loans. In connection with the Bridge acquisition, the Company acquired intangible assets of $15.0 million, consisting primarily of core deposit intangibles. The core deposit intangible asset balance has been allocated to the Northern California and Technology & Innovation segments based on their respective core deposit balances at June 30, 2015, and is being amortized over its estimated useful life of 10 years. Goodwill related to the acquisition totaled $266.6 million, which includes net measurement period adjustments totaling $6.9 million, identified and recognized since July 1, 2015. Goodwill has been allocated to the Northern California and Technology & Innovation segments based on their proportionate loan and deposit balances as of June 30, 2015. Management believes this methodology allocates goodwill to the reporting units in a manner consistent with the expected synergies of the combination. None of the goodwill recognized as part of the acquisition is expected to be deductible for income tax purposes. Qualifying debt assumed from Bridge is comprised of junior subordinated debt with a contractual balance of $17.5 million and is recorded net of a $6.2 million fair value mark that is being amortized over the remaining life of the trusts. See "Note 10. Qualifying Debt" of these Notes to Consolidated Financial Statements for further detail and discussion of the debt. In connection with the acquisition, the Company assumed Bridge's SERP, an unfunded noncontributory defined benefit pension plan. The SERP provides retirement benefits to certain Bridge officers based on years of service and final average salary. Pursuant to the terms of the SERP agreements, if the officer's service is terminated by Bridge or by the officer for "good reason" (as defined in the SERP agreements) within 24 months following a change in control, such as the Bridge acquisition, the officer is entitled to full vesting of the normal benefit under the SERP agreement, and such SERP benefits will be made in installment payments commencing on the first business day of January of the year following the officer's attainment of age 55 or, if the officer is already age 55 as of such termination of employment, on the first business day of January of the year following the officer's termination of employment. As of June 30, 2015, a $7.1 million liability included in other liabilities was recorded in the Company's Consolidated Balance Sheet related to the SERP. A discount rate of 5.75% and an employee compensation rate increase of 4.00% were used in determining the SERP liability as of June 30, 2015. See "Note 19. Employee Benefit Plans" of these Notes to the Consolidated Financial Statements for further detail and discussion of the SERP. The following table presents pro forma information as if the Bridge acquisition was completed on January 1, 2014. The pro forma information includes adjustments for interest income on loans and securities acquired, amortization of intangibles arising from the transaction and interest expense on deposits acquired. The pro forma information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed dates.
PartnersFirst Discontinued Operations The Company discontinued its affinity credit card business and presented these activities as discontinued operations. During the second quarter 2014, the Company shut down its remaining affinity credit card operations. Therefore, no additional discontinued operations have been reported. The following table summarizes the operating results of the discontinued operations for the year ended December 31, 2014:
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Investment Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | 3. INVESTMENT SECURITIES The carrying amounts and fair values of investment securities at December 31, 2016 and 2015 are summarized as follows:
For additional information on the fair value changes of securities measured at fair value, see the trading securities table in "Note 17. Fair Value Accounting" of these Notes to Consolidated Financial Statements. The Company conducts an OTTI analysis on a quarterly basis. The initial indication of OTTI for both debt and equity securities is a decline in the market value below the amount recorded for an investment, and taking into account the severity and duration of the decline. Another potential indication of OTTI is a downgrade below investment grade. In determining whether an impairment is OTTI, the Company considers the length of time and the extent to which the market value has been below cost, recent events specific to the issuer, including investment downgrades by rating agencies and economic conditions of its industry, and the Company’s ability and intent to hold the investment for a period of time sufficient to allow for any anticipated recovery. For marketable equity securities, the Company also considers the issuer’s financial condition, capital strength, and near-term prospects. For debt securities, for the purpose of an OTTI analysis, the Company also considers the cause of the price decline (general level of interest rates, credit spreads, and industry and issuer-specific factors), the issuer’s financial condition, near-term prospects, and current ability to make future payments in a timely manner, as well as the issuer’s ability to service debt, and any change in agencies’ ratings at the evaluation date from the acquisition date and any likely imminent action. The Company has reviewed securities for which there is an unrealized loss in accordance with its accounting policy for OTTI described above and determined that there are no impairment charges for the years ended December 31, 2016, 2015, and 2014. The Company does not consider any securities to be other-than-temporarily impaired as of December 31, 2016 and 2015. No assurance can be made that OTTI will not occur in future periods. Information pertaining to securities with gross unrealized losses at December 31, 2016 and 2015, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows:
At December 31, 2016 and 2015, the Company’s unrealized losses relate primarily to interest rate fluctuations and credit spread widening in applicable markets. The total number of securities in an unrealized loss position at December 31, 2016 is 244, compared to 146 at December 31, 2015. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and industry analysis reports. Since material downgrades have not occurred and management does not intend to sell the debt securities in an unrealized loss position in the foreseeable future, none of the securities described in the above table or in this paragraph are deemed to be OTTI. The trust preferred securities have yields based on floating rate LIBOR, which are highly correlated to the federal funds rate and have been negatively affected by the low rate environment. This has resulted in unrealized losses for these securities. The amortized cost and fair value of securities as of December 31, 2016, by contractual maturities, are shown below. MBS are shown separately as individual MBS are comprised of pools of loans with varying maturities. Therefore, these securities are listed separately in the maturity summary.
The following tables summarize the carrying amount of the Company’s investment ratings position as of December 31, 2016 and 2015:
Securities with carrying amounts of approximately $763.0 million and $830.7 million at December 31, 2016 and 2015, respectively, were pledged for various purposes as required or permitted by law. The following table presents gross gains and losses on sales of investment securities:
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Loans, Leases and Allowance for Credit Losses |
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Loans, Leases and Allowance for Credit Losses | 4. LOANS, LEASES AND ALLOWANCE FOR CREDIT LOSSES The composition of the Company’s held for investment loan portfolio is as follows:
Net deferred loan fees and costs as of December 31, 2016 and 2015 total $22.3 million and $19.2 million, respectively, which is a reduction in the carrying value of loans. Net unamortized discounts on loans total $5.2 million and $8.2 million as of December 31, 2016 and 2015, respectively. Total loans held for investment are also net of interest rate and credit marks on acquired loans totaling $69.5 million and $40.5 million as of December 31, 2016 and 2015, respectively, which is a reduction in the carrying value of loans. As of December 31, 2016 and 2015, the Company also has $18.9 million and $23.8 million of HFS loans, respectively. The following table presents the contractual aging of the recorded investment in past due loans held for investment by class of loans:
The following table presents the recorded investment in non-accrual loans and loans past due ninety days or more and still accruing interest by class of loans:
The reduction in interest income associated with loans on non-accrual status was approximately $2.0 million, $2.5 million, and $3.8 million for the years ended December 31, 2016, 2015, and 2014, respectively. The Company utilizes an internal asset classification system as a means of reporting problem and potential problem loans. Under the Company’s risk rating system, the Company classifies problem and potential problem loans as Special Mention, Substandard, Doubtful, and Loss. Substandard loans include those characterized by well-defined weaknesses and carry the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loans classified as Doubtful, or risk rated nine, have all the weaknesses inherent in those classified as Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The final rating of Loss covers loans considered uncollectible and having such little recoverable value that it is not practical to defer writing off the asset. Loans that do not currently expose the Company to sufficient risk to warrant classification in one of the aforementioned categories, but possess weaknesses that warrant management’s close attention, are deemed to be Special Mention. Risk ratings are updated, at a minimum, quarterly. The following tables present gross loans by risk rating:
The table below reflects the recorded investment in loans classified as impaired:
The following table presents impaired loans by class:
A valuation allowance is established for an impaired loan when the fair value of the loan is less than the recorded investment. In certain cases, portions of impaired loans are charged-off to realizable value instead of establishing a valuation allowance and are included, when applicable, in the table above as “Impaired loans without a specific valuation allowance under ASC 310.” However, before concluding that an impaired loan needs no associated valuation allowance, an assessment is made to consider all available and relevant information for the method used to evaluate impairment and the type of loan being assessed. The valuation allowance disclosed above is included in the allowance for credit losses reported in the Consolidated Balance Sheets as of December 31, 2016 and 2015. The following table presents the average investment in impaired loans and income recognized on impaired loans:
The following table presents average investment in impaired loans by loan class:
The average investment in TDR loans included in the average investment in impaired loans table above for the years ended December 31, 2016, 2015, and 2014 was $68.8 million, $113.9 million, and $126.6 million, respectively. The following table presents interest income on impaired loans by class:
The Company is not committed to lend significant additional funds on these impaired loans. The following table summarizes nonperforming assets:
Loans Acquired in HFF Acquisition The following table presents information regarding the contractually required principal payments receivable, cash flows expected to be collected, and the preliminary estimated fair value of loans acquired in the HFF asset purchase as of April 20, 2016, the closing date of the transaction. See "Note 2. Mergers, Acquisitions and Dispositions" of these Notes to Consolidated Financial Statements for additional details related to the purchase.
Loans Acquired in Bridge Acquisition The following table presents information regarding the contractually required principal and interest payments receivable, cash flows expected to be collected, and the estimated fair value of loans acquired in the Bridge acquisition, as of June 30, 2015, the closing date of the transaction, including measurement period adjustments.
Loans Acquired with Deteriorated Credit Quality Changes in the accretable yield for loans acquired with deteriorated credit quality are as follows:
Allowance for Credit Losses The following table summarizes the changes in the allowance for credit losses by portfolio type:
The following table presents impairment method information related to loans and allowance for credit losses by loan portfolio segment:
Troubled Debt Restructurings A TDR loan is a loan on which the Company, for reasons related to a borrower’s financial difficulties, grants a concession to the borrower that the Company would not otherwise consider. The loan terms that have been modified or restructured due to a borrower’s financial situation include, but are not limited to, a reduction in the stated interest rate, an extension of the maturity or renewal of the loan at an interest rate below current market, a reduction in the face amount of the debt, a reduction in the accrued interest, or deferral of interest payments. The majority of the Company's modifications are extensions in terms or deferral of payments which result in no lost principal or interest followed by reductions in interest rates or accrued interest. A TDR loan is also considered impaired. Consistent with regulatory guidance, a TDR loan that is subsequently modified in another restructuring agreement but has shown sustained performance and classification as a TDR, will be removed from TDR status provided that the modified terms were market-based at the time of modification. The following table presents information on the financial effects of TDR loans by class for the periods presented:
The following table presents TDR loans by class for which there was a payment default during the period:
A TDR loan is deemed to have a payment default when it becomes past due 90 days, goes on non-accrual, or is restructured again. Payment defaults, along with other qualitative indicators, are considered by management in the determination of the allowance for credit losses. At December 31, 2016 and 2015, there was zero and $0.1 million, respectively, in loan commitments outstanding on TDR loans. Loan Purchases and Sales For the years ended December 31, 2016 and 2015, secondary market loan purchases totaled $340.6 million and $137.2 million, respectively. For 2016, these purchased loans consisted of $339.8 million of commercial and industrial loans, $0.6 million of commercial real estate loans, and $0.1 million in commercial leases. For 2015, these purchased loans consisted of $117.1 million of commercial and industrial loans, $13.2 million of commercial real estate loans, $6.8 million in commercial leases, and $0.1 million of construction and land development loans. During the year ended December 31, 2016, the Company sold loans, which consisted primarily of CRE and SBA loans with a carrying value of $39.3 million and recognized a gain of $2.5 million on the sales. During the year ended December 31, 2015, the Company sold loans, which consisted primarily of commercial and industrial and CRE loans, with a carrying value of $102.2 million and recognized a gain of $0.5 million on the sales. |
Premises and Equipment (Notes) |
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Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | 5. PREMISES AND EQUIPMENT The following is a summary of the major categories of premises and equipment:
Lease Obligations The Company leases certain premises and equipment under non-cancelable operating leases expiring through 2026. The following is a schedule of future minimum rental payments under these leases at December 31, 2016:
The Company leases certain office locations and many of these leases contain multiple renewal options and provisions for increased rents. Total rent expense of $11.0 million, $8.1 million, and $6.2 million is included in occupancy expense for the years ended December 31, 2016, 2015, and 2014, respectively. Total depreciation expense of $9.2 million, $7.7 million, and $6.0 million is included in occupancy expense for the years ended December 31, 2016, 2015, and 2014, respectively. |
Other Assets Acquired Through Foreclosure |
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Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Assets Acquired Through Foreclosure | 6. OTHER ASSETS ACQUIRED THROUGH FORECLOSURE The following table represents the changes in other assets acquired through foreclosure:
At December 31, 2016, 2015, and 2014, the majority of the Company’s repossessed assets consisted of properties located in Nevada. The Company held 31 properties at December 31, 2016, compared to 39 at December 31, 2015. |
Goodwill and Other Intangible Assets Goodwill and Other Intangible Assets (Notes) |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | 7. GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill represents the excess consideration paid for net assets acquired in a business combination over their fair value. Goodwill and other intangible assets acquired in a business combination and determined to have an indefinite useful life are not subject to amortization, but are subsequently evaluated for impairment at least annually. The Company's goodwill totals $290.0 million as of December 31, 2016, of which $23.2 million relates to the Nevada operating segment, $149.7 million relates to the Northern California segment, $116.9 million relates to the Technology & Innovation segment, and $0.2 million relates to the Hotel Franchise Finance segment. During the years ended December 31, 2016, 2015, and 2014, there were no events or circumstances that indicated an interim impairment test of goodwill or other intangible assets was necessary and, based on the Company's annual goodwill and intangibles impairment tests as of October 1 of each of these years, it was determined that goodwill and intangible assets are not impaired. The following is a summary of the Company's acquired intangible assets:
As of December 31, 2016, the Company's core deposit intangible assets had a weighted average estimated useful life of 8.2 years. The Company's core deposit intangibles assets related to FIB and BON are amortized on a straight-line basis. The core deposit intangible assets acquired in the acquisition of Bridge are being amortized using an accelerated amortization method over a period of 10 years. Amortization expense recognized on all amortizable intangibles totaled $2.8 million, $2.0 million, and $1.5 million for the years ended December 31, 2016, 2015, and 2014, respectively. Below is a summary of future estimated aggregate amortization expense:
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Deposits (Notes) |
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Deposits [Abstract] | 8. DEPOSITS The table below summarizes deposits by type:
The summary of the contractual maturities for all time deposits as of December 31, 2016 is as follows:
WAB is a participant in the Promontory Interfinancial Network, a network that offers deposit placement services such as CDARS and ICS, which offer products that qualify large deposits for FDIC insurance. Federal banking law and regulation places restrictions on depository institutions regarding brokered deposits because of the general concern that these deposits are not relationship-based and are at a greater risk of being withdrawn, thus posing liquidity risk for institutions that gather brokered deposits in significant amounts. At December 31, 2016 and 2015, the Company had $413.9 million and $517.5 million, respectively, of reciprocal CDARS deposits and $607.5 million and $714.4 million, respectively, of ICS deposits. At December 31, 2016 and 2015, the Company had $136.2 million and $178.8 million, respectively, of wholesale brokered deposits. There are also $571.9 million and $365.6 million of additional deposits as of December 31, 2016 and 2015, respectively, that the Company considers core deposits because of their origin from AAB clients, but which are classified as brokered deposits for regulatory reporting purposes. |
Other Borrowings |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Borrowings | 9. OTHER BORROWINGS The following table summarizes the Company’s borrowings as of December 31, 2016 and 2015:
The Company maintains other lines of credit with correspondent banks totaling $167.5 million, of which $22.5 million is secured by pledged securities and has a floating interest rate of one-month or three-month LIBOR plus 1.50%. The remaining $145.0 million is unsecured and has a floating interest rate of one-month LIBOR plus 3.25%. As of December 31, 2016 and 2015, there are no outstanding balances on the Company's lines of credit. The Company maintains lines of credit with the FHLB and the FRB. The Company’s borrowing capacity is determined based on collateral pledged, generally consisting of investment securities and loans, at the time of the borrowing. At December 31, 2016, there are $80.0 million in short-term FHLB overnight advances, with a weighted average interest rate of 0.55%. At December 31, 2015, short-term FHLB advances of $150.0 million had a weighted average interest rate of 0.36%. As of December 31, 2016 and 2015, the Company had additional available credit with the FHLB of approximately $2.15 billion and $1.54 billion, respectively, and with the FRB of approximately $997.0 million and $1.21 billion, respectively. |
Qualifying Debt Qualifying Debt (Notes) |
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Qualifying Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subordinated Borrowings Disclosure [Text Block] | 10. QUALIFYING DEBT Subordinated Debt On June 16, 2016, the Company issued $175.0 million of subordinated debentures with a maturity date of July 1, 2056. Beginning on or after July 1, 2021, the Company may redeem the debentures, in whole or in part, at their principal amount plus any accrued and unpaid interest. The subordinated debt was recorded net of issuance costs of $5.5 million. The debentures have a fixed interest rate of 6.25% per annum. To hedge the interest rate risk, WAL entered into a fair value interest rate hedge with a pay variable/receive fixed swap. On June 29, 2015, the Company issued $150.0 million of subordinated debt, which was recorded net of debt issuance costs of $1.8 million, and matures July 15, 2025. The subordinated debt has a fixed interest rate of 5.00% through June 30, 2020 and then converts to a variable rate of 3.20% plus three-month LIBOR through maturity. The carrying value of all subordinated debt, which includes the effective portion of related hedges, totals $305.8 million and $152.0 million at December 31, 2016 and 2015, respectively. Junior Subordinated Debt The Company has formed or acquired through acquisition eight statutory business trusts, which exist for the exclusive purpose of issuing Cumulative Trust Preferred Securities. The Company's junior subordinated debt has contractual balances and maturity dates as follows:
With the exception of debt issued by Bridge Capital Trust I and Bridge Capital Trust II, junior subordinated debt is recorded at fair value at each reporting date due to the FVO election made by the Company under ASC 825. The Company did not make the FVO election for the junior subordinated debt acquired as part of the Bridge acquisition. Accordingly, the carrying value of these trusts does not reflect the current fair value of the debt and includes a fair market value adjustment established at acquisition that is being accreted over the remaining life of the trusts. The weighted average interest rate of all junior subordinated debt as of December 31, 2016 was 3.34%, which is three-month LIBOR plus the contractual spread of 2.34%, compared to a weighted average interest rate of 2.95% at December 31, 2015. In the event of certain changes or amendments to regulatory requirements or federal tax rules, the debt is redeemable in whole. The obligations under these instruments are fully and unconditionally guaranteed by the Company and rank subordinate and junior in right of payment to all other liabilities of the Company. Based on guidance issued by the FRB, the Company's securities continue to qualify as Tier 1 Capital. |
Stockholders' Equity |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholder's Equity | 11. STOCKHOLDERS' EQUITY Stock-Based Compensation Stock Awards and Stock Options The Incentive Plan, as amended, gives the BOD the authority to grant up to 10.5 million stock awards consisting of unrestricted stock, stock units, dividend equivalent rights, stock options (incentive and non-qualified), stock appreciation rights, restricted stock, and performance and annual incentive awards. The Incentive Plan limits the maximum number of shares of common stock that may be awarded to any person eligible for an award to 300,000 per calendar year. Stock awards available for grant at December 31, 2016 were 3.7 million. Restricted stock awards granted to employees in 2016 and 2015 generally vest over a three-year period. Stock grants made to non-employee WAL directors during 2016 became fully vested at June 30, 2016. The Company estimates the compensation cost for stock grants based upon the grant date fair value. Stock compensation cost is recognized on a straight-line basis over the requisite service period for the entire award. For the year ended December 31, 2016, the Company recognized $10.7 million in stock-based compensation expense related to these stock grants, compared to $9.3 million in 2015. In addition, in 2015, the Company began granting shares of restricted stock to certain members of executive management that have both performance and service conditions that affect vesting. During the year ended December 31, 2016, the Company granted 54,329 shares of these restricted stock awards. The performance condition is based on achieving an EPS target for fiscal year 2016. This EPS target has been met as of December 31, 2016 and therefore the restricted stock awards will vest over a remaining two-year service period. The grant date fair value of the awards was $1.5 million. For the year ended December 31, 2016, the Company recognized $1.1 million in stock-based compensation expense related to these performance-based restricted stock grants, compared to $0.5 million in 2015. There were no such awards granted during the year ended December 31, 2014. A summary of the status of the Company’s unvested shares of restricted stock, including those issued in connection with the Bridge acquisition, and changes during the years then ended is presented below:
The weighted average grant date fair value of stock awards granted during the years ended December 31, 2016, 2015, and 2014 was $13.6 million, $12.6 million, and $12.2 million, respectively. The total fair value of restricted stock that vested during the years ended December 31, 2016, 2015, and 2014 was $18.3 million, $14.6 million, and $13.3 million, respectively. As of December 31, 2016, there was $15.7 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the Incentive Plan. That cost is expected to be recognized over a weighted average period of 1.82 years. As of December 31, 2016, the Company has stock option awards outstanding related to stock option awards converted in connection with the Bridge acquisition. A summary of option activity during the year ended December 31, 2016 is presented below:
The total intrinsic value of options exercised during the years ended December 31, 2016, 2015, and 2014 was $1.7 million, $3.6 million, and $7.1 million, respectively. Performance Stock Units The Company grants members of its executive management committee performance stock units that do not vest unless the Company achieves a specified cumulative EPS target over a three-year performance period. The number of shares issued will vary based on the cumulative EPS target that is achieved. The Company estimates the cost of performance stock units based upon the grant date fair value and expected vesting percentage over the three-year performance period. For the year ended December 31, 2016, the Company recognized $5.7 million in stock-based compensation expense related to these performance stock units, compared to $4.8 million and $3.6 million in stock-based compensation expense for such units in 2015 and 2014, respectively. The three-year performance period for the 2012 grant ended on December 31, 2014, and the Company's cumulative EPS for the performance period exceeded the level required for a maximum award under the terms of the grant. As a result, on February 18, 2015, executive management committee members were granted 285,000 of fully vested common shares. The three-year performance period for the 2013 grant ended on December 31, 2015, and the Company's cumulative EPS for the performance period exceeded the level required for a maximum award under the terms of the grant. As a result, on February 17, 2016, executive management committee members were granted 308,400 of fully vested common shares. The three-year performance period for the 2014 grant ended on December 31, 2016, and the Company's cumulative EPS for the performance period exceeded the level required for a maximum award under the terms of the grant. As a result, 206,050 shares will become fully vested and be paid out to executive management committee members in the first quarter of 2017. As of December 31, 2016, outstanding performance stock unit grants made in 2015 and 2016 are expected to pay out at the maximum award amount, or 204,585 and 211,000 common shares, in 2018 and 2019, respectively. Common Stock Issuance Under ATM Distribution Agreement On June 4, 2014, the Company entered into a distribution agency agreement with Credit Suisse Securities (USA) LLC, under which the Company could sell shares of its common stock up to an aggregate offering price of $100.0 million in an offering registered with the SEC. The parties executed an Amended and Restated Distribution Agency Agreement on October 30, 2014. The Company pays Credit Suisse Securities (USA) LLC a mutually agreed rate, not to exceed 2% of the gross offering proceeds of the shares. The common stock would be sold at prevailing market prices at the time of the sale or at negotiated prices and, as a result, prices will vary. As the Company completed $100.0 million in aggregate sales under the ATM offering, the Company's ATM offering expired and the Amended and Restated Distribution Agency Agreement was terminated as of June 30, 2016. During the year ended December 31, 2016, the Company sold 1.6 million shares under the ATM offering at a weighted-average selling price of $36.63 per share for gross proceeds of $56.8 million. Total related offering costs were $1.0 million, of which $0.9 million relates to compensation costs paid to Credit Suisse Securities (USA) LLC. During the year ended December 31, 2015, the Company sold 760,376 shares under the ATM offering at a weighted-average selling price of $38.13 per share for gross proceeds of $29.0 million. Total related offering costs were $0.7 million, of which $0.5 million relates to compensation costs paid to Credit Suisse Securities (USA) LLC. During the year ended December 31, 2014, the Company sold 548,122 shares under the ATM offering at a weighted-average selling price of $25.96 per share for gross proceeds of $14.2 million. Total related offering costs were $0.5 million, of which $0.2 million relates to compensation costs paid to Credit Suisse Securities (USA) LLC. In Connection with Bridge Acquisition Under the terms of the Bridge merger agreement, each share of Bridge common stock issued and outstanding as of June 30, 2015, the acquisition date, was exchanged for 0.8145 shares of WAL common stock and $2.39 in cash. This resulted in the issuance of 12,451,240 shares, or $420.4 million, of the Company's common stock and payment of $36.5 million in cash. Equity Awards Assumed in Bridge Acquisition In connection with the Bridge acquisition, the Company assumed unvested restricted stock awards and stock options originally granted by Bridge and converted them into WAL restricted stock awards and stock options. Bridge equity awards were converted into WAL equity awards at a conversion ratio of 0.905, resulting in the issuance of 546,151 shares of WAL restricted stock and 213,091 of WAL options. The portion of the fair value of these equity awards associated with prior service of Bridge employees represents a component of the total consideration for the Bridge acquisition, which totaled $10.7 million. Bridge's restricted stock awards generally had an original vesting period of five years. The remaining vesting period of these awards remained unchanged upon conversion. The value of restricted stock replacement awards were based on WAL's stock price as of the acquisition date and totaled $17.0 million as of June 30, 2015, of which $9.0 million is considered purchase price consideration for pre-combination service and $8.0 million is post-combination compensation service expense that is being recognized over the remaining vesting period of the awards. During the year ended December 31, 2016, the Company recognized $2.2 million in compensation expense related to these awards, compared to $1.7 million for the year ended December 31, 2015. Bridge's stock options had an original vesting period of four years and a contractual term of ten years. Stock option replacement awards were valued using the Black-Scholes option valuation model, using the following weighted average assumptions.
The value of assumed stock options as of June 30, 2015 totaled $4.1 million, of which $1.7 million is considered purchase price consideration for pre-combination service and $2.4 million is post-combination compensation service expense that is being recognized over the remaining vesting period of the options. During the year ended December 31, 2016, the Company recognized $0.6 million in compensation expense related to these awards, compared to $0.5 million in compensation expense for the year ended December 31, 2015. Preferred Stock On September 27, 2011, the Company received $141.0 million from the issuance of 141,000 shares of non-cumulative perpetual preferred stock, Series B, par value of $0.0001 per share and a liquidation preference of $1,000 per share, to the U.S. Treasury Department under the SBLF. On December 31, 2014, the Company redeemed 70,500 of its 141,000 shares of non-cumulative perpetual preferred stock, Series B. The shares were redeemed at their liquidation value of $1,000 per share plus accrued dividends for a total redemption price of $70.7 million. On December 18, 2015, the Company redeemed its remaining 70,500 shares of non-cumulative perpetual preferred stock, Series B. The shares were redeemed at their liquidation value of $1,000 per share plus accrued dividends for a total redemption price of $70.7 million. |
Accumulated Other Comprehensive Income |
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income | 12. ACCUMULATED OTHER COMPREHENSIVE INCOME The following table summarizes the changes in accumulated other comprehensive income (loss) by component, net of tax, for the periods indicated:
The following table presents reclassifications out of accumulated other comprehensive income:
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Derivatives and Hedging |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities | 13. DERIVATIVES AND HEDGING ACTIVITIES The Company is a party to various derivative instruments. Derivative instruments are contracts between two or more parties that have a notional amount and an underlying variable, require a small or no initial investment, and allow for the net settlement of positions. A derivative’s notional amount serves as the basis for the payment provision of the contract and takes the form of units, such as shares or dollars. A derivative’s underlying variable is a specified interest rate, security price, commodity price, foreign exchange rate, index, or other variable. The interaction between the notional amount and the underlying variable determines the number of units to be exchanged between the parties and influences the fair value of the derivative contract. The primary type of derivatives that the Company uses are interest rate swaps. Generally, these instruments are used to help manage the Company's exposure to interest rate risk and meet client financing and hedging needs. Derivatives are recorded at fair value in the Consolidated Balance Sheets, after taking into account the effects of bilateral collateral and master netting agreements. These agreements allow the Company to settle all derivative contracts held with the same counterparty on a net basis, and to offset net derivative positions with related cash collateral, where applicable. As of December 31, 2016, 2015, and 2014, the Company does not have any significant outstanding cash flow hedges or free-standing derivatives. Derivatives Designated in Hedge Relationships The Company utilizes derivatives that have been designated as part of a hedge relationship in accordance with the applicable accounting guidance to minimize the exposure to changes in benchmark interest rates and volatility of net interest income and EVE to interest rate fluctuations. The primary derivative instruments used to manage interest rate risk are interest rate swaps, which convert the contractual interest rate index of agreed-upon amounts of assets and liabilities (i.e., notional amounts) to another interest rate index. The Company has entered into pay fixed/receive variable interest rate swaps designated as fair value hedges of certain fixed rate loans. As a result, the Company receives variable-rate interest payments in exchange for making fixed-rate payments over the lives of the contracts without exchanging the notional amounts. The Company has also entered into pay variable/receive fixed interest rate swaps, designated as fair value hedges on its fixed rate subordinated debt offerings. As a result, the Company is paying a floating rate of three month LIBOR plus 3.16% and is receiving semi-annual fixed payments of 5.00% to match the payments on the $150.0 million subordinated debt. For the fair value hedge on the Company's $175.0 million subordinated debentures issued on June 16, 2016, the Company is paying a floating rate of three month LIBOR plus 3.25% and is receiving quarterly fixed payments of 6.25% to match the payments on the debt. Fair Values, Volume of Activity, and Gain/Loss Information Related to Derivative Instruments The following table summarizes the fair values of the Company's derivative instruments on a gross and net basis as of December 31, 2016, 2015, and 2014. The change in the notional amounts of these derivatives from December 31, 2014 to December 31, 2016 indicates the volume of the Company's derivative transaction activity during these periods. The derivative asset and liability balances are presented on a gross basis, prior to the application of bilateral collateral and master netting agreements. Total derivative assets and liabilities are adjusted to take into account the impact of legally enforceable master netting agreements that allow the Company to settle all derivative contracts with the same counterparty on a net basis and to offset the net derivative position with the related collateral. Where master netting agreements are not in effect or are not enforceable under bankruptcy laws, the Company does not adjust those derivative amounts with counterparties. The fair value of derivative contracts, after taking into account the effects of master netting agreements, is included in other assets or other liabilities in the Consolidated Balance Sheets, as indicated in the following table:
Fair value hedges An assessment of effectiveness is performed at initiation of a hedge and on a quarterly basis thereafter. All of the Company's fair value hedges remained “highly effective” as of December 31, 2016, 2015, and 2014. The following table summarizes the gains (losses) on fair value hedges for the years ended December 31, 2016, 2015, and 2014 all of which are recorded in non-interest income.
Counterparty Credit Risk Like other financial instruments, derivatives contain an element of credit risk. This risk is measured as the expected positive replacement value of the contracts. Management generally enters into bilateral collateral and master netting agreements that provide for the net settlement of all contracts with the same counterparty. Additionally, management monitors counterparty credit risk exposure on each contract to determine appropriate limits on the Company's total credit exposure across all product types. In general, the Company has a zero credit threshold with regard to derivative exposure with counterparties. Management reviews the Company's collateral positions on a daily basis and exchanges collateral with counterparties in accordance with standard ISDA documentation and other related agreements. The Company generally holds collateral in the form of highly rated securities issued by the U.S. Treasury or government-sponsored enterprises, such as GNMA, FNMA, and FHLMC. The total collateral netted against net derivative liabilities totaled $65.7 million at December 31, 2016, $61.7 million at December 31, 2015, and $57.8 million at December 31, 2014. The following table summarizes the Company's largest exposure to an individual counterparty at the dates indicated:
Credit Risk Contingent Features Management has entered into certain derivative contracts that require the Company to post collateral to the counterparties when these contracts are in a net liability position. Conversely, the counterparties may be required to post collateral when these contracts are in a net asset position. The amount of collateral to be posted is based on the amount of the net liability and exposure thresholds. As of December 31, 2016, 2015, and 2014 the aggregate fair value of all derivative contracts with credit risk contingent features (i.e., those containing collateral posting provisions) held by the Company that were in a net liability position totaled $63.9 million, $64.8 million, and $57.8 million, respectively. As of December 31, 2016, the Company was in an over-collateralized net position of $24.3 million after considering $70.7 million of collateral held in the form of cash and securities. As of December 31, 2015 and 2014, the Company was in an over-collateralized position of $15.5 million and $14.2 million, respectively. |
Earnings per Share (Notes) |
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Earnings Per Share | 14. EARNINGS PER SHARE Diluted EPS is based on the weighted average outstanding common shares during each period, including common stock equivalents. Basic EPS is based on the weighted average outstanding common shares during the period. The following table presents the calculation of basic and diluted EPS:
The Company has no anti-dilutive stock options outstanding as of December 31, 2016 and 2015. As of December 31, 2014, the Company has 1,500 stock options outstanding, which are not included in the computation of diluted earnings per common share because their effect would be anti-dilutive. |
Income Taxes |
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Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | 15. INCOME TAXES The provision for income taxes charged to operations consists of the following:
The reconciliation between the statutory federal income tax rate and the Company’s effective tax rate are summarized as follows:
The effective tax rate for the year ended December 31, 2016 was 28.07%, compared to 24.87% for the year ended December 31, 2015, and 24.50% for the year ended December 31, 2014. The increase in the effective tax rate from 2015 compared to 2016 is due primarily to the increase in pre-tax book income without proportional increases to favorable tax rate items for the year ended December 31, 2016 compared to 2015. There was not a significant change in the effective tax rate from 2014 compared to 2015. The cumulative tax effects of the primary temporary differences are shown in the following table:
Deferred tax assets and liabilities are included in the Consolidated Financial Statements at currently enacted income tax rates applicable to the period in which the deferred tax assets or liabilities are expected to be reversed. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. For the year ended December 31, 2016, the net deferred tax assets increased $8.8 million to $95.2 million. This overall increase in the net deferred tax asset was primarily the result of decreases in the fair market value of AFS securities. Although realization is not assured, the Company believes that the realization of the recognized deferred tax asset of $95.2 million at December 31, 2016 is more-likely-than-not based on expectations as to future taxable income and based on available tax planning strategies within the meaning of ASC 740, Income Taxes, that could be implemented if necessary to prevent a carryover from expiring. At each of the periods ended December 31, 2016 and 2015, the Company had no deferred tax valuation allowance. The deferred tax asset related to federal and state NOL carryovers outstanding at December 31, 2016 and 2015 available to reduce the tax liability in future years totaled $9.0 million and $9.3 million, respectively. The respective $9.0 million and $9.3 million of tax benefits relate entirely to federal NOL carryovers (subject to an annual limitation imposed by IRC Section 382). The Company’s ability to use federal NOL carryovers, as well as its ability to use certain future tax deductions called NUBILs associated with the Company's acquisitions is subject to annual limitations. In management’s opinion, it is more-likely-than-not that the results of future operations will generate sufficient taxable income to realize all of the deferred tax benefits related to these NOL carryovers and NUBILs. The Company files income tax returns in the U.S. federal jurisdiction and in various states. With few exceptions, the Company is no longer subject to U.S. federal, state, or local income tax examinations by tax authorities for years before 2012. When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. The benefit of a tax position is recognized in the Consolidated Financial Statements in the period in which, based on all available evidence, management believes it is more-likely-than-not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50% likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above would be reflected as a liability for unrecognized tax benefits in the accompanying Consolidated Balance Sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The total gross activity of unrecognized tax benefits related to uncertain tax positions are shown in the following table:
As of December 31, 2016 and 2015, the total amount of unrecognized tax benefits, net of associated deferred tax benefit, that would impact the effective tax rate, if recognized, is $0.7 million. Interest and penalties related to unrecognized tax benefits are recognized in the provision for income taxes. During the years ended December 31, 2016 and 2014, the Company recognized no amounts for interest and penalties. During the year ended December 31, 2015, the Company recognized $0.1 million in penalties and no amounts for interest. As of December 31, 2016 and 2015, the Company has accrued a total liability of $0.1 million for penalties and $0.1 million for interest. Investments in LIHTC The Company invests in LIHTC funds that are designed to generate a return primarily through the realization of federal tax credits. Investments in LIHTC and unfunded LIHTC obligations are included as part of other assets and other liabilities, respectively, in the Consolidated Balance Sheets and total $187.4 million and $84.4 million, respectively, as of December 31, 2016, compared to $152.7 million and $61.2 million as of December 31, 2015. For the years ended December 31, 2016, 2015, and 2014, $17.3 million, $14.4 million, and $10.6 million of amortization related to LIHTC investments was recognized as a component of income tax expense, respectively. |
Commitments and Contingencies |
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Commitments and Contingencies | 16. COMMITMENTS AND CONTINGENCIES Unfunded Commitments and Letters of Credit The Company is 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 and standby letters of credit. They involve, to varying degrees, elements of credit risk in excess of amounts recognized in the Consolidated Balance Sheets. Lines of credit are obligations to lend money to a borrower. Credit risk arises when the borrower's current financial condition may indicate less ability to pay than when the commitment was originally made. In the case of standby letters of credit, the risk arises from the potential failure of the customer to perform according to the terms of a contract. In such a situation, the third party might draw on the standby letter of credit to pay for completion of the contract and the Company would look to its customer to repay these funds with interest. To minimize the risk, the Company uses the same credit policies in making commitments and conditional obligations as it would for a loan to that customer. Standby letters of credit and financial guarantees are commitments issued by the Company to guarantee the performance of a customer to a third party in borrowing arrangements. The Company generally has recourse to recover from the customer any amounts paid under the guarantees. Typically, letters of credit issued have expiration dates within one year. A summary of the contractual amounts for unfunded commitments and letters of credit are as follows:
The following table represents the contractual commitments for lines and letters of credit by maturity at December 31, 2016:
Commitments to extend credit are agreements to lend to a customer provided that 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. The Company enters into credit arrangements that generally provide for the termination of advances in the event of a covenant violation or other event of default. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the party. The commitments are collateralized by the same types of assets used as loan collateral. The Company has exposure to credit losses from unfunded commitments and letters of credit. As funds have not been disbursed on these commitments, they are not reported as loans outstanding. Credit losses related to these commitments are included in other liabilities as a separate loss contingency and are not included in the allowance for credit losses reported in "Note 4. Loans, Leases and Allowance for Credit Losses" of these Consolidated Financial Statements. This loss contingency for unfunded loan commitments and letters of credit was $7.0 million and $3.3 million as of December 31, 2016 and 2015, respectively. Changes to this liability are adjusted through non-interest expense. Concentrations of Lending Activities The Company’s lending activities are driven in large part by the customers served in the market areas where the Company has branch offices in the states of Arizona, Nevada, and California. Despite the geographic concentration of lending activities, the Company does not have a single external customer from which it derives 10% or more of its revenues. The Company monitors concentrations within four broad categories: geography, industry, product, and collateral. The Company's loan portfolio includes significant credit exposure to the CRE market. As of December 31, 2016 and 2015, CRE related loans accounted for approximately 53% and 49% of total loans, respectively. Substantially all of these loans are secured by first liens with an initial loan to value ratio of generally not more than 75%. Approximately 36% and 48% of these CRE loans, excluding construction and land loans, were owner-occupied at December 31, 2016 and 2015, respectively. Contingencies The Company is involved in various lawsuits of a routine nature that are being handled and defended in the ordinary course of the Company’s business. Expenses are being incurred in connection with these lawsuits, but in the opinion of management, based in part on consultation with outside legal counsel, the resolution of these lawsuits and associated defense costs will not have a material impact on the Company’s financial position, results of operations, or cash flows. Other The Company has entered into change in control agreements with certain named executives and other employees designated as executives by the BOD. Under these agreements, in the event of a qualifying termination, each executive is entitled to receive 1) accrued benefits, payable in accordance with the Company’s normal payroll practice; 2) a lump sum cash severance payment in an amount equal to the sum of a) two times the executive’s annual base salary plus b) two times the executive's annual bonus; 3) any unpaid bonus that was earned by the executive in the prior year; and 4) reimbursement of paid group health premiums up to 24 months. |
Fair Value Accounting |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Accounting | 17. FAIR VALUE ACCOUNTING The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach, and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. ASC 825 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy under ASC 825 are described in "Note 1. Summary of Significant Accounting Policies" of these Notes to Consolidated Financial Statements. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. These adjustments may include amounts to reflect counterparty credit quality and the Company’s creditworthiness, among other things, as well as unobservable parameters. Any such valuation adjustments are applied consistently over time. The Company’s valuation methodologies may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Furthermore, the reported fair value amounts have not been comprehensively revalued since the presentation dates, and therefore, estimates of fair value after the balance sheet date may differ significantly from the amounts presented herein. A more detailed description of the valuation methodologies used for assets and liabilities measured at fair value is set forth below. Transfers between levels in the fair value hierarchy are recognized as of the end of the month following the event or change in circumstances that caused the transfer. Under ASC 825, the Company elected the FVO treatment for junior subordinated debt issued by WAL. This election is irrevocable and results in the recognition of unrealized gains and losses on these items in earnings at each reporting date. The Company did not elect FVO treatment for assumed Bridge junior subordinated debt. All securities for which the fair value measurement option had been elected are included in a separate line item in the Consolidated Balance Sheets as securities measured at fair value. For the years ended December 31, 2016, 2015, and 2014 securities gains and losses from fair value changes were as follows:
There were no net gains or losses recognized during the years ended December 31, 2016, 2015, and 2014 on trading securities sold during the period. Interest income on securities measured at fair value is accounted for similarly to those classified as AFS. Any premiums or discounts are recognized in interest income over the term of the securities. For MBS, estimates of prepayments are considered in the constant yield calculations. Interest expense on junior subordinated debt is also determined under a constant yield calculation. Fair value on a recurring basis Financial assets and financial liabilities measured at fair value on a recurring basis include the following: Securities measured at fair value: All of the Company’s securities measured at fair value, which consist of MBS, are reported at fair value utilizing Level 2 inputs in the same manner as described below for AFS securities. AFS securities: Preferred stock, CRA investments, and certain corporate debt securities are reported at fair value utilizing Level 1 inputs. Other securities classified as AFS are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the bond’s terms and conditions, among other things. Historically, the Company has estimated the fair value of its CDO securities utilizing Level 3 inputs, which include pricing indications from comparable securities. During the year ended December 31, 2016, these securities were transferred from Level 3 to Level 2 as a result of an increase in the availability and reliability of the observable inputs utilized in the securities' fair value measurement. Independent pricing service: The Company's independent pricing service provides pricing information on the majority of the Company's Level 1 and 2 securities. Management independently evaluates the fair value measurements received from the Company's third party pricing service through multiple review steps. First, management reviews what has transpired in the marketplace with respect to interest rates, credit spreads, volatility, and mortgage rates, among other things, and develops an expectation of changes to the securities' valuations from the previous quarter. Then, management obtains market values from additional sources. The pricing service provides management with observable market data including interest rate curves and mortgage prepayment speed grids, as well as dealer quote sheets, new bond offering sheets, and historical trade documentation. Management reviews the assumptions and decides whether they are reasonable. Management may compare interest rates, credit spreads, and prepayments speeds used as part of the assumptions to those that management believes are reasonable. Management may price securities using the provided assumptions to determine whether they can develop similar prices on like securities. Any discrepancies between management’s review and the prices provided by the vendor are discussed with the vendor and the Company’s other valuation advisors. Lastly, management selects a sample of investment securities and compares the values provided by its primary third party pricing service to the market values obtained from secondary sources and evaluates those with notable variances. Annually, the Company receives an SSAE 16 report from its independent pricing service attesting to the controls placed on the operations of the service from its auditor. Interest rate swaps: Interest rate swaps are reported at fair value utilizing Level 2 inputs. The Company obtains dealer quotations to value its interest rate swaps. Junior subordinated debt: The Company estimates the fair value of its junior subordinated debt using a discounted cash flow model which incorporates the effect of the Company’s own credit risk in the fair value of the liabilities (Level 3). The Company’s cash flow assumptions are based on contractual cash flows as the Company anticipates that it will pay the debt according to its contractual terms. As of December 31, 2016, the Company estimates the discount rate at 5.66%, which represents an implied credit spread of 4.66% plus three-month LIBOR (1.00%). As of December 31, 2015, the Company estimated the discount rate at 5.67%, which was a 5.06% credit spread plus three-month LIBOR (0.61%). The fair value of assets and liabilities measured at fair value on a recurring basis was determined using the following inputs as of the periods presented:
For the years ended December 31, 2016, 2015, and 2014, the change in Level 3 assets and liabilities measured at fair value on a recurring basis was as follows:
The transfer of CDO securities from Level 3 to Level 2 during the year ended December 31, 2016 is the result of an increase in the availability and reliability of the observable inputs utilized in the securities' fair value measurement. The Company recognized this transfer between levels on October 31, 2016, in accordance with its policy to recognize transfers between levels in the fair value hierarchy as of the end of the month following the event or change in circumstance that caused the transfer. For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 and 2015, the significant unobservable inputs used in the fair value measurements were as follows:
The significant unobservable inputs used in the fair value measurement of the Company’s junior subordinated debt as of December 31, 2016 was the implied credit risk for the Company, calculated as the difference between the 20-year 'BB' rated financial index over the corresponding swap index. The significant unobservable inputs used in the fair value measurement of the Company's CDO securities in 2015 include securities terms, conditions, and underlying collateral type, as well as trustee and servicer reports, trade data on comparable securities, and market quotes that are converted into spreads to benchmark LIBOR curves. Significant increases or decreases in these inputs could result in significantly different fair value measurements. Fair value on a nonrecurring basis Certain assets are measured at fair value on a nonrecurring basis. That is, the assets are not measured at fair value on an ongoing basis, but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following table presents such assets carried on the balance sheet by caption and by level within the ASC 825 hierarchy:
For Level 3 assets measured at fair value on a nonrecurring basis as of December 31, 2016 and 2015, the significant unobservable inputs used in the fair value measurements were as follows:
Impaired loans: The specific reserves for collateral dependent impaired loans are based on collateral value, net of estimated disposition costs and other identified quantitative inputs. Collateral value is determined based on independent third-party appraisals or internally-developed discounted cash flow analyses. Appraisals may utilize a single valuation approach or a combination of approaches, including comparable sales and the income approach. Fair value is determined, where possible, using market prices derived from an appraisal or evaluation, which are considered to be Level 2. However, certain assumptions and unobservable inputs are often used by the appraiser, therefore qualifying the assets as Level 3 in the fair value hierarchy. In addition, when adjustments are made to an appraised value to reflect various factors such as the age of the appraisal or known changes in the market or the collateral, such valuation inputs are considered unobservable and the fair value measurement is categorized as a Level 3 measurement. Internal discounted cash flow analyses are also utilized to estimate the fair value of impaired loans, which considers internally-developed, unobservable inputs such as discount rates, default rates, and loss severity. Total Level 3 impaired loans had an estimated fair value of $67.4 million and $86.4 million at December 31, 2016 and 2015, respectively. Impaired loans with a specific valuation allowance had a gross estimated fair value of $10.9 million and $24.3 million at December 31, 2016 and 2015, respectively, which was reduced by a specific valuation allowance of $4.2 million and $4.7 million, respectively. Other assets acquired through foreclosure: Other assets acquired through foreclosure consist of properties acquired as a result of, or in-lieu-of, foreclosure. These assets are initially reported at the fair value determined by independent appraisals using appraised value less estimated cost to sell. Such properties are generally re-appraised every twelve months. There is risk for subsequent volatility. Costs relating to the development or improvement of the assets are capitalized and costs relating to holding the assets are charged to expense. Fair value is determined, where possible, using market prices derived from an appraisal or evaluation, which are considered to be Level 2. However, certain assumptions and unobservable inputs are often used by the appraiser, therefore qualifying the assets as Level 3 in the fair value hierarchy. When significant adjustments are based on unobservable inputs, such as when a current appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, the resulting fair value measurement has been categorized as a Level 3 measurement. The Company had $47.8 million and $43.9 million of such assets at December 31, 2016 and 2015, respectively. Credit vs. non-credit losses Under the provisions of ASC 320, Investments-Debt and Equity Securities, OTTI is separated into the amount of total impairment related to the credit loss and the amount of the total impairment related to all other factors. The amount of the total OTTI related to the credit loss is recognized in earnings. The amount of the total impairment related to all other factors is recognized in OCI. For the years ended December 31, 2016, 2015, and 2014, the Company determined that no securities experienced credit losses. There is no OTTI balance recognized in comprehensive income as of December 31, 2016 and 2015. FAIR VALUE OF FINANCIAL INSTRUMENTS The estimated fair value of the Company’s financial instruments is as follows:
Interest rate risk The Company assumes interest rate risk (the risk to the Company’s earnings and capital from changes in interest rate levels) as a result of its normal operations. As a result, the fair values of the Company’s financial instruments, as well as its future net interest income will change when interest rate levels change and that change may be either favorable or unfavorable to the Company. Interest rate risk exposure is measured using interest rate sensitivity analysis to determine the Company's change in EVE and net interest income resulting from hypothetical changes in interest rates. If potential changes to EVE and net interest income resulting from hypothetical interest rate changes are not within the limits established by the BOD, the BOD may direct management to adjust the asset and liability mix to bring interest rate risk within BOD-approved limits. As of December 31, 2016, the Company’s interest rate risk profile was within BOD-approved limits. WAB has an ALCO charged with managing interest rate risk within the BOD-approved limits. Limits are structured to prohibit an interest rate risk profile that does not conform to both management and BOD risk tolerances. There is also ALCO reporting at the Parent company level for reviewing interest rate risk for the Company, which gets reported to the BOD and its Finance and Investment Committee. Fair value of commitments The estimated fair value of standby letters of credit outstanding at December 31, 2016 and 2015 is insignificant. Loan commitments on which the committed interest rates are less than the current market rate are also insignificant at December 31, 2016 and 2015. |
Regulatory Capital Requirements |
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Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory Capital Requirements | 18. REGULATORY CAPITAL REQUIREMENTS The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements could trigger certain mandatory or discretionary actions that, if undertaken, could have a direct material effect on the Company’s business and financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of their assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. The capital framework under Basel III became effective for the Company on January 1, 2015. Under the Basel III final rules, minimum requirements have increased for both the quantity and quality of capital held by the Company. A new capital conservation buffer, comprised of Common Equity Tier 1 capital, is also established above the regulatory minimum capital requirements. This capital conservation buffer began being phased in on January 1, 2016 at 0.625% of risk-weighted assets and will increase each subsequent year by an additional 0.625% until reaching its final level of 2.5% on January 1, 2019. Strict eligibility requirements for regulatory capital instruments have been implemented under the final rules and the final rules also revise the definitions and calculations of Tier 1 capital, total capital, and risk-weighted assets. As of December 31, 2016 and 2015, the Company and the Bank exceeded the capital levels necessary to be classified as well-capitalized, as defined by the federal banking agencies. The actual capital amounts and ratios for the Company and the Bank are presented in the following tables as of the periods indicated:
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Employee Benefit Plan (Notes) |
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Compensation and Retirement Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | 19. EMPLOYEE BENEFIT PLANS The Company has a qualified 401(k) employee benefit plan for all eligible employees. Participants are able to defer between 1% and 100% (up to a maximum of $18,000 for those under 50 years of age and up to a maximum of $24,000 for those over 50 years of age in 2016) of their annual compensation. The Company may elect to match a discretionary amount each year, which is 50% of the first 6% of the participant’s compensation deferred into the plan. The Company’s contributions to this plan total $2.7 million, $2.2 million, and $1.7 million for the years ended December 31, 2016, 2015, and 2014, respectively. In addition, the Company maintains a non-qualified 401(k) restoration plan for the benefit of executives of the Company and certain affiliates. Participants are able to defer a portion of their annual salary and receive a matching contribution based primarily on the contribution structure in effect under the Company’s 401(k) plan, but without regard to certain statutory limitations applicable under the 401(k) plan. The Company’s total contribution to the restoration plan was $117,000, $68,000, and $77,000 for the years ended December 31, 2016, 2015, and 2014, respectively. In connection with the Bridge acquisition, the Company assumed Bridge's SERP, an unfunded noncontributory defined benefit pension plan. The SERP provides retirement benefits to certain Bridge officers based on years of service and final average salary. The Company uses a December 31st measurement date for this plan. The following table reflects the accumulated benefit obligation and funded status of the SERP:
The components of net periodic benefit cost recognized through December 31, 2016 and the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost during 2017 are as follows:
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Related Parties (Notes) |
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Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions | 20. RELATED PARTY TRANSACTIONS Principal stockholders, directors, and executive officers of the Company, together with the companies they control, are considered to be related parties. In the ordinary course of business, the Company engages in various related party transactions, including extending credit, accepting deposits, and service transactions. Federal banking regulations require that any extensions of credit to insiders and their related interests not be offered on terms more favorable than would be offered to non-related borrowers of similar creditworthiness. The following table summarizes the aggregate activity in such loans for the periods indicated:
None of these loans are past due, on non-accrual status or have been restructured to provide a reduction or deferral of interest or principal because of deterioration in the financial position of the borrower. There were no loans to a related party that were considered classified loans at December 31, 2016 or 2015. The interest income associated with these loans was approximately $0.6 million, $2.7 million and $1.9 million for the years ended December 31, 2016, 2015, and 2014, respectively. Loan commitments outstanding with related parties totaled approximately $46.6 million and $164.5 million at December 31, 2016 and 2015, respectively. The Company also accepts deposits from related parties which totaled $97.3 million and $76.0 million at December 31, 2016 and 2015, respectively, with related interest expense totaling less than $0.2 million during each of the years ended December 31, 2016, 2015, and 2014. In addition, the Company engages in certain activities with related parties for sponsorships, donations, and other services during the normal course of business. Those expenses totaled less than $1.0 million during each of the years ended December 31, 2016 and 2015 and less than $2.0 million for the year ended December 31, 2014. |
Parent Company (Notes) |
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Parent Company Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Parent Company Financial Information | 21. PARENT COMPANY FINANCIAL INFORMATION The condensed financial statements of the holding company are presented in the following tables: WESTERN ALLIANCE BANCORPORATION Condensed Balance Sheets
WESTERN ALLIANCE BANCORPORATION Condensed Income Statements
Western Alliance Bancorporation Condensed Statements of Cash Flows
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Segments |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segments | 22. SEGMENTS The Company's reportable segments are aggregated based primarily on geographic location, services offered, and markets served. The Company's regional segments, which include Arizona, Nevada, Southern California, and Northern California, provide full service banking and related services to their respective markets. The operations from the regional segments correspond to the following banking divisions: ABA in Arizona, BON and FIB in Nevada, TPB in Southern California, and Bridge in Northern California. The Company's NBL segments provide specialized banking services to niche markets. With the purchase of GE's domestic select-service hotel franchise loan portfolio on April 20, 2016, management has created a new operating segment called HFF, which is now included as one of the Company's NBL reportable segments. The Company's other NBL reportable segments include HOA Services, Public & Nonprofit Finance, Technology & Innovation, and Other NBLs. These NBLs are managed centrally and are broader in geographic scope than the Company's other segments, though still predominately located within the Company's core market areas. The HOA Services NBL corresponds to the AAB division. The newly created HFF NBL includes the hotel franchise loan portfolio purchased from GE. The operations of Public and Nonprofit Finance are combined into one reportable segment. The Technology & Innovation NBL includes the operations of Equity Fund Resources, Life Sciences Group, Renewable Resource Group, and Technology Finance. The Other NBLs segment consists of Corporate Finance, Mortgage Warehouse Lending, and Resort Finance. The Corporate & Other segment consists of corporate-related items, income and expense items not allocated to the Company's other reportable segments, and inter-segment eliminations. The Company's segment reporting process begins with the assignment of all loan and deposit accounts directly to the segments where these products are originated and/or serviced. Equity capital is assigned to each segment based on the risk profile of their assets and liabilities. With the exception of goodwill, which is assigned a 100% weighting, equity capital allocations ranged from 0% to 12% during the year, with a funds credit provided for the use of this equity as a funding source. Any excess or deficient equity not allocated to segments based on risk is assigned to the Corporate & Other segment. Net interest income, provision for credit losses, and non-interest expense amounts are recorded in their respective segment to the extent that the amounts are directly attributable to those segments. Net interest income is recorded in each segment on a TEB with a corresponding increase in income tax expense, which is eliminated in the Corporate & Other segment. Further, net interest income of a reportable segment includes a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics. Using this funds transfer pricing methodology, liquidity is transferred between users and providers. A net user of funds has lending/investing in excess of deposits/borrowings and a net provider of funds has deposits/borrowings in excess of lending/investing. A segment that is a user of funds is charged for the use of funds, while a provider of funds is credited through funds transfer pricing, which is determined based on the average life of the assets or liabilities in the portfolio. Net income amounts for each reportable segment is further derived by the use of expense allocations. Certain expenses not directly attributable to a specific segment are allocated across all segments based on key metrics, such as number of employees, average loan balances, and average deposit balances. These types of expenses include information technology, operations, human resources, finance, risk management, credit administration, legal, and marketing. Income taxes are applied to each segment based on the effective tax rate for the geographic location of the segment. Any difference in the corporate tax rate and the aggregate effective tax rates in the segments are adjusted in the Corporate & Other segment. The following is a summary of operating segment balance sheet information for the periods indicated:
The following is a summary of operating segment income statement information for the periods indicated:
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Quarterly Financial Data (Notes) |
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Quarterly Financial Information | 23. QUARTERLY FINANCIAL DATA (UNAUDITED)
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||
Repurchase Agreements, Collateral, Policy [Policy Text Block] | Customer repurchase agreements The Company enters into repurchase agreements with customers, whereby it pledges securities against overnight investments made from the customer’s excess collected funds. The Company records these at the amount of cash received in connection with the transaction. |
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Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock compensation plans The Company has the Incentive Plan, as amended, which is described more fully in "Note 11. Stockholders' Equity" of these Notes to Consolidated Financial Statements. Compensation expense for stock options and non-vested restricted stock awards is based on the fair value of the award on the measurement date which, for the Company, is the date of the grant and is recognized ratably over the service period of the award. The Company utilizes the Black-Scholes option-pricing model to calculate the fair value of stock options. The fair value of non-vested restricted stock awards is the market price of the Company’s stock on the date of grant. See "Note 11. Stockholders' Equity" of these Notes to Consolidated Financial Statements for further discussion of stock options and restricted stock awards. |
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Treasury Stock [Text Block] | Treasury Shares Effective January 1, 2016, the Company separately presents treasury shares, which represent shares surrendered to the Company equal in value to the statutory payroll tax withholding obligations arising from the vesting of employee restricted stock awards. Prior period amounts have been adjusted to reflect this new presentation, with no change to total stockholders' equity. Treasury shares are carried at cost. |
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Nature of Operation | Nature of operation WAL is a bank holding company headquartered in Phoenix, Arizona, incorporated under the laws of the state of Delaware. WAL provides a full spectrum of deposit, lending, treasury management, international banking, and online banking products and services through its wholly-owned banking subsidiary, WAB. WAB operates the following full-service banking divisions: ABA, BON, FIB, Bridge, and TPB. The Company also serves business customers through a national platform of specialized financial services including AAB, Corporate Finance, Equity Fund Resources, HFF, Life Sciences Group, Mortgage Warehouse Lending, Public and Nonprofit Finance, Renewable Resource Group, Resort Finance, and Technology Finance. In addition, the Company has one non-bank subsidiary, LVSP, which holds and manages certain non-performing loans and OREO. |
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Basis of Presentation | Basis of presentation The accounting and reporting policies of the Company are in accordance with GAAP and conform to practices within the financial services industry. The accounts of the Company and its consolidated subsidiaries are included in the Consolidated Financial Statements. |
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Use of Estimates | Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management's estimates and judgments are ongoing and are based on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. The results of these estimates form the basis for making judgments about the carrying values of assets and liabilities, as well as identifying and assessing the accounting treatment with respect to commitments and contingencies. Actual results may differ from those estimates and assumptions used in the Consolidated Financial Statements and related notes. Material estimates that are particularly susceptible to significant changes in the near term relate to the determination of the allowance for credit losses; estimated cash flows related to PCI loans; fair value determinations related to acquisitions and certain assets and liabilities carried at fair value; and accounting for income taxes. |
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Principles of Consolidation | Principles of consolidation As of December 31, 2016, WAL has ten wholly-owned subsidiaries: WAB, LVSP, and eight unconsolidated subsidiaries used as business trusts in connection with the issuance of trust-preferred securities. The Bank has the following significant wholly-owned subsidiaries: WAB Investments, Inc., BON Investments, Inc., and TPB Investments, Inc., which hold certain investment securities, municipal and nonprofit loans, and leases; WA PWI, LLC, which holds certain limited partnerships invested primarily in low income housing tax credits and small business investment corporations; and BW Real Estate, Inc., which operates as a real estate investment trust and holds certain of WAB's real estate loans and related securities. After the close of business on December 31, 2016, WAB Investments, Inc., BON Investments, Inc., and TPB Investments, Inc. were merged into a newly created entity called Western Alliance Business Trust. The Company does not have any other significant entities that should be considered for consolidation. All significant intercompany balances and transactions have been eliminated in consolidation. |
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Reclassifications | Reclassifications Certain amounts in the Consolidated Financial Statements as of and for the years ended December 31, 2016, 2015, and 2014 may have been reclassified to conform to the current presentation. The reclassifications have no effect on net income or stockholders’ equity as previously reported. |
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Business Combinations | Business combinations Business combinations are accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. Under the acquisition method, the acquiring entity in a business combination recognizes all of the acquired assets and assumed liabilities at their estimated fair values as of the date of acquisition. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. To the extent the fair value of net assets acquired, including identified intangible assets, exceeds the purchase price, a bargain purchase gain is recognized. Changes to estimated fair values from a business combination are recognized as an adjustment to goodwill during the measurement period and are recognized in the proper reporting period in which the adjustment amounts are determined. Results of operations of an acquired business are included in the Consolidated Income Statement from the date of acquisition. Acquisition-related costs, including conversion and restructuring charges, are expensed as incurred. |
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Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents For purposes of reporting cash flows, cash and cash equivalents include cash on hand, amounts due from banks (including cash items in process of clearing), and federal funds sold. Cash flows from loans originated by the Company and customer deposit accounts are reported net. The Company maintains amounts due from banks, which at times may exceed federally insured limits. The Company has not experienced any losses in such accounts. |
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Investment Securities | Investment securities Investment securities may be classified as HTM, AFS, or measured at fair value. The appropriate classification is initially decided at the time of purchase. Securities classified as HTM are those debt securities that the Company has both the intent and ability to hold to maturity regardless of changes in market conditions, liquidity needs, or general economic conditions. These securities are carried at amortized cost. The sale of a security within three months of its maturity date or after the majority of the principal outstanding has been collected is considered a maturity for purposes of classification and disclosure. In May 2014, management reassessed its intent to hold certain CDOs classified as HTM, which necessitated a reclassification of all of the Company's HTM securities to AFS at the date of the transfer. As an extended period of time has passed since this reclassification was made, beginning in 2016, management believes that the Company is again able to assert that it has both the intent and ability to hold certain securities classified as HTM to maturity. See "Note 3. Investment Securities" of these Notes to Consolidated Financial Statements for additional detail related to HTM securities. Securities classified as AFS or trading securities measured at fair value are reported as an asset in the Consolidated Balance Sheet at their estimated fair value. As the fair value of AFS securities changes, the changes are reported net of income tax as an element of OCI, except for other-than-temporarily-impaired securities. When AFS securities are sold, the unrealized gain or loss is reclassified from OCI to non-interest income. The changes in the fair values of trading securities are reported in non-interest income. Securities classified as AFS are both equity and debt securities that the Company intends to hold for an indefinite period of time, but not necessarily to maturity. Any decision to sell a security classified as AFS would be based on various factors, including significant movements in interest rates, changes in the maturity mix of the Company’s assets and liabilities, liquidity needs, decline in credit quality, and regulatory capital considerations. Interest income is recognized based on the coupon rate and increased by accretion of discounts earned or decreased by the amortization of premiums paid over the contractual life of the security, adjusted for prepayment estimates, using the interest method. In estimating whether there are any OTTI losses, management considers the 1) length of time and the extent to which the fair value has been less than amortized cost; 2) financial condition and near term prospects of the issuer; 3) impact of changes in market interest rates; and 4) intent and ability of the Company to retain its investment for a period of time sufficient to allow for any anticipated recovery in fair value and whether it is not more likely than not the Company would be required to sell the security. Declines in the fair value of individual AFS debt securities that are deemed to be other-than-temporary are reflected in earnings when identified. The fair value of the debt security then becomes the new cost basis. For individual debt securities where the Company does not intend to sell the security and it is not more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, the other-than-temporary decline in fair value of the debt security related to 1) credit loss is recognized in earnings; and 2) interest rate, market, or other factors is recognized in other comprehensive income or loss. For individual debt securities where the Company either intends to sell the security or more likely than not will not recover all of its amortized cost, the OTTI is recognized in earnings equal to the entire difference between the security's cost basis and its fair value at the balance sheet date. For individual debt securities for which a credit loss has been recognized in earnings, interest accruals and amortization and accretion of premiums and discounts are suspended when the credit loss is recognized. Interest received after accruals have been suspended is recognized on a cash basis. |
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Restricted Stock | Restricted stock On January 30, 2015, WAB became a member of the Federal Reserve System and, as part of its membership, is required to maintain stock in the FRB in a specified ratio to its capital. In addition, WAB is a member of the FHLB system and, accordingly, maintains an investment in capital stock of the FHLB based on the borrowing capacity used. The Bank also maintains an investment in its primary correspondent bank. All of these investments are considered equity securities with no actively traded market. Therefore, the shares are considered restricted investment securities. These investments are carried at cost, which is equal to the value at which they may be redeemed. The dividend income received from the stock is reported in interest income. The Company conducts a periodic review and evaluation of its restricted stock to determine if any impairment exists. |
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Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans, held for sale Loans, held for sale consist of SBA loans that the Company originates (or acquires) and intends to sell. These loans are carried at the lower of aggregate cost or fair value. Fair value is determined based on available market data for similar assets, expected cash flows, and appraisals of underlying collateral or the credit quality of the borrower. Gains and losses on the sale of loans are recognized pursuant to ASC 860, Transfers and Servicing. Interest income of these loans is accrued daily and loan origination fees and costs are deferred and included in the cost basis of the loan. The Company issues various representations and warranties associated with these loan sales. The Company has not experienced any losses as a result of these representations and warranties. |
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Loans, Interest and Fees from Loans | Loans, held for investment The Company generally holds loans for investment and has the intent and ability to hold loans until their maturity. Therefore, they are reported at book value. Net loans are stated at the amount of unpaid principal, adjusted for net deferred fees and costs, purchase accounting fair value adjustments, and an allowance for credit losses. In addition, the book value of loans that are subject to a fair value hedge is adjusted for changes in value attributable to the effective portion of the hedged benchmark interest rate risk. The Company may also acquire loans through a business combination. These acquired loans are recorded at estimated fair value on the date of purchase, which is comprised of unpaid principal adjusted for estimated credit losses and interest rate fair value adjustments. Loans are evaluated individually to determine if there has been credit deterioration since origination. Such loans may then be aggregated and accounted for as a pool of loans based on common characteristics. When the Company acquires such loans, the yield that may be accreted (accretable yield) is limited to the excess of the Company’s estimate of undiscounted cash flows expected to be collected over the Company’s initial investment in the loan. The excess of contractual cash flows over the cash flows expected to be collected may not be recognized as an adjustment to yield, loss, or a valuation allowance. Subsequent increases in cash flows expected to be collected generally are recognized prospectively through adjustment of the loan’s yield over the remaining life. Subsequent decreases to cash flows expected to be collected are recognized as impairment. The Company may not carry over or create a valuation allowance in the initial accounting for loans acquired under these circumstances. For purchased loans that are not deemed impaired, fair value adjustments attributable to both credit and interest rates are accreted (or amortized) over the contractual life of the individual loan. For additional information, see "Note 4. Loans, Leases and Allowance for Credit Losses" of these Notes to Consolidated Financial Statements. Loan fees collected for the origination of loans less direct loan origination costs (net deferred loan fees) are amortized over the contractual life of the loan through interest income. If the loan has scheduled payments, the amortization of the net deferred loan fee is calculated using the interest method over the contractual life of the loan. If the loan does not have scheduled payments, such as a line of credit, the net deferred loan fee is recognized as interest income on a straight-line basis over the contractual life of the loan commitment. Commitment fees based on a percentage of a customer’s unused line of credit and fees related to standby letters of credit are recognized over the commitment period. When loans are repaid, any remaining unamortized balances of premiums, discounts, or net deferred fees are recognized as interest income. Non-accrual loans: For all loan types except credit cards, when a borrower discontinues making payments as contractually required by the note, the Company must determine whether it is appropriate to continue to accrue interest. The Company ceases accruing interest income when the loan has become delinquent by more than 90 days or when management determines that the full repayment of principal and collection of interest according to contractual terms is no longer likely. The Company may decide to continue to accrue interest on certain loans more than 90 days delinquent if the loans are well secured by collateral and in the process of collection. Credit card loans and other personal loans are typically charged off no later than 180 days delinquent. For all loan types, when a loan is placed on non-accrual status, all interest accrued but uncollected is reversed against interest income in the period in which the status is changed and, the Company makes a loan-level decision to apply either the cash basis or cost recovery method. The Company recognizes income on a cash basis only for those non-accrual loans for which the collection of the remaining principal balance is not in doubt. Under the cost recovery method, subsequent payments received from the customer are applied to principal and generally no further interest income is recognized until the principal has been paid in full or until circumstances have changed such that payments are again consistently received as contractually required. Impaired loans: A loan is identified as impaired when it is no longer probable that interest and principal will be collected according to the contractual terms of the original loan agreement. Generally, impaired loans are classified as non-accrual. However, in certain instances, impaired loans may continue on an accrual basis, if full repayment of all principal and interest is expected and the loan is both well secured and in the process of collection. Impaired loans are measured for reserve requirements in accordance with ASC 310, Receivables, based on the present value of expected future cash flows discounted at the loan's effective interest rate or, as a practical expedient, at the loan's observable market price or the fair value of the collateral less applicable disposition costs if the loan is collateral dependent. The amount of an impairment reserve, if any, and any subsequent changes are recorded as a provision for credit losses. Losses are recorded as a charge-off when losses are confirmed. In addition to management's internal loan review process, regulators may from time to time direct the Company to modify loan grades, loan impairment calculations, or loan impairment methodology. Troubled Debt Restructured Loans: A TDR loan is a loan on which the Company, for reasons related to a borrower’s financial difficulties, grants a concession to the borrower that the Company would not otherwise consider. The loan terms that have been modified or restructured due to a borrower’s financial situation include, but are not limited to, a reduction in the stated interest rate, an extension of the maturity or renewal of the loan at an interest rate below current market, a reduction in the face amount of the debt, a reduction in the accrued interest, or deferral of interest payments. A TDR loan is also considered impaired. A TDR loan may be returned to accrual status when the loan is brought current, has performed in accordance with the contractual restructured terms for a reasonable period of time (generally six months) and the ultimate collectability of the total contractual restructured principal and interest is no longer in doubt. However, such loans continue to be considered impaired. Consistent with regulatory guidance, a TDR loan that is subsequently modified in another restructuring agreement but has shown sustained performance and classification as a TDR, will be removed from TDR status provided that the modified terms were market-based at the time of modification. |
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Allowance for Credit Losses | Allowance for credit losses Credit risk is inherent in the business of extending loans and leases to borrowers, for which the Company must maintain an adequate allowance for credit losses. The allowance for credit losses is established through a provision for credit losses recorded to expense. Loans are charged against the allowance for credit losses when management believes that the contractual principal or interest will not be collected. Subsequent recoveries, if any, are credited to the allowance. The allowance is an amount believed adequate to absorb estimated probable losses on existing loans that may become uncollectable, based on evaluation of the collectability of loans and prior credit loss experience, together with other factors. The Company formally re-evaluates and establishes the appropriate level of the allowance for credit losses on a quarterly basis. The allowance consists of specific and general components. The specific allowance applies to impaired loans. For impaired collateral dependent loans, the reserve is calculated based on the collateral value, net of estimated disposition costs. Generally, the Company obtains independent collateral valuation analysis for each loan every twelve months. Loans not collateral dependent are evaluated based on the expected future cash flows discounted at the original contractual interest rate. The general allowance covers all non-impaired loans and incorporates several quantitative and qualitative factors. Quantitative factors include company-specific, ten-year historical net charge-offs stratified by loans with similar characteristics. Qualitative factors include: 1) levels of and trends in delinquencies and impaired loans; 2) levels of and trends in charge-offs and recoveries; 3) trends in volume and terms of loans; 4) changes in underwriting standards or lending policies; 5) experience, ability, depth of lending staff; 6) national and local economic trends and conditions; 7) changes in credit concentrations; 8) out-of-market exposures; 9) changes in quality of loan review system; and 10) changes in the value of underlying collateral. Due to the credit concentration of the Company's loan portfolio in real estate secured loans, the value of collateral is heavily dependent on real estate values in Nevada, Arizona, and California. While management uses the best information available to make its evaluation, future adjustments to the allowance may be necessary if there are significant changes in economic or other conditions. In addition, regulators, as an integral part of their examination processes, periodically review the Bank's allowance for credit losses, and may require the Bank to make additions to the allowance based on their judgment about information available to them at the time of their examination. Management regularly reviews the assumptions and formulae used in determining the allowance and makes adjustments if required to reflect the current risk profile of the portfolio. |
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Transfers and Servicing of Financial Assets, Transfers of Financial Assets, Sales, Policy [Policy Text Block] | Transfers of financial assets Transfers of financial assets are accounted for as sales when control over the assets has been surrendered. Control over transferred assets is deemed surrendered when the 1) assets have been isolated from the Company; 2) transferee obtains the right to pledge or exchange the transferred assets; and 3) Company no longer maintains effective control over the transferred assets through an agreement to repurchase the transferred assets before maturity. |
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Property, Plant and Equipment, Policy [Policy Text Block] | Premises and equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation is computed principally by the straight-line method over the estimated useful lives of the assets. Leasehold improvements are amortized over the term of the lease or the estimated life of the improvement, whichever is shorter. Depreciation and amortization is computed using the following estimated lives:
Management periodically reviews premises and equipment in order to determine if facts and circumstances suggest that the value of an asset is not recoverable. |
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Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and other intangible assets The Company records as goodwill the excess of the purchase price over the fair value of the identifiable net assets acquired in accordance with applicable guidance. The Company performs its annual goodwill and intangibles impairment tests as of October 1 each year, or more often if events or circumstances indicate that the carrying value may not be recoverable. The Company can first elect to assess, through qualitative factors, whether it is more likely than not that goodwill is impaired. Pursuant to this guidance, if the qualitative assessment indicates potential impairment, the Company will proceed with the two-step process. The first step tests for impairment, while the second step, if necessary, measures the impairment. The resulting impairment amount, if any, is charged to current period earnings as non-interest expense. The Company’s intangible assets consist primarily of core deposit intangible assets that are amortized over periods ranging from 5 to 10 years. The Company considers the remaining useful lives of its core deposit intangible assets each reporting period, as required by ASC 350, Intangibles—Goodwill and Other, to determine whether events and circumstances warrant a revision to the remaining period of amortization. If the estimate of an intangible asset’s remaining useful life has changed, the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. The Company has not revised its estimates of the useful lives of its core deposit intangibles during the years ended December 31, 2016, 2015, or 2014. |
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Other Assets Acquired Through Foreclosure | Other assets acquired through foreclosure Other assets acquired through foreclosure consist primarily of properties acquired as a result of, or in-lieu-of, foreclosure. Properties or other assets (primarily repossessed assets formerly leased) are classified as OREO and other repossessed property and are initially reported at fair value of the asset less estimated selling costs. Subsequent adjustments are based on the lower of carrying value or fair value less estimated costs to sell the property. Costs related to the development or improvement of the assets are capitalized and costs related to holding the assets are charged to non-interest expense. Property is evaluated regularly to ensure the recorded amount is supported by its current fair value and valuation allowances. |
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Derivative Financial Instruments | Derivative financial instruments The Company uses interest-rate swaps to mitigate interest-rate risk associated with changes to 1) the fair value of certain fixed-rate financial instruments (fair value hedges) and 2) certain cash flows related to future interest payments on variable rate financial instruments (cash flow hedges). The Company recognizes derivatives as assets or liabilities in the Consolidated Balance Sheet at their fair value in accordance with ASC 815, Derivatives and Hedging. The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. On the date the derivative contract is entered into, the Company designates the derivative as a fair value hedge or cash flow hedge. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset or liability attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Changes in the fair value of a derivative that is designated and qualifies as a fair value hedge, along with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk are recorded in current-period earnings. For a cash flow hedge, the effective portion of the change in the fair value of the derivative is recorded in AOCI and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. Any ineffective portion of the change in fair value of a cash flow hedge is recognized immediately in non-interest income in the Consolidated Income Statement. Under both the fair value and cash flow hedge scenarios, changes in the fair value of derivatives not considered to be highly effective in hedging the change in fair value or the expected cash flows of the hedged item are recognized in earnings as non-interest income during the period of the change. The Company documents its hedge relationships, including identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction at the time the derivative contract is executed. Both at inception and at least quarterly thereafter, the Company assesses whether the derivatives used in hedging transactions are highly effective (as defined in the guidance) in offsetting changes in either the fair value or cash flows of the hedged item. Retroactive effectiveness is assessed, as well as the continued expectation that the hedge will remain effective prospectively. The Company discontinues hedge accounting prospectively when it is determined that a hedge is no longer highly effective. When hedge accounting is discontinued on a fair value hedge that no longer qualifies as an effective hedge, the derivative continues to be reported at fair value in the Consolidated Balance Sheet, but the carrying amount of the hedged item is no longer adjusted for future changes in fair value. The adjustment to the carrying amount of the hedged item that existed at the date hedge accounting is discontinued is amortized over the remaining life of the hedged item into earnings. Derivative instruments that are not designated as hedges, so called free-standing derivatives, are reported in the Consolidated Balance Sheet at fair value and the changes in fair value are recognized in earnings as non-interest income during the period of change. The Company may in the normal course of business purchase a financial instrument or originate a loan that contains an embedded derivative instrument. Upon purchasing the instrument or originating the loan, the Company assesses whether the economic characteristics of the embedded derivative are clearly and closely related to the economic characteristics of the remaining component of the financial instrument (i.e., the host contract) and whether a separate instrument with the same terms as the embedded instrument would meet the definition of a derivative instrument. When it is determined that the embedded derivative possesses economic characteristics that are not clearly and closely related to the economic characteristics of the host contract and a separate instrument with the same terms would qualify as a derivative instrument, the embedded derivative is separated from the host contract and carried at fair value. However, in cases where the host contract is measured at fair value, with changes in fair value reported in current earnings, or the Company is unable to reliably identify and measure an embedded derivative for separation from its host contract, the entire contract is carried in the Consolidated Balance Sheet at fair value and is not designated as a hedging instrument. |
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Income Taxes | Income taxes The Company is subject to income taxes in the United States and files a consolidated federal income tax return with all of its subsidiaries, with the exception of BW Real Estate, Inc. Deferred income taxes are recorded to reflect the effects of temporary differences between the financial reporting carrying amounts of assets and liabilities and their income tax bases using enacted tax rates that are expected to be in effect when the taxes are actually paid or recovered. As changes in tax laws or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. Net deferred tax assets are recorded to the extent that these assets will more-likely-than-not be realized. In making these determinations, all available positive and negative evidence is considered, including scheduled reversals of deferred tax liabilities, tax planning strategies, projected future taxable income, and recent operating results. If it is determined that deferred income tax assets to be realized in the future are in excess of their net recorded amount, an adjustment to the valuation allowance will be recorded, which will reduce the Company's provision for income taxes. A tax benefit from an unrecognized tax benefit may be recognized when it is more-likely-than-not that the position will be sustained upon examination, including related appeals or litigation, based on technical merits. Income tax benefits must meet a more-likely-than-not recognition threshold at the effective date to be recognized. Interest and penalties related to unrecognized tax benefits are recognized as part of the provision for income taxes in the Consolidated Income Statement. Accrued interest and penalties are included in the related tax liability line with other liabilities in the Consolidated Balance Sheet. See "Note 15. Income Taxes" of these Notes to Consolidated Financial Statements for further discussion on income taxes. |
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Off-Balance Sheet Instruments | Off-balance sheet instruments In the ordinary course of business, the Company has entered into off-balance sheet financial instrument arrangements consisting of commitments to extend credit and standby letters of credit. Such financial instruments are recorded in the Consolidated Financial Statements when they are funded. They involve, to varying degrees, elements of credit risk in excess of amounts recognized in the Consolidated Balance Sheet. Losses would be experienced when the Company is contractually obligated to make a payment under these instruments and must seek repayment from the borrower, which may not be as financially sound in the current period as they were when the commitment was originally made. 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. The Company enters into credit arrangements that generally provide for the termination of advances in the event of a covenant violation or other event of default. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation of the party. The commitments are collateralized by the same types of assets used as loan collateral. As with outstanding loans, the Company applies qualitative factors and utilization rates to its off-balance sheet obligations in determining an estimate of losses inherent in these contractual obligations. The estimate for credit losses on off-balance sheet instruments is included in other liabilities and the charge to income that establishes this liability is included in non-interest expense. The Company also has off-balance sheet arrangements related to its derivative instruments. Derivative instruments are recognized in the Consolidated Financial Statements at fair value and their notional values are carried off-balance sheet. See "Note 13. Derivatives and Hedging Activities" of these Notes to Consolidated Finance Statements for further discussion. |
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Fair Values of Financial Instruments | Fair values of financial instruments The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities. ASC 820, Fair Value Measurement, establishes a framework for measuring fair value and a three-level valuation hierarchy for disclosure of fair value measurement, as well as enhances disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The Company uses various valuation approaches, including market, income, and/or cost approaches. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the factors market participants would consider in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of inputs, as follows:
The availability of observable inputs varies based on the nature of the specific financial instrument. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Fair value is a market-based measure considered from the perspective of a market participant who may purchase the asset or assume the liability rather than an entity-specific measure. When market assumptions are available, ASC 820 requires the Company to make assumptions regarding the assumptions that market participants would use to estimate the fair value of the financial instrument at the measurement date. ASC 825, Financial Instruments, requires disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate that value. Management uses its best judgment in estimating the fair value of the Company’s financial instruments; however, there are inherent limitations in any estimation technique. Therefore, for substantially all financial instruments, the fair value estimates presented herein are not necessarily indicative of the amounts the Company could have realized in a sales transaction at December 31, 2016 and 2015. The estimated fair value amounts for December 31, 2016 and 2015 have been measured as of period-end, and have not been re-evaluated or updated for purposes of these Consolidated Financial Statements subsequent to those dates. As such, the estimated fair values of these financial instruments subsequent to the reporting date may be different than the amounts reported at period-end. The information in "Note 17. Fair Value Accounting" in these Notes to Consolidated Financial Statements should not be interpreted as an estimate of the fair value of the entire Company since a fair value calculation is only required for a limited portion of the Company’s assets and liabilities. Due to the wide range of valuation techniques and the degree of subjectivity used in making the estimate, comparisons between the Company’s disclosures and those of other companies or banks may not be meaningful. The following methods and assumptions were used by the Company in estimating the fair value of its financial instruments: Cash and cash equivalents The carrying amounts reported in the Consolidated Balance Sheets for cash and due from banks approximate their fair value. Money market investments The carrying amounts reported in the Consolidated Balance Sheets for money market investments approximate their fair value. Investment securities The fair values of CRA investments, exchange-listed preferred stock, and certain corporate debt securities are based on quoted market prices and are categorized as Level 1 in the fair value hierarchy. The fair values of other investment securities were determined based on matrix pricing. Matrix pricing is a mathematical technique that utilizes observable market inputs including, for example, yield curves, credit ratings, and prepayment speeds. Fair values determined using matrix pricing are generally categorized as Level 2 in the fair value hierarchy. During the year ended December 31, 2016, the Company's CDO securities were transferred from Level 3 to Level 2 as a result of an increase in the availability and reliability of the observable inputs utilized in the securities' fair value measurement. Previously, quoted prices and quoted prices for similar assets were not available. Therefore, the Company would engage a third party to estimate the future cash flows and discount rate using third party quotes adjusted based on assumptions a market participant would assume necessary for each specific security, which resulted in fair values for these securities being categorized as Level 3 in the fair value hierarchy. Restricted stock WAB is a member of the Federal Reserve System and the FHLB and, accordingly, maintains investments in the capital stock of the FRB and the FHLB. WAB also maintains an investment in its primary correspondent bank. These investments are carried at cost since no ready market exists for them, and they have no quoted market value. The Company conducts a periodic review and evaluation of its restricted stock to determine if any impairment exists. The fair values of these investments have been categorized as Level 2 in the fair value hierarchy. Loans The fair value of loans is estimated based on discounted cash flows using interest rates currently being offered for loans with similar terms to borrowers with similar credit quality and adjustments that the Company believes a market participant would consider in determining fair value based on a third party independent valuation. As a result, the fair value for loans is categorized as Level 2 in the fair value hierarchy, excluding impaired loans which are categorized as Level 3. Accrued interest receivable and payable The carrying amounts reported in the Consolidated Balance Sheets for accrued interest receivable and payable approximate their fair value. Derivative financial instruments All derivatives are recognized in the Consolidated Balance Sheets at their fair value. The fair value for derivatives is determined based on market prices, broker-dealer quotations on similar products, or other related input parameters. As a result, the fair values have been categorized as Level 2 in the fair value hierarchy. Deposits The fair value disclosed for demand and savings deposits is by definition equal to the amount payable on demand at their reporting date (that is, their carrying amount), which the Company believes a market participant would consider in determining fair value. The carrying amount for variable-rate deposit accounts approximates their fair value. Fair values for fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on these deposits. The fair value measurement of the deposit liabilities is categorized as Level 2 in the fair value hierarchy. FHLB advances and customer repurchase agreements The fair values of the Company’s borrowings are estimated using discounted cash flow analyses, based on the market rates for similar types of borrowing arrangements. The FHLB advances and customer repurchase agreements have been categorized as Level 2 in the fair value hierarchy due to their short durations. Subordinated debt The fair value of subordinated debt is based on the market rate for the respective subordinated debt security. Subordinated debt has been categorized as Level 3 in the fair value hierarchy. Junior subordinated debt Junior subordinated debt is valued based on a discounted cash flow model which uses as inputs Treasury Bond rates and the 'BB' rated financial index. Junior subordinated debt has been categorized as Level 3 in the fair value hierarchy. Off-balance sheet instruments The fair value of the Company’s off-balance sheet instruments (lending commitments and standby letters of credit) is based on quoted fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements, and the counterparties’ credit standing. |
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Recent Accounting Pronouncements | In May 2014, the FASB issued guidance within ASU 2014-09, Revenue from Contracts with Customers. The amendments in ASU 2014-09 to Topic 606, Revenue from Contracts with Customers, creates a common revenue standard and clarifies the principles for recognizing revenue that can be applied consistently across various transactions, industries, and capital markets. The amendments in the ASU clarify that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. As part of that principle, the entity should identify the contract(s) with the customer, identify the performance obligation(s) of the contract, determine the transaction price, allocate that transaction price to the performance obligation(s) of the contract, and then recognize revenue when or as the entity satisfies the performance obligation(s). In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers - Deferral of the Effective Date, which deferred the original effective date of ASU No. 2014-09 by one year. Accordingly, the amendments in ASU No. 2014-09 will be effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Earlier application is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that annual reporting period. The amendments will be applied through the election of one of two retrospective methods. The Company is currently assessing the effect, but does not expect the adoption will have a significant impact on the Company’s Consolidated Financial Statements. In November 2015, the FASB issued guidance within ASU 2015-17, Income Taxes. The amendments in ASU 2015-17 to Topic 740, Income Taxes, changes the presentation of deferred income tax liabilities and assets, from previously bifurcated current and noncurrent, to a single noncurrent amount on the classified statement of financial position. The amendment is effective for the annual period ending after December 15, 2016, and for and interim periods within those annual periods. Early application is permitted. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. In January 2016, the FASB issued guidance within ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in ASU 2016-01 to Subtopic 825-10, Financial Instruments, contain the following elements: 1) requires equity investments to be measured at fair value with changes in fair value recognized in net income; 2) simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment; 3) eliminates the requirement for public entities to disclose the methods and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet; 4) requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes; 5) requires an entity to present separately in OCI the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments; 6) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or accompanying notes to the financial statements; 7) clarifies that the entity should evaluate the need for a valuation allowance on a deferred tax asset related to AFS securities in combination with the entity's other deferred tax assets. The amendments are effective for fiscal years beginning after December 15, 2017, and for interim periods within those fiscal years. Except for the early application of the amendment noted in item 5) above, which the Company elected to early adopt effective January 1, 2015 as discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, early adoption of the amendments in this Update is not permitted. The adoption of the other amendments in this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. In February 2016, the FASB issued guidance within ASU 2016-02, Leases. The amendments in ASU 2016-02 to Topic 842, Leases, require lessees to recognize the lease assets and lease liabilities arising from operating leases in the statement of financial position. The accounting applied by a lessor is largely unchanged from that applied under previous GAAP. The amendments in this Update are effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. Management is in the process of evaluating the effects that the standard is expected to have on the Company's Consolidated Financial Statements and related disclosures. In March 2016, the FASB issued guidance within ASU 2016-05, Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships. The amendments in ASU 2016-05 to Topic 815, Derivatives and Hedging, clarify that a change in the counterparty to a derivative instrument that has been designated as the hedging instrument under Topic 815 does not, in and of itself, require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. An entity has the option to apply the amendments in this Update on either a prospective basis or a modified retrospective basis. The amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. In June 2016, the FASB issued guidance within ASU 2016-13, Measurement of Credit Losses on Financial Instruments. The amendments in ASU 2016-13 to Topic 326, Financial Instruments - Credit Losses, require that an organization measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The ASU also requires enhanced disclosures, including qualitative and quantitative disclosures that provide additional information about the amounts recorded in the financial statements. Additionally, the ASU amends the accounting for credit losses on AFS debt securities and purchased financial assets with credit deterioration. The amendments in this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Management is in the process of evaluating the effects that the standard is expected to have on the Company's Consolidated Financial Statements and related disclosures. In August 2016, the FASB issued guidance within ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments. The amendments in ASU 2016-15 to Topic 230, Statement of Cash Flows, provide guidance on eight specific cash flow classification issues: 1) debt prepayment or debt extinguishment costs; 2) settlement of zero-coupon debt instruments; 3) contingent consideration payments made after a business combination; 4) proceeds from the settlement of insurance claims; 5) proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies; 6) distributions received from equity method investments; 7) beneficial interest in securitization transactions; and 8) separately identifiable cash flows and the application of the predominance principle. The amendments in this Update are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period, however, an entity is required to adopt all of the amendments in the same period. The amendments in this Update should be applied using a retrospective transition method to each period presented. Management is in the process of evaluating the effects that the standard is expected to have on the Company's Consolidated Statement of Cash Flows. In January 2017, the FASB issued guidance within ASU 2017-01, Clarifying the Definition of a Business. The amendments in ASU 2017-01 to Topic 805, Business Combinations, clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments in this Update should be applied prospectively and are effective for annual periods beginning after December 31, 2017, including interim periods within those periods. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. In January 2017, the FASB issued guidance within ASU 2017-04, Simplifying the Test for Goodwill Impairment. The amendments in ASU 2017-04 to Topic 350, Intangibles - Goodwill and Other, modify the concept of impairment from the condition that exists when the carrying amount of goodwill exceeds its implied fair value to the condition that exists when the carrying amount of a reporting unit exceeds its fair value. Accordingly, the amendments eliminate Step 2 from the goodwill impairment test as an entity will no longer determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The amendments in this Update should be applied on a prospective basis and are effective for annual or interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed after January 1, 2017. The adoption of this guidance is not expected to have a material impact on the Company's Consolidated Financial Statements. Recently adopted accounting guidance In June 2014, the FASB issued guidance within ASU 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. The amendments in ASU 2014-12 to Topic 718, Compensation - Stock Compensation, provide explicit guidance on whether to treat a performance target that could be achieved after the requisite service period as a performance condition that affects vesting or as a nonvesting condition that affects the grant-date fair value of an award. The amendments are effective for annual periods and interim periods within those annual periods beginning after December 15, 2015. An entity may elect to apply the amendments either prospectively to all awards granted or modified after the effective date or retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The adoption of this guidance did not have a material impact on the Company's Consolidated Financial Statements. In August 2014, the FASB issued guidance within ASU 2014-15, Presentation of Financial Statements - Going Concern. The amendments in ASU 2014-15 to Subtopic 205-40, Going Concern, provide guidance about management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern. The amendments require management to assess an entity's ability to continue as a going concern by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. The amendments are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. In February 2015, the FASB issued guidance within ASU 2015-02, Amendments to the Consolidation Analysis. The amendments in ASU 2015-02 to Topic 810, Consolidation, change the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, the amendments modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities or voting interest entities, eliminate the presumption that a general partner should consolidate a limited partnership, affect the consolidation analysis of reporting entities that are involved with variable interest entities, particularly those that have fee arrangements and related party relationships, and provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. The amendments are effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015. An entity may apply the amendments in this Update using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or, may apply the amendments retrospectively. The adoption of this guidance did not have a material impact on the Company's Consolidated Financial Statements. In March 2016, the FASB issued guidance within ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. The amendments in ASU 2016-09 to Topic 718, Compensation - Stock Compensation, require recognition of all excess tax benefits and tax deficiencies through income tax expense or benefit in the income statement. Other amendments in this ASU include guidance on the classification of share-based payment transactions in the statement of cash flows and an option to account for forfeitures of share-based awards as they occur rather than estimating the compensation cost based on the number of awards that are expected to vest. The amendments in this Update are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted in any interim or annual period. Effective January 1, 2016, the Company elected early adoption of ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. As a result of adoption, the Company recognized a $3.9 million tax benefit as a reduction of income tax expense during the three months ended March 31, 2016. During the year ended December 31, 2016, the Company recognized a $4.1 million tax benefit related to adoption of this new guidance. The Company has elected to continue to estimate compensation cost based on the number of awards that are expected to vest. The adoption of this guidance did not have a significant impact on the Company's Consolidated Statement of Cash Flows. |
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Life Insurance, Corporate or Bank Owned [Text Block] | Bank owned life insurance BOLI is carried at its cash surrender value with changes recorded in other non-interest income in the Consolidated Income Statements. The face amount of the underlying policies including death benefits was $360.3 million and $361.7 million as of December 31, 2016 and 2015, respectively. There are no loans offset against cash surrender values, and there are no restrictions as to the use of proceeds. |
Mergers, Acquisitions and Dispositions (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The recognized amounts of identifiable assets acquired and liabilities assumed are as follows:
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Business Acquisition, Pro Forma Information [Table Text Block] | The following table presents pro forma information as if the acquisition was completed on January 1, 2015. The pro forma information includes adjustments for interest income on loans acquired and excludes acquisition / restructure expense. The pro forma information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed dates.
The following table presents pro forma information as if the Bridge acquisition was completed on January 1, 2014. The pro forma information includes adjustments for interest income on loans and securities acquired, amortization of intangibles arising from the transaction and interest expense on deposits acquired. The pro forma information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed dates.
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Business Combination Disclosure [Text Block] | Acquisition of GE Capital US Holdings, Inc. Loan Portfolio On April 20, 2016, WAB completed its acquisition of GE Capital US Holdings, Inc.'s domestic select-service hotel franchise finance loan portfolio, paying cash of $1.27 billion. The acquisition was undertaken, in part, because it expands the Company's national reach and diversifies the Company's loan portfolio. Effective April 20, 2016, the results of the acquired loan portfolio are reflected in the Company's newly created HFF NBL operating segment. Acquisition / restructure expenses related to the purchase total $4.3 million for the year ended December 31, 2016, of which approximately $0.6 million are acquisition related costs as defined by ASC 805. The transaction was accounted for under the acquisition method of accounting in accordance with ASC 805. Assets purchased and liabilities assumed were recorded at their respective acquisition date estimated fair values. The fair values of assets acquired and liabilities assumed are subject to adjustment during the first twelve months after the acquisition date if additional information becomes available to indicate a more accurate or appropriate value for an asset or liability. Although there have been no measurement period adjustments identified to date and any future adjustments are not expected to be significant, the fair values of loans is still preliminary as of December 31, 2016. The recognized amounts of identifiable assets acquired and liabilities assumed are as follows:
Loans acquired consist of loans that are not considered impaired (non-PCI loans) and loans that have shown evidence of credit deterioration since origination (PCI loans) as of the acquisition date. All loans were recorded net of fair value adjustments (interest rate and credit marks), which were determined using discounted contractual cash flow models. The fair value of non-PCI loans acquired totals $1.19 billion, which is net of interest and credit marks of $43.3 million. The fair value of PCI loans totals $93.3 million, which is net of interest and credit marks of $17.0 million. See "Note 4. Loans, Leases and Allowance for Credit Losses" of these Notes to Consolidated Financial Statements for additional detail of the acquired loans. The following table presents pro forma information as if the acquisition was completed on January 1, 2015. The pro forma information includes adjustments for interest income on loans acquired and excludes acquisition / restructure expense. The pro forma information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed dates.
Acquisition of Bridge Capital Holdings On June 30, 2015, the Company completed its acquisition of Bridge Capital Holdings and its wholly-owned subsidiary, Bridge Bank, headquartered in San Jose, California. Under the terms of the acquisition, each outstanding share of Bridge common stock was exchanged for 0.8145 shares of WAL's common stock plus $2.39 in cash. The Company paid $36.5 million in cash and issued 12.5 million common shares for all equity interests in Bridge. The merger was undertaken, in part, because Bridge strengthens the Company's Northern California presence and provides new avenues for growth in technology and international services. Bridge’s results of operations have been included in the Company’s results beginning July 1, 2015. Acquisition / restructure expenses related to the Bridge acquisition of $8.8 million for the year ended December 31, 2015, have been included in non-interest expense, of which approximately $0.9 million are acquisition related costs as defined by ASC 805. During the year ended December 31, 2016, there were no acquisition / restructure expenses related to the Bridge acquisition. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805. Assets purchased and liabilities assumed were recorded at their respective acquisition date estimated fair values. The fair values of assets acquired and liabilities assumed are subject to adjustment during the first twelve months after the acquisition date if additional information becomes available to indicate a more accurate or appropriate value for an asset or liability. Due to early adoption of the amended guidance within ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, as discussed in "Note 1. Summary of Significant Accounting Policies," these adjustments to provisional amounts identified during the measurement period are recognized in the reporting period in which the adjustment amounts are determined, rather than retrospectively adjusting the provisional amounts at the acquisition date. The Company identified net measurement period adjustments totaling $6.9 million since July 1, 2015, which have been reflected as an adjustment to increase goodwill. Measurement period adjustments for the year ended December 31, 2016 and 2015 total $0.1 million and $6.8 million, respectively. The significant measurement period adjustments relate to loans, net deferred tax assets, and other liabilities. The measurement period for the Bridge acquisition ended on June 30, 2016. Therefore, the fair value of these assets acquired and liabilities assumed were considered final effective June 30, 2016. 2. MERGERS, ACQUISITIONS AND DISPOSITIONS Acquisition of GE Capital US Holdings, Inc. Loan Portfolio On April 20, 2016, WAB completed its acquisition of GE Capital US Holdings, Inc.'s domestic select-service hotel franchise finance loan portfolio, paying cash of $1.27 billion. The acquisition was undertaken, in part, because it expands the Company's national reach and diversifies the Company's loan portfolio. Effective April 20, 2016, the results of the acquired loan portfolio are reflected in the Company's newly created HFF NBL operating segment. Acquisition / restructure expenses related to the purchase total $4.3 million for the year ended December 31, 2016, of which approximately $0.6 million are acquisition related costs as defined by ASC 805. The transaction was accounted for under the acquisition method of accounting in accordance with ASC 805. Assets purchased and liabilities assumed were recorded at their respective acquisition date estimated fair values. The fair values of assets acquired and liabilities assumed are subject to adjustment during the first twelve months after the acquisition date if additional information becomes available to indicate a more accurate or appropriate value for an asset or liability. Although there have been no measurement period adjustments identified to date and any future adjustments are not expected to be significant, the fair values of loans is still preliminary as of December 31, 2016. The recognized amounts of identifiable assets acquired and liabilities assumed are as follows:
Loans acquired consist of loans that are not considered impaired (non-PCI loans) and loans that have shown evidence of credit deterioration since origination (PCI loans) as of the acquisition date. All loans were recorded net of fair value adjustments (interest rate and credit marks), which were determined using discounted contractual cash flow models. The fair value of non-PCI loans acquired totals $1.19 billion, which is net of interest and credit marks of $43.3 million. The fair value of PCI loans totals $93.3 million, which is net of interest and credit marks of $17.0 million. See "Note 4. Loans, Leases and Allowance for Credit Losses" of these Notes to Consolidated Financial Statements for additional detail of the acquired loans. The following table presents pro forma information as if the acquisition was completed on January 1, 2015. The pro forma information includes adjustments for interest income on loans acquired and excludes acquisition / restructure expense. The pro forma information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed dates.
Acquisition of Bridge Capital Holdings On June 30, 2015, the Company completed its acquisition of Bridge Capital Holdings and its wholly-owned subsidiary, Bridge Bank, headquartered in San Jose, California. Under the terms of the acquisition, each outstanding share of Bridge common stock was exchanged for 0.8145 shares of WAL's common stock plus $2.39 in cash. The Company paid $36.5 million in cash and issued 12.5 million common shares for all equity interests in Bridge. The merger was undertaken, in part, because Bridge strengthens the Company's Northern California presence and provides new avenues for growth in technology and international services. Bridge’s results of operations have been included in the Company’s results beginning July 1, 2015. Acquisition / restructure expenses related to the Bridge acquisition of $8.8 million for the year ended December 31, 2015, have been included in non-interest expense, of which approximately $0.9 million are acquisition related costs as defined by ASC 805. During the year ended December 31, 2016, there were no acquisition / restructure expenses related to the Bridge acquisition. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC 805. Assets purchased and liabilities assumed were recorded at their respective acquisition date estimated fair values. The fair values of assets acquired and liabilities assumed are subject to adjustment during the first twelve months after the acquisition date if additional information becomes available to indicate a more accurate or appropriate value for an asset or liability. Due to early adoption of the amended guidance within ASU 2015-16, Simplifying the Accounting for Measurement-Period Adjustments, as discussed in "Note 1. Summary of Significant Accounting Policies," these adjustments to provisional amounts identified during the measurement period are recognized in the reporting period in which the adjustment amounts are determined, rather than retrospectively adjusting the provisional amounts at the acquisition date. The Company identified net measurement period adjustments totaling $6.9 million since July 1, 2015, which have been reflected as an adjustment to increase goodwill. Measurement period adjustments for the year ended December 31, 2016 and 2015 total $0.1 million and $6.8 million, respectively. The significant measurement period adjustments relate to loans, net deferred tax assets, and other liabilities. The measurement period for the Bridge acquisition ended on June 30, 2016. Therefore, the fair value of these assets acquired and liabilities assumed were considered final effective June 30, 2016. The following table shows the recognized amounts of identifiable assets acquired and liabilities assumed at their as adjusted acquisition date fair values, which include all measurement period adjustments identified and recognized since July 1, 2015:
Loans acquired in the Bridge acquisition consist of loans that are not considered impaired (non-PCI loans) and loans that have shown evidence of credit deterioration since origination (PCI loans) as of the acquisition date. All loans were recorded net of fair value adjustments (interest rate and credit marks), which were determined using discounted contractual cash flow models. The fair value of non-PCI loans acquired totals $1.43 billion, which is net of interest and credit marks of $26.0 million. The fair value of PCI loans totals $10.6 million, which is net of interest and credit marks of $6.0 million. See "Note 4. Loans, Leases and Allowance for Credit Losses" of these Notes to Consolidated Financial Statements for additional detail of the acquired loans. In connection with the Bridge acquisition, the Company acquired intangible assets of $15.0 million, consisting primarily of core deposit intangibles. The core deposit intangible asset balance has been allocated to the Northern California and Technology & Innovation segments based on their respective core deposit balances at June 30, 2015, and is being amortized over its estimated useful life of 10 years. Goodwill related to the acquisition totaled $266.6 million, which includes net measurement period adjustments totaling $6.9 million, identified and recognized since July 1, 2015. Goodwill has been allocated to the Northern California and Technology & Innovation segments based on their proportionate loan and deposit balances as of June 30, 2015. Management believes this methodology allocates goodwill to the reporting units in a manner consistent with the expected synergies of the combination. None of the goodwill recognized as part of the acquisition is expected to be deductible for income tax purposes. Qualifying debt assumed from Bridge is comprised of junior subordinated debt with a contractual balance of $17.5 million and is recorded net of a $6.2 million fair value mark that is being amortized over the remaining life of the trusts. See "Note 10. Qualifying Debt" of these Notes to Consolidated Financial Statements for further detail and discussion of the debt. In connection with the acquisition, the Company assumed Bridge's SERP, an unfunded noncontributory defined benefit pension plan. The SERP provides retirement benefits to certain Bridge officers based on years of service and final average salary. Pursuant to the terms of the SERP agreements, if the officer's service is terminated by Bridge or by the officer for "good reason" (as defined in the SERP agreements) within 24 months following a change in control, such as the Bridge acquisition, the officer is entitled to full vesting of the normal benefit under the SERP agreement, and such SERP benefits will be made in installment payments commencing on the first business day of January of the year following the officer's attainment of age 55 or, if the officer is already age 55 as of such termination of employment, on the first business day of January of the year following the officer's termination of employment. As of June 30, 2015, a $7.1 million liability included in other liabilities was recorded in the Company's Consolidated Balance Sheet related to the SERP. A discount rate of 5.75% and an employee compensation rate increase of 4.00% were used in determining the SERP liability as of June 30, 2015. See "Note 19. Employee Benefit Plans" of these Notes to the Consolidated Financial Statements for further detail and discussion of the SERP. The following table presents pro forma information as if the Bridge acquisition was completed on January 1, 2014. The pro forma information includes adjustments for interest income on loans and securities acquired, amortization of intangibles arising from the transaction and interest expense on deposits acquired. The pro forma information is not necessarily indicative of the results of operations as they would have been had the transactions been effected on the assumed dates.
PartnersFirst Discontinued Operations The Company discontinued its affinity credit card business and presented these activities as discontinued operations. During the second quarter 2014, the Company shut down its remaining affinity credit card operations. Therefore, no additional discontinued operations have been reported. The following table summarizes the operating results of the discontinued operations for the year ended December 31, 2014:
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Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | The following table summarizes the operating results of the discontinued operations for the year ended December 31, 2014:
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Investment Securities (Tables) |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amounts and Fair Values of Investment Securities | The carrying amounts and fair values of investment securities at December 31, 2016 and 2015 are summarized as follows:
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Unrealized Losses and Fair Value of Investment Securities in Continuous Unrealized Loss Position | Information pertaining to securities with gross unrealized losses at December 31, 2016 and 2015, aggregated by investment category and length of time that individual securities have been in a continuous loss position follows:
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Amortized Cost and Fair Value of Investment Securities by Contractual Maturities | The amortized cost and fair value of securities as of December 31, 2016, by contractual maturities, are shown below. MBS are shown separately as individual MBS are comprised of pools of loans with varying maturities. Therefore, these securities are listed separately in the maturity summary.
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Investment Securities by Credit Rating Type | The following tables summarize the carrying amount of the Company’s investment ratings position as of December 31, 2016 and 2015:
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Gross Gains and (Losses) on Sales of Investment Securities | The following table presents gross gains and losses on sales of investment securities:
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Loans, Leases and Allowance for Credit Losses (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Table Text Block] |
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Schedule of Held for Investment Loan Portfolio Composition of Loans, Leases and Allowance for Credit Losses | The composition of the Company’s held for investment loan portfolio is as follows:
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Contractual Aging of Loan Portfolio by Class of Loans Including Loans Held for Sale and Excluding Deferred Fees/Costs | The following table presents the contractual aging of the recorded investment in past due loans held for investment by class of loans:
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Summary of Recorded Investment in Nonaccrual Loans and Loans Past Due 90 Days Still Accruing Interest by Loan Class | The following table presents the recorded investment in non-accrual loans and loans past due ninety days or more and still accruing interest by class of loans:
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Loans by Risk Rating | The following tables present gross loans by risk rating:
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Recorded Investment in Loans Classified as Impaired | The table below reflects the recorded investment in loans classified as impaired:
The following table presents the average investment in impaired loans and income recognized on impaired loans:
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Impaired Loans by Loan Class | The following table presents impaired loans by class:
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Average Investment in Impaired Loans by Loan Class | The following table presents average investment in impaired loans by loan class:
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Interest Income on Impaired Loans by Loan Class | The following table presents interest income on impaired loans by class:
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Tabular Disclosure of Nonperforming Assets | The following table summarizes nonperforming assets:
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Accretable Yield Table | Changes in the accretable yield for loans acquired with deteriorated credit quality are as follows:
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Allowances for Credit Losses | The following table presents impairment method information related to loans and allowance for credit losses by loan portfolio segment:
The following table summarizes the changes in the allowance for credit losses by portfolio type:
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Troubled Debt Restructured Loans by Loan Class | The following table presents information on the financial effects of TDR loans by class for the periods presented:
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Troubled Debt Restructured Loans by Class for Which There was a Payment Default | The following table presents TDR loans by class for which there was a payment default during the period:
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Premises and Equipment (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment [Table Text Block] |
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Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] |
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Other Assets Acquired Through Foreclosure (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in Other Assets Acquired Through Foreclosure | The following table represents the changes in other assets acquired through foreclosure:
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Goodwill and Other Intangible Assets (Tables) - USD ($) $ in Thousands |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 |
Dec. 31, 2015 |
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Goodwill and Intangible Assets Amortization Schedule [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | The following is a summary of the Company's acquired intangible assets:
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Below is a summary of future estimated aggregate amortization expense:
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Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 2,073 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1,594 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1,547 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1,494 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 1,433 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 4,436 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other intangible assets, net | $ 12,927 | $ 15,716 |
Deposits (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deposit [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Deposits Table [Text Block] | The table below summarizes deposits by type:
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Scheduled Maturities Of Time Deposits Table [Text Block] | The summary of the contractual maturities for all time deposits as of December 31, 2016 is as follows:
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Other Borrowings (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's Borrowings | The following table summarizes the Company’s borrowings as of December 31, 2016 and 2015:
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Qualifying Debt Junior Subordinated Debt Table (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Junior Subordinated Debt Table [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Subordinated Borrowing [Table Text Block] |
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Stockholders' Equity Schedule of Share-based Compensation Arrangements by Share-based Payment Award (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of option activity during the year ended December 31, 2016 is presented below:
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Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block] | A summary of the status of the Company’s unvested shares of restricted stock, including those issued in connection with the Bridge acquisition, and changes during the years then ended is presented below:
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Bridge's stock options had an original vesting period of four years and a contractual term of ten years. Stock option replacement awards were valued using the Black-Scholes option valuation model, using the following weighted average assumptions.
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Accumulated Other Comprehensive Income (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Changes in Accumulated Other Comprehensive Income | The following table summarizes the changes in accumulated other comprehensive income (loss) by component, net of tax, for the periods indicated:
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Schedule of Reclassifications Out of Accumulated Other Comprehensive Income | The following table presents reclassifications out of accumulated other comprehensive income:
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Derivatives and Hedging (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position | The fair value of derivative contracts, after taking into account the effects of master netting agreements, is included in other assets or other liabilities in the Consolidated Balance Sheets, as indicated in the following table:
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Gain (Loss) on Derivative Instruments | The following table summarizes the gains (losses) on fair value hedges for the years ended December 31, 2016, 2015, and 2014 all of which are recorded in non-interest income.
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Largest Exposure To Individual Counterparty | The following table summarizes the Company's largest exposure to an individual counterparty at the dates indicated:
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Earnings per Share (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the calculation of basic and diluted EPS:
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Income Taxes Provision Current & Deferred Table (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Expense Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
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Income Taxes Reconciliation between Statutory Federal Income Tax Rate and Company's Effective Tax Rate (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
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Income Taxes Cumulative Tax Effects of Primary Difference (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
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Income Taxes Gross Activity of Unrecognized Tax Benefits Related to Uncertain Tax Positions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Contingency [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Income Tax Contingencies [Table Text Block] |
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Commitments and Contingencies (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Contractual Amounts for Unfunded Commitments and Letters of Credit | A summary of the contractual amounts for unfunded commitments and letters of credit are as follows:
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Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block] |
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Fair Value Accounting (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains and Losses from Fair Value Changes Included in Consolidated Statement of Operations | For the years ended December 31, 2016, 2015, and 2014 securities gains and losses from fair value changes were as follows:
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Fair Value of Assets and Liabilities | The fair value of assets and liabilities measured at fair value on a recurring basis was determined using the following inputs as of the periods presented:
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Change in Level 3 Liabilities Measured at Fair Value on Recurring Basis | For the years ended December 31, 2016, 2015, and 2014, the change in Level 3 assets and liabilities measured at fair value on a recurring basis was as follows:
The transfer of CDO securities from Level 3 to Level 2 during the year ended December 31, 2016 is the result of an increase in the availability and reliability of the observable inputs utilized in the securities' fair value measurement. The Company recognized this transfer between levels on October 31, 2016, in accordance with its policy to recognize transfers between levels in the fair value hierarchy as of the end of the month following the event or change in circumstance that caused the transfer. For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 2016 and 2015, the significant unobservable inputs used in the fair value measurements were as follows:
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Assets Measured at Fair Value on Nonrecurring Basis | The following table presents such assets carried on the balance sheet by caption and by level within the ASC 825 hierarchy:
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Estimated Fair Value of Financial Instruments | The estimated fair value of the Company’s financial instruments is as follows:
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Regulatory Capital Requirements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Banking and Thrift [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Actual Capital Amount and Ratio | The actual capital amounts and ratios for the Company and the Bank are presented in the following tables as of the periods indicated:
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Employee Benefit Plan (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Compensation and Retirement Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Funded Status [Table Text Block] | The following table reflects the accumulated benefit obligation and funded status of the SERP:
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Schedule of Net Benefit Costs [Table Text Block] | The components of net periodic benefit cost recognized through December 31, 2016 and the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost during 2017 are as follows:
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Related Parties (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions [Table Text Block] | The following table summarizes the aggregate activity in such loans for the periods indicated:
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Parent Company (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Parent Company Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Balance Sheet [Table Text Block] | WESTERN ALLIANCE BANCORPORA |
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Schedule Of Condensed Income Statement And Comprehensive Income Table [Text Block] | Condensed Income Statements
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Condensed Cash Flow Statement [Table Text Block] | Condensed Statements of Cash Flows
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Segments (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Segment Information | The following is a summary of operating segment balance sheet information for the periods indicated:
The following is a summary of operating segment income statement information for the periods indicated:
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Quarterly Financial Data (Tables) |
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Quarterly Financial Data Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Financial Statements [Table Text Block] | 23. QUARTERLY FINANCIAL DATA (UNAUDITED)
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Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016
USD ($)
Subsidiary
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Dec. 31, 2015
USD ($)
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Dec. 31, 2014
USD ($)
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Significant Of Accounting Policies [Line Items] | |||
Life Insurance, Corporate or Bank Owned, Amount | $ | $ 360,300 | $ 361,700 | |
Proceeds from Issuance of Subordinated Long-term Debt | $ | $ 169,256 | $ 148,211 | $ 0 |
Number Of Wholly Owned Subsidiaries Non Bank Subsidiaries | 1 | ||
Number of wholly-owned subsidiaries | 10 | ||
Number Of Unconsolidated Subsidiaries | 8 |
Investment Securities - Additional Information (Detail) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016
USD ($)
positions
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Dec. 31, 2015
USD ($)
positions
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Dec. 31, 2014
USD ($)
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Investment Identifier [Line Items] | |||
Amount of impairment losses reclassified out of accumulated other comprehensive income into earnings | $ 0 | $ 0 | $ 0 |
Total number of securities in an unrealized loss position | positions | 244 | 146 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 50,273,000 | $ 18,418,000 | |
Securities with carrying amounts were pledged | $ 763,000,000 | $ 830,700,000 |
Investment Securities - Unrealized Losses and Fair Value of Investment Securities in Continuous Unrealized Loss Position (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
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Schedule of Available-for-sale Securities [Line Items] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 546 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 30,364 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Held-to-maturity Securities, Accumulated Unrecognized Holding Gain | 546 | |
Held-to-maturity Securities, Fair Value | 30,364 | |
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 44,012 | $ 7,870 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 1,789,692 | 817,564 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 6,261 | 10,548 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 50,298 | 107,785 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 50,273 | 18,418 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 1,839,990 | 925,349 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 2,978 | 3 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 56,022 | 2,006 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 0 | 0 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 2,978 | 3 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 56,022 | 2,006 |
Corporate debt securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 1,285 | |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 38,716 | |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 0 | |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 1,285 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 38,716 | |
Preferred Stock [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 2,188 | 377 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 63,151 | 10,542 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 54 | 1,090 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 1,471 | 14,761 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 2,242 | 1,467 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 64,622 | 25,303 |
Residential mortgage-backed securities issued by GSEs | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 16,990 | 3,566 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 950,480 | 536,515 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 140 | 1,098 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 5,326 | 38,338 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 17,130 | 4,664 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 955,806 | 574,853 |
Municipal obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 9,937 | |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 148,780 | |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 0 | |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 9,937 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 148,780 | |
Private label residential mortgage-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 6,170 | 3,733 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 377,638 | 226,720 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 599 | 674 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 16,969 | 30,372 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 6,769 | 4,407 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 394,607 | 257,092 |
Trust preferred securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 0 | 0 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 0 | 0 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 5,468 | 7,686 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 26,532 | 24,314 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 5,468 | 7,686 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 26,532 | 24,314 |
CRA investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 514 | 37 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 37,113 | 24,729 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 0 | 0 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 514 | 37 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 37,113 | 24,729 |
Collateralized debt obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 49 | |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 1 | |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 0 | |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 49 | |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 1 | |
Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, Less Than Twelve Months, Aggregate Losses | 3,950 | 105 |
Available-for-sale securities, Less Than Twelve Months, Fair Value | 117,792 | 17,051 |
Available-for-sale securities, Twelve Months or Longer, Aggregate Losses | 0 | 0 |
Available-for-sale securities, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Aggregate Losses, Total | 3,950 | 105 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | $ 117,792 | $ 17,051 |
Investment Securities - Amortized Cost and Fair Value of Investment Securities by Contractual Maturities (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Held-to-maturity Securities, Debt Maturities, after Ten Years, Net Carrying Amount | $ 92,079 | |
Held-to-maturity Securities, Debt Maturities, after Ten Years, Fair Value | 91,966 | |
Securities available for sale, Due in one year or less, Amortized Cost | 39,908 | |
Securities available for sale, After one year through five years, Amortized Cost | 41,893 | |
Securities available for sale, After five years through ten years, Amortized Cost | 194,458 | |
Securities available for sale, After ten years, Amortized Cost | 425,736 | |
Securities available for sale, Mortgage backed securities, Amortized Cost | 1,931,303 | |
Securities available for sale Total, Amortized Cost | 2,633,298 | $ 1,966,034 |
Securities available for sale, Due in one year or less, Estimated Fair Value | 39,412 | |
Securities available for sale, After one year through five years, Estimated Fair Value | 41,611 | |
Securities available for sale, After five years through ten years, Estimated Fair Value | 194,719 | |
Securities available for sale, After ten years, Estimated Fair Value | 426,956 | |
Securities available for sale, Mortgage backed securities, Estimated Fair Value | 1,906,682 | |
Securities available for sale Total, Estimated Fair Value | $ 2,609,380 | $ 1,982,523 |
Investment Securities - Investment Securities by Credit Rating Type (Detail) - USD ($) |
Dec. 31, 2016 |
Dec. 31, 2015 |
||||||
---|---|---|---|---|---|---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Held-to-maturity Securities | $ 92,079,000 | $ 0 | ||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 2,609,380,000 | 1,982,523,000 | ||||||
Municipal obligations [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 408,233,000 | 334,830,000 | ||||||
Residential mortgage-backed securities issued by GSEs | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 1,355,205,000 | 1,170,221,000 | ||||||
Securities measured at fair value | 1,053,000 | 1,481,000 | ||||||
Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 117,792,000 | 19,114,000 | ||||||
Private label residential mortgage-backed securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 433,685,000 | 257,128,000 | ||||||
Private label commercial mortgage-backed securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 4,691,000 | |||||||
US Government-sponsored Enterprises Debt Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 56,022,000 | 2,993,000 | ||||||
US Treasury Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 2,502,000 | |||||||
Preferred Stock [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 94,662,000 | 111,236,000 | ||||||
Trust preferred securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 26,532,000 | 24,314,000 | ||||||
Collateralized debt obligations [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 13,490,000 | 10,060,000 | ||||||
Corporate debt securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 64,144,000 | 13,251,000 | ||||||
CRA investments [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 37,113,000 | 34,685,000 | ||||||
Rated Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 2,609,380,000 | [1] | 1,982,523,000 | [2] | ||||
Rated Securities [Member] | Municipal obligations [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Held-to-maturity Securities | 92,079,000 | |||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 408,233,000 | 334,830,000 | ||||||
Rated Securities [Member] | Residential mortgage-backed securities issued by GSEs | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 1,355,205,000 | 1,170,221,000 | ||||||
Securities measured at fair value | 1,053,000 | 1,481,000 | ||||||
Rated Securities [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 117,792,000 | 19,114,000 | ||||||
Rated Securities [Member] | Private label residential mortgage-backed securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 433,685,000 | 257,128,000 | ||||||
Rated Securities [Member] | Private label commercial mortgage-backed securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 4,691,000 | |||||||
Rated Securities [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 56,022,000 | 2,993,000 | ||||||
Rated Securities [Member] | US Treasury Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 2,502,000 | |||||||
Rated Securities [Member] | Preferred Stock [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 94,662,000 | 111,236,000 | ||||||
Rated Securities [Member] | Trust preferred securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 26,532,000 | 24,314,000 | ||||||
Rated Securities [Member] | Collateralized debt obligations [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 13,490,000 | 10,060,000 | ||||||
Rated Securities [Member] | Corporate debt securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 64,144,000 | 13,251,000 | ||||||
Rated Securities [Member] | CRA investments [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 37,113,000 | 34,685,000 | ||||||
AAA [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 479,875,000 | [1] | 248,245,000 | [2] | ||||
AAA [Member] | Municipal obligations [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Held-to-maturity Securities | 0 | |||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 80,862,000 | 7,949,000 | ||||||
AAA [Member] | Residential mortgage-backed securities issued by GSEs | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
Securities measured at fair value | 0 | 0 | ||||||
AAA [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
AAA [Member] | Private label residential mortgage-backed securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 399,013,000 | 235,605,000 | ||||||
AAA [Member] | Private label commercial mortgage-backed securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 4,691,000 | |||||||
AAA [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
AAA [Member] | US Treasury Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | |||||||
AAA [Member] | Preferred Stock [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
AAA [Member] | Trust preferred securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
AAA [Member] | Collateralized debt obligations [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
AAA [Member] | Corporate debt securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
AAA [Member] | CRA investments [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
Split-rated AAA/AA Plus [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 1,531,521,000 | [1] | 1,192,328,000 | [2] | ||||
Split-rated AAA/AA Plus [Member] | Municipal obligations [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Held-to-maturity Securities | 0 | |||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
Split-rated AAA/AA Plus [Member] | Residential mortgage-backed securities issued by GSEs | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 1,355,205,000 | 1,170,221,000 | ||||||
Securities measured at fair value | 1,053,000 | 1,481,000 | ||||||
Split-rated AAA/AA Plus [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 117,792,000 | 19,114,000 | ||||||
Split-rated AAA/AA Plus [Member] | Private label residential mortgage-backed securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
Split-rated AAA/AA Plus [Member] | Private label commercial mortgage-backed securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | |||||||
Split-rated AAA/AA Plus [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 56,022,000 | 2,993,000 | ||||||
Split-rated AAA/AA Plus [Member] | US Treasury Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 2,502,000 | |||||||
Split-rated AAA/AA Plus [Member] | Preferred Stock [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
Split-rated AAA/AA Plus [Member] | Trust preferred securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
Split-rated AAA/AA Plus [Member] | Collateralized debt obligations [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
Split-rated AAA/AA Plus [Member] | Corporate debt securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
Split-rated AAA/AA Plus [Member] | CRA investments [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
AA Plus to AA- [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 303,599,000 | [1] | 183,221,000 | [2] | ||||
AA Plus to AA- [Member] | Municipal obligations [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Held-to-maturity Securities | 0 | |||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 268,249,000 | 180,460,000 | ||||||
AA Plus to AA- [Member] | Residential mortgage-backed securities issued by GSEs | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
Securities measured at fair value | 0 | 0 | ||||||
AA Plus to AA- [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
AA Plus to AA- [Member] | Private label residential mortgage-backed securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 29,921,000 | 40,000 | ||||||
AA Plus to AA- [Member] | Private label commercial mortgage-backed securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | |||||||
AA Plus to AA- [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
AA Plus to AA- [Member] | US Treasury Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | |||||||
AA Plus to AA- [Member] | Preferred Stock [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
AA Plus to AA- [Member] | Trust preferred securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
AA Plus to AA- [Member] | Collateralized debt obligations [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
AA Plus to AA- [Member] | Corporate debt securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 5,429,000 | 2,721,000 | ||||||
AA Plus to AA- [Member] | CRA investments [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
A Plus to A- [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 99,954,000 | [1] | 139,785,000 | [2] | ||||
A Plus to A- [Member] | Municipal obligations [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Held-to-maturity Securities | 0 | |||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 59,122,000 | 131,110,000 | ||||||
A Plus to A- [Member] | Residential mortgage-backed securities issued by GSEs | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
Securities measured at fair value | 0 | 0 | ||||||
A Plus to A- [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
A Plus to A- [Member] | Private label residential mortgage-backed securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 2,117,000 | 3,186,000 | ||||||
A Plus to A- [Member] | Private label commercial mortgage-backed securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | |||||||
A Plus to A- [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
A Plus to A- [Member] | US Treasury Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | |||||||
A Plus to A- [Member] | Preferred Stock [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
A Plus to A- [Member] | Trust preferred securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
A Plus to A- [Member] | Collateralized debt obligations [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
A Plus to A- [Member] | Corporate debt securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 38,715,000 | 5,489,000 | ||||||
A Plus to A- [Member] | CRA investments [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
BBB Plus to BBB- [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 113,652,000 | [1] | 117,303,000 | [2] | ||||
BBB Plus to BBB- [Member] | Municipal obligations [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Held-to-maturity Securities | 0 | |||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 6,243,000 | ||||||
BBB Plus to BBB- [Member] | Residential mortgage-backed securities issued by GSEs | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
Securities measured at fair value | 0 | 0 | ||||||
BBB Plus to BBB- [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
BBB Plus to BBB- [Member] | Private label residential mortgage-backed securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 2,634,000 | 1,750,000 | ||||||
BBB Plus to BBB- [Member] | Private label commercial mortgage-backed securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | |||||||
BBB Plus to BBB- [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
BBB Plus to BBB- [Member] | US Treasury Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | |||||||
BBB Plus to BBB- [Member] | Preferred Stock [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 64,486,000 | 79,955,000 | ||||||
BBB Plus to BBB- [Member] | Trust preferred securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 26,532,000 | 24,314,000 | ||||||
BBB Plus to BBB- [Member] | Collateralized debt obligations [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
BBB Plus to BBB- [Member] | Corporate debt securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 20,000,000 | 5,041,000 | ||||||
BBB Plus to BBB- [Member] | CRA investments [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
BB Plus and below [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 28,148,000 | [1] | 36,600,000 | [2] | ||||
BB Plus and below [Member] | Municipal obligations [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Held-to-maturity Securities | 0 | |||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 180,000 | ||||||
BB Plus and below [Member] | Residential mortgage-backed securities issued by GSEs | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
Securities measured at fair value | 0 | 0 | ||||||
BB Plus and below [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
BB Plus and below [Member] | Private label residential mortgage-backed securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 2,705,000 | ||||||
BB Plus and below [Member] | Private label commercial mortgage-backed securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | |||||||
BB Plus and below [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
BB Plus and below [Member] | US Treasury Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | |||||||
BB Plus and below [Member] | Preferred Stock [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 14,658,000 | 23,655,000 | ||||||
BB Plus and below [Member] | Trust preferred securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
BB Plus and below [Member] | Collateralized debt obligations [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 13,490,000 | 10,060,000 | ||||||
BB Plus and below [Member] | Corporate debt securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
BB Plus and below [Member] | CRA investments [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
Corporate Credit Quality Indicator Unrated [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 52,631,000 | [1] | 65,041,000 | [2] | ||||
Corporate Credit Quality Indicator Unrated [Member] | Municipal obligations [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Held-to-maturity Securities | 92,079,000 | |||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 8,888,000 | ||||||
Corporate Credit Quality Indicator Unrated [Member] | Residential mortgage-backed securities issued by GSEs | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
Securities measured at fair value | 0 | 0 | ||||||
Corporate Credit Quality Indicator Unrated [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
Corporate Credit Quality Indicator Unrated [Member] | Private label residential mortgage-backed securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 13,842,000 | ||||||
Corporate Credit Quality Indicator Unrated [Member] | Private label commercial mortgage-backed securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | |||||||
Corporate Credit Quality Indicator Unrated [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
Corporate Credit Quality Indicator Unrated [Member] | US Treasury Securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | |||||||
Corporate Credit Quality Indicator Unrated [Member] | Preferred Stock [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 15,518,000 | 7,626,000 | ||||||
Corporate Credit Quality Indicator Unrated [Member] | Trust preferred securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
Corporate Credit Quality Indicator Unrated [Member] | Collateralized debt obligations [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
Corporate Credit Quality Indicator Unrated [Member] | Corporate debt securities [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 0 | 0 | ||||||
Corporate Credit Quality Indicator Unrated [Member] | CRA investments [Member] | ||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | $ 37,113,000 | $ 34,685,000 | ||||||
|
Investment Securities - Investment Securities by Credit Rating Type Parenthetical (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | $ 2,609,380 | $ 1,982,523 |
CRA investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | $ 37,113 | $ 34,685 |
Investment Securities - Gross Gains and (Losses) on Sales of Investments (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Investments, Debt and Equity Securities [Abstract] | |||
Gross gains | $ 2,115 | $ 1,144 | $ 1,118 |
Gross (losses) | (1,056) | (529) | (361) |
Net (losses) gains | $ 1,059 | $ 615 | $ 757 |
Loans, Leases and Allowance for Credit Losses - Schedule of Held for Investment Loan Portfolio Composition of Loans, Leases and Allowance for Credit Losses (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Interest Rate and Credit Marks on Acquired Loans | $ 69,500 | $ 40,500 |
Trade and Loans Receivables Held-for-sale, Net, Not Part of Disposal Group | 18,909 | 23,809 |
Net deferred loan fees and costs | (22,300) | (19,200) |
Loans, net of deferred loan fees and costs | 13,189,527 | 11,112,854 |
Allowance for credit losses | (124,704) | (119,068) |
Loans, net | 13,064,823 | 10,993,786 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, net of deferred loan fees and costs | 5,755,021 | 5,114,257 |
Commercial Real Estate Non Owner Occupied Multi Family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, net of deferred loan fees and costs | 3,543,956 | 2,283,536 |
Owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, net of deferred loan fees and costs | 2,013,276 | 2,083,285 |
Allowance for credit losses | (12,340) | (11,811) |
Construction and land development [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, net of deferred loan fees and costs | 1,478,114 | 1,133,439 |
Allowance for credit losses | (21,175) | (18,976) |
Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, net of deferred loan fees and costs | 259,432 | 322,939 |
Allowance for credit losses | (3,851) | (5,278) |
Leases [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, net of deferred loan fees and costs | 100,765 | 148,493 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Loans, net of deferred loan fees and costs | 38,963 | 26,905 |
Allowance for credit losses | $ (672) | $ (473) |
Loans, Leases and Allowance for Credit Losses - Contractual Aging of Loan Portfolio by Class of Loans Including Loans Held for Sale and Excluding Deferred Fees/Costs (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | $ 13,166,460 | $ 11,046,589 | ||
Total Past Due | 23,067 | 66,265 | ||
Total | 13,189,527 | 11,112,854 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | [1] | 40,272 | 48,381 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 1,067 | 3,028 | ||
Commercial real estate [Member] | Owner occupied [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 2,009,728 | 2,078,968 | ||
Total Past Due | 3,548 | 4,317 | ||
Total | 2,013,276 | 2,083,285 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 285 | 339 | ||
Commercial real estate [Member] | Non-owner occupied [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 3,339,121 | 2,099,274 | ||
Total Past Due | 674 | 5,303 | ||
Total | 3,339,795 | 2,104,577 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Commercial real estate [Member] | Multi-family [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 204,161 | 178,959 | ||
Total Past Due | 0 | 0 | ||
Total | 204,161 | 178,959 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Commercial and industrial [Member] | Commercial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 5,747,368 | 5,066,197 | ||
Total Past Due | 7,653 | 48,060 | ||
Total | 5,755,021 | 5,114,257 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 775 | 2,671 | ||
Commercial and industrial [Member] | Leases [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 100,761 | 145,905 | ||
Total Past Due | 4 | 2,588 | ||
Total | 100,765 | 148,493 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Construction and land development [Member] | Construction [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 973,242 | 694,527 | ||
Total Past Due | 0 | 0 | ||
Total | 973,242 | 694,527 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Construction and land development [Member] | Land [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 503,588 | 438,495 | ||
Total Past Due | 1,284 | 417 | ||
Total | 504,872 | 438,912 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Residential real estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 249,726 | 317,677 | ||
Total Past Due | 9,706 | 5,262 | ||
Total | 259,432 | 322,939 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 38,765 | 26,587 | ||
Total Past Due | 198 | 318 | ||
Total | 38,963 | 26,905 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 7 | 18 | ||
Non-accrual loans [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 24,421 | 19,590 | ||
Total Past Due | 15,851 | 28,791 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 48,381 | |||
Non-accrual loans [Member] | Commercial real estate [Member] | Owner occupied [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 5,084 | 749 | ||
Total Past Due | 3,264 | 3,253 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 8,348 | 4,002 | ||
Non-accrual loans [Member] | Commercial real estate [Member] | Non-owner occupied [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 8,317 | 11,851 | ||
Total Past Due | 1 | 2,822 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 8,318 | 14,673 | ||
Non-accrual loans [Member] | Commercial real estate [Member] | Multi-family [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 0 | 0 | ||
Total Past Due | 0 | 0 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 | ||
Non-accrual loans [Member] | Commercial and industrial [Member] | Commercial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 10,893 | 3,263 | ||
Total Past Due | 6,043 | 15,026 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 16,936 | 18,289 | ||
Non-accrual loans [Member] | Commercial and industrial [Member] | Leases [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 28 | 0 | ||
Total Past Due | 3 | 2,588 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 31 | 2,588 | ||
Non-accrual loans [Member] | Construction and land development [Member] | Construction [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 0 | 0 | ||
Total Past Due | 0 | 0 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 | ||
Non-accrual loans [Member] | Construction and land development [Member] | Land [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 0 | 1,892 | ||
Total Past Due | 1,284 | 417 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,284 | 2,309 | ||
Non-accrual loans [Member] | Residential real estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 99 | 1,835 | ||
Total Past Due | 5,093 | 4,489 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 5,192 | 6,324 | ||
Non-accrual loans [Member] | Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 0 | 0 | ||
Total Past Due | 163 | 196 | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 163 | 196 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 5,651 | 30,184 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial real estate [Member] | Owner occupied [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 71 | 445 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial real estate [Member] | Non-owner occupied [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 672 | 2,481 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial real estate [Member] | Multi-family [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial and industrial [Member] | Commercial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 549 | 26,358 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Commercial and industrial [Member] | Leases [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Construction and land development [Member] | Construction [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Construction and land development [Member] | Land [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Residential real estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 4,333 | 888 | ||
Financing Receivables, 30 to 59 Days Past Due [Member] | Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 26 | 12 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 869 | 14,736 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial real estate [Member] | Owner occupied [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 0 | 362 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial real estate [Member] | Non-owner occupied [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 2 | 0 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial real estate [Member] | Multi-family [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial and industrial [Member] | Commercial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 584 | 14,124 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Commercial and industrial [Member] | Leases [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Construction and land development [Member] | Construction [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Construction and land development [Member] | Land [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Residential real estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 281 | 159 | ||
Financing Receivables, 60 to 89 Days Past Due [Member] | Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 2 | 91 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 16,547 | 21,345 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial real estate [Member] | Owner occupied [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 3,477 | 3,510 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial real estate [Member] | Non-owner occupied [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 0 | 2,822 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial real estate [Member] | Multi-family [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial and industrial [Member] | Commercial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 6,520 | 7,578 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial and industrial [Member] | Leases [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 4 | 2,588 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Construction and land development [Member] | Construction [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 0 | 0 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Construction and land development [Member] | Land [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 1,284 | 417 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Residential real estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | 5,092 | 4,215 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Total Past Due | $ 170 | $ 215 | ||
|
Loans, Leases and Allowance for Credit Losses - Summary of Recorded Investment in Nonaccrual Loans and Loans Past Due 90 Days Still Accruing Interest by Loan Class (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | $ 13,166,460 | $ 11,046,589 | ||
Total Past Due | 23,067 | 66,265 | ||
Total Non-accrual | [1] | 40,272 | 48,381 | |
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 1,067 | 3,028 | ||
Commercial real estate [Member] | Owner occupied [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 2,009,728 | 2,078,968 | ||
Total Past Due | 3,548 | 4,317 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 285 | 339 | ||
Commercial real estate [Member] | Non-owner occupied [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 3,339,121 | 2,099,274 | ||
Total Past Due | 674 | 5,303 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Commercial real estate [Member] | Multi-family [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 204,161 | 178,959 | ||
Total Past Due | 0 | 0 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Commercial and industrial [Member] | Commercial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 5,747,368 | 5,066,197 | ||
Total Past Due | 7,653 | 48,060 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 775 | 2,671 | ||
Commercial and industrial [Member] | Leases [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 100,761 | 145,905 | ||
Total Past Due | 4 | 2,588 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Construction and land development [Member] | Construction [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 973,242 | 694,527 | ||
Total Past Due | 0 | 0 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Construction and land development [Member] | Land [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 503,588 | 438,495 | ||
Total Past Due | 1,284 | 417 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Residential real estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 249,726 | 317,677 | ||
Total Past Due | 9,706 | 5,262 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | 0 | 0 | ||
Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Current | 38,765 | 26,587 | ||
Total Past Due | 198 | 318 | ||
Financing Receivable, Recorded Investment, 90 Days Past Due and Still Accruing | $ 7 | $ 18 | ||
|
Loans, Leases and Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||
Leases [Line Items] | ||||||||||||
Receivable with Imputed Interest, Discount | $ (5,200) | $ (8,200) | ||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [1] | 40,272 | 48,381 | |||||||||
Impaired Financing Receivable, Average Recorded Investment | 109,461 | 150,151 | $ 169,758 | |||||||||
Aggregate carrying amount of impaired loans | [2] | 10,909 | 24,287 | |||||||||
Reduction in interest income due to nonaccrual loans | 2,000 | 2,500 | 3,800 | |||||||||
Loans And Loans Receivable Purchases | 340,600 | 137,200 | ||||||||||
Financing Receivable, Significant Sales | 39,300 | 102,200 | ||||||||||
Impaired loans with no allowance recorded | [3] | 88,300 | 104,587 | |||||||||
Impaired loans with an allowance recorded | [4] | 4,239 | 4,658 | |||||||||
Loans and Leases Receivable, Gain (Loss) on Sales, Net | 2,500 | 500 | ||||||||||
Troubled Debt Restructured Loans [Member] | ||||||||||||
Leases [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 7,100 | 18,200 | ||||||||||
Impaired Financing Receivable, Average Recorded Investment | 68,800 | 113,900 | $ 126,600 | |||||||||
Aggregate carrying amount of impaired loans | 2,500 | 3,000 | ||||||||||
Loan commitments outstanding | 0 | 100 | ||||||||||
Impaired loans with no allowance recorded | 58,300 | 85,900 | ||||||||||
Impaired loans with an allowance recorded | 600 | 300 | ||||||||||
Construction and land development [Member] | ||||||||||||
Leases [Line Items] | ||||||||||||
Aggregate carrying amount of impaired loans | 0 | 0 | ||||||||||
Loans And Loans Receivable Purchases | 100 | |||||||||||
Impaired loans with no allowance recorded | 14,838 | 18,322 | ||||||||||
Impaired loans with an allowance recorded | 0 | 0 | ||||||||||
Commercial real estate [Member] | ||||||||||||
Leases [Line Items] | ||||||||||||
Loans And Loans Receivable Purchases | 600 | 13,200 | ||||||||||
Residential real estate [Member] | ||||||||||||
Leases [Line Items] | ||||||||||||
Aggregate carrying amount of impaired loans | 0 | 914 | ||||||||||
Impaired loans with no allowance recorded | 16,391 | 15,661 | ||||||||||
Impaired loans with an allowance recorded | 0 | 270 | ||||||||||
Commercial and industrial [Member] | ||||||||||||
Leases [Line Items] | ||||||||||||
Aggregate carrying amount of impaired loans | 7,766 | 18,230 | ||||||||||
Loans And Loans Receivable Purchases | 339,800 | 117,100 | ||||||||||
Impaired loans with no allowance recorded | 13,340 | 8,283 | ||||||||||
Impaired loans with an allowance recorded | 3,301 | 3,518 | ||||||||||
Consumer [Member] | ||||||||||||
Leases [Line Items] | ||||||||||||
Aggregate carrying amount of impaired loans | 18 | 21 | ||||||||||
Impaired loans with no allowance recorded | 228 | 313 | ||||||||||
Impaired loans with an allowance recorded | 1 | 1 | ||||||||||
Commercial leases [Member] | ||||||||||||
Leases [Line Items] | ||||||||||||
Aggregate carrying amount of impaired loans | 0 | 0 | ||||||||||
Loans And Loans Receivable Purchases | 100 | 6,800 | ||||||||||
Impaired loans with no allowance recorded | 355 | 2,896 | ||||||||||
Impaired loans with an allowance recorded | $ 0 | $ 0 | ||||||||||
|
Loans, Leases and Allowance for Credit Losses - Loans by Risk Rating (Detail) - USD ($) |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | $ 13,189,527,000 | $ 11,112,854,000 |
Current | 13,166,460,000 | 11,046,589,000 |
Financing Receivable, Recorded Investment, Past Due | 23,067,000 | 66,265,000 |
Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 259,432,000 | 322,939,000 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 38,963,000 | 26,905,000 |
Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 2,013,276,000 | 2,083,285,000 |
Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 3,339,795,000 | 2,104,577,000 |
Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 204,161,000 | 178,959,000 |
Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 5,755,021,000 | 5,114,257,000 |
Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 100,765,000 | 148,493,000 |
Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 973,242,000 | 694,527,000 |
Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 504,872,000 | 438,912,000 |
Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 12,893,422,000 | 10,805,542,000 |
Current | 12,887,308,000 | 10,799,558,000 |
Pass [Member] | Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 252,304,000 | 310,067,000 |
Pass [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 38,698,000 | 26,438,000 |
Pass [Member] | Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 1,935,322,000 | 2,032,932,000 |
Pass [Member] | Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 3,278,090,000 | 2,054,428,000 |
Pass [Member] | Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 203,964,000 | 178,959,000 |
Pass [Member] | Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 5,621,448,000 | 4,962,930,000 |
Pass [Member] | Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 100,737,000 | 140,531,000 |
Pass [Member] | Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 961,290,000 | 678,438,000 |
Pass [Member] | Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 501,569,000 | 420,819,000 |
Watch [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 148,144,000 | 141,588,000 |
Current | 147,838,000 | 140,932,000 |
Watch [Member] | Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 929,000 | 776,000 |
Watch [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 64,000 | 209,000 |
Watch [Member] | Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 53,634,000 | 28,422,000 |
Watch [Member] | Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 22,972,000 | 14,867,000 |
Watch [Member] | Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 197,000 | 0 |
Watch [Member] | Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 70,011,000 | 76,283,000 |
Watch [Member] | Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 4,580,000 |
Watch [Member] | Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 16,089,000 |
Watch [Member] | Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 337,000 | 362,000 |
Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 140,731,000 | 161,269,000 |
Current | 124,084,000 | 104,232,000 |
Substandard [Member] | Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 6,199,000 | 12,096,000 |
Substandard [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 201,000 | 258,000 |
Substandard [Member] | Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 22,090,000 | 20,814,000 |
Substandard [Member] | Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 38,733,000 | 35,282,000 |
Substandard [Member] | Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Substandard [Member] | Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 58,562,000 | 74,294,000 |
Substandard [Member] | Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 28,000 | 794,000 |
Substandard [Member] | Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 11,952,000 | 0 |
Substandard [Member] | Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 2,966,000 | 17,731,000 |
Doubtful [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 7,230,000 | 4,455,000 |
Current | 7,230,000 | 1,867,000 |
Doubtful [Member] | Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Doubtful [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Doubtful [Member] | Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 2,230,000 | 1,117,000 |
Doubtful [Member] | Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Doubtful [Member] | Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Doubtful [Member] | Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 5,000,000 | 750,000 |
Doubtful [Member] | Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 2,588,000 |
Doubtful [Member] | Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Doubtful [Member] | Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Current | 0 | 0 |
Loss [Member] | Residential real estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Loss [Member] | Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 5,651,000 | 30,184,000 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 5,433,000 | 1,907,000 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Watch [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 96,000 | 271,000 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 122,000 | 28,006,000 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Doubtful [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 30 to 59 Days Past Due [Member] | Loss [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 869,000 | 14,736,000 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 410,000 | 4,077,000 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Watch [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 210,000 | 385,000 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 249,000 | 10,274,000 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Doubtful [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, 60 to 89 Days Past Due [Member] | Loss [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 16,547,000 | 21,345,000 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Pass [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 271,000 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Watch [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 0 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Substandard [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 16,276,000 | 18,757,000 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Doubtful [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | 0 | 2,588,000 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Loss [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Recorded Investment, Past Due | $ 0 | $ 0 |
Loans, Leases and Allowance for Credit Losses - Recorded Investment in Loans Classified as Impaired (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Receivables [Abstract] | |||||||||
Impaired loans with an allowance recorded | [1] | $ 10,909 | $ 24,287 | ||||||
Impaired loans with no allowance recorded | [2] | 88,300 | 104,587 | ||||||
Total impaired loans | 99,209 | 128,874 | |||||||
Valuation allowance related to impaired loans | [3] | $ (4,239) | $ (4,658) | ||||||
|
Loans, Leases and Allowance for Credit Losses - Impaired Loans by Loan Class (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | $ 99,209 | $ 128,874 |
Residential real estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 16,391 | 16,575 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 246 | 334 |
Commercial real estate [Member] | Owner occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 20,748 | 23,153 |
Commercial real estate [Member] | Non-owner occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 25,524 | 41,081 |
Commercial real estate [Member] | Multi-family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 0 | 0 |
Commercial and industrial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 21,106 | 26,513 |
Commercial and industrial [Member] | Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 21,107 | 26,513 |
Commercial and industrial [Member] | Leases [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 355 | 2,896 |
Construction and land development [Member] | Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | 0 | 0 |
Construction and land development [Member] | Land [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Total impaired loans by class | $ 14,838 | $ 18,322 |
Loans, Leases and Allowance for Credit Losses - Schedule of Average Investment in Impaired Loans and Income Recognized on Impaired Loans (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Receivables [Abstract] | |||
Impaired Financing Receivable, Average Recorded Investment | $ 109,461 | $ 150,151 | $ 169,758 |
Interest income recognized on impaired loans | 4,167 | 4,794 | 5,494 |
Interest recognized on nonaccrual loans, cash basis | $ 1,254 | $ 1,634 | $ 2,536 |
Loans, Leases and Allowance for Credit Losses - Average Investment in Impaired Loans by Loan Class (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Financing Receivable, Impaired [Line Items] | |||
Total average investment in impaired loans by loan class | $ 109,461 | $ 150,151 | $ 169,758 |
Residential real estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total average investment in impaired loans by loan class | 16,096 | 18,453 | 25,223 |
Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total average investment in impaired loans by loan class | 284 | 383 | 508 |
Troubled Debt Restructured Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total average investment in impaired loans by loan class | 68,800 | 113,900 | 126,600 |
Commercial real estate [Member] | Owner occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total average investment in impaired loans by loan class | 18,865 | 34,912 | 37,048 |
Commercial real estate [Member] | Non-owner occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total average investment in impaired loans by loan class | 30,633 | 56,360 | 68,821 |
Commercial real estate [Member] | Multi-family [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total average investment in impaired loans by loan class | 0 | 0 | 0 |
Commercial and industrial [Member] | Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total average investment in impaired loans by loan class | 25,815 | 17,534 | 16,168 |
Commercial and industrial [Member] | Leases [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total average investment in impaired loans by loan class | 762 | 2,948 | 410 |
Construction and land development [Member] | Construction [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total average investment in impaired loans by loan class | 0 | 0 | 0 |
Construction and land development [Member] | Land [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total average investment in impaired loans by loan class | $ 17,006 | $ 19,561 | $ 21,580 |
Loans, Leases and Allowance for Credit Losses - Interest Income on Impaired Loans by Loan Class (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Financing Receivable, Impaired [Line Items] | |||
Total interest income on impaired loans by class | $ 4,167 | $ 4,794 | $ 5,494 |
Owner occupied [Member] | Commercial real estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total interest income on impaired loans by class | 849 | 1,575 | 1,550 |
Non-owner occupied [Member] | Commercial real estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total interest income on impaired loans by class | 1,196 | 1,560 | 1,484 |
Multi-family [Member] | Commercial real estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total interest income on impaired loans by class | 0 | 0 | 1 |
Commercial [Member] | Commercial and industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total interest income on impaired loans by class | 683 | 288 | 745 |
Leases [Member] | Commercial and industrial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total interest income on impaired loans by class | 44 | 0 | 0 |
Construction [Member] | Construction and land development [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total interest income on impaired loans by class | 0 | 0 | 0 |
Land [Member] | Construction and land development [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total interest income on impaired loans by class | 830 | 785 | 1,021 |
Residential real estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total interest income on impaired loans by class | 560 | 579 | 646 |
Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Total interest income on impaired loans by class | $ 5 | $ 7 | $ 47 |
Loans, Leases and Allowance for Credit Losses - Tabular Disclosure of Nonperforming Assets (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||
---|---|---|---|---|---|---|---|---|---|
Financing Receivable, Recorded Investment, Nonaccrual Status | [1] | $ 40,272 | $ 48,381 | ||||||
Loans past due 90 days or more on accrual status | 1,067 | 3,028 | |||||||
Troubled debt restructured loans | [2] | 53,637 | 70,707 | ||||||
Total nonperforming loans | 94,976 | 122,116 | |||||||
Other assets acquired through foreclosure, net | 47,815 | 43,942 | $ 57,150 | $ 66,719 | |||||
Total nonperforming assets | 142,791 | 166,058 | |||||||
Troubled Debt Restructured Loans [Member] | |||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 7,100 | $ 18,200 | |||||||
|
Loans, Leases and Allowance for Credit Losses - Changes in Accretable Discount for Loans Purchased with Credit Quality Deterioration (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Additions | $ 4,301 | $ 857 | $ 0 | ||
Balance at beginning of period | 15,925 | 19,156 | 28,164 | ||
Reclassifications from non-accretable to accretable yield (1) | [1] | 1,892 | 1,747 | 6,052 | |
Accretion to interest income | (3,439) | (3,996) | (7,185) | ||
Reversal of fair value adjustments upon disposition of loans | (3,502) | (1,877) | (7,875) | ||
Balance at end of period | 15,177 | 15,925 | 19,156 | ||
Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | $ 0 | $ 38 | $ 0 | ||
|
Loans, Leases and Allowance for Credit Losses - Allowances for Credit Losses (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Valuation Allowance [Line Items] | |||||||||||
Beginning Balance | $ 119,068 | $ 110,216 | $ 119,068 | $ 110,216 | $ 100,050 | ||||||
Charge-offs | 13,549 | 6,497 | 7,662 | ||||||||
Recoveries | (11,185) | (12,149) | (13,102) | ||||||||
Provision for credit losses | $ 1,000 | $ 2,000 | $ 2,500 | 2,500 | $ 2,500 | $ 0 | $ 0 | 700 | 8,000 | 3,200 | 4,726 |
Ending balance | 124,704 | 119,068 | 124,704 | 119,068 | 110,216 | ||||||
Construction and land development [Member] | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Beginning Balance | 18,976 | 18,558 | 18,976 | 18,558 | 14,519 | ||||||
Charge-offs | 18 | 0 | 87 | ||||||||
Recoveries | 485 | (1,872) | (2,160) | ||||||||
Provision for credit losses | 1,732 | (1,454) | 1,966 | ||||||||
Ending balance | 21,175 | 18,976 | 21,175 | 18,976 | 18,558 | ||||||
Commercial real estate [Member] | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Beginning Balance | 23,160 | 28,783 | 23,160 | 28,783 | 32,064 | ||||||
Charge-offs | 728 | 0 | 964 | ||||||||
Recoveries | 5,690 | (4,139) | (3,859) | ||||||||
Provision for credit losses | (2,449) | (9,762) | (6,176) | ||||||||
Ending balance | 25,673 | 23,160 | 25,673 | 23,160 | 28,783 | ||||||
Residential real estate [Member] | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Beginning Balance | 5,278 | 7,456 | 5,278 | 7,456 | 11,640 | ||||||
Charge-offs | 165 | 820 | 1,728 | ||||||||
Recoveries | 875 | (2,181) | (1,896) | ||||||||
Provision for credit losses | (2,137) | (3,539) | (4,352) | ||||||||
Ending balance | 3,851 | 5,278 | 3,851 | 5,278 | 7,456 | ||||||
Commercial and industrial [Member] | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Beginning Balance | 71,181 | 54,566 | 71,181 | 54,566 | 39,657 | ||||||
Charge-offs | 12,477 | 5,550 | 4,370 | ||||||||
Recoveries | 3,991 | (3,754) | (4,728) | ||||||||
Provision for credit losses | 10,638 | 18,411 | 14,551 | ||||||||
Ending balance | 73,333 | 71,181 | 73,333 | 71,181 | 54,566 | ||||||
Consumer [Member] | |||||||||||
Valuation Allowance [Line Items] | |||||||||||
Beginning Balance | $ 473 | $ 853 | 473 | 853 | 2,170 | ||||||
Charge-offs | 161 | 127 | 513 | ||||||||
Recoveries | 144 | (203) | (459) | ||||||||
Provision for credit losses | 216 | (456) | (1,263) | ||||||||
Ending balance | $ 672 | $ 473 | $ 672 | $ 473 | $ 853 |
Loans, Leases and Allowance for Credit Losses - Summary of Impairment Method Information Related to Loans and Allowance for Credit Losses (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
|||||||
---|---|---|---|---|---|---|---|---|---|
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired loans with an allowance recorded | [1] | $ 10,909 | $ 24,287 | ||||||
Impaired loans with no allowance recorded | [2] | 88,300 | 104,587 | ||||||
Total loans individually evaluated for impairment | 99,209 | 128,874 | |||||||
Loans collectively evaluated for impairment | 12,924,164 | 10,901,140 | |||||||
Impaired Financing Receivable, Recorded Investment | 99,209 | 128,874 | |||||||
Total recorded investment | 13,189,527 | 11,112,854 | |||||||
Impaired loans with an allowance recorded | 11,162 | 25,345 | |||||||
Impaired loans with no allowance recorded | 164,721 | 333,268 | |||||||
Total loans individually evaluated for impairment | 175,883 | 358,613 | |||||||
Loans collectively evaluated for impairment | 12,924,164 | 10,901,140 | |||||||
Total unpaid principal balance | 13,301,721 | 11,379,517 | |||||||
Impaired loans with an allowance recorded | [3] | 4,239 | 4,658 | ||||||
Impaired loans with no allowance recorded | 0 | 0 | |||||||
Total loans individually evaluated for impairment | 4,239 | 4,658 | |||||||
Loans collectively evaluated for impairment | 118,642 | 114,374 | |||||||
Total loans held for investment | 124,704 | 119,068 | |||||||
Owner occupied [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired loans with an allowance recorded | 3,125 | 2,778 | |||||||
Impaired loans with no allowance recorded | 17,624 | 20,375 | |||||||
Total loans individually evaluated for impairment | 20,749 | 23,153 | |||||||
Loans collectively evaluated for impairment | 1,981,176 | 2,044,934 | |||||||
Total recorded investment | 2,013,276 | 2,083,285 | |||||||
Impaired loans with an allowance recorded | 3,125 | 2,778 | |||||||
Impaired loans with no allowance recorded | 26,336 | 63,709 | |||||||
Total loans individually evaluated for impairment | 29,461 | 66,487 | |||||||
Loans collectively evaluated for impairment | 1,981,176 | 2,044,934 | |||||||
Total unpaid principal balance | 2,025,515 | 2,131,648 | |||||||
Impaired loans with an allowance recorded | 937 | 858 | |||||||
Impaired loans with no allowance recorded | 0 | 0 | |||||||
Total loans individually evaluated for impairment | 937 | 858 | |||||||
Loans collectively evaluated for impairment | 11,403 | 10,953 | |||||||
Total loans held for investment | 12,340 | 11,811 | |||||||
Non-owner occupied [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired loans with an allowance recorded | 0 | 2,344 | |||||||
Impaired loans with no allowance recorded | 25,524 | 38,737 | |||||||
Total loans individually evaluated for impairment | 25,524 | 41,081 | |||||||
Loans collectively evaluated for impairment | 3,383,585 | 2,180,250 | |||||||
Total recorded investment | 3,543,956 | 2,283,536 | |||||||
Impaired loans with an allowance recorded | 0 | 2,344 | |||||||
Impaired loans with no allowance recorded | 33,632 | 61,692 | |||||||
Total loans individually evaluated for impairment | 33,632 | 64,036 | |||||||
Loans collectively evaluated for impairment | 3,383,585 | 2,180,250 | |||||||
Total unpaid principal balance | 3,582,492 | 2,332,467 | |||||||
Impaired loans with an allowance recorded | 0 | 11 | |||||||
Impaired loans with no allowance recorded | 0 | 0 | |||||||
Total loans individually evaluated for impairment | 0 | 11 | |||||||
Loans collectively evaluated for impairment | 12,646 | 11,302 | |||||||
Total loans held for investment | 13,333 | 11,349 | |||||||
Commercial and industrial [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired loans with an allowance recorded | 7,766 | 18,230 | |||||||
Impaired loans with no allowance recorded | 13,340 | 8,283 | |||||||
Total loans individually evaluated for impairment | 21,106 | 26,513 | |||||||
Loans collectively evaluated for impairment | 5,733,915 | 5,085,299 | |||||||
Total recorded investment | 5,755,021 | 5,114,257 | |||||||
Impaired loans with an allowance recorded | 8,019 | 19,233 | |||||||
Impaired loans with no allowance recorded | 43,176 | 71,773 | |||||||
Total loans individually evaluated for impairment | 51,195 | 91,006 | |||||||
Loans collectively evaluated for impairment | 5,733,915 | 5,085,299 | |||||||
Total unpaid principal balance | 5,786,035 | 5,184,125 | |||||||
Impaired loans with an allowance recorded | 3,301 | 3,518 | |||||||
Impaired loans with no allowance recorded | 0 | 0 | |||||||
Total loans individually evaluated for impairment | 3,301 | 3,518 | |||||||
Loans collectively evaluated for impairment | 69,673 | 65,806 | |||||||
Total loans held for investment | 73,333 | 69,324 | |||||||
Residential real estate [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired loans with an allowance recorded | 0 | 914 | |||||||
Impaired loans with no allowance recorded | 16,391 | 15,661 | |||||||
Total loans individually evaluated for impairment | 16,391 | 16,575 | |||||||
Loans collectively evaluated for impairment | 242,409 | 303,372 | |||||||
Total recorded investment | 259,432 | 322,939 | |||||||
Impaired loans with an allowance recorded | 0 | 969 | |||||||
Impaired loans with no allowance recorded | 26,225 | 44,142 | |||||||
Total loans individually evaluated for impairment | 26,225 | 45,111 | |||||||
Loans collectively evaluated for impairment | 242,409 | 303,372 | |||||||
Total unpaid principal balance | 269,372 | 352,019 | |||||||
Impaired loans with an allowance recorded | 0 | 270 | |||||||
Impaired loans with no allowance recorded | 0 | 0 | |||||||
Total loans individually evaluated for impairment | 0 | 270 | |||||||
Loans collectively evaluated for impairment | 3,851 | 5,008 | |||||||
Total loans held for investment | 3,851 | 5,278 | |||||||
Construction and land development [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired loans with an allowance recorded | 0 | 0 | |||||||
Impaired loans with no allowance recorded | 14,838 | 18,322 | |||||||
Total loans individually evaluated for impairment | 14,838 | 18,322 | |||||||
Loans collectively evaluated for impairment | 1,443,952 | 1,115,117 | |||||||
Total recorded investment | 1,478,114 | 1,133,439 | |||||||
Impaired loans with an allowance recorded | 0 | 0 | |||||||
Impaired loans with no allowance recorded | 33,487 | 82,800 | |||||||
Total loans individually evaluated for impairment | 33,487 | 82,800 | |||||||
Loans collectively evaluated for impairment | 1,443,952 | 1,115,117 | |||||||
Total unpaid principal balance | 1,497,297 | 1,197,917 | |||||||
Impaired loans with an allowance recorded | 0 | 0 | |||||||
Impaired loans with no allowance recorded | 0 | 0 | |||||||
Total loans individually evaluated for impairment | 0 | 0 | |||||||
Loans collectively evaluated for impairment | 20,398 | 18,976 | |||||||
Total loans held for investment | 21,175 | 18,976 | |||||||
Commercial leases [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired loans with an allowance recorded | 0 | 0 | |||||||
Impaired loans with no allowance recorded | 355 | 2,896 | |||||||
Total loans individually evaluated for impairment | 355 | 2,896 | |||||||
Loans collectively evaluated for impairment | 100,410 | 145,597 | |||||||
Total recorded investment | 100,765 | 148,493 | |||||||
Impaired loans with an allowance recorded | 0 | 0 | |||||||
Impaired loans with no allowance recorded | 507 | 5,229 | |||||||
Total loans individually evaluated for impairment | 507 | 5,229 | |||||||
Loans collectively evaluated for impairment | 100,410 | 145,597 | |||||||
Total unpaid principal balance | 100,917 | 150,826 | |||||||
Impaired loans with an allowance recorded | 0 | 0 | |||||||
Impaired loans with no allowance recorded | 0 | 0 | |||||||
Total loans individually evaluated for impairment | 0 | 0 | |||||||
Loans collectively evaluated for impairment | 0 | 1,857 | |||||||
Total loans held for investment | 0 | 1,857 | |||||||
Consumer [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired loans with an allowance recorded | 18 | 21 | |||||||
Impaired loans with no allowance recorded | 228 | 313 | |||||||
Total loans individually evaluated for impairment | 246 | 334 | |||||||
Loans collectively evaluated for impairment | 38,717 | 26,571 | |||||||
Total recorded investment | 38,963 | 26,905 | |||||||
Impaired loans with an allowance recorded | 18 | 21 | |||||||
Impaired loans with no allowance recorded | 1,358 | 3,923 | |||||||
Total loans individually evaluated for impairment | 1,376 | 3,944 | |||||||
Loans collectively evaluated for impairment | 38,717 | 26,571 | |||||||
Total unpaid principal balance | 40,093 | 30,515 | |||||||
Impaired loans with an allowance recorded | 1 | 1 | |||||||
Impaired loans with no allowance recorded | 0 | 0 | |||||||
Total loans individually evaluated for impairment | 1 | 1 | |||||||
Loans collectively evaluated for impairment | 671 | 472 | |||||||
Total loans held for investment | 672 | 473 | |||||||
Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Loans acquired with deteriorated credit quality | 201,674 | 119,764 | |||||||
Impaired loans with an allowance recorded | 1,823 | 36 | |||||||
Receivables Acquired with Deteriorated Credit Quality [Member] | Owner occupied [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired Financing Receivable, Recorded Investment | 11,351 | 15,198 | |||||||
Loans acquired with deteriorated credit quality | 14,878 | 20,227 | |||||||
Impaired loans with an allowance recorded | 0 | 0 | |||||||
Receivables Acquired with Deteriorated Credit Quality [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired Financing Receivable, Recorded Investment | 166,154 | 82,840 | |||||||
Receivables Acquired with Deteriorated Credit Quality [Member] | Non-owner occupied [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired Financing Receivable, Recorded Investment | 134,847 | 62,205 | |||||||
Loans acquired with deteriorated credit quality | 165,275 | 88,181 | |||||||
Impaired loans with an allowance recorded | 687 | 36 | |||||||
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial and industrial [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired Financing Receivable, Recorded Investment | 0 | 2,445 | |||||||
Loans acquired with deteriorated credit quality | 925 | 7,820 | |||||||
Impaired loans with an allowance recorded | 359 | 0 | |||||||
Receivables Acquired with Deteriorated Credit Quality [Member] | Residential real estate [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired Financing Receivable, Recorded Investment | 632 | 2,992 | |||||||
Loans acquired with deteriorated credit quality | 738 | 3,536 | |||||||
Impaired loans with an allowance recorded | 0 | 0 | |||||||
Receivables Acquired with Deteriorated Credit Quality [Member] | Construction and land development [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired Financing Receivable, Recorded Investment | 19,324 | 0 | |||||||
Loans acquired with deteriorated credit quality | 19,858 | 0 | |||||||
Impaired loans with an allowance recorded | 777 | 0 | |||||||
Receivables Acquired with Deteriorated Credit Quality [Member] | Commercial leases [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired Financing Receivable, Recorded Investment | 0 | 0 | |||||||
Loans acquired with deteriorated credit quality | 0 | 0 | |||||||
Impaired loans with an allowance recorded | 0 | 0 | |||||||
Receivables Acquired with Deteriorated Credit Quality [Member] | Consumer [Member] | |||||||||
Financing Receivable, Impaired [Line Items] | |||||||||
Impaired Financing Receivable, Recorded Investment | 0 | 0 | |||||||
Loans acquired with deteriorated credit quality | 0 | 0 | |||||||
Impaired loans with an allowance recorded | $ 0 | $ 0 | |||||||
|
Loans, Leases and Allowance for Credit Losses - Troubled Debt Restructured Loans by Loan Class (Detail) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016
USD ($)
SecurityLoan
|
Dec. 31, 2015
USD ($)
SecurityLoan
|
Dec. 31, 2014
USD ($)
SecurityLoan
|
|
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 2 | 3 | 24 |
Pre-Modification Outstanding Recorded Investment | $ 2,405 | $ 530 | $ 38,930 |
Forgiven Principal Balance | 0 | 0 | 825 |
Lost Interest Income | 0 | 3 | 434 |
Post-Modification Outstanding Recorded Investment | 2,405 | 527 | 37,671 |
Waived Fees and Other Expenses | $ 0 | $ 4 | $ 67 |
Residential real estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 0 | 1 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 81 | $ 1,966 |
Forgiven Principal Balance | 0 | 0 | 447 |
Lost Interest Income | 0 | 3 | 70 |
Post-Modification Outstanding Recorded Investment | 0 | 78 | 1,449 |
Waived Fees and Other Expenses | $ 0 | $ 4 | $ 15 |
Consumer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Forgiven Principal Balance | 0 | 0 | 0 |
Lost Interest Income | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 |
Waived Fees and Other Expenses | $ 0 | $ 0 | $ 0 |
Owner occupied [Member] | Commercial real estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 0 | 0 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 14,646 |
Forgiven Principal Balance | 0 | 0 | 378 |
Lost Interest Income | 0 | 0 | 257 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 14,011 |
Waived Fees and Other Expenses | $ 0 | $ 0 | $ 33 |
Non-owner occupied [Member] | Commercial real estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 0 | 1 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 193 | $ 16,976 |
Forgiven Principal Balance | 0 | 0 | 0 |
Lost Interest Income | 0 | 0 | 60 |
Post-Modification Outstanding Recorded Investment | 0 | 193 | 16,916 |
Waived Fees and Other Expenses | $ 0 | $ 0 | $ 15 |
Multi-family [Member] | Commercial real estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Forgiven Principal Balance | 0 | 0 | 0 |
Lost Interest Income | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 |
Waived Fees and Other Expenses | $ 0 | $ 0 | $ 0 |
Commercial [Member] | Commercial and industrial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 2 | 1 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 2,405 | $ 256 | $ 2,655 |
Forgiven Principal Balance | 0 | 0 | 0 |
Lost Interest Income | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 2,405 | 256 | 2,655 |
Waived Fees and Other Expenses | $ 0 | $ 0 | $ 4 |
Leases [Member] | Commercial and industrial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Forgiven Principal Balance | 0 | 0 | 0 |
Lost Interest Income | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 |
Waived Fees and Other Expenses | $ 0 | $ 0 | $ 0 |
Construction [Member] | Construction and land development [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Forgiven Principal Balance | 0 | 0 | 0 |
Lost Interest Income | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 |
Waived Fees and Other Expenses | $ 0 | $ 0 | $ 0 |
Land [Member] | Construction and land development [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 0 | 0 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 2,687 |
Forgiven Principal Balance | 0 | 0 | 0 |
Lost Interest Income | 0 | 0 | 47 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 2,640 |
Waived Fees and Other Expenses | $ 0 | $ 0 | $ 0 |
Loans, Leases and Allowance for Credit Losses - Troubled Debt Restructured Loans by Class for Which There was Payment Default (Detail) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016
USD ($)
SecurityLoan
|
Dec. 31, 2015
USD ($)
SecurityLoan
|
Dec. 31, 2014
USD ($)
SecurityLoan
|
|
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 3 | 4 | 8 |
Recorded Investment | $ | $ 5,789 | $ 1,184 | $ 1,950 |
Commercial real estate [Member] | Multi-family [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 |
Commercial real estate [Member] | Non-owner occupied [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 1 | 0 | 2 |
Recorded Investment | $ | $ 5,381 | $ 0 | $ 984 |
Commercial real estate [Member] | Owner occupied [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 0 | 0 | 2 |
Recorded Investment | $ | $ 0 | $ 0 | $ 395 |
Commercial and industrial [Member] | Leases [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 |
Commercial and industrial [Member] | Commercial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 0 | 0 | 3 |
Recorded Investment | $ | $ 0 | $ 0 | $ 369 |
Construction and land development [Member] | Land [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 |
Construction and land development [Member] | Construction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 0 | 1 | 0 |
Recorded Investment | $ | $ 0 | $ 137 | $ 0 |
Residential real estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 2 | 3 | 1 |
Recorded Investment | $ | $ 408 | $ 1,047 | $ 202 |
Consumer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | SecurityLoan | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 |
Loans, Leases and Allowance for Credit Losses - Summary of Aggregate Activity in Loans (Detail) - USD ($) $ in Thousands |
12 Months Ended | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||||||
Finance Receivable Transferred To Held For Sale [Line Items] | ||||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | [1] | $ 40,272 | $ 48,381 | |||||||||
Impaired Financing Receivable, Average Recorded Investment | 109,461 | 150,151 | $ 169,758 | |||||||||
Impaired loans with an allowance recorded | [2] | 10,909 | 24,287 | |||||||||
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 2,000 | 2,500 | 3,800 | |||||||||
Impaired loans with no allowance recorded | [3] | 88,300 | 104,587 | |||||||||
Impaired loans with an allowance recorded | [4] | 4,239 | 4,658 | |||||||||
Loans And Loans Receivable Purchases | 340,600 | 137,200 | ||||||||||
Financing Receivable, Significant Sales | 39,300 | 102,200 | ||||||||||
Loans and Leases Receivable, Gain (Loss) on Sales, Net | 2,500 | 500 | ||||||||||
Troubled Debt Restructured Loans [Member] | ||||||||||||
Finance Receivable Transferred To Held For Sale [Line Items] | ||||||||||||
Loan commitments outstanding | 0 | 100 | ||||||||||
Financing Receivable, Recorded Investment, Nonaccrual Status | 7,100 | 18,200 | ||||||||||
Impaired Financing Receivable, Average Recorded Investment | 68,800 | 113,900 | $ 126,600 | |||||||||
Impaired loans with an allowance recorded | 2,500 | 3,000 | ||||||||||
Impaired loans with no allowance recorded | 58,300 | 85,900 | ||||||||||
Impaired loans with an allowance recorded | 600 | 300 | ||||||||||
Commercial and industrial [Member] | ||||||||||||
Finance Receivable Transferred To Held For Sale [Line Items] | ||||||||||||
Impaired loans with an allowance recorded | 7,766 | 18,230 | ||||||||||
Impaired loans with no allowance recorded | 13,340 | 8,283 | ||||||||||
Impaired loans with an allowance recorded | 3,301 | 3,518 | ||||||||||
Loans And Loans Receivable Purchases | 339,800 | 117,100 | ||||||||||
Commercial real estate [Member] | ||||||||||||
Finance Receivable Transferred To Held For Sale [Line Items] | ||||||||||||
Loans And Loans Receivable Purchases | 600 | 13,200 | ||||||||||
Commercial leases [Member] | ||||||||||||
Finance Receivable Transferred To Held For Sale [Line Items] | ||||||||||||
Impaired loans with an allowance recorded | 0 | 0 | ||||||||||
Impaired loans with no allowance recorded | 355 | 2,896 | ||||||||||
Impaired loans with an allowance recorded | 0 | 0 | ||||||||||
Loans And Loans Receivable Purchases | 100 | 6,800 | ||||||||||
Construction and land development [Member] | ||||||||||||
Finance Receivable Transferred To Held For Sale [Line Items] | ||||||||||||
Impaired loans with an allowance recorded | 0 | 0 | ||||||||||
Impaired loans with no allowance recorded | 14,838 | 18,322 | ||||||||||
Impaired loans with an allowance recorded | $ 0 | 0 | ||||||||||
Loans And Loans Receivable Purchases | $ 100 | |||||||||||
|
Loans, Leases and Allowance for Credit Losses Acquired Loans (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Apr. 20, 2016 |
Jun. 30, 2015 |
|
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | $ 1,724,971 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 1,634,602 | ||||
Business Combination, Acquired Receivables, Fair Value | 1,439,660 | ||||
GE Capital US Holdings, Inc. [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | $ 1,592,041 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 1,516,097 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 1,280,997 | ||||
Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Financial Assets | $ 0 | $ 38 | $ 0 | ||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 23,535 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 13,724 | ||||
Business Combination, Acquired Receivables, Fair Value | 93,267 | 10,584 | |||
Receivables Acquired with Deteriorated Credit Quality [Member] | GE Capital US Holdings, Inc. [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 135,021 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 119,619 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 93,267 | ||||
Acquired Non-Purchased Credit Impaired Loans [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 1,701,436 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 1,620,878 | ||||
Business Combination, Acquired Receivables, Fair Value | 1,187,730 | 1,429,076 | |||
Acquired Non-Purchased Credit Impaired Loans [Member] | GE Capital US Holdings, Inc. [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 1,457,020 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 1,396,478 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 1,187,730 | ||||
Commercial and industrial [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 1,243,736 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 1,196,142 | ||||
Business Combination, Acquired Receivables, Fair Value | 1,083,834 | ||||
Commercial and industrial [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 17,899 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 10,066 | ||||
Business Combination, Acquired Receivables, Fair Value | 7,092 | ||||
Commercial and industrial [Member] | Acquired Non-Purchased Credit Impaired Loans [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 1,225,837 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 1,186,076 | ||||
Business Combination, Acquired Receivables, Fair Value | 1,076,742 | ||||
Residential real estate [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 29,508 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 28,717 | ||||
Business Combination, Acquired Receivables, Fair Value | 25,098 | ||||
Residential real estate [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 2,509 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 2,088 | ||||
Business Combination, Acquired Receivables, Fair Value | 2,075 | ||||
Residential real estate [Member] | Acquired Non-Purchased Credit Impaired Loans [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 26,999 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 26,629 | ||||
Business Combination, Acquired Receivables, Fair Value | 23,023 | ||||
Consumer [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 987 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 989 | ||||
Business Combination, Acquired Receivables, Fair Value | 925 | ||||
Consumer [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 0 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 0 | ||||
Business Combination, Acquired Receivables, Fair Value | 0 | ||||
Consumer [Member] | Acquired Non-Purchased Credit Impaired Loans [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 987 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 989 | ||||
Business Combination, Acquired Receivables, Fair Value | 925 | ||||
Commercial real estate [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 343,889 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 306,514 | ||||
Business Combination, Acquired Receivables, Fair Value | 230,723 | ||||
Commercial real estate [Member] | GE Capital US Holdings, Inc. [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 1,492,602 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 1,423,388 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 1,207,748 | ||||
Commercial real estate [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 3,127 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 1,570 | ||||
Business Combination, Acquired Receivables, Fair Value | 1,417 | ||||
Commercial real estate [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | GE Capital US Holdings, Inc. [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 122,279 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 107,865 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 85,329 | ||||
Commercial real estate [Member] | Acquired Non-Purchased Credit Impaired Loans [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 340,762 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 304,944 | ||||
Business Combination, Acquired Receivables, Fair Value | 229,306 | ||||
Commercial real estate [Member] | Acquired Non-Purchased Credit Impaired Loans [Member] | GE Capital US Holdings, Inc. [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 1,370,323 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 1,315,523 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 1,122,419 | ||||
Construction and land development [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 106,851 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 102,240 | ||||
Business Combination, Acquired Receivables, Fair Value | 99,080 | ||||
Construction and land development [Member] | GE Capital US Holdings, Inc. [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 99,439 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 92,709 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 73,249 | ||||
Construction and land development [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 0 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 0 | ||||
Business Combination, Acquired Receivables, Fair Value | 0 | ||||
Construction and land development [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | GE Capital US Holdings, Inc. [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 12,742 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 11,754 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | 7,938 | ||||
Construction and land development [Member] | Acquired Non-Purchased Credit Impaired Loans [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 106,851 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 102,240 | ||||
Business Combination, Acquired Receivables, Fair Value | $ 99,080 | ||||
Construction and land development [Member] | Acquired Non-Purchased Credit Impaired Loans [Member] | GE Capital US Holdings, Inc. [Member] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities Acquired During Period [Line Items] | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition | 86,697 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition | 80,955 | ||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value | $ 65,311 |
Premises and Equipment (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Property, Plant and Equipment [Abstract] | |||
Operating Leases, Rent Expense, Net | $ 11,000 | $ 8,100 | $ 6,200 |
Buildings and Improvements, Gross | 83,285 | 83,431 | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 11,024 | ||
Operating Leases, Future Minimum Payments, Due in Two Years | 10,271 | ||
Operating Leases, Future Minimum Payments, Due in Three Years | 9,310 | ||
Operating Leases, Future Minimum Payments, Due in Four Years | 7,537 | ||
Operating Leases, Future Minimum Payments, Due in Five Years | 4,439 | ||
Operating Leases, Future Minimum Payments, Due Thereafter | 7,006 | ||
Operating Leases, Future Minimum Payments Due | 49,587 | ||
Land and Land Improvements | 33,309 | 33,971 | |
Furniture Fixtures And Equipment Gross | 45,676 | 40,025 | |
Leasehold Improvements, Gross | 22,709 | 18,958 | |
Construction in Progress, Gross | 4,840 | 1,999 | |
Property, Plant and Equipment, Gross | 189,819 | 178,384 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (69,986) | (59,849) | |
Premises and equipment, net | 119,833 | 118,535 | |
Depreciation, Nonproduction | $ 9,200 | $ 7,700 | $ 6,000 |
Other Assets Acquired through Foreclosure - Changes in Other Assets Acquired through Foreclosure (Detail) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016
USD ($)
Property
|
Dec. 31, 2015
USD ($)
Property
|
Dec. 31, 2014
USD ($)
|
|
Business Acquisition [Line Items] | |||
Gains Losses On Transfers To Other Real Estate And Foreclosed Assets | $ 381 | $ 851 | $ 100 |
Number of Real Estate Properties | Property | 31 | 39 | |
Balance, beginning of the period, Gross Balance | $ 52,984 | $ 71,421 | 88,421 |
Transfers to other assets acquired through foreclosure, net, Gross Balance | 13,110 | 28,566 | 13,777 |
Proceeds from sale of other real estate owned and repossessed assets, net, Gross Balance | (11,584) | (51,038) | (33,643) |
Gains (losses), net, Gross Balance | (372) | 2,628 | 2,866 |
Balance, end of period, Gross Balance | 54,138 | 52,984 | 71,421 |
Balance, beginning of the period, Valuation Allowance | (9,042) | (14,271) | (21,702) |
Proceeds from sale of other real estate owned and repossessed assets, net, Valuation Allowance | 2,451 | 5,411 | 7,725 |
Valuation adjustments, net, Valuation Allowance | 268 | (182) | (294) |
Balance, end of period, Valuation Allowance | (6,323) | (9,042) | (14,271) |
Balance, beginning of the period, Net Balance | 43,942 | 57,150 | 66,719 |
Transfers to other assets acquired through foreclosure, net, Net Balance | 13,110 | 28,566 | 13,777 |
Proceeds from sale of other real estate owned and repossessed assets, net, Net Balance | (9,133) | (45,627) | (25,918) |
Valuation adjustments of other repossessed assets, net | 268 | (182) | (294) |
Gains (losses), net, Net Balance | (372) | 2,628 | 2,866 |
Balance, end of period, Net Balance | $ 47,815 | 43,942 | $ 57,150 |
Bridge Capital Holdings [Member] | |||
Business Acquisition [Line Items] | |||
Other Assets Acquired through Foreclosure Additions Due to Business Acquisition | $ 1,407 |
Other Assets Acquired through Foreclosure - Changes in Other Assets Acquired through Foreclosure Parenthetical (Detail) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016
USD ($)
Property
|
Dec. 31, 2015
USD ($)
Property
|
Dec. 31, 2014
USD ($)
|
Dec. 31, 2013
USD ($)
|
|
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | ||||
Transfers to other assets acquired through foreclosure, net | $ 13,110 | $ 28,566 | $ 13,777 | |
Proceeds from sale of other real estate owned and repossessed assets, net, Gross Balance | (11,584) | (51,038) | (33,643) | |
Proceeds from Sale of Foreclosed Assets | (9,133) | (45,627) | (25,918) | |
Gains (losses), net, Gross Balance | (372) | 2,628 | 2,866 | |
Real Estate Owned, Valuation Allowance | (6,323) | (9,042) | (14,271) | $ (21,702) |
Proceeds from sale of other real estate owned and repossessed assets, net, Valuation Allowance | 2,451 | 5,411 | 7,725 | |
Repossessed Assets | 47,815 | 43,942 | 57,150 | 66,719 |
Foreclosed Assets Gross | 54,138 | 52,984 | 71,421 | $ 88,421 |
Valuation adjustments, net, Valuation Allowance | 268 | (182) | (294) | |
Valuation adjustments of other repossessed assets, net | 268 | (182) | (294) | |
Gains Losses On Transfers To Other Real Estate And Foreclosed Assets | $ 381 | $ 851 | $ 100 | |
Number of Real Estate Properties | Property | 31 | 39 |
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 289,967 | $ 289,638 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 8 years 2 months 12 days | ||
Finite-Lived Trade Names, Gross | $ 350 | 350 | |
Trade Name, Impaired, Accumulated Impairment Loss | 0 | 0 | |
Indefinite-Lived Trade Names | 350 | 350 | |
Finite-Lived Intangible Assets, Net | 12,577 | ||
Intangible amortization | 2,788 | 1,970 | $ 1,461 |
Nevada [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 23,224 | ||
Northern California [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 149,681 | ||
Technology and Innovation [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 116,872 | ||
HFF Loan Portfolio [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | 189 | ||
Core Deposits [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Gross | 40,804 | 40,804 | |
Finite-Lived Intangible Assets, Accumulated Amortization | 28,227 | 25,438 | |
Finite-Lived Intangible Assets, Net | $ 12,577 | $ 15,366 |
Deposits (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Deposit [Abstract] | ||
Certificates of Deposit, CDARS | $ 413,900 | $ 517,500 |
Non-interest-bearing demand | 5,632,926 | 4,093,976 |
Time Deposit Maturities, Next Twelve Months | 1,331,419 | |
Time Deposit Maturities, Year Two | 91,089 | |
Time Deposit Maturities, Year Three | 19,508 | |
Time Deposit Maturities, Year Four | 3,886 | |
Time Deposit Maturities, Year Five | 3,440 | |
Time Deposits | 1,449,342 | |
Interest Bearing Deposit Demand | 1,346,718 | 1,028,073 |
Deposits, Savings Deposits | 6,120,877 | 5,296,921 |
Time Deposits, $250,000 or more | 609,678 | 626,718 |
Time Deposits, Less than $250,000 | 839,664 | 984,936 |
Deposits | 14,549,863 | 12,030,624 |
Deposits, ICS | 607,500 | 714,400 |
Deposits, Wholesale | 136,200 | 178,800 |
Brokered Deposits, Regulatory | $ 571,900 | $ 365,600 |
Other Borrowings - Company's Borrowings (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Short Term | ||
Revolving line of credit | $ 0 | |
FHLB advances | 80,000 | $ 150,000 |
Short-term Debt | $ 80,000 | $ 150,000 |
Other Borrowings - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Debt [Line Items] | |||
Weighted average interest rate of FHLB and FRB Short-term advances | 0.55% | 0.36% | |
Revolving line of credit | $ 0 | ||
Gains (Losses) on Extinguishment of Debt | 0 | $ (81) | $ (502) |
FHLB advances | 80,000 | 150,000 | |
Fed Funds With Other Institutions [Member] | |||
Debt [Line Items] | |||
Revolving line of credit | 0 | ||
FRB [Member] | |||
Debt [Line Items] | |||
Additional available credit with the entity | 1,000,000 | 1,210,000 | |
Other Credit Facilities [Member] | |||
Debt [Line Items] | |||
Secured borrowing credit line | 167,500 | ||
Secured Credit Facility [Member] | |||
Debt [Line Items] | |||
Secured borrowing credit line | 22,500 | ||
Unsecured Credit Facility [Member] | |||
Debt [Line Items] | |||
Secured borrowing credit line | 145,000 | ||
FHLB [Member] | |||
Debt [Line Items] | |||
Additional available credit with the entity | $ 2,150,000 | $ 1,540,000 |
Qualifying Debt (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Qualifying Debt [Abstract] | |||
Proceeds from Issuance of Subordinated Long-term Debt | $ 169,256 | $ 148,211 | $ 0 |
Qualifying Debt Subordinated Debt Details (Details) - USD ($) |
Dec. 31, 2016 |
Jun. 16, 2016 |
Dec. 31, 2015 |
Jun. 29, 2015 |
---|---|---|---|---|
Debt Instrument [Line Items] | ||||
Subordinated Debt | $ 305,800,000 | $ 152,000,000 | ||
Subordinated Debt [Member] | Subordinated Debentures Maturing July 2056 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 175,000,000.0 | |||
Debt Issuance Cost | $ 5,500,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||
Subordinated Debt [Member] | Subordinated Debentures Maturing July 2025 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 150,000,000.0 | |||
Debt Issuance Cost | $ 1,800,000 |
Qualifying Debt Junior Subordinated Debt (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2016 |
|
Debt Instrument [Line Items] | ||||
Subordinated Debt Obligations, Fair Value Disclosure | $ 50,410 | $ 46,928 | ||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 62,161 | 58,370 | ||
Business Combination, Fair Market Value Adjustment on Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | (5,776) | (6,085) | $ 6,200 | |
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (3,500) | (6,523) | $ 1,380 | |
Bridge Capital Trust I [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 12,372 | 12,372 | ||
Bridge Capital Trust II [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | $ 5,155 | $ 5,155 | ||
Junior Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Weighted Average Interest Rate | 3.34% | 2.95% | ||
Junior Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Subordinated Debt Obligations, Fair Value Disclosure | $ 50,410 | $ 46,928 | ||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 66,497 | 66,497 | ||
Unrealized gain or loss on junior subordinated debt [Line Items] | (16,087) | (19,569) | ||
Junior Subordinated Debt [Member] | BankWest Nevada Capital Trust II [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 15,464 | 15,464 | ||
Junior Subordinated Debt [Member] | Intermountain First Statutory Trust I [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 10,310 | 10,310 | ||
Junior Subordinated Debt [Member] | First Independent Capital Trust I [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 7,217 | 7,217 | ||
Junior Subordinated Debt [Member] | WAL Trust No. 1 [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 20,619 | 20,619 | ||
Junior Subordinated Debt [Member] | WAL Statutory Trust No. 2 [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 5,155 | 5,155 | ||
Junior Subordinated Debt [Member] | WAL Statutory Trust No. 3 [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 7,732 | 7,732 | ||
Bridge Capital Holdings [Member] | ||||
Debt Instrument [Line Items] | ||||
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust | 17,527 | 17,527 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Junior Subordinated Debt | 11,751 | 11,442 | $ 11,287 | |
Junior Subordinated Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ (3,482) | $ (6,491) | $ 0 |
Qualifying Debt Supplemental Schedule - Adoption of ASU 2016-01 (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jan. 01, 2015 |
Dec. 31, 2013 |
|
New Accounting Pronouncement, Early Adoption [Line Items] | ||||||||||||||
Retained earnings | $ (4,695) | $ 22,260 | $ (4,695) | $ 22,260 | $ 22,260 | $ 16,639 | $ 32,948 | $ (21,546) | ||||||
Accumulated other comprehensive (loss) income | 522,436 | 262,638 | 522,436 | 262,638 | 262,638 | |||||||||
Non-interest income | 10,540 | $ 10,683 | $ 8,559 | $ 13,133 | 9,479 | $ 8,502 | $ 5,545 | $ 6,242 | 42,915 | 29,768 | 24,651 | |||
Income Tax Expense (Benefit) | 26,364 | 29,171 | 26,327 | 19,519 | 19,348 | 17,133 | 13,579 | 14,234 | 101,381 | 64,294 | 48,390 | |||
Net income | 259,798 | $ 194,244 | 194,244 | 147,951 | ||||||||||
Net income available to common shareholders | $ 69,800 | $ 67,052 | $ 61,614 | $ 61,332 | $ 58,375 | $ 55,684 | $ 39,228 | $ 40,207 | $ 259,798 | $ 193,494 | $ 146,564 | |||
Earnings Per Share, Basic | $ 0.67 | $ 0.65 | $ 0.60 | $ 0.60 | $ 0.58 | $ 0.55 | $ 0.44 | $ 0.46 | $ 2.52 | $ 2.05 | $ 1.69 | |||
Earnings Per Share, Diluted | $ 0.67 | $ 0.64 | $ 0.60 | $ 0.60 | $ 0.57 | $ 0.55 | $ 0.44 | $ 0.45 | $ 2.50 | $ 2.03 | $ 1.67 |
Stockholders' Equity - Additional Information (Detail) |
6 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2015
USD ($)
$ / shares
shares
|
Dec. 31, 2015
USD ($)
$ / shares
shares
|
Dec. 31, 2016
USD ($)
$ / shares
shares
|
Dec. 31, 2015
USD ($)
$ / shares
shares
|
Dec. 31, 2015
USD ($)
$ / shares
shares
|
Dec. 31, 2014
USD ($)
$ / shares
shares
|
Dec. 18, 2015
USD ($)
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 3,700,000 | ||||||
Preferred Stock, Shares Issued | shares | 0 | 0 | 0 | 0 | |||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |||
Preferred Stock, Shares Outstanding | shares | 70,500 | 70,500 | |||||
Preferred Stock, Redemption Amount | $ 70,700,000 | $ 70,700,000 | $ 70,700,000 | $ 70,700,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 15,700,000 | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 1 year 9 months 25 days | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,700,000 | $ 3,600,000 | $ 7,100,000 | ||||
Common Stock, Shares, Issued | shares | 104,082,230 | 106,371,093 | 104,082,230 | 104,082,230 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 478,000 | 509,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | shares | 1,492,000 | 1,278,000 | 1,492,000 | 1,492,000 | 1,050,000 | ||
Weighted Average Selling Price Per Share | $ / shares | $ 36.63 | ||||||
Proceeds from Issuance of Common Stock, Gross | $ 56,800,000 | ||||||
Common Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Offering Cost from Issuance of Common Stock | $ 1,000,000 | $ 700,000 | $ 500,000 | ||||
Stock Issued During Period, Shares, New Issues | shares | 1,550,000 | 760,376 | 760,000 | 548,122.000 | |||
Weighted Average Selling Price Per Share | $ / shares | $ 38.13 | $ 25.96 | |||||
Proceeds from Issuance of Common Stock, Gross | $ 29,000,000 | $ 14,200,000 | |||||
Preferred Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Preferred Stock, Shares Outstanding | shares | 71,000 | 70,000 | |||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 308,400 | 285,000 | |||||
Allocated Share-based Compensation Expense | $ 5,700,000 | $ 4,800,000 | $ 3,600,000 | ||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Allocated Share-based Compensation Expense | $ 10,700,000 | $ 9,300,000 | |||||
Bridge Capital Holdings [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Business Acquisition Share Exchange Ratio | 0.8145 | ||||||
Business Acquisition Cash Consideration Per Share | $ / shares | $ 2.39 | ||||||
Equity Award Conversion Ratio | 0.905 | ||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 10,676,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 2,400,000 | ||||||
Common Stock, Shares, Issued | shares | 12,451,240 | 12,451,240 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 0 | 546,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Share-based Liabilities Paid | shares | 213,091 | ||||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 420,354,000 | ||||||
Payments to Acquire Businesses, Gross | 36,539,000 | ||||||
Bridge Capital Holdings [Member] | Common Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | shares | 12,997,000 | ||||||
Bridge Capital Holdings [Member] | Employee Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 1,713,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 4,100,000 | ||||||
Allocated Share-based Compensation Expense | $ 500,000 | $ 600,000 | |||||
Bridge Capital Holdings [Member] | Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Business Combination, Consideration Transferred, Liabilities Incurred | 8,963,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | 17,000,000 | ||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | $ 8,000,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 546,151 | ||||||
Allocated Share-based Compensation Expense | $ 1,700,000 | $ 2,200,000 |
Stockholders' Equity - Summary of Unvested Shares of Restricted Stock and Changes (Detail) - USD ($) $ / shares in Units, $ in Millions |
6 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2015 |
Dec. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 478,000 | 509,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 1,492,000 | 1,278,000 | 1,492,000 | 1,492,000 | 1,050,000 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 20.46 | $ 26.02 | $ 20.46 | $ 20.46 | $ 16.19 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (571,000) | (528,000) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 16.95 | $ 13.02 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (121,000) | (85,000) | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 23.65 | $ 21.63 | ||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 18.3 | $ 14.6 | $ 13.3 | |||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Aggregate Intrinsic Value | 13.6 | 12.6 | 12.2 | |||
Allocated Share-based Compensation Expense | $ 10.7 | $ 9.3 | ||||
Performance Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 308,400 | 285,000 | ||||
Allocated Share-based Compensation Expense | $ 5.7 | $ 4.8 | 3.6 | |||
Executive Officer [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 54,329 | |||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Aggregate Intrinsic Value | $ 1.5 | |||||
Allocated Share-based Compensation Expense | $ 1.1 | $ 0.5 | $ 0.0 | |||
Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 1,550,000 | 760,376 | 760,000 | 548,122.000 | ||
Bridge Capital Holdings [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | 546,000 | ||||
Bridge Capital Holdings [Member] | Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 546,151 | |||||
Allocated Share-based Compensation Expense | $ 1.7 | $ 2.2 | ||||
Bridge Capital Holdings [Member] | Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 12,997,000 | |||||
2015 [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 204,585 | |||||
2016 [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 211,000 |
Stockholders' Equity Share-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 224 | 137 | 224 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 19.15 | $ 21.70 | $ 19.15 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 6 years 9 months 4 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 3,704 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 32.00 | $ 27.55 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures | 0 | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | (77) | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 13.93 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | (10) | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | $ 24.48 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 64 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 17.30 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 10 months 10 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 2,020 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 56 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price | $ 25.56 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Weighted Average Remaining Contractual Term | 7 years 6 months 22 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 2,316 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Aggregate Intrinsic Value | 13,600 | $ 12,600 | $ 12,200 | |
Allocated Share-based Compensation Expense | $ 10,700 | $ 9,300 | ||
Bridge Capital Holdings [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.00 | $ 14.70 | ||
Bridge Capital Holdings [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 1,700 | $ 2,200 | ||
Bridge Capital Holdings [Member] | Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Allocated Share-based Compensation Expense | $ 500 | $ 600 |
Accumulated Other Comprehensive Income - Summary of Changes in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Retained earnings | $ 22,260 | $ 16,639 | $ 22,260 | $ (21,546) |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | 31 | 90 | 0 | |
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, Net of Tax | 0 | 0 | 8,976 | |
Beginning balance | 22,260 | 16,639 | 32,948 | (21,546) |
Other comprehensive income before reclassifications | (26,209) | (10,303) | 29,683 | |
Amounts reclassified from accumulated other comprehensive income | (746) | (385) | (474) | |
Net other comprehensive (loss) income | (26,955) | (10,688) | (10,688) | 38,185 |
Ending balance | (4,695) | 22,260 | 22,260 | 16,639 |
Unrealized holding gains (losses) on AFS | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Retained earnings | 9,993 | 16,495 | 9,993 | (21,690) |
Other Comprehensive Income (Loss), Transfers from Held-to-maturity to Available-for-Sale Securities, Net of Tax | 8,976 | |||
Beginning balance | 9,993 | 16,495 | 16,495 | (21,690) |
Other comprehensive income before reclassifications | (24,163) | (6,117) | 29,683 | |
Amounts reclassified from accumulated other comprehensive income | (746) | (385) | (474) | |
Net other comprehensive (loss) income | (24,909) | (6,502) | 38,185 | |
Ending balance | (14,916) | 9,993 | 9,993 | 16,495 |
Financial Liability Instruments, Fair Value Option [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Retained earnings | 12,033 | 0 | 12,033 | 0 |
Beginning balance | 12,033 | 0 | 16,309 | 0 |
Other comprehensive income before reclassifications | (2,077) | (4,276) | 0 | |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | |
Net other comprehensive (loss) income | (2,077) | (4,276) | 0 | |
Ending balance | 9,956 | 12,033 | 12,033 | 0 |
Impairment loss on securities | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Retained earnings | 144 | 144 | 144 | 144 |
Beginning balance | 144 | 144 | 144 | 144 |
Other comprehensive income before reclassifications | 0 | 0 | 0 | |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | |
Net other comprehensive (loss) income | 0 | 0 | 0 | |
Ending balance | 144 | 144 | 144 | 144 |
Supplemental Employee Retirement Plan [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Retained earnings | 90 | 0 | 90 | 0 |
Beginning balance | 90 | 0 | 0 | 0 |
Other comprehensive income before reclassifications | 31 | 90 | 0 | |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | |
Net other comprehensive (loss) income | 31 | 90 | 0 | |
Ending balance | $ 121 | $ 90 | $ 90 | $ 0 |
Accumulated Other Comprehensive Income - Schedule of Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amount reclassified from accumulated other comprehensive income | $ (404) | $ (230) | $ (283) |
Amount reclassified from accumulated other comprehensive income | 655 | 385 | 474 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amount reclassified from accumulated other comprehensive income | 655 | 385 | 474 |
Realized Gain Loss On Sale Of Investment [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Realized gains on sales of investment securities | 1,059 | 615 | 757 |
Income Tax Expense [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Amount reclassified from accumulated other comprehensive income | $ (404) | $ (230) | $ (283) |
Derivatives and Hedging Fair Value of Derivative Contracts (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||
---|---|---|---|---|---|---|
Derivatives, Fair Value [Line Items] | ||||||
Notional Amount | $ 993,485 | $ 800,478 | $ 647,703 | |||
Derivative Asset, Fair Value | 4,220 | 3,569 | 7 | |||
Derivative Liability, Fair Value | 65,749 | 64,785 | 57,820 | |||
Notional Amount, Netting Adjustments | [1] | 0 | 0 | 0 | ||
Derivative Netting Adjustments | [1] | 1,869 | 0 | 0 | ||
Positive NPVs | 2,351 | 3,569 | 7 | |||
Negative NPVs | 63,880 | 64,785 | 57,820 | |||
Interest Rate Swap [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Notional Amount | 993,485 | 800,478 | 647,703 | |||
Derivative Asset, Fair Value | 4,220 | 3,569 | 7 | |||
Derivative Liability, Fair Value | $ 65,749 | $ 64,785 | $ 57,820 | |||
|
Derivatives and Hedging Pre-Tax Net Gains (Losses) on Fair Value Hedges (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | $ 63 | $ 79 | $ (169) |
Subordinated Debt [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | 0 | 0 | 0 |
Fixed Rate Loans [Member] | Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Gain (Loss) on Derivatives | 15,582 | (6,965) | (60,377) |
Increase (Decrease) to Basis of Hedged Assets | (15,519) | 7,044 | 60,208 |
Subordinated Debt [Member] | Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net Gain (Loss) on Derivatives | (15,894) | 3,569 | 0 |
Increase (Decrease) to Basis of Hedged Assets | $ 15,894 | $ (3,569) | $ 0 |
Derivatives and Hedging Largest Exposure to Individual Counterparty (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Largest gross exposure (positive derivative NPV) to an individual counterparty | $ 2,351 | $ 3,569 | $ 7 |
Largest individual counterparty [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Largest gross exposure (positive derivative NPV) to an individual counterparty | 2,351 | 3,569 | 7 |
Collateral posted by this counterparty | 1,691 | 4,680 | 0 |
Negative derivative NPV with this counterparty | 0 | 0 | 0 |
Collateral pledged to this counterparty | 0 | 1,340 | 0 |
Net exposure after netting adjustments and collateral | $ 660 | $ 229 | $ 7 |
Derivatives and Hedging Additional Information (Detail) - USD ($) |
Dec. 31, 2016 |
Jun. 16, 2016 |
Dec. 31, 2015 |
Jun. 29, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|---|
Derivative [Line Items] | |||||
Largest gross exposure (positive derivative NPV) to an individual counterparty | $ 2,351,000 | $ 3,569,000 | $ 7,000 | ||
Negative NPVs | 63,880,000 | 64,785,000 | 57,820,000 | ||
Collateral netted against derivative liabilities | 65,700,000 | 61,700,000 | 57,800,000 | ||
Over collateralization net position | 24,300,000 | $ 15,500,000 | $ 14,200,000 | ||
Additional collateral held in securities | $ 70,700,000 | ||||
Subordinated Debentures Maturing July 2025 [Member] | Subordinated Debt [Member] | |||||
Derivative [Line Items] | |||||
Debt Instrument, Face Amount | $ 150,000,000.0 | ||||
Subordinated Debentures Maturing July 2056 [Member] | Subordinated Debt [Member] | |||||
Derivative [Line Items] | |||||
Debt Instrument, Face Amount | $ 175,000,000.0 |
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Earnings Per Share [Abstract] | |||||||||||
Anti-dilutive stock options outstanding that were not included in computation of diluted earnings per common share | 0 | 1,500 | |||||||||
Basic | 103,042,000 | 94,570,000 | 86,693,000 | ||||||||
Dilutive Effect Of Stock Options Restricted Stock And Equity Settled Awards | 801,000 | 649,000 | 813,000 | ||||||||
Diluted | 103,843,000 | 95,219,000 | 87,506,000 | ||||||||
Net income available to common shareholders | $ 69,800 | $ 67,052 | $ 61,614 | $ 61,332 | $ 58,375 | $ 55,684 | $ 39,228 | $ 40,207 | $ 259,798 | $ 193,494 | $ 146,564 |
Earnings (loss) per share - basic | $ 0.67 | $ 0.65 | $ 0.60 | $ 0.60 | $ 0.58 | $ 0.55 | $ 0.44 | $ 0.46 | $ 2.52 | $ 2.05 | $ 1.69 |
Earnings (loss) per share - diluted | $ 0.67 | $ 0.64 | $ 0.60 | $ 0.60 | $ 0.57 | $ 0.55 | $ 0.44 | $ 0.45 | $ 2.50 | $ 2.03 | $ 1.67 |
Income Taxes Provision for Income Tax (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | |||||||||||
Current Income Tax Expense (Benefit) | $ 93,737 | $ 61,040 | $ 55,572 | ||||||||
Deferred Income Tax Expense (Benefit) | 7,644 | 3,254 | (7,182) | ||||||||
Income Tax Expense (Benefit) | $ 26,364 | $ 29,171 | $ 26,327 | $ 19,519 | $ 19,348 | $ 17,133 | $ 13,579 | $ 14,234 | $ 101,381 | $ 64,294 | $ 48,390 |
Income Taxes Reconciliation between Statutory Federal Income Tax and Company's Effective Tax Rate (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | |||||||||||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 126,413 | $ 90,489 | $ 69,125 | ||||||||
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 8,046 | 5,783 | 4,904 | ||||||||
Increase Decrease In Bank Owned Life Insurance | (1,317) | (1,365) | (1,578) | ||||||||
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | (22,425) | (20,226) | (15,006) | ||||||||
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | 0 | (2,290) | (2,104) | ||||||||
Income Tax Reconciliation Low Income Housing And Other Tax Credits | (6,153) | (5,223) | (3,872) | ||||||||
Income Tax Reconciliation Tax On Earnings Other Than Statutory Tax Rate | (3,183) | (2,874) | (3,079) | ||||||||
Income Tax Expense (Benefit) | $ 26,364 | $ 29,171 | $ 26,327 | $ 19,519 | $ 19,348 | $ 17,133 | $ 13,579 | $ 14,234 | $ 101,381 | $ 64,294 | $ 48,390 |
Effective Income Tax Rate Reconciliation, Percent | 28.07% | 24.87% | 24.50% |
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Operating Loss Carryforwards [Line Items] | |||
Effective Income Tax Rate Reconciliation, Percent | 28.07% | 24.87% | 24.50% |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 700 | ||
Decreased deferred tax assets net | 8,800 | ||
Recognized net deferred tax asset | 95,194 | $ 86,352 | |
Operating Loss Carryforwards, Valuation Allowance | 0 | ||
Internal Revenue Service (IRS) [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Deferred Tax Assets, Operating Loss Carryforwards | $ 9,000 | $ 9,300 |
Income Taxes Income Taxes - Cumulative Tax Effects of Primary Differences (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Provision for Loan Losses | $ 50,860 | $ 47,431 |
Deferred Tax Assets Fair Market Value Adjustment Related to Acquired Loans | 7,941 | 13,930 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost | 12,302 | 12,069 |
Deferred Tax Assets, Tax Credit Carryforwards | 0 | 9,052 |
Deferred Tax Assets Start Up Costs and Other Amortization | 4,216 | 4,771 |
Deferred Tax Assets Other Real Estate Owned Write Down | 3,230 | 4,280 |
Deferred Tax Assets Net Unrealized Built In Losses | 3,251 | 3,284 |
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | 9,149 | 0 |
Deferred Tax Assets, Other | 13,679 | 13,686 |
Deferred Tax Assets, Gross | 113,652 | 117,758 |
Deferred Tax Liabilities, Unrealized Gains on Debt Instruments Measured at Fair Value | 6,132 | 7,537 |
Deferred Tax Liabilities, Unrealized Gains on Trading Securities | (2,200) | (1,000) |
Deferred Tax Liabilities, Deferred Expense, Deferred Financing Costs | (3,212) | (7,400) |
Deferred Tax Liabilities Unrealized Gains On Available For Sale Securities | 0 | (6,353) |
Deferred Tax Liabilities, Core Deposit Intangible | (4,949) | (6,093) |
Deferred Tax Liabilities, Property, Plant and Equipment | (449) | (2,039) |
Deferred Tax Liabilities, Other | (1,516) | (984) |
Deferred Tax Liabilities, Gross | (18,458) | (31,406) |
Deferred tax assets, net | $ 95,194 | $ 86,352 |
Income Taxes - Low Income Housing Tax Credit (Details) - USD ($) $ in Millions |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | ||||
Investment in Low Income Housing Tax Credit | $ 187.4 | $ 152.7 | ||
Unfunded Low Income Housing Tax Credit Obligations | 84.4 | 61.2 | ||
Amortization of Low Income Housing Tax Credits | $ 4,100.0 | $ 17.3 | $ 14.4 | $ 10.6 |
Income Taxes Gross Activity of Unrecognized Tax Benefits Related to Uncertain Tax Positions (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Contingency [Line Items] | |||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 700 | ||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 0 | $ 1,038 | |
Unrecognized Tax Benefits, Decrease Resulting from Current Period Tax Positions | 0 | 0 | |
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | 0 | 0 | |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | 0 | 0 | |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 0 | 0 | |
Unrecognized Tax Benefits | $ 1,038 | $ 1,038 | $ 0 |
Income Taxes Additional Information (Details) - USD ($) |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Income Tax Disclosure [Abstract] | ||||
Unrecognized Tax Benefits, Income Tax Penalties Expense | $ 0.1 | $ 0.0 | ||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0.1 | |||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 0.1 | |||
Investment in Low Income Housing Tax Credit | $ 187,400,000 | 152,700,000 | ||
Unfunded Low Income Housing Tax Credit Obligations | 84,400,000 | 61,200,000 | ||
Amortization of Low Income Housing Tax Credits | $ 4,100,000,000 | $ 17,300,000 | $ 14,400,000 | $ 10,600,000 |
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Loss Contingencies [Line Items] | |||
Letters of credit expiration period | 1 year | ||
Percentage of first liens initial loan to value ratio | 75.00% | ||
Percent of commercial real estate loans owner occupied | 36.00% | 48.00% | |
Operating Leases, Rent Expense, Net | $ 11.0 | $ 8.1 | $ 6.2 |
Commercial Real Estate Portfolio Segment [Member] | Loans Receivable [Member] | Credit Concentration Risk [Member] | |||
Loss Contingencies [Line Items] | |||
Percent of commercial real estate related loans | 53.00% | 49.00% | |
Unfunded Loan Commitment [Member] | |||
Loss Contingencies [Line Items] | |||
Loss Contingency Accrual | $ 7.0 | $ 3.3 |
Commitments and Contingencies - Summary of Contractual Amounts for Unfunded Commitments and Letters of Credit (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Other Commitments [Line Items] | |||
Total amount | $ 4,622,607 | $ 3,733,203 | |
Operating Leases, Rent Expense, Net | $ 11,000 | $ 8,100 | $ 6,200 |
Percent of commercial real estate loans owner occupied | 36.00% | 48.00% | |
Unfunded Loan Commitment [Member] | |||
Other Commitments [Line Items] | |||
Loss Contingency Accrual | $ 7,000 | $ 3,300 | |
Standby letters of credit [Member] | |||
Other Commitments [Line Items] | |||
Total amount | 78,576 | 50,659 | |
Unsecured Letters Of Credit | 6,431 | 4,257 | |
Credit card guarantees [Member] | |||
Other Commitments [Line Items] | |||
Total amount | 115,536 | 57,966 | |
Commitments to extend credit [Member] | |||
Other Commitments [Line Items] | |||
Total amount | 4,428,495 | 3,624,578 | |
Unsecured Loan Commitments | $ 360,840 | $ 341,374 |
Commitments and Contingencies - Contractual Commitments for Lines and Letters of Credit by Maturity (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Loss Contingencies [Line Items] | ||
Total Amount Committed | $ 4,622,607 | $ 3,733,203 |
Other Commitment, Due in Next Twelve Months | 2,304,448 | |
Other Commitment, Due in Second and Third Year | 1,586,433 | |
Other Commitment, Due in Fourth and Fifth Year | 321,253 | |
Other Commitment, Due after Fifth Year | 410,473 | |
Commitments to extend credit [Member] | ||
Loss Contingencies [Line Items] | ||
Total Amount Committed | 4,428,495 | 3,624,578 |
Other Commitment, Due in Next Twelve Months | 2,121,720 | |
Other Commitment, Due in Second and Third Year | 1,575,416 | |
Other Commitment, Due in Fourth and Fifth Year | 320,886 | |
Other Commitment, Due after Fifth Year | 410,473 | |
Credit card guarantees [Member] | ||
Loss Contingencies [Line Items] | ||
Total Amount Committed | 115,536 | 57,966 |
Other Commitment, Due in Next Twelve Months | 115,536 | |
Other Commitment, Due in Second and Third Year | 0 | |
Other Commitment, Due in Fourth and Fifth Year | 0 | |
Other Commitment, Due after Fifth Year | 0 | |
Standby letters of credit [Member] | ||
Loss Contingencies [Line Items] | ||
Total Amount Committed | 78,576 | $ 50,659 |
Other Commitment, Due in Next Twelve Months | 67,192 | |
Other Commitment, Due in Second and Third Year | 11,017 | |
Other Commitment, Due in Fourth and Fifth Year | 367 | |
Other Commitment, Due after Fifth Year | $ 0 |
Commitments and Contingencies Concentration of Lending Activities (Details) |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Commitments and Contingencies Disclosure [Abstract] | ||
Percent of commercial real estate loans owner occupied | 36.00% | 48.00% |
Fair Value Accounting - Gains and Losses from Fair Value Changes Included in Consolidated Statement of Operations (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | $ (3,500) | $ (6,523) | $ 1,380 |
Interest Income on Securities | 41 | 54 | 90 |
Interest Expense on Junior Subordinated Debt | (2,828) | (2,151) | 1,754 |
Total Changes Included in Current-Period Earnings | (2,805) | (2,129) | (284) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | (2,077) | (4,276) | 0 |
Securities measured at fair value [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (18) | (32) | (41) |
Interest Income on Securities | 41 | 54 | 90 |
Interest Expense on Junior Subordinated Debt | 0 | 0 | 0 |
Total Changes Included in Current-Period Earnings | 23 | 22 | 49 |
Junior Subordinated Debt [Member] | |||
Fair Value, Option, Qualitative Disclosures Related to Election [Line Items] | |||
Fair Value, Liabilities Measured on Recurring Basis, Change in Unrealized Gain (Loss) | (3,482) | (6,491) | 0 |
Interest Income on Securities | 0 | 0 | 0 |
Interest Expense on Junior Subordinated Debt | (2,828) | (2,151) | 1,754 |
Total Changes Included in Current-Period Earnings | (2,828) | (2,151) | (333) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Earnings | 1,421 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Gain (Loss) Included in Other Comprehensive Income (Loss) | $ (2,077) | $ (4,276) | $ 0 |
Fair Value Accounting - Fair Value of Assets and Liabilities (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
||||||
---|---|---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | $ 2,609,380 | $ 1,982,523 | |||||||
Derivative Liability | 63,880 | 64,785 | $ 57,820 | ||||||
Derivative Asset | 2,351 | 3,569 | $ 7 | ||||||
Subordinated Debt Obligations, Fair Value Disclosure | 50,410 | 46,928 | |||||||
Fair Value, Measurements, Recurring [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 2,609,380 | 1,982,523 | |||||||
Loans Held-for-sale, Fair Value Disclosure | 18,909 | 23,809 | |||||||
Derivative Liability | 65,749 | [1] | 64,785 | [2] | |||||
Derivative Asset | 4,220 | [1] | 3,569 | [2] | |||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 151,775 | 148,914 | |||||||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | |||||||
Derivative Liability | 0 | [1] | 0 | [2] | |||||
Derivative Asset | 0 | [1] | 0 | [2] | |||||
Subordinated Debt Obligations, Fair Value Disclosure | 0 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 2,457,605 | 1,823,549 | |||||||
Loans Held-for-sale, Fair Value Disclosure | 18,909 | 23,809 | |||||||
Derivative Liability | 65,749 | [1] | 64,785 | [2] | |||||
Derivative Asset | 4,220 | [1] | 3,569 | [2] | |||||
Subordinated Debt Obligations, Fair Value Disclosure | 0 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 0 | 10,060 | |||||||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | |||||||
Derivative Liability | 0 | [1] | 0 | [2] | |||||
Derivative Asset | 0 | [1] | 0 | [2] | |||||
Subordinated Debt Obligations, Fair Value Disclosure | 50,410 | 46,928 | |||||||
Fair Value, Measurements, Recurring [Member] | Residential mortgage-backed securities issued by GSEs | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities measured at fair value | 1,053 | 1,481 | |||||||
Securities available for sale | 1,355,205 | 1,170,221 | |||||||
Fair Value, Measurements, Recurring [Member] | Residential mortgage-backed securities issued by GSEs | Level 1 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities measured at fair value | 0 | 0 | |||||||
Securities available for sale | 0 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Residential mortgage-backed securities issued by GSEs | Level 2 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities measured at fair value | 1,053 | 1,481 | |||||||
Securities available for sale | 1,355,205 | 1,170,221 | |||||||
Fair Value, Measurements, Recurring [Member] | Residential mortgage-backed securities issued by GSEs | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities measured at fair value | 0 | 0 | |||||||
Securities available for sale | 0 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Private label residential mortgage-backed securities [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 433,685 | 257,128 | |||||||
Fair Value, Measurements, Recurring [Member] | Private label residential mortgage-backed securities [Member] | Level 1 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 0 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Private label residential mortgage-backed securities [Member] | Level 2 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 433,685 | 257,128 | |||||||
Fair Value, Measurements, Recurring [Member] | Private label residential mortgage-backed securities [Member] | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 0 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 117,792 | 19,114 | |||||||
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | Level 1 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 0 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | Level 2 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 117,792 | 19,114 | |||||||
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities Issued By US Government Sponsored Enterprise [Member] | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 0 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Corporate debt securities [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 64,144 | 13,251 | |||||||
Fair Value, Measurements, Recurring [Member] | Corporate debt securities [Member] | Level 1 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 20,000 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Corporate debt securities [Member] | Level 2 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 44,144 | 13,251 | |||||||
Fair Value, Measurements, Recurring [Member] | Corporate debt securities [Member] | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 0 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Municipal obligations [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 408,233 | 334,830 | |||||||
Fair Value, Measurements, Recurring [Member] | Municipal obligations [Member] | Level 1 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 0 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Municipal obligations [Member] | Level 2 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 408,233 | 334,830 | |||||||
Fair Value, Measurements, Recurring [Member] | Municipal obligations [Member] | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 0 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Preferred Stock [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 94,662 | 111,236 | |||||||
Fair Value, Measurements, Recurring [Member] | Preferred Stock [Member] | Level 1 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 94,662 | 111,236 | |||||||
Fair Value, Measurements, Recurring [Member] | Preferred Stock [Member] | Level 2 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 0 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Preferred Stock [Member] | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 0 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | CRA investments [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 37,113 | ||||||||
Fair Value, Measurements, Recurring [Member] | CRA investments [Member] | Level 1 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 37,113 | 34,685 | |||||||
Fair Value, Measurements, Recurring [Member] | CRA investments [Member] | Level 2 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 0 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | CRA investments [Member] | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 0 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Collateralized debt obligations [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 13,490 | 10,060 | |||||||
Fair Value, Measurements, Recurring [Member] | Collateralized debt obligations [Member] | Level 1 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 0 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Collateralized debt obligations [Member] | Level 2 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 13,490 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Collateralized debt obligations [Member] | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 0 | 10,060 | |||||||
Fair Value, Measurements, Recurring [Member] | Trust preferred securities [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 26,532 | 24,314 | |||||||
Fair Value, Measurements, Recurring [Member] | Trust preferred securities [Member] | Level 1 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 0 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Trust preferred securities [Member] | Level 2 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 26,532 | 24,314 | |||||||
Fair Value, Measurements, Recurring [Member] | Trust preferred securities [Member] | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 0 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Private label commercial mortgage-backed securities [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 4,691 | ||||||||
Fair Value, Measurements, Recurring [Member] | Private label commercial mortgage-backed securities [Member] | Level 1 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 0 | ||||||||
Fair Value, Measurements, Recurring [Member] | Private label commercial mortgage-backed securities [Member] | Level 2 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 4,691 | ||||||||
Fair Value, Measurements, Recurring [Member] | Private label commercial mortgage-backed securities [Member] | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 0 | ||||||||
Fair Value, Measurements, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 56,022 | 2,993 | |||||||
Fair Value, Measurements, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Level 1 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 0 | 2,993 | |||||||
Fair Value, Measurements, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Level 2 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 56,022 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 0 | $ 0 | |||||||
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 2,502 | ||||||||
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | Level 1 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 0 | ||||||||
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | Level 2 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | 2,502 | ||||||||
Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Securities available for sale | $ 0 | ||||||||
|
Fair Value Accounting - Change in Level 3 Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands |
12 Months Ended | |||||
---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impaired Financing Receivable, Recorded Investment | $ 99,209 | $ 128,874 | ||||
Other assets acquired through foreclosure, net | 47,815 | 43,942 | $ 57,150 | $ 66,719 | ||
Change in unrealized gains (losses) for the twelve month period included in earnings (or changes in net assets) for the period ended December 31, 2012 | (3,500) | (6,523) | 1,380 | |||
Junior subordinated debt | 50,410 | 46,928 | ||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 2,609,380 | 1,982,523 | ||||
Other Repossessed Assets | 47,800 | 43,900 | ||||
Fair Value, Measurements, Nonrecurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Other assets acquired through foreclosure, net | 47,800 | 43,942 | ||||
Other Repossessed Assets | 47,815 | |||||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Impaired Financing Receivable, Recorded Investment | 67,408 | 86,383 | ||||
Other Repossessed Assets | 47,815 | 43,942 | ||||
Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 2,609,380 | 1,982,523 | ||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Junior subordinated debt | 50,410 | 46,928 | ||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | $ 0 | $ 10,060 | ||||
Loans and Finance Receivables [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Junior subordinated debt, Valuation Technique | Discounted cash flow method | Discounted cash flow method | ||||
Available-for-sale Securities [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Junior subordinated debt, Valuation Technique | S&P Model | |||||
Junior subordinated debt, Significant Unobservable Inputs | Pricing indications from comparable securities | |||||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | $ 10,060 | |||||
Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | $ 1,214 | (1,385) | 5,202 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | (10,060) | (11,445) | $ 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 6,243 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (11,274) | 0 | 0 | |||
Junior Subordinated Debt [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Included in earnings (or changes in net assets) | (1,421) | |||||
Change in unrealized gains (losses) for the twelve month period included in earnings (or changes in net assets) for the period ended December 31, 2012 | $ (3,482) | $ (6,491) | 0 | |||
Other Assets [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Junior subordinated debt, Valuation Technique | Collateral method | Collateral method | ||||
Junior Subordinated Debt [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Junior subordinated debt, Input Value | 5.66% | 5.67% | ||||
Junior Subordinated Debt [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Junior subordinated debt | $ 50,410 | $ 46,928 | ||||
Junior subordinated debt, Valuation Technique | Discounted cash flow | Discounted cash flow | ||||
Junior subordinated debt, Significant Unobservable Inputs | Implied credit rating of the Company | Adjusted Corporate Bond over Treasury Index with comparable credit spread | ||||
Junior Subordinated Debt [Member] | Fair Value, Measurements, Recurring [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Beginning balance | $ (46,928) | $ (40,437) | (41,858) | |||
Included in earnings (or changes in net assets) | [1] | 0 | 0 | 1,421 | ||
Closing balance | (50,410) | (46,928) | (40,437) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | $ 0 | $ 0 | $ 0 | |||
Collateral Method [Member] | Loans and Finance Receivables [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Junior subordinated debt, Valuation Technique | Collateral method | Collateral method | ||||
Third Party Appraisal [Member] | Loans and Finance Receivables [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Junior subordinated debt, Valuation Technique | Third party appraisal | Third party appraisal | ||||
Fair Value Measurements, Significant Assumptions | Costs to sell | Costs to sell | ||||
Third Party Appraisal [Member] | Other Assets [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Junior subordinated debt, Valuation Technique | Third party appraisal | Third party appraisal | ||||
Fair Value Measurements, Significant Assumptions | Costs to sell | Costs to sell | ||||
Discount Rate [Member] | Loans and Finance Receivables [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Junior subordinated debt, Valuation Technique | Discount rate | Discount rate | ||||
Fair Value Measurements, Significant Assumptions | Contractual loan rate | Contractual loan rate | ||||
Scheduled Cash Collections [Member] | Loans and Finance Receivables [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Junior subordinated debt, Valuation Technique | Scheduled cash collections | Scheduled cash collections | ||||
Fair Value Measurements, Significant Assumptions | Loss given default | Loss given default | ||||
Proceeds from Non-Real Estate Collateral [Member] | Loans and Finance Receivables [Member] | Level 3 [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Junior subordinated debt, Valuation Technique | Proceeds from non-real estate collateral | Proceeds from non-real estate collateral | ||||
Fair Value Measurements, Significant Assumptions | Loss given default | Loss given default | ||||
|
Fair Value Accounting - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Impaired Financing Receivable, Recorded Investment | $ 99,209 | $ 128,874 | |||||||||||
Impaired loans with an allowance recorded | [1] | 10,909 | 24,287 | ||||||||||
Impaired loans without specific valuation allowance | [2] | 88,300 | 104,587 | ||||||||||
Impaired loans with an allowance recorded | [3] | 4,239 | 4,658 | ||||||||||
Repossessed Assets | 47,815 | 43,942 | $ 57,150 | $ 66,719 | |||||||||
Level 3 [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Impaired loans with an allowance recorded | 4,200 | 4,700 | |||||||||||
Fair Value, Measurements, Nonrecurring [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Impaired loans with an allowance recorded | 6,670 | 19,629 | |||||||||||
Impaired loans without specific valuation allowance | [4] | 60,738 | 66,754 | ||||||||||
Repossessed Assets | 47,800 | 43,942 | |||||||||||
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Impaired loans with an allowance recorded | 0 | 0 | |||||||||||
Impaired loans without specific valuation allowance | [4] | 0 | 0 | ||||||||||
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Impaired loans with an allowance recorded | 0 | 0 | |||||||||||
Impaired loans without specific valuation allowance | [4] | 0 | 0 | ||||||||||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | |||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||||
Impaired Financing Receivable, Recorded Investment | 67,408 | 86,383 | |||||||||||
Impaired loans with an allowance recorded | 6,670 | 19,629 | |||||||||||
Impaired loans without specific valuation allowance | [4] | $ 60,738 | $ 66,754 | ||||||||||
|
Fair Value Accounting - Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Held-to-maturity Securities | $ 92,079 | $ 0 | |||||||
Impaired Financing Receivable, Recorded Investment | 99,209 | 128,874 | |||||||
Financial assets | |||||||||
Securities available for sale | 2,609,380 | 1,982,523 | |||||||
Securities measured at fair value | 1,053 | 1,481 | |||||||
Derivative Asset | 2,351 | 3,569 | $ 7 | ||||||
Loans, net | 13,064,823 | 10,993,786 | |||||||
Financial liabilities | |||||||||
Deposits | 14,549,863 | 12,030,624 | |||||||
Customer repurchases | 41,728 | 38,155 | |||||||
FHLB and FRB advances | 80,000 | 150,000 | |||||||
Junior subordinated debt | 50,410 | 46,928 | |||||||
Derivative Liability | 63,880 | 64,785 | $ 57,820 | ||||||
Other Repossessed Assets | 47,800 | 43,900 | |||||||
Fair Value, Measurements, Nonrecurring [Member] | |||||||||
Financial liabilities | |||||||||
Other Repossessed Assets | 47,815 | ||||||||
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | |||||||||
Financial liabilities | |||||||||
Other Repossessed Assets | 0 | 0 | |||||||
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | |||||||||
Financial liabilities | |||||||||
Other Repossessed Assets | 0 | 0 | |||||||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Impaired Financing Receivable, Recorded Investment | 67,408 | 86,383 | |||||||
Financial liabilities | |||||||||
Other Repossessed Assets | 47,815 | 43,942 | |||||||
Fair Value, Measurements, Nonrecurring [Member] | Carrying Amount [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Held-to-maturity Securities | 92,079 | ||||||||
Financial assets | |||||||||
Loans, net | 13,083,732 | 11,017,595 | |||||||
Financial liabilities | |||||||||
Deposits | 14,549,863 | 12,030,624 | |||||||
Junior subordinated debt | 367,937 | 210,238 | |||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Held-to-maturity Securities | 91,966 | ||||||||
Financial assets | |||||||||
Loans, net | 12,803,744 | 10,853,209 | |||||||
Financial liabilities | |||||||||
Deposits | 14,553,931 | 12,034,199 | |||||||
Junior subordinated debt | 375,626 | 207,437 | |||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value [Member] | Level 1 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Held-to-maturity Securities | 0 | ||||||||
Financial assets | |||||||||
Loans, net | 0 | 0 | |||||||
Financial liabilities | |||||||||
Deposits | 0 | 0 | |||||||
Junior subordinated debt | 0 | 0 | |||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value [Member] | Level 2 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Held-to-maturity Securities | 91,966 | ||||||||
Financial assets | |||||||||
Loans, net | 12,736,336 | 10,766,826 | |||||||
Financial liabilities | |||||||||
Deposits | 14,553,931 | 12,034,199 | |||||||
Junior subordinated debt | 0 | 0 | |||||||
Fair Value, Measurements, Nonrecurring [Member] | Fair Value [Member] | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Held-to-maturity Securities | 0 | ||||||||
Financial assets | |||||||||
Loans, net | 67,408 | 86,383 | |||||||
Financial liabilities | |||||||||
Deposits | 0 | 0 | |||||||
Junior subordinated debt | 375,626 | 207,437 | |||||||
Fair Value, Measurements, Recurring [Member] | |||||||||
Financial assets | |||||||||
Securities available for sale | 2,609,380 | 1,982,523 | |||||||
Derivative Asset | 4,220 | [1] | 3,569 | [2] | |||||
Financial liabilities | |||||||||
Derivative Liability | 65,749 | [1] | 64,785 | [2] | |||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | |||||||||
Financial assets | |||||||||
Securities available for sale | 151,775 | 148,914 | |||||||
Derivative Asset | 0 | [1] | 0 | [2] | |||||
Financial liabilities | |||||||||
Junior subordinated debt | 0 | 0 | |||||||
Derivative Liability | 0 | [1] | 0 | [2] | |||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||||||||
Financial assets | |||||||||
Securities available for sale | 2,457,605 | 1,823,549 | |||||||
Derivative Asset | 4,220 | [1] | 3,569 | [2] | |||||
Financial liabilities | |||||||||
Junior subordinated debt | 0 | 0 | |||||||
Derivative Liability | 65,749 | [1] | 64,785 | [2] | |||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||||||||
Financial assets | |||||||||
Securities available for sale | 0 | 10,060 | |||||||
Derivative Asset | 0 | [1] | 0 | [2] | |||||
Financial liabilities | |||||||||
Junior subordinated debt | 50,410 | 46,928 | |||||||
Derivative Liability | 0 | [1] | 0 | [2] | |||||
Fair Value, Measurements, Recurring [Member] | Carrying Amount [Member] | |||||||||
Financial assets | |||||||||
Securities available for sale | 2,609,380 | 1,982,523 | |||||||
Securities measured at fair value | 1,053 | 1,481 | |||||||
Derivative Asset | 4,220 | 3,569 | |||||||
Accrued Investment Income Receivable | 70,320 | 54,445 | |||||||
Financial liabilities | |||||||||
Customer repurchases | 41,728 | 38,155 | |||||||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 80,000 | 150,000 | |||||||
Derivative Liability | 65,749 | 64,785 | |||||||
Interest Payable, Current | 15,354 | 13,626 | |||||||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | |||||||||
Financial assets | |||||||||
Securities available for sale | 2,609,380 | 1,982,523 | |||||||
Securities measured at fair value | 1,053 | 1,481 | |||||||
Derivative Asset | 4,220 | 3,569 | |||||||
Accrued Investment Income Receivable | 70,320 | 54,445 | |||||||
Financial liabilities | |||||||||
Customer repurchases | 41,728 | 38,155 | |||||||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 80,000 | 150,000 | |||||||
Derivative Liability | 65,749 | 64,785 | |||||||
Interest Payable, Current | 15,354 | 13,626 | |||||||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 1 [Member] | |||||||||
Financial assets | |||||||||
Securities available for sale | 151,775 | 148,914 | |||||||
Securities measured at fair value | 0 | 0 | |||||||
Derivative Asset | 0 | 0 | |||||||
Accrued Investment Income Receivable | 0 | 0 | |||||||
Financial liabilities | |||||||||
Customer repurchases | 0 | 0 | |||||||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 0 | 0 | |||||||
Derivative Liability | 0 | 0 | |||||||
Interest Payable, Current | 0 | 0 | |||||||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 2 [Member] | |||||||||
Financial assets | |||||||||
Securities available for sale | 2,457,605 | 1,823,549 | |||||||
Securities measured at fair value | 1,053 | 1,481 | |||||||
Derivative Asset | 4,220 | 3,569 | |||||||
Accrued Investment Income Receivable | 70,320 | 54,445 | |||||||
Financial liabilities | |||||||||
Customer repurchases | 41,728 | 38,155 | |||||||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 80,000 | 150,000 | |||||||
Derivative Liability | 65,749 | 64,785 | |||||||
Interest Payable, Current | 15,354 | 13,626 | |||||||
Fair Value, Measurements, Recurring [Member] | Fair Value [Member] | Level 3 [Member] | |||||||||
Financial assets | |||||||||
Securities available for sale | 0 | 10,060 | |||||||
Securities measured at fair value | 0 | 0 | |||||||
Derivative Asset | 0 | 0 | |||||||
Accrued Investment Income Receivable | 0 | 0 | |||||||
Financial liabilities | |||||||||
Customer repurchases | 0 | 0 | |||||||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 0 | 0 | |||||||
Derivative Liability | 0 | 0 | |||||||
Interest Payable, Current | $ 0 | $ 0 | |||||||
Loans and Finance Receivables [Member] | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Junior subordinated debt, Valuation Technique | Discounted cash flow method | Discounted cash flow method | |||||||
Other Assets [Member] | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Junior subordinated debt, Valuation Technique | Collateral method | Collateral method | |||||||
Collateral Method [Member] | Loans and Finance Receivables [Member] | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Junior subordinated debt, Valuation Technique | Collateral method | Collateral method | |||||||
Third Party Appraisal [Member] | Loans and Finance Receivables [Member] | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Junior subordinated debt, Valuation Technique | Third party appraisal | Third party appraisal | |||||||
Fair Value Measurements, Significant Assumptions | Costs to sell | Costs to sell | |||||||
Third Party Appraisal [Member] | Other Assets [Member] | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Junior subordinated debt, Valuation Technique | Third party appraisal | Third party appraisal | |||||||
Fair Value Measurements, Significant Assumptions | Costs to sell | Costs to sell | |||||||
Discount Rate [Member] | Loans and Finance Receivables [Member] | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Junior subordinated debt, Valuation Technique | Discount rate | Discount rate | |||||||
Fair Value Measurements, Significant Assumptions | Contractual loan rate | Contractual loan rate | |||||||
Scheduled Cash Collections [Member] | Loans and Finance Receivables [Member] | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Junior subordinated debt, Valuation Technique | Scheduled cash collections | Scheduled cash collections | |||||||
Fair Value Measurements, Significant Assumptions | Loss given default | Loss given default | |||||||
Proceeds from Non-Real Estate Collateral [Member] | Loans and Finance Receivables [Member] | Level 3 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Junior subordinated debt, Valuation Technique | Proceeds from non-real estate collateral | Proceeds from non-real estate collateral | |||||||
Fair Value Measurements, Significant Assumptions | Loss given default | Loss given default | |||||||
|
Fair Value Accounting - Additional Information (Detail) - USD ($) $ in Thousands, shares in Millions |
3 Months Ended | 12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Impaired Financing Receivables, With No related Allowance, Balances with Charge-offs | $ 27,600 | $ 37,800 | ||||||||
Aggregate carrying amount of impaired loans | [1] | 10,909 | 24,287 | |||||||
Impaired loans with an allowance recorded | [2] | (4,239) | (4,658) | |||||||
Repossessed Assets | 47,815 | 43,942 | $ 57,150 | $ 66,719 | ||||||
Other assets acquired through foreclosure | 47,800 | 43,900 | ||||||||
Collateralized debt obligations [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Securities contained credit losses | 0 | |||||||||
Level 3 [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Impaired loans with an allowance recorded | $ (4,200) | $ (4,700) | ||||||||
Junior Subordinated Debt [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Junior subordinated debt, Input Value | 5.66% | 5.67% | ||||||||
Period of basis point spread | 4.66% | 5.06% | ||||||||
Percentage of LIBOR | 0.998% | 0.613% | ||||||||
Fair Value, Measurements, Nonrecurring [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Aggregate carrying amount of impaired loans | $ 6,670 | $ 19,629 | ||||||||
Repossessed Assets | 47,800 | 43,942 | ||||||||
Other assets acquired through foreclosure | 47,815 | |||||||||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||
Aggregate carrying amount of impaired loans | 6,670 | 19,629 | ||||||||
Other assets acquired through foreclosure | $ 47,815 | $ 43,942 | ||||||||
|
Fair Value Accounting Additional Details (Details) - USD ($) $ in Millions |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Other Repossessed Assets | $ 47.8 | $ 43.9 |
Regulatory Capital Requirements - Summary of Actual Capital Amount and Ratio (Detail) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Tier 1 Capital Ratio | 6.00% | 6.00% |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Common Equity Tier One Required To Be Well Capitalized | 6.50% | 6.50% |
Tier 1 Leverage Ratio | 4.00% | 4.00% |
Common Equity Tier One Required For Capital Adequacy | 4.50% | 4.50% |
Consolidated Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital | $ 2,107,480 | $ 1,603,472 |
Tier 1 Capital | 1,675,871 | 1,341,011 |
Risk-Weighted Assets | 15,980,092 | 13,193,563 |
Tangible Average Assets | $ 16,868,674 | $ 13,683,148 |
Capital to Risk Weighted Assets | 13.20% | 12.20% |
Tier One Risk Based Capital to Risk Weighted Assets | 10.50% | 10.20% |
Tier One Leverage Capital to Average Assets | 9.90% | 9.80% |
Common Equity Tier One Risk-Based Capital Ratio | 10.00% | 9.70% |
Western Alliance Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital | $ 2,001,081 | $ 1,485,070 |
Tier 1 Capital | 1,720,072 | 1,213,304 |
Risk-Weighted Assets | 15,888,346 | 13,073,394 |
Tangible Average Assets | $ 16,764,327 | $ 13,561,251 |
Capital to Risk Weighted Assets | 12.60% | 11.40% |
Tier One Risk Based Capital to Risk Weighted Assets | 10.80% | 9.30% |
Tier One Leverage Capital to Average Assets | 10.30% | 9.00% |
Common Equity Tier One Risk-Based Capital Ratio | 10.80% | 9.30% |
Employee Benefit Plan (Details) - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan Initial Percentage Of Discretionary Deferred Compensation | 6.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 2,700,000 | $ 2,200,000 | $ 1,700,000 |
Defined Contribution Plan Percentage Of Discretionary Deferred Compensation | 50.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Amount | $ 18,000 | ||
Defined Contribution Plan Age Of Participants | 50 years | ||
Restoration Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 117,000 | $ 68,000 | $ 77,000 |
Minimum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan Initial Percentage Of Discretionary Deferred Compensation | 1.00% | ||
Maximum [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 100.00% |
Employee Benefit Plan Accumulated Benefit Obligation and Funded Status of SERP (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Dec. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2014 |
|
Compensation and Retirement Disclosure [Abstract] | |||
Defined Benefit Plan, Benefit Obligation | $ 7,444 | $ 8,394 | $ 7,122 |
Defined Benefit Plan, Service Cost Current and Prior | 680 | ||
Defined Benefit Plan, Service Cost | 334 | 614 | |
Defined Benefit Plan, Interest Cost | 202 | 425 | |
Defined Benefit Plan, Actuarial Gain (Loss) | (147) | (88) | |
Defined Benefit Plan, Benefits Paid | (67) | (67) | |
Defined Benefit Plan, Accumulated Benefit Obligation | $ (7,444) | $ (8,394) | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate | 5.80% | 5.80% | |
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase | 4.00% | 4.00% |
Employee Benefit Plan Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2015 |
Jun. 30, 2015 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | $ 334 | $ 614 | ||
Defined Benefit Plan, Interest Cost | 202 | 425 | ||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 60 | 101 | ||
Defined Benefit Plan, Amortization of Gains (Losses) | (18) | (100) | ||
Defined Benefit Plan, Net Periodic Benefit Cost | $ 578 | 1,040 | ||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | $ 42 | $ 1 | ||
Scenario, Forecast [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined Benefit Plan, Service Cost | $ 602 | |||
Defined Benefit Plan, Interest Cost | 480 | |||
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | 103 | |||
Defined Benefit Plan, Amortization of Gains (Losses) | (109) | |||
Defined Benefit Plan, Net Periodic Benefit Cost | 1,076 | |||
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax, Portion Attributable to Parent | $ (6) |
Related Parties (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Related Party Transaction [Line Items] | |||
Loans and Leases Receivable, Related Parties | $ 16,874 | $ 74,381 | $ 70,570 |
Origination of Notes Receivable from Related Parties | 637 | 10,678 | |
Loans and Leases Receivable Advances, Related Parties | 1,980 | 18,614 | |
Loans and Leases Receivable Repayments, Related Parties | (60,124) | (25,481) | |
Related Party Deposit Liabilities | 97,300 | 76,000 | |
Interest Expense, Related Party | 200 | 200 | 200 |
Related Party Transaction, Expenses from Transactions with Related Party | 1,000 | 1,000 | 2,000 |
Interest Income, Related Party | 600 | 2,700 | $ 1,900 |
Loan and Leases Receivable, Commitment Outstanding, Related Parties | $ 46,600 | $ 164,500 |
Parent Company Parent Company Balance Sheet (Details) - USD ($) $ in Thousands |
Dec. 31, 2016 |
Dec. 31, 2015 |
Jan. 01, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
---|---|---|---|---|---|
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and Cash Equivalents, at Carrying Value | $ 284,491 | $ 224,640 | $ 164,396 | $ 305,514 | |
Money Market Funds, at Carrying Value | 0 | 122 | |||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 2,609,380 | 1,982,523 | |||
Loans, net of deferred loan fees and costs | 13,189,527 | 11,112,854 | |||
Repossessed Assets | 47,815 | 43,942 | 57,150 | 66,719 | |
Other assets | 334,612 | 273,976 | |||
Assets | 17,200,842 | 14,275,089 | |||
Other borrowings | 80,000 | 150,000 | |||
Junior Subordinated Notes | 367,937 | 210,328 | |||
Liabilities | 15,309,313 | 12,683,587 | |||
Stockholders' equity | 1,891,529 | 1,591,502 | $ 1,000,928 | 1,000,928 | 855,498 |
Liabilities and Equity | 17,200,842 | 14,275,089 | |||
Consolidated Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and Cash Equivalents, at Carrying Value | 11,409 | 7,627 | $ 11,855 | $ 7,128 | |
Money Market Funds, at Carrying Value | 0 | 122 | |||
Investment securities - AFS, at fair value; amortized cost of $2,633,298 at December 31, 2016 and $1,966,034 at December 31, 2015 | 34,562 | 50,507 | |||
Investments in and Advance to Bank Subsidiaries | 2,003,550 | 1,522,245 | |||
Investments in and Advance to Non Bank Subsidiaries | 46,140 | 4,948 | |||
Loans, net of deferred loan fees and costs | 0 | 35,635 | |||
Repossessed Assets | 0 | 14,471 | |||
Other assets | 29,400 | 16,854 | |||
Assets | 2,125,061 | 1,652,409 | |||
Accrued Liabilities and Other Liabilities | 16,694 | 2,537 | |||
Junior Subordinated Notes | 216,838 | 58,370 | |||
Liabilities | 233,532 | 60,907 | |||
Stockholders' equity | 1,891,529 | 1,591,502 | |||
Liabilities and Equity | $ 2,125,061 | $ 1,652,409 |
Parent Company Parent Company Condensed Income Statement (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Income Tax Expense (Benefit) | $ 26,364 | $ 29,171 | $ 26,327 | $ 19,519 | $ 19,348 | $ 17,133 | $ 13,579 | $ 14,234 | $ 101,381 | $ 64,294 | $ 48,390 | |
Net income (loss) | 259,798 | $ 194,244 | 194,244 | 147,951 | ||||||||
Preferred Stock Dividends and Other Adjustments | 151 | 176 | 247 | 176 | 0 | 750 | 1,387 | |||||
Net income available to common shareholders | 69,800 | 67,052 | 61,614 | 61,332 | 58,375 | 55,684 | 39,228 | 40,207 | 259,798 | 193,494 | 146,564 | |
Non-interest income | 10,540 | 10,683 | 8,559 | 13,133 | 9,479 | 8,502 | 5,545 | 6,242 | 42,915 | 29,768 | 24,651 | |
Interest Expense | 12,142 | 12,203 | 10,403 | 8,545 | 7,988 | 8,826 | 7,900 | 7,854 | 43,293 | 32,568 | 31,486 | |
Noninterest Expense | 88,645 | 85,007 | 81,804 | 75,493 | 72,448 | 72,916 | 61,209 | 54,033 | 330,949 | 260,606 | 207,319 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 96,164 | $ 96,223 | $ 87,941 | $ 80,851 | $ 77,874 | $ 72,993 | $ 53,054 | $ 54,617 | 361,179 | 258,538 | 197,499 | |
Consolidated Company [Member] | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Investment Income, Dividend | 12,795 | 140,900 | 67,515 | |||||||||
Income Tax Expense (Benefit) | 4,399 | 5,876 | 5,388 | |||||||||
Income Before Equity in Undistributed Earnings of Subsidiaries | 6,770 | 133,887 | 59,395 | |||||||||
Income (Loss) from Subsidiaries, Net of Tax | 253,028 | 60,357 | 88,556 | |||||||||
Net income (loss) | 259,798 | 194,244 | 147,951 | |||||||||
Preferred Stock Dividends and Other Adjustments | 0 | 750 | 1,387 | |||||||||
Net income available to common shareholders | 259,798 | 193,494 | 146,564 | |||||||||
Interest Income, Other | 3,327 | 4,593 | 4,381 | |||||||||
Non-interest income | 2,445 | 586 | 1,235 | |||||||||
Revenues | 18,567 | 146,079 | 73,131 | |||||||||
Interest Expense | 6,975 | 6,671 | 8,776 | |||||||||
Noninterest Expense | 9,221 | 11,397 | 10,348 | |||||||||
Operating Expenses | 16,196 | 18,068 | 19,124 | |||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | $ 2,371 | $ 128,011 | $ 54,007 |
Parent Company Parent Company Cash Flows (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2013 |
|
Condensed Financial Statements, Captions [Line Items] | |||||
Net income | $ 259,798 | $ 194,244 | $ 194,244 | $ 147,951 | |
Excess tax benefit of stock-based compensation | (4,075) | (5,874) | (4,194) | ||
Gains (Losses) on Extinguishment of Debt | 0 | (81) | (502) | ||
Net Cash Provided by (Used in) Operating Activities | 280,645 | 220,415 | 167,401 | ||
Principal pay downs and maturities | 395 | 347 | 1,144 | ||
Proceeds from Sale (Payments to Purchase) Investment In Money Market | 121 | 330 | 2,181 | ||
Net Cash Provided by (Used in) Investing Activities | (2,890,233) | (1,366,443) | (1,386,013) | ||
Excess tax benefit of stock-based compensation | 0 | 5,874 | 4,194 | ||
Proceeds from Issuance of Common Stock | 55,785 | 28,288 | 13,746 | ||
Proceeds from exercise of common stock options | 1,070 | 1,935 | 8,294 | ||
Net Cash Provided by (Used in) Financing Activities | 2,669,439 | 1,206,272 | 1,077,494 | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 59,851 | 60,244 | (141,118) | ||
Cash and Cash Equivalents, at Carrying Value | 284,491 | 224,640 | 224,640 | 164,396 | $ 305,514 |
Interest | 41,565 | 28,831 | 26,516 | ||
Income taxes | 61,281 | 54,590 | 35,556 | ||
Change in unrealized gain (loss) on AFS securities, net of tax | (24,254) | (6,117) | 29,683 | ||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Subordinated Debt | (2,077) | (4,276) | 0 | ||
Consolidated Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Net income | 259,798 | 194,244 | 147,951 | ||
Income (Loss) from Subsidiaries, Net of Tax | (253,028) | (60,357) | (88,556) | ||
Excess tax benefit of stock-based compensation | (359) | (1,945) | (4,194) | ||
Change in Unrealized Gains Losses on Trust Preferred Securities | 0 | 0 | (1,421) | ||
Gains (Losses) on Extinguishment of Debt | 0 | 0 | 502 | ||
Other Operating Activities, Cash Flow Statement | (9,521) | 2,869 | (15,928) | ||
Net Cash Provided by (Used in) Operating Activities | (3,110) | 134,811 | 38,354 | ||
Payments to Acquire Marketable Securities | (20,148) | 0 | (23,431) | ||
Principal pay downs and maturities | 34,390 | 2,358 | 8,376 | ||
Proceeds From Sale Of Other Repossessed Assets Net | 0 | 4,138 | 9,610 | ||
Payments to Acquire Interest in Subsidiaries and Affiliates | (226,869) | 0 | 0 | ||
Loan fundings and principal collections, net | 2,770 | 3,704 | 3,286 | ||
Proceeds from Sale (Payments to Purchase) Investment In Money Market | 121 | 330 | 2,181 | ||
Payments to Acquire Productive Assets | 0 | 0 | 617 | ||
Proceeds from Divestiture of Businesses | 0 | (19,440) | 0 | ||
Net Cash Provided by (Used in) Investing Activities | (209,736) | (8,910) | 639 | ||
Payments Related to Tax Withholding for Share-based Compensation | (9,483) | (7,603) | (4,112) | ||
Proceeds from Other Debt | 0 | 0 | 22,000 | ||
Excess tax benefit of stock-based compensation | 0 | 1,945 | 4,194 | ||
Repayments of Other Debt | 0 | (83,444) | (6,501) | ||
Proceeds from Issuance of Common Stock | 55,785 | 28,288 | 13,746 | ||
Proceeds from exercise of common stock options | 1,070 | 1,935 | 8,294 | ||
Payments for Repurchase of Preferred Stock and Preference Stock | 0 | (70,500) | (70,500) | ||
Payments of Dividends | 0 | (750) | (1,387) | ||
Net Cash Provided by (Used in) Financing Activities | 216,628 | (130,129) | (34,266) | ||
Cash and Cash Equivalents, Period Increase (Decrease) | 3,782 | (4,228) | 4,727 | ||
Cash and Cash Equivalents, at Carrying Value | 11,409 | 7,627 | $ 7,627 | 11,855 | $ 7,128 |
Interest | 5,165 | 4,235 | 9,067 | ||
Income taxes | 189 | 54,590 | 32,238 | ||
Change in unrealized gain (loss) on AFS securities, net of tax | (1,984) | 1,199 | 2,031 | ||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Subordinated Debt | (2,077) | (4,276) | 0 | ||
Noncash Contribution to Subsidiary | 50,773 | 183 | 2,663 | ||
Subordinated Debt [Member] | Consolidated Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Proceeds from Debt, Net of Issuance Costs | $ 169,256 | $ 0 | $ 0 |
Segments - Operating Segment Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jan. 01, 2015 |
Dec. 31, 2013 |
|
Operating Statistics [Line Items] | ||||||||||||||
Assets | $ 17,200,842 | $ 14,275,089 | $ 17,200,842 | $ 14,275,089 | $ 14,275,089 | |||||||||
Cash, Cash Equivalents and Investment Securities | 3,052,300 | 2,266,800 | 3,052,300 | 2,266,800 | 2,266,800 | |||||||||
Loans, net of deferred loan fees and costs | 13,189,527 | 11,112,854 | 13,189,527 | 11,112,854 | 11,112,854 | |||||||||
Loans, net of deferred loan fees and costs | 13,208,500 | 11,136,700 | 13,208,500 | 11,136,700 | 11,136,700 | |||||||||
Less: Allowance for credit losses | (124,704) | (119,068) | (124,704) | (119,068) | (119,068) | |||||||||
Loans, net | 13,064,823 | 10,993,786 | 13,064,823 | 10,993,786 | 10,993,786 | |||||||||
Total loans held for investment | 13,083,800 | 11,017,600 | 13,083,800 | 11,017,600 | 11,017,600 | |||||||||
Intangible Assets, Net (Including Goodwill) | 302,900 | 305,400 | 302,900 | 305,400 | 305,400 | |||||||||
Other Assets Segment | 714,000 | 641,400 | 714,000 | 641,400 | 641,400 | |||||||||
Deposits | 14,549,863 | 12,030,624 | 14,549,863 | 12,030,624 | 12,030,624 | |||||||||
Stockholders' equity | 1,891,529 | 1,591,502 | 1,891,529 | 1,591,502 | 1,591,502 | $ 1,000,928 | $ 1,000,928 | $ 855,498 | ||||||
Net interest income | 175,269 | $ 172,547 | $ 163,686 | $ 145,711 | 143,343 | $ 137,407 | $ 108,718 | $ 103,108 | 657,213 | 492,576 | 384,893 | |||
Provision for Loan, Lease, and Other Losses | 1,000 | 2,000 | 2,500 | 2,500 | 2,500 | 0 | 0 | 700 | 8,000 | 3,200 | 4,726 | |||
Net interest income (loss) after provision for credit losses | 174,269 | 170,547 | 161,186 | 143,211 | 140,843 | 137,407 | 108,718 | 102,408 | 649,213 | 489,376 | 380,167 | |||
Non-interest income | 10,540 | 10,683 | 8,559 | 13,133 | 9,479 | 8,502 | 5,545 | 6,242 | 42,915 | 29,768 | 24,651 | |||
Non-interest expense | (88,645) | (85,007) | (81,804) | (75,493) | (72,448) | (72,916) | (61,209) | (54,033) | (330,949) | (260,606) | (207,319) | |||
Income from continuing operations before income taxes | 96,164 | 96,223 | 87,941 | 80,851 | 77,874 | 72,993 | 53,054 | 54,617 | 361,179 | 258,538 | 197,499 | |||
Income tax expense (benefit) | 26,364 | $ 29,171 | $ 26,327 | $ 19,519 | 19,348 | 17,133 | 13,579 | 14,234 | 101,381 | 64,294 | 48,390 | |||
Income from continuing operations | 58,526 | $ 55,860 | $ 39,475 | $ 40,383 | 259,798 | 194,244 | 149,109 | |||||||
Loss from discontinued operations, net | 0 | 0 | (1,158) | |||||||||||
Other Repossessed Assets | 47,800 | 43,900 | 47,800 | 43,900 | 43,900 | |||||||||
Other Liabilities Segment | 311,600 | 292,700 | 311,600 | 292,700 | 292,700 | |||||||||
Liabilities | 15,309,313 | 12,683,587 | 15,309,313 | 12,683,587 | 12,683,587 | |||||||||
Liabilities and Equity | 17,200,842 | 14,275,089 | 17,200,842 | 14,275,089 | 14,275,089 | |||||||||
Excess Funds Provided by (Used in) Segment Basis | 0 | 0 | 0 | 0 | 0 | |||||||||
Other borrowings | 447,900 | 360,300 | 447,900 | 360,300 | 360,300 | |||||||||
Net income | 259,798 | 194,244 | 194,244 | 147,951 | ||||||||||
Operating Segments [Member] | HOA Services [Member] | ||||||||||||||
Operating Statistics [Line Items] | ||||||||||||||
Assets | 115,800 | 87,700 | 115,800 | 87,700 | 87,700 | |||||||||
Cash, Cash Equivalents and Investment Securities | 0 | 0 | 0 | 0 | 0 | |||||||||
Loans, net of deferred loan fees and costs | 116,800 | 88,400 | 116,800 | 88,400 | 88,400 | |||||||||
Less: Allowance for credit losses | (1,300) | (900) | (1,300) | (900) | (900) | |||||||||
Total loans held for investment | 115,500 | 87,500 | 115,500 | 87,500 | 87,500 | |||||||||
Intangible Assets, Net (Including Goodwill) | 0 | 0 | 0 | 0 | 0 | |||||||||
Other Assets Segment | 300 | 200 | 300 | 200 | 200 | |||||||||
Deposits | 1,890,300 | 1,291,900 | 1,890,300 | 1,291,900 | 1,291,900 | |||||||||
Stockholders' equity | 65,600 | 34,200 | 65,600 | 34,200 | 34,200 | |||||||||
Net interest income | 41,539 | 25,572 | 19,621 | |||||||||||
Provision for Loan, Lease, and Other Losses | 256 | 232 | 156 | |||||||||||
Net interest income (loss) after provision for credit losses | 41,283 | 25,340 | 19,465 | |||||||||||
Non-interest income | 460 | 322 | 214 | |||||||||||
Non-interest expense | (24,019) | (18,059) | (13,757) | |||||||||||
Income from continuing operations before income taxes | 17,724 | 7,603 | 5,922 | |||||||||||
Income tax expense (benefit) | 6,647 | 2,851 | 2,221 | |||||||||||
Income from continuing operations | 3,701 | |||||||||||||
Loss from discontinued operations, net | 0 | |||||||||||||
Other Repossessed Assets | 0 | 0 | 0 | 0 | 0 | |||||||||
Other Liabilities Segment | 700 | 500 | 700 | 500 | 500 | |||||||||
Liabilities | 1,891,000 | 1,292,400 | 1,891,000 | 1,292,400 | 1,292,400 | |||||||||
Liabilities and Equity | 1,956,600 | 1,326,600 | 1,956,600 | 1,326,600 | 1,326,600 | |||||||||
Excess Funds Provided by (Used in) Segment Basis | 1,840,800 | 1,238,900 | 1,840,800 | 1,238,900 | 1,238,900 | |||||||||
Other borrowings | 0 | 0 | 0 | 0 | 0 | |||||||||
Net income | 11,077 | 4,752 | 3,701 | |||||||||||
Operating Segments [Member] | HFF Loan Portfolio [Member] | ||||||||||||||
Operating Statistics [Line Items] | ||||||||||||||
Assets | 1,296,800 | 1,296,800 | ||||||||||||
Cash, Cash Equivalents and Investment Securities | 0 | 0 | ||||||||||||
Loans, net of deferred loan fees and costs | 1,292,100 | 1,292,100 | ||||||||||||
Less: Allowance for credit losses | (800) | (800) | ||||||||||||
Total loans held for investment | 1,291,300 | 1,291,300 | ||||||||||||
Intangible Assets, Net (Including Goodwill) | 200 | 200 | ||||||||||||
Other Assets Segment | 5,300 | 5,300 | ||||||||||||
Deposits | 0 | 0 | ||||||||||||
Stockholders' equity | 107,100 | 107,100 | ||||||||||||
Net interest income | 38,583 | |||||||||||||
Provision for Loan, Lease, and Other Losses | 0 | |||||||||||||
Net interest income (loss) after provision for credit losses | 38,583 | |||||||||||||
Non-interest income | 0 | |||||||||||||
Non-interest expense | (8,544) | |||||||||||||
Income from continuing operations before income taxes | 30,039 | |||||||||||||
Income tax expense (benefit) | 11,265 | |||||||||||||
Other Repossessed Assets | 0 | 0 | ||||||||||||
Other Liabilities Segment | 1,400 | 1,400 | ||||||||||||
Liabilities | 1,400 | 1,400 | ||||||||||||
Liabilities and Equity | 108,500 | 108,500 | ||||||||||||
Excess Funds Provided by (Used in) Segment Basis | (1,188,300) | (1,188,300) | ||||||||||||
Other borrowings | 0 | 0 | ||||||||||||
Net income | 18,774 | |||||||||||||
Operating Segments [Member] | Other National Business Lines [Member] | ||||||||||||||
Operating Statistics [Line Items] | ||||||||||||||
Assets | 1,769,000 | 1,278,000 | 1,769,000 | 1,278,000 | 1,278,000 | |||||||||
Cash, Cash Equivalents and Investment Securities | 0 | 0 | 0 | 0 | 0 | |||||||||
Loans, net of deferred loan fees and costs | 1,776,900 | 1,280,300 | 1,776,900 | 1,280,300 | 1,280,300 | |||||||||
Less: Allowance for credit losses | (19,000) | (13,800) | (19,000) | (13,800) | (13,800) | |||||||||
Total loans held for investment | 1,757,900 | 1,266,500 | 1,757,900 | 1,266,500 | 1,266,500 | |||||||||
Intangible Assets, Net (Including Goodwill) | 0 | 0 | 0 | 0 | 0 | |||||||||
Other Assets Segment | 11,100 | 11,500 | 11,100 | 11,500 | 11,500 | |||||||||
Deposits | 0 | 0 | 0 | 0 | 0 | |||||||||
Stockholders' equity | 145,500 | 105,700 | 145,500 | 105,700 | 105,700 | |||||||||
Net interest income | 49,893 | 48,525 | 36,174 | |||||||||||
Provision for Loan, Lease, and Other Losses | 4,200 | (1,234) | 7,080 | |||||||||||
Net interest income (loss) after provision for credit losses | 45,693 | 49,759 | 29,094 | |||||||||||
Non-interest income | 2,315 | 849 | 1,596 | |||||||||||
Non-interest expense | (15,204) | (14,501) | (10,345) | |||||||||||
Income from continuing operations before income taxes | 32,804 | 36,107 | 20,345 | |||||||||||
Income tax expense (benefit) | 12,302 | 13,540 | 7,629 | |||||||||||
Income from continuing operations | 12,716 | |||||||||||||
Loss from discontinued operations, net | 0 | |||||||||||||
Other Repossessed Assets | 0 | 0 | 0 | 0 | 0 | |||||||||
Other Liabilities Segment | 17,500 | 40,800 | 17,500 | 40,800 | 40,800 | |||||||||
Liabilities | 17,500 | 40,800 | 17,500 | 40,800 | 40,800 | |||||||||
Liabilities and Equity | 163,000 | 146,500 | 163,000 | 146,500 | 146,500 | |||||||||
Excess Funds Provided by (Used in) Segment Basis | (1,606,000) | (1,131,500) | (1,606,000) | (1,131,500) | (1,131,500) | |||||||||
Other borrowings | 0 | 0 | 0 | 0 | 0 | |||||||||
Net income | 20,502 | 22,567 | 12,716 | |||||||||||
Operating Segments [Member] | Public and Non-Profit Finance [Member] | ||||||||||||||
Operating Statistics [Line Items] | ||||||||||||||
Assets | 1,454,300 | 1,457,300 | 1,454,300 | 1,457,300 | 1,457,300 | |||||||||
Cash, Cash Equivalents and Investment Securities | 0 | 0 | 0 | 0 | 0 | |||||||||
Loans, net of deferred loan fees and costs | 1,454,300 | 1,458,900 | 1,454,300 | 1,458,900 | 1,458,900 | |||||||||
Less: Allowance for credit losses | (15,600) | (15,600) | (15,600) | (15,600) | (15,600) | |||||||||
Total loans held for investment | 1,438,700 | 1,443,300 | 1,438,700 | 1,443,300 | 1,443,300 | |||||||||
Intangible Assets, Net (Including Goodwill) | 0 | 0 | 0 | 0 | 0 | |||||||||
Other Assets Segment | 15,600 | 14,000 | 15,600 | 14,000 | 14,000 | |||||||||
Deposits | 0 | 0 | 0 | 0 | 0 | |||||||||
Stockholders' equity | 117,100 | 87,800 | 117,100 | 87,800 | 87,800 | |||||||||
Net interest income | 20,900 | 19,988 | 15,215 | |||||||||||
Provision for Loan, Lease, and Other Losses | (183) | 2,655 | 4,129 | |||||||||||
Net interest income (loss) after provision for credit losses | 21,083 | 17,333 | 11,086 | |||||||||||
Non-interest income | 59 | 687 | (68) | |||||||||||
Non-interest expense | (7,936) | (5,675) | (3,702) | |||||||||||
Income from continuing operations before income taxes | 13,206 | 12,345 | 7,316 | |||||||||||
Income tax expense (benefit) | 4,952 | 4,630 | 2,744 | |||||||||||
Income from continuing operations | 4,572 | |||||||||||||
Loss from discontinued operations, net | 0 | |||||||||||||
Other Repossessed Assets | 0 | 0 | 0 | 0 | 0 | |||||||||
Other Liabilities Segment | 50,500 | 63,800 | 50,500 | 63,800 | 63,800 | |||||||||
Liabilities | 50,500 | 63,800 | 50,500 | 63,800 | 63,800 | |||||||||
Liabilities and Equity | 167,600 | 151,600 | 167,600 | 151,600 | 151,600 | |||||||||
Excess Funds Provided by (Used in) Segment Basis | (1,286,700) | (1,305,700) | (1,286,700) | (1,305,700) | (1,305,700) | |||||||||
Other borrowings | 0 | 0 | 0 | 0 | 0 | |||||||||
Net income | 8,254 | 7,715 | 4,572 | |||||||||||
Operating Segments [Member] | Technology and Innovation [Member] | ||||||||||||||
Operating Statistics [Line Items] | ||||||||||||||
Assets | 1,129,500 | 887,200 | 1,129,500 | 887,200 | 887,200 | |||||||||
Cash, Cash Equivalents and Investment Securities | 0 | 0 | 0 | 0 | 0 | |||||||||
Loans, net of deferred loan fees and costs | 1,011,400 | 770,300 | 1,011,400 | 770,300 | 770,300 | |||||||||
Less: Allowance for credit losses | (10,600) | (8,200) | (10,600) | (8,200) | (8,200) | |||||||||
Total loans held for investment | 1,000,800 | 762,100 | 1,000,800 | 762,100 | 762,100 | |||||||||
Intangible Assets, Net (Including Goodwill) | 121,500 | 122,400 | 121,500 | 122,400 | 122,400 | |||||||||
Other Assets Segment | 7,200 | 2,700 | 7,200 | 2,700 | 2,700 | |||||||||
Deposits | 1,038,200 | 842,500 | 1,038,200 | 842,500 | 842,500 | |||||||||
Stockholders' equity | 224,100 | 200,900 | 224,100 | 200,900 | 200,900 | |||||||||
Net interest income | 69,143 | 30,137 | ||||||||||||
Provision for Loan, Lease, and Other Losses | (1,626) | 2,264 | ||||||||||||
Net interest income (loss) after provision for credit losses | 70,769 | 27,873 | ||||||||||||
Non-interest income | 6,728 | 2,252 | ||||||||||||
Non-interest expense | (31,271) | (7,596) | ||||||||||||
Income from continuing operations before income taxes | 46,226 | 22,529 | ||||||||||||
Income tax expense (benefit) | 17,335 | 8,448 | ||||||||||||
Other Repossessed Assets | 0 | 0 | 0 | 0 | 0 | |||||||||
Other Liabilities Segment | 2,000 | 0 | 2,000 | 0 | 0 | |||||||||
Liabilities | 1,040,200 | 842,500 | 1,040,200 | 842,500 | 842,500 | |||||||||
Liabilities and Equity | 1,264,300 | 1,043,400 | 1,264,300 | 1,043,400 | 1,043,400 | |||||||||
Excess Funds Provided by (Used in) Segment Basis | 134,800 | 156,200 | 134,800 | 156,200 | 156,200 | |||||||||
Other borrowings | 0 | 0 | 0 | 0 | 0 | |||||||||
Net income | 28,891 | 14,081 | ||||||||||||
Reportable Geographical Components [Member] | ARIZONA | ||||||||||||||
Operating Statistics [Line Items] | ||||||||||||||
Assets | 2,976,800 | 2,836,200 | 2,976,800 | 2,836,200 | 2,836,200 | |||||||||
Cash, Cash Equivalents and Investment Securities | 1,900 | 2,300 | 1,900 | 2,300 | 2,300 | |||||||||
Loans, net of deferred loan fees and costs | 2,955,900 | 2,811,700 | 2,955,900 | 2,811,700 | 2,811,700 | |||||||||
Less: Allowance for credit losses | (30,100) | (30,100) | (30,100) | (30,100) | (30,100) | |||||||||
Total loans held for investment | 2,925,800 | 2,781,600 | 2,925,800 | 2,781,600 | 2,781,600 | |||||||||
Intangible Assets, Net (Including Goodwill) | 0 | 0 | 0 | 0 | 0 | |||||||||
Other Assets Segment | 42,900 | 43,900 | 42,900 | 43,900 | 43,900 | |||||||||
Deposits | 3,843,400 | 2,880,700 | 3,843,400 | 2,880,700 | 2,880,700 | |||||||||
Stockholders' equity | 346,600 | 309,200 | 346,600 | 309,200 | 309,200 | |||||||||
Net interest income | 170,513 | 129,914 | 112,128 | |||||||||||
Provision for Loan, Lease, and Other Losses | 9,912 | 3,099 | 2,083 | |||||||||||
Net interest income (loss) after provision for credit losses | 160,601 | 126,815 | 110,045 | |||||||||||
Non-interest income | 6,887 | 4,204 | 3,586 | |||||||||||
Non-interest expense | (63,406) | (59,917) | (54,859) | |||||||||||
Income from continuing operations before income taxes | 104,082 | 71,102 | 58,772 | |||||||||||
Income tax expense (benefit) | 40,832 | 27,893 | 23,053 | |||||||||||
Income from continuing operations | 35,719 | |||||||||||||
Loss from discontinued operations, net | 0 | |||||||||||||
Other Repossessed Assets | 6,200 | 8,400 | 6,200 | 8,400 | 8,400 | |||||||||
Other Liabilities Segment | 12,800 | 12,200 | 12,800 | 12,200 | 12,200 | |||||||||
Liabilities | 3,856,200 | 2,892,900 | 3,856,200 | 2,892,900 | 2,892,900 | |||||||||
Liabilities and Equity | 4,202,800 | 3,202,100 | 4,202,800 | 3,202,100 | 3,202,100 | |||||||||
Excess Funds Provided by (Used in) Segment Basis | 1,226,000 | 365,900 | 1,226,000 | 365,900 | 365,900 | |||||||||
Other borrowings | 0 | 0 | 0 | 0 | 0 | |||||||||
Net income | 63,250 | 43,209 | 35,719 | |||||||||||
Reportable Geographical Components [Member] | NEVADA | ||||||||||||||
Operating Statistics [Line Items] | ||||||||||||||
Assets | 1,817,600 | 1,836,000 | 1,817,600 | 1,836,000 | 1,836,000 | |||||||||
Cash, Cash Equivalents and Investment Securities | 10,100 | 9,500 | 10,100 | 9,500 | 9,500 | |||||||||
Loans, net of deferred loan fees and costs | 1,725,500 | 1,737,200 | 1,725,500 | 1,737,200 | 1,737,200 | |||||||||
Less: Allowance for credit losses | (18,500) | (18,600) | (18,500) | (18,600) | (18,600) | |||||||||
Total loans held for investment | 1,707,000 | 1,718,600 | 1,707,000 | 1,718,600 | 1,718,600 | |||||||||
Intangible Assets, Net (Including Goodwill) | 23,700 | 24,800 | 23,700 | 24,800 | 24,800 | |||||||||
Other Assets Segment | 58,800 | 62,300 | 58,800 | 62,300 | 62,300 | |||||||||
Deposits | 3,731,500 | 3,382,800 | 3,731,500 | 3,382,800 | 3,382,800 | |||||||||
Stockholders' equity | 250,700 | 244,400 | 250,700 | 244,400 | 244,400 | |||||||||
Net interest income | 137,507 | 122,082 | 117,508 | |||||||||||
Provision for Loan, Lease, and Other Losses | (3,337) | (6,887) | (7,542) | |||||||||||
Net interest income (loss) after provision for credit losses | 140,844 | 128,969 | 125,050 | |||||||||||
Non-interest income | 8,622 | 9,202 | 8,944 | |||||||||||
Non-interest expense | (60,570) | (59,553) | (59,683) | |||||||||||
Income from continuing operations before income taxes | 88,896 | 78,618 | 74,311 | |||||||||||
Income tax expense (benefit) | 31,113 | 27,516 | 26,009 | |||||||||||
Income from continuing operations | 48,302 | |||||||||||||
Loss from discontinued operations, net | 0 | |||||||||||||
Other Repossessed Assets | 18,000 | 20,800 | 18,000 | 20,800 | 20,800 | |||||||||
Other Liabilities Segment | 28,300 | 29,000 | 28,300 | 29,000 | 29,000 | |||||||||
Liabilities | 3,759,800 | 3,411,800 | 3,759,800 | 3,411,800 | 3,411,800 | |||||||||
Liabilities and Equity | 4,010,500 | 3,656,200 | 4,010,500 | 3,656,200 | 3,656,200 | |||||||||
Excess Funds Provided by (Used in) Segment Basis | 2,192,900 | 1,820,200 | 2,192,900 | 1,820,200 | 1,820,200 | |||||||||
Other borrowings | 0 | 0 | 0 | 0 | 0 | |||||||||
Net income | 57,783 | 51,102 | 48,302 | |||||||||||
Reportable Geographical Components [Member] | CALIFORNIA | ||||||||||||||
Operating Statistics [Line Items] | ||||||||||||||
Assets | 1,764,000 | 1,761,200 | 1,764,000 | 1,761,200 | 1,761,200 | |||||||||
Cash, Cash Equivalents and Investment Securities | 2,100 | 2,400 | 2,100 | 2,400 | 2,400 | |||||||||
Loans, net of deferred loan fees and costs | 1,766,800 | 1,761,900 | 1,766,800 | 1,761,900 | 1,761,900 | |||||||||
Less: Allowance for credit losses | (19,400) | (18,800) | (19,400) | (18,800) | (18,800) | |||||||||
Total loans held for investment | 1,747,400 | 1,743,100 | 1,747,400 | 1,743,100 | 1,743,100 | |||||||||
Intangible Assets, Net (Including Goodwill) | 0 | 0 | 0 | 0 | 0 | |||||||||
Other Assets Segment | 14,500 | 15,700 | 14,500 | 15,700 | 15,700 | |||||||||
Deposits | 2,382,600 | 1,902,500 | 2,382,600 | 1,902,500 | 1,902,500 | |||||||||
Stockholders' equity | 201,600 | 191,300 | 201,600 | 191,300 | 191,300 | |||||||||
Net interest income | 103,542 | 94,585 | 91,090 | |||||||||||
Provision for Loan, Lease, and Other Losses | (580) | 152 | (1,638) | |||||||||||
Net interest income (loss) after provision for credit losses | 104,122 | 94,433 | 92,728 | |||||||||||
Non-interest income | 2,550 | 2,697 | 3,917 | |||||||||||
Non-interest expense | (45,643) | (47,549) | (49,764) | |||||||||||
Income from continuing operations before income taxes | 61,029 | 49,581 | 46,881 | |||||||||||
Income tax expense (benefit) | 25,663 | 20,849 | 19,711 | |||||||||||
Income from continuing operations | 27,170 | |||||||||||||
Loss from discontinued operations, net | 0 | |||||||||||||
Other Repossessed Assets | 0 | 0 | 0 | 0 | 0 | |||||||||
Other Liabilities Segment | 12,900 | 7,800 | 12,900 | 7,800 | 7,800 | |||||||||
Liabilities | 2,395,500 | 1,910,300 | 2,395,500 | 1,910,300 | 1,910,300 | |||||||||
Liabilities and Equity | 2,597,100 | 2,101,600 | 2,597,100 | 2,101,600 | 2,101,600 | |||||||||
Excess Funds Provided by (Used in) Segment Basis | 833,100 | 340,400 | 833,100 | 340,400 | 340,400 | |||||||||
Other borrowings | 0 | 0 | 0 | 0 | 0 | |||||||||
Net income | 35,366 | 28,732 | 27,170 | |||||||||||
Reportable Geographical Components [Member] | Northern California [Member] | ||||||||||||||
Operating Statistics [Line Items] | ||||||||||||||
Assets | 1,260,600 | 1,352,700 | 1,260,600 | 1,352,700 | 1,352,700 | |||||||||
Cash, Cash Equivalents and Investment Securities | 1,900 | 2,400 | 1,900 | 2,400 | 2,400 | |||||||||
Loans, net of deferred loan fees and costs | 1,095,400 | 1,188,400 | 1,095,400 | 1,188,400 | 1,188,400 | |||||||||
Less: Allowance for credit losses | (8,800) | (12,700) | (8,800) | (12,700) | (12,700) | |||||||||
Total loans held for investment | 1,086,600 | 1,175,700 | 1,086,600 | 1,175,700 | 1,175,700 | |||||||||
Intangible Assets, Net (Including Goodwill) | 157,500 | 158,200 | 157,500 | 158,200 | 158,200 | |||||||||
Other Assets Segment | 14,300 | 16,100 | 14,300 | 16,100 | 16,100 | |||||||||
Deposits | 1,543,600 | 1,541,100 | 1,543,600 | 1,541,100 | 1,541,100 | |||||||||
Stockholders' equity | 283,700 | 293,200 | 283,700 | 293,200 | 293,200 | |||||||||
Net interest income | 88,162 | 56,698 | 9,133 | |||||||||||
Provision for Loan, Lease, and Other Losses | 2,587 | 3,038 | 0 | |||||||||||
Net interest income (loss) after provision for credit losses | 85,575 | 53,660 | 9,133 | |||||||||||
Non-interest income | 10,422 | 5,161 | 184 | |||||||||||
Non-interest expense | (53,073) | (30,161) | (3,857) | |||||||||||
Income from continuing operations before income taxes | 42,924 | 28,660 | 5,460 | |||||||||||
Income tax expense (benefit) | 18,049 | 12,051 | 2,296 | |||||||||||
Income from continuing operations | 3,164 | |||||||||||||
Loss from discontinued operations, net | 0 | |||||||||||||
Other Repossessed Assets | 300 | 300 | 300 | 300 | 300 | |||||||||
Other Liabilities Segment | 12,400 | 11,200 | 12,400 | 11,200 | 11,200 | |||||||||
Liabilities | 1,556,000 | 1,552,300 | 1,556,000 | 1,552,300 | 1,552,300 | |||||||||
Liabilities and Equity | 1,839,700 | 1,845,500 | 1,839,700 | 1,845,500 | 1,845,500 | |||||||||
Excess Funds Provided by (Used in) Segment Basis | 579,100 | 492,800 | 579,100 | 492,800 | 492,800 | |||||||||
Other borrowings | 0 | 0 | 0 | 0 | 0 | |||||||||
Net income | 24,875 | 16,609 | 3,164 | |||||||||||
Corporate & Other | ||||||||||||||
Operating Statistics [Line Items] | ||||||||||||||
Assets | 3,616,400 | 2,778,800 | 3,616,400 | 2,778,800 | 2,778,800 | |||||||||
Cash, Cash Equivalents and Investment Securities | 3,036,300 | 2,250,200 | 3,036,300 | 2,250,200 | 2,250,200 | |||||||||
Loans, net of deferred loan fees and costs | 13,400 | 39,600 | 13,400 | 39,600 | 39,600 | |||||||||
Less: Allowance for credit losses | (600) | (400) | (600) | (400) | (400) | |||||||||
Total loans held for investment | 12,800 | 39,200 | 12,800 | 39,200 | 39,200 | |||||||||
Intangible Assets, Net (Including Goodwill) | 0 | 0 | 0 | 0 | 0 | |||||||||
Other Assets Segment | 544,000 | 475,000 | 544,000 | 475,000 | 475,000 | |||||||||
Deposits | 120,200 | 189,100 | 120,200 | 189,100 | 189,100 | |||||||||
Stockholders' equity | 149,500 | 124,800 | 149,500 | 124,800 | 124,800 | |||||||||
Net interest income | (62,569) | (34,925) | (15,976) | |||||||||||
Provision for Loan, Lease, and Other Losses | (3,229) | (119) | 458 | |||||||||||
Net interest income (loss) after provision for credit losses | (59,340) | (34,806) | (16,434) | |||||||||||
Non-interest income | 4,872 | 4,394 | 6,278 | |||||||||||
Non-interest expense | (21,283) | (17,595) | (11,352) | |||||||||||
Income from continuing operations before income taxes | (75,751) | (48,007) | (21,508) | |||||||||||
Income tax expense (benefit) | (66,777) | (53,484) | (35,273) | |||||||||||
Income from continuing operations | 13,765 | |||||||||||||
Loss from discontinued operations, net | (1,158) | |||||||||||||
Other Repossessed Assets | 23,300 | 14,400 | 23,300 | 14,400 | 14,400 | |||||||||
Other Liabilities Segment | 173,100 | 127,400 | 173,100 | 127,400 | 127,400 | |||||||||
Liabilities | 741,200 | 676,800 | 741,200 | 676,800 | 676,800 | |||||||||
Liabilities and Equity | 890,700 | 801,600 | 890,700 | 801,600 | 801,600 | |||||||||
Excess Funds Provided by (Used in) Segment Basis | (2,725,700) | (1,977,200) | (2,725,700) | (1,977,200) | (1,977,200) | |||||||||
Other borrowings | $ 447,900 | $ 360,300 | 447,900 | $ 360,300 | 360,300 | |||||||||
Net income | $ (8,974) | $ 5,477 | $ 12,607 |
Segments - Additional Information (Detail) |
12 Months Ended |
---|---|
Dec. 31, 2016
Subsidiary
| |
Segment Reporting Information [Line Items] | |
Number of wholly-owned subsidiaries | 10 |
Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2016 |
Sep. 30, 2016 |
Jun. 30, 2016 |
Mar. 31, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Jun. 30, 2015 |
Mar. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2015 |
Dec. 31, 2014 |
|
Quarterly Financial Data Disclosure [Abstract] | ||||||||||||
Interest and Dividend Income, Operating | $ 187,411 | $ 184,750 | $ 174,089 | $ 154,256 | $ 151,331 | $ 146,233 | $ 116,618 | $ 110,962 | $ 700,506 | $ 525,144 | $ 416,379 | |
Interest Expense | 12,142 | 12,203 | 10,403 | 8,545 | 7,988 | 8,826 | 7,900 | 7,854 | 43,293 | 32,568 | 31,486 | |
Interest Income (Expense), Net | 175,269 | 172,547 | 163,686 | 145,711 | 143,343 | 137,407 | 108,718 | 103,108 | 657,213 | 492,576 | 384,893 | |
Provision for Loan, Lease, and Other Losses | 1,000 | 2,000 | 2,500 | 2,500 | 2,500 | 0 | 0 | 700 | 8,000 | 3,200 | 4,726 | |
Interest Income (Expense), after Provision for Loan Loss | 174,269 | 170,547 | 161,186 | 143,211 | 140,843 | 137,407 | 108,718 | 102,408 | 649,213 | 489,376 | 380,167 | |
Non-interest income | 10,540 | 10,683 | 8,559 | 13,133 | 9,479 | 8,502 | 5,545 | 6,242 | 42,915 | 29,768 | 24,651 | |
Non-interest expense | (88,645) | (85,007) | (81,804) | (75,493) | (72,448) | (72,916) | (61,209) | (54,033) | (330,949) | (260,606) | (207,319) | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | 96,164 | 96,223 | 87,941 | 80,851 | 77,874 | 72,993 | 53,054 | 54,617 | 361,179 | 258,538 | 197,499 | |
Income Tax Expense (Benefit) | 26,364 | 29,171 | 26,327 | 19,519 | 19,348 | 17,133 | 13,579 | 14,234 | 101,381 | 64,294 | 48,390 | |
Income (Loss) from Continuing Operations Attributable to Parent | 58,526 | 55,860 | 39,475 | 40,383 | 259,798 | 194,244 | 149,109 | |||||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 0 | (1,158) | |||||||||
Net income | 259,798 | $ 194,244 | 194,244 | 147,951 | ||||||||
Preferred Stock Dividends and Other Adjustments | 151 | 176 | 247 | 176 | 0 | 750 | 1,387 | |||||
Net income available to common shareholders | $ 69,800 | $ 67,052 | $ 61,614 | $ 61,332 | $ 58,375 | $ 55,684 | $ 39,228 | $ 40,207 | $ 259,798 | $ 193,494 | $ 146,564 | |
Earnings Per Share, Basic | $ 0.67 | $ 0.65 | $ 0.60 | $ 0.60 | $ 0.58 | $ 0.55 | $ 0.44 | $ 0.46 | $ 2.52 | $ 2.05 | $ 1.69 | |
Earnings Per Share, Diluted | $ 0.67 | $ 0.64 | $ 0.60 | $ 0.60 | $ 0.57 | $ 0.55 | $ 0.44 | $ 0.45 | $ 2.50 | $ 2.03 | $ 1.67 |
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