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Noncovered Loans (Tables)
 12 Months Ended
Dec. 31, 2012
Financing Receivable, Recorded Investment [Line Items]  
Analysis of Loan Portfolio by Major Types of Loans
The following is an analysis of our covered loans, net of related allowance for losses as of December 31, 2012 and 2011:
 
 
December 31, 2012
 
December 31, 2011
Covered loans:
 
(dollars in thousands)
Commercial business
 
$
125,373

 
$
195,737

Real estate:
 
 
 
 
One-to-four family residential
 
57,150

 
79,328

Commercial and multifamily residential
 
233,106

 
311,308

Total real estate
 
290,256

 
390,636

Real estate construction:
 
 
 
 
One-to-four family residential
 
25,398

 
54,402

Commercial and multifamily residential
 
15,251

 
23,661

Total real estate construction
 
40,649

 
78,063

Consumer
 
44,516

 
56,877

Subtotal of covered loans
 
500,794

 
721,313

Less:
 
 
 
 
Valuation discount resulting from acquisition accounting
 
79,401

 
184,440

Allowance for loan losses
 
30,056

 
4,944

Covered loans, net of valuation discounts and allowance for loan losses
 
$
391,337

 
$
531,929
Noncovered Loans [Member]
  
Financing Receivable, Recorded Investment [Line Items]  
Analysis of Loan Portfolio by Major Types of Loans
The following is an analysis of the noncovered loan portfolio by major types of loans (net of unearned income):
 
 
December 31,
2012
 
December 31,
2011
 
 
(in thousands)
Noncovered loans:
 
 
 
 
Commercial business
 
$
1,155,158

 
$
1,031,721

Real estate:
 
 
 
 
One-to-four family residential
 
43,922

 
64,491

Commercial and multifamily residential
 
1,061,201

 
998,165

Total real estate
 
1,105,123

 
1,062,656

Real estate construction:
 
 
 
 
One-to-four family residential
 
50,602

 
50,208

Commercial and multifamily residential
 
65,101

 
36,768

Total real estate construction
 
115,703

 
86,976

Consumer
 
157,493

 
183,235

Less: Net unearned income
 
(7,767
)
 
(16,217
)
Total noncovered loans, net of unearned income
 
2,525,710

 
2,348,371

Less: Allowance for loan and lease losses
 
(52,244
)
 
(53,041
)
Total noncovered loans, net
 
$
2,473,466

 
$
2,295,330

Loans held for sale
 
$
2,563

 
$
2,148
Analysis of Nonaccrual Loans
The following is an analysis of noncovered, nonaccrual loans as of December 31, 2012 and 2011:
 
 
 
December 31, 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
 
$
9,037

 
$
17,821

 
$
10,124

 
$
16,820

Unsecured
 
262

 
262

 
119

 
719

Real estate:
 
 
 
 
 
 
 
 
One-to-four family residential
 
2,349

 
2,672

 
2,696

 
3,011

Commercial and multifamily residential:
 
 
 
 
 
 
 
 
Commercial land
 
4,076

 
7,491

 
3,739

 
7,230

Income property
 
8,520

 
10,815

 
6,775

 
9,265

Owner occupied
 
6,608

 
7,741

 
8,971

 
10,932

Real estate construction:
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
Land and acquisition
 
3,084

 
6,704

 
7,799

 
16,703

Residential construction
 
1,816

 
2,431

 
2,986

 
5,316

Commercial and multifamily residential:
 
 
 
 
 
 
 
 
Income property
 
—

 
—

 
7,067

 
14,912

Owner occupied
 
—

 
—

 
—

 
—

Consumer
 
1,643

 
1,940

 
3,207

 
3,960

Total
 
$
37,395

 
$
57,877

 
$
53,483

 
$
88,868
Analysis of the Aged Loan Portfolio
The following is an aging of the recorded investment of the noncovered loan portfolio as of December 31, 2012 and 2011:
 
 
 
Current
Loans
 
30 - 59
Days
Past Due
 
60 - 89
Days
Past Due
 
Total
Past Due
 
Nonaccrual
Loans
 
Total Loans
December 31, 2012
 
(in thousands)
Noncovered loans:
 
 
 
 
 
 
 
 
 
 
 
 
Commercial business:
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
$
1,091,770

 
$
4,259

 
$
1,485

 
$
5,744

 
$
9,037

 
$
1,106,551

Unsecured
 
44,817

 
252

 
12

 
264

 
262

 
45,343

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
41,508

 
193

 
142

 
335

 
2,349

 
44,192

Commercial and multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
42,818

 
311

 
122

 
433

 
4,076

 
47,327

Income property
 
603,339

 
2,726

 
227

 
2,953

 
8,520

 
614,812

Owner occupied
 
387,525

 
1,040

 
—

 
1,040

 
6,608

 
395,173

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
 
 
 
 
Land and acquisition
 
15,412

 
—

 
—

 
—

 
3,084

 
18,496

Residential construction
 
29,848

 
—

 
—

 
—

 
1,816

 
31,664

Commercial and multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
28,342

 
—

 
—

 
—

 
—

 
28,342

Owner occupied
 
36,211

 
—

 
—

 
—

 
—

 
36,211

Consumer
 
155,207

 
387

 
362

 
749

 
1,643

 
157,599

Total
 
$
2,476,797

 
$
9,168

 
$
2,350

 
$
11,518

 
$
37,395

 
$
2,525,710

 
 
Current
Loans
 
30 - 59
Days
Past Due
 
60 - 89
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 and multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
46,161

 
781

 
—

 
781

 
3,739

 
50,681

Income property
 
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 and multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
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
Impaired Financing Receivables
The following is an analysis of impaired loans (see Note 1) as of December 31, 2012 and 2011: 
 
 
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, 2012
 
(in thousands)
Noncovered loans:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial business:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
$
1,101,689

 
$
4,862

 
$
690

 
$
1,994

 
$
113

 
$
4,172

 
$
6,769

Unsecured
 
45,251

 
92

 
92

 
92

 
92

 
—

 
—

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
42,103

 
2,089

 
345

 
364

 
112

 
1,744

 
1,902

Commercial and multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
44,672

 
2,655

 
—

 
—

 
—

 
2,655

 
5,727

Income property
 
606,656

 
8,156

 
2,670

 
2,727

 
1,040

 
5,486

 
7,860

Owner occupied
 
383,269

 
11,904

 
608

 
610

 
38

 
11,296

 
14,642

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land and acquisition
 
15,677

 
2,819

 
—

 
—

 
—

 
2,819

 
4,813

Residential construction
 
29,707

 
1,957

 
—

 
—

 
—

 
1,957

 
2,570

Commercial and multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
28,342

 
—

 
—

 
—

 
—

 
—

 
—

Owner occupied
 
36,211

 
—

 
—

 
—

 
—

 
—

 
—

Consumer
 
157,472

 
127

 
—

 
—

 
—

 
127

 
127

Total
 
$
2,491,049

 
$
34,661

 
$
4,405

 
$
5,787

 
$
1,395

 
$
30,256

 
$
44,410

 
 
 
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 and multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
46,882

 
3,799

 
—

 
—

 
—

 
3,799

 
6,773

Income property
 
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 and multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
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



The following table provides additional information on impaired loans for the years ended December 31, 2012 and 2011:
 
 
Year ended December 31, 2012
 
Year Ended December 31, 2011
 
 
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
 
$
8,978

 
$
9

 
$
15,578

 
$
511

Unsecured
 
113

 
6

 
138

 
—

Real estate:
 
 
 
 
 
 
 
 
One-to-four family residential
 
2,130

 
—

 
2,494

 
—

Commercial & multifamily residential
 
 
 
 
 
 
 
 
Commercial land
 
3,124

 
—

 
4,263

 
—

Income property
 
7,895

 
77

 
8,881

 
59

Owner occupied
 
13,315

 
1,004

 
15,254

 
18

Real estate construction:
 
 
 
 
 
 
 
 
One-to-four family residential
 
 
 
 
 
 
 
 
Land and acquisition
 
4,465

 
—

 
8,972

 
116

Residential construction
 
3,223

 
11

 
4,535

 
—

Commercial & multifamily residential
 
 
 
 
 
 
 
 
Income property
 
3,169

 
—

 
7,065

 
—

Owner occupied
 
—

 
—

 
—

 
—

Consumer
 
1,112

 
7

 
3,880

 
15

Total
 
$
47,524

 
$
1,114

 
$
71,060

 
$
719

The average recorded investment in impaired loans for the year ended December 31, 2010 was $102.6 million. There was no interest income recognized on impaired loans for the year ended December 31, 2010.
Analysis of loans classified as Troubled Debt Restructurings (“TDR”)
The following is an analysis of loans classified as Troubled Debt Restructurings ("TDR") for the years ended December 31, 2012 and 2011:
 
 
Year ended December 31, 2012
 
Year Ended December 31, 2011
 
 
Number of TDR Modifications
 
Pre-Modification
Outstanding
Recorded
Investment
 
Post-Modification
Outstanding
Recorded
Investment
 
Number of TDR Modifications
 
Pre-Modification
Outstanding
Recorded
Investment
 
Post-Modification
Outstanding
Recorded
Investment
Noncovered loans:
 
(dollars in thousands)
Commercial business:
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
1

 
$
195

 
$
194

 
6

 
$
659

 
$
659

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
—

 
—

 
—

 
1

 
369

 
369

Commercial and multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
1

 
4,279

 
2,650

 
2

 
1,280

 
1,280

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
 
 
 
 
Residential construction
 
—

 
—

 
—

 
1

 
36

 
36

Total
 
2

 
$
4,474

 
$
2,844

 
10

 
$
2,344

 
$
2,344