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Loans (Tables)
 6 Months Ended
Jun. 30, 2019
Financing Receivable, Credit Quality Indicator [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):
 
 
June 30, 2019
 
December 31, 2018
 
 
Loans, excluding PCI loans
 
PCI Loans
 
Total
 
Loans, excluding PCI loans
 
PCI Loans
 
Total
 
 
(in thousands)
Commercial business
 
$
3,644,051

 
$
9,330

 
$
3,653,381

 
$
3,438,422

 
$
9,240

 
$
3,447,662

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
279,091

 
7,557

 
286,648

 
238,367

 
8,017

 
246,384

Commercial and multifamily residential
 
3,913,546

 
58,518

 
3,972,064

 
3,846,027

 
62,910

 
3,908,937

Total real estate
 
4,192,637

 
66,075

 
4,258,712

 
4,084,394

 
70,927

 
4,155,321

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
201,783

 
143

 
201,926

 
217,790

 
153

 
217,943

Commercial and multifamily residential
 
255,452

 
498

 
255,950

 
284,394

 
534

 
284,928

Total real estate construction
 
457,235

 
641

 
457,876

 
502,184

 
687

 
502,871

Consumer
 
305,752

 
8,684

 
314,436

 
318,945

 
8,906

 
327,851

Less: Net unearned income
 
(37,415
)
 
—

 
(37,415
)
 
(42,194
)
 
—

 
(42,194
)
Total loans, net of unearned income
 
8,562,260

 
84,730

 
8,646,990

 
8,301,751

 
89,760

 
8,391,511

Less: ALLL
 
(77,248
)
 
(3,269
)
 
(80,517
)
 
(79,758
)
 
(3,611
)
 
(83,369
)
Total loans, net
 
$
8,485,012

 
$
81,461

 
$
8,566,473

 
$
8,221,993

 
$
86,149

 
$
8,308,142

Loans held for sale
 
$
12,189

 
$
—

 
$
12,189

 
$
3,849

 
$
—

 
$
3,849
Loans, Excluding Purchased Credit Impaired Loans [Member]  
Financing Receivable, Credit Quality Indicator [Line Items]  
Analysis of Nonaccrual Loans
The following is an analysis of nonaccrual loans as of June 30, 2019 and December 31, 2018:
 
 
June 30, 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
 
$
23,982

 
$
32,851

 
$
35,504

 
$
45,072

Unsecured
 
15

 
15

 
9

 
9

Real estate:
 
 
 
 
 
 
 
 
One-to-four family residential
 
860

 
888

 
1,158

 
1,178

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
Commercial land
 
2,565

 
2,573

 
2,261

 
2,270

Income property
 
1,814

 
1,851

 
2,721

 
3,062

Owner occupied
 
7,464

 
7,601

 
9,922

 
10,300

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

 
—

 
318

 
318

Consumer
 
2,338

 
2,661

 
2,949

 
3,149

Total
 
$
39,038

 
$
48,440

 
$
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 June 30, 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
June 30, 2019
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
$
3,471,016

 
$
4,103

 
$
3,294

 
$
—

 
$
7,397

 
$
23,982

 
$
3,502,395

Unsecured
 
128,865

 
438

 
—

 
—

 
438

 
15

 
129,318

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
274,537

 
2,969

 
352

 
—

 
3,321

 
860

 
278,718

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
289,574

 
—

 
—

 
—

 
—

 
2,565

 
292,139

Income property
 
1,946,429

 
1,022

 
—

 
—

 
1,022

 
1,814

 
1,949,265

Owner occupied
 
1,640,358

 
2,981

 
511

 
—

 
3,492

 
7,464

 
1,651,314

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land and acquisition
 
1,683

 
—

 
—

 
—

 
—

 
—

 
1,683

Residential construction
 
199,154

 
—

 
—

 
—

 
—

 
—

 
199,154

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
163,074

 
—

 
—

 
—

 
—

 
—

 
163,074

Owner occupied
 
87,561

 
—

 
2,204

 
—

 
2,204

 
—

 
89,765

Consumer
 
302,323

 
604

 
170

 
—

 
774

 
2,338

 
305,435

Total
 
$
8,504,574

 
$
12,117

 
$
6,531

 
$
—

 
$
18,648

 
$
39,038

 
$
8,562,260

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 June 30, 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
June 30, 2019
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
$
3,485,136

 
$
17,259

 
$
4,432

 
$
5,661

 
$
740

 
$
12,827

 
$
16,997

Unsecured
 
129,302

 
16

 
16

 
16

 
—

 
—

 
—

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
277,873

 
845

 
315

 
596

 
6

 
530

 
755

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
289,277

 
2,862

 
2,233

 
2,241

 
666

 
629

 
667

Income property
 
1,947,936

 
1,329

 
—

 
—

 
—

 
1,329

 
1,362

Owner occupied
 
1,641,023

 
10,291

 
3,129

 
4,614

 
43

 
7,162

 
7,272

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land and acquisition
 
1,683

 
—

 
—

 
—

 
—

 
—

 
—

Residential construction
 
199,154

 
—

 
—

 
—

 
—

 
—

 
—

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
163,074

 
—

 
—

 
—

 
—

 
—

 
—

Owner occupied
 
89,765

 
—

 
—

 
—

 
—

 
—

 
—

Consumer
 
301,978

 
3,457

 
1,141

 
1,275

 
20

 
2,316

 
2,460

Total
 
$
8,526,201

 
$
36,059

 
$
11,266

 
$
14,403

 
$
1,475

 
$
24,793

 
$
29,513

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 and six month periods indicated:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
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
 
$
23,733

 
$
18

 
$
45,716

 
$
85

 
$
24,584

 
$
29

 
$
43,815

 
$
97

Unsecured
 
18

 
—

 
444

 
1

 
18

 
1

 
304

 
1

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
855

 
12

 
780

 
12

 
866

 
18

 
818

 
18

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
2,864

 
8

 
2,557

 
—

 
2,651

 
15

 
2,467

 
—

Income property
 
1,325

 
—

 
2,846

 
32

 
1,868

 
—

 
3,572

 
62

Owner occupied
 
13,421

 
147

 
8,768

 
124

 
13,184

 
193

 
8,741

 
209

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

 
—

 
605

 
—

 
—

 
—

 
807

 
—

Commercial & multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Owner occupied
 
—

 
—

 
4,050

 
51

 
—

 
—

 
4,050

 
102

Consumer
 
3,456

 
21

 
6,391

 
34

 
3,644

 
37

 
6,599

 
77

Total
 
$
45,672

 
$
206

 
$
72,157

 
$
339

 
$
46,815

 
$
293

 
$
71,173

 
$
566
Analysis of loans classified as Troubled Debt Restructurings (“TDR”)
The following is an analysis of loans classified as TDR during the three and six months ended June 30, 2019 and 2018:
 
 
Three Months Ended June 30, 2019
 
Three Months Ended June 30, 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
 
3

 
$
918

 
$
918

 
7

 
$
2,644

 
$
2,644

Consumer
 
4

 
118

 
118

 
8

 
1,274

 
1,274

Total
 
7

 
$
1,036

 
$
1,036

 
15

 
$
3,918

 
$
3,918

 
 
Six Months Ended June 30, 2019
 
Six Months Ended June 30, 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
 
5

 
$
1,534

 
$
1,534

 
8

 
$
3,094

 
$
3,094

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
Commercial and multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
1

 
217

 
217

 
1

 
891

 
891

Consumer
 
4

 
118

 
118

 
15

 
2,417

 
2,417

Total
 
10

 
$
1,869

 
$
1,869

 
24

 
$
6,402

 
$
6,402
Purchased Credit Impaired Loans [Member]  
Financing Receivable, Credit Quality Indicator [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 June 30, 2019 and December 31, 2018:
 
 
June 30, 2019
 
December 31, 2018
 
 
(in thousands)
Commercial business
 
$
9,578

 
$
9,672

Real estate:
 
 
 
 
One-to-four family residential
 
9,019

 
9,848

Commercial and multifamily residential
 
61,372

 
66,340

Total real estate
 
70,391

 
76,188

Real estate construction:
 
 
 
 
One-to-four family residential
 
143

 
153

Commercial and multifamily residential
 
474

 
507

Total real estate construction
 
617

 
660

Consumer
 
9,402

 
9,765

Subtotal of PCI loans
 
89,988

 
96,285

Less:
 
 
 
 
Valuation discount resulting from acquisition accounting
 
5,258

 
6,525

ALLL
 
3,269

 
3,611

PCI loans, net of valuation discounts and allowance for loan losses
 
$
81,461

 
$
86,149
Changes in Accretable Yield for Acquired Loans
The following table shows the changes in accretable yield for PCI loans for the three and six months ended June 30, 2019 and 2018:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
(in thousands)
Balance at beginning of period
 
$
21,849

 
$
29,355

 
$
21,949

 
$
31,176

Accretion
 
(1,999
)
 
(1,937
)
 
(3,576
)
 
(4,202
)
Disposals
 
3

 
(7
)
 
106

 
(166
)
Reclassifications to (from) nonaccretable difference
 
1,136

 
(2,061
)
 
2,510

 
(1,458
)
Balance at end of period
 
$
20,989

 
$
25,350

 
$
20,989

 
$
25,350