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Allowance for Loan and Lease Losses and Unfunded Loan Commitments and Letters of Credit (Tables)
9 Months Ended
Sep. 30, 2011
Allowance For Loan And Lease Losses And Unfunded Loan Commitments And Letters Of Credit 
Allowance for Noncovered Loan and Lease Losses
The following table shows a detailed analysis of the allowance for loan and lease losses for noncovered loans as of the three and nine months ended September 30, 2011: 
(in thousands)
 
Beginning
Balance
 
Charge-offs
 
Recoveries
 
Provision
 
Ending
Balance
 
Specific
Reserve
 
General
Allocation
Three months ended September 30, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial Business
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
$
22,320

 
$
(1,904
)
 
$
420

 
$
2,462

 
$
23,298

 
$
54

 
$
23,244

Unsecured
 
573

 
(42
)
 
40

 
167

 
738

 
—

 
738

Real Estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
847

 
(53
)
 
78

 
70

 
942

 
—

 
942

Commercial & multifamily residential
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
894

 
(4
)
 
—

 
(130
)
 
760

 
—

 
760

Income property multifamily
 
14,709

 
(339
)
 
10

 
(5,407
)
 
8,973

 
297

 
8,676

Owner occupied
 
6,479

 
(100
)
 
—

 
311

 
6,690

 
408

 
6,282

Real Estate Construction:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land and acquisition
 
2,852

 
(169
)
 
63

 
269

 
3,015

 
175

 
2,840

Residential construction
 
1,704

 
(14
)
 
56

 
(222
)
 
1,524

 
—

 
1,524

Commercial & multifamily residential
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income property multifamily
 
43

 
(145
)
 
—

 
157

 
55

 
—

 
55

Owner occupied
 
34

 
—

 
—

 
(7
)
 
27

 
—

 
27

Consumer
 
2,748

 
(2,102
)
 
70

 
2,985

 
3,701

 
32

 
3,669

Unallocated
 
854

 
—

 
—

 
(155
)
 
699

 
—

 
699

Total
 
$
54,057

 
$
(4,872
)
 
$
737

 
$
500

 
$
50,422

 
$
966

 
$
49,456

(in thousands)
 
Beginning
Balance
 
Charge-offs
 
Recoveries
 
Provision
 
Ending
Balance
 
Specific
Reserve
 
General
Allocation
Nine months ended September 30, 2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial Business
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
$
21,811

 
$
(6,025
)
 
$
749

 
$
6,763

 
$
23,298

 
$
54

 
$
23,244

Unsecured
 
738

 
(126
)
 
408

 
(282
)
 
738

 
—

 
738

Real Estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
1,100

 
(717
)
 
78

 
481

 
942

 
—

 
942

Commercial & multifamily residential
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
634

 
(660
)
 
—

 
786

 
760

 
—

 
760

Income property multifamily
 
15,210

 
(979
)
 
65

 
(5,323
)
 
8,973

 
297

 
8,676

Owner occupied
 
9,692

 
(723
)
 
31

 
(2,310
)
 
6,690

 
408

 
6,282

Real Estate Construction:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land and acquisition
 
3,769

 
(1,347
)
 
1,831

 
(1,238
)
 
3,015

 
175

 
2,840

Residential construction
 
2,292

 
(1,068
)
 
92

 
208

 
1,524

 
—

 
1,524

Commercial & multifamily residential
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income property multifamily
 
274

 
(1,710
)
 
—

 
1,491

 
55

 
—

 
55

Owner occupied
 
70

 
—

 
—

 
(43
)
 
27

 
—

 
27

Consumer
 
2,120

 
(3,298
)
 
178

 
4,701

 
3,701

 
32

 
3,669

Unallocated
 
3,283

 
—

 
—

 
(2,584
)
 
699

 
—

 
699

Total
 
$
60,993

 
$
(16,653
)
 
$
3,432

 
$
2,650

 
$
50,422

 
$
966

 
$
49,456

Changes in the Allowance for Loan and Lease Losses
The three and nine months changes as of September 30, 2011 and 2010 are summarized as follows:
 
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(in thousands)
 
2011
 
2010
 
2011
 
2010
Beginning balance
 
$
54,057

 
$
59,748

 
$
60,993

 
$
53,478

Provision charged to expense
 
500

 
9,000

 
2,650

 
37,500

Loans charged off
 
(4,872
)
 
(7,540
)
 
(16,653
)
 
(31,466
)
Recoveries
 
737

 
1,126

 
3,432

 
2,822

Ending balance
 
$
50,422

 
$
62,334

 
$
50,422

 
$
62,334

Changes in the Allowance for Unfunded Commitments and Letters of Credit
Changes in the allowance for unfunded commitments and letters of credit are summarized as follows:
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
(in thousands)
 
2011
 
2010
 
2011
 
2010
Beginning balance
 
$
1,460

 
$
815

 
$
1,165

 
$
775

Net changes in the allowance for unfunded commitments and letters of credit
 
—

 
350

 
295

 
390

Ending balance
 
$
1,460

 
$
1,165

 
$
1,460

 
$
1,165

Analysis of Credit Quality of Noncovered Loan Portfolio
The following is an analysis of the credit quality of our noncovered loan portfolio as of September 30, 2011 and December 31, 2010:
 
 
 
September 30, 2011:
 
December 31, 2010:
(dollars in thousands)
 
Weighted-
Average
Risk Rating
 
Recorded
Investment
Noncovered
Loans
 
Weighted-
Average
Risk Rating
 
Recorded
Investment
Noncovered
Loans
Commercial Business
 
 
 
 
 
 
 
 
Secured
 
4.95

 
$
916,290

 
4.96

 
$
757,372

Unsecured
 
4.25

 
58,836

 
4.23

 
41,175

Real Estate:
 
 
 
 
 
 
 
 
One-to-four family residential
 
4.91

 
63,672

 
4.96

 
49,436

Commercial & multifamily residential
 
 
 
 
 
 
 
 
Commercial land
 
5.64

 
48,132

 
5.75

 
24,956

Income property multifamily
 
4.98

 
526,531

 
5.07

 
406,711

Owner occupied
 
5.08

 
391,804

 
5.12

 
366,284

Real Estate Construction:
 
 
 
 
 
 
 
 
One-to-four family residential
 
 
 
 
 
 
 
 
Land and acquisition
 
6.61

 
25,978

 
6.79

 
37,054

Residential construction
 
6.07

 
25,945

 
6.63

 
31,293

Commercial & multifamily residential
 
 
 
 
 
 
 
 
Income property multifamily
 
5.39

 
13,801

 
6.38

 
18,296

Owner occupied
 
4.45

 
10,358

 
4.93

 
11,990

Consumer
 
4.27

 
176,552

 
4.31

 
182,624

Total recorded investment of noncovered loans
 
 
 
$
2,257,899

 
 
 
$
1,927,191