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Loans (Tables)
 9 Months Ended
Sep. 30, 2018
Financing Receivable, Recorded Investment [Line Items]  
Analysis of Loan Portfolio by Major Types of Loans
The following is an analysis of the loan portfolio by segment (net of unearned income):
 
 
September 30, 2018
 
December 31, 2017
 
 
Loans, excluding PCI loans
 
PCI Loans
 
Total
 
Loans, excluding PCI loans
 
PCI Loans
 
Total
 
 
(in thousands)
Commercial business
 
$
3,554,147

 
$
11,164

 
$
3,565,311

 
$
3,377,324

 
$
12,628

 
$
3,389,952

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
232,924

 
8,356

 
241,280

 
188,396

 
12,395

 
200,791

Commercial and multifamily residential
 
3,786,615

 
66,748

 
3,853,363

 
3,825,739

 
75,594

 
3,901,333

Total real estate
 
4,019,539

 
75,104

 
4,094,643

 
4,014,135

 
87,989

 
4,102,124

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
211,629

 
159

 
211,788

 
200,518

 
177

 
200,695

Commercial and multifamily residential
 
349,328

 
579

 
349,907

 
371,931

 
607

 
372,538

Total real estate construction
 
560,957

 
738

 
561,695

 
572,449

 
784

 
573,233

Consumer
 
327,863

 
8,930

 
336,793

 
334,190

 
11,269

 
345,459

Less: Net unearned income
 
(44,125
)
 
—

 
(44,125
)
 
(52,111
)
 
—

 
(52,111
)
Total loans, net of unearned income
 
8,418,381

 
95,936

 
8,514,317

 
8,245,987

 
112,670

 
8,358,657

Less: Allowance for loan and lease losses
 
(79,770
)
 
(4,017
)
 
(83,787
)
 
(68,739
)
 
(6,907
)
 
(75,646
)
Total loans, net
 
$
8,338,611

 
$
91,919

 
$
8,430,530

 
$
8,177,248

 
$
105,763

 
$
8,283,011

Loans held for sale
 
$
5,275

 
$
—

 
$
5,275

 
$
5,766

 
$
—

 
$
5,766
Loans, Excluding Purchased Credit Impaired Loans [Member]  
Financing Receivable, Recorded Investment [Line Items]  
Analysis of Nonaccrual Loans
The following is an analysis of nonaccrual loans as of September 30, 2018 and December 31, 2017:
 
 
September 30, 2018
 
December 31, 2017
 
 
Recorded
Investment
Nonaccrual
Loans
 
Unpaid Principal
Balance
Nonaccrual
Loans
 
Recorded
Investment
Nonaccrual
Loans
 
Unpaid Principal
Balance
Nonaccrual
Loans
 
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
Secured
 
$
45,753

 
$
57,049

 
$
45,410

 
$
56,865

Unsecured
 
—

 
—

 
50

 
49

Real estate:
 
 
 
 
 
 
 
 
One-to-four family residential
 
501

 
508

 
785

 
1,182

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
Commercial land
 
2,461

 
2,470

 
2,628

 
2,623

Income property
 
1,873

 
2,523

 
4,284

 
5,410

Owner occupied
 
6,678

 
6,992

 
7,029

 
7,270

Real estate construction:
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
Land and acquisition
 
318

 
318

 
25

 
26

Residential construction
 
—

 
—

 
1,829

 
1,828

Consumer
 
2,748

 
2,937

 
4,149

 
4,633

Total
 
$
60,332

 
$
72,797

 
$
66,189

 
$
79,886
Analysis of the Aged Loan Portfolio
The following is an aging of the recorded investment of the loan portfolio as of September 30, 2018 and December 31, 2017:
 
 
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, 2018
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
$
3,365,159

 
$
7,141

 
$
2,258

 
$
—

 
$
9,399

 
$
45,753

 
$
3,420,311

Unsecured
 
117,801

 
1,118

 
—

 
—

 
1,118

 
—

 
118,919

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
229,685

 
341

 
784

 
—

 
1,125

 
501

 
231,311

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
278,777

 
—

 
—

 
—

 
—

 
2,461

 
281,238

Income property
 
1,880,405

 
3,339

 
2,073

 
—

 
5,412

 
1,873

 
1,887,690

Owner occupied
 
1,588,662

 
1,929

 
—

 
—

 
1,929

 
6,678

 
1,597,269

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land and acquisition
 
5,320

 
325

 
—

 
—

 
325

 
318

 
5,963

Residential construction
 
200,484

 
4,144

 
—

 
—

 
4,144

 
—

 
204,628

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
253,470

 
—

 
166

 
—

 
166

 
—

 
253,636

Owner occupied
 
90,511

 
—

 
—

 
—

 
—

 
—

 
90,511

Consumer
 
322,085

 
1,788

 
284

 
—

 
2,072

 
2,748

 
326,905

Total
 
$
8,332,359

 
$
20,125

 
$
5,565

 
$
—

 
$
25,690

 
$
60,332

 
$
8,418,381

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2017
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
$
3,185,321

 
$
2,530

 
$
2,400

 
$
—

 
$
4,930

 
$
45,410

 
$
3,235,661

Unsecured
 
123,524

 
100

 
501

 
—

 
601

 
50

 
124,175

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
184,256

 
1,111

 
402

 
—

 
1,513

 
785

 
186,554

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
292,680

 
92

 
—

 
581

 
673

 
2,628

 
295,981

Income property
 
1,898,655

 
2,426

 
971

 
—

 
3,397

 
4,284

 
1,906,336

Owner occupied
 
1,590,004

 
2,485

 
468

 
—

 
2,953

 
7,029

 
1,599,986

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land and acquisition
 
9,882

 
—

 
—

 
—

 
—

 
25

 
9,907

Residential construction
 
187,862

 
—

 
—

 
—

 
—

 
1,829

 
189,691

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
293,028

 
—

 
—

 
—

 
—

 
—

 
293,028

Owner occupied
 
72,443

 
—

 
—

 
—

 
—

 
—

 
72,443

Consumer
 
325,928

 
1,446

 
702

 
—

 
2,148

 
4,149

 
332,225

Total
 
$
8,163,583

 
$
10,190

 
$
5,444

 
$
581

 
$
16,215

 
$
66,189

 
$
8,245,987
Impaired Financing Receivables
The following is an analysis of impaired loans as of September 30, 2018 and December 31, 2017:
 
 
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, 2018
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
$
3,379,535

 
$
40,776

 
$
7,402

 
$
7,875

 
$
1,139

 
$
33,374

 
$
38,293

Unsecured
 
118,897

 
22

 
—

 
—

 
—

 
22

 
21

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
230,915

 
396

 
337

 
606

 
8

 
59

 
256

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
279,008

 
2,230

 
—

 
—

 
—

 
2,230

 
2,274

Income property
 
1,884,936

 
2,754

 
110

 
175

 
1

 
2,644

 
2,789

Owner occupied
 
1,587,550

 
9,719

 
3,274

 
4,693

 
71

 
6,445

 
6,692

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land and acquisition
 
5,963

 
—

 
—

 
—

 
—

 
—

 
—

Residential construction
 
204,628

 
—

 
—

 
—

 
—

 
—

 
—

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
253,636

 
—

 
—

 
—

 
—

 
—

 
—

Owner occupied
 
86,461

 
4,050

 
—

 
—

 
—

 
4,050

 
4,050

Consumer
 
322,162

 
4,743

 
3,702

 
3,953

 
36

 
1,041

 
1,056

Total
 
$
8,353,691

 
$
64,690

 
$
14,825

 
$
17,302

 
$
1,255

 
$
49,865

 
$
55,431

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2017
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
$
3,195,649

 
$
40,012

 
$
3,808

 
$
3,937

 
$
1,867

 
$
36,204

 
$
42,314

Unsecured
 
124,150

 
25

 
25

 
24

 
3

 
—

 
—

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
185,659

 
895

 
867

 
1,408

 
103

 
28

 
337

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
293,694

 
2,287

 
—

 
—

 
—

 
2,287

 
2,282

Income property
 
1,901,313

 
5,023

 
2,768

 
3,328

 
185

 
2,255

 
2,601

Owner occupied
 
1,591,298

 
8,688

 
77

 
80

 
3

 
8,611

 
10,077

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land and acquisition
 
9,907

 
—

 
—

 
—

 
—

 
—

 
—

Residential construction
 
188,481

 
1,210

 
—

 
—

 
—

 
1,210

 
1,210

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
293,028

 
—

 
—

 
—

 
—

 
—

 
—

Owner occupied
 
68,393

 
4,050

 
—

 
—

 
—

 
4,050

 
4,050

Consumer
 
325,210

 
7,015

 
5,303

 
5,568

 
199

 
1,712

 
1,864

Total
 
$
8,176,782

 
$
69,205

 
$
12,848

 
$
14,345

 
$
2,360

 
$
56,357

 
$
64,735

The following table provides additional information on impaired loans for the three and nine month periods indicated:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
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
 
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
$
43,805

 
$
2

 
$
22,395

 
$
2

 
$
43,055

 
$
43

 
$
15,349

 
$
25

Unsecured
 
444

 
—

 
—

 
—

 
234

 
1

 
—

 
—

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
545

 
12

 
856

 
15

 
713

 
30

 
688

 
37

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
2,246

 
26

 
2,549

 
—

 
2,407

 
26

 
2,026

 
—

Income property
 
2,443

 
34

 
4,214

 
21

 
3,367

 
96

 
4,137

 
27

Owner occupied
 
9,349

 
124

 
4,530

 
127

 
8,986

 
333

 
4,496

 
319

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land and acquisition
 
—

 
—

 
—

 
—

 
—

 
—

 
4

 
—

Residential construction
 
—

 
—

 
—

 
—

 
605

 
—

 
84

 
—

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Owner occupied
 
4,050

 
72

 
2,025

 
151

 
4,050

 
174

 
1,012

 
151

Consumer
 
5,646

 
44

 
6,054

 
58

 
6,135

 
110

 
5,712

 
105

Total
 
$
68,528

 
$
314

 
$
42,623

 
$
374

 
$
69,552

 
$
813

 
$
33,508

 
$
664
Analysis of loans classified as Troubled Debt Restructurings (“TDR”)

The following is an analysis of loans classified as troubled debt restructurings (“TDR”) during the three and nine months ended September 30, 2018 and 2017:
 
 
Three months ended September 30, 2018
 
Three months ended September 30, 2017
 
 
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
 
 
(dollars in thousands)
Commercial business:
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
1

 
$
14,511

 
$
14,511

 
2

 
$
808

 
$
808

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
—

 
—

 
—

 
2

 
201

 
201

Commercial and multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
—

 
—

 
—

 
1

 
1,152

 
1,152

Owner occupied
 
—

 
—

 
—

 
1

 
78

 
78

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
Owner occupied
 
—

 
—

 
—

 
1

 
4,050

 
4,050

Consumer
 
3

 
123

 
123

 
17

 
1,672

 
1,672

Total
 
4

 
$
14,634

 
$
14,634

 
24

 
$
7,961

 
$
7,961

 
 
Nine months ended September 30, 2018
 
Nine months ended September 30, 2017
 
 
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
 
 
(dollars in thousands)
Commercial business:
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
9

 
$
17,605

 
$
17,605

 
7

 
$
2,586

 
$
2,586

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
—

 
—

 
—

 
3

 
583

 
583

Commercial and multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
1

 
891

 
891

 
1

 
1,152

 
1,152

Owner occupied
 
—

 
—

 
—

 
1

 
78

 
78

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
Owner occupied
 
—

 
—

 
—

 
1

 
4,050

 
4,050

Consumer
 
18

 
2,540

 
2,540

 
35

 
4,033

 
4,033

Total
 
28

 
$
21,036

 
$
21,036

 
48

 
$
12,482

 
$
12,482
Purchased Credit Impaired Loans [Member]  
Financing Receivable, Recorded Investment [Line Items]  
Analysis of Loan Portfolio by Major Types of Loans
The following is an analysis of our PCI loans, net of related allowance for losses and remaining valuation discounts as of September 30, 2018 and December 31, 2017:
 
 
September 30, 2018
 
December 31, 2017
 
 
(in thousands)
Commercial business
 
$
11,603

 
$
13,753

Real estate:
 
 
 
 
One-to-four family residential
 
10,243

 
14,610

Commercial and multifamily residential
 
70,344

 
79,211

Total real estate
 
80,587

 
93,821

Real estate construction:
 
 
 
 
One-to-four family residential
 
159

 
177

Commercial and multifamily residential
 
552

 
595

Total real estate construction
 
711

 
772

Consumer
 
9,880

 
12,412

Subtotal of PCI loans
 
102,781

 
120,758

Less:
 
 
 
 
Valuation discount resulting from acquisition accounting
 
6,845

 
8,088

Allowance for loan losses
 
4,017

 
6,907

PCI loans, net of allowance for loan losses
 
$
91,919

 
$
105,763
Changes in Accretable Yield for Acquired Loans
The following table shows the changes in accretable yield for PCI loans for the three and nine months ended September 30, 2018 and 2017:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2018
 
2017
 
2018
 
2017
 
 
(in thousands)
Balance at beginning of period
 
$
25,350

 
$
35,706

 
$
31,176

 
$
45,191

Accretion
 
(2,233
)
 
(2,766
)
 
(6,435
)
 
(9,830
)
Disposals
 
(221
)
 
—

 
(387
)
 
(158
)
Reclassifications from (to) nonaccretable difference
 
279

 
(892
)
 
(1,179
)
 
(3,155
)
Balance at end of period
 
$
23,175

 
$
32,048

 
$
23,175

 
$
32,048