ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Washington | 91-1422237 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |
1301 “A” Street Tacoma, Washington | 98402-2156 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer | ý | Accelerated filer | ¨ | |||
Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
Page | ||
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. | ||
September 30, 2012 | December 31, 2011 | ||||||||||||
ASSETS | (in thousands) | ||||||||||||
Cash and due from banks | $ | 98,979 | $ | 91,364 | |||||||||
Interest-earning deposits with banks | 463,613 | 202,925 | |||||||||||
Total cash and cash equivalents | 562,592 | 294,289 | |||||||||||
Securities available for sale at fair value (amortized cost of $898,434 and $987,560, respectively) | 943,624 | 1,028,110 | |||||||||||
Federal Home Loan Bank stock at cost | 22,017 | 22,215 | |||||||||||
Loans held for sale | 3,600 | 2,148 | |||||||||||
Loans, excluding covered loans, net of unearned income of ($11,523) and ($16,217), respectively | 2,476,844 | 2,348,371 | |||||||||||
Less: allowance for loan and lease losses | 51,527 | 53,041 | |||||||||||
Loans, excluding covered loans, net | 2,425,317 | 2,295,330 | |||||||||||
Covered loans, net of allowance for loan losses of ($29,157) and ($4,944), respectively | 429,286 | 531,929 | |||||||||||
Total loans, net | 2,854,603 | 2,827,259 | |||||||||||
FDIC loss-sharing asset | 111,677 | 175,071 | |||||||||||
Interest receivable | 16,587 | 15,287 | |||||||||||
Premises and equipment, net | 115,506 | 107,899 | |||||||||||
Other real estate owned ($16,511 and $28,126 covered by FDIC loss-share, respectively) | 27,386 | 51,019 | |||||||||||
Goodwill | 115,554 | 115,554 | |||||||||||
Core deposit intangible, net | 16,803 | 20,166 | |||||||||||
Other assets | 113,100 | 126,928 | |||||||||||
Total assets | $ | 4,903,049 | $ | 4,785,945 | |||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||
Deposits: | |||||||||||||
Noninterest-bearing | $ | 1,270,321 | $ | 1,156,610 | |||||||||
Interest-bearing | 2,668,534 | 2,658,919 | |||||||||||
Total deposits | 3,938,855 | 3,815,529 | |||||||||||
Federal Home Loan Bank advances | 113,080 | 119,009 | |||||||||||
Securities sold under agreements to repurchase | 25,000 | 25,000 | |||||||||||
Other liabilities | 64,137 | 67,069 | |||||||||||
Total liabilities | 4,141,072 | 4,026,607 | |||||||||||
Commitments and contingent liabilities | |||||||||||||
Shareholders’ equity: | |||||||||||||
September 30, 2012 | December 31, 2011 | ||||||||||||
Common stock (no par value) | |||||||||||||
Authorized shares | 63,033 | 63,033 | |||||||||||
Issued and outstanding | 39,689 | 39,506 | 581,001 | 579,136 | |||||||||
Retained earnings | 152,498 | 155,069 | |||||||||||
Accumulated other comprehensive income | 28,478 | 25,133 | |||||||||||
Total shareholders’ equity | 761,977 | 759,338 | |||||||||||
Total liabilities and shareholders’ equity | $ | 4,903,049 | $ | 4,785,945 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(in thousands except per share amounts) | ||||||||||||||||
Interest Income | ||||||||||||||||
Loans | $ | 52,600 | $ | 59,655 | $ | 168,875 | $ | 151,446 | ||||||||
Taxable securities | 4,218 | 6,037 | 14,414 | 16,701 | ||||||||||||
Tax-exempt securities | 2,422 | 2,500 | 7,442 | 7,483 | ||||||||||||
Federal funds sold and deposits in banks | 229 | 240 | 564 | 722 | ||||||||||||
Total interest income | 59,469 | 68,432 | 191,295 | 176,352 | ||||||||||||
Interest Expense | ||||||||||||||||
Deposits | 1,339 | 2,642 | 4,679 | 8,569 | ||||||||||||
Federal Home Loan Bank advances | 745 | 807 | 2,229 | 2,215 | ||||||||||||
Long-term obligations | — | 75 | — | 579 | ||||||||||||
Other borrowings | 120 | 120 | 358 | 377 | ||||||||||||
Total interest expense | 2,204 | 3,644 | 7,266 | 11,740 | ||||||||||||
Net Interest Income | 57,265 | 64,788 | 184,029 | 164,612 | ||||||||||||
Provision for loan and lease losses | 2,875 | 500 | 11,125 | 2,650 | ||||||||||||
Provision (recapture) for losses on covered loans | (3,992 | ) | 433 | 23,381 | 2,312 | |||||||||||
Net interest income after provision for loan and lease losses | 58,382 | 63,855 | 149,523 | 159,650 | ||||||||||||
Noninterest Income (Loss) | ||||||||||||||||
Service charges and other fees | 7,609 | 6,991 | 22,222 | 19,746 | ||||||||||||
Gain on bank acquisitions, net of tax | — | 1,830 | — | 1,830 | ||||||||||||
Merchant services fees | 2,054 | 1,952 | 6,167 | 5,393 | ||||||||||||
Gain on sale of investment securities, net | — | — | 62 | — | ||||||||||||
Bank owned life insurance | 747 | 523 | 2,177 | 1,556 | ||||||||||||
Change in FDIC loss-sharing asset | (12,951 | ) | (10,855 | ) | (14,787 | ) | (32,048 | ) | ||||||||
Other | 1,630 | 1,755 | 4,650 | 3,842 | ||||||||||||
Total noninterest income (loss) | (911 | ) | 2,196 | 20,491 | 319 | |||||||||||
Noninterest Expense | ||||||||||||||||
Compensation and employee benefits | 21,523 | 21,392 | 64,484 | 59,772 | ||||||||||||
Occupancy | 4,886 | 4,815 | 15,310 | 13,600 | ||||||||||||
Merchant processing | 921 | 976 | 2,724 | 2,764 | ||||||||||||
Advertising and promotion | 1,341 | 1,137 | 3,342 | 3,050 | ||||||||||||
Data processing and communications | 2,499 | 2,195 | 7,263 | 6,032 | ||||||||||||
Legal and professional fees | 2,783 | 1,957 | 6,221 | 4,868 | ||||||||||||
Taxes, licenses and fees | 1,124 | 1,211 | 3,594 | 2,983 | ||||||||||||
Regulatory premiums | 775 | 574 | 2,560 | 3,553 | ||||||||||||
Net benefit of operation of other real estate owned | (1,069 | ) | (195 | ) | (536 | ) | (423 | ) | ||||||||
Amortization of intangibles | 1,093 | 1,177 | 3,362 | 3,116 | ||||||||||||
FDIC clawback liability | 334 | 1,146 | 100 | 3,294 | ||||||||||||
Other | 4,726 | 3,550 | 16,689 | 11,836 | ||||||||||||
Total noninterest expense | 40,936 | 39,935 | 125,113 | 114,445 | ||||||||||||
Income before income taxes | 16,535 | 26,116 | 44,901 | 45,524 | ||||||||||||
Income tax provision | 4,655 | 7,244 | 12,220 | 12,241 | ||||||||||||
Net Income | $ | 11,880 | $ | 18,872 | $ | 32,681 | $ | 33,283 | ||||||||
Earnings per common share | ||||||||||||||||
Basic | $ | 0.30 | $ | 0.48 | $ | 0.82 | $ | 0.84 | ||||||||
Diluted | $ | 0.30 | $ | 0.48 | $ | 0.82 | $ | 0.84 | ||||||||
Dividends paid per common share | $ | 0.30 | $ | 0.06 | $ | 0.89 | $ | 0.14 | ||||||||
Weighted average number of common shares outstanding | 39,289 | 39,131 | 39,248 | 39,092 | ||||||||||||
Weighted average number of diluted common shares outstanding | 39,291 | 39,192 | 39,251 | 39,167 |
Three Months Ended | ||||||||
September 30, | ||||||||
2012 | 2011 | |||||||
(in thousands) | ||||||||
Net income as reported | $ | 11,880 | $ | 18,872 | ||||
Unrealized gain from securities: | ||||||||
Net unrealized holding gain from available for sale securities arising during the period, net of tax of ($1,432) and ($2,808) | 2,631 | 4,988 | ||||||
Reclassification adjustment of net gain from sale of available for sale securities included in income, net of tax of $0 and $0 | — | — | ||||||
Net unrealized gain from securities, net of reclassification adjustment | 2,631 | 4,988 | ||||||
Pension plan liability adjustment: | ||||||||
Net unrealized gain from unfunded defined benefit plan liability arising during the period, net of tax of $0 and $0 | — | — | ||||||
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of ($7) and ($8) | 13 | 14 | ||||||
Pension plan liability adjustment, net | 13 | 14 | ||||||
Total comprehensive income | $ | 14,524 | $ | 23,874 |
Nine Months Ended | ||||||||
September 30, | ||||||||
2012 | 2011 | |||||||
(in thousands) | ||||||||
Net income as reported | $ | 32,681 | $ | 33,283 | ||||
Unrealized gain from securities: | ||||||||
Net unrealized holding gain from available for sale securities arising during the period, net of tax of ($1,345) and ($7,733) | 3,355 | 13,768 | ||||||
Reclassification adjustment of net gain from sale of available for sale securities included in income, net of tax of $23 and $0 | (39 | ) | — | |||||
Net unrealized gain from securities, net of reclassification adjustment | 3,316 | 13,768 | ||||||
Cash flow hedging instruments: | ||||||||
Reclassification adjustment of net gain included in income, net of tax of $0 and $79 | — | (143 | ) | |||||
Net change in cash flow hedging instruments | — | (143 | ) | |||||
Pension plan liability adjustment: | ||||||||
Net unrealized gain from unfunded defined benefit plan liability arising during the period, net of tax of $0 and $154 | — | (260 | ) | |||||
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of ($31) and ($23) | 29 | 41 | ||||||
Pension plan liability adjustment, net | 29 | (219 | ) | |||||
Total comprehensive income | $ | 36,026 | $ | 46,689 |
Common Stock | Retained Earnings | Accumulated Other Comprehensive Income | Total Shareholders’ Equity | ||||||||||||||||
Number of Shares | Amount | ||||||||||||||||||
(in thousands) | |||||||||||||||||||
Balance at January 1, 2011 | 39,338 | $ | 576,905 | $ | 117,692 | $ | 12,281 | $ | 706,878 | ||||||||||
Net income | — | — | 33,283 | — | 33,283 | ||||||||||||||
Other comprehensive income | — | — | — | 13,406 | 13,406 | ||||||||||||||
Issuance of common stock - stock option and other plans | 47 | 792 | — | — | 792 | ||||||||||||||
Issuance of common stock - restricted stock awards, net of canceled awards | 119 | 1,163 | — | — | 1,163 | ||||||||||||||
Purchase and retirement of common stock | (2 | ) | (32 | ) | — | — | (32 | ) | |||||||||||
Cash dividends paid on common stock | — | — | (5,524 | ) | — | (5,524 | ) | ||||||||||||
Balance at September 30, 2011 | 39,502 | $ | 578,828 | $ | 145,451 | $ | 25,687 | $ | 749,966 | ||||||||||
Balance at January 1, 2012 | 39,506 | $ | 579,136 | $ | 155,069 | $ | 25,133 | $ | 759,338 | ||||||||||
Net income | — | — | 32,681 | — | 32,681 | ||||||||||||||
Other comprehensive income | — | — | — | 3,345 | 3,345 | ||||||||||||||
Issuance of common stock - stock option and other plans | 40 | 713 | — | — | 713 | ||||||||||||||
Issuance of common stock - restricted stock awards, net of canceled awards | 143 | 1,152 | — | — | 1,152 | ||||||||||||||
Cash dividends paid on common stock | — | — | (35,252 | ) | — | (35,252 | ) | ||||||||||||
Balance at September 30, 2012 | 39,689 | $ | 581,001 | $ | 152,498 | $ | 28,478 | $ | 761,977 |
Nine Months Ended September 30, | ||||||||
2012 | 2011 (1) | |||||||
(in thousands) | ||||||||
Cash Flows From Operating Activities | ||||||||
Net Income | $ | 32,681 | $ | 33,283 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Provision for loan and lease losses and losses on covered loans | 34,506 | 4,962 | ||||||
Stock-based compensation expense | 1,152 | 1,163 | ||||||
Depreciation, amortization and accretion | 45,873 | 35,168 | ||||||
Net realized gain on FDIC-assisted bank acquisitions | — | (1,830 | ) | |||||
Net realized gain on sale of securities | (62 | ) | — | |||||
Net realized gain on sale of other assets | (35 | ) | (13 | ) | ||||
Net realized gain on sale of other real estate owned | (8,604 | ) | (7,069 | ) | ||||
Gain on termination of cash flow hedging instruments | — | (222 | ) | |||||
Write-down on other real estate owned | 7,001 | 5,392 | ||||||
Net change in: | ||||||||
Loans held for sale | (1,452 | ) | (1,814 | ) | ||||
Interest receivable | (1,300 | ) | (3,384 | ) | ||||
Interest payable | (374 | ) | (226 | ) | ||||
Other assets | (5,223 | ) | 3,186 | |||||
Other liabilities | (3,881 | ) | 1,608 | |||||
Net cash provided by operating activities | 100,282 | 70,204 | ||||||
Cash Flows From Investing Activities | ||||||||
Loans originated and acquired, net of principal collected | (72,180 | ) | (69,420 | ) | ||||
Purchases of: | ||||||||
Securities available for sale | (87,346 | ) | (294,678 | ) | ||||
Premises and equipment | (12,404 | ) | (10,619 | ) | ||||
Proceeds from: | ||||||||
FDIC reimbursement on loss-sharing asset | 49,194 | 51,000 | ||||||
Sales of securities available for sale | 3,845 | — | ||||||
Principal repayments and maturities of securities available for sale | 163,584 | 101,071 | ||||||
Disposal of premises and equipment | 25 | 59 | ||||||
Sales of covered other real estate owned | 25,202 | 14,604 | ||||||
Sales of other real estate and other personal property owned | 15,069 | 10,234 | ||||||
Capital improvements on other real estate properties | (11 | ) | (726 | ) | ||||
Decrease in Small Business Administration secured borrowings | — | (642 | ) | |||||
Net cash acquired in business combinations | — | 247,792 | ||||||
Net cash provided by investing activities | 84,978 | 48,675 | ||||||
Cash Flows From Financing Activities | ||||||||
Net increase (decrease) in deposits | 123,326 | (215,701 | ) | |||||
Proceeds from: | ||||||||
Federal Home Loan Bank advances | — | 100 | ||||||
Federal Reserve Bank borrowings | — | 100 | ||||||
Exercise of stock options | 713 | 792 | ||||||
Payment for: | ||||||||
Repayment of Federal Home Loan Bank advances | (5,744 | ) | (39,447 | ) | ||||
Repayment of Federal Reserve Bank borrowings | — | (100 | ) | |||||
Common stock dividends | (35,252 | ) | (5,524 | ) | ||||
Purchase and retirement of common stock | — | (32 | ) | |||||
Net decrease in other borrowings | — | (25,735 | ) | |||||
Net cash provided by (used in) financing activities | 83,043 | (285,547 | ) | |||||
Increase (Decrease) in cash and cash equivalents | 268,303 | (166,668 | ) | |||||
Cash and cash equivalents at beginning of period | 294,289 | 514,130 | ||||||
Cash and cash equivalents at end of period | $ | 562,592 | $ | 347,462 | ||||
Supplemental Information: | ||||||||
Cash paid during the year for: | ||||||||
Cash paid for interest | $ | 7,640 | $ | 11,967 | ||||
Cash paid for income tax | $ | 9,605 | $ | 12,870 | ||||
Non-cash investing activities | ||||||||
Assets acquired in FDIC-assisted acquisitions (excluding cash and cash equivalents) | $ | — | $ | 485,870 | ||||
Liabilities assumed in FDIC-assisted acquisitions | $ | — | $ | 731,832 | ||||
Loans transferred to other real estate owned | $ | 15,024 | $ | 16,505 |
1. | Basis of Presentation and Significant Accounting Policies |
2. | Accounting Pronouncements Recently Issued |
3. | Securities |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
(in thousands) | ||||||||||||||||
September 30, 2012 | ||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 544,106 | $ | 19,525 | $ | (423 | ) | $ | 563,208 | |||||||
State and municipal securities | 258,130 | 24,388 | (18 | ) | 282,500 | |||||||||||
U.S. government agency and government-sponsored enterprise securities | 92,888 | 1,618 | — | 94,506 | ||||||||||||
Other securities | 3,310 | 125 | (25 | ) | 3,410 | |||||||||||
Total | $ | 898,434 | $ | 45,656 | $ | (466 | ) | $ | 943,624 | |||||||
December 31, 2011 | ||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 678,631 | $ | 19,323 | $ | (2,000 | ) | $ | 695,954 | |||||||
State and municipal securities | 263,075 | 22,746 | (58 | ) | 285,763 | |||||||||||
U.S. government agency and government-sponsored enterprise securities | 42,558 | 505 | — | 43,063 | ||||||||||||
Other securities | 3,296 | 64 | (30 | ) | 3,330 | |||||||||||
Total | $ | 987,560 | $ | 42,638 | $ | (2,088 | ) | $ | 1,028,110 |
September 30, 2012 | ||||||||
Amortized Cost | Fair Value | |||||||
(in thousands) | ||||||||
Due within one year | $ | 23,144 | $ | 26,360 | ||||
Due after one year through five years | 138,171 | 142,207 | ||||||
Due after five years through ten years | 152,525 | 160,307 | ||||||
Due after ten years | 581,285 | 611,341 | ||||||
Other securities with no stated maturity | 3,309 | 3,409 | ||||||
Total investment securities available-for-sale | $ | 898,434 | $ | 943,624 |
Carrying Amount | ||||
(in thousands) | ||||
To Washington and Oregon State to secure public deposits | $ | 249,626 | ||
To Federal Reserve Bank to secure borrowings | 51,487 | |||
Other securities pledged | 46,994 | |||
Total securities pledged as collateral | $ | 348,107 |
Less than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||
Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
September 30, 2012 | ||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 33,377 | $ | (272 | ) | $ | 18,445 | $ | (151 | ) | $ | 51,822 | (423 | ) | ||||||||||
State and municipal securities | 636 | (4 | ) | 424 | (14 | ) | 1,060 | (18 | ) | |||||||||||||||
Other securities | — | — | 975 | (25 | ) | 975 | (25 | ) | ||||||||||||||||
Total | $ | 34,013 | $ | (276 | ) | $ | 19,844 | $ | (190 | ) | $ | 53,857 | $ | (466 | ) | |||||||||
December 31, 2011 | ||||||||||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 238,875 | $ | (1,999 | ) | $ | 196 | $ | (1 | ) | $ | 239,071 | $ | (2,000 | ) | |||||||||
State and municipal securities | 3,820 | (24 | ) | 950 | (34 | ) | 4,770 | (58 | ) | |||||||||||||||
Other securities | — | — | 970 | (30 | ) | 970 | (30 | ) | ||||||||||||||||
Total | $ | 242,695 | $ | (2,023 | ) | $ | 2,116 | $ | (65 | ) | $ | 244,811 | $ | (2,088 | ) |
4. | Noncovered Loans |
September 30, 2012 | December 31, 2011 | |||||||
Noncovered loans: | (in thousands) | |||||||
Commercial business | $ | 1,142,737 | $ | 1,031,721 | ||||
Real estate: | ||||||||
One-to-four family residential | 47,656 | 64,491 | ||||||
Commercial and multifamily residential | 1,035,356 | 998,165 | ||||||
Total real estate | 1,083,012 | 1,062,656 | ||||||
Real estate construction: | ||||||||
One-to-four family residential | 50,381 | 50,208 | ||||||
Commercial and multifamily residential | 51,466 | 36,768 | ||||||
Total real estate construction | 101,847 | 86,976 | ||||||
Consumer | 160,771 | 183,235 | ||||||
Less: Net unearned income | (11,523 | ) | (16,217 | ) | ||||
Total noncovered loans, net of unearned income | 2,476,844 | 2,348,371 | ||||||
Less: Allowance for loan and lease losses | (51,527 | ) | (53,041 | ) | ||||
Total noncovered loans, net | $ | 2,425,317 | $ | 2,295,330 | ||||
Loans held for sale | $ | 3,600 | $ | 2,148 |
September 30, 2012 | December 31, 2011 | |||||||||||||||
Recorded Investment Nonaccrual Loans | Unpaid Principal Balance Nonaccrual Loans | Recorded Investment Nonaccrual Loans | Unpaid Principal Balance Nonaccrual Loans | |||||||||||||
Noncovered loans: | (in thousands) | |||||||||||||||
Commercial business | ||||||||||||||||
Secured | $ | 12,455 | $ | 21,683 | $ | 10,124 | $ | 16,820 | ||||||||
Unsecured | 109 | 109 | 119 | 719 | ||||||||||||
Real estate: | ||||||||||||||||
One-to-four family residential | 2,220 | 2,617 | 2,696 | 3,011 | ||||||||||||
Commercial & multifamily residential | ||||||||||||||||
Commercial land | 3,647 | 7,581 | 3,739 | 7,230 | ||||||||||||
Income property multifamily | 6,628 | 9,233 | 6,775 | 9,265 | ||||||||||||
Owner occupied | 9,184 | 12,598 | 8,971 | 10,932 | ||||||||||||
Real estate construction: | ||||||||||||||||
One-to-four family residential | ||||||||||||||||
Land and acquisition | 3,332 | 7,360 | 7,799 | 16,703 | ||||||||||||
Residential construction | 2,027 | 2,648 | 2,986 | 5,316 | ||||||||||||
Commercial & multifamily residential | ||||||||||||||||
Income property multifamily | — | — | 7,067 | 14,912 | ||||||||||||
Consumer | 1,987 | 2,279 | 3,207 | 3,960 | ||||||||||||
Total | $ | 41,589 | $ | 66,108 | $ | 53,483 | $ | 88,868 |
Current Loans | 30 - 59 Days Past Due | 60 - 89 Days Past Due | Greater than 90 Days Past Due | Total Past Due | Nonaccrual Loans | Total Loans | ||||||||||||||||||||||
September 30, 2012 | (in thousands) | |||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||
Commercial business | ||||||||||||||||||||||||||||
Secured | $ | 1,079,237 | $ | 4,735 | $ | 572 | $ | — | $ | 5,307 | $ | 12,455 | $ | 1,096,999 | ||||||||||||||
Unsecured | 41,414 | 58 | 485 | — | 543 | 109 | 42,066 | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 45,173 | 31 | 401 | — | 432 | 2,220 | 47,825 | |||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||
Commercial land | 39,729 | 93 | 420 | — | 513 | 3,647 | 43,889 | |||||||||||||||||||||
Income property multifamily | 576,969 | 2,281 | — | — | 2,281 | 6,628 | 585,878 | |||||||||||||||||||||
Owner occupied | 388,011 | 1,124 | — | — | 1,124 | 9,184 | 398,319 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential | ||||||||||||||||||||||||||||
Land and acquisition | 14,139 | 386 | 1,225 | — | 1,611 | 3,332 | 19,082 | |||||||||||||||||||||
Residential construction | 27,390 | 118 | 1,395 | — | 1,513 | 2,027 | 30,930 | |||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||
Income property multifamily | 27,027 | — | — | — | — | — | 27,027 | |||||||||||||||||||||
Owner occupied | 23,974 | — | — | — | — | — | 23,974 | |||||||||||||||||||||
Consumer | 157,901 | 848 | 119 | — | 967 | 1,987 | 160,855 | |||||||||||||||||||||
Total | $ | 2,420,964 | $ | 9,674 | $ | 4,617 | $ | — | $ | 14,291 | $ | 41,589 | $ | 2,476,844 | ||||||||||||||
Current Loans | 30 - 59 Days Past Due | 60 - 89 Days Past Due | Greater than 90 Days Past Due | Total Past Due | Nonaccrual Loans | Total Loans | ||||||||||||||||||||||
December 31, 2011 | (in thousands) | |||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||
Commercial business | ||||||||||||||||||||||||||||
Secured | $ | 966,563 | $ | 1,741 | $ | 2,989 | $ | — | $ | 4,730 | $ | 10,124 | $ | 981,417 | ||||||||||||||
Unsecured | 46,880 | 407 | — | — | 407 | 119 | 47,406 | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 60,764 | 603 | — | — | 603 | 2,696 | 64,063 | |||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||
Commercial land | 46,161 | 781 | — | — | 781 | 3,739 | 50,681 | |||||||||||||||||||||
Income property multifamily | 524,225 | 2,872 | 121 | — | 2,993 | 6,775 | 533,993 | |||||||||||||||||||||
Owner occupied | 394,691 | 829 | 298 | — | 1,127 | 8,971 | 404,789 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential | ||||||||||||||||||||||||||||
Land and acquisition | 17,249 | 153 | — | — | 153 | 7,799 | 25,201 | |||||||||||||||||||||
Residential construction | 19,555 | 1,390 | — | — | 1,390 | 2,986 | 23,931 | |||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||
Income property multifamily | 13,810 | — | — | — | — | 7,067 | 20,877 | |||||||||||||||||||||
Owner occupied | 12,790 | — | — | — | — | — | 12,790 | |||||||||||||||||||||
Consumer | 179,753 | 141 | 122 | — | 263 | 3,207 | 183,223 | |||||||||||||||||||||
Total | $ | 2,282,441 | $ | 8,917 | $ | 3,530 | $ | — | $ | 12,447 | $ | 53,483 | $ | 2,348,371 |
Recorded Investment of Loans Collectively Measured for Contingency Provision | Recorded Investment of Loans Individually Measured for Specific Impairment | Impaired Loans With Recorded Allowance | Impaired Loans Without Recorded Allowance | |||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | ||||||||||||||||||||||||
September 30, 2012 | (in thousands) | |||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||
Commercial business | ||||||||||||||||||||||||||||
Secured | $ | 1,088,513 | $ | 8,486 | $ | 1,498 | $ | 2,086 | $ | 315 | $ | 6,988 | $ | 12,330 | ||||||||||||||
Unsecured | 41,966 | 100 | 100 | 100 | 100 | — | — | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 45,849 | 1,976 | 353 | 366 | 69 | 1,623 | 1,832 | |||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||
Commercial land | 40,824 | 3,065 | 205 | 214 | 1 | 2,860 | 6,470 | |||||||||||||||||||||
Income property multifamily | 579,603 | 6,275 | — | — | — | 6,275 | 8,574 | |||||||||||||||||||||
Owner occupied | 384,110 | 14,209 | 1,559 | 1,657 | 245 | 12,650 | 18,162 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential | ||||||||||||||||||||||||||||
Land and acquisition | 16,263 | 2,819 | — | — | — | 2,819 | 4,813 | |||||||||||||||||||||
Residential construction | 28,101 | 2,829 | — | — | — | 2,829 | 3,444 | |||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||
Income property multifamily | 27,027 | — | — | — | — | — | — | |||||||||||||||||||||
Owner occupied | 23,974 | — | — | — | — | — | — | |||||||||||||||||||||
Consumer | 159,812 | 1,043 | — | — | — | 1,043 | 1,049 | |||||||||||||||||||||
Total | $ | 2,436,042 | $ | 40,802 | $ | 3,715 | $ | 4,423 | $ | 730 | $ | 37,087 | $ | 56,674 | ||||||||||||||
Recorded Investment of Loans Collectively Measured for Contingency Provision | Recorded Investment of Loans Individually Measured for Specific Impairment | Impaired Loans With Recorded Allowance | Impaired Loans Without Recorded Allowance | |||||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | ||||||||||||||||||||||||
December 31, 2011 | (in thousands) | |||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||
Commercial business | ||||||||||||||||||||||||||||
Secured | $ | 972,531 | $ | 8,886 | $ | 2,926 | $ | 2,927 | $ | 954 | $ | 5,960 | $ | 12,109 | ||||||||||||||
Unsecured | 47,309 | 97 | 97 | 97 | 97 | — | — | |||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 61,584 | 2,479 | 582 | 590 | 96 | 1,897 | 2,136 | |||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||
Commercial land | 46,882 | 3,799 | — | — | — | 3,799 | 6,773 | |||||||||||||||||||||
Income property multifamily | 527,362 | 6,631 | 687 | 759 | 63 | 5,944 | 7,700 | |||||||||||||||||||||
Owner occupied | 390,225 | 14,564 | 274 | 274 | 185 | 14,290 | 18,524 | |||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential | ||||||||||||||||||||||||||||
Land and acquisition | 17,813 | 7,388 | 450 | 948 | — | 6,938 | 11,978 | |||||||||||||||||||||
Residential construction | 18,847 | 5,084 | 59 | 1,509 | 59 | 5,025 | 5,116 | |||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||
Income property multifamily | 13,810 | 7,067 | — | — | — | 7,067 | 14,947 | |||||||||||||||||||||
Owner occupied | 12,790 | — | — | — | — | — | — | |||||||||||||||||||||
Consumer | 180,930 | 2,293 | 151 | 225 | 30 | 2,142 | 2,639 | |||||||||||||||||||||
Total | $ | 2,290,083 | $ | 58,288 | $ | 5,226 | $ | 7,329 | $ | 1,484 | $ | 53,062 | $ | 81,922 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||||||||||
Average Recorded Investment Impaired Loans | Interest Recognized on Impaired Loans | Average Recorded Investment Impaired Loans | Interest Recognized on Impaired Loans | Average Recorded Investment Impaired Loans | Interest Recognized on Impaired Loans | Average Recorded Investment Impaired Loans | Interest Recognized on Impaired Loans | |||||||||||||||||||||||||
Noncovered loans: | (in thousands) | |||||||||||||||||||||||||||||||
Commercial business | ||||||||||||||||||||||||||||||||
Secured | $ | 10,306 | $ | 6 | $ | 8,400 | $ | (36 | ) | $ | 10,008 | $ | 14 | $ | 17,251 | $ | 16 | |||||||||||||||
Unsecured | 118 | 1 | 194 | (1 | ) | 118 | 5 | 148 | — | |||||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||||||
One-to-four family residential | 2,014 | (9 | ) | 2,236 | — | 2,140 | — | 2,498 | — | |||||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||||||
Commercial land | 3,079 | — | 3,790 | — | 3,242 | — | 4,380 | — | ||||||||||||||||||||||||
Income property multifamily | 7,577 | 55 | 7,454 | 84 | 7,830 | 60 | 9,444 | 526 | ||||||||||||||||||||||||
Owner occupied | 13,185 | 244 | 15,799 | 234 | 13,668 | 762 | 15,427 | 298 | ||||||||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||||||
One-to-four family residential | ||||||||||||||||||||||||||||||||
Land and acquisition | 3,213 | — | 8,202 | 38 | 4,876 | — | 9,368 | 176 | ||||||||||||||||||||||||
Residential construction | 2,792 | 12 | 3,713 | — | 3,539 | 17 | 4,397 | — | ||||||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||||||
Income property multifamily | 1,877 | — | 6,800 | — | 3,961 | — | 7,064 | — | ||||||||||||||||||||||||
Owner occupied | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Consumer | 1,045 | 11 | 3,824 | 12 | 1,359 | 33 | 4,276 | 13 | ||||||||||||||||||||||||
Total | $ | 45,206 | $ | 320 | $ | 60,412 | $ | 331 | $ | 50,741 | $ | 891 | $ | 74,253 | $ | 1,029 |
Three months ended September 30, 2011 | |||||||||||
Number of TDR Modifications | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||
Noncovered loans: | (dollars in thousands) | ||||||||||
Commercial business: | |||||||||||
Secured | 1 | $ | 226 | $ | 226 | ||||||
Total | 1 | $ | 226 | $ | 226 |
Nine months ended September 30, 2011 | |||||||||||
Number of TDR Modifications | Pre-Modification Outstanding Recorded Investment | Post-Modification Outstanding Recorded Investment | |||||||||
Noncovered loans: | (dollars in thousands) | ||||||||||
Commercial business: | |||||||||||
Secured | 3 | $ | 578 | $ | 578 | ||||||
Real estate: | |||||||||||
Commercial and multifamily residential: | |||||||||||
Income property multifamily | 1 | 623 | 623 | ||||||||
Real estate construction: | |||||||||||
One-to-four family residential: | |||||||||||
Residential construction | 1 | 36 | 36 | ||||||||
Total | 5 | $ | 1,237 | $ | 1,237 |
5. | Allowance for Noncovered Loan and Lease Losses and Unfunded Commitments and Letters of Credit |
1. | General valuation allowance consistent with the Contingencies topic of the FASB Accounting Standards Codification ("ASC"). |
2. | Classified loss reserves on specific relationships. Specific allowances for identified problem loans are determined in accordance with the Receivables topic of the FASB ASC. |
3. | The unallocated allowance provides for other factors inherent in our loan portfolio that may not have been contemplated in the general and specific components of the allowance. This unallocated amount generally comprises less than 5% of the allowance. The unallocated amount is reviewed quarterly based on trends in credit losses, the results of credit reviews and overall economic trends. |
Beginning Balance | Charge-offs | Recoveries | Provision (Recovery) | Ending Balance | Specific Reserve | General Allocation | ||||||||||||||||||||||
Three months ended September 30, 2012 | (in thousands) | |||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||
Commercial business | ||||||||||||||||||||||||||||
Secured | $ | 26,505 | $ | (3,744 | ) | $ | 194 | $ | 3,007 | $ | 25,962 | $ | 315 | $ | 25,647 | |||||||||||||
Unsecured | 772 | (31 | ) | 83 | (56 | ) | 768 | 100 | 668 | |||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 673 | (49 | ) | 157 | (216 | ) | 565 | 69 | 496 | |||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||
Commercial land | 270 | (55 | ) | — | 207 | 422 | 1 | 421 | ||||||||||||||||||||
Income property multifamily | 8,726 | (436 | ) | 357 | 387 | 9,034 | — | 9,034 | ||||||||||||||||||||
Owner occupied | 9,037 | (101 | ) | 89 | (694 | ) | 8,331 | 245 | 8,086 | |||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential | ||||||||||||||||||||||||||||
Land and acquisition | 1,651 | (307 | ) | 404 | (279 | ) | 1,469 | — | 1,469 | |||||||||||||||||||
Residential construction | 1,197 | (18 | ) | — | 3 | 1,182 | — | 1,182 | ||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||
Income property multifamily | 755 | — | 63 | (456 | ) | 362 | — | 362 | ||||||||||||||||||||
Owner occupied | 68 | — | — | 23 | 91 | — | 91 | |||||||||||||||||||||
Consumer | 2,049 | (500 | ) | 350 | 267 | 2,166 | — | 2,166 | ||||||||||||||||||||
Unallocated | 493 | — | — | 682 | 1,175 | — | 1,175 | |||||||||||||||||||||
Total | $ | 52,196 | $ | (5,241 | ) | $ | 1,697 | $ | 2,875 | $ | 51,527 | $ | 730 | $ | 50,797 | |||||||||||||
Beginning Balance | Charge-offs | Recoveries | Provision (Recovery) | Ending Balance | Specific Reserve | General Allocation | ||||||||||||||||||||||
Nine months ended September 30, 2012 | (in thousands) | |||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||
Commercial business | ||||||||||||||||||||||||||||
Secured | $ | 24,745 | $ | (8,126 | ) | $ | 1,184 | $ | 8,159 | $ | 25,962 | $ | 315 | $ | 25,647 | |||||||||||||
Unsecured | 689 | (52 | ) | 130 | 1 | 768 | 100 | 668 | ||||||||||||||||||||
Real estate: | ||||||||||||||||||||||||||||
One-to-four family residential | 654 | (499 | ) | 202 | 208 | 565 | 69 | 496 | ||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||
Commercial land | 488 | (437 | ) | — | 371 | 422 | 1 | 421 | ||||||||||||||||||||
Income property multifamily | 9,551 | (3,959 | ) | 710 | 2,732 | 9,034 | — | 9,034 | ||||||||||||||||||||
Owner occupied | 9,606 | (712 | ) | 628 | (1,191 | ) | 8,331 | 245 | 8,086 | |||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||||||
One-to-four family residential | ||||||||||||||||||||||||||||
Land and acquisition | 2,331 | (809 | ) | 827 | (880 | ) | 1,469 | — | 1,469 | |||||||||||||||||||
Residential construction | 864 | (617 | ) | 79 | 856 | 1,182 | — | 1,182 | ||||||||||||||||||||
Commercial & multifamily residential | ||||||||||||||||||||||||||||
Income property multifamily | 665 | (93 | ) | 64 | (274 | ) | 362 | — | 362 | |||||||||||||||||||
Owner occupied | 35 | — | — | 56 | 91 | — | 91 | |||||||||||||||||||||
Consumer | 2,719 | (1,968 | ) | 809 | 606 | 2,166 | — | 2,166 | ||||||||||||||||||||
Unallocated | 694 | — | — | 481 | 1,175 | — | 1,175 | |||||||||||||||||||||
Total | $ | 53,041 | $ | (17,272 | ) | $ | 4,633 | $ | 11,125 | $ | 51,527 | $ | 730 | $ | 50,797 |
Beginning Balance | Charge-offs | Recoveries | Provision (Recovery) | Ending Balance | Specific Reserve | General Allocation | ||||||||||||||||||||||
Three months ended September 30, 2011 | (in thousands) | |||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||
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 | |||||||||||||
Beginning Balance | Charge-offs | Recoveries | Provision (Recovery) | Ending Balance | Specific Reserve | General Allocation | ||||||||||||||||||||||
Nine months ended September 30, 2011 | (in thousands) | |||||||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||||||
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 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(in thousands) | ||||||||||||||||
Balance at beginning of period | $ | 1,665 | $ | 1,460 | $ | 1,535 | $ | 1,165 | ||||||||
Net changes in the allowance for unfunded commitments and letters of credit | 250 | — | 380 | 295 | ||||||||||||
Balance at end of period | $ | 1,915 | $ | 1,460 | $ | 1,915 | $ | 1,460 |
• | ratings of 1-3 indicate minimal to low credit risk, |
• | ratings of 4-5 indicate an average credit risk with adequate repayment capacity when prolonged periods of adversity do not exist, |
• | rating of 6 indicate higher than average risk requiring greater than routine attention by bank personnel due to conditions affecting the borrower, the borrower's industry or economic environment, |
• | rating of 7 indicate potential weaknesses that, if left uncorrected, may result in deterioration of the repayment prospects for the asset or in the Company's credit position at some future date, |
• | rating of 8 indicates a loss is possible if loan weaknesses are not corrected, |
• | rating of 9 indicates loss is highly probable; however, the amount of loss has not yet been determined, |
• | and a rating of 10 indicates the loan is uncollectable, and when identified is charged-off. |
Pass | Special Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
September 30, 2012 | (in thousands) | |||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||
Secured | $ | 1,024,510 | $ | 18,596 | $ | 53,893 | $ | — | $ | — | $ | 1,096,999 | ||||||||||||
Unsecured | 41,496 | 26 | 544 | — | — | 42,066 | ||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
One-to-four family residential | 45,393 | 407 | 2,025 | — | — | 47,825 | ||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||
Commercial land | 39,842 | — | 4,047 | — | — | 43,889 | ||||||||||||||||||
Income property multifamily | 557,868 | 8,496 | 19,514 | — | — | 585,878 | ||||||||||||||||||
Owner occupied | 356,582 | 3,940 | 37,797 | — | — | 398,319 | ||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||
Land and acquisition | 11,467 | 2,035 | 5,580 | — | — | 19,082 | ||||||||||||||||||
Residential construction | 25,130 | 476 | 5,324 | — | — | 30,930 | ||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||
Income property multifamily | 27,027 | — | — | — | — | 27,027 | ||||||||||||||||||
Owner occupied | 23,974 | — | — | — | — | 23,974 | ||||||||||||||||||
Consumer | 154,853 | 298 | 5,634 | 70 | — | 160,855 | ||||||||||||||||||
Total | $ | 2,308,142 | $ | 34,274 | $ | 134,358 | $ | 70 | $ | — | 2,476,844 | |||||||||||||
Less: | ||||||||||||||||||||||||
Allowance for loan losses | 51,527 | |||||||||||||||||||||||
Noncovered loans, net | $ | 2,425,317 |
Pass | Special Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
December 31, 2011 | (in thousands) | |||||||||||||||||||||||
Noncovered loans: | ||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||
Secured | $ | 908,883 | $ | 18,703 | $ | 53,447 | $ | 384 | $ | — | $ | 981,417 | ||||||||||||
Unsecured | 46,732 | 318 | 356 | — | — | 47,406 | ||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
One-to-four family residential | 58,517 | 2,040 | 3,506 | — | — | 64,063 | ||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||
Commercial land | 44,166 | 5 | 6,510 | — | — | 50,681 | ||||||||||||||||||
Income property multifamily | 492,922 | 16,002 | 25,069 | — | — | 533,993 | ||||||||||||||||||
Owner occupied | 351,928 | 13,590 | 39,266 | — | 5 | 404,789 | ||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||
Land and acquisition | 12,349 | 2,684 | 10,168 | — | — | 25,201 | ||||||||||||||||||
Residential construction | 16,764 | 1,649 | 5,518 | — | — | 23,931 | ||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||
Income property multifamily | 12,812 | — | 8,065 | — | — | 20,877 | ||||||||||||||||||
Owner occupied | 12,790 | — | — | — | — | 12,790 | ||||||||||||||||||
Consumer | 176,304 | 859 | 6,060 | — | — | 183,223 | ||||||||||||||||||
Total | $ | 2,134,167 | $ | 55,850 | $ | 157,965 | $ | 384 | $ | 5 | 2,348,371 | |||||||||||||
Less: | ||||||||||||||||||||||||
Allowance for loan losses | 53,041 | |||||||||||||||||||||||
Noncovered loans, net | $ | 2,295,330 |
6. | Changes in Noncovered Other Real Estate Owned |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(in thousands) | ||||||||||||||||
Noncovered OREO: | ||||||||||||||||
Balance at beginning of period | $ | 13,925 | $ | 22,739 | $ | 22,893 | $ | 30,991 | ||||||||
Transfers in, net of write-downs ($24, $0, $24 and $108, respectively) | 139 | 5,287 | 6,527 | 8,434 | ||||||||||||
OREO improvements | — | 257 | 11 | 726 | ||||||||||||
Additional OREO write-downs | (458 | ) | (644 | ) | (4,232 | ) | (5,090 | ) | ||||||||
Proceeds from sale of OREO property | (3,170 | ) | (2,359 | ) | (15,069 | ) | (10,234 | ) | ||||||||
Gain (loss) on sale of OREO, net | 439 | (224 | ) | 745 | 229 | |||||||||||
Total noncovered OREO at end of period | $ | 10,875 | $ | 25,056 | $ | 10,875 | $ | 25,056 |
September 30, 2012 | December 31, 2011 | |||||||
Covered loans: | (dollars in thousands) | |||||||
Commercial business | $ | 141,094 | $ | 195,737 | ||||
Real estate: | ||||||||
One-to-four family residential | 62,959 | 79,328 | ||||||
Commercial and multifamily residential | 257,279 | 311,308 | ||||||
Total real estate | 320,238 | 390,636 | ||||||
Real estate construction: | ||||||||
One-to-four family residential | 29,774 | 54,402 | ||||||
Commercial and multifamily residential | 16,694 | 23,661 | ||||||
Total real estate construction | 46,468 | 78,063 | ||||||
Consumer | 46,532 | 56,877 | ||||||
Subtotal of covered loans | 554,332 | 721,313 | ||||||
Less: | ||||||||
Valuation discount resulting from acquisition accounting | 95,889 | 184,440 | ||||||
Allowance for loan losses | 29,157 | 4,944 | ||||||
Covered loans, net of allowance for loan losses | $ | 429,286 | $ | 531,929 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(in thousands) | ||||||||||||||||
Balance at beginning of period | $ | 214,061 | $ | 314,333 | $ | 259,669 | $ | 256,572 | ||||||||
Accretion | (19,571 | ) | (23,608 | ) | (69,045 | ) | (60,369 | ) | ||||||||
Disposals | (3,146 | ) | (8,594 | ) | (8,218 | ) | (24,134 | ) | ||||||||
Reclassifications from (to) nonaccretable difference | (2,861 | ) | 69 | 6,077 | 50,320 | |||||||||||
Balance at end of period | $ | 188,483 | $ | 282,200 | $ | 188,483 | $ | 282,200 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(in thousands) | ||||||||||||||||
Balance at beginning of period | $ | 31,784 | $ | 7,948 | $ | 4,944 | $ | 6,055 | ||||||||
Loans charged off | (977 | ) | (312 | ) | (2,574 | ) | (368 | ) | ||||||||
Recoveries | 2,342 | 258 | 3,406 | 328 | ||||||||||||
Provision (recapture) charged to expense | (3,992 | ) | 433 | 23,381 | 2,312 | |||||||||||
Balance at end of period | $ | 29,157 | $ | 8,327 | $ | 29,157 | $ | 8,327 |
Pass | Special Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
September 30, 2012 | (in thousands) | |||||||||||||||||||||||
Covered loans: | ||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||
Secured | $ | 81,399 | $ | 1,990 | $ | 50,526 | $ | — | $ | — | $ | 133,915 | ||||||||||||
Unsecured | 4,899 | — | 2,280 | — | — | 7,179 | ||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
One-to-four family residential | 47,369 | 1,493 | 14,097 | — | — | 62,959 | ||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||
Commercial land | 17,464 | — | 13,259 | — | — | 30,723 | ||||||||||||||||||
Income property multifamily | 92,829 | 3,337 | 23,171 | — | — | 119,337 | ||||||||||||||||||
Owner occupied | 87,809 | 3,229 | 16,181 | — | — | 107,219 | ||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||
Land and acquisition | 4,733 | 1,422 | 8,258 | — | — | 14,413 | ||||||||||||||||||
Residential construction | 6,504 | — | 8,857 | — | — | 15,361 | ||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||
Income property multifamily | 4,702 | — | 8,652 | — | — | 13,354 | ||||||||||||||||||
Owner occupied | 1,114 | — | 2,226 | — | — | 3,340 | ||||||||||||||||||
Consumer | 40,940 | 177 | 5,415 | — | — | 46,532 | ||||||||||||||||||
Total | $ | 389,762 | $ | 11,648 | $ | 152,922 | $ | — | $ | — | 554,332 | |||||||||||||
Less: | ||||||||||||||||||||||||
Valuation discount resulting from acquisition accounting | 95,889 | |||||||||||||||||||||||
Allowance for loan losses | 29,157 | |||||||||||||||||||||||
Covered loans, net | $ | 429,286 |
Pass | Special Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
December 31, 2011 | (in thousands) | |||||||||||||||||||||||
Covered loans: | ||||||||||||||||||||||||
Commercial business: | ||||||||||||||||||||||||
Secured | $ | 103,472 | $ | 6,239 | $ | 73,793 | $ | 1,209 | $ | 1 | $ | 184,714 | ||||||||||||
Unsecured | 7,608 | 741 | 2,659 | 15 | — | 11,023 | ||||||||||||||||||
Real estate: | ||||||||||||||||||||||||
One-to-four family residential | 56,948 | 2,210 | 20,170 | — | — | 79,328 | ||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||
Commercial land | 21,947 | 1,213 | 21,027 | — | — | 44,187 | ||||||||||||||||||
Income property multifamily | 109,339 | 4,013 | 35,567 | — | — | 148,919 | ||||||||||||||||||
Owner occupied | 89,555 | 3,673 | 24,974 | — | — | 118,202 | ||||||||||||||||||
Real estate construction: | ||||||||||||||||||||||||
One-to-four family residential: | ||||||||||||||||||||||||
Land and acquisition | 4,834 | 1,535 | 17,646 | 1,289 | — | 25,304 | ||||||||||||||||||
Residential construction | 8,264 | 371 | 20,463 | — | — | 29,098 | ||||||||||||||||||
Commercial and multifamily residential: | ||||||||||||||||||||||||
Income property multifamily | 2,928 | 2,779 | 13,657 | — | — | 19,364 | ||||||||||||||||||
Owner occupied | 1,142 | — | 3,155 | — | — | 4,297 | ||||||||||||||||||
Consumer | 48,067 | 255 | 8,150 | 357 | 48 | 56,877 | ||||||||||||||||||
Total | $ | 454,104 | $ | 23,029 | $ | 241,261 | $ | 2,870 | $ | 49 | 721,313 | |||||||||||||
Less: | ||||||||||||||||||||||||
Valuation discount resulting from acquisition accounting | 184,440 | |||||||||||||||||||||||
Allowance for loan losses | 4,944 | |||||||||||||||||||||||
Covered loans, net | $ | 531,929 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(in thousands) | ||||||||||||||||
Covered OREO: | ||||||||||||||||
Balance at beginning of period | $ | 19,079 | $ | 23,730 | $ | 28,126 | $ | 14,443 | ||||||||
Established through acquisitions | — | — | — | 10,387 | ||||||||||||
Transfers in | 3,096 | 2,979 | 8,497 | 8,071 | ||||||||||||
Additional OREO write-downs | (730 | ) | (189 | ) | (2,769 | ) | (302 | ) | ||||||||
Proceeds from sale of OREO property | (6,822 | ) | (3,523 | ) | (25,202 | ) | (14,604 | ) | ||||||||
Gain on sale of OREO | 1,888 | 1,838 | 7,859 | 6,840 | ||||||||||||
Total covered OREO at end of period | $ | 16,511 | $ | 24,835 | $ | 16,511 | $ | 24,835 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(in thousands) | ||||||||||||||||
Balance at beginning of period | $ | 140,003 | $ | 209,694 | $ | 175,071 | $ | 205,991 | ||||||||
Adjustments not reflected in income | ||||||||||||||||
Established through acquisitions | — | — | — | 68,734 | ||||||||||||
Cash received from the FDIC | (14,881 | ) | (6,108 | ) | (49,194 | ) | (51,000 | ) | ||||||||
FDIC reimbursable losses, net | (494 | ) | 1,138 | 587 | 2,192 | |||||||||||
Adjustments reflected in income | ||||||||||||||||
Amortization, net | (9,694 | ) | (10,928 | ) | (33,418 | ) | (32,556 | ) | ||||||||
Loan impairment (recapture) | (3,193 | ) | 921 | 18,705 | 2,424 | |||||||||||
Sale of other real estate | (1,315 | ) | (1,471 | ) | (4,881 | ) | (3,487 | ) | ||||||||
Write-downs of other real estate | 1,141 | 467 | 4,503 | 911 | ||||||||||||
Other | 110 | 156 | 304 | 660 | ||||||||||||
Balance at end of period | $ | 111,677 | $ | 193,869 | $ | 111,677 | $ | 193,869 |
8. | Goodwill and Intangible Assets |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(in thousands) | ||||||||||||||||
Total goodwill at beginning of period | $ | 115,554 | $ | 118,434 | $ | 115,554 | $ | 109,639 | ||||||||
Established through acquisitions | — | — | — | 8,795 | ||||||||||||
Total goodwill at end of period | 115,554 | 118,434 | 115,554 | 118,434 | ||||||||||||
Core deposit intangible: | ||||||||||||||||
Gross core deposit intangible balance at beginning of period | 32,441 | 28,497 | 32,441 | 26,651 | ||||||||||||
Accumulated amortization at beginning of period | (14,545 | ) | (9,894 | ) | (12,275 | ) | (7,955 | ) | ||||||||
Core deposit intangible, net at beginning of period | 17,896 | 18,603 | 20,166 | 18,696 | ||||||||||||
Established through acquisitions | — | 3,943 | — | 5,789 | ||||||||||||
CDI current period amortization | (1,093 | ) | (1,177 | ) | (3,363 | ) | (3,116 | ) | ||||||||
Total core deposit intangible, net at end of period | 16,803 | 21,369 | 16,803 | 21,369 | ||||||||||||
Total goodwill and intangible assets at end of period | $ | 132,357 | $ | 139,803 | $ | 132,357 | $ | 139,803 |
Amount | ||||
(in thousands) | ||||
Year ending December 31, | ||||
2012 | $ | 1,082 | ||
2013 | 3,964 | |||
2014 | 3,397 | |||
2015 | 2,645 | |||
2016 | 2,184 |
9. | Shareholders’ Equity |
10. | Derivatives and Hedging Activities |
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||
September 30, 2012 | December 31, 2011 | September 30, 2012 | December 31, 2011 | ||||||||||||||||||||
Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | Balance Sheet Location | Fair Value | ||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Interest rate contracts | Other assets | $ | 16,375 | Other assets | $ | 16,302 | Other liabilities | $ | 16,375 | Other liabilities | $ | 16,302 |
11. | Fair Value Accounting and Measurement |
Fair value | Fair Value Measurements at Reporting Date Using | |||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
September 30, 2012 | (in thousands) | |||||||||||||||
Assets | ||||||||||||||||
Securities available for sale | ||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations | $ | 563,208 | $ | — | $ | 563,208 | $ | — | ||||||||
State and municipal debt securities | 282,500 | — | 279,550 | 2,950 | ||||||||||||
U.S. government agency and government-sponsored enterprise securities | 94,506 | — | 94,506 | — | ||||||||||||
Other securities | 3,410 | — | 3,410 | — | ||||||||||||
Total securities available for sale | $ | 943,624 | $ | — | $ | 940,674 | $ | 2,950 | ||||||||
Other assets (Interest rate contracts) | $ | 16,375 | $ | — | $ | 16,375 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Other liabilities (Interest rate contracts) | $ | 16,375 | $ | — | $ | 16,375 | $ | — |
Fair value | Fair Value Measurements at Reporting Date Using | |||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||
December 31, 2011 | (in thousands) | |||||||||||||||
Assets | ||||||||||||||||
Securities available for sale | ||||||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations | $ | 695,954 | $ | — | $ | 695,954 | $ | — | ||||||||
State and municipal debt securities | 285,763 | — | 285,763 | — | ||||||||||||
U.S. government agency and government-sponsored enterprise securities | 43,063 | — | 43,063 | — | ||||||||||||
Other securities | 3,330 | — | 3,330 | — | ||||||||||||
Total securities available for sale | $ | 1,028,110 | $ | — | $ | 1,028,110 | $ | — | ||||||||
Other assets (Interest rate contracts) | $ | 16,302 | $ | — | $ | 16,302 | $ | — | ||||||||
Liabilities | ||||||||||||||||
Other liabilities (Interest rate contracts) | $ | 16,302 | $ | — | $ | 16,302 | $ | — |
Three months ended September 30, 2012 | Nine months ended September 30, 2012 | |||||||
Securities available for sale - State and municipal securities: | (in thousands) | |||||||
Beginning balance | $ | — | $ | — | ||||
Unrealized gain recorded to accumulated other comprehensive income (1) | 2,950 | 2,950 | ||||||
Ending Balance | $ | 2,950 | $ | 2,950 |
Fair value at September 30, 2012 | Fair Value Measurements at Reporting Date Using | Gains (Losses) During the Three Months Ended September 30, 2012 | Losses During the Nine Months Ended September 30, 2012 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Impaired loans | $ | 6,094 | $ | — | $ | — | $ | 6,094 | $ | 509 | $ | (3,377 | ) | |||||||||||
Noncovered OREO | 1,807 | — | — | 1,807 | (458 | ) | (3,117 | ) | ||||||||||||||||
Covered OREO | 1,021 | — | — | 1,021 | (481 | ) | (1,025 | ) | ||||||||||||||||
Noncovered OPPO | — | — | — | — | — | (1,990 | ) | |||||||||||||||||
$ | 8,922 | $ | — | $ | — | $ | 8,922 | $ | (430 | ) | $ | (9,509 | ) |
Fair value at September 30, 2011 | Fair Value Measurements at Reporting Date Using | Losses During the Three Months Ended September 30, 2011 | Losses During the Nine Months Ended September 30, 2011 | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Impaired loans | $ | 3,717 | $ | — | $ | — | $ | 3,717 | $ | (735 | ) | $ | (4,707 | ) | ||||||||||
Noncovered OREO | 2,876 | — | — | 2,876 | (573 | ) | (3,120 | ) | ||||||||||||||||
Covered OREO | 455 | — | — | 455 | (204 | ) | (280 | ) | ||||||||||||||||
Noncovered OPPO | — | — | — | — | — | (185 | ) | |||||||||||||||||
$ | 7,048 | $ | — | $ | — | $ | 7,048 | $ | (1,512 | ) | $ | (8,292 | ) |
Fair value at September 30, 2012 | Valuation Technique | Unobservable Input | Range (Weighted Average) (1) | |||||||
(dollars in thousands) | ||||||||||
Impaired loans - real estate collateral | $ | 4,148 | Market | Adjustment to Appraisal Value | N/A (2) | |||||
Impaired loans - other collateral (3) | 1,946 | Market | Adjustment to stated value | 0% - 70% (33%) | ||||||
Noncovered OREO | 1,807 | Market | Adjustment to Appraisal Value | N/A (2) | ||||||
Covered OREO | 1,021 | Market | Adjustment to Appraisal Value | N/A (2) | ||||||
Noncovered OPPO | — | Market | Adjustment to Appraisal Value | N/A (2) | ||||||
(1) Discount applied to appraisal value, letter of intent to purchase, or stated value (in the case of accounts receivable and inventory). | ||||||||||
(2) Quantitative disclosures are not provided for impaired loans collateralized by real estate, noncovered OREO, covered OREO and noncovered OPPO because there were no adjustments made to the appraisal value during the current period. | ||||||||||
(3) Other collateral consists of accounts receivable and inventory. |
September 30, 2012 | December 31, 2011 | |||||||||||||||||||||||||||
Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | Carrying Amount | Fair Value | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Cash and due from banks | $ | 98,979 | $ | 98,979 | $ | 98,979 | $ | — | $ | — | $ | 91,364 | $ | 91,364 | ||||||||||||||
Interest-earning deposits with banks | 463,613 | 463,613 | 463,613 | — | — | 202,925 | 202,925 | |||||||||||||||||||||
Securities available for sale | 943,624 | 943,624 | — | 940,674 | 2,950 | 1,028,110 | 1,028,110 | |||||||||||||||||||||
FHLB stock | 22,017 | 22,017 | — | 22,017 | — | 22,215 | 22,215 | |||||||||||||||||||||
Loans held for sale | 3,600 | 3,600 | — | 3,600 | — | 2,148 | 2,148 | |||||||||||||||||||||
Loans | 2,854,603 | 2,944,623 | — | — | 2,944,623 | 2,827,259 | 2,957,345 | |||||||||||||||||||||
FDIC loss-sharing asset | 111,677 | 35,518 | — | — | 35,518 | 175,071 | 71,788 | |||||||||||||||||||||
Interest rate contracts | 16,375 | 16,375 | — | 16,375 | — | 16,302 | 16,302 | |||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Deposits | $ | 3,938,855 | $ | 3,939,661 | $ | 3,421,361 | $ | 518,300 | $ | — | $ | 3,815,529 | $ | 3,817,013 | ||||||||||||||
FHLB Advances | 113,080 | 113,206 | — | 113,206 | — | 119,009 | 119,849 | |||||||||||||||||||||
Repurchase agreements | 25,000 | 26,220 | — | 26,220 | — | 25,000 | 26,580 | |||||||||||||||||||||
Interest rate contracts | 16,375 | 16,375 | — | 16,375 | — | 16,302 | 16,302 |
12. | Earnings per Common Share |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(in thousands except per share) | ||||||||||||||||
Basic EPS: | ||||||||||||||||
Net income | $ | 11,880 | $ | 18,872 | $ | 32,681 | $ | 33,283 | ||||||||
Less: Earnings allocated to participating securities | (113 | ) | (177 | ) | (336 | ) | (311 | ) | ||||||||
Earnings allocated to common shareholders | $ | 11,767 | $ | 18,695 | $ | 32,345 | $ | 32,972 | ||||||||
Weighted average common shares outstanding | 39,289 | 39,131 | 39,248 | 39,092 | ||||||||||||
Basic earnings per common share | $ | 0.30 | $ | 0.48 | $ | 0.82 | $ | 0.84 | ||||||||
Diluted EPS: | ||||||||||||||||
Earnings allocated to common shareholders | $ | 11,767 | $ | 18,695 | $ | 32,345 | $ | 32,972 | ||||||||
Weighted average common shares outstanding | 39,289 | 39,131 | 39,248 | 39,092 | ||||||||||||
Dilutive effect of equity awards | 2 | 61 | 3 | 75 | ||||||||||||
Weighted average diluted common shares outstanding | 39,291 | 39,192 | 39,251 | 39,167 | ||||||||||||
Diluted earnings per common share | $ | 0.30 | $ | 0.48 | $ | 0.82 | $ | 0.84 | ||||||||
Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive | 53 | 75 | 46 | 62 |
Item 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
• | local and national economic conditions could be less favorable than expected or could have a more direct and pronounced effect on us than expected and adversely affect our ability to continue internal growth at historical rates and maintain the quality of our earning assets; |
• | the local housing/real estate markets where we operate and make loans could continue to decline; |
• | the risks presented by a continued challenging economy, which could adversely affect credit quality, collateral values, including real estate collateral, investment values, liquidity and loan originations and loan portfolio delinquency rates; |
• | the efficiencies and enhanced financial and operating performance we expect to realize from investments in personnel, acquisitions and infrastructure may not be realized; |
• | the possibility that the proposed merger with West Coast Bancorp (“West Coast”) does not close when expected or at all because required regulatory, shareholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all; |
• | the effect on the trading price of our stock if the merger with West Coast is not completed; |
• | the ability to successfully combine Columbia and the West Coast organizations; |
• | interest rate changes could significantly reduce net interest income and negatively affect funding sources; |
• | projected business increases following strategic expansion or opening of new branches could be lower than expected; |
• | our reliance on FHLB advances and FRB borrowings as additional sources of short and long-term funding; |
• | changes in the scope and cost of FDIC insurance and other coverages; |
• | the impact of FDIC-assisted loans on our earnings; |
• | changes in accounting principles, policies, and guidelines applicable to bank holding companies and banking; |
• | competition among financial institutions could increase significantly; |
• | the goodwill we have recorded in connection with acquisitions could become impaired, which may have an adverse impact on our earnings and capital; |
• | the reputation of the financial services industry could deteriorate, which could adversely affect our ability to access markets for funding and to acquire and retain customers; |
• | the terms and costs of the numerous actions taken by the Federal Reserve, the U.S. Congress, the Treasury, the FDIC, the SEC and others in response to the liquidity and credit crisis, or the failure of these actions to help stabilize the financial markets, asset prices, market liquidity, or worsening of current financial market and economic conditions could materially and adversely affect our business, financial condition, results of operations, and the trading price of our common stock; |
• | our ability to effectively manage credit risk, interest rate risk, market risk, operational risk, legal risk, liquidity risk and regulatory and compliance risk; and |
• | our profitability measures could be adversely affected if we are unable to effectively manage our capital. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
( in thousands) | ||||||||||||||||
Incremental accretion income on acquired loans | $ | 11,873 | $ | 19,700 | $ | 49,306 | $ | 40,954 | ||||||||
(Provision) recapture for losses on covered loans | 3,992 | (433 | ) | (23,381 | ) | (2,312 | ) | |||||||||
Change in FDIC-loss sharing asset | (12,951 | ) | (10,855 | ) | (14,787 | ) | (32,048 | ) | ||||||||
FDIC clawback liability expense | (334 | ) | (1,146 | ) | (100 | ) | (3,294 | ) | ||||||||
Pre-tax earnings impact of acquisition accounting | $ | 2,580 | $ | 7,266 | $ | 11,038 | $ | 3,300 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(dollars in thousands) | ||||||||||||||||
Interest income as recorded | $ | 21,476 | $ | 31,543 | $ | 78,864 | $ | 70,859 | ||||||||
Less: Interest income at stated note rate | 9,603 | 11,843 | 29,558 | 29,905 | ||||||||||||
Incremental accretion income | $ | 11,873 | $ | 19,700 | $ | 49,306 | $ | 40,954 | ||||||||
Incremental accretion income due to: | ||||||||||||||||
Acquired impaired loans | 11,260 | 14,604 | 44,455 | 35,858 | ||||||||||||
Other acquired loans | 613 | 5,096 | 4,851 | 5,096 | ||||||||||||
Incremental accretion income | $ | 11,873 | $ | 19,700 | $ | 49,306 | $ | 40,954 | ||||||||
Net interest margin | 5.52 | % | 6.53 | % | 5.99 | % | 5.96 | % | ||||||||
Net interest margin excluding incremental accretion income | 4.40 | % | 4.59 | % | 4.43 | % | 4.52 | % |
Three Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||
Average Balances (1) | Interest Earned / Paid | Average Rate | Average Balances (1) (3) | Interest Earned / Paid (3) | Average Rate | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||
Loans, excluding covered loans, net (1) (2) | $ | 2,444,065 | $ | 32,747 | 5.36 | % | $ | 2,184,638 | $ | 34,791 | 6.32 | % | ||||||||||
Covered loans, net (1) (2) | 475,455 | 20,042 | 16.86 | % | 593,043 | 25,003 | 16.73 | % | ||||||||||||||
Taxable securities | 716,522 | 4,218 | 2.35 | % | 744,878 | 6,037 | 3.22 | % | ||||||||||||||
Tax exempt securities (2) | 267,293 | 3,758 | 5.62 | % | 253,897 | 3,879 | 6.06 | % | ||||||||||||||
Interest-earning deposits with banks and federal funds sold | 360,079 | 229 | 0.25 | % | 251,573 | 240 | 0.38 | % | ||||||||||||||
Total interest-earning assets | 4,263,414 | $ | 60,994 | 5.72 | % | 4,028,029 | $ | 69,950 | 6.89 | % | ||||||||||||
Other earning assets | 76,371 | 53,695 | ||||||||||||||||||||
Noninterest-earning assets | 488,317 | 599,177 | ||||||||||||||||||||
Total assets | $ | 4,828,102 | $ | 4,680,901 | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||
Certificates of deposit | $ | 531,491 | $ | 751 | 0.57 | % | $ | 684,084 | $ | 1,243 | 0.72 | % | ||||||||||
Savings accounts | 298,918 | 15 | 0.02 | % | 265,348 | 39 | 0.06 | % | ||||||||||||||
Interest-bearing demand | 792,825 | 205 | 0.10 | % | 709,911 | 329 | 0.18 | % | ||||||||||||||
Money market accounts | 1,041,860 | 368 | 0.14 | % | 992,321 | 1,031 | 0.41 | % | ||||||||||||||
Total interest-bearing deposits | 2,665,094 | 1,339 | 0.20 | % | 2,651,664 | 2,642 | 0.40 | % | ||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank borrowings | 113,107 | 745 | 2.63 | % | 128,911 | 807 | 2.48 | % | ||||||||||||||
Long-term obligations | — | — | — | % | 7,821 | 75 | 3.80 | % | ||||||||||||||
Other borrowings | 25,000 | 120 | 1.92 | % | 25,000 | 120 | 1.90 | % | ||||||||||||||
Total interest-bearing liabilities | 2,803,201 | $ | 2,204 | 0.31 | % | 2,813,396 | $ | 3,644 | 0.51 | % | ||||||||||||
Noninterest-bearing deposits | 1,194,190 | 1,027,268 | ||||||||||||||||||||
Other noninterest-bearing liabilities | 69,430 | 105,045 | ||||||||||||||||||||
Shareholders’ equity | 761,281 | 735,192 | ||||||||||||||||||||
Total liabilities & shareholders’ equity | $ | 4,828,102 | $ | 4,680,901 | ||||||||||||||||||
Net interest income (2) | $ | 58,790 | $ | 66,306 | ||||||||||||||||||
Net interest margin | 5.52 | % | 6.53 | % |
(1) | Nonaccrual loans have been included in the tables as loans carrying a zero yield. Amortized net deferred loan fees were included in the interest income calculations. The amortization of net deferred loan fees was $726 thousand and $258 thousand for the three months ended September 30, 2012 and 2011, respectively. The amortization of net unearned discounts on other acquired loans was $613 thousand and $5.1 million for the three months ended September 30, 2012 and 2011, respectively. |
(2) | Tax-exempt income is calculated on a tax equivalent basis, based on a marginal tax rate of 35%. |
(3) | Reclassified to conform to the current period's presentation. |
Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||
Average Balances (1) | Interest Earned / Paid | Average Rate | Average Balances (1) (3) | Interest Earned / Paid (3) | Average Rate | |||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||
Loans, excluding covered loans, net (1) (2) | $ | 2,390,585 | $ | 98,794 | 5.51 | % | $ | 1,997,164 | $ | 86,265 | 5.77 | % | ||||||||||
Covered loans, net (1) (2) | 501,103 | 70,653 | 18.80 | % | 539,328 | 65,601 | 16.26 | % | ||||||||||||||
Taxable securities | 741,274 | 14,414 | 2.59 | % | 671,146 | 16,701 | 3.33 | % | ||||||||||||||
Tax exempt securities (2) | 271,442 | 11,546 | 5.67 | % | 248,027 | 11,610 | 6.26 | % | ||||||||||||||
Interest-earning deposits with banks and federal funds sold | 294,721 | 564 | 0.26 | % | 339,200 | 722 | 0.28 | % | ||||||||||||||
Total interest-earning assets | 4,199,125 | $ | 195,971 | 6.22 | % | 3,794,865 | $ | 180,899 | 6.37 | % | ||||||||||||
Other earning assets | 75,645 | 53,209 | ||||||||||||||||||||
Noninterest-earning assets | 522,773 | 577,963 | ||||||||||||||||||||
Total assets | $ | 4,797,543 | $ | 4,426,037 | ||||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||||||||||||||||
Certificates of deposit | $ | 557,362 | $ | 2,601 | 0.62 | % | $ | 636,907 | $ | 4,031 | 0.85 | % | ||||||||||
Savings accounts | 295,359 | 61 | 0.03 | % | 235,203 | 127 | 0.07 | % | ||||||||||||||
Interest-bearing demand | 777,352 | 673 | 0.12 | % | 699,106 | 1,145 | 0.22 | % | ||||||||||||||
Money market accounts | 1,043,262 | 1,344 | 0.17 | % | 949,920 | 3,266 | 0.46 | % | ||||||||||||||
Total interest-bearing deposits | 2,673,335 | 4,679 | 0.23 | % | 2,521,136 | 8,569 | 0.45 | % | ||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank borrowings | 114,934 | 2,229 | 2.59 | % | 120,698 | 2,215 | 2.45 | % | ||||||||||||||
Long-term obligations | — | — | — | % | 19,657 | 579 | 3.94 | % | ||||||||||||||
Other borrowings | 25,000 | 358 | 1.91 | % | 25,000 | 377 | 2.02 | % | ||||||||||||||
Total interest-bearing liabilities | 2,813,269 | $ | 7,266 | 0.34 | % | 2,686,491 | $ | 11,740 | 0.58 | % | ||||||||||||
Noninterest-bearing deposits | 1,156,304 | 936,091 | ||||||||||||||||||||
Other noninterest-bearing liabilities | 67,753 | 81,817 | ||||||||||||||||||||
Shareholders’ equity | 760,217 | 721,638 | ||||||||||||||||||||
Total liabilities & shareholders’ equity | $ | 4,797,543 | $ | 4,426,037 | ||||||||||||||||||
Net interest income (2) | $ | 188,705 | $ | 169,159 | ||||||||||||||||||
Net interest margin | 5.99 | % | 5.96 | % |
(1) | Nonaccrual loans have been included in the tables as loans carrying a zero yield. Amortized net deferred loan fees were included in the interest income calculations. The amortization of net deferred loan fees was $1.5 million and $784 thousand for the nine months ended September 30, 2012 and 2011, respectively. The amortization of net unearned discounts on other acquired loans was $4.9 million and $5.1 million for the nine months ended September 30, 2012 and 2011, respectively. |
(2) | Tax-exempt income is calculated on a tax equivalent basis, based on a marginal tax rate of 35%. |
(3) | Reclassified to conform to the current period’s presentation. |
Three Months Ended September 30, 2012 Compared to 2011 Increase (Decrease) Due to | ||||||||||||
Volume | Rate | Total | ||||||||||
(in thousands) | ||||||||||||
Interest Income | ||||||||||||
Loans, excluding covered loans, net (1)(2) | $ | 3,851 | $ | (5,895 | ) | $ | (2,044 | ) | ||||
Covered loans, net | (4,957 | ) | (4 | ) | (4,961 | ) | ||||||
Taxable securities | (222 | ) | (1,597 | ) | (1,819 | ) | ||||||
Tax exempt securities (2) | 198 | (319 | ) | (121 | ) | |||||||
Interest earning deposits with banks and federal funds sold | 85 | (96 | ) | (11 | ) | |||||||
Interest income (2) | $ | (1,045 | ) | $ | (7,911 | ) | $ | (8,956 | ) | |||
Interest Expense | ||||||||||||
Deposits: | ||||||||||||
Certificates of deposit | $ | (246 | ) | $ | (246 | ) | $ | (492 | ) | |||
Savings accounts | 4 | (28 | ) | (24 | ) | |||||||
Interest-bearing demand | 35 | (159 | ) | (124 | ) | |||||||
Money market accounts | 49 | (712 | ) | (663 | ) | |||||||
Total interest on deposits | (158 | ) | (1,145 | ) | (1,303 | ) | ||||||
FHLB and Federal Reserve Bank borrowings | (103 | ) | 41 | (62 | ) | |||||||
Long-term obligations | (75 | ) | — | (75 | ) | |||||||
Other borrowings | — | — | — | |||||||||
Interest expense | $ | (336 | ) | $ | (1,104 | ) | $ | (1,440 | ) |
(1) | Nonaccrual loans have been included in the tables as loans carrying a zero yield. Amortized net deferred loan fees were included in the interest income calculations. The amortization of net deferred loan fees was $726 thousand and $258 thousand for the three months ended September 30, 2012 and 2011, respectively. The amortization of net unearned discounts on other acquired loans was $613 thousand and $5.1 million for the three months ended September 30, 2012 and 2011, respectively. |
(2) | Tax-exempt income is calculated on a tax equivalent basis, based on a marginal tax rate of 35%. |
Nine Months Ended September 30, 2012 Compared to 2011 Increase (Decrease) Due to | ||||||||||||
Volume | Rate | Total | ||||||||||
(in thousands) | ||||||||||||
Interest Income | ||||||||||||
Loans, excluding covered loans, net (1)(2) | $ | 16,391 | $ | (3,862 | ) | $ | 12,529 | |||||
Covered loans, net | (4,878 | ) | 9,930 | 5,052 | ||||||||
Taxable securities | 1,622 | (3,909 | ) | (2,287 | ) | |||||||
Tax exempt securities (2) | 1,045 | (1,109 | ) | (64 | ) | |||||||
Interest earning deposits with banks and federal funds sold | (89 | ) | (69 | ) | (158 | ) | ||||||
Interest income (2) | $ | 14,091 | $ | 981 | $ | 15,072 | ||||||
Interest Expense | ||||||||||||
Deposits: | ||||||||||||
Certificates of deposit | $ | (461 | ) | $ | (969 | ) | $ | (1,430 | ) | |||
Savings accounts | 27 | (93 | ) | (66 | ) | |||||||
Interest-bearing demand | 117 | (589 | ) | (472 | ) | |||||||
Money market accounts | 294 | (2,216 | ) | (1,922 | ) | |||||||
Total interest on deposits | (23 | ) | (3,867 | ) | (3,890 | ) | ||||||
FHLB and Federal Reserve Bank borrowings | (109 | ) | 123 | 14 | ||||||||
Long-term obligations | (579 | ) | — | (579 | ) | |||||||
Other borrowings | — | (19 | ) | (19 | ) | |||||||
Interest expense | $ | (711 | ) | $ | (3,763 | ) | $ | (4,474 | ) |
(1) | Nonaccrual loans have been included in the tables as loans carrying a zero yield. Amortized net deferred loan fees were included in the interest income calculations. The amortization of net deferred loan fees was $1.5 million and $784 thousand for the nine months ended September 30, 2012 and 2011, respectively. The amortization of net unearned discounts on other acquired loans was $4.9 million and $5.1 million for the nine months ended September 30, 2012 and 2011, respectively. |
(2) | Tax-exempt income is calculated on a tax equivalent basis, based on a marginal tax rate of 35%. |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2012 | 2011 | $ Change | % Change | 2012 | 2011 | $ Change | % Change | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||
Service charges and other fees | $ | 7,609 | $ | 6,991 | $ | 618 | 9 | % | $ | 22,222 | $ | 19,746 | $ | 2,476 | 13 | % | ||||||||||||||
Gain on bank acquisitions | — | 1,830 | (1,830 | ) | (100 | )% | — | 1,830 | (1,830 | ) | (100 | )% | ||||||||||||||||||
Merchant services fees | 2,054 | 1,952 | 102 | 5 | % | 6,167 | 5,393 | 774 | 14 | % | ||||||||||||||||||||
Gain on sale of investment securities, net | — | — | — | — | % | 62 | — | 62 | 100 | % | ||||||||||||||||||||
Bank owned life insurance | 747 | 523 | 224 | 43 | % | 2,177 | 1,556 | 621 | 40 | % | ||||||||||||||||||||
Other | 1,630 | 1,755 | (125 | ) | (7 | )% | 4,650 | 3,842 | 808 | 21 | % | |||||||||||||||||||
Subtotal | 12,040 | 13,051 | (1,011 | ) | (8 | )% | 35,278 | 32,367 | 2,911 | 9 | % | |||||||||||||||||||
Change in FDIC-loss sharing asset | (12,951 | ) | (10,855 | ) | (2,096 | ) | 19 | % | (14,787 | ) | (32,048 | ) | 17,261 | (54 | )% | |||||||||||||||
Total noninterest income (loss) | $ | (911 | ) | $ | 2,196 | $ | (3,107 | ) | (141 | )% | $ | 20,491 | $ | 319 | $ | 20,172 | 6,324 | % |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||
2012 | 2011 | $ Change | % Change | 2012 | 2011 | $ Change | % Change | |||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||
Compensation | $ | 17,873 | $ | 16,887 | $ | 986 | 6 | % | $ | 53,180 | $ | 47,817 | $ | 5,363 | 11 | % | ||||||||||||||
Employee benefits | 3,606 | 3,179 | 427 | 13 | % | 10,812 | 9,915 | 897 | 9 | % | ||||||||||||||||||||
Contract labor | 44 | 1,326 | (1,282 | ) | (97 | )% | 492 | 2,040 | (1,548 | ) | (76 | )% | ||||||||||||||||||
21,523 | 21,392 | 131 | 1 | % | 64,484 | 59,772 | 4,712 | 8 | % | |||||||||||||||||||||
All other noninterest expense: | ||||||||||||||||||||||||||||||
Occupancy | 4,886 | 4,815 | 71 | 1 | % | 15,310 | 13,600 | 1,710 | 13 | % | ||||||||||||||||||||
Merchant processing | 921 | 976 | (55 | ) | (6 | )% | 2,724 | 2,764 | (40 | ) | (1 | )% | ||||||||||||||||||
Advertising and promotion | 1,341 | 1,137 | 204 | 18 | % | 3,342 | 3,050 | 292 | 10 | % | ||||||||||||||||||||
Data processing and communications | 2,499 | 2,195 | 304 | 14 | % | 7,263 | 6,032 | 1,231 | 20 | % | ||||||||||||||||||||
Legal and professional services | 2,783 | 1,957 | 826 | 42 | % | 6,221 | 4,868 | 1,353 | 28 | % | ||||||||||||||||||||
Taxes, license and fees | 1,124 | 1,211 | (87 | ) | (7 | )% | 3,594 | 2,983 | 611 | 20 | % | |||||||||||||||||||
Regulatory premiums | 775 | 574 | 201 | 35 | % | 2,560 | 3,553 | (993 | ) | (28 | )% | |||||||||||||||||||
Net cost (benefit) of operation of noncovered other real estate owned | (63 | ) | 1,291 | (1,354 | ) | (105 | )% | 4,102 | 5,849 | (1,747 | ) | (30 | )% | |||||||||||||||||
Net benefit of operation of covered other real estate owned | (1,006 | ) | (1,486 | ) | 480 | (32 | )% | (4,638 | ) | (6,272 | ) | 1,634 | (26 | )% | ||||||||||||||||
Amortization of intangibles | 1,093 | 1,177 | (84 | ) | (7 | )% | 3,362 | 3,116 | 246 | 8 | % | |||||||||||||||||||
FDIC clawback expense (recovery) | 334 | 1,146 | (812 | ) | (71 | )% | 100 | 3,294 | (3,194 | ) | (97 | )% | ||||||||||||||||||
Other | 4,726 | 3,550 | 1,176 | 33 | % | 16,689 | 11,836 | 4,853 | 41 | % | ||||||||||||||||||||
Total all other noninterest expense | 19,413 | 18,543 | 870 | 5 | % | 60,629 | 54,673 | 5,956 | 11 | % | ||||||||||||||||||||
Total noninterest expense | $ | 40,936 | $ | 39,935 | $ | 1,001 | 3 | % | $ | 125,113 | $ | 114,445 | $ | 10,668 | 9 | % |
Three Months Ended September 30, | Increase (Decrease) Amount | Nine Months Ended September 30, | Increase (Decrease) Amount | |||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Postage | $ | 575 | $ | 551 | $ | 24 | $ | 1,495 | $ | 1,573 | $ | (78 | ) | |||||||||||
Software support & maintenance | 304 | 375 | (71 | ) | 1,120 | 984 | 136 | |||||||||||||||||
Supplies | 246 | 350 | (104 | ) | 839 | 967 | (128 | ) | ||||||||||||||||
Insurance | 244 | 249 | (5 | ) | 780 | 686 | 94 | |||||||||||||||||
ATM Network | 271 | 305 | (34 | ) | 824 | 767 | 57 | |||||||||||||||||
Travel | 339 | 378 | (39 | ) | 1,040 | 890 | 150 | |||||||||||||||||
Employee expenses | 156 | 153 | 3 | 565 | 463 | 102 | ||||||||||||||||||
Sponsorships and charitable contributions | 212 | 274 | (62 | ) | 584 | 692 | (108 | ) | ||||||||||||||||
Directors fees | 140 | 111 | 29 | 407 | 341 | 66 | ||||||||||||||||||
Federal Reserve Bank processing fees | 48 | 89 | (41 | ) | 172 | 249 | (77 | ) | ||||||||||||||||
CRA partnership investment expense | 111 | 104 | 7 | 497 | 528 | (31 | ) | |||||||||||||||||
Investor relations | 21 | 19 | 2 | 163 | 159 | 4 | ||||||||||||||||||
Other personal property owned | (107 | ) | (1,212 | ) | 1,105 | 2,226 | (1,212 | ) | 3,438 | |||||||||||||||
Miscellaneous | 2,166 | 1,804 | 362 | 5,977 | 4,749 | 1,228 | ||||||||||||||||||
Total other noninterest expense | $ | 4,726 | $ | 3,550 | $ | 1,176 | $ | 16,689 | $ | 11,836 | $ | 4,853 |
September 30, 2012 | December 31, 2011 | |||||||
(in thousands) | ||||||||
Securities Available for Sale | ||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations | $ | 563,208 | $ | 695,954 | ||||
State and municipal securities | 282,500 | 285,763 | ||||||
U.S. government and government-sponsored enterprise securities | 94,506 | 43,063 | ||||||
Other securities | 3,410 | 3,330 | ||||||
Total | $ | 943,624 | $ | 1,028,110 |
September 30, 2012 | % of Total | December 31, 2011 | % of Total | |||||||||||
(dollars in thousands) | ||||||||||||||
Commercial business | $ | 1,142,737 | 46.1 | % | $ | 1,031,721 | 43.9 | % | ||||||
Real estate: | ||||||||||||||
One-to-four family residential | 47,656 | 1.9 | % | 64,491 | 2.8 | % | ||||||||
Commercial and multifamily residential | 1,035,356 | 41.9 | % | 998,165 | 42.5 | % | ||||||||
Total real estate | 1,083,012 | 43.8 | % | 1,062,656 | 45.3 | % | ||||||||
Real estate construction: | ||||||||||||||
One-to-four family residential | 50,381 | 2.0 | % | 50,208 | 2.1 | % | ||||||||
Commercial and multifamily residential | 51,466 | 2.1 | % | 36,768 | 1.6 | % | ||||||||
Total real estate construction | 101,847 | 4.1 | % | 86,976 | 3.7 | % | ||||||||
Consumer | 160,771 | 6.5 | % | 183,235 | 7.8 | % | ||||||||
Subtotal | 2,488,367 | 100.5 | % | 2,364,588 | 100.7 | % | ||||||||
Less: Net unearned income | (11,523 | ) | (0.5 | )% | (16,217 | ) | (0.7 | )% | ||||||
Total noncovered loans, net of unearned income | 2,476,844 | 100.0 | % | 2,348,371 | 100.0 | % | ||||||||
Less: Allowance for loan and lease losses | (51,527 | ) | (53,041 | ) | ||||||||||
Noncovered loans, net | 2,425,317 | 2,295,330 | ||||||||||||
Covered loans, net of allowance of ($29,157) and ($4,944), respectively | 429,286 | 531,929 | ||||||||||||
Total loans, net | $ | 2,854,603 | $ | 2,827,259 | ||||||||||
Loans Held for Sale | $ | 3,600 | $ | 2,148 |
Contractual | Nonaccretable | Accretable | Carrying | |||||||||||||
Cash Flows | Difference | Yield | Amount | |||||||||||||
(in thousands) | ||||||||||||||||
Balance at January 1, 2012 | $ | 835,556 | $ | (91,317 | ) | $ | (259,669 | ) | $ | 484,570 | ||||||
Established through acquisitions | — | — | — | — | ||||||||||||
Principal reductions | (131,812 | ) | — | — | (131,812 | ) | ||||||||||
Accretion of loan discount | — | — | 69,045 | 69,045 | ||||||||||||
Changes in contractual and expected cash flows due to remeasurement | (71,478 | ) | 51,802 | (6,077 | ) | (25,753 | ) | |||||||||
Reduction due to removals | (20,130 | ) | 3,138 | 8,219 | (8,773 | ) | ||||||||||
Balance at September 30, 2012 | $ | 612,136 | $ | (36,377 | ) | $ | (188,482 | ) | $ | 387,277 |
September 30, 2012 | December 31, 2011 | |||||||
(in thousands) | ||||||||
Nonperforming assets, excluding covered assets | ||||||||
Nonaccrual loans: | ||||||||
Commercial business | $ | 12,564 | $ | 10,243 | ||||
Real estate: | ||||||||
One-to-four family residential | 2,220 | 2,696 | ||||||
Commercial and multifamily residential | 19,459 | 19,485 | ||||||
Total real estate | 21,679 | 22,181 | ||||||
Real estate construction: | ||||||||
One-to-four family residential | 5,359 | 10,785 | ||||||
Commercial and multifamily residential | — | 7,067 | ||||||
Total real estate construction | 5,359 | 17,852 | ||||||
Consumer | 1,987 | 3,207 | ||||||
Total nonaccrual loans | 41,589 | 53,483 | ||||||
Noncovered other real estate owned and other personal property owned | 11,749 | 31,905 | ||||||
Total nonperforming noncovered assets | $ | 53,338 | $ | 85,388 |
Nine Months Ended September 30, | ||||||||
2012 | 2011 | |||||||
(in thousands) | ||||||||
Noncovered OREO: | ||||||||
Balance, beginning of period | $ | 22,893 | $ | 30,991 | ||||
Transfers in, net of write-downs ($24 and $108, respectively) | 6,527 | 8,434 | ||||||
OREO improvements | 11 | 726 | ||||||
Additional OREO write-downs | (4,232 | ) | (5,090 | ) | ||||
Proceeds from sale of OREO property | (15,069 | ) | (10,234 | ) | ||||
Gain on sale of OREO, net | 745 | 229 | ||||||
Total noncovered OREO, end of period | $ | 10,875 | $ | 25,056 |
1. | General valuation allowance consistent with the Contingencies topic of the FASB ASC. |
2. | Classified loss reserves on specific relationships. Specific allowances for identified problem loans are determined in accordance with the Receivables topic of the FASB ASC. |
3. | The unallocated allowance provides for other credit losses inherent in our loan portfolio that may not have been contemplated in the general and specific components of the allowance. This unallocated amount generally comprises less than 5% of the allowance. The unallocated amount is reviewed periodically based on trends in credit losses, the results of credit reviews and overall economic trends. |
1. | Existing general economic and business conditions affecting our market place |
2. | Credit quality trends |
3. | Historical loss experience |
4. | Seasoning of the loan portfolio |
5. | Bank regulatory examination results |
6. | Findings of internal credit examiners |
7. | Duration of current business cycle |
8. | Specific loss estimates for problem loans |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(in thousands) | ||||||||||||||||
Beginning balance | $ | 52,196 | $ | 54,057 | $ | 53,041 | $ | 60,993 | ||||||||
Charge-offs: | ||||||||||||||||
Commercial business | (3,775 | ) | (1,946 | ) | (8,178 | ) | (6,151 | ) | ||||||||
One-to-four family residential | (49 | ) | (53 | ) | (499 | ) | (717 | ) | ||||||||
Commercial and multifamily residential | (592 | ) | (443 | ) | (5,108 | ) | (2,362 | ) | ||||||||
One-to-four family residential construction | (325 | ) | (183 | ) | (1,426 | ) | (2,415 | ) | ||||||||
Commercial and multifamily residential construction | — | (145 | ) | (93 | ) | (1,710 | ) | |||||||||
Consumer | (500 | ) | (2,102 | ) | (1,968 | ) | (3,298 | ) | ||||||||
Total charge-offs | (5,241 | ) | (4,872 | ) | (17,272 | ) | (16,653 | ) | ||||||||
Recoveries | ||||||||||||||||
Commercial business | 277 | 460 | 1,314 | 1,157 | ||||||||||||
One-to-four family residential | 157 | 78 | 202 | 78 | ||||||||||||
Commercial and multifamily residential | 446 | 10 | 1,338 | 96 | ||||||||||||
One-to-four family residential construction | 404 | 119 | 906 | 1,923 | ||||||||||||
Commercial and multifamily residential construction | 63 | — | 64 | — | ||||||||||||
Consumer | 350 | 70 | 809 | 178 | ||||||||||||
Total recoveries | 1,697 | 737 | 4,633 | 3,432 | ||||||||||||
Net charge-offs | (3,544 | ) | (4,135 | ) | (12,639 | ) | (13,221 | ) | ||||||||
Provision charged to expense | 2,875 | 500 | 11,125 | 2,650 | ||||||||||||
Ending balance | $ | 51,527 | $ | 50,422 | $ | 51,527 | $ | 50,422 | ||||||||
Total noncovered loans, net at end of period, excluding loans held of sale | $ | 2,476,844 | $ | 2,257,899 | $ | 2,476,844 | $ | 2,257,899 | ||||||||
Allowance for loan and lease losses to period-end noncovered loans | 2.08 | % | 2.23 | % | 2.08 | % | 2.23 | % | ||||||||
Allowance for unfunded commitments and letters of credit | ||||||||||||||||
Beginning balance | $ | 1,665 | $ | 1,660 | $ | 1,535 | $ | 1,165 | ||||||||
Net changes in the allowance for unfunded commitments and letters of credit | 250 | (200 | ) | 380 | 295 | |||||||||||
Ending balance | $ | 1,915 | $ | 1,460 | $ | 1,915 | $ | 1,460 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(in thousands) | ||||||||||||||||
Balance at beginning of period | $ | 140,003 | $ | 209,694 | $ | 175,071 | $ | 205,991 | ||||||||
Adjustments not reflected in income | ||||||||||||||||
Established through acquisitions | — | — | — | 68,734 | ||||||||||||
Cash received from the FDIC | (14,881 | ) | (6,108 | ) | (49,194 | ) | (51,000 | ) | ||||||||
FDIC reimbursable losses, net | (494 | ) | 1,138 | 587 | 2,192 | |||||||||||
Adjustments reflected in income | ||||||||||||||||
Amortization, net | (9,694 | ) | (10,928 | ) | (33,418 | ) | (32,556 | ) | ||||||||
Loan impairment (recapture) | (3,193 | ) | 921 | 18,705 | 2,424 | |||||||||||
Sale of other real estate | (1,315 | ) | (1,471 | ) | (4,881 | ) | (3,487 | ) | ||||||||
Write-downs of other real estate | 1,141 | 467 | 4,503 | 911 | ||||||||||||
Other | 110 | 156 | 304 | 660 | ||||||||||||
Balance at end of period | $ | 111,677 | $ | 193,869 | $ | 111,677 | $ | 193,869 |
September 30, 2012 | December 31, 2011 | |||||||||||||
Balance | % of Total | Balance | % of Total | |||||||||||
(dollars in thousands) | ||||||||||||||
Core deposits: | ||||||||||||||
Demand and other non-interest bearing | $ | 1,270,321 | 32.3 | % | $ | 1,156,610 | 30.3 | % | ||||||
Interest bearing demand | 804,578 | 20.4 | % | 735,340 | 19.3 | % | ||||||||
Money market | 1,045,551 | 26.5 | % | 1,031,664 | 27.0 | % | ||||||||
Savings | 300,800 | 7.6 | % | 283,416 | 7.4 | % | ||||||||
Certificates of deposit less than $100,000 | 264,594 | 6.7 | % | 303,405 | 8.0 | % | ||||||||
Total core deposits | 3,685,844 | 93.5 | % | 3,510,435 | 92.0 | % | ||||||||
Certificates of deposit greater than $100,000 | 228,052 | 5.9 | % | 262,731 | 6.9 | % | ||||||||
Certificates of deposit insured by CDARS® | 24,846 | 0.6 | % | 42,080 | 1.1 | % | ||||||||
Subtotal | 3,938,742 | 100.0 | % | 3,815,246 | 100.0 | % | ||||||||
Premium resulting from acquisition date fair value adjustment | 113 | 283 | ||||||||||||
Total deposits | $ | 3,938,855 | $ | 3,815,529 |
Amount | ||||
(in thousands) | ||||
Within 3 months | $ | 2,500 | ||
Over 3 months through 12 months | 103,500 | |||
Over 12 months through 2 years | — | |||
Due after 2 years | 6,366 | |||
Subtotal | 112,366 | |||
Valuation adjustment from acquisition accounting | 714 | |||
Total | $ | 113,080 |
Company | Columbia Bank | Requirements | ||||||||||||||||
September 30, 2012 | December 31, 2011 | September 30, 2012 | December 31, 2011 | Adequately capitalized | Well- Capitalized | |||||||||||||
Total risk-based capital ratio | 20.75 | % | 21.05 | % | 18.10 | % | 18.55 | % | 8.00 | % | 10.00 | % | ||||||
Tier 1 risk-based capital ratio | 19.49 | % | 19.79 | % | 16.83 | % | 17.29 | % | 4.00 | % | 6.00 | % | ||||||
Leverage ratio | 12.80 | % | 12.96 | % | 11.19 | % | 11.45 | % | 4.00 | % | 5.00 | % |
Item 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Item 4. | CONTROLS AND PROCEDURES |
Item 1. | LEGAL PROCEEDINGS |
Item 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
(a) | Not applicable |
(b) | Not applicable |
(c) | Not applicable |
Item 3. | DEFAULTS UPON SENIOR SECURITIES |
Item 4. | MINE SAFETY DISCLOSURES |
Item 5. | OTHER INFORMATION |
Item 6. | EXHIBITS |
18 | Preferability Letter Regarding Change in Accounting Policy relating to Goodwill | |
31.1 | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2 | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32 | Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101* | The following financial information from Columbia Banking System, Inc’s. Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 is formatted in XBRL: (i) the Unaudited Consolidated Balance Sheets, (ii) the Unaudited Consolidated Statements of Income, (iii) the Unaudited Consolidated Statements of Comprehensive Income, (iv) the Unaudited Consolidated Statements of Changes in Shareholders' Equity, (v) the Unaudited Consolidated Statements of Cash Flows, and (vi) the Notes to Unaudited Consolidated Financial Statements. |
COLUMBIA BANKING SYSTEM, INC. | |||||
Date: | November 2, 2012 | By | /s/ MELANIE J. DRESSEL | ||
Melanie J. Dressel | |||||
President and Chief Executive Officer (Principal Executive Officer) | |||||
Date: | November 2, 2012 | By | /s/ CLINT E. STEIN | ||
Clint E. Stein | |||||
Executive Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
18 | Preferability Letter Regarding Change in Accounting Policy relating to Goodwill | |
31.1 | Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
31.2 | Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32 | Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101* | The following financial information from Columbia Banking System, Inc.'s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 is formatted in XBRL: (i) the Unaudited Consolidated Balance Sheets, (ii) the Unaudited Consolidated Statements of Income, (iii) the Unaudited Consolidated Statements of Comprehensive Income, (iv) the Unaudited Consolidated Statements of Changes in Shareholders' Equity, (v) the Unaudited Consolidated Statements of Cash Flows, and (vi) the Notes to Unaudited Consolidated Financial Statements. |
1. | I have reviewed this quarterly report on Form 10-Q of Columbia Banking System, Inc.; |
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/ MELANIE J. DRESSEL | |
Melanie J. Dressel President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Columbia Banking System, Inc.; |
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/ CLINT E. STEIN | |
Clint E. Stein Executive Vice President and Chief Financial Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ MELANIE J. DRESSEL | |
Melanie J. Dressel President and Chief Executive Officer Columbia Banking System, Inc. | |
/s/ CLINT E. STEIN | |
Clint E. Stein Executive Vice President and Chief Financial Officer Columbia Banking System, Inc. |
Goodwill and Intangible Assets (Estimated Future Amortization Expense of Core Deposit Intangibles) (Details) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2012
|
---|---|
Future Amortization Expense For Core Deposit Intangibles | |
2012 | $ 1,082 |
2013 | 3,964 |
2014 | 3,397 |
2015 | 2,645 |
2016 | $ 2,184 |
Covered Assets and FDIC Loss-sharing Asset (Changes in Accretable Yield for Acquired Loans) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | 15 Months Ended | |
---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
|
Covered Assets And FDIC Loss Sharing Asset | ||||
Balance at beginning of period | $ 214,061 | $ 259,669 | $ 256,572 | $ 314,333 |
Accretion | (19,571) | (69,045) | (60,369) | (23,608) |
Disposals | (3,146) | (8,218) | (24,134) | (8,594) |
Reclassifications (to) from nonaccretable difference | (2,861) | 6,077 | 50,320 | 69 |
Balance at end of period | $ 188,483 | $ 188,483 | $ 282,200 | $ 188,483 |
Shareholders' Equity (Details) (USD $)
|
0 Months Ended | 0 Months Ended | ||||
---|---|---|---|---|---|---|
Oct. 25, 2012
|
Apr. 25, 2012
|
Jan. 26, 2012
|
May 23, 2012
|
Jul. 26, 2012
Dividend Declared [Member]
|
Aug. 23, 2012
Dividend Declared [Member]
|
|
Subsequent Event [Line Items] | ||||||
Special cash dividend payable | $ 0.29 | $ 0.14 | $ 0.21 | |||
Declared quarterly cash dividend | $ 0.09 | $ 0.08 | $ 0.08 | $ 0.09 |
Fair Value Accounting and Measurement (Financial Assets And Liabilities Accounted for Fair Value On Recurring Basis) (Details) (USD $)
In Thousands, unless otherwise specified |
9 Months Ended | |
---|---|---|
Sep. 30, 2012
|
Dec. 31, 2011
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 943,624 | $ 1,028,110 |
Fair Value, Level 2 to level 1 Transfers, Amount | 0 | |
Fair Value, Measurements, Recurring [Member]
|
||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 943,624 | 1,028,110 |
Other assets (Interest rate contracts) | 16,375 | 16,302 |
Other liabilities (Interest rate contracts) | 16,375 | 16,302 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
|
||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Other assets (Interest rate contracts) | 0 | 0 |
Other liabilities (Interest rate contracts) | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
|
||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 940,674 | 1,028,110 |
Other assets (Interest rate contracts) | 16,375 | 16,302 |
Other liabilities (Interest rate contracts) | 16,375 | 16,302 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
|
||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 2,950 | 0 |
Other assets (Interest rate contracts) | 0 | 0 |
Other liabilities (Interest rate contracts) | 0 | 0 |
U.S. Government Agency and Sponsored Enterprise Mortgage-Back Securities and Collateralized Mortgage Obligations [Member] | Fair Value, Measurements, Recurring [Member]
|
||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 563,208 | 695,954 |
U.S. Government Agency and Sponsored Enterprise Mortgage-Back Securities and Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
|
||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
U.S. Government Agency and Sponsored Enterprise Mortgage-Back Securities and Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
|
||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 563,208 | 695,954 |
U.S. Government Agency and Sponsored Enterprise Mortgage-Back Securities and Collateralized Mortgage Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
|
||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
State and Municipal Securities [Member] | Fair Value, Measurements, Recurring [Member]
|
||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 282,500 | 285,763 |
State and Municipal Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
|
||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
State and Municipal Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
|
||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 279,550 | 285,763 |
State and Municipal Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
|
||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 2,950 | 0 |
U.S. Government Agency [Member] | Fair Value, Measurements, Recurring [Member]
|
||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 94,506 | 43,063 |
U.S. Government Agency [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
|
||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
U.S. Government Agency [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
|
||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 94,506 | 43,063 |
U.S. Government Agency [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
|
||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member]
|
||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,410 | 3,330 |
Other Securities [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
|
||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Other Securities [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
|
||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,410 | 3,330 |
Other Securities [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
|
||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 0 | $ 0 |
Covered Assets and FDIC Loss-sharing Asset (Tables)
|
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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Covered Assets And FDIC Loss Sharing Asset [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Analysis and Allowance for Losses on Covered Loans | The following is an analysis of our covered loans, net of related allowance for losses as of September 30, 2012 and December 31, 2011:
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Changes in Accretable Yield for Acquired Loans | The following table shows the changes in accretable yield for acquired loans for the three and nine months ended September 30, 2012 and 2011:
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Financing Receivable Credit Quality Indicators | The following is an analysis of the credit quality of our covered loan portfolio as of December 31, 2012 and 2011:
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Covered OREO at Carrying Value | The following table sets forth activity in covered OREO at carrying value for the three and nine months ended September 30, 2012 and 2011:
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FDIC Loss-sharing Asset | The following table shows a detailed analysis of the FDIC loss-sharing asset for the three and nine months ended September 30, 2012 and 2011:
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Covered Loans [Member]
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Covered Assets And FDIC Loss Sharing Asset [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses on Financing Receivables | The changes in the ALLL for covered loans for the three and nine months ended September 30, 2012 and 2011 are summarized as follows:
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Covered Assets and FDIC Loss-sharing Asset (Covered OREO at Carrying Value) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | 15 Months Ended | |
---|---|---|---|---|
Sep. 30, 2012
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Sep. 30, 2012
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Sep. 30, 2011
|
Sep. 30, 2012
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Covered Assets And FDIC Loss Sharing Asset [Line Items] | ||||
Balance, beginning of period | $ 51,019 | |||
Proceeds from sale of OREO property | (15,069) | (10,234) | ||
Gain on sale of OREO | 8,604 | 7,069 | ||
Total OREO, end of period | 27,386 | 27,386 | 27,386 | |
Covered Loans [Member]
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Covered Assets And FDIC Loss Sharing Asset [Line Items] | ||||
Balance, beginning of period | 19,079 | 28,126 | 14,443 | 23,730 |
Covered real estate acquired through foreclosure | 0 | 0 | 10,387 | 0 |
Transfers in | 3,096 | 8,497 | 8,071 | 2,979 |
Additional OREO write-down | (730) | (2,769) | (302) | (189) |
Proceeds from sale of OREO property | (6,822) | (25,202) | (14,604) | (3,523) |
Gain on sale of OREO | 1,888 | 7,859 | 6,840 | 1,838 |
Total OREO, end of period | $ 16,511 | $ 16,511 | $ 24,835 | $ 16,511 |
Allowance for Noncovered Loan and Lease Losses and Unfunded Commitments and Letters of Credit (Allowance for Noncovered Loan and Lease Losses) (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 9 Months Ended | 15 Months Ended | |
---|---|---|---|---|
Sep. 30, 2012
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Sep. 30, 2012
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Sep. 30, 2011
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Sep. 30, 2012
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Allowance for Loan and Lease Losses [Roll Forward] | ||||
Provision for loan and lease losses | $ 34,506 | $ 4,962 | ||
Noncovered Loans [Member]
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Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 52,196 | 53,041 | 60,993 | 54,057 |
Charged-offs | (5,241) | (17,272) | (16,653) | (4,872) |
Recoveries | 1,697 | 4,633 | 3,432 | 737 |
Provision for loan and lease losses | 2,875 | 11,125 | 2,650 | 500 |
Ending balance | 51,527 | 51,527 | 50,422 | 51,527 |
Specific Reserve | 730 | 730 | 966 | 730 |
General Allocation | 50,797 | 50,797 | 49,456 | 50,797 |
Commercial Portfolio Segment [Member] | Secured Loans [Member] | Noncovered Loans [Member]
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Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 26,505 | 24,745 | 21,811 | 22,320 |
Charged-offs | (3,744) | (8,126) | (6,025) | (1,904) |
Recoveries | 194 | 1,184 | 749 | 420 |
Provision for loan and lease losses | 3,007 | 8,159 | 6,763 | 2,462 |
Ending balance | 25,962 | 25,962 | 23,298 | 25,962 |
Specific Reserve | 315 | 315 | 54 | 315 |
General Allocation | 25,647 | 25,647 | 23,244 | 25,647 |
Commercial Portfolio Segment [Member] | Unsecured Loans [Member] | Noncovered Loans [Member]
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Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 772 | 689 | 738 | 573 |
Charged-offs | (31) | (52) | (126) | (42) |
Recoveries | 83 | 130 | 408 | 40 |
Provision for loan and lease losses | (56) | 1 | (282) | 167 |
Ending balance | 768 | 768 | 738 | 768 |
Specific Reserve | 100 | 100 | 0 | 100 |
General Allocation | 668 | 668 | 738 | 668 |
Real Estate Portfolio Segment [Member] | One-to-Four Family Residential [Member] | Noncovered Loans [Member]
|
||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 673 | 654 | 1,100 | 847 |
Charged-offs | (49) | (499) | (717) | (53) |
Recoveries | 157 | 202 | 78 | 78 |
Provision for loan and lease losses | (216) | 208 | 481 | 70 |
Ending balance | 565 | 565 | 942 | 565 |
Specific Reserve | 69 | 69 | 0 | 69 |
General Allocation | 496 | 496 | 942 | 496 |
Real Estate Portfolio Segment [Member] | Commercial Land [Member] | Noncovered Loans [Member]
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Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 270 | 488 | 634 | 894 |
Charged-offs | (55) | (437) | (660) | (4) |
Recoveries | 0 | 0 | 0 | 0 |
Provision for loan and lease losses | 207 | 371 | 786 | (130) |
Ending balance | 422 | 422 | 760 | 422 |
Specific Reserve | 1 | 1 | 0 | 1 |
General Allocation | 421 | 421 | 760 | 421 |
Real Estate Portfolio Segment [Member] | Income Property Multifamily [Member] | Noncovered Loans [Member]
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Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 8,726 | 9,551 | 15,210 | 14,709 |
Charged-offs | (436) | (3,959) | (979) | (339) |
Recoveries | 357 | 710 | 65 | 10 |
Provision for loan and lease losses | 387 | 2,732 | (5,323) | (5,407) |
Ending balance | 9,034 | 9,034 | 8,973 | 9,034 |
Specific Reserve | 0 | 0 | 297 | 0 |
General Allocation | 9,034 | 9,034 | 8,676 | 9,034 |
Real Estate Portfolio Segment [Member] | Owner Occupied [Member] | Noncovered Loans [Member]
|
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Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 9,037 | 9,606 | 9,692 | 6,479 |
Charged-offs | (101) | (712) | (723) | (100) |
Recoveries | 89 | 628 | 31 | 0 |
Provision for loan and lease losses | (694) | (1,191) | (2,310) | 311 |
Ending balance | 8,331 | 8,331 | 6,690 | 8,331 |
Specific Reserve | 245 | 245 | 408 | 245 |
General Allocation | 8,086 | 8,086 | 6,282 | 8,086 |
Real Estate Construction Portfolio Segment [Member] | Income Property Multifamily [Member] | Noncovered Loans [Member]
|
||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 755 | 665 | 274 | 43 |
Charged-offs | 0 | (93) | (1,710) | (145) |
Recoveries | 63 | 64 | 0 | 0 |
Provision for loan and lease losses | (456) | (274) | 1,491 | 157 |
Ending balance | 362 | 362 | 55 | 362 |
Specific Reserve | 0 | 0 | 0 | 0 |
General Allocation | 362 | 362 | 55 | 362 |
Real Estate Construction Portfolio Segment [Member] | Owner Occupied [Member] | Noncovered Loans [Member]
|
||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 68 | 35 | 70 | 34 |
Charged-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for loan and lease losses | 23 | 56 | (43) | (7) |
Ending balance | 91 | 91 | 27 | 91 |
Specific Reserve | 0 | 0 | 0 | 0 |
General Allocation | 91 | 91 | 27 | 91 |
Real Estate Construction Portfolio Segment [Member] | Land and Acquisition [Member] | Noncovered Loans [Member]
|
||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 1,651 | 2,331 | 3,769 | 2,852 |
Charged-offs | (307) | (809) | (1,347) | (169) |
Recoveries | 404 | 827 | 1,831 | 63 |
Provision for loan and lease losses | (279) | (880) | (1,238) | 269 |
Ending balance | 1,469 | 1,469 | 3,015 | 1,469 |
Specific Reserve | 0 | 0 | 175 | 0 |
General Allocation | 1,469 | 1,469 | 2,840 | 1,469 |
Real Estate Construction Portfolio Segment [Member] | Residential Construction [Member] | Noncovered Loans [Member]
|
||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 1,197 | 864 | 2,292 | 1,704 |
Charged-offs | (18) | (617) | (1,068) | (14) |
Recoveries | 0 | 79 | 92 | 56 |
Provision for loan and lease losses | 3 | 856 | 208 | (222) |
Ending balance | 1,182 | 1,182 | 1,524 | 1,182 |
Specific Reserve | 0 | 0 | 0 | 0 |
General Allocation | 1,182 | 1,182 | 1,524 | 1,182 |
Consumer Portfolio Segment [Member] | Noncovered Loans [Member]
|
||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 2,049 | 2,719 | 2,120 | 2,748 |
Charged-offs | (500) | (1,968) | (3,298) | (2,102) |
Recoveries | 350 | 809 | 178 | 70 |
Provision for loan and lease losses | 267 | 606 | 4,701 | 2,985 |
Ending balance | 2,166 | 2,166 | 3,701 | 2,166 |
Specific Reserve | 0 | 0 | 32 | 0 |
General Allocation | 2,166 | 2,166 | 3,669 | 2,166 |
Unallocated Financing Receivables [Member] | Noncovered Loans [Member]
|
||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 493 | 694 | 3,283 | 854 |
Charged-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Provision for loan and lease losses | 682 | 481 | (2,584) | (155) |
Ending balance | 1,175 | 1,175 | 699 | 1,175 |
Specific Reserve | 0 | 0 | 0 | 0 |
General Allocation | $ 1,175 | $ 1,175 | $ 699 | $ 1,175 |
Covered Assets and FDIC Loss-sharing Asset Covered Loans - Credit Quality Indicator (Details) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2012
|
Jun. 30, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Dec. 31, 2010
|
---|---|---|---|---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Net Reported Amount | $ 2,854,603 | $ 2,827,259 | ||||
Covered Loans [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 554,332 | 721,313 | ||||
Valuation discount on covered loans | 95,889 | 184,440 | ||||
Loans and Leases Receivable, Allowance | 29,157 | 31,784 | 4,944 | 8,327 | 7,948 | 6,055 |
Loans and Leases Receivable, Net Reported Amount | 429,286 | 531,929 | ||||
Covered Loans [Member] | Pass [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 389,762 | 454,104 | ||||
Covered Loans [Member] | Special Mention [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 11,648 | 23,029 | ||||
Covered Loans [Member] | Substandard [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 152,922 | 241,261 | ||||
Covered Loans [Member] | Doubtful [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 2,870 | ||||
Covered Loans [Member] | Unlikely to be Collected Financing Receivable [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 49 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 320,238 | 390,636 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | One-to-Four Family Residential [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 62,959 | 79,328 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Commercial Land [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 30,723 | 44,187 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Income Property Multifamily [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 119,337 | 148,919 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Owner Occupied [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 107,219 | 118,202 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Pass [Member] | One-to-Four Family Residential [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 47,369 | 56,948 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Pass [Member] | Commercial Land [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 17,464 | 21,947 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Pass [Member] | Income Property Multifamily [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 92,829 | 109,339 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Pass [Member] | Owner Occupied [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 87,809 | 89,555 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Special Mention [Member] | One-to-Four Family Residential [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 1,493 | 2,210 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Special Mention [Member] | Commercial Land [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 1,213 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Special Mention [Member] | Income Property Multifamily [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 3,337 | 4,013 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Special Mention [Member] | Owner Occupied [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 3,229 | 3,673 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Substandard [Member] | One-to-Four Family Residential [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 14,097 | 20,170 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Substandard [Member] | Commercial Land [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 13,259 | 21,027 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Substandard [Member] | Income Property Multifamily [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 23,171 | 35,567 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Substandard [Member] | Owner Occupied [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 16,181 | 24,974 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Doubtful [Member] | One-to-Four Family Residential [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Doubtful [Member] | Commercial Land [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Doubtful [Member] | Income Property Multifamily [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Doubtful [Member] | Owner Occupied [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Unlikely to be Collected Financing Receivable [Member] | One-to-Four Family Residential [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Unlikely to be Collected Financing Receivable [Member] | Commercial Land [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Unlikely to be Collected Financing Receivable [Member] | Income Property Multifamily [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Unlikely to be Collected Financing Receivable [Member] | Owner Occupied [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 46,468 | 78,063 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | One-to-Four Family Residential [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 29,774 | 54,402 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Income Property Multifamily [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 13,354 | 19,364 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Owner Occupied [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 3,340 | 4,297 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Land And Acquisition [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 14,413 | 25,304 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Residential Construction [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 15,361 | 29,098 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Pass [Member] | Income Property Multifamily [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 4,702 | 2,928 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Pass [Member] | Owner Occupied [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 1,114 | 1,142 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Pass [Member] | Land And Acquisition [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 4,733 | 4,834 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Pass [Member] | Residential Construction [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 6,504 | 8,264 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Special Mention [Member] | Income Property Multifamily [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 2,779 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Special Mention [Member] | Owner Occupied [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Special Mention [Member] | Land And Acquisition [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 1,422 | 1,535 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Special Mention [Member] | Residential Construction [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 371 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Substandard [Member] | Income Property Multifamily [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 8,652 | 13,657 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Substandard [Member] | Owner Occupied [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 2,226 | 3,155 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Substandard [Member] | Land And Acquisition [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 8,258 | 17,646 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Substandard [Member] | Residential Construction [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 8,857 | 20,463 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Doubtful [Member] | Income Property Multifamily [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Doubtful [Member] | Owner Occupied [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Doubtful [Member] | Land And Acquisition [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 1,289 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Doubtful [Member] | Residential Construction [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Unlikely to be Collected Financing Receivable [Member] | Income Property Multifamily [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Unlikely to be Collected Financing Receivable [Member] | Owner Occupied [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Unlikely to be Collected Financing Receivable [Member] | Land And Acquisition [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Unlikely to be Collected Financing Receivable [Member] | Residential Construction [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 0 | ||||
Consumer Portfolio Segment [Member] | Covered Loans [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 46,532 | 56,877 | ||||
Consumer Portfolio Segment [Member] | Covered Loans [Member] | Pass [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 40,940 | 48,067 | ||||
Consumer Portfolio Segment [Member] | Covered Loans [Member] | Special Mention [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 177 | 255 | ||||
Consumer Portfolio Segment [Member] | Covered Loans [Member] | Substandard [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 5,415 | 8,150 | ||||
Consumer Portfolio Segment [Member] | Covered Loans [Member] | Doubtful [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 357 | ||||
Consumer Portfolio Segment [Member] | Covered Loans [Member] | Unlikely to be Collected Financing Receivable [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 48 | ||||
Commercial Portfolio Segment [Member] | Covered Loans [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 141,094 | 195,737 | ||||
Commercial Portfolio Segment [Member] | Covered Loans [Member] | Secured Loans [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 133,915 | 184,714 | ||||
Commercial Portfolio Segment [Member] | Covered Loans [Member] | Unsecured Loans [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 7,179 | 11,023 | ||||
Commercial Portfolio Segment [Member] | Covered Loans [Member] | Pass [Member] | Secured Loans [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 81,399 | 103,472 | ||||
Commercial Portfolio Segment [Member] | Covered Loans [Member] | Pass [Member] | Unsecured Loans [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 4,899 | 7,608 | ||||
Commercial Portfolio Segment [Member] | Covered Loans [Member] | Special Mention [Member] | Secured Loans [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 1,990 | 6,239 | ||||
Commercial Portfolio Segment [Member] | Covered Loans [Member] | Special Mention [Member] | Unsecured Loans [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 741 | ||||
Commercial Portfolio Segment [Member] | Covered Loans [Member] | Substandard [Member] | Secured Loans [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 50,526 | 73,793 | ||||
Commercial Portfolio Segment [Member] | Covered Loans [Member] | Substandard [Member] | Unsecured Loans [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 2,280 | 2,659 | ||||
Commercial Portfolio Segment [Member] | Covered Loans [Member] | Doubtful [Member] | Secured Loans [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 1,209 | ||||
Commercial Portfolio Segment [Member] | Covered Loans [Member] | Doubtful [Member] | Unsecured Loans [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 15 | ||||
Commercial Portfolio Segment [Member] | Covered Loans [Member] | Unlikely to be Collected Financing Receivable [Member] | Secured Loans [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 0 | 1 | ||||
Commercial Portfolio Segment [Member] | Covered Loans [Member] | Unlikely to be Collected Financing Receivable [Member] | Unsecured Loans [Member]
|
||||||
Financing Receivable, Recorded Investment [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | $ 0 | $ 0 |
Earnings per Common Share (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 9 Months Ended | 15 Months Ended | |
---|---|---|---|---|
Sep. 30, 2012
|
Sep. 30, 2012
|
Sep. 30, 2011
|
Sep. 30, 2012
|
|
Earnings Per Share [Abstract] | ||||
Net Income | $ 11,880 | $ 32,681 | $ 33,283 | $ 18,872 |
Less: Earnings allocated to participating securities | (113) | (336) | (311) | (177) |
Earnings allocated to common shareholders, Basic | 11,767 | 32,345 | 32,972 | 18,695 |
Weighted average common shares outstanding | 39,289 | 39,248 | 39,092 | 39,131 |
Basic earnings per common share | $ 0.30 | $ 0.82 | $ 0.84 | $ 0.48 |
Dilutive effect of equity awards and warrants | 2 | 3 | 75 | 61 |
Earnings allocated to common shareholders, Diluted | $ 11,767 | $ 32,345 | $ 32,972 | $ 18,695 |
Weighted average diluted common shares outstanding | 39,291 | 39,251 | 39,167 | 39,192 |
Diluted earnings per common share | $ 0.30 | $ 0.82 | $ 0.84 | $ 0.48 |
Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive. | 53 | 46 | 62 | 75 |
Covered Assets and FDIC Loss-sharing Asset (Analysis and Allowance for Losses on Covered Loans) (Details) (USD $)
In Thousands, unless otherwise specified |
Sep. 30, 2012
|
Jun. 30, 2012
|
Dec. 31, 2011
|
Sep. 30, 2011
|
Jun. 30, 2011
|
Dec. 31, 2010
|
---|---|---|---|---|---|---|
Covered Assets And FDIC Loss Sharing Asset [Line Items] | ||||||
Loans, net | $ 2,854,603 | $ 2,827,259 | ||||
Covered Loans [Member]
|
||||||
Covered Assets And FDIC Loss Sharing Asset [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 554,332 | 721,313 | ||||
Valuation discount on covered loans | 95,889 | 184,440 | ||||
Allowance for loan losses | 29,157 | 31,784 | 4,944 | 8,327 | 7,948 | 6,055 |
Loans, net | 429,286 | 531,929 | ||||
Commercial Portfolio Segment [Member] | Covered Loans [Member]
|
||||||
Covered Assets And FDIC Loss Sharing Asset [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 141,094 | 195,737 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member]
|
||||||
Covered Assets And FDIC Loss Sharing Asset [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 320,238 | 390,636 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | One-to-Four Family Residential [Member]
|
||||||
Covered Assets And FDIC Loss Sharing Asset [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 62,959 | 79,328 | ||||
Real Estate Portfolio Segment [Member] | Covered Loans [Member] | Commercial and Multifamily Residential [Member]
|
||||||
Covered Assets And FDIC Loss Sharing Asset [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 257,279 | 311,308 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member]
|
||||||
Covered Assets And FDIC Loss Sharing Asset [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 46,468 | 78,063 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | One-to-Four Family Residential [Member]
|
||||||
Covered Assets And FDIC Loss Sharing Asset [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 29,774 | 54,402 | ||||
Real Estate Construction Portfolio Segment [Member] | Covered Loans [Member] | Commercial and Multifamily Residential [Member]
|
||||||
Covered Assets And FDIC Loss Sharing Asset [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | 16,694 | 23,661 | ||||
Consumer Portfolio Segment [Member] | Covered Loans [Member]
|
||||||
Covered Assets And FDIC Loss Sharing Asset [Line Items] | ||||||
Loans and Leases Receivable, Gross, Carrying Amount | $ 46,532 | $ 56,877 |
Basis of Presentation and Significant Accounting Policies
|
9 Months Ended |
---|---|
Sep. 30, 2012
|
|
Basis of Presentation And Significant Accounting Policies | |
Basis of Presentation and Significant Accounting Policies | Basis of Presentation and Significant Accounting Policies Basis of Presentation The interim unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with instructions to Form 10-Q and Article 10 of Regulation S-X. The consolidated financial statements include the accounts of the Company, and its wholly owned banking subsidiary Columbia Bank (the “Bank”). All intercompany transactions and accounts have been eliminated in consolidation. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement of the results for the interim periods presented have been included. The results of operations for the nine months ended September 30, 2012 are not necessarily indicative of results to be anticipated for the year ending December 31, 2012. The accompanying interim unaudited consolidated financial statements should be read in conjunction with the financial statements and related notes contained in the Company’s 2011 Annual Report on Form 10-K. Significant Accounting Policies The significant accounting policies used in preparation of our consolidated financial statements are disclosed in our 2011 Annual Report on Form 10-K. Other than as discussed below, there have not been any changes in our significant accounting policies compared to those contained in our 2011 Form 10-K disclosure for the year ended December 31, 2011. |