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Loans (Tables)
 9 Months Ended
Sep. 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):
 
 
September 30, 2019
 
December 31, 2018
 
 
Loans, excluding PCI loans
 
PCI Loans
 
Total
 
Loans, excluding PCI loans
 
PCI Loans
 
Total
 
 
(in thousands)
Commercial business
 
$
3,707,314

 
$
9,004

 
$
3,716,318

 
$
3,438,422

 
$
9,240

 
$
3,447,662

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
273,079

 
7,403

 
280,482

 
238,367

 
8,017

 
246,384

Commercial and multifamily residential
 
3,975,647

 
56,702

 
4,032,349

 
3,846,027

 
62,910

 
3,908,937

Total real estate
 
4,248,726

 
64,105

 
4,312,831

 
4,084,394

 
70,927

 
4,155,321

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
195,198

 
144

 
195,342

 
217,790

 
153

 
217,943

Commercial and multifamily residential
 
261,786

 
486

 
262,272

 
284,394

 
534

 
284,928

Total real estate construction
 
456,984

 
630

 
457,614

 
502,184

 
687

 
502,871

Consumer
 
297,009

 
8,038

 
305,047

 
318,945

 
8,906

 
327,851

Less: Net unearned income
 
(35,455
)
 
—

 
(35,455
)
 
(42,194
)
 
—

 
(42,194
)
Total loans, net of unearned income
 
8,674,578

 
81,777

 
8,756,355

 
8,301,751

 
89,760

 
8,391,511

Less: ALLL
 
(79,602
)
 
(3,058
)
 
(82,660
)
 
(79,758
)
 
(3,611
)
 
(83,369
)
Total loans, net
 
$
8,594,976

 
$
78,719

 
$
8,673,695

 
$
8,221,993

 
$
86,149

 
$
8,308,142

Loans held for sale
 
$
15,036

 
$
—

 
$
15,036

 
$
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 September 30, 2019 and December 31, 2018:
 
 
September 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
 
$
24,408

 
$
35,033

 
$
35,504

 
$
45,072

Unsecured
 
—

 
—

 
9

 
9

Real estate:
 
 
 
 
 
 
 
 
One-to-four family residential
 
574

 
594

 
1,158

 
1,178

Commercial and multifamily residential:
 
 
 
 
 
 
 
 
Commercial land
 
2,562

 
2,570

 
2,261

 
2,270

Income property
 
997

 
997

 
2,721

 
3,062

Owner occupied
 
6,524

 
6,633

 
9,922

 
10,300

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

 
—

 
318

 
318

Consumer
 
1,956

 
2,299

 
2,949

 
3,149

Total
 
$
37,021

 
$
48,126

 
$
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 September 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
September 30, 2019
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
$
3,525,753

 
$
5,560

 
$
262

 
$
—

 
$
5,822

 
$
24,408

 
$
3,555,983

Unsecured
 
138,947

 
424

 
2

 
—

 
426

 
—

 
139,373

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
269,593

 
2,429

 
437

 
—

 
2,866

 
574

 
273,033

Commercial and multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
292,594

 
140

 
—

 
—

 
140

 
2,562

 
295,296

Income property
 
1,955,634

 
2,038

 
3,266

 
—

 
5,304

 
997

 
1,961,935

Owner occupied
 
1,689,919

 
1,727

 
138

 
—

 
1,865

 
6,524

 
1,698,308

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land and acquisition
 
1,614

 
—

 
—

 
—

 
—

 
—

 
1,614

Residential construction
 
192,563

 
—

 
—

 
—

 
—

 
—

 
192,563

Commercial and multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
151,362

 
6,038

 
—

 
—

 
6,038

 
—

 
157,400

Owner occupied
 
100,610

 
1,636

 
—

 
—

 
1,636

 
—

 
102,246

Consumer
 
293,861

 
746

 
264

 
—

 
1,010

 
1,956

 
296,827

Total
 
$
8,612,450

 
$
20,738

 
$
4,369

 
$
—

 
$
25,107

 
$
37,021

 
$
8,674,578

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 and 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 and 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 September 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
September 30, 2019
 
(in thousands)
Commercial business:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured
 
$
3,530,404

 
$
25,579

 
$
9,114

 
$
10,673

 
$
1,879

 
$
16,465

 
$
21,051

Unsecured
 
139,360

 
13

 
13

 
13

 
—

 
—

 
—

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
272,686

 
347

 
347

 
635

 
5

 
—

 
—

Commercial and multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
292,436

 
2,860

 
1,591

 
1,601

 
320

 
1,269

 
1,304

Income property
 
1,961,935

 
—

 
—

 
—

 
—

 
—

 
—

Owner occupied
 
1,688,118

 
10,190

 
3,733

 
5,260

 
105

 
6,457

 
6,599

Real estate construction:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land and acquisition
 
1,614

 
—

 
—

 
—

 
—

 
—

 
—

Residential construction
 
192,563

 
—

 
—

 
—

 
—

 
—

 
—

Commercial and multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
157,400

 
—

 
—

 
—

 
—

 
—

 
—

Owner occupied
 
102,246

 
—

 
—

 
—

 
—

 
—

 
—

Consumer
 
294,599

 
2,228

 
379

 
514

 
17

 
1,849

 
2,006

Total
 
$
8,633,361

 
$
41,217

 
$
15,177

 
$
18,696

 
$
2,326

 
$
26,040

 
$
30,960

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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 and 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 and 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 nine month periods indicated:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 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
 
$
21,419

 
$
108

 
$
43,805

 
$
2

 
$
24,833

 
$
267

 
$
43,055

 
$
43

Unsecured
 
15

 
—

 
444

 
—

 
17

 
1

 
234

 
1

Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
One-to-four family residential
 
596

 
12

 
545

 
12

 
736

 
29

 
713

 
30

Commercial and multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial land
 
2,861

 
8

 
2,246

 
26

 
2,704

 
23

 
2,407

 
26

Income property
 
664

 
—

 
2,443

 
34

 
1,401

 
—

 
3,367

 
96

Owner occupied
 
10,241

 
176

 
9,349

 
124

 
12,435

 
210

 
8,986

 
333

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

 
—

 
—

 
—

 
—

 
—

 
605

 
—

Commercial and multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Owner occupied
 
—

 
—

 
4,050

 
72

 
—

 
—

 
4,050

 
174

Consumer
 
2,842

 
10

 
5,646

 
44

 
3,290

 
28

 
6,135

 
110

Total
 
$
38,638

 
$
314

 
$
68,528

 
$
314

 
$
45,416

 
$
558

 
$
69,552

 
$
813
Analysis of loans classified as Troubled Debt Restructurings (“TDR”)
The following is an analysis of loans classified as TDR during the three and nine months ended September 30, 2019 and 2018:
 
 
Three Months Ended September 30, 2019
 
Three Months Ended September 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
 
6

 
$
5,108

 
$
5,108

 
1

 
$
14,511

 
$
14,511

Consumer
 
5

 
276

 
276

 
3

 
123

 
123

Total
 
11

 
$
5,384

 
$
5,384

 
4

 
$
14,634

 
$
14,634

 
 
Nine Months Ended September 30, 2019
 
Nine Months Ended September 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
 
11

 
$
6,642

 
$
6,642

 
9

 
$
17,605

 
$
17,605

Commercial and multifamily residential:
 
 
 
 
 
 
 
 
 
 
 
 
Income property
 
1

 
217

 
217

 
1

 
891

 
891

Consumer
 
9

 
394

 
394

 
18

 
2,540

 
2,540

Total
 
21

 
$
7,253

 
$
7,253

 
28

 
$
21,036

 
$
21,036
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 September 30, 2019 and December 31, 2018:
 
 
September 30, 2019
 
December 31, 2018
 
 
(in thousands)
Commercial business
 
$
9,234

 
$
9,672

Real estate:
 
 
 
 
One-to-four family residential
 
8,764

 
9,848

Commercial and multifamily residential
 
59,383

 
66,340

Total real estate
 
68,147

 
76,188

Real estate construction:
 
 
 
 
One-to-four family residential
 
144

 
153

Commercial and multifamily residential
 
462

 
507

Total real estate construction
 
606

 
660

Consumer
 
8,744

 
9,765

Subtotal of PCI loans
 
86,731

 
96,285

Less:
 
 
 
 
Valuation discount resulting from acquisition accounting
 
4,954

 
6,525

ALLL
 
3,058

 
3,611

PCI loans, net of valuation discounts and allowance for loan losses
 
$
78,719

 
$
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 nine months ended September 30, 2019 and 2018:
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
 
 
(in thousands)
Balance at beginning of period
 
$
20,989

 
$
25,350

 
$
21,949

 
$
31,176

Accretion
 
(1,289
)
 
(2,233
)
 
(4,865
)
 
(6,435
)
Disposals
 
(45
)
 
(221
)
 
61

 
(387
)
Reclassifications to (from) nonaccretable difference
 
719

 
279

 
3,229

 
(1,179
)
Balance at end of period
 
$
20,374

 
$
23,175

 
$
20,374

 
$
23,175