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Loans (Tables)
 3 Months Ended
Mar. 31, 2019
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):
 
 
March 31, 2019
 
December 31, 2018
 
 
Loans, excluding PCI loans
 
PCI Loans
 
Total
 
Loans, excluding PCI loans
 
PCI Loans
 
Total
 
 
(in thousands)
Commercial business
 
$
3,509,472

 
$
9,914

 
$
3,519,386

 
$
3,438,422

 
$
9,240

 
$
3,447,662

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
282,673

 
7,494

 
290,167

 
238,367

 
8,017

 
246,384

Commercial and multifamily residential
 
3,917,833

 
61,661

 
3,979,494

 
3,846,027

 
62,910

 
3,908,937

Total real estate
 
4,200,506

 
69,155

 
4,269,661

 
4,084,394

 
70,927

 
4,155,321

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
207,900

 
147

 
208,047

 
217,790

 
153

 
217,943

Commercial and multifamily residential
 
240,458

 
519

 
240,977

 
284,394

 
534

 
284,928

Total real estate construction
 
448,358

 
666

 
449,024

 
502,184

 
687

 
502,871

Consumer
 
312,886

 
8,522

 
321,408

 
318,945

 
8,906

 
327,851

Less: Net unearned income
 
(38,681
)
 
—

 
(38,681
)
 
(42,194
)
 
—

 
(42,194
)
Total loans, net of unearned income
 
8,432,541

 
88,257

 
8,520,798

 
8,301,751

 
89,760

 
8,391,511

Less: ALLL
 
(80,029
)
 
(3,245
)
 
(83,274
)
 
(79,758
)
 
(3,611
)
 
(83,369
)
Total loans, net
 
$
8,352,512

 
$
85,012

 
$
8,437,524

 
$
8,221,993

 
$
86,149

 
$
8,308,142

Loans held for sale
 
$
4,017

 
$
—

 
$
4,017

 
$
3,849

 
$
—

 
$
3,849
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 March 31, 2019 and December 31, 2018:
 
 
March 31, 2019
 
December 31, 2018
 
 
Recorded
Investment
Nonaccrual
Loans
 
Unpaid Principal
Balance
Nonaccrual
Loans
 
Recorded
Investment
Nonaccrual
Loans
 
Unpaid Principal
Balance
Nonaccrual
Loans
 
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
Secured
 
$
35,577

 
$
46,496

 
$
35,504

 
$
45,072

Unsecured
 
—

 
—

 
9

 
9

Real estate:
 
 
 
 
 
 
 
 
One-to-four family residential
 
923

 
1,018

 
1,158

 
1,178

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
Commercial land
 
2,570

 
2,577

 
2,261

 
2,270

Income property
 
1,108

 
1,118

 
2,721

 
3,062

Owner occupied
 
9,623

 
9,960

 
9,922

 
10,300

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

 
—

 
318

 
318

Consumer
 
2,814

 
3,062

 
2,949

 
3,149

Total
 
$
52,615

 
$
64,231

 
$
54,842

 
$
65,358
Analysis of the Aged Loan Portfolio The following is an aging of the recorded investment of the loan portfolio as of March 31, 2019 and December 31, 2018:
 
 
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
March 31, 2019
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
$
3,337,206

 
$
6,848

 
$
1,603

 
$
—

 
$
8,451

 
$
35,577

 
$
3,381,234

Unsecured
 
114,087

 
32

 
1,098

 
—

 
1,130

 
—

 
115,217

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
280,727

 
680

 
—

 
—

 
680

 
923

 
282,330

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
292,125

 
225

 
—

 
—

 
225

 
2,570

 
294,920

Income property
 
1,959,361

 
2,140

 
—

 
—

 
2,140

 
1,108

 
1,962,609

Owner occupied
 
1,627,738

 
1,123

 
75

 
—

 
1,198

 
9,623

 
1,638,559

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land and acquisition
 
3,619

 
—

 
—

 
—

 
—

 
—

 
3,619

Residential construction
 
203,318

 
—

 
—

 
—

 
—

 
—

 
203,318

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
163,674

 
—

 
—

 
—

 
—

 
—

 
163,674

Owner occupied
 
74,736

 
—

 
—

 
—

 
—

 
—

 
74,736

Consumer
 
308,069

 
1,234

 
208

 
—

 
1,442

 
2,814

 
312,325

Total
 
$
8,364,660

 
$
12,282

 
$
2,984

 
$
—

 
$
15,266

 
$
52,615

 
$
8,432,541

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2018
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
$
3,267,709

 
$
5,864

 
$
3,624

 
$
—

 
$
9,488

 
$
35,504

 
$
3,312,701

Unsecured
 
111,868

 
240

 
—

 
—

 
240

 
9

 
112,117

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
233,941

 
694

 
233

 
—

 
927

 
1,158

 
236,026

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
283,416

 
—

 
—

 
—

 
—

 
2,261

 
285,677

Income property
 
1,910,505

 
5,009

 
2,241

 
—

 
7,250

 
2,721

 
1,920,476

Owner occupied
 
1,606,085

 
1,744

 
—

 
—

 
1,744

 
9,922

 
1,617,751

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land and acquisition
 
4,099

 
—

 
—

 
—

 
—

 
318

 
4,417

Residential construction
 
212,303

 
93

 
—

 
—

 
93

 
—

 
212,396

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
194,912

 
—

 
—

 
—

 
—

 
—

 
194,912

Owner occupied
 
79,805

 
7,258

 
—

 
—

 
7,258

 
—

 
87,063

Consumer
 
314,008

 
1,057

 
201

 
—

 
1,258

 
2,949

 
318,215

Total
 
$
8,218,651

 
$
21,959

 
$
6,299

 
$
—

 
$
28,258

 
$
54,842

 
$
8,301,751
Impaired Financing Receivables The following is an analysis of impaired loans as of March 31, 2019 and December 31, 2018:
 
 
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
March 31, 2019
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
$
3,351,027

 
$
30,207

 
$
5,426

 
$
6,189

 
$
2,829

 
$
24,781

 
$
30,656

Unsecured
 
115,199

 
18

 
—

 
—

 
—

 
18

 
18

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
281,466

 
864

 
313

 
793

 
8

 
551

 
568

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
292,055

 
2,865

 
—

 
—

 
—

 
2,865

 
2,909

Income property
 
1,961,287

 
1,322

 
—

 
—

 
—

 
1,322

 
1,333

Owner occupied
 
1,622,007

 
16,552

 
3,181

 
4,640

 
52

 
13,371

 
13,617

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land and acquisition
 
3,619

 
—

 
—

 
—

 
—

 
—

 
—

Residential construction
 
203,318

 
—

 
—

 
—

 
—

 
—

 
—

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
163,674

 
—

 
—

 
—

 
—

 
—

 
—

Owner occupied
 
74,736

 
—

 
—

 
—

 
—

 
—

 
—

Consumer
 
308,870

 
3,455

 
2,558

 
2,703

 
22

 
897

 
1,012

Total
 
$
8,377,258

 
$
55,283

 
$
11,478

 
$
14,325

 
$
2,911

 
$
43,805

 
$
50,113

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2018
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
$
3,286,416

 
$
26,285

 
$
6,350

 
$
8,460

 
$
2,023

 
$
19,935

 
$
24,404

Unsecured
 
112,097

 
20

 
20

 
20

 
—

 
—

 
—

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
235,138

 
888

 
325

 
798

 
8

 
563

 
575

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
283,451

 
2,226

 
—

 
—

 
—

 
2,226

 
2,272

Income property
 
1,917,522

 
2,954

 
99

 
165

 
1

 
2,855

 
3,011

Owner occupied
 
1,605,042

 
12,709

 
3,231

 
4,666

 
69

 
9,478

 
9,750

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land and acquisition
 
4,417

 
—

 
—

 
—

 
—

 
—

 
—

Residential construction
 
212,396

 
—

 
—

 
—

 
—

 
—

 
—

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
194,912

 
—

 
—

 
—

 
—

 
—

 
—

Owner occupied
 
87,063

 
—

 
—

 
—

 
—

 
—

 
—

Consumer
 
314,193

 
4,022

 
3,326

 
3,584

 
31

 
696

 
704

Total
 
$
8,252,647

 
$
49,104

 
$
13,351

 
$
17,693

 
$
2,132

 
$
35,753

 
$
40,716

The following table provides additional information on impaired loans for the three month periods indicated:
 
 
Three Months Ended March 31,
 
 
2019
 
2018
 
 
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
 
$
28,246

 
$
12

 
$
42,306

 
$
12

Unsecured
 
19

 
—

 
24

 
—

Real estate:
 
 
 
 
 
 
 
 
One-to-four family residential
 
876

 
6

 
881

 
7

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
Commercial land
 
2,546

 
7

 
2,569

 
—

Income property
 
2,138

 
19

 
4,292

 
31

Owner occupied
 
14,630

 
118

 
8,622

 
84

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

 
—

 
1,210

 
—

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
Owner occupied
 
—

 
—

 
4,050

 
51

Consumer
 
3,738

 
27

 
6,623

 
54

Total
 
$
52,193

 
$
189

 
$
70,577

 
$
239
Analysis of loans classified as Troubled Debt Restructurings (“TDR”)
The following is an analysis of loans classified as TDR during the three months ended March 31, 2019 and 2018:
 
 
Three months ended March 31, 2019
 
Three months ended March 31, 2018
 
 
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
 
2

 
$
616

 
$
616

 
1

 
$
450

 
$
450

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
1

 
217

 
217

 
—

 
—

 
—

Commercial and multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
—

 
—

 
—

 
1

 
891

 
891

Consumer
 
—

 
—

 
—

 
7

 
1,143

 
1,143

Total
 
3

 
$
833

 
$
833

 
9

 
$
2,484

 
$
2,484

 
 
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 ALLL and remaining valuation discounts as of March 31, 2019 and December 31, 2018:
 
 
March 31, 2019
 
December 31, 2018
 
 
(in thousands)
Commercial business
 
$
10,270

 
$
9,672

Real estate:
 
 
 
 
One-to-four family residential
 
9,258

 
9,848

Commercial and multifamily residential
 
64,958

 
66,340

Total real estate
 
74,216

 
76,188

Real estate construction:
 
 
 
 
One-to-four family residential
 
147

 
153

Commercial and multifamily residential
 
491

 
507

Total real estate construction
 
638

 
660

Consumer
 
9,294

 
9,765

Subtotal of PCI loans
 
94,418

 
96,285

Less:
 
 
 
 
Valuation discount resulting from acquisition accounting
 
6,161

 
6,525

ALLL
 
3,245

 
3,611

PCI loans, net of valuation discounts and allowance for loan losses
 
$
85,012

 
$
86,149
Changes in Accretable Yield for Acquired Loans The following table shows the changes in accretable yield for PCI loans for the three months ended March 31, 2019 and 2018:
 
 
Three Months Ended March 31,
 
 
2019
 
2018
 
 
(in thousands)
Balance at beginning of period
 
$
21,949

 
$
31,176

Accretion
 
(1,577
)
 
(2,265
)
Disposals
 
103

 
(159
)
Reclassifications from nonaccretable difference
 
1,374

 
603

Balance at end of period
 
$
21,849

 
$
29,355