x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Commonwealth of Massachusetts | 04-2976299 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
Ten Post Office Square Boston, Massachusetts | 02109 |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (888) 666-1363 |
Large accelerated filer o | Accelerated filer x | |||
Non-accelerated filer o | (Do not check if a smaller reporting company) | Smaller reporting company o |
Common Stock, Par Value $1.00 Per Share | 79,836,065 |
(class) | (outstanding) |
PART I—FINANCIAL INFORMATION | |||
Item 1 | |||
Item 2 | |||
Item 3 | |||
Item 4 | |||
PART II—OTHER INFORMATION | |||
Item 1 | |||
Item 1A | |||
Item 2 | |||
Item 3 | |||
Item 4 | |||
Item 5 | |||
Item 6 | |||
Certifications |
June 30, 2013 | December 31, 2012 | ||||||
(In thousands, except share and per share data) | |||||||
Assets: | |||||||
Cash and cash equivalents | $ | 67,654 | $ | 308,744 | |||
Investment securities available for sale (amortized cost of $725,218 and $690,556 at June 30, 2013 and December 31, 2012, respectively) | 724,153 | 699,300 | |||||
Loans held for sale | 12,414 | 308,390 | |||||
Total loans | 4,838,713 | 4,814,136 | |||||
Less: Allowance for loan losses | 80,800 | 84,057 | |||||
Net loans | 4,757,913 | 4,730,079 | |||||
Other real estate owned (“OREO”) | 776 | 3,616 | |||||
Stock in Federal Home Loan Banks | 40,622 | 41,981 | |||||
Premises and equipment, net | 29,093 | 27,081 | |||||
Goodwill | 110,180 | 110,180 | |||||
Intangible assets, net | 22,712 | 24,874 | |||||
Fees receivable | 9,950 | 8,836 | |||||
Accrued interest receivable | 14,831 | 14,723 | |||||
Deferred income taxes, net | 60,019 | 62,245 | |||||
Other assets | 116,613 | 124,956 | |||||
Total assets | $ | 5,966,930 | $ | 6,465,005 | |||
Liabilities: | |||||||
Deposits | $ | 4,576,383 | $ | 4,885,059 | |||
Deposits held for sale | — | 194,084 | |||||
Securities sold under agreements to repurchase | 26,700 | 116,319 | |||||
Federal funds purchased | 65,000 | — | |||||
Federal Home Loan Bank borrowings | 448,706 | 408,121 | |||||
Junior subordinated debentures | 133,168 | 143,647 | |||||
Other liabilities | 90,035 | 95,386 | |||||
Total liabilities | 5,339,992 | 5,842,616 | |||||
Redeemable Noncontrolling Interests | 17,661 | 19,287 | |||||
Shareholders’ Equity: | |||||||
Preferred stock, $1.00 par value; authorized: 2,000,000 shares; | |||||||
Series B, issued and outstanding (contingently convertible): 0 shares at June 30, 2013 and 401 shares at December 31, 2012; liquidation value: $100,000 per share | — | 58,089 | |||||
Series D, 6.95% Non-Cumulative Perpetual, issued and outstanding: 50,000 shares at June 30, 2013, 0 shares at December 31, 2012; liquidation preference: $1,000 per share | 47,754 | — | |||||
Common stock, $1.00 par value; authorized: 170,000,000 shares; issued and outstanding: 79,734,389 shares at June 30, 2013 and 78,743,518 shares at December 31, 2012 | 79,734 | 78,744 | |||||
Additional paid-in capital | 626,950 | 640,891 | |||||
Accumulated deficit | (142,215 | ) | (176,746 | ) | |||
Accumulated other comprehensive income/ (loss) | (3,081 | ) | 2,124 | ||||
Total Company’s shareholders’ equity | 609,142 | 603,102 | |||||
Noncontrolling interests | 135 | — | |||||
Total shareholders’ equity | 609,277 | 603,102 | |||||
Total liabilities, redeemable noncontrolling interests and shareholders’ equity | $ | 5,966,930 | $ | 6,465,005 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(In thousands, except share and per share data) | |||||||||||||||
Interest and dividend income: | |||||||||||||||
Loans | $ | 48,339 | $ | 53,402 | $ | 97,689 | $ | 105,349 | |||||||
Taxable investment securities | 493 | 1,078 | 1,007 | 2,335 | |||||||||||
Non-taxable investment securities | 778 | 752 | 1,617 | 1,600 | |||||||||||
Mortgage-backed securities | 1,340 | 1,604 | 2,742 | 3,206 | |||||||||||
Federal funds sold and other | 175 | 72 | 351 | 221 | |||||||||||
Total interest and dividend income | 51,125 | 56,908 | 103,406 | 112,711 | |||||||||||
Interest expense: | |||||||||||||||
Deposits | 3,120 | 4,435 | 6,906 | 9,338 | |||||||||||
Federal Home Loan Bank borrowings | 2,818 | 3,747 | 5,649 | 7,692 | |||||||||||
Junior subordinated debentures | 1,156 | 1,690 | 2,310 | 3,443 | |||||||||||
Repurchase agreements and other short-term borrowings | 132 | 440 | 366 | 874 | |||||||||||
Total interest expense | 7,226 | 10,312 | 15,231 | 21,347 | |||||||||||
Net interest income | 43,899 | 46,596 | 88,175 | 91,364 | |||||||||||
Provision/ (credit) for loan losses | (2,000 | ) | 1,700 | (2,000 | ) | 5,700 | |||||||||
Net interest income after provision for loan losses | 45,899 | 44,896 | 90,175 | 85,664 | |||||||||||
Fees and other income: | |||||||||||||||
Investment management and trust fees | 17,340 | 15,484 | 34,208 | 30,722 | |||||||||||
Wealth advisory fees | 10,317 | 9,183 | 20,385 | 18,419 | |||||||||||
Other banking fee income | 1,704 | 1,295 | 3,502 | 2,662 | |||||||||||
Gain on sale of loans, net | 746 | 430 | 1,933 | 851 | |||||||||||
Gain on repurchase of debt | 46 | 715 | 620 | 1,594 | |||||||||||
Gain on sale of investments, net | 18 | 839 | 28 | 853 | |||||||||||
Gain/ (loss) on OREO, net | (47 | ) | 366 | (13 | ) | 325 | |||||||||
Gain on sale of Pacific Northwest offices | 10,574 | — | 10,574 | — | |||||||||||
Other | 158 | (303 | ) | 215 | 37 | ||||||||||
Total fees and other income | 40,856 | 28,009 | 71,452 | 55,463 | |||||||||||
Operating expense: | |||||||||||||||
Salaries and employee benefits | 34,054 | 34,471 | 71,503 | 71,383 | |||||||||||
Occupancy and equipment | 7,594 | 7,931 | 15,097 | 15,196 | |||||||||||
Professional services | 2,585 | 3,021 | 5,246 | 5,960 | |||||||||||
Marketing and business development | 2,759 | 1,779 | 4,216 | 3,108 | |||||||||||
Contract services and data processing | 1,484 | 1,355 | 3,052 | 2,543 | |||||||||||
Amortization of intangibles | 1,101 | 1,090 | 2,219 | 2,181 | |||||||||||
FDIC insurance | 954 | 982 | 1,994 | 1,831 | |||||||||||
Restructuring expense | — | 564 | — | 699 | |||||||||||
Other | 6,157 | 4,142 | 9,925 | 8,061 | |||||||||||
Total operating expense | 56,688 | 55,335 | 113,252 | 110,962 | |||||||||||
Income before income taxes | 30,067 | 17,570 | 48,375 | 30,165 | |||||||||||
Income tax expense | 10,551 | 5,240 | 16,448 | 9,091 | |||||||||||
Net income from continuing operations | 19,516 | 12,330 | 31,927 | 21,074 | |||||||||||
Net income from discontinued operations | 2,781 | 2,590 | 4,503 | 4,144 | |||||||||||
Net income before attribution to noncontrolling interests | 22,297 | 14,920 | 36,430 | 25,218 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(In thousands, except share and per share data) | |||||||||||||||
Less: Net income attributable to noncontrolling interests | 969 | 759 | 1,899 | 1,552 | |||||||||||
Net income attributable to the Company | $ | 21,328 | $ | 14,161 | $ | 34,531 | $ | 23,666 | |||||||
Adjustments to net income attributable to the Company to arrive at net income attributable to common shareholders | $ | (12,667 | ) | $ | (1,400 | ) | $ | (13,923 | ) | $ | (2,509 | ) | |||
Net income attributable to common shareholders for earnings/ (loss) per share calculation | $ | 8,661 | $ | 12,761 | $ | 20,608 | $ | 21,157 | |||||||
Basic earnings/ (loss) per share attributable to common shareholders: | |||||||||||||||
From continuing operations: | $ | 0.08 | $ | 0.14 | $ | 0.21 | $ | 0.22 | |||||||
From discontinued operations: | $ | 0.03 | $ | 0.03 | $ | 0.05 | $ | 0.05 | |||||||
Total attributable to common shareholders: | $ | 0.11 | $ | 0.17 | $ | 0.27 | $ | 0.28 | |||||||
Weighted average basic common shares outstanding | 77,250,998 | 75,803,973 | 77,035,998 | 75,718,949 | |||||||||||
Diluted earnings/ (loss) per share attributable to common shareholders: | |||||||||||||||
From continuing operations: | $ | 0.08 | $ | 0.14 | $ | 0.21 | $ | 0.23 | |||||||
From discontinued operations: | $ | 0.03 | $ | 0.03 | $ | 0.05 | $ | 0.05 | |||||||
Total attributable to common shareholders: | $ | 0.11 | $ | 0.17 | $ | 0.26 | $ | 0.28 | |||||||
Weighted average diluted common shares outstanding | 78,378,878 | 76,505,092 | 78,105,290 | 76,433,107 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||||
Net income attributable to the Company | $ | 21,328 | $ | 14,161 | $ | 34,531 | $ | 23,666 | |||||||
Other comprehensive income/ (loss), net of tax: | |||||||||||||||
Unrealized gain/ (loss) on securities available for sale | (5,362 | ) | 153 | (5,971 | ) | 161 | |||||||||
Reclassification adjustment for net realized gain/ (loss) included in net income | 10 | 538 | 16 | 546 | |||||||||||
Adjustment for discontinued operations | — | (21 | ) | — | (23 | ) | |||||||||
Net unrealized gain/ (loss) on securities available for sale | (5,372 | ) | (364 | ) | (5,987 | ) | (362 | ) | |||||||
Unrealized gain/ (loss) on cash flow hedges | 747 | (353 | ) | 684 | (515 | ) | |||||||||
Reclassification adjustment for net realized gain/ (loss) included in net income | (270 | ) | (250 | ) | (540 | ) | (493 | ) | |||||||
Net unrealized gain/ (loss) on cash flow hedges | 1,017 | (103 | ) | 1,224 | (22 | ) | |||||||||
Net unrealized gain/ (loss) on other | (286 | ) | 1 | (442 | ) | (140 | ) | ||||||||
Other comprehensive income/ (loss), net of tax | (4,641 | ) | (466 | ) | (5,205 | ) | (524 | ) | |||||||
Total comprehensive income/ (loss) attributable to the Company, net | $ | 16,687 | $ | 13,695 | $ | 29,326 | $ | 23,142 |
Common Stock | Preferred Stock | Additional Paid-in Capital | Retained Earnings/ (Accumulated Deficit) | Accumulated Other Comprehensive Income/ (Loss) | Non- controlling Interests | Total | |||||||||||||||||||||
(In thousands, except share data) | |||||||||||||||||||||||||||
Balance, December 31, 2011 | $ | 78,023 | $ | 58,089 | $ | 656,436 | $ | (230,017 | ) | $ | 3,594 | $ | — | $ | 566,125 | ||||||||||||
Net income attributable to the Company | — | — | — | 23,666 | — | — | 23,666 | ||||||||||||||||||||
Other comprehensive income/ (loss), net | — | — | — | — | (524 | ) | — | (524 | ) | ||||||||||||||||||
Dividends paid to common shareholders: $0.02 per share | — | — | (1,562 | ) | — | — | — | (1,562 | ) | ||||||||||||||||||
Dividends paid to preferred shareholder | — | — | (145 | ) | — | — | — | (145 | ) | ||||||||||||||||||
Repurchase of Carlyle warrants and Director’s warrants | — | — | (15,000 | ) | — | — | — | (15,000 | ) | ||||||||||||||||||
Net proceeds from issuance of: | |||||||||||||||||||||||||||
98,500 shares of common stock | 99 | — | 458 | — | — | — | 557 | ||||||||||||||||||||
655,583 shares of incentive stock grants, net of cancellations and forfeitures | 638 | — | (638 | ) | — | — | — | — | |||||||||||||||||||
Amortization of stock compensation and employee stock purchase plan | — | — | 3,950 | — | — | — | 3,950 | ||||||||||||||||||||
Stock options exercised | 62 | — | 390 | — | — | — | 452 | ||||||||||||||||||||
Tax deficiency from certain stock compensation awards | — | — | (948 | ) | — | — | — | (948 | ) | ||||||||||||||||||
Other equity adjustments | — | — | (949 | ) | — | — | — | (949 | ) | ||||||||||||||||||
Balance, June 30, 2012 | $ | 78,822 | $ | 58,089 | $ | 641,992 | $ | (206,351 | ) | $ | 3,070 | $ | — | $ | 575,622 | ||||||||||||
Balance, December 31, 2012 | $ | 78,744 | $ | 58,089 | $ | 640,891 | $ | (176,746 | ) | $ | 2,124 | $ | — | $ | 603,102 | ||||||||||||
Net income attributable to the Company | — | — | — | 34,531 | — | — | 34,531 | ||||||||||||||||||||
Other comprehensive income/ (loss), net | — | — | — | — | (5,205 | ) | — | (5,205 | ) | ||||||||||||||||||
Dividends paid to common shareholders: $0.10 per share | — | — | (7,954 | ) | — | — | — | (7,954 | ) | ||||||||||||||||||
Dividends paid to preferred shareholder | — | — | (923 | ) | — | — | — | (923 | ) | ||||||||||||||||||
Repurchase of Non-Cumulative Perpetual Contingent Convertible Preferred Stock, Series B | — | (58,089 | ) | (11,738 | ) | — | — | — | (69,827 | ) | |||||||||||||||||
Issuance of 6.95% Non-Cumulative Perpetual Preferred Stock, Series D, net of issuance costs | — | 47,754 | — | — | — | — | 47,754 | ||||||||||||||||||||
Issuance of noncontrolling interests | — | — | — | — | — | 135 | 135 | ||||||||||||||||||||
Net proceeds from issuance of: | |||||||||||||||||||||||||||
71,891 shares of common stock | 72 | — | 479 | — | — | — | 551 | ||||||||||||||||||||
677,620 shares of incentive stock grants, net of cancellations and forfeitures | 667 | — | (667 | ) | — | — | — | — | |||||||||||||||||||
Amortization of stock compensation and employee stock purchase plan | — | — | 3,797 | — | — | — | 3,797 | ||||||||||||||||||||
Stock options exercised | 251 | — | 1,637 | — | — | — | 1,888 | ||||||||||||||||||||
Tax deficiency from certain stock compensation awards | — | — | (643 | ) | — | — | — | (643 | ) | ||||||||||||||||||
Other equity adjustments | — | — | 2,071 | — | — | — | 2,071 | ||||||||||||||||||||
Balance, June 30, 2013 | $ | 79,734 | $ | 47,754 | $ | 626,950 | $ | (142,215 | ) | $ | (3,081 | ) | $ | 135 | $ | 609,277 |
Six months ended June 30, | |||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
Cash flows from operating activities: | |||||||
Net income attributable to the Company | $ | 34,531 | $ | 23,666 | |||
Adjustments to arrive at net income from continuing operations | |||||||
Net income attributable to noncontrolling interests | 1,899 | 1,552 | |||||
(Income) before tax from discontinued operations, not including gain on disposal | (7,967 | ) | (5,167 | ) | |||
Net pre-tax gain on sale of discontinued operations | — | (221 | ) | ||||
Tax expense from discontinued operations | 3,464 | 1,244 | |||||
Net income from continuing operations | 31,927 | 21,074 | |||||
Adjustments to reconcile net income from continuing operations to net cash provided by/ (used in) operating activities: | |||||||
Depreciation and amortization | 9,929 | 9,482 | |||||
Net income attributable to noncontrolling interests | (1,899 | ) | (1,552 | ) | |||
Equity issued as compensation | 3,797 | 3,950 | |||||
Provision/ (credit) for loan losses | (2,000 | ) | 5,700 | ||||
Loans originated for sale | (157,039 | ) | (82,735 | ) | |||
Proceeds from sale of loans held for sale | 174,869 | 83,251 | |||||
Gain on repurchase of debt | (620 | ) | (1,594 | ) | |||
Gain on sale of Pacific Northwest offices | (10,574 | ) | — | ||||
Deferred income tax expense/ (benefit) | 4,873 | 916 | |||||
Net decrease/ (increase) in other operating activities | 1,153 | (3,451 | ) | ||||
Net cash provided by/ (used in) operating activities of continuing operations | 54,416 | 35,041 | |||||
Net cash provided by/ (used in) operating activities of discontinued operations | 4,503 | 6,778 | |||||
Net cash provided by/ (used in) operating activities | 58,919 | 41,819 | |||||
Cash flows from investing activities: | |||||||
Investment securities available for sale: | |||||||
Purchases | (178,406 | ) | (164,738 | ) | |||
Sales | 1,490 | 49,237 | |||||
Maturities, redemptions, and principal payments | 138,424 | 222,493 | |||||
(Investments)/ distributions in trusts, net | (309 | ) | (411 | ) | |||
(Purchase)/ redemption of Federal Home Loan Banks stock | 1,359 | 625 | |||||
Net (increase)/ decrease in portfolio loans | (37,109 | ) | (448,584 | ) | |||
Proceeds from recoveries of loans previously charged-off | 2,979 | 4,549 | |||||
Proceeds from sale of OREO | 2,455 | 3,277 | |||||
Proceeds from sale of portfolio loans | 9,449 | — | |||||
Proceeds from sale of Pacific Northwest offices | 123,693 | — | |||||
Capital expenditures | (5,164 | ) | (3,347 | ) | |||
Cash received from sale of discontinued operations, net of cash divested | — | 5,218 | |||||
Cash used in other investing activities | (224 | ) | — | ||||
Net cash provided by/ (used in) investing activities of continuing operations | 58,637 | (331,681 | ) | ||||
Net cash provided by/ (used in) investing activities of discontinued operations | — | (21 | ) | ||||
Net cash provided by/ (used in) investing activities | 58,637 | (331,702 | ) | ||||
Six months ended June 30, | |||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
Cash flows from financing activities: | |||||||
Net increase/ (decrease) in deposits, including deposits held for sale | (334,606 | ) | 65,347 | ||||
Net (decrease)/ increase in securities sold under agreements to repurchase | (89,619 | ) | (29,949 | ) | |||
Net (decrease)/ increase in federal funds purchased | 65,000 | 85,000 | |||||
Net (decrease)/ increase in short-term Federal Home Loan Bank borrowings | 25,000 | 140,000 | |||||
Advances of long-term Federal Home Loan Bank borrowings | 68,000 | 15,000 | |||||
Repayments of long-term Federal Home Loan Bank borrowings | (52,415 | ) | (60,078 | ) | |||
Repurchase of debt | (9,533 | ) | (5,818 | ) | |||
Dividends paid to common shareholders | (7,954 | ) | (1,562 | ) | |||
Dividends paid to preferred shareholder | (923 | ) | (145 | ) | |||
Proceeds from issuance of Series D preferred stock, net | 47,754 | — | |||||
Repurchase of Series B preferred stock, including deemed dividend at repurchase | (69,827 | ) | — | ||||
Repurchase of warrants | — | (15,000 | ) | ||||
Tax deficiency from certain stock compensation awards | (643 | ) | (948 | ) | |||
Proceeds from stock option exercises | 1,888 | 452 | |||||
Proceeds from issuance of common stock, net | 551 | 557 | |||||
Distributions paid to noncontrolling interests | (1,678 | ) | (2,393 | ) | |||
Other equity adjustments | 359 | (1,108 | ) | ||||
Net cash provided by/ (used in) financing activities of continuing operations | (358,646 | ) | 189,355 | ||||
Net cash provided by/ (used in) financing activities of discontinued operations | — | — | |||||
Net cash provided by/ (used in) financing activities | (358,646 | ) | 189,355 | ||||
Net increase/ (decrease) in cash and cash equivalents | (241,090 | ) | (100,528 | ) | |||
Cash and cash equivalents at beginning of year | 308,744 | 203,354 | |||||
Cash and cash equivalents at end of period | $ | 67,654 | $ | 102,826 | |||
Supplementary schedule of non-cash investing and financing activities: | |||||||
Cash paid for interest | $ | 15,443 | $ | 21,907 | |||
Cash paid for income taxes, net of (refunds received) | 16,027 | 4,699 | |||||
Net unrealized gain/ (loss) on securities available for sale | (5,987 | ) | (362 | ) | |||
Net unrealized gain/ (loss) on cash flow hedges | 1,224 | (22 | ) | ||||
Net unrealized gain/ (loss) on other | (442 | ) | (140 | ) | |||
Non-cash transactions: | |||||||
Loans transferred into/ (out of) other real estate owned from/ (to) held for sale or portfolio | (372 | ) | 903 | ||||
Loans transferred into/ (out of) held for sale from/ (to) portfolio | 7,493 | — |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(In thousands, except share and per share data) | |||||||||||||||
Basic earnings/ (loss) per share - Numerator: | |||||||||||||||
Net income from continuing operations | $ | 19,516 | $ | 12,330 | $ | 31,927 | $ | 21,074 | |||||||
Less: Net income attributable to noncontrolling interests | 969 | 759 | 1,899 | 1,552 | |||||||||||
Net income from continuing operations attributable to the Company | 18,547 | 11,571 | 30,028 | 19,522 | |||||||||||
Decrease/ (increase) in noncontrolling interests’ redemption values (1) | (97 | ) | 163 | (112 | ) | 77 | |||||||||
Dividends on participating securities (2) | (12,371 | ) | (92 | ) | (12,813 | ) | (184 | ) | |||||||
Total adjustments to income attributable to common shareholders | (12,468 | ) | 71 | (12,925 | ) | (107 | ) | ||||||||
Net income from continuing operations attributable to common shareholders, before allocation to participating securities | 6,079 | 11,642 | 17,103 | 19,415 | |||||||||||
Less: Amount allocated to participating securities | (88 | ) | (1,188 | ) | (673 | ) | (1,950 | ) | |||||||
Net income from continuing operations attributable to common shareholders, after allocation to participating securities | $ | 5,991 | $ | 10,454 | $ | 16,430 | $ | 17,465 | |||||||
Net income from discontinued operations, before allocation to participating securities | $ | 2,781 | $ | 2,590 | $ | 4,503 | $ | 4,144 | |||||||
Less: Amount allocated to participating securities | (111 | ) | (283 | ) | (325 | ) | (452 | ) | |||||||
Net income from discontinued operations, after allocation to participating securities | $ | 2,670 | $ | 2,307 | $ | 4,178 | $ | 3,692 | |||||||
Net income attributable to common shareholders, before allocation to participating securities | $ | 8,860 | $ | 14,232 | $ | 21,606 | $ | 23,559 | |||||||
Less: Amount allocated to participating securities | (199 | ) | (1,471 | ) | (998 | ) | (2,402 | ) | |||||||
Net income attributable to common shareholders, after allocation to participating securities | $ | 8,661 | $ | 12,761 | $ | 20,608 | $ | 21,157 | |||||||
Basic earnings/ (loss) per share - Denominator: | |||||||||||||||
Weighted average basic common shares outstanding | 77,250,998 | 75,803,973 | 77,035,998 | 75,718,949 | |||||||||||
Per share data - Basic earnings/ (loss) per share from: | |||||||||||||||
Continuing operations | $ | 0.08 | $ | 0.14 | $ | 0.21 | $ | 0.22 | |||||||
Discontinued operations | $ | 0.03 | $ | 0.03 | $ | 0.05 | $ | 0.05 | |||||||
Total attributable to common shareholders | $ | 0.11 | $ | 0.17 | $ | 0.27 | $ | 0.28 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(In thousands, except share and per share data) | |||||||||||||||
Diluted earnings/ (loss) per share - Numerator: | |||||||||||||||
Net income from continuing operations attributable to common shareholders, after allocation to participating securities | $ | 5,991 | $ | 10,454 | $ | 16,430 | $ | 17,465 | |||||||
Add back: income allocated to dilutive securities | — | — | — | — | |||||||||||
Net income from continuing operations attributable to common shareholders, after allocation to participating securities, after assumed dilution | 5,991 | 10,454 | 16,430 | 17,465 | |||||||||||
Net income from discontinued operations, after allocation to participating securities | 2,670 | 2,307 | 4,178 | 3,692 | |||||||||||
Net income attributable to common shareholders, after allocation to participating securities, after assumed dilution | $ | 8,661 | $ | 12,761 | $ | 20,608 | $ | 21,157 | |||||||
Diluted earnings/ (loss) per share - Denominator: | |||||||||||||||
Weighted average basic common shares outstanding | 77,250,998 | 75,803,973 | 77,035,998 | 75,718,949 | |||||||||||
Dilutive effect of: | |||||||||||||||
Stock options and performance-based restricted stock (3) | 570,355 | 397,512 | 560,157 | 387,634 | |||||||||||
Warrants to purchase common stock (3) | 557,525 | 303,607 | 509,135 | 326,524 | |||||||||||
Dilutive common shares | 1,127,880 | 701,119 | 1,069,292 | 714,158 | |||||||||||
Weighted average diluted common shares outstanding (3) | 78,378,878 | 76,505,092 | 78,105,290 | 76,433,107 | |||||||||||
Per share data - Diluted earnings/ (loss) per share from: | |||||||||||||||
Continuing operations | $ | 0.08 | $ | 0.14 | $ | 0.21 | $ | 0.23 | |||||||
Discontinued operations | $ | 0.03 | $ | 0.03 | $ | 0.05 | $ | 0.05 | |||||||
Total attributable to common shareholders | $ | 0.11 | $ | 0.17 | $ | 0.26 | $ | 0.28 | |||||||
Dividends per share declared on common stock | $ | 0.05 | $ | 0.01 | $ | 0.10 | $ | 0.02 |
(1) | See Part II. Item 8. “Financial Statements and Supplementary Data—Note 14: Noncontrolling Interests” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 for a description of the redemption values related to the redeemable noncontrolling interests. In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 480, Distinguishing Liabilities from Equity (“ASC 480”), an increase in redemption value from period to period reduces income attributable to common shareholders. Decreases in redemption value from period to period increase income attributable to common shareholders, but only to the extent that the cumulative change in redemption value remains a cumulative increase since adoption of this standard in the first quarter of 2009. |
(2) | Consideration paid in excess of carrying value for the repurchase of the Series B preferred stock of $11.7 million is considered a deemed dividend and, for purposes of calculating EPS, reduces net income attributable to common shareholders for the three and six months ended June 30, 2013. |
(3) | The diluted EPS computations for the three and six months ended June 30, 2013 and 2012 do not assume the conversion, exercise, or contingent issuance of the following shares for these periods because the result would have been anti-dilutive for the periods indicated. As a result of the anti-dilution, the potential common shares excluded from the diluted EPS computation are as follows: |
Three months ended June 30, | Six months ended June 30, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||
Shares excluded due to anti-dilution (treasury method): | (In thousands) | ||||||||||
Potential common shares from: | |||||||||||
Convertible trust preferred securities (a) | 1 | 1,268 | 1 | 1,268 | |||||||
Total shares excluded due to anti-dilution | 1 | 1,268 | 1 | 1,268 |
Three months ended June 30, | Six months ended June 30, | ||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||
Shares excluded due to exercise price exceeding the average market price of common shares during the period (total outstanding): | (In thousands) | ||||||||||
Potential common shares from: | |||||||||||
Stock options, performance-based restricted stock, or other dilutive securities (b) | 1,398 | 2,823 | 1,511 | 2,875 | |||||||
Total shares excluded due to exercise price exceeding the average market price of common shares during the period | 1,398 | 2,823 | 1,511 | 2,875 |
(a) | If the effect of the conversion of the trust preferred securities would have been dilutive, interest expense, net of tax, related to the convertible trust preferred securities of $0.3 million and $0.6 million for the three and six months ended June 30, 2012, respectively, would have been added back to net income attributable to common shareholders for diluted EPS computations for the period presented. None would be added back for the three or six months ended June 30, 2013. |
(b) | Options to purchase shares of common stock, non-participating (performance-based) restricted stock, and other dilutive securities that were outstanding at period ends were not included in the computation of diluted EPS or in the above anti-dilution table because their exercise or conversion prices were greater than the average market price of the common shares during the respective periods. |
Three months ended June 30, | |||||||||||||||||||||||
Net interest income | Non-interest income (1) | Total revenues | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Total Bank | $ | 44,998 | $ | 48,214 | $ | 19,480 | $ | 8,642 | $ | 64,478 | $ | 56,856 | |||||||||||
Total Investment Managers | 5 | 7 | 10,866 | 9,583 | 10,871 | 9,590 | |||||||||||||||||
Total Wealth Advisors | 16 | 6 | 10,317 | 9,169 | 10,333 | 9,175 | |||||||||||||||||
Total Segments | 45,019 | 48,227 | 40,663 | 27,394 | 85,682 | 75,621 | |||||||||||||||||
Holding Company and Eliminations | (1,120 | ) | (1,631 | ) | 193 | 615 | (927 | ) | (1,016 | ) | |||||||||||||
Total Company | $ | 43,899 | $ | 46,596 | $ | 40,856 | $ | 28,009 | $ | 84,755 | $ | 74,605 |
Three months ended June 30, | |||||||||||||||||||||||
Non-interest expense (2) | Income tax expense | Net income from continuing operations | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Total Bank | $ | 36,526 | $ | 35,612 | $ | 10,735 | $ | 6,529 | $ | 19,217 | $ | 13,015 | |||||||||||
Total Investment Managers | 8,301 | 7,866 | 842 | 610 | 1,728 | 1,114 | |||||||||||||||||
Total Wealth Advisors | 6,892 | 6,801 | 1,304 | 851 | 2,137 | 1,523 | |||||||||||||||||
Total Segments | 51,719 | 50,279 | 12,881 | 7,990 | 23,082 | 15,652 | |||||||||||||||||
Holding Company and Eliminations | 4,969 | 5,056 | (2,330 | ) | (2,750 | ) | (3,566 | ) | (3,322 | ) | |||||||||||||
Total Company | $ | 56,688 | $ | 55,335 | $ | 10,551 | $ | 5,240 | $ | 19,516 | $ | 12,330 |
Three months ended June 30, | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | Net income attributable to the Company (3) | Amortization of intangibles | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Total Bank | $ | — | $ | — | $ | 19,217 | $ | 13,015 | $ | 71 | $ | 26 | |||||||||||
Total Investment Managers | 521 | 345 | 1,207 | 769 | 780 | 800 | |||||||||||||||||
Total Wealth Advisors | 448 | 414 | 1,689 | 1,109 | 250 | 264 | |||||||||||||||||
Total Segments | 969 | 759 | 22,113 | 14,893 | 1,101 | 1,090 | |||||||||||||||||
Holding Company and Eliminations | — | — | (785 | ) | (732 | ) | — | — | |||||||||||||||
Total Company | $ | 969 | $ | 759 | $ | 21,328 | $ | 14,161 | $ | 1,101 | $ | 1,090 |
As of June 30, | Three months ended June 30, | ||||||||||||||||||||||
Assets | AUM (4) | Depreciation | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(In thousands) | (In millions) | (In thousands) | |||||||||||||||||||||
Total Bank | $ | 5,783,621 | $ | 6,066,445 | $ | 4,126 | $ | 3,680 | $ | 1,439 | $ | 1,410 | |||||||||||
Total Investment Managers | 100,791 | 105,375 | 9,149 | 7,982 | 54 | 68 | |||||||||||||||||
Total Wealth Advisors | 68,404 | 67,512 | 8,516 | 7,474 | 100 | 91 | |||||||||||||||||
Total Segments | 5,952,816 | 6,239,332 | 21,791 | 19,136 | 1,593 | 1,569 | |||||||||||||||||
Holding Company and Eliminations | 14,114 | 24,911 | (20 | ) | (19 | ) | 39 | 44 | |||||||||||||||
Total Company | $ | 5,966,930 | $ | 6,264,243 | $ | 21,771 | $ | 19,117 | $ | 1,632 | $ | 1,613 |
Six months ended June 30, | |||||||||||||||||||||||
Net interest income | Non-interest income (1) | Total revenues | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Total Bank | $ | 90,367 | $ | 94,655 | $ | 29,205 | $ | 16,296 | $ | 119,572 | $ | 110,951 | |||||||||||
Total Investment Managers | 11 | 14 | 20,962 | 19,067 | 20,973 | 19,081 | |||||||||||||||||
Total Wealth Advisors | 36 | 13 | 20,383 | 18,406 | 20,419 | 18,419 | |||||||||||||||||
Total Segments | 90,414 | 94,682 | 70,550 | 53,769 | 160,964 | 148,451 | |||||||||||||||||
Holding Company and Eliminations | (2,239 | ) | (3,318 | ) | 902 | 1,694 | (1,337 | ) | (1,624 | ) | |||||||||||||
Total Company | $ | 88,175 | $ | 91,364 | $ | 71,452 | $ | 55,463 | $ | 159,627 | $ | 146,827 |
Six months ended June 30, | |||||||||||||||||||||||
Non-interest expense (2) | Income tax expense | Net income from continuing operations | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Total Bank | $ | 71,139 | $ | 71,246 | $ | 17,416 | $ | 11,178 | $ | 33,017 | $ | 22,827 | |||||||||||
Total Investment Managers | 16,046 | 15,510 | 1,615 | 1,228 | 3,312 | 2,343 | |||||||||||||||||
Total Wealth Advisors | 14,468 | 13,528 | 2,181 | 1,775 | 3,770 | 3,116 | |||||||||||||||||
Total Segments | 101,653 | 100,284 | 21,212 | 14,181 | 40,099 | 28,286 | |||||||||||||||||
Holding Company and Eliminations | 11,599 | 10,678 | (4,764 | ) | (5,090 | ) | (8,172 | ) | (7,212 | ) | |||||||||||||
Total Company | $ | 113,252 | $ | 110,962 | $ | 16,448 | $ | 9,091 | $ | 31,927 | $ | 21,074 |
Six months ended June 30, | |||||||||||||||||||||||
Net income attributable to noncontrolling interests | Net income attributable to the Company (3) | Amortization of intangibles | |||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Total Bank | $ | — | $ | — | $ | 33,017 | $ | 22,827 | $ | 140 | $ | 53 | |||||||||||
Total Investment Managers | 987 | 740 | 2,325 | 1,603 | 1,580 | 1,601 | |||||||||||||||||
Total Wealth Advisors | 912 | 812 | 2,858 | 2,304 | 499 | 527 | |||||||||||||||||
Total Segments | 1,899 | 1,552 | 38,200 | 26,734 | 2,219 | 2,181 | |||||||||||||||||
Holding Company and Eliminations | — | — | (3,669 | ) | (3,068 | ) | — | — | |||||||||||||||
Total Company | $ | 1,899 | $ | 1,552 | $ | 34,531 | $ | 23,666 | $ | 2,219 | $ | 2,181 |
Six months ended June 30, | |||||||
Depreciation | |||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
Total Bank | $ | 2,768 | $ | 2,868 | |||
Total Investment Managers | 106 | 130 | |||||
Total Wealth Advisors | 188 | 178 | |||||
Total Segments | 3,062 | 3,176 | |||||
Holding Company and Eliminations | 91 | 91 | |||||
Total Company | $ | 3,153 | $ | 3,267 |
(1) | Included in Bank non-interest income for the three and six months ended June 30, 2013 is the $10.6 million gain on sale of the three offices in the Pacific Northwest region. |
(2) | Non-interest expense for the three and six months ended June 30, 2013 includes no restructuring expense. Non-interest expense for the three and six months ended June 30, 2012 includes $0.6 million and $0.7 million, respectively, of restructuring expense. Restructuring expenses were incurred in the Private Banking segment as well as at the Holding Company. |
(3) | Net income from discontinued operations for the three months ended June 30, 2013, and 2012 of $2.8 million, and $2.6 million, respectively, and for the six months ended June 30, 2013, and 2012, of $4.5 million and $4.1 million, respectively, are included in Holding Company and Eliminations in the calculation of net income attributable to the Company. |
(4) | “AUM” represents Assets Under Management and Advisory at the affiliates. AUM at DTC have been removed since DTC operations are classified with discontinued operations. |
Amortized Cost | Unrealized | Fair Value | |||||||||||||
Gains | Losses | ||||||||||||||
(In thousands) | |||||||||||||||
As of June 30, 2013 | |||||||||||||||
Available for sale securities at fair value: | |||||||||||||||
U.S. government and agencies | $ | 2,447 | $ | — | $ | (47 | ) | $ | 2,400 | ||||||
Government-sponsored entities | 222,796 | 348 | (1,499 | ) | 221,645 | ||||||||||
Municipal bonds | 209,157 | 1,370 | (2,069 | ) | 208,458 | ||||||||||
Mortgage-backed securities (1) | 277,126 | 3,433 | (2,775 | ) | 277,784 | ||||||||||
Other | 13,692 | 185 | (11 | ) | 13,866 | ||||||||||
Total | $ | 725,218 | $ | 5,336 | $ | (6,401 | ) | $ | 724,153 | ||||||
As of December 31, 2012 | |||||||||||||||
Available for sale securities at fair value: | |||||||||||||||
U.S. government and agencies | $ | 2,781 | $ | — | $ | (28 | ) | $ | 2,753 | ||||||
Government-sponsored entities | 154,058 | 962 | (18 | ) | 155,002 | ||||||||||
Municipal bonds | 207,952 | 3,172 | (140 | ) | 210,984 | ||||||||||
Mortgage-backed securities (1) | 313,239 | 5,597 | (909 | ) | 317,927 | ||||||||||
Other | 12,526 | 120 | (12 | ) | 12,634 | ||||||||||
Total | $ | 690,556 | $ | 9,851 | $ | (1,107 | ) | $ | 699,300 |
(1) | All mortgage-backed securities are guaranteed by U.S. government agencies or government-sponsored entities. |
Available for Sale Securities | |||||||
Amortized cost | Fair value | ||||||
(In thousands) | |||||||
Within one year | $ | 55,263 | $ | 55,662 | |||
After one, but within five years | 311,819 | 311,439 | |||||
After five, but within ten years | 91,470 | 90,951 | |||||
Greater than ten years | 266,666 | 266,101 | |||||
Total | $ | 725,218 | $ | 724,153 |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Proceeds from sales | $ | 39 | $ | 44,878 | $ | 1,490 | $ | 49,237 | |||||||
Realized gains | 18 | 882 | 28 | 899 | |||||||||||
Realized losses | — | (43 | ) | — | (46 | ) |
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||||
Fair value | Unrealized losses | Fair value | Unrealized losses | Fair value | Unrealized losses | # of securities | ||||||||||||||||||||
Available for sale securities | (In thousands) | |||||||||||||||||||||||||
U.S. government and agencies | $ | 1,216 | $ | (27 | ) | $ | 1,183 | $ | (20 | ) | $ | 2,399 | $ | (47 | ) | 2 | ||||||||||
Government-sponsored entities | 162,794 | (1,499 | ) | — | — | 162,794 | (1,499 | ) | 16 | |||||||||||||||||
Municipal bonds | 104,149 | (2,069 | ) | — | — | 104,149 | (2,069 | ) | 65 | |||||||||||||||||
Mortgage-backed securities | 146,059 | (2,644 | ) | 6,706 | (131 | ) | 152,765 | (2,775 | ) | 31 | ||||||||||||||||
Other | 75 | (6 | ) | 21 | (5 | ) | 96 | (11 | ) | 9 | ||||||||||||||||
Total | $ | 414,293 | $ | (6,245 | ) | $ | 7,910 | $ | (156 | ) | $ | 422,203 | $ | (6,401 | ) | 123 |
As of June 30, 2013 | Fair value measurements at reporting date using: | ||||||||||||||
Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | |||||||||||||
(In thousands) | |||||||||||||||
Assets: | |||||||||||||||
Available for sale securities: | |||||||||||||||
U.S. government and agencies | $ | 2,400 | $ | — | $ | 2,400 | $ | — | |||||||
Government-sponsored entities | 221,645 | — | 221,645 | — | |||||||||||
Municipal bonds | 208,458 | — | 208,458 | — | |||||||||||
Mortgage-backed securities | 277,784 | — | 277,784 | — | |||||||||||
Other | 13,866 | 13,866 | — | — | |||||||||||
Total available for sale securities | 724,153 | 13,866 | 710,287 | — | |||||||||||
Derivatives - interest rate customer swaps | 1,775 | — | 1,775 | — | |||||||||||
Derivatives - customer foreign exchange forwards | 46 | — | 46 | — | |||||||||||
Derivatives - interest rate swaps | 959 | — | 959 | — | |||||||||||
Other investments | 6,093 | 5,515 | 578 | — | |||||||||||
Liabilities: | |||||||||||||||
Derivatives - interest rate customer swaps | $ | 1,835 | $ | — | $ | 1,835 | $ | — | |||||||
Derivatives - customer foreign exchange forwards | 46 | — | 46 | — | |||||||||||
Derivatives - junior subordinated debenture interest rate swap | 4,041 | — | 4,041 | — |
Fair value measurements at reporting date using: | |||||||||||||||
As of December 31, 2012 | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | ||||||||||||
(In thousands) | |||||||||||||||
Assets: | |||||||||||||||
Available for sale securities: | |||||||||||||||
U.S. government and agencies | $ | 2,753 | $ | — | $ | 2,753 | $ | — | |||||||
Government-sponsored entities | 155,002 | — | 155,002 | — | |||||||||||
Municipal bonds | 210,984 | — | 210,984 | — | |||||||||||
Mortgage-backed securities | 317,927 | — | 317,927 | — | |||||||||||
Other | 12,634 | 12,634 | — | — | |||||||||||
Total available for sale securities | 699,300 | 12,634 | 686,666 | — | |||||||||||
Derivatives - interest rate customer swaps | 2,915 | — | 2,915 | — | |||||||||||
Derivatives - customer foreign exchange forwards | 120 | — | 120 | — | |||||||||||
Other investments | 5,892 | 5,206 | 686 | — | |||||||||||
Liabilities: | |||||||||||||||
Derivatives - interest rate customer swaps | $ | 3,047 | $ | — | $ | 3,047 | $ | — | |||||||
Derivatives - customer foreign exchange forwards | 120 | — | 120 | — | |||||||||||
Derivatives - junior subordinated debenture interest rate swap | 5,189 | — | 5,189 | — |
As of June 30, 2013 | Fair value measurements at reporting date using: | Gain (losses) from fair value changes | |||||||||||||||||||||
Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Three months ended June 30, 2013 | Six months ended June 30, 2013 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Impaired loans (1) | $ | 7,178 | $ | — | $ | — | $ | 7,178 | $ | (683 | ) | $ | (1,885 | ) | |||||||||
$ | 7,178 | $ | — | $ | — | $ | 7,178 | $ | (683 | ) | $ | (1,885 | ) |
(1) | Collateral-dependent impaired loans held at June 30, 2013 that had write-downs in fair value or whose specific reserve changed during the first six months of 2013. |
As of June 30, 2012 | Fair value measurements at reporting date using: | Gain (losses) from fair value changes | |||||||||||||||||||||
Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Three months ended June 30, 2012 | Six months ended June 30, 2012 | |||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Assets: | |||||||||||||||||||||||
Impaired loans (1) | $ | 8,186 | $ | — | $ | — | $ | 8,186 | $ | (2,228 | ) | $ | (3,170 | ) | |||||||||
$ | 8,186 | $ | — | $ | — | $ | 8,186 | $ | (2,228 | ) | $ | (3,170 | ) |
(1) | Collateral-dependent impaired loans held at June 30, 2012 that had write-downs in fair value or whose specific reserve changed during the first six months of 2012. |
As of June 30, 2013 | |||||||||||
Fair Value | Valuation technique | Unobservable Input | Range of Inputs Utilized | Weighted Average of Inputs Utilized | |||||||
(In thousands) | |||||||||||
Impaired Loans | $ | 7,178 | Appraisals of Collateral | Discount for costs to sell | 0% - 13% | 7% | |||||
Appraisal adjustments | 0% - 45% | 27% |
As of June 30, 2012 | |||||||||||
Fair Value | Valuation technique | Unobservable Input | Range of Inputs Utilized | Weighted Average of Inputs Utilized | |||||||
(In thousands) | |||||||||||
Impaired Loans | $ | 8,186 | Appraisals of Collateral | Discount for costs to sell | 7% - 50% | 9% | |||||
Appraisal adjustments | 0% - 75% | 21% |
As of June 30, 2013 | |||||||||||||||||||
Book Value | Fair Value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | |||||||||||||||
(In thousands) | |||||||||||||||||||
FINANCIAL ASSETS: | |||||||||||||||||||
Cash and cash equivalents | $ | 67,654 | $ | 67,654 | $ | 67,654 | $ | — | $ | — | |||||||||
Loans, net | 4,757,913 | 4,684,727 | — | — | 4,684,727 | ||||||||||||||
Loans held for sale | 12,414 | 12,414 | — | 12,414 | — | ||||||||||||||
Other financial assets | 117,471 | 117,414 | — | 117,414 | — | ||||||||||||||
FINANCIAL LIABILITIES: | |||||||||||||||||||
Deposits | 4,576,383 | 4,580,126 | — | 4,580,126 | — | ||||||||||||||
Securities sold under agreements to repurchase | 26,700 | 26,697 | — | 26,697 | — | ||||||||||||||
Federal funds purchased | 65,000 | 65,000 | — | 65,000 | — | ||||||||||||||
Federal Home Loan Bank borrowings | 448,706 | 458,469 | — | 458,469 | — | ||||||||||||||
Junior subordinated debentures | 133,168 | 123,168 | — | 30,075 | 93,093 | ||||||||||||||
Other financial liabilities | 10,257 | 10,257 | — | 10,257 | — |
As of December 31, 2012 | |||||||||||||||||||
Book Value | Fair Value | Quoted prices in active markets for identical assets (Level 1) | Significant other observable inputs (Level 2) | Significant unobservable inputs (Level 3) | |||||||||||||||
(In thousands) | |||||||||||||||||||
FINANCIAL ASSETS: | |||||||||||||||||||
Cash and cash equivalents | $ | 308,744 | $ | 308,744 | $ | 308,744 | $ | — | $ | — | |||||||||
Loans, net | 4,730,079 | 4,766,574 | — | — | 4,766,574 | ||||||||||||||
Loans held for sale | 308,390 | 308,908 | — | 308,908 | — | ||||||||||||||
Other financial assets | 118,087 | 118,087 | — | 118,087 | — | ||||||||||||||
FINANCIAL LIABILITIES: | |||||||||||||||||||
Deposits | 4,885,059 | 4,891,465 | — | 4,891,465 | — | ||||||||||||||
Deposits held for sale | 194,084 | 182,592 | — | 182,592 | — | ||||||||||||||
Securities sold under agreements to repurchase | 116,319 | 117,885 | — | 117,885 | — | ||||||||||||||
Federal Home Loan Bank borrowings | 408,121 | 428,037 | — | 428,037 | — | ||||||||||||||
Junior subordinated debentures | 143,647 | 117,502 | — | 12,804 | 104,698 | ||||||||||||||
Other financial liabilities | 10,058 | 10,058 | — | 10,058 | — |
June 30, 2013 | December 31, 2012 | ||||||
(In thousands) | |||||||
Commercial and industrial | $ | 796,633 | $ | 806,326 | |||
Commercial real estate | 1,678,668 | 1,691,350 | |||||
Construction and land | 150,245 | 137,570 | |||||
Residential | 1,938,368 | 1,906,089 | |||||
Home equity | 120,594 | 123,551 | |||||
Consumer and other | 154,205 | 149,250 | |||||
Total Loans | $ | 4,838,713 | $ | 4,814,136 |
June 30, 2013 | December 31, 2012 | ||||||
(In thousands) | |||||||
Commercial and industrial | $ | 4,227 | $ | 4,337 | |||
Commercial real estate | 32,596 | 41,696 | |||||
Construction and land | 4,877 | 2,213 | |||||
Residential | 10,490 | 11,744 | |||||
Home equity | 90 | 660 | |||||
Consumer and other | 9 | 95 | |||||
Total | $ | 52,289 | $ | 60,745 |
June 30, 2013 | |||||||||||||||||||||||||||||||||
Accruing Past Due | Nonaccrual Loans | ||||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Total Accruing Past Due | Current Payment Status | 30-89 Days Past Due | 90+ Days Past Due | Total Non-Accrual Loans | Current Accruing Loans | Total Loans Receivable | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 1,650 | $ | 1,586 | $ | — | $ | 3,236 | $ | 2,186 | $ | — | $ | 2,041 | $ | 4,227 | $ | 789,170 | $ | 796,633 | |||||||||||||
Commercial real estate | 1,873 | 3,090 | — | 4,963 | 18,921 | 1,674 | 12,001 | 32,596 | 1,641,109 | 1,678,668 | |||||||||||||||||||||||
Construction and land | 78 | 5 | 34 | 117 | 3,927 | 222 | 728 | 4,877 | 145,251 | 150,245 | |||||||||||||||||||||||
Residential | — | 2,088 | — | 2,088 | 4,011 | 48 | 6,431 | 10,490 | 1,925,790 | 1,938,368 | |||||||||||||||||||||||
Home equity | 750 | 95 | — | 845 | 40 | — | 50 | 90 | 119,659 | 120,594 | |||||||||||||||||||||||
Consumer and other | 296 | 31 | — | 327 | 1 | 5 | 3 | 9 | 153,869 | 154,205 | |||||||||||||||||||||||
Total | $ | 4,647 | $ | 6,895 | $ | 34 | $ | 11,576 | $ | 29,086 | $ | 1,949 | $ | 21,254 | $ | 52,289 | $ | 4,774,848 | $ | 4,838,713 |
December 31, 2012 | |||||||||||||||||||||||||||||||||
Accruing Past Due | Nonaccrual Loans | ||||||||||||||||||||||||||||||||
30-59 Days Past Due (1) | 60-89 Days Past Due | 90+ Days Past Due | Total Accruing Past Due | Current Payment Status | 30-89 Days Past Due | 90+ Days Past Due | Total Non-Accrual Loans | Current Accruing Loans | Total Loans Receivable | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Commercial and industrial | $ | 10,684 | $ | 210 | $ | 257 | $ | 11,151 | $ | 3,073 | $ | — | $ | 1,264 | $ | 4,337 | $ | 790,838 | $ | 806,326 | |||||||||||||
Commercial real estate | 3,331 | 4,572 | 3,249 | 11,152 | 29,125 | 8,913 | 3,658 | 41,696 | 1,638,502 | 1,691,350 | |||||||||||||||||||||||
Construction and land | 42 | 3,216 | 50 | 3,308 | 723 | 137 | 1,353 | 2,213 | 132,049 | 137,570 | |||||||||||||||||||||||
Residential | 20,194 | 3,218 | — | 23,412 | 5,101 | 1,980 | 4,663 | 11,744 | 1,870,933 | 1,906,089 | |||||||||||||||||||||||
Home equity | 119 | 39 | — | 158 | 300 | — | 360 | 660 | 122,733 | 123,551 | |||||||||||||||||||||||
Consumer and other | 569 | 182 | — | 751 | 93 | — | 2 | 95 | 148,404 | 149,250 | |||||||||||||||||||||||
Total | $ | 34,939 | $ | 11,437 | $ | 3,556 | $ | 49,932 | $ | 38,415 | $ | 11,030 | $ | 11,300 | $ | 60,745 | $ | 4,703,459 | $ | 4,814,136 |
(1) | Does not include one commercial and industrial 30-59 day delinquent loan totaling $0.3 million in loans held for sale as of December 31, 2012. |
June 30, 2013 | |||||||||||||||||||
By Loan Grade or Nonaccrual Status | |||||||||||||||||||
Pass | Special Mention | Accruing Substandard | Nonaccrual Loans | Total | |||||||||||||||
(In thousands) | |||||||||||||||||||
Commercial and industrial | $ | 774,396 | $ | 8,533 | $ | 9,477 | $ | 4,227 | $ | 796,633 | |||||||||
Commercial real estate | 1,559,644 | 43,912 | 42,516 | 32,596 | 1,678,668 | ||||||||||||||
Construction and land | 124,421 | 16,893 | 4,054 | 4,877 | 150,245 | ||||||||||||||
Residential | 1,915,824 | — | 12,054 | 10,490 | 1,938,368 | ||||||||||||||
Home equity | 118,832 | — | 1,672 | 90 | 120,594 | ||||||||||||||
Consumer and other | 154,196 | — | — | 9 | 154,205 | ||||||||||||||
Total | $ | 4,647,313 | $ | 69,338 | $ | 69,773 | $ | 52,289 | $ | 4,838,713 |
December 31, 2012 | |||||||||||||||||||
By Loan Grade or Nonaccrual Status | |||||||||||||||||||
Pass | Special Mention (1) | Accruing Substandard | Nonaccrual Loans | Total | |||||||||||||||
(In thousands) | |||||||||||||||||||
Commercial and industrial | $ | 779,236 | $ | 13,691 | $ | 9,062 | $ | 4,337 | $ | 806,326 | |||||||||
Commercial real estate | 1,531,701 | 54,000 | 63,953 | 41,696 | 1,691,350 | ||||||||||||||
Construction and land | 110,940 | 17,048 | 7,369 | 2,213 | 137,570 | ||||||||||||||
Residential | 1,886,273 | — | 8,072 | 11,744 | 1,906,089 | ||||||||||||||
Home equity | 121,218 | — | 1,673 | 660 | 123,551 | ||||||||||||||
Consumer and other | 149,155 | — | — | 95 | 149,250 | ||||||||||||||
Total | $ | 4,578,523 | $ | 84,739 | $ | 90,129 | $ | 60,745 | $ | 4,814,136 |
(1) | Does not include five commercial and industrial special mention loans totaling $0.9 million and three commercial real estate special mention loans totaling $3.0 million in loans held for sale as of December 31, 2012. |
As of and for the three and six months ended June 30, 2013 | |||||||||||||||||||||||||||
Recorded Investment (1) | Unpaid Principal Balance | Related Allowance | QTD Average Recorded Investment | YTD Average Recorded Investment | QTD Interest Income Recognized while Impaired | YTD Interest Income Recognized while Impaired | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||
Commercial and industrial | $ | 2,947 | $ | 4,108 | n/a | $ | 3,752 | $ | 5,503 | $ | 189 | $ | 270 | ||||||||||||||
Commercial real estate | 29,838 | 44,362 | n/a | 34,007 | 36,921 | 433 | 534 | ||||||||||||||||||||
Construction and land | 1,086 | 1,802 | n/a | 1,099 | 1,866 | 6 | 97 | ||||||||||||||||||||
Residential | 3,087 | 4,506 | n/a | 5,767 | 4,597 | 57 | 86 | ||||||||||||||||||||
Home equity | 90 | 90 | n/a | 53 | 165 | — | 1 | ||||||||||||||||||||
Consumer and other | — | — | n/a | — | — | — | — | ||||||||||||||||||||
Subtotal | 37,048 | 54,868 | n/a | 44,678 | 49,052 | 685 | 988 | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||
Commercial and industrial | 2,337 | 2,405 | $ | 257 | 2,981 | 2,328 | 18 | 22 | |||||||||||||||||||
Commercial real estate | 19,623 | 22,699 | 1,913 | 21,398 | 21,050 | 476 | 588 | ||||||||||||||||||||
Construction and land | 4,137 | 4,309 | 639 | 3,959 | 2,798 | — | — | ||||||||||||||||||||
Residential | 13,209 | 13,468 | 1,530 | 11,236 | 12,435 | 177 | 289 | ||||||||||||||||||||
Home equity | — | — | — | — | — | — | — | ||||||||||||||||||||
Consumer and other | — | — | — | — | — | — | — | ||||||||||||||||||||
Subtotal | 39,306 | 42,881 | 4,339 | 39,574 | 38,611 | 671 | 899 | ||||||||||||||||||||
Total: | |||||||||||||||||||||||||||
Commercial and industrial | 5,284 | 6,513 | 257 | 6,733 | 7,831 | 207 | 292 | ||||||||||||||||||||
Commercial real estate | 49,461 | 67,061 | 1,913 | 55,405 | 57,971 | 909 | 1,122 | ||||||||||||||||||||
Construction and land | 5,223 | 6,111 | 639 | 5,058 | 4,664 | 6 | 97 | ||||||||||||||||||||
Residential | 16,296 | 17,974 | 1,530 | 17,003 | 17,032 | 234 | 375 | ||||||||||||||||||||
Home equity | 90 | 90 | — | 53 | 165 | — | 1 | ||||||||||||||||||||
Consumer and other | — | — | — | — | — | — | — | ||||||||||||||||||||
Total | $ | 76,354 | $ | 97,749 | $ | 4,339 | $ | 84,252 | $ | 87,663 | $ | 1,356 | $ | 1,887 |
(1) | Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. |
As of and for the three and six months ended June 30, 2012 | |||||||||||||||||||||||||||
Recorded Investment (1) | Unpaid Principal Balance | Related Allowance | QTD Average Recorded Investment | YTD Average Recorded Investment | QTD Interest Income Recognized while Impaired | YTD Interest Income Recognized while Impaired | |||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||||
Commercial and industrial | $ | 3,331 | $ | 5,196 | n/a | $ | 4,937 | $ | 5,396 | $ | — | $ | — | ||||||||||||||
Commercial real estate | 25,858 | 43,512 | n/a | 28,688 | 31,116 | 83 | 187 | ||||||||||||||||||||
Construction and land | 6,019 | 10,360 | n/a | 6,392 | 6,343 | — | 97 | ||||||||||||||||||||
Residential | 9,389 | 10,358 | n/a | 9,527 | 9,879 | 91 | 172 | ||||||||||||||||||||
Home equity | 360 | 360 | n/a | 360 | 351 | 1 | 2 | ||||||||||||||||||||
Consumer and other | 98 | 124 | n/a | 87 | 43 | — | — | ||||||||||||||||||||
Subtotal | 45,055 | 69,910 | n/a | 49,991 | 53,128 | 175 | 458 | ||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||||
Commercial and industrial | 3,242 | 4,115 | $ | 1,013 | 2,118 | 1,609 | — | — | |||||||||||||||||||
Commercial real estate | 23,924 | 25,203 | 2,412 | 26,524 | 25,555 | 189 | 362 | ||||||||||||||||||||
Construction and land | 2,614 | 2,651 | 1,177 | 1,566 | 1,400 | — | — | ||||||||||||||||||||
Residential | 13,164 | 14,244 | 1,136 | 13,629 | 10,962 | 95 | 158 | ||||||||||||||||||||
Home equity | 131 | 131 | 131 | 131 | 131 | 1 | 3 | ||||||||||||||||||||
Consumer and other | — | — | — | — | — | — | — | ||||||||||||||||||||
Subtotal | 43,075 | 46,344 | 5,869 | 43,968 | 39,657 | 285 | 523 | ||||||||||||||||||||
Total: | |||||||||||||||||||||||||||
Commercial and industrial | 6,573 | 9,311 | 1,013 | 7,055 | 7,005 | — | — | ||||||||||||||||||||
Commercial real estate | 49,782 | 68,715 | 2,412 | 55,212 | 56,671 | 272 | 549 | ||||||||||||||||||||
Construction and land | 8,633 | 13,011 | 1,177 | 7,958 | 7,743 | — | 97 | ||||||||||||||||||||
Residential | 22,553 | 24,602 | 1,136 | 23,156 | 20,841 | 186 | 330 | ||||||||||||||||||||
Home equity | 491 | 491 | 131 | 491 | 482 | 2 | 5 | ||||||||||||||||||||
Consumer and other | 98 | 124 | — | 87 | 43 | — | — | ||||||||||||||||||||
Total | $ | 88,130 | $ | 116,254 | $ | 5,869 | $ | 93,959 | $ | 92,785 | $ | 460 | $ | 981 |
(1) | Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. |
As of and for the year ended December 31, 2012 | |||||||||||||||||||
Recorded Investment (1) | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized while Impaired | |||||||||||||||
(In thousands) | |||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||
Commercial and industrial | $ | 3,274 | $ | 4,499 | n/a | $ | 4,707 | $ | — | ||||||||||
Commercial real estate | 40,133 | 64,424 | n/a | 31,736 | 283 | ||||||||||||||
Construction and land | 1,310 | 2,682 | n/a | 5,532 | 97 | ||||||||||||||
Residential | 2,337 | 2,594 | n/a | 8,885 | 312 | ||||||||||||||
Home equity | 360 | 360 | n/a | 355 | 3 | ||||||||||||||
Consumer and other | — | — | n/a | 40 | — | ||||||||||||||
Subtotal | 47,414 | 74,559 | n/a | 51,255 | 695 | ||||||||||||||
With an allowance recorded: | |||||||||||||||||||
Commercial and industrial | 1,149 | 1,191 | $ | 118 | 1,855 | 1 | |||||||||||||
Commercial real estate | 18,519 | 19,814 | 1,667 | 24,510 | 727 | ||||||||||||||
Construction and land | 903 | 953 | 189 | 1,486 | — | ||||||||||||||
Residential | 13,539 | 13,798 | 1,403 | 11,781 | 374 | ||||||||||||||
Home equity | — | — | — | 114 | 5 | ||||||||||||||
Consumer and other | — | — | — | — | — | ||||||||||||||
Subtotal | 34,110 | 35,756 | 3,377 | 39,746 | 1,107 | ||||||||||||||
Total: | |||||||||||||||||||
Commercial and industrial | 4,423 | 5,690 | 118 | 6,562 | 1 | ||||||||||||||
Commercial real estate | 58,652 | 84,238 | 1,667 | 56,246 | 1,010 | ||||||||||||||
Construction and land | 2,213 | 3,635 | 189 | 7,018 | 97 | ||||||||||||||
Residential | 15,876 | 16,392 | 1,403 | 20,666 | 686 | ||||||||||||||
Home equity | 360 | 360 | — | 469 | 8 | ||||||||||||||
Consumer and other | — | — | — | 40 | — | ||||||||||||||
Total | $ | 81,524 | $ | 110,315 | $ | 3,377 | $ | 91,001 | $ | 1,802 |
(1) | Recorded investment represents the client loan balance net of historical charge-offs and historical nonaccrual interest paid, which was applied to principal. |
As of and for the three months ended June 30, 2013 | |||||||||||||||||
Restructured Current Quarter | TDRs that defaulted in the current quarter that were restructured in prior twelve months | ||||||||||||||||
# of Loans | Pre- modification recorded investment | Post- modification recorded investment | # of Loans | Post- modification recorded investment | |||||||||||||
(Dollars In thousands) | |||||||||||||||||
Commercial and industrial (1) | 1 | $ | 150 | $ | 150 | — | $ | — | |||||||||
Commercial real estate | — | — | — | 2 | 2,994 | ||||||||||||
Construction and land (2) | 3 | 3,257 | 3,257 | — | — | ||||||||||||
Residential (3) | 8 | 707 | 707 | 1 | 1,116 | ||||||||||||
Home equity (4) | 1 | 40 | 40 | — | — | ||||||||||||
Consumer and other | — | — | — | — | — | ||||||||||||
Total | 13 | $ | 4,154 | $ | 4,154 | 3 | $ | 4,110 |
(1) | Represents the following concessions: combination of concessions. |
(2) | Represents the following concessions: extension of term. |
(3) | Represents the following concessions: temporary reduction of interest rate. |
(4) | Represents the following concessions: extension of term. |
As of and for the six months ended June 30, 2013 | |||||||||||||||||
Restructured Year to Date | TDRs that defaulted year to date that were restructured in prior twelve months | ||||||||||||||||
# of Loans | Pre- modification recorded investment | Post- modification recorded investment | # of Loans | Post- modification recorded investment | |||||||||||||
(Dollars In thousands) | |||||||||||||||||
Commercial and industrial (1) | 3 | $ | 1,369 | $ | 1,369 | — | $ | — | |||||||||
Commercial real estate (2) | 5 | 9,163 | 9,163 | 3 | 3,555 | ||||||||||||
Construction and land (3) | 4 | 3,604 | 3,604 | — | — | ||||||||||||
Residential (4) | 8 | 707 | 707 | 1 | 1,116 | ||||||||||||
Home equity (5) | 1 | 40 | 40 | — | — | ||||||||||||
Consumer and other | — | — | — | — | — | ||||||||||||
Total | 21 | $ | 14,883 | $ | 14,883 | 4 | $ | 4,671 |
(1) | Represents the following concessions: extension of term (1 loan; post-modification recorded investment of $1.0 million), temporary reduction of interest rate (1 loan; post-modification recorded investment of $0.2 million), and combination of concessions (1 loan; post-modification recorded investment of $0.2 million). |
(2) | Represents the following concessions: extension of term (4 loans; post-modification recorded investment of $9.0 million) and combination of concessions (1 loan; post-modification recorded investment of $0.2 million). |
(3) | Represents the following concessions: extension of term. |
(4) | Represents the following concessions: temporary reduction of interest rate. |
(5) | Represents the following concessions: extension of term. |
As of and for the three months ended June 30, 2012 | |||||||||||||||||
Restructured Current Quarter | TDRs that defaulted in the current quarter that were restructured in prior twelve months | ||||||||||||||||
# of Loans | Pre- modification recorded investment | Post- modification recorded investment | # of Loans | Post- modification recorded investment | |||||||||||||
(Dollars In thousands) | |||||||||||||||||
Commercial and industrial | — | $ | — | $ | — | — | $ | — | |||||||||
Commercial real estate (1) | 2 | 1,923 | 1,923 | — | — | ||||||||||||
Construction and land | — | — | — | — | — | ||||||||||||
Residential (2) | 3 | 320 | 320 | — | — | ||||||||||||
Home equity | — | — | — | — | — | ||||||||||||
Consumer and other | — | — | — | — | — | ||||||||||||
Total | 5 | $ | 2,243 | $ | 2,243 | — | $ | — |
(1) | Represents the following concessions: extension of term. |
(2) | Represents the following concessions: temporary reduction of interest rate. |
As of and for the six months ended June 30, 2012 | |||||||||||||||||
Restructured Year to Date | TDRs that defaulted year to date that were restructured in prior twelve months | ||||||||||||||||
# of Loans | Pre- modification recorded investment | Post- modification recorded investment | # of Loans | Post- modification recorded investment | |||||||||||||
(Dollars In thousands) | |||||||||||||||||
Commercial and industrial | — | $ | — | $ | — | — | $ | — | |||||||||
Commercial real estate (1) | 6 | 7,387 | 7,468 | — | — | ||||||||||||
Construction and land | — | — | — | — | — | ||||||||||||
Residential (2) | 11 | 4,022 | 4,022 | — | — | ||||||||||||
Home equity | — | — | — | — | — | ||||||||||||
Consumer and other | — | — | — | — | — | ||||||||||||
Total | 17 | $ | 11,409 | $ | 11,490 | — | $ | — |
(1) | Represents the following concessions: extension of term (5 loans; post-modification recorded investment of $4.7 million) and combination of concessions (1 loan; post-modification recorded investment of $2.8 million). |
(2) | Represents the following concessions: payment deferral (1 loan; post-modification recorded investment of $1.9 million), temporary reduction of interest rate (9 loans; post-modification recorded investment of $0.8 million), and combination of concessions (1 loan; post-modification recorded investment of $1.3 million). |
As of and for the three months ended June 30, | As of and for the six months ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||||
Allowance for loan losses, beginning of period: | |||||||||||||||
Commercial and industrial | $ | 11,849 | $ | 12,062 | $ | 11,825 | $ | 12,163 | |||||||
Commercial real estate | 50,466 | 65,366 | 52,497 | 63,625 | |||||||||||
Construction and land | 4,787 | 5,836 | 5,016 | 6,382 | |||||||||||
Residential | 11,454 | 10,054 | 10,892 | 9,286 | |||||||||||
Home equity | 1,146 | 1,543 | 1,085 | 1,535 | |||||||||||
Consumer and other | 464 | 1,009 | 540 | 1,149 | |||||||||||
Unallocated | 2,120 | 2,032 | 2,202 | 1,974 | |||||||||||
Total allowance for loan losses, beginning of period | 82,286 | 97,902 | 84,057 | 96,114 | |||||||||||
Provision/ (credit) for loan losses: | |||||||||||||||
Commercial and industrial | (794 | ) | 1,278 | (908 | ) | 3,105 | |||||||||
Commercial real estate | (1,628 | ) | (1,142 | ) | (2,547 | ) | 888 | ||||||||
Construction and land | 213 | (17 | ) | (823 | ) | (729 | ) | ||||||||
Residential | 311 | 1,873 | 2,138 | 2,839 | |||||||||||
Home equity | 55 | (54 | ) | 453 | (107 | ) | |||||||||
Consumer and other | (49 | ) | (204 | ) | (123 | ) | (320 | ) | |||||||
Unallocated | (108 | ) | (34 | ) | (190 | ) | 24 | ||||||||
Total provision/ (credit) for loan losses | (2,000 | ) | 1,700 | (2,000 | ) | 5,700 | |||||||||
Loans charged-off: | |||||||||||||||
Commercial and industrial | — | (358 | ) | (27 | ) | (2,669 | ) | ||||||||
Commercial real estate | (1,100 | ) | (2,861 | ) | (2,339 | ) | (3,267 | ) | |||||||
Construction and land | (100 | ) | — | (100 | ) | — | |||||||||
Residential | (140 | ) | (1,083 | ) | (1,405 | ) | (1,281 | ) | |||||||
Home equity | — | — | (360 | ) | — | ||||||||||
Consumer and other | (3 | ) | (66 | ) | (5 | ) | (92 | ) | |||||||
Total charge-offs | (1,343 | ) | (4,368 | ) | (4,236 | ) | (7,309 | ) | |||||||
Recoveries on loans previously charged-off: | |||||||||||||||
Commercial and industrial | 828 | 261 | 993 | 644 | |||||||||||
Commercial real estate | 1,006 | 3,214 | 1,133 | 3,331 | |||||||||||
Construction and land | 23 | 344 | 830 | 510 | |||||||||||
Residential | — | — | — | — | |||||||||||
Home equity | — | — | 23 | 61 | |||||||||||
Consumer and other | — | 1 | — | 3 | |||||||||||
Total recoveries | 1,857 | 3,820 | 2,979 | 4,549 |
As of and for the three months ended June 30, | As of and for the six months ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||||
Allowance for loan losses at end of period: | |||||||||||||||
Commercial and industrial | 11,883 | 13,243 | 11,883 | 13,243 | |||||||||||
Commercial real estate | 48,744 | 64,577 | 48,744 | 64,577 | |||||||||||
Construction and land | 4,923 | 6,163 | 4,923 | 6,163 | |||||||||||
Residential | 11,625 | 10,844 | 11,625 | 10,844 | |||||||||||
Home equity | 1,201 | 1,489 | 1,201 | 1,489 | |||||||||||
Consumer and other | 412 | 740 | 412 | 740 | |||||||||||
Unallocated | 2,012 | 1,998 | 2,012 | 1,998 | |||||||||||
Total allowance for loan losses at end of period | $ | 80,800 | $ | 99,054 | $ | 80,800 | $ | 99,054 |
Commercial and industrial | Commercial real estate | Construction and land | Residential | ||||||||||||
(In thousands) | |||||||||||||||
Allowance for loan losses balance at June 30, 2013 attributable to: | |||||||||||||||
Loans collectively evaluated | $ | 11,626 | $ | 46,831 | $ | 4,284 | $ | 10,095 | |||||||
Loans individually evaluated | 257 | 1,913 | 639 | 1,530 | |||||||||||
Total allowance for loan losses | $ | 11,883 | $ | 48,744 | $ | 4,923 | $ | 11,625 | |||||||
Recorded investment (loan balance) at June 30, 2013: | |||||||||||||||
Loans collectively evaluated | $ | 791,349 | $ | 1,629,207 | $ | 145,022 | $ | 1,922,072 | |||||||
Loans individually evaluated | 5,284 | 49,461 | 5,223 | 16,296 | |||||||||||
Total Loans | $ | 796,633 | $ | 1,678,668 | $ | 150,245 | $ | 1,938,368 |
Home equity | Consumer and other | Unallocated | Total | ||||||||||||
(Continued from above) | (In thousands) | ||||||||||||||
Allowance for loan losses balance at June 30, 2013 attributable to: | |||||||||||||||
Loans collectively evaluated | $ | 1,201 | $ | 412 | $ | 2,012 | $ | 76,461 | |||||||
Loans individually evaluated | — | — | — | 4,339 | |||||||||||
Total allowance for loan losses | $ | 1,201 | $ | 412 | $ | 2,012 | $ | 80,800 | |||||||
Recorded investment (loan balance) at June 30, 2013: | |||||||||||||||
Loans collectively evaluated | $ | 120,504 | $ | 154,205 | $ | — | $ | 4,762,359 | |||||||
Loans individually evaluated | 90 | — | — | 76,354 | |||||||||||
Total Loans | $ | 120,594 | $ | 154,205 | $ | — | $ | 4,838,713 |
Commercial and industrial | Commercial real estate | Construction and land | Residential | ||||||||||||
(In thousands) | |||||||||||||||
Allowance for loan losses balance at December 31, 2012 attributable to: | |||||||||||||||
Loans collectively evaluated | $ | 11,707 | $ | 50,830 | $ | 4,827 | $ | 9,489 | |||||||
Loans individually evaluated | 118 | 1,667 | 189 | 1,403 | |||||||||||
Total allowance for loan losses | $ | 11,825 | $ | 52,497 | $ | 5,016 | $ | 10,892 | |||||||
Recorded investment (loan balance) at December 31, 2012: | |||||||||||||||
Loans collectively evaluated | $ | 801,903 | $ | 1,632,698 | $ | 135,357 | $ | 1,890,213 | |||||||
Loans individually evaluated | 4,423 | 58,652 | 2,213 | 15,876 | |||||||||||
Total Loans | $ | 806,326 | $ | 1,691,350 | $ | 137,570 | $ | 1,906,089 |
Home equity | Consumer and other | Unallocated | Total | ||||||||||||
(Continued from above) | (In thousands) | ||||||||||||||
Allowance for loan losses balance at December 31, 2012 attributable to: | |||||||||||||||
Loans collectively evaluated | $ | 1,085 | $ | 540 | $ | 2,202 | $ | 80,680 | |||||||
Loans individually evaluated | — | — | — | 3,377 | |||||||||||
Total allowance for loan losses | $ | 1,085 | $ | 540 | $ | 2,202 | $ | 84,057 | |||||||
Recorded investment (loan balance) at December 31, 2012: | |||||||||||||||
Loans collectively evaluated | $ | 123,191 | $ | 149,250 | $ | — | $ | 4,732,612 | |||||||
Loans individually evaluated | 360 | — | — | 81,524 | |||||||||||
Total Loans | $ | 123,551 | $ | 149,250 | $ | — | $ | 4,814,136 |
June 30, 2013 | December 31, 2012 | ||||||||||||||||||||||
Asset derivatives | Liability derivatives | Asset derivatives | Liability derivatives | ||||||||||||||||||||
Balance sheet location | Fair value (1) | Balance sheet location | Fair value (1) | Balance sheet location | Fair value (1) | Balance sheet location | Fair value (1) | ||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Derivatives designated as hedging instruments: | |||||||||||||||||||||||
Interest rate products | Other assets | $ | 959 | Other liabilities | $ | (4,041 | ) | Other assets | $ | — | Other liabilities | $ | (5,189 | ) | |||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||
Interest rate products | Other assets | 1,775 | Other liabilities | (1,835 | ) | Other assets | 2,915 | Other liabilities | (3,047 | ) | |||||||||||||
Foreign exchange contracts | Other assets | 46 | Other liabilities | (46 | ) | Other assets | 120 | Other liabilities | (120 | ) | |||||||||||||
Total | $ | 2,780 | $ | (5,922 | ) | $ | 3,035 | $ | (8,356 | ) |
(1) | For additional details, see Part I. Item 1. “Notes to Unaudited Consolidated Financial Statements-Note 5: Fair Value Measurements.” |
Derivatives in cash flow hedging relationships | Amount of gain or (loss) recognized in OCI on derivatives (effective portion) | Location of gain or (loss) reclassified from accumulated OCI into income (effective portion) | Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) | |||||||||||||||
three months ended June 30, | three months ended June 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(In thousands) | ||||||||||||||||||
Interest rate products | $ | 1,197 | $ | (734 | ) | Interest income | $ | (471 | ) | $ | (436 | ) | ||||||
Total | $ | 1,197 | $ | (734 | ) | $ | (471 | ) | $ | (436 | ) |
Derivatives in cash flow hedging relationships | Amount of gain or (loss) recognized in OCI on derivatives (effective portion) | Location of gain or (loss) reclassified from accumulated OCI into income (effective portion) | Amount of gain or (loss) reclassified from accumulated OCI into income (effective portion) | |||||||||||||||
six months ended June 30, | six months ended June 30, | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(In thousands) | ||||||||||||||||||
Interest rate products | $ | 1,175 | $ | (1,011 | ) | Interest income | $ | (932 | ) | $ | (852 | ) | ||||||
Total | $ | 1,175 | $ | (1,011 | ) | $ | (932 | ) | $ | (852 | ) |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(In thousands) | |||||||||||||||
Accumulated other comprehensive income on cash flow hedges, balance at beginning of period | $ | (2,762 | ) | $ | (3,025 | ) | $ | (2,969 | ) | $ | (3,106 | ) | |||
Net change in unrealized gain/ (loss) on cash flow hedges | 1,017 | (103 | ) | 1,224 | (22 | ) | |||||||||
Accumulated other comprehensive income on cash flow hedges, balance at end of period | $ | (1,745 | ) | $ | (3,128 | ) | $ | (1,745 | ) | $ | (3,128 | ) |
Amount of gain or (loss), net, recognized in income on derivatives | ||||||||||||||||||
Derivatives not designated as hedging instruments | Location of gain or (loss) recognized in income on derivative | Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
(In thousands) | ||||||||||||||||||
Interest rate products | Other income/ (expense) | $ | 23 | $ | 1 | $ | 19 | $ | 83 | |||||||||
Foreign exchange contracts | Other income/ (expense) | 3 | 1 | 5 | 1 | |||||||||||||
Total | $ | 26 | $ | 2 | $ | 24 | $ | 84 |
Six months ended June 30, | |||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
Income from continuing operations: | |||||||
Income before income taxes | $ | 48,375 | $ | 30,165 | |||
Income tax expense | 16,448 | 9,091 | |||||
Net income from continuing operations | $ | 31,927 | $ | 21,074 | |||
Effective tax rate, continuing operations | 34.0 | % | 30.1 | % | |||
Income from discontinued operations: | |||||||
Income before income taxes | $ | 7,967 | $ | 5,388 | |||
Income tax expense | 3,464 | 1,244 | |||||
Net income from discontinued operations | $ | 4,503 | $ | 4,144 | |||
Effective tax rate, discontinued operations | 43.5 | % | 23.1 | % | |||
Income attributable to noncontrolling interests: | |||||||
Income before income taxes | $ | 1,899 | $ | 1,552 | |||
Income tax expense | — | — | |||||
Net income attributable to noncontrolling interests | $ | 1,899 | $ | 1,552 | |||
Effective tax rate, noncontrolling interests | — | % | — | % | |||
Income attributable to the Company | |||||||
Income before income taxes | $ | 54,443 | $ | 34,001 | |||
Income tax expense | 19,912 | 10,335 | |||||
Net income attributable to the Company | $ | 34,531 | $ | 23,666 | |||
Effective tax rate attributable to the Company | 36.6 | % | 30.4 | % |
June 30, 2013 | December 31, 2012 | ||||||
(In thousands) | |||||||
Anchor | $ | 11,160 | $ | 11,105 | |||
BOS | 4,124 | 5,782 | |||||
DGHM | 2,512 | 2,400 | |||||
Total | $ | 17,796 | $ | 19,287 | |||
Redeemable noncontrolling interests | $ | 17,661 | $ | 19,287 | |||
Noncontrolling interests | $ | 135 | $ | — |
Six months ended June 30, | |||||||
2013 | 2012 | ||||||
(In thousands) | |||||||
Redeemable noncontrolling interests at beginning of year | $ | 19,287 | $ | 21,691 | |||
Net income attributable to noncontrolling interests | 1,899 | 1,552 | |||||
Distributions | (1,678 | ) | (2,393 | ) | |||
DTC disposition | — | (1,470 | ) | ||||
Adjustments to fair value | (1,847 | ) | (159 | ) | |||
Redeemable noncontrolling interests at end of period | $ | 17,661 | $ | 19,221 |
Severance Charges | Contract Termination Fees | Professional Expenses | Other Associated Costs | Total | |||||||||||||||
(In thousands) | |||||||||||||||||||
Accrued charges at December 31, 2011 | $ | 2,658 | $ | 211 | $ | 230 | $ | — | $ | 3,099 | |||||||||
Costs incurred | (1 | ) | — | 128 | 8 | 135 | |||||||||||||
Costs paid | (459 | ) | — | (254 | ) | (8 | ) | (721 | ) | ||||||||||
Accrued charges at March 31, 2012 | 2,198 | 211 | 104 | — | 2,513 | ||||||||||||||
Costs incurred | 22 | 255 | 183 | 104 | 564 | ||||||||||||||
Costs paid | (1,039 | ) | (255 | ) | (287 | ) | (104 | ) | (1,685 | ) | |||||||||
Accrued charges at June 30, 2012 | $ | 1,181 | $ | 211 | $ | — | $ | — | $ | 1,392 | |||||||||
Accrued charges at December 31, 2012 | $ | 3,517 | $ | 98 | $ | 8 | $ | — | $ | 3,623 | |||||||||
Costs incurred | — | — | — | — | — | ||||||||||||||
Costs paid | (736 | ) | — | (8 | ) | — | (744 | ) | |||||||||||
Accrued charges at March 31, 2013 | 2,781 | 98 | — | — | 2,879 | ||||||||||||||
Costs incurred | — | — | — | — | — | ||||||||||||||
Costs paid | (604 | ) | — | — | — | (604 | ) | ||||||||||||
Accrued charges at June 30, 2013 | $ | 2,177 | $ | 98 | $ | — | $ | — | $ | 2,275 |
Three months ended June 30, | ||||||||||||||
2013 | 2012 | $ Change | % Change | |||||||||||
(In thousands, except per share data) | ||||||||||||||
Total revenues | $ | 84,755 | $ | 74,605 | $ | 10,150 | 14 | % | ||||||
Provision/ (credit) for loan losses | (2,000 | ) | 1,700 | (3,700 | ) | nm | ||||||||
Total operating expenses | 56,688 | 55,335 | 1,353 | 2 | % | |||||||||
Net income from continuing operations | 19,516 | 12,330 | 7,186 | 58 | % | |||||||||
Net income attributable to noncontrolling interests | 969 | 759 | 210 | 28 | % | |||||||||
Net income attributable to the Company | 21,328 | 14,161 | 7,167 | 51 | % | |||||||||
Diluted earnings per share: | ||||||||||||||
From continuing operations | $ | 0.08 | $ | 0.14 | $ | (0.06 | ) | (43 | )% | |||||
From discontinued operations | $ | 0.03 | $ | 0.03 | $ | — | — | % | ||||||
Attributable to common shareholders | $ | 0.11 | $ | 0.17 | $ | (0.06 | ) | (35 | )% |
▪ | The Company issued Series D preferred stock for net proceeds of $47.8 million, and at the same time repurchased all of its Series B preferred stock for $69.8 million. The repurchase of the Series B preferred stock resulted in a deemed dividend, which reduced net income available to common shareholders by $11.7 million and diluted EPS by $0.14 per share. |
▪ | The Bank completed the sale of its Pacific Northwest offices, recording a $10.6 million pretax gain on sale. |
▪ | The Company recorded a $2.0 million credit to the provision for loan losses for the three months ended June 30, 2013, compared to a provision for loan losses of $1.7 million in the same period of 2012. The credit to the provision for the three months ended June 30, 2013 was driven by recoveries of previously charged-off loan amounts, a reduction in adversely-classified loans and continued improvement in credit quality. |
▪ | The low interest rate environment continues to affect net interest income. Net interest margin (“NIM”) decreased 21 basis points to 3.14% for the three months ended June 30, 2013 compared to the same period in 2012. Net interest income for the three months ended June 30, 2013 was $43.9 million, a decrease of $2.7 million, or 6%, compared to the same period in 2012. This decrease was due to lower average yields on loans and investments and increased volume of deposits, partially offset by an increase in volume of the loan portfolio, lower average rates paid on the Company’s deposits and borrowings, and a decrease in volume of borrowings. |
June 30, 2013 | December 31, 2012 | Increase/ (decrease) | % Change | |||||||||||
(In thousands) | ||||||||||||||
Assets: | ||||||||||||||
Total cash and investments | $ | 832,429 | $ | 1,050,025 | $ | (217,596 | ) | (21 | )% | |||||
Loans held for sale | 12,414 | 308,390 | (295,976 | ) | (96 | )% | ||||||||
Total loans | 4,838,713 | 4,814,136 | 24,577 | 1 | % | |||||||||
Less: Allowance for loan losses | 80,800 | 84,057 | (3,257 | ) | (4 | )% | ||||||||
Net loans | 4,757,913 | 4,730,079 | 27,834 | 1 | % | |||||||||
Goodwill and intangible assets | 132,892 | 135,054 | (2,162 | ) | (2 | )% | ||||||||
Other assets | 231,282 | 241,457 | (10,175 | ) | (4 | )% | ||||||||
Total assets | $ | 5,966,930 | $ | 6,465,005 | $ | (498,075 | ) | (8 | )% | |||||
Liabilities and Equity: | ||||||||||||||
Deposits | $ | 4,576,383 | $ | 4,885,059 | $ | (308,676 | ) | (6 | )% | |||||
Deposits held for sale | — | 194,084 | (194,084 | ) | (100 | )% | ||||||||
Total borrowings | 673,574 | 668,087 | 5,487 | 1 | % | |||||||||
Other liabilities | 90,035 | 95,386 | (5,351 | ) | (6 | )% | ||||||||
Total liabilities | 5,339,992 | 5,842,616 | (502,624 | ) | (9 | )% | ||||||||
Redeemable noncontrolling interests | 17,661 | 19,287 | (1,626 | ) | (8 | )% | ||||||||
Total shareholders’ equity | 609,277 | 603,102 | 6,175 | 1 | % | |||||||||
Total liabilities, redeemable noncontrolling interests and shareholders’ equity | $ | 5,966,930 | $ | 6,465,005 | $ | (498,075 | ) | (8 | )% |
June 30, 2013 | December 31, 2012 | ||||||||||||
Balance | as a % of total | Balance | as a % of total | ||||||||||
(In thousands) | |||||||||||||
Demand deposits | $ | 1,162,892 | 25 | % | $ | 1,349,594 | 28 | % | |||||
NOW | 427,718 | 9 | % | 482,647 | 10 | % | |||||||
Savings | 69,599 | 2 | % | 87,054 | 2 | % | |||||||
Money market | 2,281,161 | 50 | % | 2,297,847 | 47 | % | |||||||
Certificates of deposit under $100,000 | 191,225 | 4 | % | 211,032 | 4 | % | |||||||
Certificates of deposit of $100,000 or greater | 443,788 | 10 | % | 456,885 | 9 | % | |||||||
Total deposits (1) | $ | 4,576,383 | 100 | % | $ | 4,885,059 | 100 | % |
(1) | Does not include deposits held for sale of none at June 30, 2013 and $194.1 million at December 31, 212. |
Commercial and Industrial | Commercial Real Estate | Construction and Land | Residential | Home Equity and Other Consumer | ||||||||||||||||||||||||||||||
Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | Amount | Percent | |||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||||||||
New England | $ | 670,377 | 84 | % | $ | 622,529 | 37 | % | $ | 104,451 | 69 | % | $ | 1,172,993 | 61 | % | $ | 221,121 | 80 | % | ||||||||||||||
San Francisco Bay | 72,511 | 9 | % | 622,743 | 37 | % | 34,073 | 23 | % | 452,344 | 23 | % | 40,729 | 15 | % | |||||||||||||||||||
Southern California | 53,745 | 7 | % | 433,396 | 26 | % | 11,721 | 8 | % | 313,031 | 16 | % | 12,764 | 5 | % | |||||||||||||||||||
Other, net | — | — | % | — | — | % | — | — | % | — | — | % | 185 | — | % | |||||||||||||||||||
Total | $ | 796,633 | 100 | % | $ | 1,678,668 | 100 | % | $ | 150,245 | 100 | % | $ | 1,938,368 | 100 | % | $ | 274,799 | 100 | % |
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Net loans (charged-off)/ recovered: | |||||||||||||||
New England | $ | (864 | ) | $ | (576 | ) | $ | (2,100 | ) | $ | (917 | ) | |||
San Francisco Bay | 175 | 117 | (1,333 | ) | (1,863 | ) | |||||||||
Southern California | 1,203 | (38 | ) | 2,176 | (110 | ) | |||||||||
Pacific Northwest | — | (51 | ) | — | 130 | ||||||||||
Total net loans (charged-off)/ recovered | $ | 514 | $ | (548 | ) | $ | (1,257 | ) | $ | (2,760 | ) |
As of and for the three months ended June 30, | As of and for the six months ended June 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
(In thousands) | (In thousands) | ||||||||||||||
Nonaccrual loans, beginning of period | $ | 73,026 | $ | 72,666 | $ | 60,745 | $ | 68,109 | |||||||
Transfers in to nonaccrual status | 4,271 | 9,721 | 27,866 | 29,332 | |||||||||||
Transfers out to OREO | (105 | ) | (903 | ) | (105 | ) | (903 | ) | |||||||
Transfers out to accrual status | (1,532 | ) | (2,429 | ) | (6,259 | ) | (11,196 | ) | |||||||
Charge-offs | (1,298 | ) | (4,343 | ) | (4,138 | ) | (7,220 | ) | |||||||
Paid off/ paid down | (22,073 | ) | (7,355 | ) | (25,820 | ) | (10,765 | ) | |||||||
Nonaccrual loans, end of period | $ | 52,289 | $ | 67,357 | $ | 52,289 | $ | 67,357 |
June 30, 2013 | December 31, 2012 | ||||||
(In thousands) | |||||||
Nonaccrual loans: | |||||||
New England | $ | 25,361 | $ | 28,307 | |||
San Francisco Bay | 19,379 | 25,105 | |||||
Southern California | 7,549 | 7,333 | |||||
Total nonaccrual loans | $ | 52,289 | $ | 60,745 | |||
Loans 30-89 days past due and accruing (1): | |||||||
New England (2) | $ | 7,433 | $ | 20,751 | |||
San Francisco Bay | 3,504 | 11,771 | |||||
Southern California | 605 | 13,854 | |||||
Total loans 30-89 days past due | $ | 11,542 | $ | 46,376 | |||
Accruing substandard loans: | |||||||
New England | $ | 17,657 | $ | 27,551 | |||
San Francisco Bay | 43,460 | 49,854 | |||||
Southern California | 8,656 | 12,724 | |||||
Total accruing substandard loans | $ | 69,773 | $ | 90,129 |
(1) | Does not include one 30-89 day delinquent loan held for sale totaling $0.3 million as of December 31, 2012. |
(2) | In addition to loans 30-89 days past due and accruing, the Company had one loan totaling less than $0.1 million that was 90 days or greater past due but still on accrual status as of June 30, 2013, and three loans totaling $3.6 million as of December 31, 2012. These loans originated in the New England region. |
June 30, 2013 | December 31, 2012 | ||||||
(In thousands) | |||||||
Nonaccrual loans: | |||||||
Commercial and industrial | $ | 4,227 | $ | 4,337 | |||
Commercial real estate | 32,596 | 41,696 | |||||
Construction and land | 4,877 | 2,213 | |||||
Residential | 10,490 | 11,744 | |||||
Home equity and other consumer | 99 | 755 | |||||
Total nonaccrual loans | $ | 52,289 | $ | 60,745 | |||
Loans 30-89 days past due and accruing (1): | |||||||
Commercial and industrial (2) | $ | 3,236 | $ | 10,894 | |||
Commercial real estate | 4,963 | 7,903 | |||||
Construction and land | 83 | 3,258 | |||||
Residential | 2,088 | 23,412 | |||||
Home equity and other consumer | 1,172 | 909 | |||||
Total loans 30-89 days past due | $ | 11,542 | $ | 46,376 | |||
Accruing substandard loans: | |||||||
Commercial and industrial | $ | 9,477 | $ | 9,062 | |||
Commercial real estate | 42,516 | 63,953 | |||||
Construction and land | 4,054 | 7,369 | |||||
Residential | 12,054 | 8,072 | |||||
Home equity and other consumer | 1,672 | 1,673 | |||||
Total accruing substandard loans | $ | 69,773 | $ | 90,129 |
(1) | In addition to loans 30-89 days past due and accruing, the Company had one construction and land loan totaling less than $0.1 million that was 90 days or greater past due but still on accrual status at June 30, 2013. As of December 31, 2012, the Company had one commercial and industrial loan totaling $0.3 million, one commercial real estate loan totaling $3.2 million, and one construction and land loan totaling less than $0.1 million that were more than 90 days past due but still on accrual status. |
(2) | Does not include one loan held for sale, 30-89 days past due and accruing, totaling $0.3 million as of December 31, 2012. |
Actual | For capital adequacy purposes (at least) | To be well capitalized under prompt corrective action provisions (at least) | ||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
(In thousands) | ||||||||||||||||||||
As of June 30, 2013 | ||||||||||||||||||||
Total risk-based capital | ||||||||||||||||||||
Company | $ | 682,336 | 15.58 | % | $ | 350,355 | 8.00 | % | $ | 437,944 | 10.00 | % | ||||||||
Boston Private Bank | 617,356 | 14.20 | 347,925 | 8.00 | 434,906 | 10.00 | ||||||||||||||
Tier I risk-based capital | ||||||||||||||||||||
Company | 627,202 | 14.32 | 175,177 | 4.00 | 262,766 | 6.00 | ||||||||||||||
Boston Private Bank | 562,645 | 12.94 | 173,962 | 4.00 | 260,944 | 6.00 | ||||||||||||||
Tier I leverage capital | ||||||||||||||||||||
Company | 627,202 | 10.44 | 240,327 | 4.00 | 300,408 | 5.00 | ||||||||||||||
Boston Private Bank | 562,645 | 9.47 | 237,733 | 4.00 | 297,166 | 5.00 | ||||||||||||||
As of December 31, 2012 | ||||||||||||||||||||
Total risk-based capital | ||||||||||||||||||||
Company | $ | 676,206 | 14.61 | % | $ | 370,223 | 8.00 | % | $ | 462,779 | 10.00 | % | ||||||||
Boston Private Bank | 594,422 | 12.94 | 367,522 | 8.00 | 459,402 | 10.00 | ||||||||||||||
Tier I risk-based capital | ||||||||||||||||||||
Company | 617,965 | 13.35 | 185,112 | 4.00 | 277,667 | 6.00 | ||||||||||||||
Boston Private Bank | 536,649 | 11.68 | 183,761 | 4.00 | 275,641 | 6.00 | ||||||||||||||
Tier I leverage capital | ||||||||||||||||||||
Company | 617,965 | 9.94 | 248,692 | 4.00 | 310,865 | 5.00 | ||||||||||||||
Boston Private Bank | 536,649 | 8.73 | 245,755 | 4.00 | 307,194 | 5.00 |
Three months ended June 30, | % Change | Six months ended June 30, | % Change | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(In Thousands) | |||||||||||||||||||||
Net interest income | $ | 43,899 | $ | 46,596 | (6 | )% | $ | 88,175 | $ | 91,364 | (3 | )% | |||||||||
Fees and other income | 40,856 | 28,009 | 46 | % | 71,452 | 55,463 | 29 | % | |||||||||||||
Total revenue | 84,755 | 74,605 | 14 | % | 159,627 | 146,827 | 9 | % | |||||||||||||
Provision/ (credit) for loan losses | (2,000 | ) | 1,700 | nm | (2,000 | ) | 5,700 | (135 | )% | ||||||||||||
Operating expense | 56,688 | 55,335 | 2 | % | 113,252 | 110,962 | 2 | % | |||||||||||||
Income tax expense | 10,551 | 5,240 | 101 | % | 16,448 | 9,091 | 81 | % | |||||||||||||
Net income from continuing operations | 19,516 | 12,330 | 58 | % | 31,927 | 21,074 | 51 | % | |||||||||||||
Net income from discontinued operations | 2,781 | 2,590 | 7 | % | 4,503 | 4,144 | 9 | % | |||||||||||||
Less: Net income attributable to noncontrolling interests | 969 | 759 | 28 | % | 1,899 | 1,552 | 22 | % | |||||||||||||
Net income attributable to the Company | $ | 21,328 | $ | 14,161 | 51 | % | $ | 34,531 | $ | 23,666 | 46 | % |
Average Balance | Interest Income/Expense | Average Yield/Rate | |||||||||||||||||||
(In Thousands) | As of and for the three months ended June 30, | ||||||||||||||||||||
AVERAGE BALANCE SHEET: | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
AVERAGE ASSETS | |||||||||||||||||||||
Interest-Earning Assets: | |||||||||||||||||||||
Cash and Investments (1): | |||||||||||||||||||||
Taxable investment securities | $ | 208,717 | $ | 337,933 | $ | 493 | $ | 1,078 | 0.94 | % | 1.28 | % | |||||||||
Non-taxable investment securities (2) | 204,219 | 186,030 | 1,196 | 1,174 | 2.34 | % | 2.52 | % | |||||||||||||
Mortgage-backed securities | 294,976 | 245,043 | 1,340 | 1,604 | 1.82 | % | 2.62 | % | |||||||||||||
Federal funds sold and other | 152,037 | 122,977 | 175 | 72 | 0.46 | % | 0.24 | % | |||||||||||||
Total Cash and Investments | 859,949 | 891,983 | 3,204 | 3,928 | 1.49 | % | 1.76 | % | |||||||||||||
Loans: (3) | |||||||||||||||||||||
Commercial and Construction (2) | 2,702,401 | 2,691,458 | 31,855 | 34,470 | 4.66 | % | 5.15 | % | |||||||||||||
Residential | 1,963,701 | 1,926,628 | 16,097 | 17,979 | 3.28 | % | 3.73 | % | |||||||||||||
Home Equity and Other Consumer | 271,063 | 292,353 | 1,984 | 2,336 | 2.94 | % | 3.23 | % | |||||||||||||
Total Loans | 4,937,165 | 4,910,439 | 49,936 | 54,785 | 4.02 | % | 4.48 | % | |||||||||||||
Total Earning Assets | 5,797,114 | 5,802,422 | 53,140 | 58,713 | 3.64 | % | 4.06 | % | |||||||||||||
Less: Allowance for Loan Losses | 83,711 | 100,236 | |||||||||||||||||||
Cash and due from Banks (non-interest bearing) | 43,143 | 73,153 | |||||||||||||||||||
Other Assets (4) | 380,462 | 405,340 | |||||||||||||||||||
TOTAL AVERAGE ASSETS | $ | 6,137,008 | $ | 6,180,679 | |||||||||||||||||
AVERAGE LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Interest-Bearing Liabilities: | |||||||||||||||||||||
Deposits (5): | |||||||||||||||||||||
Savings and NOW | $ | 523,229 | $ | 501,759 | $ | 107 | $ | 201 | 0.08 | % | 0.16 | % | |||||||||
Money Market | 2,272,302 | 2,067,625 | 1,627 | 2,147 | 0.29 | % | 0.42 | % | |||||||||||||
Certificates of Deposits | 669,996 | 837,295 | 1,386 | 2,087 | 0.85 | % | 1.00 | % | |||||||||||||
Total Deposits | 3,465,527 | 3,406,679 | 3,120 | 4,435 | 0.37 | % | 0.52 | % | |||||||||||||
Junior Subordinated Debentures | 133,605 | 177,566 | 1,156 | 1,690 | 3.42 | % | 3.77 | % | |||||||||||||
FHLB Borrowings and Other | 584,030 | 707,315 | 2,950 | 4,187 | 2.00 | % | 2.34 | % | |||||||||||||
Total Interest-Bearing Liabilities | 4,183,162 | 4,291,560 | 7,226 | 10,312 | 0.69 | % | 0.96 | % | |||||||||||||
Noninterest Bearing Demand Deposits | 1,212,127 | 1,190,428 | |||||||||||||||||||
Payables and Other Liabilities (4) | 116,744 | 109,578 | |||||||||||||||||||
Total Average Liabilities | 5,512,033 | 5,591,566 | |||||||||||||||||||
Redeemable Noncontrolling Interests | 15,966 | 20,254 | |||||||||||||||||||
Average Shareholders’ Equity | 609,009 | 568,859 | |||||||||||||||||||
TOTAL AVERAGE LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS’ EQUITY | $ | 6,137,008 | $ | 6,180,679 | |||||||||||||||||
Net Interest Income - on a FTE Basis | $ | 45,914 | $ | 48,401 | |||||||||||||||||
FTE Adjustment (2) | 2,015 | 1,805 | |||||||||||||||||||
Net Interest Income (GAAP Basis) | $ | 43,899 | $ | 46,596 | |||||||||||||||||
Interest Rate Spread | 2.95 | % | 3.10 | % | |||||||||||||||||
Net Interest Margin | 3.14 | % | 3.35 | % |
Average Balance | Interest Income/Expense | Average Yield/Rate | |||||||||||||||||||
(In Thousands) | As of and for the six months ended June 30, | ||||||||||||||||||||
AVERAGE BALANCE SHEET: | 2013 | 2012 | 2013 | 2012 | 2013 | 2012 | |||||||||||||||
AVERAGE ASSETS | |||||||||||||||||||||
Interest-Earning Assets: | |||||||||||||||||||||
Cash and Investments (1): | |||||||||||||||||||||
Taxable investment securities | $ | 203,873 | $ | 357,533 | $ | 1,007 | $ | 2,335 | 0.99 | % | 1.31 | % | |||||||||
Non-taxable investment securities (2) | 204,734 | 190,220 | 2,487 | 2,497 | 2.43 | % | 2.63 | % | |||||||||||||
Mortgage-backed securities | 306,268 | 248,516 | 2,742 | 3,206 | 1.79 | % | 2.58 | % | |||||||||||||
Federal funds sold and other | 159,976 | 126,477 | 351 | 221 | 0.44 | % | 0.35 | % | |||||||||||||
Total Cash and Investments | 874,851 | 922,746 | 6,587 | 8,259 | 1.51 | % | 1.79 | % | |||||||||||||
Loans: (3) | |||||||||||||||||||||
Commercial and Construction (2) | 2,753,758 | 2,641,302 | 63,844 | 67,164 | 4.61 | % | 5.11 | % | |||||||||||||
Residential | 1,983,662 | 1,892,347 | 33,025 | 35,806 | 3.33 | % | 3.78 | % | |||||||||||||
Home Equity and Other Consumer | 269,635 | 306,260 | 3,971 | 5,096 | 2.97 | % | 3.35 | % | |||||||||||||
Total Loans | 5,007,055 | 4,839,909 | 100,840 | 108,066 | 4.02 | % | 4.48 | % | |||||||||||||
Total Earning Assets | 5,881,906 | 5,762,655 | 107,427 | 116,325 | 3.64 | % | 4.05 | % | |||||||||||||
Less: Allowance for Loan Losses | 84,019 | 98,854 | |||||||||||||||||||
Cash and due from Banks (non-interest bearing) | 42,579 | 88,808 | |||||||||||||||||||
Other Assets (4) | 385,142 | 431,091 | |||||||||||||||||||
TOTAL AVERAGE ASSETS | $ | 6,225,608 | $ | 6,183,700 | |||||||||||||||||
AVERAGE LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
Interest-Bearing Liabilities: | |||||||||||||||||||||
Deposits (5): | |||||||||||||||||||||
Savings and NOW | $ | 549,873 | $ | 517,291 | $ | 239 | $ | 532 | 0.09 | % | 0.21 | % | |||||||||
Money Market | 2,329,515 | 2,020,871 | 3,713 | 4,283 | 0.32 | % | 0.43 | % | |||||||||||||
Certificates of Deposits | 674,367 | 882,885 | 2,954 | 4,523 | 0.91 | % | 1.03 | % | |||||||||||||
Total Deposits | 3,553,755 | 3,421,047 | 6,906 | 9,338 | 0.40 | % | 0.55 | % | |||||||||||||
Junior Subordinated Debentures | 135,311 | 179,355 | 2,310 | 3,443 | 3.39 | % | 3.80 | % | |||||||||||||
FHLB Borrowings and Other | 560,878 | 708,463 | 6,015 | 8,566 | 2.13 | % | 2.39 | % | |||||||||||||
Total Interest-Bearing Liabilities | 4,249,944 | 4,308,865 | 15,231 | 21,347 | 0.72 | % | 0.99 | % | |||||||||||||
Noninterest Bearing Demand Deposits | 1,238,320 | 1,175,414 | |||||||||||||||||||
Payables and Other Liabilities (4) | 112,333 | 111,551 | |||||||||||||||||||
Total Average Liabilities | 5,600,597 | 5,595,830 | |||||||||||||||||||
Redeemable Noncontrolling Interests | 16,697 | 20,886 | |||||||||||||||||||
Average Shareholders’ Equity | 608,314 | 566,984 | |||||||||||||||||||
TOTAL AVERAGE LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS, AND SHAREHOLDERS’ EQUITY | $ | 6,225,608 | $ | 6,183,700 | |||||||||||||||||
Net Interest Income - on a FTE Basis | $ | 92,196 | $ | 94,978 | |||||||||||||||||
FTE Adjustment (2) | 4,021 | 3,614 | |||||||||||||||||||
Net Interest Income (GAAP Basis) | $ | 88,175 | $ | 91,364 | |||||||||||||||||
Interest Rate Spread | 2.92 | % | 3.06 | % | |||||||||||||||||
Net Interest Margin | 3.12 | % | 3.31 | % |
(1) | Investments classified as available for sale are shown in the average balance sheet at amortized cost. |
(2) | Interest income on non-taxable investments and loans is presented on a FTE basis using statutory rates. The discussion following these tables reflects non-FTE data. |
(3) | Includes loans held for sale and nonaccrual loans. |
(4) | Includes assets and liabilities of discontinued operations, if any. |
(5) | Includes deposits held for sale. |
Exhibit No. | Description | Incorporated by Reference | Filed or Furnished with this 10-Q | |||||||
Form | SEC Filing Date | Exhibit Number | ||||||||
3.1 | Articles of Amendment of Boston Private Financial Holdings, Inc. | 8-K | 4/22/2013 | 3.1 | ||||||
3.2 | Articles of Amendment of Boston Private Financial Holdings, Inc. | 8-A12B | 4/24/2013 | 3.5 | ||||||
4.1 | Master Deposit Agreement, dated April 24, 2013, by and among Boston Private Financial Holdings, Inc., Computershare Trust Company, N.A., and Computershare Inc., collectively, as depositary, and the holders from time to time of the depositary receipts described therein | 8-A12B | 4/24/2013 | 4.1 | ||||||
4.2 | Form of Certificate Representing Series D Preferred Stock | 8-A12B | 4/24/2013 | 4.2 | ||||||
10.1 | Stock Purchase Agreement, dated as of April 16, 2013, by and between Boston Private Financial Holdings, Inc., and BP Holdco, L.P. | 8-K | 4/16/2013 | 10.1 | ||||||
31.1 | Certification of Chief Executive Officer pursuant to Rule 13a - 14(a)/15d - 14(a) under the Securities Exchange Act of 1934 | Filed | ||||||||
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a - 14(a)/15d - 14(a) under the Securities Exchange Act of 1934 | Filed | ||||||||
32.1 | Certification of the Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Furnished | ||||||||
32.2 | Certification of the Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | Furnished | ||||||||
101.INS | XBRL Instance Document | Furnished | ||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | Furnished | ||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | Furnished | ||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | Furnished | ||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | Furnished | ||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | Furnished |
BOSTON PRIVATE FINANCIAL HOLDINGS, INC. | |
/s/ CLAYTON G. DEUTSCH | |
August 7, 2013 | Clayton G. Deutsch |
President and Chief Executive Officer | |
/s/ DAVID J. KAYE | |
August 7, 2013 | David J. Kaye |
Executive Vice President, Treasurer, and Chief Financial Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Boston Private Financial Holdings, Inc. (the “registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ CLAYTON G. DEUTSCH | ||
Date: August 7, 2013 | Clayton G. Deutsch President and Chief Executive Officer | |
1. | I have reviewed this quarterly report on Form 10-Q of Boston Private Financial Holdings, Inc. (the “registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
/s/ DAVID J. KAYE | ||
Date: August 7, 2013 | David J. Kaye Chief Financial Officer | |
/s/ CLAYTON G. DEUTSCH | |||||
Clayton G. Deutsch President and Chief Executive Officer | |||||
Date: August 7, 2013 |
/s/ DAVID J. KAYE | |||||
David J. Kaye Chief Financial Officer | |||||
Date: August 7, 2013 |
Income Taxes
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Income Taxes [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] | Income Taxes The following table presents the components of income tax expense for continuing operations, discontinued operations, noncontrolling interests and the Company:
The effective tax rate for continuing operations for the six months ended June 30, 2013 of 34.0%, with related tax expense of $16.4 million, was calculated based on a projected 2013 annual effective tax rate. The effective tax rate was less than the statutory rate of 35% due primarily to earnings from tax-exempt investments, income tax credits, and income attributable to noncontrolling interests. These items were partially offset by state and local income taxes and an increase in unrecognized tax benefits. The effective tax rate for continuing operations for the six months ended June 30, 2012 of 30.1%, with related tax expense of $9.1 million, was calculated based on a projected 2012 annual effective tax rate. The effective tax rate was less than the statutory rate of 35% due primarily to earnings from tax-exempt investments, income tax credits, and income attributable to noncontrolling interests. These items were partially offset by state and local income taxes. The effective tax rate for continuing operations for the six months ended June 30, 2013 is greater than the effective tax rate for the same period in 2012 due primarily to an increase in unrecognized tax benefits, an increase in state and local income taxes, and a higher level of income before taxes in 2013 as compared to 2012. As of June 30, 2013, the Company’s gross amount of unrecognized tax benefits is $6.4 million and the net amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is $1.0 million. During the six months ended June 30, 2013, the Company’s gross amount of unrecognized tax benefits increased by $1.6 million, from $4.8 million at December 31, 2012, to $6.4 million at June 30, 2013. The $1.6 million increase relates primarily to a change in the interpretation of tax law with respect to certain tax positions taken on previously filed tax returns. During the six months ended June 30, 2013, the Company’s accrued interest and penalties related to unrecognized tax benefits increased by $0.6 million, from $0.3 million at December 31, 2012, to $0.9 million as of June 30, 2013. The Company believes it is reasonably possible that the gross amount of unrecognized tax benefits may decrease within the next twelve months by a range of $4.3 million to $5.8 million as a result of settlements with state taxing authorities and the Company’s plan to file an accounting method change for income tax purposes. Contingent consideration related to the 2009 and 2012 divestiture of certain affiliates, primarily related to the revenue sharing agreement with Westfield Capital Management Company, LLC, is also reflected under “discontinued operations” in the table above. The profits and losses attributable to owners other than the Company are reflected under “noncontrolling interests” in the table above. |
Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
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Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
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Document Fiscal Year Focus | 2013 | |||||||||||||
Interest and dividend income: | ||||||||||||||
Loans | $ 48,339 | $ 53,402 | $ 97,689 | $ 105,349 | ||||||||||
Taxable investment securities | 493 | 1,078 | 1,007 | 2,335 | ||||||||||
Non-taxable investment securities | 778 | 752 | 1,617 | 1,600 | ||||||||||
Mortgage-backed securities | 1,340 | 1,604 | 2,742 | 3,206 | ||||||||||
Federal funds sold and other | 175 | 72 | 351 | 221 | ||||||||||
Total interest and dividend income | 51,125 | 56,908 | 103,406 | 112,711 | ||||||||||
Interest expense: | ||||||||||||||
Deposits | 3,120 | 4,435 | 6,906 | 9,338 | ||||||||||
Federal Home Loan Bank borrowings | 2,818 | 3,747 | 5,649 | 7,692 | ||||||||||
Junior subordinated debentures | 1,156 | 1,690 | 2,310 | 3,443 | ||||||||||
Repurchase agreements and other short-term borrowings | 132 | 440 | 366 | 874 | ||||||||||
Total interest expense | 7,226 | 10,312 | 15,231 | 21,347 | ||||||||||
Net interest income | 43,899 | 46,596 | 88,175 | 91,364 | ||||||||||
Provision/ (credit) for loan losses | (2,000) | 1,700 | (2,000) | 5,700 | ||||||||||
Net interest income after provision for loan losses | 45,899 | 44,896 | 90,175 | 85,664 | ||||||||||
Fees and other income: | ||||||||||||||
Investment management and trust fees | 17,340 | 15,484 | 34,208 | 30,722 | ||||||||||
Wealth advisory fees | 10,317 | 9,183 | 20,385 | 18,419 | ||||||||||
Other banking fee income | 1,704 | 1,295 | 3,502 | 2,662 | ||||||||||
Gain on repurchase of debt | 46 | 715 | 620 | 1,594 | ||||||||||
Gain on sale of investments, net | 18 | 839 | 28 | 853 | ||||||||||
Gain on sale of loans, net | 746 | 430 | 1,933 | 851 | ||||||||||
Gain/(loss) on OREO, net | (47) | 366 | (13) | 325 | ||||||||||
Gain on sale of Pacific Northwest offices | 10,574 | 0 | 10,574 | 0 | ||||||||||
Other | 158 | (303) | 215 | 37 | ||||||||||
Total fees and other income | 40,856 | 28,009 | 71,452 | 55,463 | ||||||||||
Operating expense: | ||||||||||||||
Salaries and employee benefits | 34,054 | 34,471 | 71,503 | 71,383 | ||||||||||
Occupancy and equipment | 7,594 | 7,931 | 15,097 | 15,196 | ||||||||||
Professional services | 2,585 | 3,021 | 5,246 | 5,960 | ||||||||||
Marketing and business development | 2,759 | 1,779 | 4,216 | 3,108 | ||||||||||
Contract services and data processing | 1,484 | 1,355 | 3,052 | 2,543 | ||||||||||
Amortization of intangibles | 1,101 | 1,090 | 2,219 | 2,181 | ||||||||||
FDIC insurance | 954 | 982 | 1,994 | 1,831 | ||||||||||
Restructuring expense | 0 | 564 | 0 | 699 | ||||||||||
Other | 6,157 | 4,142 | 9,925 | 8,061 | ||||||||||
Total operating expense | 56,688 | [1] | 55,335 | [1] | 113,252 | [1] | 110,962 | [1] | ||||||
Income before income taxes | 30,067 | 17,570 | 48,375 | 30,165 | ||||||||||
Income tax expense | 10,551 | 5,240 | 16,448 | 9,091 | ||||||||||
Net income from continuing operations | 19,516 | 12,330 | 31,927 | 21,074 | ||||||||||
Net income from discontinued operations | 2,781 | 2,590 | 4,503 | 4,144 | ||||||||||
Net income before attrubution to noncontrolling interests | 22,297 | 14,920 | 36,430 | 25,218 | ||||||||||
Less: Net income attributable to noncontrolling interests | 969 | 759 | 1,899 | 1,552 | ||||||||||
Net income attributable to the Company | 21,328 | [2] | 14,161 | [2] | 34,531 | [2] | 23,666 | [2] | ||||||
Adjustments to net income attributable to the Company to arrive at net income/(loss) attributable to common shareholders | (12,667) | (1,400) | (13,923) | (2,509) | ||||||||||
Net income attributable to common shareholders for earnings/ (loss) per share calculation | $ 8,661 | $ 12,761 | $ 20,608 | $ 21,157 | ||||||||||
Basic earnings/(loss) per share attributable to common shareholders: | ||||||||||||||
From continuing operations: | $ 0.08 | $ 0.14 | $ 0.21 | $ 0.22 | ||||||||||
From discontinued operations: | $ 0.03 | $ 0.03 | $ 0.05 | $ 0.05 | ||||||||||
Total attributable to common shareholders: | $ 0.11 | $ 0.17 | $ 0.27 | $ 0.28 | ||||||||||
Diluted earnings/(loss) per share attributable to common shareholders: | ||||||||||||||
From continuing operations: | $ 0.08 | $ 0.14 | $ 0.21 | $ 0.23 | ||||||||||
From discontinued operations: | $ 0.03 | $ 0.03 | $ 0.05 | $ 0.05 | ||||||||||
Total attributable to common shareholders: | $ 0.11 | $ 0.17 | $ 0.26 | $ 0.28 | ||||||||||
Common Stock [Member]
|
||||||||||||||
Basic earnings/(loss) per share attributable to common shareholders: | ||||||||||||||
Weighted average basic common shares outstanding | 77,250,998 | 75,803,973 | 77,035,998 | 75,718,949 | ||||||||||
Diluted earnings/(loss) per share attributable to common shareholders: | ||||||||||||||
Weighted average diluted common shares outstanding | 78,378,878 | [3] | 76,505,092 | [3] | 78,105,290 | [3] | 76,433,107 | [3] | ||||||
|
Earnings Per Share
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Eps [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Text Block] | Earnings Per Share The two class method of calculating EPS is presented below for the three and six months ended June 30, 2013 and 2012. The following tables present the computations of basic and diluted EPS:
_____________________
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Reportable Segments (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following tables present a reconciliation of the revenues, profits, assets, and other significant items of reportable segments as of and for the three and six months ended June 30, 2013 and 2012. Interest expense on junior subordinated debentures is reported at the Holding Company.
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Noncontrolling Interests Noncontrolling Interests - Text Details (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Dec. 31, 2012
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Dec. 31, 2011
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Noncontrolling Interest [Abstract] | ||||||
Net Income Attributable to Noncontrolling Interest | $ 969 | $ 759 | $ 1,899 | $ 1,552 | ||
Redeemable Noncontrolling Interest, Equity, Carrying Amount | 17,661 | 19,221 | 17,661 | 19,221 | 19,287 | 21,691 |
Nonredeemable Noncontrolling Interest | $ 135 | $ 135 | $ 0 |
Allowance for Loan Losses Allowance by impairment analysis method (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
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Mar. 31, 2013
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Dec. 31, 2012
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Jun. 30, 2012
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Mar. 31, 2012
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Dec. 31, 2011
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Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | $ 76,461 | $ 80,680 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 4,339 | 3,377 | ||||
Loans and Leases Receivable, Allowance | 80,800 | 82,286 | 84,057 | 99,054 | 97,902 | 96,114 |
Financing Receivable, Collectively Evaluated for Impairment | 4,762,359 | 4,732,612 | ||||
Financing Receivable, Individually Evaluated for Impairment | 76,354 | 81,524 | ||||
Total loans | 4,838,713 | 4,814,136 | ||||
Commercial and industrial [Member]
|
||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 11,626 | 11,707 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 257 | 118 | ||||
Loans and Leases Receivable, Allowance | 11,883 | 11,849 | 11,825 | 13,243 | 12,062 | 12,163 |
Financing Receivable, Collectively Evaluated for Impairment | 791,349 | 801,903 | ||||
Financing Receivable, Individually Evaluated for Impairment | 5,284 | 4,423 | ||||
Total loans | 796,633 | 806,326 | ||||
Commercial real estate [Member]
|
||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 46,831 | 50,830 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1,913 | 1,667 | ||||
Loans and Leases Receivable, Allowance | 48,744 | 50,466 | 52,497 | 64,577 | 65,366 | 63,625 |
Financing Receivable, Collectively Evaluated for Impairment | 1,629,207 | 1,632,698 | ||||
Financing Receivable, Individually Evaluated for Impairment | 49,461 | 58,652 | ||||
Total loans | 1,678,668 | 1,691,350 | ||||
Construction and land [Member]
|
||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 4,284 | 4,827 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 639 | 189 | ||||
Loans and Leases Receivable, Allowance | 4,923 | 4,787 | 5,016 | 6,163 | 5,836 | 6,382 |
Financing Receivable, Collectively Evaluated for Impairment | 145,022 | 135,357 | ||||
Financing Receivable, Individually Evaluated for Impairment | 5,223 | 2,213 | ||||
Total loans | 150,245 | 137,570 | ||||
Residential [Member]
|
||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 10,095 | 9,489 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1,530 | 1,403 | ||||
Loans and Leases Receivable, Allowance | 11,625 | 11,454 | 10,892 | 10,844 | 10,054 | 9,286 |
Financing Receivable, Collectively Evaluated for Impairment | 1,922,072 | 1,890,213 | ||||
Financing Receivable, Individually Evaluated for Impairment | 16,296 | 15,876 | ||||
Total loans | 1,938,368 | 1,906,089 | ||||
Home equity [Member]
|
||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 1,201 | 1,085 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | ||||
Loans and Leases Receivable, Allowance | 1,201 | 1,146 | 1,085 | 1,489 | 1,543 | 1,535 |
Financing Receivable, Collectively Evaluated for Impairment | 120,504 | 123,191 | ||||
Financing Receivable, Individually Evaluated for Impairment | 90 | 360 | ||||
Total loans | 120,594 | 123,551 | ||||
Consumer and other [Member]
|
||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 412 | 540 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | ||||
Loans and Leases Receivable, Allowance | 412 | 464 | 540 | 740 | 1,009 | 1,149 |
Financing Receivable, Collectively Evaluated for Impairment | 154,205 | 149,250 | ||||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||||
Total loans | 154,205 | 149,250 | ||||
Unallocated Financing Receivables [Member]
|
||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 2,012 | 2,202 | ||||
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | ||||
Loans and Leases Receivable, Allowance | 2,012 | 2,120 | 2,202 | 1,998 | 2,032 | 1,974 |
Financing Receivable, Collectively Evaluated for Impairment | 0 | 0 | ||||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||||
Total loans | $ 0 | $ 0 |
Noncontrolling Interests
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Nci [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interest Disclosure [Text Block] | Noncontrolling Interests At the Company, noncontrolling interests typically consist of equity owned by management of the Company’s respective majority-owned affiliates. Net income attributable to noncontrolling interests in the consolidated statements of operations represents the net income allocated to the noncontrolling interest owners of the affiliates. Net income allocated to the noncontrolling interest owners was $1.0 million and $0.8 million for the three months ended June 30, 2013 and 2012, respectively, and $1.9 million and $1.6 million for the six months ended June 30, 2013 and 2012, respectively. On the consolidated balance sheets, noncontrolling interests are included as the sum of the capital and undistributed profits allocated to the noncontrolling interest owners. Typically, this balance is included in a company’s permanent shareholders’ equity in the consolidated balance sheets. When the noncontrolling interest owners’ rights include certain redemption features, as described in ASC 480, Distinguishing Liabilities from Equity, such redeemable noncontrolling interests are classified as mezzanine equity and are not included in permanent shareholders’ equity. Due to the redemption features of the noncontrolling interests, the Company had redeemable noncontrolling interests held in mezzanine equity in the accompanying consolidated balance sheets of of $17.7 million and $19.3 million at June 30, 2013 and December 31, 2012, respectively. The aggregate amount of such redeemable noncontrolling equity interests are recorded at the estimated maximum redemption values. In addition, as discussed below, the Company had $0.1 million noncontrolling interests included in permanent shareholder’s equity at June 30, 2013. Each affiliate operating agreement provides the Company and/or the noncontrolling interests with contingent call or put redemption features used for the orderly transfer of noncontrolling equity interests between the affiliate noncontrolling interest owners and the Company at either a contractually predetermined fair value, multiple of earnings before interest, taxes, depreciation, and amortization (EBITDA), or fair value. The Company may liquidate these noncontrolling interests in cash, shares of the Company’s common stock, or other forms of consideration dependent on the operating agreement. These agreements are discussed in Part II. Item 8. “Financial Statements and Supplementary Data – Note 14: Noncontrolling Interests” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. Generally, these put and call redemption features refer to shareholder rights of both the Company and the noncontrolling interest owners of the Company’s majority-owned affiliate companies. The affiliate company noncontrolling interests generally take the form of limited liability company (LLC) units, profits interests, or common stock (collectively, the “noncontrolling equity interests”). In most circumstances, the put and call redemption features generally relate to the Company’s right and, in some cases, obligation to purchase and the noncontrolling equity interests’ right to sell their equity interests. There are various events that could cause the puts or calls to be exercised, such as a change in control, death, disability, retirement, resignation or termination. The puts and calls are generally to be exercised at the then fair value or a contractually agreed upon approximation thereof. The terms of these rights vary and are governed by the respective individual operating and legal documents. During the second quarter of 2013, the Company sold certain repurchased noncontrolling interests to principals at Anchor with modified contingent call and put redemption features. These modified features have the same terms and conditions as the previously issued noncontrolling interests with the exception that they require the approval of the Company’s CEO in order to be exercised. Therefore, they are no longer considered to be mandatorily redeemable and are not included in the redeemable noncontrolling interests within mezzanine equity, but rather within permanent equity. The following table presents the contractually determined maximum redemption values to repurchase the noncontrolling interests at the periods indicated:
The following table presents an analysis of the Company’s redeemable noncontrolling interests for the periods indicated:
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Loan Portfolio and Credit Quality Loans by Portfolio Segment (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
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Dec. 31, 2012
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 4,838,713 | $ 4,814,136 |
Commercial and industrial [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 796,633 | 806,326 |
Commercial real estate [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,678,668 | 1,691,350 |
Construction and land [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 150,245 | 137,570 |
Residential [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 1,938,368 | 1,906,089 |
Home equity [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | 120,594 | 123,551 |
Consumer and other [Member]
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Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 154,205 | $ 149,250 |
Derivatives and Hedging Activities Derivatives Fair Value and Balance Sheet Classification (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
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Dec. 31, 2012
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Other Assets [Member]
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Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | $ 2,780 | [1] | $ 3,035 | [1] | ||
Other Liabilities [Member]
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Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | (5,922) | [1] | (8,356) | [1] | ||
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Assets [Member]
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Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 959 | [1] | 0 | [1] | ||
Interest Rate Contract [Member] | Designated as Hedging Instrument [Member] | Other Liabilities [Member]
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Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | (4,041) | [1] | (5,189) | [1] | ||
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Assets [Member]
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Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 1,775 | [1] | 2,915 | [1] | ||
Interest Rate Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member]
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Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | (1,835) | [1] | (3,047) | [1] | ||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Assets [Member]
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Derivatives, Fair Value [Line Items] | ||||||
Derivative Asset, Fair Value, Gross Asset | 46 | [1] | 120 | [1] | ||
Foreign Exchange Contract [Member] | Not Designated as Hedging Instrument [Member] | Other Liabilities [Member]
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Derivatives, Fair Value [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | $ (46) | [1] | $ (120) | [1] | ||
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Reportable Segments Segments Text Disclosure (Details)
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6 Months Ended |
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Jun. 30, 2013
segments
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Segment Reporting Information [Line Items] | |
Number of Reportable Segments | 3 |
Loan Portfolio and Credit Quality (Tables)
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Jun. 30, 2013
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Loans Receivable [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The following table presents a summary of the loan portfolio based on the portfolio segment as of the dates indicated:
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Schedule of Financing Receivables, Non Accrual Status [Table Text Block] | The following table presents nonaccrual loans receivable by class of receivable as of the dates indicated:
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Past Due Financing Receivables [Table Text Block] | The following tables show the payment status of loans receivable by class of financing receivable as of the dates indicated:
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Financing Receivable Credit Quality Indicators [Table Text Block] | The following tables present the loan portfolio’s credit risk profile by internally assigned grade by class of financing receivable as of the dates indicated:
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Impaired Financing Receivables [Table Text Block] | The following tables present, by class of receivable, the balance of impaired loans with and without a related allowance, the associated allowance for those impaired loans with a related allowance, and the total unpaid principal on impaired loans:
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Troubled Debt Restructurings on Financing Receivables [Table Text Block] | The following tables present the balance of TDRs that were restructured or defaulted during the periods indicated:
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Fair Value Measurements (Tables)
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Jun. 30, 2013
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Fair Value [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The following tables present the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2013 and December 31, 2012, aggregated by the level in the fair value hierarchy within which those measurements fall:
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Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | The following tables present the Company’s assets and liabilities measured at fair value on a non-recurring basis during the periods ended June 30, 2013 and 2012, respectively, aggregated by the level in the fair value hierarchy within which those measurements fall.
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Table Text Block] | The following table presents additional quantitative information about assets measured at fair value on a non-recurring basis for which the Company has utilized Level 3 inputs to determine fair value.
Impaired loans include those loans that were adjusted to the fair value of underlying collateral as required under ASC 310, Receivables. The amount does not include impaired loans that are measured based on expected future cash flows discounted at the respective loan’s original effective interest rate, as that amount is not considered a fair value measurement. The Company uses appraisals, which management may adjust to reflect estimated fair value declines, or apply other discounts to appraised values for unobservable factors resulting from its knowledge of the property or consideration of broker quotes. The appraisers use a market, income, and/or a cost approach in determining the value of the collateral. Therefore they have been categorized as a Level 3 measurement. |
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Fair Value, by Balance Sheet Grouping [Table Text Block] | The following tables present the carrying values and fair values of the Company’s financial instruments that are not measured at fair value on a recurring basis (other than certain loans, as noted below):
The estimated fair values have been determined by using available quoted market information or other appropriate valuation methodologies. The aggregate fair value amounts presented do not represent the underlying value of the Company taken as a whole. |
Fair Value Measurements Quantitiative Information about Level 3 Non-Recurring Assets (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
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Jun. 30, 2012
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||||
Loans Receivable, Fair Value Disclosure | $ 7,178 | [1] | $ 8,186 | [2] | ||||
Loans Receivable [Member] | Weighted Average [Member]
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||||
Fair Value Inputs, Discount Rate | 7.00% | 9.00% | ||||||
Fair Value Inputs, Comparability Adjustments | 27.00% | 21.00% | ||||||
Loans Receivable [Member] | Minimum [Member]
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||||
Fair Value Inputs, Discount Rate | 0.00% | 7.00% | ||||||
Fair Value Inputs, Comparability Adjustments | 0.00% | 0.00% | ||||||
Loans Receivable [Member] | Maximum [Member]
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Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis, Valuation Techniques [Line Items] | ||||||||
Fair Value Inputs, Discount Rate | 13.00% | 50.00% | ||||||
Fair Value Inputs, Comparability Adjustments | 45.00% | 75.00% | ||||||
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Earnings Per Share Diluted Earnings Per Share (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||||||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||
Net Income (Loss) from Continuing Ops Available to Common Stockholders, Basic | $ 5,991 | $ 10,454 | $ 16,430 | $ 17,465 | ||||||
Dilutive Securities, Effect on Basic Earnings Per Share | 0 | 0 | 0 | 0 | ||||||
Net Income (Loss) from Continuing Operations Available to Common Stockholders, Diluted | 5,991 | 10,454 | 16,430 | 17,465 | ||||||
Net Income from Discontinued Ops Available to Common Stockholders, Basic | 2,670 | 2,307 | 4,178 | 3,692 | ||||||
Net Income (Loss) Available to Common Stockholders, Diluted | $ 8,661 | $ 12,761 | $ 20,608 | $ 21,157 | ||||||
Income (Loss) from Continuing Operations, Per Diluted Share | $ 0.08 | $ 0.14 | $ 0.21 | $ 0.23 | ||||||
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | $ 0.03 | $ 0.03 | $ 0.05 | $ 0.05 | ||||||
Earnings Per Share, Diluted | $ 0.11 | $ 0.17 | $ 0.26 | $ 0.28 | ||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.05 | $ 0.01 | $ 0.10 | $ 0.02 | ||||||
Common Stock [Member]
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Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||
Weighted Average Basic Common Shares Outstanding | 77,250,998 | 75,803,973 | 77,035,998 | 75,718,949 | ||||||
Incremental Common Shares Attributable to Share-based Payment Arrangements | 570,355 | [1] | 397,512 | [1] | 560,157 | [1] | 387,634 | [1] | ||
Incremental Common Shares Attributable to Call Options and Warrants | 557,525 | [1] | 303,607 | [1] | 509,135 | [1] | 326,524 | [1] | ||
Weighted Average Number Diluted Shares Outstanding Adjustment | 1,127,880 | 701,119 | 1,069,292 | 714,158 | ||||||
Weighted Average Number of Shares Outstanding, Diluted | 78,378,878 | [1] | 76,505,092 | [1] | 78,105,290 | [1] | 76,433,107 | [1] | ||
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Investments Maturities of AFS Securities (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
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Dec. 31, 2012
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Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Amortized Cost Basis | $ 55,263 | |
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 55,662 | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Amortized Cost Basis | 311,819 | |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 311,439 | |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Amortized Cost Basis | 91,470 | |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 90,951 | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Amortized Cost Basis | 266,666 | |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 266,101 | |
Investment securities available for sale at amortized cost | 725,218 | 690,556 |
Available-for-sale Securities | $ 724,153 | $ 699,300 |
Loan Portfolio and Credit Quality Nonaccrual Loans by Class of Financing Receivable (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
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Dec. 31, 2012
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Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 52,289 | $ 60,745 |
Commercial and industrial [Member]
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Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,227 | 4,337 |
Commercial real estate [Member]
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Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 32,596 | 41,696 |
Construction and land [Member]
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Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 4,877 | 2,213 |
Residential [Member]
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Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 10,490 | 11,744 |
Home equity [Member]
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Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | 90 | 660 |
Consumer and other [Member]
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Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status | $ 9 | $ 95 |
Noncontrolling Interests (Tables)
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Jun. 30, 2013
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Noncontrolling interests redemption values [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redeemable Noncontrolling Interest [Table Text Block] | The following table presents the contractually determined maximum redemption values to repurchase the noncontrolling interests at the periods indicated:
The following table presents an analysis of the Company’s redeemable noncontrolling interests for the periods indicated:
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Income Taxes Income Taxes Discussion (Details) (USD $)
|
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Dec. 31, 2012
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Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items] | |||||
Unrecognized Tax Benefits | $ 6,400,000 | $ 6,400,000 | $ 4,800,000 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,000,000 | 1,000,000 | |||
Unrecognized Tax Benefits, Increases Resulting from Prior Period Tax Positions | 1,600,000 | ||||
Significant Change in Unrecognized Tax Benefits, Nature of Event | a change in the interpretation of tax law with respect to certain tax positions taken on previously filed tax returns | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 600,000 | ||||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 900,000 | 900,000 | 300,000 | ||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Lower Bound | 4,300,000 | 4,300,000 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Estimated Range of Change, Upper Bound | 5,800,000 | 5,800,000 | |||
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Other Information | settlements with state taxing authorities and the Company’s plan to file an accounting method change for income tax purposes | ||||
Effective Income Tax Rate, Continuing Operations | 34.00% | 30.10% | |||
Income tax expense | $ 10,551,000 | $ 5,240,000 | $ 16,448,000 | $ 9,091,000 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 35.00% | 35.00% |
Income Taxes (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Income Tax Expense Components [Line Items] | ||||||||||
Income before income taxes | $ 30,067 | $ 17,570 | $ 48,375 | $ 30,165 | ||||||
Income tax expense | 10,551 | 5,240 | 16,448 | 9,091 | ||||||
Net income/(loss) from continuing operations | 19,516 | 12,330 | 31,927 | 21,074 | ||||||
Effective Income Tax Rate, Continuing Operations | 34.00% | 30.10% | ||||||||
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 7,967 | 5,388 | ||||||||
Discontinued Operation, Tax Effect of Discontinued Operation | 3,464 | 1,244 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 2,781 | 2,590 | 4,503 | 4,144 | ||||||
Effective Tax Rate Discontinued Operations | 43.50% | 23.10% | ||||||||
ERROR in label resolution. | 0 | 0 | ||||||||
ERROR in label resolution. | 0.00% | 0.00% | ||||||||
Net Income Attributable to Noncontrolling Interest | 969 | 759 | 1,899 | 1,552 | ||||||
Income from Continuing and Discontinued Operations Attributable to Parent Before Tax | 54,443 | 34,001 | ||||||||
Tax Expense (Benefit) Total | 19,912 | 10,335 | ||||||||
Net income attributable to the Company | $ 21,328 | [1] | $ 14,161 | [1] | $ 34,531 | [1] | $ 23,666 | [1] | ||
Effective Tax Rate Total | 36.60% | 30.40% | ||||||||
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Investments Other Investment Disclosures (Details) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2013
|
Dec. 31, 2012
|
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Investments, Other Disclosures [Abstract] | ||
Cost Method Investments, Additional Information | 0 | 0.1 |
Cost Method Investments | $ 24.2 | $ 24.9 |
Restructuring (Details) (USD $)
|
3 Months Ended | 30 Months Ended | |||||
---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Mar. 31, 2013
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Jun. 30, 2012
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Mar. 31, 2012
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Jun. 30, 2013
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Dec. 31, 2012
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Dec. 31, 2011
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Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | $ 14,000,000 | ||||||
Restructuring Reserve | 2,275,000 | 2,879,000 | 1,392,000 | 2,513,000 | 2,275,000 | 3,623,000 | 3,099,000 |
Restructuring and Related Cost, Incurred Cost | 0 | 0 | 564,000 | 135,000 | |||
Restructuring Reserve, Settled with Cash | (604,000) | (744,000) | (1,685,000) | (721,000) | |||
Employee Severance [Member]
|
|||||||
Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Expected Cost | 0 | ||||||
Restructuring Reserve | 2,177,000 | 2,781,000 | 1,181,000 | 2,198,000 | 2,177,000 | 3,517,000 | 2,658,000 |
Restructuring and Related Cost, Incurred Cost | 0 | 0 | 22,000 | (1,000) | |||
Restructuring Reserve, Settled with Cash | (604,000) | (736,000) | (1,039,000) | (459,000) | |||
Contract Termination [Member]
|
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Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Reserve | 98,000 | 98,000 | 211,000 | 211,000 | 98,000 | 98,000 | 211,000 |
Restructuring and Related Cost, Incurred Cost | 0 | 0 | 255,000 | 0 | |||
Restructuring Reserve, Settled with Cash | 0 | 0 | (255,000) | 0 | |||
Professional Fees [Member]
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Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Reserve | 0 | 0 | 0 | 104,000 | 0 | 8,000 | 230,000 |
Restructuring and Related Cost, Incurred Cost | 0 | 0 | 183,000 | 128,000 | |||
Restructuring Reserve, Settled with Cash | 0 | (8,000) | (287,000) | (254,000) | |||
Other Expense [Member]
|
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Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring Reserve | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Restructuring and Related Cost, Incurred Cost | 0 | 0 | 104,000 | 8,000 | |||
Restructuring Reserve, Settled with Cash | 0 | 0 | (104,000) | (8,000) | |||
Private Banking Segment [Member]
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Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 9,500,000 | ||||||
Holding Company and Eliminations Segment [Domain]
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Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | 4,500,000 | ||||||
Senior Executive Restructuring Plan 2012 [Member]
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Restructuring Cost and Reserve [Line Items] | |||||||
Restructuring and Related Cost, Cost Incurred to Date | $ 4,800,000 |
Investments (Tables)
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Investments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | The following table presents a summary of investment securities:
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Investments Classified by Contractual Maturity Date [Table Text Block] | The following table presents the maturities of investment securities available for sale, based on contractual maturity, as of June 30, 2013. Certain securities are callable before their final maturity. Additionally, certain securities (such as mortgage-backed securities) are shown within the table below based on their final (contractual) maturity, but, due to prepayments and amortization, are expected to have shorter lives.
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Realized Gain (Loss) on Investments [Table Text Block] | The following table presents the proceeds from sales, gross realized gains and gross realized losses for securities available for sale that were sold during the following periods:
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Schedule of Unrealized Loss on Investments [Table Text Block] | The following table presents information regarding securities as of June 30, 2013 having temporary impairment, due to the fair values having declined below the amortized cost of the individual securities, and the time period that the investments have been temporarily impaired.
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Consolidated Statements of Stockholders' Equity (USD $)
In Thousands, unless otherwise specified |
Total
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Common Stock [Member]
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Preferred Stock Including Additional Paid in Capital [Member]
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Additional Paid-in Capital [Member]
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Retained Earnings [Member]
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Accumulated Other Comprehensive Income (Loss) [Member]
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Noncontrolling Interest [Member]
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Series B Preferred Stock [Member]
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Series B Preferred Stock [Member]
Common Stock [Member]
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Series B Preferred Stock [Member]
Preferred Stock Including Additional Paid in Capital [Member]
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Series B Preferred Stock [Member]
Additional Paid-in Capital [Member]
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Series B Preferred Stock [Member]
Retained Earnings [Member]
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Series B Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
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Series B Preferred Stock [Member]
Noncontrolling Interest [Member]
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Series D Preferred Stock [Member]
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Series D Preferred Stock [Member]
Common Stock [Member]
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Series D Preferred Stock [Member]
Preferred Stock Including Additional Paid in Capital [Member]
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Series D Preferred Stock [Member]
Additional Paid-in Capital [Member]
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Series D Preferred Stock [Member]
Retained Earnings [Member]
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Series D Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
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Series D Preferred Stock [Member]
Noncontrolling Interest [Member]
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Beginning Balance at Dec. 31, 2011 | $ 566,125 | $ 78,023 | $ 58,089 | $ 656,436 | $ (230,017) | $ 3,594 | $ 0 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Net income attributable to the Company | 23,666 | [1] | 0 | 0 | 0 | 23,666 | 0 | 0 | ||||||||||||||||
Other comprehensive income/ (loss), net of tax | (524) | 0 | 0 | 0 | 0 | (524) | 0 | |||||||||||||||||
Dividends paid to common shareholders | 1,562 | 0 | 0 | 1,562 | 0 | 0 | 0 | |||||||||||||||||
Dividends paid to preferred shareholders | 145 | 0 | 0 | 145 | 0 | 0 | 0 | |||||||||||||||||
Repurchase of Carlyle warrants and Director's warrants | (15,000) | 0 | 0 | (15,000) | 0 | 0 | 0 | |||||||||||||||||
Issuance of 6.95% Non-Cumulative Perpetual Preferred Stock, Series D, net of issuance costs | 557 | 99 | 0 | 458 | 0 | 0 | 0 | |||||||||||||||||
Net proceeds from issuance of: | ||||||||||||||||||||||||
Shares of common stock | 557 | 99 | 0 | 458 | 0 | 0 | 0 | |||||||||||||||||
Shares through incentive stock grants, net of cancellations and forfeitures | 0 | 638 | 0 | (638) | 0 | 0 | 0 | |||||||||||||||||
Amortization of stock compensation and employee stock purchase plan | 3,950 | 0 | 0 | 3,950 | 0 | 0 | 0 | |||||||||||||||||
Stock options exercised | 452 | 62 | 0 | 390 | 0 | 0 | 0 | |||||||||||||||||
Tax deficiency from certain stock compensation awards | (948) | 0 | 0 | (948) | 0 | 0 | 0 | |||||||||||||||||
Other equity adjustments | (949) | 0 | 0 | (949) | 0 | 0 | 0 | |||||||||||||||||
Ending Balance at Jun. 30, 2012 | 575,622 | 78,822 | 58,089 | 641,992 | (206,351) | 3,070 | 0 | |||||||||||||||||
Beginning Balance at Dec. 31, 2012 | 603,102 | 78,744 | 58,089 | 640,891 | (176,746) | 2,124 | 0 | |||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||
Net income attributable to the Company | 34,531 | [1] | 0 | 0 | 0 | 34,531 | 0 | 0 | ||||||||||||||||
Other comprehensive income/ (loss), net of tax | (5,205) | 0 | 0 | 0 | 0 | (5,205) | 0 | |||||||||||||||||
Dividends paid to common shareholders | 7,954 | 0 | 0 | 7,954 | 0 | 0 | 0 | |||||||||||||||||
Dividends paid to preferred shareholders | 923 | 0 | 0 | 923 | 0 | 0 | 0 | |||||||||||||||||
Stock Repurchased and Retired During Period, Value | (69,827) | 0 | (58,089) | (11,738) | 0 | 0 | 0 | |||||||||||||||||
Issuance of 6.95% Non-Cumulative Perpetual Preferred Stock, Series D, net of issuance costs | 551 | 72 | 0 | 479 | 0 | 0 | 0 | 47,754 | 0 | 47,754 | 0 | 0 | 0 | 0 | ||||||||||
Issuance of noncontrolling interests | 135 | 0 | 0 | 0 | 0 | 0 | 135 | |||||||||||||||||
Net proceeds from issuance of: | ||||||||||||||||||||||||
Shares of common stock | 551 | 72 | 0 | 479 | 0 | 0 | 0 | 47,754 | 0 | 47,754 | 0 | 0 | 0 | 0 | ||||||||||
Shares through incentive stock grants, net of cancellations and forfeitures | 0 | 667 | 0 | (667) | 0 | 0 | 0 | |||||||||||||||||
Amortization of stock compensation and employee stock purchase plan | 3,797 | 0 | 0 | 3,797 | 0 | 0 | 0 | |||||||||||||||||
Stock options exercised | 1,888 | 251 | 0 | 1,637 | 0 | 0 | 0 | |||||||||||||||||
Tax deficiency from certain stock compensation awards | (643) | 0 | 0 | (643) | 0 | 0 | 0 | |||||||||||||||||
Other equity adjustments | 2,071 | 0 | 0 | 2,071 | 0 | 0 | 0 | |||||||||||||||||
Ending Balance at Jun. 30, 2013 | $ 609,277 | $ 79,734 | $ 47,754 | $ 626,950 | $ (142,215) | $ (3,081) | $ 135 | |||||||||||||||||
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Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified |
6 Months Ended | |||||
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Jun. 30, 2013
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Jun. 30, 2012
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Cash flows from operating activities: | ||||||
Net income attributable to the Company | $ 34,531 | [1] | $ 23,666 | [1] | ||
Adjustments to arrive at net income from continuing operations [Abstract] | ||||||
Net Income Attributable to Noncontrolling Interest | 1,899 | 1,552 | ||||
(Income) Before Tax of Discontinued Operations Not Including Gain on Disposal | (7,967) | (5,167) | ||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | 0 | 221 | ||||
Discontinued Operation, Tax Effect of Discontinued Operation | 3,464 | 1,244 | ||||
Net income/(loss) from continuing operations | 31,927 | 21,074 | ||||
Adjustments to reconcile net income/(loss) from continuing operations to net cash provided by/(used in) operating activities: | ||||||
Depreciation and amortization | 9,929 | 9,482 | ||||
Net income/ (loss) attributable to noncontrolling interests | (1,899) | (1,552) | ||||
Equity issued as compensation | 3,797 | 3,950 | ||||
Provision for loan losses | (2,000) | 5,700 | ||||
Loans originated for sale | (157,039) | (82,735) | ||||
Proceeds from sale of loans held for sale | 174,869 | 83,251 | ||||
Gain on repurchase of debt | (620) | (1,594) | ||||
Gain on sale of Pacific Northwest offices | (10,574) | 0 | ||||
Deferred income tax expense/ (benefit) | 4,873 | 916 | ||||
Net decrease/(increase) in other operating activities | 1,153 | (3,451) | ||||
Net cash provided by/(used in) operating activities of continuing operations | 54,416 | 35,041 | ||||
Net cash provided by/(used in) operating activities of discontinued operations | 4,503 | 6,778 | ||||
Net cash provided by/(used in) operating activities | 58,919 | 41,819 | ||||
Investment securities available for sale: | ||||||
Purchases | (178,406) | (164,738) | ||||
Sales | 1,490 | 49,237 | ||||
Maturities, redemptions, and principal payments | 138,424 | 222,493 | ||||
(Investments)/distributions in trusts, net | (309) | (411) | ||||
(Purchase)/ redemption of Federal Home Loan Banks stock | 1,359 | 625 | ||||
Net (increase)/ decrease in portfolio loans | (37,109) | (448,584) | ||||
Proceeds from recoveries of loans previously charged-off | 2,979 | 4,549 | ||||
Proceeds from sale of OREO | 2,455 | 3,277 | ||||
Proceeds from sale of portfolio loans | 9,449 | 0 | ||||
Proceeds from sale of Pacific Northwest offices | 123,693 | 0 | ||||
Capital expenditures | (5,164) | (3,347) | ||||
Cash received from sale of discontinued operations | 0 | 5,218 | ||||
Cash used in other investing activities | 224 | 0 | ||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 58,637 | (331,681) | ||||
Cash Provided by (Used in) Investing Activities, Discontinued Operations | 0 | (21) | ||||
Net cash provided by/(used in) investing activities | 58,637 | (331,702) | ||||
Cash flows from financing activities: | ||||||
Net increase/ (decrease) in deposits, including deposits held for sale | (334,606) | 65,347 | ||||
Net (decrease)/ increase in securities sold under agreements to repurchase | (89,619) | (29,949) | ||||
Net (decrease)/increase in federal funds purchased | 65,000 | 85,000 | ||||
Net (decrease)/increase in short-term Federal Home Loan Bank borrowings | 25,000 | 140,000 | ||||
Advances of long-term Federal Home Loan Bank borrowings | 68,000 | 15,000 | ||||
Repayments of long-term Federal Home Loan Bank borrowings | (52,415) | (60,078) | ||||
Repurchase of debt | (9,533) | (5,818) | ||||
Dividends paid to common stockholders | (7,954) | (1,562) | ||||
Dividends paid to preferred stockholders | (923) | (145) | ||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 47,754 | 0 | ||||
Payments for Repurchase of Preferred Stock and Preference Stock | (69,827) | 0 | ||||
Repurchase of Warrants | 0 | (15,000) | ||||
Tax deficiency from certain stock compensation awards | (643) | (948) | ||||
Proceeds from stock option exercises | 1,888 | 452 | ||||
Proceeds from issuance of common stock, net | 551 | 557 | ||||
Distributions paid to noncontrolling interests | (1,678) | (2,393) | ||||
Other equity adjustments | 359 | (1,108) | ||||
Net cash provided by/ (used in) financing activities of continuing operations | (358,646) | 189,355 | ||||
Net cash provided by (used in) financing activities of discontinued operations | 0 | 0 | ||||
Net cash provided by/(used in) financing activities | (358,646) | 189,355 | ||||
Net increase/(decrease) in cash and cash equivalents | (241,090) | (100,528) | ||||
Cash and cash equivalents at beginning of year | 308,744 | 203,354 | ||||
Cash and cash equivalents at end of period | 67,654 | 102,826 | ||||
Supplementary schedule of non-cash investing and financing activities: | ||||||
Cash paid for interest | 15,443 | 21,907 | ||||
Cash paid for income taxes, net of (refunds received) | 16,027 | 4,699 | ||||
Net unrealized gain/ (loss) on securities available for sale | (5,987) | (362) | ||||
Net unrealized gain/ (loss) on cash flow hedges | 1,224 | (22) | ||||
Net unrealized gain/ (loss) on other | (442) | (140) | ||||
Loans transferred into other real estate owned from held for sale or portfolio | (372) | 903 | ||||
Loans transferred into/(out of) held for sale from/(to) portfolio | $ 7,493 | $ 0 | ||||
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Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | Reportable segments Management Reporting The Company has three reportable segments (Private Banking, Investment Management, and Wealth Advisory) and the Parent Company (Boston Private Financial Holdings, Inc.) (the “Holding Company”). The financial performance of the Company is managed and evaluated by these three areas. The segments are managed separately as a result of the concentrations in each function. Measurement of Segment Profit and Assets The accounting policies of the segments are the same as those described in Part II. Item 8. “Financial Statements and Supplementary Data - Note 1: Basis of Presentation and Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. Revenues, expenses, and assets are recorded by each segment, and separate financial statements are reviewed by their management and the Company’s segment chief executive officers. Reconciliation of Reportable Segment Items The following tables present a reconciliation of the revenues, profits, assets, and other significant items of reportable segments as of and for the three and six months ended June 30, 2013 and 2012. Interest expense on junior subordinated debentures is reported at the Holding Company.
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Basis of Presentation and Summary of Significant Accounting Policies
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3 Months Ended |
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Mar. 31, 2013
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Basis of Presentation and Summary of Significant Accounting Policies Boston Private Financial Holdings, Inc. (the “Company” or “BPFH”), is a bank holding company with three reportable segments: Private Banking, Investment Management, and Wealth Advisory. Boston Private Bank & Trust Company (the “Bank” or “Boston Private Bank”) is a trust company chartered by The Commonwealth of Massachusetts, insured by the Federal Deposit Insurance Corporation (the “FDIC”), and a wholly-owned subsidiary of the Company. In December 2012, the Bank entered into a definitive agreement to sell its three offices in the Pacific Northwest market. The sale was completed in May 2013. Boston Private Bank currently operates in three geographic markets: New England, San Francisco Bay, and Southern California. The Investment Management segment has two consolidated affiliates, consisting of Dalton, Greiner, Hartman, Maher & Co., LLC (“DGHM”) and Anchor Capital Advisors, LLC (“Anchor”) (together, the “Investment Managers”), both of which are registered investment advisers. Effective January 1, 2013, Anchor/Russell Capital Advisors LLC (“Anchor Russell”) merged into Anchor, with Anchor as the surviving entity. Anchor Capital Holdings, LLC, the former holding company of Anchor and Anchor Russell, which was dissolved upon the merger of Anchor and Anchor Russell, has been reinstated but will remain a pass through entity with no operations. It will continue to be disregarded for tax purposes. The Wealth Advisory segment has two consolidated affiliates, consisting of KLS Professional Advisors Group, LLC (“KLS”) and Bingham, Osborn & Scarborough, LLC (“BOS”) (together, the “Wealth Advisors”). In the second quarter of 2012, the Company sold its affiliate Davidson Trust Company (“DTC”). Accordingly, prior period financial information related to DTC is included with discontinued operations. The Company conducts substantially all of its business through its three reportable segments. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), and include all necessary adjustments of a normal recurring nature which, in the opinion of management, are required for a fair presentation of the results of operations and financial condition of the Company. The interim results of consolidated operations are not necessarily indicative of the results for the entire year. The information in this report should be read in conjunction with the consolidated financial statements and accompanying notes included in the Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the Securities and Exchange Commission (“SEC”). Prior period amounts are reclassified whenever necessary to conform to the current period presentation. The Company’s significant accounting policies are described in Part II. Item 8. “Financial Statements and Supplementary Data - Note 1: Basis of Presentation and Summary of Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, as filed with the SEC. For interim reporting purposes, the Company follows the same significant accounting policies. |
Investments Realized gains and losses from sales of AFS Investments (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Gain (Loss) on Investments [Line Items] | ||||
Proceeds from Sale of Available-for-sale Securities | $ 39 | $ 44,878 | $ 1,490 | $ 49,237 |
Available-for-sale Securities, Gross Realized Gains | 18 | 882 | 28 | 899 |
Available-for-sale Securities, Gross Realized Losses | $ 0 | $ (43) | $ 0 | $ (46) |
Allowance for Loan Losses (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Allowance for Loan Losses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following tables present the Company’s allowance for loan losses and loan portfolio at June 30, 2013 and December 31, 2012 by portfolio segment, disaggregated by method of impairment analysis. The Company had no loans acquired with deteriorated credit quality at June 30, 2013 or December 31, 2012.
The following tables present a summary of the changes in the allowance for loan losses for the periods indicated:
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Allowance for Credit Losses on Financing Receivables [Table Text Block] | The following tables present the Company’s allowance for loan losses and loan portfolio at June 30, 2013 and December 31, 2012 by portfolio segment, disaggregated by method of impairment analysis. The Company had no loans acquired with deteriorated credit quality at June 30, 2013 or December 31, 2012.
The following tables present a summary of the changes in the allowance for loan losses for the periods indicated:
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Restructuring (Tables)
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Restructuring [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | The following table presents a summary of the restructuring activity for the three and six months ended June 30, 2013 and 2012.
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Reportable Segments (Details) (USD $)
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3 Months Ended | 6 Months Ended | |||||||||||||||
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Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Dec. 31, 2012
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Segment Reporting Information [Line Items] | |||||||||||||||||
Gain on sale of Pacific Northwest offices | $ 10,574,000 | $ 0 | $ 10,574,000 | $ 0 | |||||||||||||
Interest Income (Expense), Net | 43,899,000 | 46,596,000 | 88,175,000 | 91,364,000 | |||||||||||||
Noninterest Income | 40,856,000 | 28,009,000 | 71,452,000 | 55,463,000 | |||||||||||||
Revenues | 84,755,000 | 74,605,000 | 159,627,000 | 146,827,000 | |||||||||||||
Noninterest Expense | 56,688,000 | [1] | 55,335,000 | [1] | 113,252,000 | [1] | 110,962,000 | [1] | |||||||||
Income tax expense | 10,551,000 | 5,240,000 | 16,448,000 | 9,091,000 | |||||||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 19,516,000 | 12,330,000 | 31,927,000 | 21,074,000 | |||||||||||||
Net Income Attributable to Noncontrolling Interest | 969,000 | 759,000 | 1,899,000 | 1,552,000 | |||||||||||||
Net Income (Loss) Attributable to Parent | 21,328,000 | [2] | 14,161,000 | [2] | 34,531,000 | [2] | 23,666,000 | [2] | |||||||||
Amortization of intangibles | 1,101,000 | 1,090,000 | 2,219,000 | 2,181,000 | |||||||||||||
Total assets | 5,966,930,000 | 6,264,243,000 | 5,966,930,000 | 6,264,243,000 | 6,465,005,000 | ||||||||||||
Assets under Management, Carrying Amount | 21,771,000,000 | [3] | 19,117,000,000 | [3] | 21,771,000,000 | [3] | 19,117,000,000 | [3] | |||||||||
Depreciation | 1,632,000 | 1,613,000 | 3,153,000 | 3,267,000 | |||||||||||||
Restructuring Charges | 0 | 564,000 | 0 | 699,000 | |||||||||||||
Net income from discontinued operations | 2,781,000 | 2,590,000 | 4,503,000 | 4,144,000 | |||||||||||||
Private Banking Segment [Member]
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Segment Reporting Information [Line Items] | |||||||||||||||||
Interest Income (Expense), Net | 44,998,000 | 48,214,000 | 90,367,000 | 94,655,000 | |||||||||||||
Noninterest Income | 19,480,000 | [4] | 8,642,000 | 29,205,000 | [4] | 16,296,000 | |||||||||||
Revenues | 64,478,000 | 56,856,000 | 119,572,000 | 110,951,000 | |||||||||||||
Noninterest Expense | 36,526,000 | [1] | 35,612,000 | [1] | 71,139,000 | [1] | 71,246,000 | [1] | |||||||||
Income tax expense | 10,735,000 | 6,529,000 | 17,416,000 | 11,178,000 | |||||||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 19,217,000 | 13,015,000 | 33,017,000 | 22,827,000 | |||||||||||||
Net Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | |||||||||||||
Net Income (Loss) Attributable to Parent | 19,217,000 | [2] | 13,015,000 | [2] | 33,017,000 | [2] | 22,827,000 | [2] | |||||||||
Amortization of intangibles | 71,000 | 26,000 | 140,000 | 53,000 | |||||||||||||
Total assets | 5,783,621,000 | 6,066,445,000 | 5,783,621,000 | 6,066,445,000 | |||||||||||||
Assets under Management, Carrying Amount | 4,126,000,000 | [3] | 3,680,000,000 | [3] | 4,126,000,000 | [3] | 3,680,000,000 | [3] | |||||||||
Depreciation | 1,439,000 | 1,410,000 | 2,768,000 | 2,868,000 | |||||||||||||
Investment Managers Segment [Member]
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Segment Reporting Information [Line Items] | |||||||||||||||||
Interest Income (Expense), Net | 5,000 | 7,000 | 11,000 | 14,000 | |||||||||||||
Noninterest Income | 10,866,000 | 9,583,000 | 20,962,000 | 19,067,000 | |||||||||||||
Revenues | 10,871,000 | 9,590,000 | 20,973,000 | 19,081,000 | |||||||||||||
Noninterest Expense | 8,301,000 | 7,866,000 | 16,046,000 | 15,510,000 | |||||||||||||
Income tax expense | 842,000 | 610,000 | 1,615,000 | 1,228,000 | |||||||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 1,728,000 | 1,114,000 | 3,312,000 | 2,343,000 | |||||||||||||
Net Income Attributable to Noncontrolling Interest | 521,000 | 345,000 | 987,000 | 740,000 | |||||||||||||
Net Income (Loss) Attributable to Parent | 1,207,000 | [2] | 769,000 | [2] | 2,325,000 | [2] | 1,603,000 | [2] | |||||||||
Amortization of intangibles | 780,000 | 800,000 | 1,580,000 | 1,601,000 | |||||||||||||
Total assets | 100,791,000 | 105,375,000 | 100,791,000 | 105,375,000 | |||||||||||||
Assets under Management, Carrying Amount | 9,149,000,000 | [3] | 7,982,000,000 | [3] | 9,149,000,000 | [3] | 7,982,000,000 | [3] | |||||||||
Depreciation | 54,000 | 68,000 | 106,000 | 130,000 | |||||||||||||
Wealth Advisors Segment [Member]
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Segment Reporting Information [Line Items] | |||||||||||||||||
Interest Income (Expense), Net | 16,000 | 6,000 | 36,000 | 13,000 | |||||||||||||
Noninterest Income | 10,317,000 | 9,169,000 | 20,383,000 | 18,406,000 | |||||||||||||
Revenues | 10,333,000 | 9,175,000 | 20,419,000 | 18,419,000 | |||||||||||||
Noninterest Expense | 6,892,000 | 6,801,000 | 14,468,000 | 13,528,000 | |||||||||||||
Income tax expense | 1,304,000 | 851,000 | 2,181,000 | 1,775,000 | |||||||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 2,137,000 | 1,523,000 | 3,770,000 | 3,116,000 | |||||||||||||
Net Income Attributable to Noncontrolling Interest | 448,000 | 414,000 | 912,000 | 812,000 | |||||||||||||
Net Income (Loss) Attributable to Parent | 1,689,000 | [2] | 1,109,000 | [2] | 2,858,000 | [2] | 2,304,000 | [2] | |||||||||
Amortization of intangibles | 250,000 | 264,000 | 499,000 | 527,000 | |||||||||||||
Total assets | 68,404,000 | 67,512,000 | 68,404,000 | 67,512,000 | |||||||||||||
Assets under Management, Carrying Amount | 8,516,000,000 | [3] | 7,474,000,000 | [3] | 8,516,000,000 | [3] | 7,474,000,000 | [3] | |||||||||
Depreciation | 100,000 | 91,000 | 188,000 | 178,000 | |||||||||||||
Reportable Segment [Member]
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Segment Reporting Information [Line Items] | |||||||||||||||||
Interest Income (Expense), Net | 45,019,000 | 48,227,000 | 90,414,000 | 94,682,000 | |||||||||||||
Noninterest Income | 40,663,000 | 27,394,000 | 70,550,000 | 53,769,000 | |||||||||||||
Revenues | 85,682,000 | 75,621,000 | 160,964,000 | 148,451,000 | |||||||||||||
Noninterest Expense | 51,719,000 | [1] | 50,279,000 | [1] | 101,653,000 | [1] | 100,284,000 | [1] | |||||||||
Income tax expense | 12,881,000 | 7,990,000 | 21,212,000 | 14,181,000 | |||||||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 23,082,000 | 15,652,000 | 40,099,000 | 28,286,000 | |||||||||||||
Net Income Attributable to Noncontrolling Interest | 969,000 | 759,000 | 1,899,000 | 1,552,000 | |||||||||||||
Net Income (Loss) Attributable to Parent | 22,113,000 | [2] | 14,893,000 | [2] | 38,200,000 | [2] | 26,734,000 | [2] | |||||||||
Amortization of intangibles | 1,101,000 | 1,090,000 | 2,219,000 | 2,181,000 | |||||||||||||
Total assets | 5,952,816,000 | 6,239,332,000 | 5,952,816,000 | 6,239,332,000 | |||||||||||||
Assets under Management, Carrying Amount | 21,791,000,000 | [3] | 19,136,000,000 | [3] | 21,791,000,000 | [3] | 19,136,000,000 | [3] | |||||||||
Depreciation | 1,593,000 | 1,569,000 | 3,062,000 | 3,176,000 | |||||||||||||
Holding Company and Eliminations Segment [Domain]
|
|||||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||||
Interest Income (Expense), Net | (1,120,000) | (1,631,000) | (2,239,000) | (3,318,000) | |||||||||||||
Noninterest Income | 193,000 | 615,000 | 902,000 | 1,694,000 | |||||||||||||
Revenues | (927,000) | (1,016,000) | (1,337,000) | (1,624,000) | |||||||||||||
Noninterest Expense | 4,969,000 | [1] | 5,056,000 | [1] | 11,599,000 | [1] | 10,678,000 | [1] | |||||||||
Income tax expense | (2,330,000) | (2,750,000) | (4,764,000) | (5,090,000) | |||||||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (3,566,000) | (3,322,000) | (8,172,000) | (7,212,000) | |||||||||||||
Net Income Attributable to Noncontrolling Interest | 0 | 0 | 0 | 0 | |||||||||||||
Net Income (Loss) Attributable to Parent | (785,000) | [2] | (732,000) | [2] | (3,669,000) | [2] | (3,068,000) | [2] | |||||||||
Amortization of intangibles | 0 | 0 | 0 | 0 | |||||||||||||
Total assets | 14,114,000 | 24,911,000 | 14,114,000 | 24,911,000 | |||||||||||||
Assets under Management, Carrying Amount | (20,000,000) | [3] | (19,000,000) | [3] | (20,000,000) | [3] | (19,000,000) | [3] | |||||||||
Depreciation | $ 39,000 | $ 44,000 | $ 91,000 | $ 91,000 | |||||||||||||
|
Allowance for Loan Losses Allowance Rollforward (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2012
|
Jun. 30, 2013
|
Jun. 30, 2012
|
|
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Allowance at Beginning of Period | $ 82,286 | $ 97,902 | $ 84,057 | $ 96,114 |
Provision/ (credit) for loan losses | (2,000) | 1,700 | (2,000) | 5,700 |
Financing Receivable, Allowance for Credit Losses, Charge-offs | 1,343 | 4,368 | 4,236 | 7,309 |
Financing Receivable, Allowance for Credit Losses, Recoveries | 1,857 | 3,820 | 2,979 | 4,549 |
Loans and Leases Receivable, Allowance at End of Period | 80,800 | 99,054 | 80,800 | 99,054 |
Commercial and industrial [Member]
|
||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Allowance at Beginning of Period | 11,849 | 12,062 | 11,825 | 12,163 |
Provision/ (credit) for loan losses | (794) | 1,278 | (908) | 3,105 |
Financing Receivable, Allowance for Credit Losses, Charge-offs | 0 | 358 | 27 | 2,669 |
Financing Receivable, Allowance for Credit Losses, Recoveries | 828 | 261 | 993 | 644 |
Loans and Leases Receivable, Allowance at End of Period | 11,883 | 13,243 | 11,883 | 13,243 |
Commercial real estate [Member]
|
||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Allowance at Beginning of Period | 50,466 | 65,366 | 52,497 | 63,625 |
Provision/ (credit) for loan losses | (1,628) | (1,142) | (2,547) | 888 |
Financing Receivable, Allowance for Credit Losses, Charge-offs | 1,100 | 2,861 | 2,339 | 3,267 |
Financing Receivable, Allowance for Credit Losses, Recoveries | 1,006 | 3,214 | 1,133 | 3,331 |
Loans and Leases Receivable, Allowance at End of Period | 48,744 | 64,577 | 48,744 | 64,577 |
Construction and land [Member]
|
||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Allowance at Beginning of Period | 4,787 | 5,836 | 5,016 | 6,382 |
Provision/ (credit) for loan losses | 213 | (17) | (823) | (729) |
Financing Receivable, Allowance for Credit Losses, Charge-offs | 100 | 0 | 100 | 0 |
Financing Receivable, Allowance for Credit Losses, Recoveries | 23 | 344 | 830 | 510 |
Loans and Leases Receivable, Allowance at End of Period | 4,923 | 6,163 | 4,923 | 6,163 |
Residential [Member]
|
||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Allowance at Beginning of Period | 11,454 | 10,054 | 10,892 | 9,286 |
Provision/ (credit) for loan losses | 311 | 1,873 | 2,138 | 2,839 |
Financing Receivable, Allowance for Credit Losses, Charge-offs | 140 | 1,083 | 1,405 | 1,281 |
Financing Receivable, Allowance for Credit Losses, Recoveries | 0 | 0 | 0 | 0 |
Loans and Leases Receivable, Allowance at End of Period | 11,625 | 10,844 | 11,625 | 10,844 |
Home equity [Member]
|
||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Allowance at Beginning of Period | 1,146 | 1,543 | 1,085 | 1,535 |
Provision/ (credit) for loan losses | 55 | (54) | 453 | (107) |
Financing Receivable, Allowance for Credit Losses, Charge-offs | 0 | 0 | 360 | 0 |
Financing Receivable, Allowance for Credit Losses, Recoveries | 0 | 0 | 23 | 61 |
Loans and Leases Receivable, Allowance at End of Period | 1,201 | 1,489 | 1,201 | 1,489 |
Consumer and other [Member]
|
||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Allowance at Beginning of Period | 464 | 1,009 | 540 | 1,149 |
Provision/ (credit) for loan losses | (49) | (204) | (123) | (320) |
Financing Receivable, Allowance for Credit Losses, Charge-offs | 3 | 66 | 5 | 92 |
Financing Receivable, Allowance for Credit Losses, Recoveries | 0 | 1 | 0 | 3 |
Loans and Leases Receivable, Allowance at End of Period | 412 | 740 | 412 | 740 |
Unallocated Financing Receivables [Member]
|
||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans and Leases Receivable, Allowance at Beginning of Period | 2,120 | 2,032 | 2,202 | 1,974 |
Provision/ (credit) for loan losses | (108) | (34) | (190) | 24 |
Loans and Leases Receivable, Allowance at End of Period | $ 2,012 | $ 1,998 | $ 2,012 | $ 1,998 |